  We summarize recent developments in the Standard-Model evaluation of the
anomalous magnetic moment of the muon $a_\mu$, both in the
hadronic-light-by-light and hadronic-vacuum-polarization contributions. The
current situation for the latter is puzzling as we are confronted with multiple
discrepancies that are not yet understood. We present updated fits of a
dispersive representation of the pion vector form factor to the new CMD-3 data
set and quantify the tensions with the other high-statistics
$e^+e^-\to\pi^+\pi^-$ experiments in the contribution to $a_\mu$ in the energy
range up to 1 GeV, as well as in the corresponding contribution to the
intermediate Euclidean window.
