The Trump Organization took the wraps off a golden smartphone it says will be made in the U.S. and sell for just under $500. WSJ deputy tech and media editor Wilson Rothman walks us through the promised specs and why it isn’t possible to make it in America by August. Plus, Gulf states are spending billions of dollars to develop their own artificial-intelligence industries. WSJ Heard on the Street columnist Asa Fitch explains why U.S. companies benefitting from the windfall should be wary.

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