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IBM (IBM) and Red Hat announced Project Lightwell, a $5B commitment backed by new frontier AI capabilities and a global force of more than 20,000 engineers to help enterprises secure open-source software. Together, these investments establish a new model for enterprise use of open-source software, from upstream development through production environments. Project Lightwell will establish an enterprise clearinghouse combined with a force of engineers to identify and fix vulnerabilities at scale. The clearinghouse will serve as a security coordination layer, using advanced AI capabilities to validate and test fixes across an unprecedented volume of open-source code. These capabilities will be offered through commercial subscriptions, allowing enterprises to integrate secure patches directly into their existing software supply chains with enterprise-grade validation and lifecycle management. IBM and Red Hat have already begun collaborating with a select group of early adopters on Project Lightwell, including Bank of America (BAC), BNY (BK), Citi (C), Goldman Sachs (GS), JPMorganChase (JPM), Mastercard (MA), Morgan Stanley (MS), Royal Bank of Canada (RY), State Street (STT), Visa (V) and Wells Fargo (WFC). Project Lightwell builds on IBM and Red Hat's open source, enterprise AI and security, and incorporates learnings from initiatives such as Anthropic's Project Glasswing and OpenAI's Trust Access for Cyber, with a goal of utilizing new IBM agentic security methods to protect the foundational open source layers that underpin modern enterprise and AI systems.

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.VENEZUELAN OIL:Exxon Mobilis in talks to acquire rights to produce oil in Venezuela nearly two decades after it was effectively expelled from the country, several people familiar with the matter told' Anatoly Kurmanaev. If finalized, the deal would mark Exxon's return to the country after years of legal battles and be "a major victory for President Trump," the report stated.FLU VACCINE:Moderna'sexperimental mRNA-based flu vaccine will be reviewed by an FDA advisory panel on June 18 ahead of an August 5 approval decision, signaling a possible return to greater transparency in the agency's review process after advisory hearings became less common during the second Trump administration, Bloomberg's Rachel Cohrs Zhang and Gerry Smith.CHINA TRIP:Executives from companies including Boeing, Apple, Nvidia, and Teslajoined President Trump's delegation to China seeking support from both governments while also pressing Beijing over business restrictions, including blocked solar equipment exports to Tesla, supply constraints affecting Coherent, and delays approving Nvidia's H200 chip sales in China, The New York Times' Ana Swanson. Following the summit, the U.S. and China announced limited progress including Chinese commitments to buy American agricultural products and 200 Boeing planes, while Citiappeared closer to securing approval for a wholly owned securities business in China, though many broader corporate concerns remain unresolved despite lobbying efforts coordinated with senior U.S. officials, Swanson writes.LOAN OFFER:The Pentagon is debating on scrapping an $80M conditional loan offer to ReElement Technologies, Joe Deaux and Kate O'Keeffe of Bloomberg reports. The Pentagon's Office of Strategic Capital announced the agreement with ReElement in November, but officials have since raised doubts about the company's ability to scale its technology, people familiar with the process told. The deal, which is meant to break China's chokehold on critical minerals, has not been canceled and may still go ahead, the sources added. Additionally, the deal is part of a bigger $1.4B critical-minerals agreement that includes Vulcan Elements and is part of the Trump admin's drive to develop domestic production of rare earth elements. Companies involved in the development and mining of rare earth minerals include Nova Minerals, Ioneer, Lynas Rare Earths, MP Materials, Energy Fuels, NioCorpand VanEck Vectors Rare Earth/Strategic Metals ETF.

Executives from companies including Boeing (BA), Apple (AAPL), Nvidia (NVDA), and Tesla (TSLA) joined President Trump's delegation to China seeking support from both governments while also pressing Beijing over business restrictions, including blocked solar equipment exports to Tesla, supply constraints affecting Coherent (COHR), and delays approving Nvidia's H200 chip sales in China, The New York Times' Ana Swanson reports. Following the summit, the U.S. and China announced limited progress including Chinese commitments to buy American agricultural products and 200 Boeing planes, while Citi (C) appeared closer to securing approval for a wholly owned securities business in China, though many broader corporate concerns remain unresolved despite lobbying efforts coordinated with senior U.S. officials, Swanson writes.

Pagaya Technologies (PGY) named Terry O'Neil as Chief Commercial Officer. In this role, Terry will lead Pagaya's partnership and growth functions. O'Neil most recently served as Managing Director leading Embedded Payments and Strategic Partnerships at Citi (C)