U.S. Sends Iran Plan to End War

Summary

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WSJ What’s News – “U.S. Sends Iran Plan to End War”

Date: March 25, 2026
Host: Luke Vargas

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Episode Overview

In this AM edition, the Wall Street Journal covers major developments including Meta’s historic liability verdict regarding child safety, a new U.S. plan sent to Iran to stop the ongoing conflict, global tech and business updates, and China’s clampdown on wine imports. The episode dives deep into the legal, diplomatic, and economic impacts of these stories, offering expert insights from WSJ correspondents and reporters.

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Key Discussion Points & Insights

1. Meta Found Liable for Failing to Protect Children (00:33–04:03)

• Major Verdict:
  A New Mexico jury found Meta liable for not protecting young people on its platforms from abuse, solicitation, and trafficking. Civil penalties of $375 million were ordered. This comes amid a global reckoning over social media companies’ responsibilities.
• Legal Landscape and Ramifications:
  • US Approach: Liability cases are moving through state and federal courts, given the absence of comprehensive federal regulation, compared to the EU's Digital Services Act.
  • Lagging Regulation:
    “We’re litigating the fallout of the social media revolution that began a generation ago. It remains to be seen how quickly courts, individuals, governments will tackle what we’re seeing in the AI revolution.”
    – Sam Schechner, Tech Reporter, (03:37)
• American vs. European Approaches:
  The US relies on state-level and class-action litigation, while Europe enforces content moderation with direct regulatory power.
• Meta’s Response:
  Meta disagrees with the verdict and intends to appeal.
• Ongoing Legal Pressure:
  Over 2,000 similar lawsuits are pending in federal court.

Notable Quote:
“What I think it shows is a new willingness by states, by courts, and now juries to hold social media companies responsible for what happens on their platforms.”
– Sam Schechner, (02:11)

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2. Tech & Market Highlights (04:03–06:51)

• Meta Stock Incentives:
  Plans for huge executive stock awards if the company’s market cap surpasses $9 trillion by 2031—a sixfold rise from today.
• ARM Holdings:
  Announces entry into chip production, creating direct competition with partners like Nvidia and Alphabet, and collaborating with Meta.
• SK Hynix Listing:
  South Korean chipmaker seeks a US IPO, aiming to fund AI chip development.
• Pop Mart’s Toy Craze:
  The Chinese collectible “Lebooboo” becomes a sensation, with profits quadrupling, though investors are concerned about future momentum.
  • Soundbite of excitement:
    “This is the most exciting day of my life. My best friend Brooke sent me a little Boo Boo.”
    – Unboxing audio, (06:17)

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3. U.S. Sends Iran Plan to End War (07:24–09:05)

• Diplomatic Efforts:
  The U.S. has proposed a 15-point plan to Iran, including demands to: - Fully reopen the Strait of Hormuz - Cease uranium enrichment and dismantle major nuclear sites - End funding for proxies and reduce the missile program
  • Incentive:
    In exchange, all oil and banking sanctions on Iran would be lifted—a major concession.
  • Significance:
    "That's kind of the best thing Iran could get out of these negotiations."
    – Benoit Faucon, WSJ Middle East Correspondent, (08:09)
• Regional Reaction:
  • Gulf countries express anxiety about a deal that might leave Iran militarily capable.
  • Qatar is particularly eager for a resolution due to LNG export disruptions; Saudi Arabia and UAE want Iran "disabled."
• Military Developments:
  Pentagon plans to deploy about 3,000 US soldiers for ongoing operations, though not directly into Iran as yet.

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4. U.S. National Security, Tech & Private Equity Scrutiny (09:05–10:41)

• Anthropic vs. Pentagon:
  • A federal judge challenges the US Government’s move to ban AI company Anthropic as a supply chain risk.
    • Judge Rita Lynn signals that “the Trump administration’s actions didn’t align with its stated national security concerns.” (09:27)
• Private Equity in Childcare:
  • Senate launches an investigation into private equity’s influence on childcare facilities, examining the balance between profit and safety.

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5. China’s Party Eyes Wine (10:41–11:46)

• Market Downturn:
  Imports of foreign wine to China have halved since 2018 due to economic slowdown and an official crackdown on "unbecoming behavior" among party members.
  • "For years, a thirst for fine wine in China has been a boon for the world’s top growing regions... Now that demand has really evaporated."
    – John Eamont, WSJ Reporter, (11:13)
• Global Fallout:
  • Winemakers in Bordeaux and Australia suffer, with surplus wine left unsold and grapevines uprooted.
• Corporate Impact:
  Australian Treasury Wine Estates and European giants report large losses linked to China’s shrinking demand.

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Notable Quotes & Memorable Moments

• On Social Media Liability:
  “There is, however, a lag time with all of these approaches. We’re litigating the fallout of the social media revolution that began a generation ago. It remains to be seen how quickly courts, individuals, governments will tackle what we’re seeing in the AI revolution.”
  – Sam Schechner, (03:37)

• On Sanctions Relief to Iran:
  “That’s kind of the best thing that Iran could get out of these negotiations.”
  – Benoit Faucon, (08:09)

• On China’s Wine Market Collapse:
  “We’re seeing winemakers having to pull up vines in both countries and just leave fruit to rot.”
  – John Eamont, (11:41)

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Important Timestamps

• Meta verdict coverage begins: 00:33
• Tech/legal analysis with Sam Schechner: 01:52–04:03
• New Iran plan breakdown: 07:24–09:05
• China wine market story: 10:41–11:46

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Tone and Style

The reporting is brisk, analytical, and concise, blending expert interviews with up-to-the-minute business and geopolitical news. The tone remains authoritative, direct, and informative, distilling complex events into their global implications—true to the Wall Street Journal’s reputation.

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Transcript

[A]

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[B]

In a landmark verdict, Meta is found liable for allowing adults to prey on children. Plus Mediators push the US And Iran to talk. Though the sides remain far apart, the Iranians haven't responded.

[C]

There is no talks, there is no discussion. They haven't agreed to meet and even they actually fear it could be a trap, that it could be just a proposal to ease oil prices.

[B]

And China's Communist Party cracks down on wine. It's Wednesday, March 25th. I'm Luke Vargas for the Wall Street Journal and here is the AM edition of what's news, the top headlines and business stories moving your world. Today, Meta has been found liable for failing to protect young people from a range of online dangers, including sexually explicit content solicitation and human trafficking. That was the conclusion of a New Mexico jury yesterday, a verdict partially read out here by Judge Brian Beadshield.

[D]

On question one, did Meta violate the Unfair Practices act by engaging in an unfair or deceptive trade practice? The jury answers yes. Question two, did Meta act willfully by engaging in an unfair or deceptive trade practice? The answer is yes.

[B]

I asked Journal tech reporter Sam Schechner to help untangle the verdict.

[D]

This is a case under state law and the state is using its particular code to go after a company. But if you step back, what we see is a state presenting evidence that a company allegedly ignored warnings about the dangers on its platform and that the state argues that its design features let pedophiles engage with children. And what I think it shows is a new willingness by states, by courts, and now juries to hold social media companies responsible for what happens on their platforms. And that's a verdict and a trend that goes beyond even Meta and beyond even social media.

[B]

You told me offline, Sam, that there's a bit of a split happening here. These social media companies are under pressure sort of globally right now. But how that is being pursued in the US has some distinctly American features compared to what we're seeing elsewhere.

[D]

There's been, I think, building for a decade now a sort of backlash against some of the perceived harms from social media. We had the Facebook files at the Wall Street Journal looking at internal documents from what was Facebook and has since been renamed Meta. And in Europe, for instance, the EU passed the Digital Services Act. And that's a law that basically holds companies responsible for content on their platform and threatens them with big fines if they don't have robust systems for moderating it or handling potential problems. In the US there's no nationwide law that does that. There's some consumer protection law, there's state laws. And so what we see is states and groups of states, but also individuals and class action lawsuits going to court to try to force force these companies to either pay damages and ideally what they're aiming for is to change their practices underneath. There is, however, a lag time with all of these approaches. We're litigating the fallout of the social media revolution that began a generation ago. It remains to be seen how quickly courts, individuals, governments will tackle what we're seeing in the AI revolution. There are already a wave of lawsuits about AI chatbots, and so that is just starting to work its way through the courts.

[B]

That was Journal tech reporter Sam Schechner in Paris. Sam, thanks as always.

[D]

Thanks for having me.

[B]

As Sam mentioned, a jury is currently deliberating a similar case in Los Angeles, in addition to more than 2,000 lawsuits pending in federal court. A Meta spokesman said the company disagrees with the verdict in New Mexico and plans to appeal. As part of yesterday's verdict, Meta was ordered to pay $375 million in civil penalties. It made 160 times that amount of revenue in the most recent quarter, and if Meta has its way, it could be making substantially more money in the next five years. The company is rolling out a new stock incentive program for top execs that could see some earn hundreds of millions of dollars if its market cap tops more than $9 trillion by 2031, a massive leap from its current $1.5 trillion. Meta has leaned heavily on stock awards amid the AI race, with the Journal analysis finding that cash costs tied directly to Those awards consumed 96% of its free cash. FL. Shares in British semiconductor designer ARM holdings have soared off hours after it announced plans to sell its own chips for the first time, putting it into direct competition with longtime customers like Nvidia and Alphabet. The new chip has been developed with Meta for use in data centers, with OpenAI, SAP and Cloudflare also signing on as customers. ARM designs power nearly every smartphone and tablet. Meanwhile, South Korean chip giant SK Hynix is eyeing Wall Street. The company plans to list in the US later this year, looking to tap into global cash to fuel its high end AI chip production the exact size and timing of the listing is still under wraps, with SK Hynix saying it'll make a final decision on whether to list after the SEC's review and considering market conditions. And I can't believe I'm saying this, but the maker of a toothy elf named Lebooboo has seen its profits quadruple to nearly 2 billion dol dollars after the toy became a global status symbol. China's Pop Mart specializes in so called blind boxes of collectible toys where you don't know which character is inside until you open it.

[C]

Let's do a la Boo Boo unboxing.

[E]

I really want the loved ones.

[B]

This must be the world's biggest blind box. I'm actually surprised they had these in stock. This is the most exciting day of my life. My best friend Brooke sent me a little Boo Boo. Well, despite massive sales growth, investors appear worried that the company won't be able to keep up the momentum with its stock tumbling. More 20% this morning. Coming up, a federal judge appears to side with Anthropic as it challenges the Pentagon's labeling of it as a national security risk. And we'll get the latest on diplomatic efforts to end the war in Iran. Those stories and more after the break.

[F]

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[B]

The U.S. has sent Iran a 15 point plan to end the war, which calls on Tehran to fully reopen the Strait of Hormuz, along with a previous list of Trump administration demands. Journal Middle east correspondent Benoit Foucault has the details.

[C]

Iran should stop enriching uranium for its nuclear program and should dismantle its biggest nuclear enrichment facilities. Iran should stop funding proxies and also reduce its missile program. One thing that is a step up compared with the previous discussions is the fact that there would be a complete lifting of sanctions. The oil embargo, the banking sanctions. I mean, that's really blocking a lot of Iran's trade and making whatever remains of that trade much more expensive and less profitable. So that's kind of the best thing that Iran could get out of these negotiations.

[B]

Mediators from Turkey, Egypt and Pakistan are pushing to arrange a meeting between US And Iranian officials tomorrow in the hopes of ending the war in the next 48 hours. But Benoit says that Gulf states are growing alarmed by Trump's eagerness to do a deal.

[C]

The US Is subject to push and pull pressure, so you have countries like Qatar whose liquefied natural gas exports have been interrupted by the conflict, so it's catastrophic for them. But there are other countries like Saudi Arabia and United Arab Emirates who feel that you can't really have an end to the war if Iran is not weakened militarily. They don't want Iran to be able to attack its neighbors, so they want Iran disabled and they want the Strait of Hormuz reopened. Otherwise, they feel like it's going to really be a negotiation that effectively re empower Iran and enable it to attack again.

[B]

The Pentagon is also planning to deploy around 3,000American soldiers to the Middle east to support operations against Iran, though officials cautioned that a decision to put boots on the ground in Iran hasn't been made. A federal judge in California has said the US Government's move to ban Anthropic appeared to be a punishment for making its contract dispute with the pentagon public. It U.S. district Judge Rita Lynn said that would be a violation of the First Amendment and that the Trump administration's actions didn't align with its stated national security concerns. Anthropic sued the US Government to halt its designation as a supply chain risk after the company took issue with the potential of its models being used for mass domestic surveillance and autonomous weapons. Lynn asked for more evidence before making her decision on Anthropic's request for an injunction. And US Lawmakers are expanding their scrutiny of private equity to include its influence over childcare. Yesterday, Oregon Democratic Senator Jeff Merkley announced an investigation into whether two firms are putting their own profits ahead of the safety and welfare of children at the facilities they control. Swiss firm Partners Group declined to comment, and New York based American securities didn't reply to a request for comment. Federal lawmakers recently introduced bills aimed at curbing private equity's influence in a range of industries, including healthcare and housing. And finally, for years, a thirst for fine wine in China has been a boon for the world's top growing regions, with producers in California, Australia and France in particular cashing in even as there

[E]

were fewer drinkers in many other parts of the world, Chinese people were getting wealthier. They were drinking more wine, and it looked very promising. You know, wine sales were just booming.

[B]

That's the Journal's John Eamont. He says that in 2018, about $3 billion of foreign wine was brought into China, but that last year that fel about half, in part because of a souring economy. But another major factor was Xi Jinping's crackdown on so called unbecoming behavior by Communist Party officials who apparently were too often becoming uncorked at government events.

[E]

This has been really tough for winemakers in places like Bordeaux and Australia where the industries became to a great degree reliant on Chinese buyers. Both of these regions, for different reasons, were particularly favored by Chinese wine buyers and began really catering to Chinese tastes. And now that demand has really evaporated in China. It's been quite tough for growers in these regions. So we're seeing winemakers having to pull up vines in both countries and just leave fruit to rot.

[B]

Australia's Treasury Wine Estates, one of the world's largest wine companies, recently said that wine valued at about $150 million was just sitting in warehouses in China while European drinks giants Pernod, Ricard and Diageo reported double digit drops in China. SAL and that's it for what's news for this Wednesday morning. Today's show was produced by Daniel Bach and Hattie Moyer. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening.

[G]

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