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International Business Machines Corporation (IBM) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

International Business Machines Corporation (IBM) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 11:30 AM EST

Company Participants

Robert Thomas – Senior VP of IBM Software & Chief Commercial Officer

Conference Call Participants

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Erik Woodring – Morgan Stanley, Research Division

Presentation

Erik Woodring
Morgan Stanley, Research Division

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Well, let’s get started, guys. Thank you very much for joining us. Welcome to day 2 of the flagship TMT Conference. My name is Erik Woodring. I lead the U.S. IT hardware coverage here. I am delighted to be joined by Rob Thomas, IBM’s Head of Software and Chief Commercial Officer. But before we get started, I just need to read this disclosure statement. I need to mention that important disclosures can be found at the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.

So Rob, thank you very much for joining us today.

Robert Thomas
Senior VP of IBM Software & Chief Commercial Officer

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Thanks for having me. Great to be with you.

Question-and-Answer Session

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Erik Woodring
Morgan Stanley, Research Division

So I think the best place to start maybe is just better understand how to think about the key drivers of growth for IBM. So exiting 2025, 3 of your 4 software subsegments were growing double digits. Mainframe had a record year, helping to offset maybe more tepid growth in services. So taking a step back as we think over kind of the medium term and beyond, what are the key growth drivers as we think about the IBM model? And let’s start from there.

Robert Thomas
Senior VP of IBM Software & Chief Commercial Officer

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So maybe go back to 2020 when Arvind Krishna took over. He had the insight that we can be uniquely

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‘The Rock’ Reflects on ‘The Smashing Machine,’ Family Life and Upcoming Projects

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Selena Gomez and Taylor Swift

LOS ANGELES — Dwayne “The Rock” Johnson remains one of Hollywood’s most prominent figures in March 2026, balancing critical acclaim from his dramatic turn in The Smashing Machine, family milestones and a packed slate of blockbuster projects. The 53-year-old actor, producer and former WWE superstar continues to dominate headlines with personal reflections, red carpet appearances and updates on major films like the live-action Moana remake and Jumanji sequel.

British actress Emily Blunt and US actor Dwayne Johnson play in "The Smashing Machine" which clinched the third-prize Bronze Lion
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Johnson’s portrayal of MMA fighter Mark Kerr in The Smashing Machine—directed by Benny Safdie and co-starring Emily Blunt—earned him his first Golden Globe nomination for Best Actor in a Motion Picture – Drama at the January 11, 2026, ceremony. Though he didn’t win, the role marked a pivotal shift from high-octane action to emotional depth, exploring addiction, family struggles and redemption.

In exclusive interviews during the Golden Globes red carpet, Johnson opened up about how the film reshaped his perspective on his own “complicated relationship” with his late father, Rocky Johnson, a professional wrestler who battled personal demons. “It gave me a deeper level of empathy for those struggling with addiction,” he told E! News’ Zuri Hall. The biographical drama, which premiered in late 2025, underperformed at the box office but garnered praise for Johnson’s transformative performance, including significant weight loss to embody Kerr’s physical decline.

The experience prompted Johnson to emphasize personal fulfillment over commercial guarantees. In a Hollywood Reporter Actor Roundtable discussion, he described chasing a project like The Smashing Machine for years, calling it something he was “really hungry to do.” He reflected on exhaling deeply after premiering the film at Venice, feeling he was no longer “living others’ dreams” but pursuing his own artistic path.

Family remained central to Johnson’s 2026 narrative. He and wife Lauren Hashian made a rare joint appearance at the Golden Globes, sharing a date night amid his nominations. The couple, married since 2019, have two daughters together, and Johnson frequently credits fatherhood for grounding him. His eldest daughter, Simone Johnson (known in WWE as Ava Raine), stepped away from the ring in early 2026 after six years, retiring her stage name—prompting Johnson to express pride in her choices.

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On the professional front, Johnson wrapped production on several high-profile projects. The live-action Moana remake, where he reprises Maui opposite newcomer Catherine Laga’aia as Moana, completed filming ahead of its July 10, 2026, release. Johnson teased fans with updates, expressing excitement for the music and visual spectacle. Teasers released in late 2025 showcased Johnson as the demigod, with Disney positioning the film as a global family event.

Jumanji 4 also wrapped in early 2026, signaling Johnson’s return to blockbuster territory after The Smashing Machine‘s Oscar bid. Columbia Pictures confirmed progress, with Johnson confirming the wrap on Instagram. He is also attached to a Martin Scorsese-directed Hawaii-set crime thriller co-starring Leonardo DiCaprio and Emily Blunt, with production eyed for later in 2026. Another Safdie collaboration—an adaptation of Daniel Pinkwater’s Lizard Music—adds to his indie-leaning pursuits.

Business ventures persist despite occasional hurdles. ZOA Energy, Johnson’s energy drink brand, settled a $3 million class-action lawsuit in January 2026 over preservative claims on labels from 2021-2025. The settlement, pending final approval in March, allows eligible consumers refunds but does not admit wrongdoing.

Johnson’s fitness regimen drew attention, with reports of a 10-15 pound shift in 2026 for role preparation—sparking online discussions about his evolving physique. He maintains a rigorous routine: double gym sessions six days a week and a disciplined diet, emphasizing consistency at 53.

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WWE rumors swirled, with Johnson addressing potential involvement in future WrestleManias. He expressed enthusiasm for WrestleMania 43 in 2027 in Riyadh, Saudi Arabia—the first outside North America—but offered no firm commitments on in-ring returns.

Social media remains Johnson’s direct line to fans. His Instagram (@therock), boasting over 391 million followers, features motivational posts, family glimpses and project teases. A January 2026 post reflected on 2025 with gratitude: “Peace out ✌🏾2025 Grateful, humble, hungry, smiling and ready for 2026.”

Net worth estimates place Johnson near $800 million in 2026, fueled by acting fees ($20-50 million per film), producing, tequila brand Teremana and endorsements. Analysts predict he could cross the billionaire threshold soon.

As Johnson navigates dramatic acclaim, family priorities and blockbuster commitments, his 2026 trajectory blends introspection with ambition. With Moana live-action poised for summer dominance and more prestige projects ahead, The Rock continues proving his versatility beyond the ring and screen.

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Emirates resumes Dubai flights after earlier suspension following airport blasts

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Delek Logistics: Robust Fundamentals And Valuation May Be Pipelined To More Upside (NYSE:DKL)

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Delek Logistics: Robust Fundamentals And Valuation May Be Pipelined To More Upside (NYSE:DKL)

This article was written by

I have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I focus on banking, telco, and retail sectors. A colleague encouraged me to engage in the stock market as part of my portfolio diversification instead of putting all my savings in banks and properties. That was also the year when insurance companies became very popular in the PH. Initially, I invested in popular blue-chip companies. Now, I have investments across different industries and market cap sizes. There are stocks I hold for my retirement, while others are purely for trading profits. In 2020, I also entered the US Market. It was about a year after I discovered Seeking Alpha. Originally, I was using the trading account of NY CA-based cousin. Somehow, I acted like his personal broker. That made me more aware of the US market before deciding to open my own account. I decided to write for Seeking Alpha to share and gain more knowledge since I have been trading on the US market for only four years. Like in the ASEAN market, I have holdings in US banks, hotels, shipping, and logistics companies. I discovered it in 2018. Since then, I have been using the analyses here to compare them to the ones I’m doing in the PH Market.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of DKL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Dalal Street Week Ahead: Defensive, stock-specific approach advised to protect gains

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Dalal Street Week Ahead: Defensive, stock-specific approach advised to protect gains
The markets traded with a clear negative bias through the week, witnessing persistent selling pressure and ending the period on a weak note. After attempting to stabilize early in the week, the Nifty gradually drifted lower as selling intensified at higher levels. The index oscillated in a relatively wide range of 24,989.35 – 24,305.40, i.e., 683 points before settling near the lower end of the band. Volatility surged substantially during the week; India VIX jumped 6.18 points (+45.08%), reflecting rising nervousness among market participants. As a result, the Nifty ended the week with a net loss of 728.20 points (-2.89%).
Milan Vaishnav chartETMarkets.com

From a structural perspective, the Nifty has now slipped back toward a crucial technical area and has closed exactly at its 100-week moving average placed at 24,441.95. This level assumes significant importance because it has historically acted as an intermediate-term trend support. Any sustained close below the 100-week MA would weaken the broader technical structure and may open the doors for extended downside. Adding to the caution is the negative breadth divergence in the broader market; while the Nifty 500 has not yet made a fresh low, the Advance–Decline line has already slipped to a new low, indicating a weakening participation. This divergence typically precedes phases of broader corrective pressure.

For the coming week, markets may begin on a cautious note as participants react to the index testing this important long-term moving average support. On the upside, 24,800 and 25,070 are likely to act as immediate resistance levels. On the downside, 24,300 and 24,000 are expected to act as key supports.

The weekly RSI stands at 38.47, which keeps it in the neutral-to-bearish zone and shows no divergence against price. The RSI, while it has formed a fresh 14-period low, is trending lower, reflecting weakening momentum. The weekly MACD remains below its signal line and continues to stay in negative territory, indicating that the broader momentum remains weak.

From a pattern perspective, the Index has now closed below the lower Bollinger Band and is testing the 100-week moving average, which makes this zone technically decisive. A minor rebound is possible, but if this support fails to hold, the index may gradually gravitate toward deeper retracement levels. While the long-term structure remains intact, the intermediate trend is clearly under pressure.
Given the current technical setup, traders should remain cautious and avoid aggressive fresh buying until stability emerges near support levels. The rising volatility and weakening breadth suggest that risk management should remain a priority. Any pullbacks toward resistance zones may continue to invite selling pressure. Adopting a defensive, stock-specific approach while protecting gains and maintaining strict stop-losses would be the most prudent strategy for the coming week.
In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.

Milan Vaishnav chart 2ETMarkets.com
Milan Vaishnav chart 3ETMarkets.com

Relative Rotation Graphs (RRG) show that the Infrastructure and Pharma Indices have rolled inside the leading quadrant. The Nifty Financial Services, Energy, PSE, Banknifty, Metal, and PSUBank Indices are also inside the leading quadrant. These groups will continue to relatively outperform the broader Nifty 500 Index.

The Nifty Services Sector Index has rolled inside the weakening quadrant and may see a slowdown in the relative performance. The Midcap 100 and the Auto Indices are also inside the weakening quadrant.

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The Nifty IT has rolled inside the lagging quadrant following weak performance over the past several days. The Realty Index continues to languish inside this quadrant as well. The FMCG Index is also inside the lagging quadrant, but it is showing slight stability in its relative momentum as compared to the other two indices.

The Media Index continues to roll strongly inside the improving quadrant.

Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above chart, they show relative performance against the NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

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Ukraine’s interceptor drone makers look at exports to the Gulf as Iran war flares

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Aperol Maker Bets More Americans Will Warm to Italian-Style Drinking

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Aperol Maker Bets More Americans Will Warm to Italian-Style Drinking

The maker of Aperol is banking on selling a taste of Italy’s terrace lifestyle to more Americans, part of its chief executive’s plan to grab market share and sales growth in the U.S.

“Half of America has still never heard of [Aperol],” Davide Campari-Milano CPR -2.48%decrease; red down pointing triangle Chief Executive Simon Hunt said in an interview.

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The Iran War Is Hitting Gulf Markets, Lifting Israel and Shifting Risk Across the Region

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The Iran War Is Hitting Gulf Markets, Lifting Israel and Shifting Risk Across the Region

For years, investors treated the Persian Gulf as a bastion of calm in a deeply unstable region. Oil wealth and careful diplomacy kept turmoil at arm’s length. Wars raged in Gaza, Israel, Syria and Lebanon—far from glitzy Dubai.

Now, markets are repricing risk across the region. The war with Iran—which has grounded flights, stranded tankers and put cities such as Dubai and Qatar’s Doha under bombardment—is forcing investors to recalibrate their perception of the region’s stability.

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Trump Demands Unconditional Surrender from Iran as Putin Talks with Iranian President

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Dubai

WASHINGTON — President Donald Trump demanded Iran’s “unconditional surrender” on Friday as U.S. and Israeli forces continued airstrikes on Iranian targets, escalating rhetoric in a conflict that has entered its second week and claimed over 1,300 civilian lives, according to Iranian reports. The statement came hours after Russian President Vladimir Putin spoke by phone with Iranian President Masoud Pezeshkian, offering condolences for the death of Supreme Leader Ayatollah Ali Khamenei and condemning the strikes as a violation of international law.

The administration of US President Donald Trump had promised "90 deals in 90 days" but so far has unveiled only five trade agreements
US President Donald Trump
AFP

Trump, posting on his Truth Social platform, rejected any negotiated end to the hostilities short of total capitulation. “There will be no deal with Iran except UNCONDITIONAL SURRENDER!” he wrote. “After that, and the selection of a GREAT & ACCEPTABLE Leader(s), we, and many of our wonderful and very brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before. MAKE IRAN GREAT AGAIN (MIGA!).”

The post marked a shift in U.S. objectives, broadening from initial aims of degrading Iran’s military capabilities to demanding regime change. White House officials did not immediately respond to requests for clarification on what “unconditional surrender” entails or how it aligns with international norms. Analysts suggest the language evokes World War II-era demands, potentially prolonging the conflict if Tehran refuses to comply.

The war began on Feb. 28, 2026, with coordinated U.S. and Israeli strikes targeting Iranian nuclear facilities, military bases and leadership sites following intelligence reports of an imminent Iranian attack on U.S. interests in the Middle East. Khamenei was killed in an early barrage, which Iranian state media described as an “assassination.” The Iranian Red Crescent reported 1,332 civilian deaths as of March 7, with strikes continuing in Tehran, Beirut and other locations.

Putin’s call with Pezeshkian, confirmed by the Kremlin on Sunday, focused on the “cynical assassination” of Khamenei and his family. “Please accept my deepest condolences in connection with the assassination of the supreme leader of the Islamic Republic of Iran … committed in cynical violation of all norms of human morality and international law,” Putin said in a message to Pezeshkian.

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The Russian leader also held separate conversations with leaders of the United Arab Emirates, Bahrain, Saudi Arabia and Qatar, condemning the strikes as “unprovoked aggression” and offering Moscow’s mediation services. According to Kremlin readouts, Putin proposed using Russia’s close ties with Iran to relay complaints from Gulf states and facilitate de-escalation. UAE President Mohammed bin Zayed Al Nahyan reportedly expressed concerns about regional spillover, including attacks on UAE assets.

U.S. intelligence officials have accused Russia of providing Iran with targeting data on American troops, ships and aircraft, marking Moscow’s first direct involvement in the conflict. Multiple sources familiar with the reports told CNN that this intelligence sharing could prolong Iranian resistance and complicate U.S. operations.

Iranian Foreign Minister Seyed Abbas Araghchi rejected calls for a ceasefire in a Saturday statement, vowing continued defiance. “Iran is prepared for the possibility of a U.S. ground invasion,” he said, dismissing Trump’s demands as “imperialist delusions.” Tehran’s envoy to the United Nations reported 1,332 civilian casualties to the Security Council, urging an emergency session.

Israeli Prime Minister Benjamin Netanyahu echoed Trump’s hard line in a March 6 address, stating strikes would continue until Iran’s military threat is neutralized. Israel traded fire with Hezbollah in Lebanon, widening the conflict’s scope. U.S. Central Command confirmed strikes on an Iranian drone carrier, claiming it disrupted Tehran’s unmanned aerial capabilities.

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The U.S. has begun evacuating nonessential personnel and citizens from the Middle East, with the State Department issuing Level 4 travel advisories for Iran, Lebanon and parts of Israel. Domestic protests against the war have intensified, with demonstrations in Washington, New York and Los Angeles drawing thousands calling for an immediate halt to hostilities.

Trump’s administration has defended the strikes as necessary to prevent Iranian aggression, citing preemptive intelligence. In a March 5 briefing, Secretary of State Mike Pompeo reiterated that the U.S. seeks a “stable and prosperous Middle East,” but only after Iran’s “malign activities” cease. Critics, including Democratic leaders, have questioned the legal basis for the war, demanding congressional authorization under the War Powers Resolution.

International reactions vary. China’s Foreign Ministry called for restraint, while European Union officials urged diplomatic channels. The UN Security Council remains deadlocked, with Russia and China blocking U.S.-backed resolutions condemning Iran.

Economic fallout is mounting. Oil prices surged to $95 per barrel on March 7, amid fears of disrupted Persian Gulf shipments. U.S. stock markets dipped 2%, with energy sectors gaining but broader indices reflecting uncertainty.

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Humanitarian concerns grow as Iranian infrastructure crumbles under bombardment. The World Health Organization reported shortages of medical supplies in Tehran hospitals, with access limited by ongoing fighting. Aid groups like Doctors Without Borders have called for safe corridors to deliver relief.

Putin’s involvement adds a layer of geopolitical complexity. Russia’s condemnation of the strikes aligns with its alliance with Iran, including arms supplies and joint military exercises. Analysts warn that Moscow’s intelligence sharing could draw it deeper into the fray, risking a proxy confrontation with the U.S.

Trump’s “unconditional surrender” demand has drawn historical parallels to demands on Japan in 1945, but experts note Iran’s theocratic regime is unlikely to capitulate without significant internal upheaval. “Ending Middle East wars on U.S. terms is no easy thing,” said a panelist on PBS’s Washington Week, highlighting past U.S. entanglements in Iraq and Afghanistan.

As the conflict persists, global leaders watch for signs of escalation. Putin’s mediation offer could open back channels, but Trump’s rejection of deals short of surrender signals a protracted standoff. The White House has scheduled a national address for March 8, where Trump is expected to outline next steps.

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For now, the region braces for more violence, with uncertainty clouding the path to resolution. U.S. officials maintain the strikes are targeted and proportionate, but Iranian vows of retaliation keep tensions at a boiling point.

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Costco Earnings Beat Expectations as Membership Model Shines

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(VIDEO) Lionel Messi Meets President Donald Trump at White House

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Formula 1

WASHINGTON — Soccer superstar Lionel Messi met U.S. President Donald Trump on Thursday, March 5, 2026, during a White House ceremony honoring Inter Miami CF as the 2025 Major League Soccer Cup champions. The event, held in the East Room, featured Messi presenting Trump with a glittering pink soccer ball trophy and an Inter Miami jersey bearing the president’s name, marking a rare intersection of global sports fame and American politics.

Lionel Messi Meets President Donald Trump
Lionel Messi Meets President Donald Trump

Messi, the 38-year-old Argentine forward and eight-time Ballon d’Or winner, entered the room alongside Trump and Inter Miami co-owner Jorge Mas. Trump greeted the team with enthusiasm, declaring it his “distinct privilege to say what no American president has ever had the chance to say before: Welcome to the White House, Lionel Messi.” He praised Messi as one of the greatest players ever, jokingly asking the crowd, “Who’s better, him or Pelé?”—prompting laughter and applause. Messi smiled during the exchange but did not speak publicly.

The ceremony celebrated Inter Miami’s historic first MLS Cup title in 2025, a breakthrough season boosted by Messi’s arrival in mid-2023. The team, coached by Javier Mascherano and featuring stars like Luis Suárez, dominated the league with Messi’s goals and leadership. Trump highlighted the achievement as evidence of America’s growing soccer appeal, noting Messi’s impact: “You came in and you won.”

Photos from the event quickly went viral: Messi and Trump shaking hands, posing with the pink ball, and standing side-by-side with Mas and players. Social media buzzed with reactions, including memes comparing the meeting to past celebrity White House visits. One widely shared clip showed Messi laughing when Trump name-dropped rival Cristiano Ronaldo in a lighthearted aside, drawing amusement from fans.

The visit followed tradition of championship teams receiving White House recognition, though political undertones dominated. Trump used portions of his remarks to update on the ongoing U.S.-Israeli strikes against Iran, tout military successes and economic strength before pivoting to the MLS Cup. He alluded to potential future announcements on Cuba and tariffs, turning the sports event into a broader platform. Inter Miami players stood quietly behind the dais during the tangents.

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Messi, who has long avoided political statements and endorsements, faced immediate backlash on social media. Critics, particularly in Latin America and the Middle East, condemned his attendance and applause during Trump’s Iran war briefing as tacit support amid civilian casualties reported in Tehran. Al Jazeera highlighted the controversy, noting Messi’s “rare step into politics” and online calls labeling the meeting insensitive. Supporters countered that the event was a non-political team honor, similar to past championship visits, and Messi’s role was ceremonial.

Messi has historically steered clear of controversy, focusing on soccer and philanthropy. His Inter Miami tenure transformed MLS visibility, drawing global attention and boosting league attendance. The White House appearance underscores his status as a cultural icon, even as it invites scrutiny.

Trump, a longtime sports enthusiast, has hosted athletes frequently. He praised Messi’s humility and talent, contrasting him favorably with other stars. The president also referenced Messi’s 2022 World Cup triumph with Argentina, tying it to American soccer growth ahead of the 2026 FIFA World Cup co-hosted by the U.S., Canada and Mexico.

Inter Miami owner Mas presented Trump with the customized jersey, while Messi handed over the bedazzled ball—a signature pink Miami design. The gifts symbolized the club’s gratitude and the event’s festive tone, despite the broader geopolitical backdrop.

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The ceremony occurred amid heightened U.S.-Iran tensions, with ongoing airstrikes drawing international condemnation. Some observers questioned blending sports with war updates, but White House officials described the event as a standard championship celebration.

Messi remains focused on his career. He is expected to represent Argentina in friendlies and the 2026 World Cup, where he could add to his legacy. Inter Miami’s title defense begins soon, with Messi central to their ambitions.

The meeting has sparked debate on celebrity involvement in politics. While some see it as harmless tradition, others view it as unavoidable optics in a polarized era. For Messi, the moment is a footnote in a storied career; for Trump, another high-profile endorsement of American sports success.

As images circulate globally, the handshake between the soccer legend and the U.S. president encapsulates an unexpected 2026 crossover—one blending athletic glory, national pride and contemporary controversy.

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