WASHINGTON, DC - APRIL 15: (L-R) Charles Phillips (Co Founder / Managing Partner - Recognize), George Petrocheilos (Co-Founder & Managing Partner - "Catalio Capital Management, L.P.") and Prashant Rao (Senior Editor - 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: (L-R) Charles Phillips (Co Founder / Managing Partner - Recognize), George Petrocheilos (Co-Founder & Managing Partner - "Catalio Capital Management, L.P.") and Prashant Rao (Senior Editor - 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: Charles Phillips (Co Founder / Managing Partner - Recognize) 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: Charles Phillips (Co Founder / Managing Partner - Recognize) 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: (L-R) Charles Phillips (Co Founder / Managing Partner - Recognize), George Petrocheilos (Co-Founder & Managing Partner - "Catalio Capital Management, L.P.") and Prashant Rao (Senior Editor - 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)

View of 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)

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)

Dan Schulman (L), CEO of Verizon Communications, speaks with Andrew Edgecliffe-Johnson, Editor of Semafor, during the 2026 Semafor World Economy conference in Washington, DC, on April 15, 2026. (Photo by Kent Nishimura / AFP via Getty Images)