Chuck Robbins (L), CEO of Cisco Systems, listens to Reed Albergotti, Semafor's Techonolgy Editor, during the 2026 Semafor World Economy conference in Washington, DC, on April 15, 2026. (Photo by Kent NISHIMURA / AFP via Getty Images)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) and Matthew Martin (Saudi Arabia Bureau Chief - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) and Matthew Martin (Saudi Arabia Bureau Chief - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) and Matthew Martin (Saudi Arabia Bureau Chief - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

Birds fly over the skyscrapers of the upscale Punta Paitilla neighborhood, one of the main residential and financial hubs of Panama City, on April 15, 2026. (Photo by Martin BERNETTI / AFP via Getty Images)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: H. E. Reem Al Hashimy (Minister of State for International Cooperation - United Arab Emirates) and Matthew Martin (Saudi Arabia Bureau Chief - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)