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Zero Rss

On The Kavanaugh Anniversary, Democratic Leaders Swap Me Too For Maine

Zero Rss
2 months 1 week ago
On The Kavanaugh Anniversary, Democratic Leaders Swap Me Too For Maine

Authored by Jonathan Turley,

...on the eighth anniversary of the Kavanaugh nomination. It now appears that there are some women who are not to be believed... when the Senate may be in the balance..

“It’s clear the fix is in.”

Those words from Sen. Elizabeth Warren (D-Mass.). came with her vote against confirming Brett Kavanaugh to the Supreme Court. Warren was outraged that her fellow senators refused to believe a woman who came forward with a decades-old allegation against Kavanaugh that lacked any corroboration.

It now appears that Kavanaugh’s former accusers are making the case that he was treated unjustly at their hands. At least they are now willing to swap “Me Too” for Maine.

Warren’s words were part of a mantra from Democratic members that either you believe women about sexual harassment and assault, or you are enabling abusers.

It was almost exactly eight years ago, in July 2018, that President Trump nominated Kavanaugh to fill the seat of retiring Associate Justice Anthony Kennedy. Kavanaugh, who was at first a very uncontroversial nominee, suddenly became the target of a well-financed, well-orchestrated campaign that would continue to resonate in that fall’s election campaigns. At the time, your failure to accept the word of Christine Blasey Ford that Kavanaugh had assaulted her in high school was just proof that you and the system were sexist.

Long after the Senate confirmed Kavanaugh, the left continued to claim that his presence on the Supreme Court “rests on a mountain of misogyny.” In Ms. Magazine, actress Kathleen Turner reminded people that not believing women was furthering misogyny: “Survivors who come forward break the rules of silence a sexist society demands, and society expects them to pay a price.”

If you recall, the lack of evidence led to the Senate Judiciary Committee combing through Kavanaugh’s personal calendars. Denials that such a thing had ever happened, coming from childhood friends, were treated as still more evidence of sexism.

Screenshot/Judiciary Committee

There was Sen. Sheldon Whitehouse (D-R.I.), who grilled Kavanaugh about using the term “boofing” (apparently referring to passing gas) with a high school friend as if it were a confession to a rape.

His inquisitorial barrage was something straight out of the McCarthy period.

Whitehouse expressed disgust that some would not take Ford’s word for it, declaring, “Today I stand with women who are brave enough to come forward with their stories of abuse and mistreatment. They deserve to be heard and credible allegations must be investigated. We must believe survivors, not bully them.”

Whitehouse is now a major donor and supporter of Graham Platner, the leading Democratic candidate for U.S. Senate from Maine.

He dismisses the New York Times accounts from women of Platner’s physically and mentally abusive behavior.

Instead of believing these women, he reportedly attacked Lyndsey Fifield, who “bravely” came forward publicly with her story at the request of Times reporters.

Whitehouse is quoted as saying that he was “unimpressed” by the allegations and the multiple women coming forward “seems like a lot of nothing.” He suggested that he is not prepared to believe a woman if she is a conservative. “I mean, the only one who had anything to say that seemed ‘unsettling’ was a woman who works for right-wing political operations,” he said.

That attack was picked up by others like writer Krystal Ball. She too had denounced those who did not believe Ford in the Kavanaugh controversy. In the past, she claimed at that time, “women just didn’t come forward. They knew they wouldn’t be believed.”

Now she cannot imagine why anyone would believe these women, particularly Fifield. “NYT published uncorroborated accusations against [Platner] of ‘unsettling’ and ‘toxic’ behavior that came from a Heritage staffer who previously worked for a conservative org that backs Collins,” she posted online.

Fifield, after sharing stories with the Times of Platner’s alleged abusive behavior, went public to complain that the newspaper had failed to include the corroboration she had provided. She posted that the paper not only failed to include that she has supported Democrats for office, but also asked, “Why does it say ‘nobody could corroborate’ when I offered them sources that COULD corroborate?”

She added, “The Times also failed to include any mention that I DID confide in multiple friends through the years that Graham had been abusive — long before he was running for office. Those friends confirm they told the Times so.”

If true, that is a strikingly different approach from the one taken by the media in reporting on the Kavanaugh allegations.

All the familiar faces are now attacking or dismissing these allegations.

That includes Rep. Ro Khanna (D-Calif.), who campaigned for Platner this week. Khanna had previously pounded his chest in public over the Kavanaugh allegations: “I believe Dr. Christine Blasey Ford.”

Some of the usual suspects are now quiet, and for good reason. Former New York Gov. Andrew Cuomo (D) and former Rep. Eric Swalwell (D-Calif.) dismissed Kavanaugh’s claims of innocence but later resigned from their respective offices after accusations of misconduct and harassment.

Of course, the sexual misconduct and mistreatment of women is not the only controversy surrounding Platner, who has reportedly ridiculed a wounded veteran, dismissed rape victims, and made other comments on his since-deleted Reddit account about Blacks and rural Mainers that would be considered disqualifying for most candidates. He made many other posts that were deeply offensive and some that were, frankly, gross.

Nevertheless, figures like Senate Minority Leader Chuck Schumer (D-N.Y.) would not even address the allegations, simply repeating awkwardly, “We’re going to … take back the Senate.”

Back in 2018, Schumer was proclaiming on the Senate floor, “For too long, when women have made serious allegations of abuse, they have been ignored. That cannot happen in this case.”

For her part, Sen. Kirsten Gillibrand (D-N.Y.) proclaimed her faith in any woman making such allegations in 2018. Now, she repeats, like Schumer, “I’m very optimistic we’re going to win Maine.”

In “A Man for All Seasons,” there is a scene where Sir Thomas More confronts Richard Rich, a former protege who lied in court to convict him in exchange for being named attorney general of Wales. As Rich passes by, More asks: “For Wales? Why, Richard, it profits a man nothing to give his soul for the whole world … but for Wales!”

The response by Democratic leaders today appears to be, “Well, yeah — not for Wales, but we’ll do it for Maine.”

Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.“

Tyler Durden Mon, 06/08/2026 - 17:40
Tyler Durden

Campbell's CEO Serves Up Warning For Restaurants As "Resilient" At-Home Cooking Trend Gains Steam

Zero Rss
2 months 1 week ago
Campbell's CEO Serves Up Warning For Restaurants As "Resilient" At-Home Cooking Trend Gains Steam

There is not much to get excited about in canned-soup maker Campbell's third-quarter results, with sales slumping and softness in its snack unit weighing on performance. But one revealing detail from management's earnings call earlier on Monday offers a broader read-through on the consumer: households may be spending much more time cooking at home and pulling back from restaurants in the second half of the year. 

The canned-soup maker reaffirmed its full-year outlook, but Wall Street analysts were muted on the third-quarter results. 

BNP Paribas Max Gumport told clients that two key concerns remain: Campbell's ability to stabilize organic sales in the snack unit and to navigate another year of elevated inflation. He noted the quarterly beat was driven largely by SG&A and below-the-line items, while the guidance reaffirmation was partly supported by an expected fourth-quarter tariff refund benefit. 

Third-quarter adjusted EPS printed at 50 cents, beating the 48-cent Bloomberg Consensus estimate but down from 73 cents in the same period one year ago. Net sales fell 4.4% to $2.37 billion, slightly below estimates. Organic net sales declined 4%, worse than the 3.3% drop analysts tracked by Bloomberg expected, with both meals & beverages and snacks down 4%.

Margins remained pressured. RBC Capital analyst Nik Modi said, "The company is navigating a challenging environment marked by inflation-driven margin headwinds and tariff impacts, which compressed adjusted gross margins by -240 bps points." 

Campbell's still expects full-year adjusted EPS of $2.15 to $2.25, versus the Bloomberg Consensus of $2.17, and organic net sales to fall 1% to 2%, versus the estimate of -2.14%. 

Notice how Campbell shares were crushed in the era of food inflation.

After the earnings release, Campbell's held an analyst call.

David Palmer, senior managing director and head of restaurant and food producers at Evercore ISI, asked Campbell's CEO Mick Beekhuizen about trends surrounding the snack-related portfolio:

Obviously, heading into fiscal '27, you're going to be dealing with the inflation you talked about, and the choices you're making around snacks and those things will be cause for noise and varying degrees of sales or profit pressure. But I'm wondering if you're just thinking about your core businesses and the goal of returning those to at least some modest growth, profitable growth. Where do you think are the near and medium-term potential wins, most improved areas that we'll see from organic sales perspective? And then I have a quick follow-up.

Beekhuizen's response revealed one very important trend: he expects at-home cooking to remain resilient in the back half of the year.

His response:

Sure. even if you look at this quarter, I'll highlight a couple of areas, and I appreciate you asking the question because there are very clear proof points in this quarter that we can continue to support. Within the meals & beverage portfolio, the at-home cooking consumer trend is resilient, and we expect that trend to continue. And that is a big part of our meals & beverage portfolio plays right into that consumer trend.

The at-home cooking comment piqued our interest because it dovetails with a recent UBS note from analyst Dennis Geiger, the bank's U.S. restaurants equity research analyst, who expects restaurant spending to remain in a "difficult cycle" through the second half of the year. That only lends credibility to Beekhuizen's view that consumers are likely to continue leaning into home meals as mounting macro pressures weigh on discretionary dining. 

Tyler Durden Mon, 06/08/2026 - 17:20
Tyler Durden

US Army Develops 'Breakthrough' Quantum Sensor to Pinpoint Radio Signals on Battlefields

Zero Rss
2 months 1 week ago
US Army Develops 'Breakthrough' Quantum Sensor to Pinpoint Radio Signals on Battlefields

Authored by Atharva Gosavi via Interesting Engineering,

US Army scientists have demonstrated a new quantum sensor that can measure the full 3D direction of radio-frequency electromagnetic fields, a milestone that could reshape how signals are detected on the battlefield.

The rubidium vapor cell.US Army

The breakthrough was achieved by scientists at the U.S. Army Combat Capabilities Development Command, known as DEVCOM, Army Research Laboratory.

According to the researchers, the sensor could improve situational awareness, strengthen secure communications, and help soldiers make faster, better-informed decisions in complex battlefield environments.

"Our work in quantum science is about giving our Soldiers new ways to sense and understand the world around them," said David Meyer, ARL research physicist.

"This research opens the door to detecting and pinpointing signals over a broad frequency range in a single sensing package, even in the most challenging environments,"

Measuring Radio Waves in 3D

The new sensor is based on Rydberg atoms, which are atoms placed in a highly excited state that makes them extremely sensitive to electric fields.

The researchers described how the device can determine not only electromagnetic field strength but also the 3D polarization orientation and propagation direction, known as the k-vector.

According to ARL, this is the first time such a measurement has been achieved using a quantum sensor.

Traditional sensors usually measure the strength of an electromagnetic field in only one direction at a time. The ARL-developed quantum sensor, however, can "see" both the direction and motion of the electromagnetic field, providing a complete 3D picture.

Despite being only a few centimeters across, the sensor can determine the direction of incoming signals with an accuracy of about two degrees.

This could make it a highly flexible platform for detecting and locating radio-frequency signals in contested environments.

A Tiny Sensor for a Crowded Spectrum

Unlike conventional antennas, which often need to be physically comparable in size to the signals they detect and are typically limited to narrow frequency ranges, ARL's sensor is independent of signal size. It can also operate across the entire radio-frequency spectrum.

This capability comes from the broadband nature of Rydberg atoms, which can operate from direct current to terahertz frequencies.

"The modern battlefield is an extremely complicated radio frequency environment," Meyer said.

"With the proliferation of autonomous systems, there can be hundreds of distinct signal sources. Having a single sensor platform that covers the entire radio-frequency spectrum and can measure the 3D direction of those fields represents a potentially transformative capability, especially in spectrum awareness," he continued.

Building on Years of Quantum Research

The sensor works by using a tiny glass cell filled with rubidium atom vapor. Researchers shine lasers through the cell to put the atoms into Rydberg states.

When a radio wave passes through, the atoms respond in a way that reveals the field's strength, direction, and movement in three dimensions.

The latest work builds on ARL's earlier development of the Rydberg electrometer. In 2024, the team demonstrated its ability to measure radio-frequency field polarization and decode information encoded in that polarization.

The research was published in a paper called Physical Review Applied.

Tyler Durden Mon, 06/08/2026 - 17:00
Tyler Durden

Sam Bankman-Fried 'Absolutely' Wants A Presidential Pardon

Zero Rss
2 months 1 week ago
Sam Bankman-Fried 'Absolutely' Wants A Presidential Pardon

From inside a federal prison cell, disgraced crypto mogul Sam Bankman-Fried is making a direct bid for a White House lifeline. In a phone interview with FOX Business, the former FTX founder said he "absolutely" wants a presidential pardon from President Donald Trump.

"Absolutely. It would be obviously, you know, ultimately up to the president, not up to me," he said.

Bankman-Fried declined to confirm whether his family is currently lobbying the administration on his behalf, saying only, "I can't speak for them."

In March 2024, Bankman-Fried was sentenced to 25 years in prison after being convicted on two counts of wire fraud and five counts of conspiracy. The court found that the November 2022 collapse of his crypto empire resulted in approximately $8 billion in losses for FTX customers, $1.7 billion for equity investors, and $1.3 billion for lenders to Alameda Research.

Key Development Today: Bankman-Fried has formally submitted a presidential pardon application through the Department of Justice's Office of the Pardon Attorney.

Bankman-Fried Defends His Case

Despite his conviction, Bankman-Fried continued to argue that the prosecution was unjust, citing the recovery in cryptocurrency markets that has allowed the bankruptcy estate to repay customers more than they originally lost.

"I didn't steal user funds either. Customers have been repaid now 170% or so on their deposits. It's one of the very few cases where the platform was over-collateralized, where customers were more than made whole. And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence[s]." -SBF

He added that it is "a great disservice" to customers that it has taken three years for them to be repaid nearly twice what they had on the platform.

Regrets Missing the AI Boom, Praises Musk

When asked about his fear of missing out on major technological developments, SBF expressed frustration at being unable to participate from prison.

"It's a concern I have. You know, there's a lot that I did try and position... I'd certainly much rather be, you know, able to help that out from the outside than in here where there's very little I can do."

He then praised Elon Musk and SpaceX, saying the company has "extremely large potential" and noting parallels with how few companies are positioned to play a major role in the space industry.

Today's interview is the latest in a months-long effort by Bankman-Fried to secure clemency. He has posted pro-Trump messages via prison-approved proxies and his parents have previously explored clemency options with lawyers connected to the Trump orbit.

For example, back in March...

The current spike only highlights how much oil prices have lowered under @realDonaldTrump.

🛢️:
Trump (2017-2020): $58
Biden (2021-2024): $83
Trump (2025): $68

Average price over the whole of 2022: $99
Price yesterday: $100

Calm down.

— SBF (@SBF_FTX) March 14, 2026

While President Trump has granted clemency to other crypto figures, including Binance's Changpeng Zhao, he previously told The New York Times he does not plan to pardon Bankman-Fried. Some members of Congress and voices in the crypto industry have urged him to deny the request.

Tyler Durden Mon, 06/08/2026 - 16:40
Tyler Durden

'Chat Is Dead': OpenAI's Pre-IPO Makeover Into A "Superapp"

Zero Rss
2 months 1 week ago
'Chat Is Dead': OpenAI's Pre-IPO Makeover Into A "Superapp"

The year the private-AI complex finally has to show its work has arrived, and ChatGPT maker OpenAI is about to add some major garnishing to the prospectus before their upcoming IPO - in what FT is calling the "biggest overhaul of ChatGPT since launch."

"It will transcend the actual surface . . . what we’re building towards is where you have your own personal agent that is capable of helping you . . . across everything in your life, be it personally or at work," said Thibault Sottiaux, who previously ran Codex and now leads all of OpenAI’s core product and platform.

Context: Over the last three weeks, the three most valuable private companies in the space announced IPOs. SpaceX filed its S-1 in May, months after folding xAI into itself. Anthropic filed a confidential draft S-1 on June 1, reportedly targeting an October listing. And OpenAI filed its own confidential draft around May 22, aiming for a debut as soon as September at a private valuation of roughly $730 billion to $850 billion, with IPO chatter pushing toward $1 trillion. The back half of 2026 is now the first real test of whether public investors will pay the prices private rounds have set.

"Chat Is Dead"

"Chat is dead," one senior OpenAI employee told the FT - which is a crazy thing to hear given that ChatGPT is what brought us here, and still has nearly a billion users. The obvious interpretation: OpenAI is moving away from chat because chat does not pay, at least not quickly enough to support a near-trillion-dollar valuation.

Adoption was never the problem. ChatGPT has nearly a billion users, most of them on the free tier. The problem is that the flagship product remains a low-margin consumer chatbot while the company burns roughly $14 billion a year against revenue that crossed $20 billion by the end of 2025. Depending on how that revenue is annualized and what multiple investors apply, OpenAI's valuation range implies a price-to-sales multiple from the mid-30s to the low 60s. Walking into a roadshow near $1 trillion while presenting the golden goose as a beloved money-loser is not a viable option.

The company has also reorganized. ChatGPT, Codex, and other product teams have been consolidated under a single leader, Sottiaux, while several senior executives - including former product head Kevin Weil - have departed. Key-person churn in the weeks before an S-1 filing is, notable.

According to FT and other reporting, here's what's new:

  • ChatGPT is being redesigned from a standalone chatbot into a gateway for higher-value products. The website and mobile apps are expected to be reworked so users are pushed toward coding tools, image generation, AI agents, and partner-built applications rather than simply returning to a general-purpose chat interface.
     
  • OpenAI is adding prompts and interface features that steer users toward monetizable use cases. The company is expected to add new surfaces inside ChatGPT that direct users toward Codex, image tools, and apps from partners such as Canva and Booking.com. The partners themselves are not new; their more prominent placement inside the ChatGPT flow is.
     
  • The company plans to remove that scaffolding over time. The longer-term goal is for OpenAI’s models to infer what users want without requiring explicit prompts, buttons, or routing cues. That roadmap detail appears to be one of the more specific new elements in the report.
     
  • The “superapp” framing is being elevated as the new investor-facing story. OpenAI is increasingly presenting ChatGPT as a single interface that can absorb chat, coding, agents, search-like tasks, image generation, and third-party services. The underlying components have existed in pieces, but the report frames them as one consolidated product thesis.
     
  • Codex is being pushed closer to the center of ChatGPT. OpenAI’s coding product is receiving greater prominence and resources as the company shifts attention toward products with clearer paid usage and enterprise demand. The Codex push was already underway, but the report makes it central to the ChatGPT overhaul.
     
  • The personal-agent vision is being packaged as the next version of ChatGPT. OpenAI is positioning the product around a single assistant that can help across personal and work tasks, reachable through mobile, desktop, web, and voice. The company has been moving toward agents for some time; what is newly elevated is the idea that this agent becomes the primary ChatGPT experience.
     
  • The enterprise pivot is being tied directly to the ChatGPT redesign. OpenAI’s push toward business customers and competition with Anthropic is not new. What is newly emphasized is the way the consumer interface is being reshaped to support that shift, turning ChatGPT into a funnel for higher-value, work-oriented products.

The revamp is expected to begin rolling out in the coming weeks - right inside the IPO window, when every interface change, resource shift, and product decision doubles as investor messaging meant to burnish the prospectus.

One issue with a 'superapp': structural coherence. A consumer funnel that routes users to third-party apps like Canva and Booking.com, an enterprise business built around Codex, and a long-horizon AGI bet are three different businesses with three different margin profiles, customer-acquisition dynamics, and capital requirements. OpenAI is now trying to staple them together within an agentic ecosystem - something that was always going to happen.

So OpenAI is building the only story that can survive diligence: enterprise seats, Codex, and agents that perform billable work. Codex's weekly active users have grown sixfold to more than five million since the February desktop launch, with the majority of users paying. Enterprise already accounts for around 40 percent of revenue and is expected to reach 50 percent by year-end. That sequencing is, almost line for line, the "make money first" approach Anthropic has followed for years. The convergence is no longer subtle.

That said, the revamp does not amount to panic. Agents and coding tools really are where the technical and commercial frontier is moving anyway. Codex's growth trajectory is real, and a majority-paying user mix is what you want going into an IPO. 

Meanwhile, what's Dario gonna do? Anthropic also burns substantial cash and has told investors it may not reach break-even until 2028. Both companies are walking into the same public-market daylight this year. 

Tyler Durden Mon, 06/08/2026 - 15:40
Tyler Durden

Judge Blocks Trump's $100,000 Fee For H-1B Visas

Zero Rss
2 months 1 week ago
Judge Blocks Trump's $100,000 Fee For H-1B Visas

Authored by Zachary Stieber via The Epoch Times,

President Donald Trump's $100,000 fee for H-1B visas is not legal, a federal judge said on June 8.

President Donald Trump speaks before signing an executive order in the South Court Auditorium in the Eisenhower Executive Office Building in Washington on Aug. 5, 2025. Win McNamee/Getty Images

The fee for visas for specialty foreign workers "imposes a tax on H-1B petitions without the requisite delegation by Congress," U.S. District Judge Leo Sorokin said in a 42-page decision.

While the president is able to restrict noncitizen entry into the United States, Congress has the power to tax, and federal law does not delegate it, the judge said.

He also ruled that the fee violated a law called the Administrative Procedure Act because it was issued without allowing the public to comment before it took effect, and ordered officials to vacate the policy in its entirety.

The White House did not immediately respond to a request for comment.

The ruling came in response to a lawsuit filed by Massachusetts and 19 other states. They challenged the fee, which Trump announced in September as a way to reduce taxes and bring better people into the country.

A different judge in late 2025 had upheld the fee, finding that Trump had the authority to increase the fee from between $2,000 to $5,000 to the $100,000 level. An appeal is pending in that case.

This is a developing story that will be updated.

Tyler Durden Mon, 06/08/2026 - 15:20
Tyler Durden

UBS Warns America's Restaurants Locked In "Difficult Cycle" As Tax-Refund Sugar-High Fades

Zero Rss
2 months 1 week ago
UBS Warns America's Restaurants Locked In "Difficult Cycle" As Tax-Refund Sugar-High Fades

There is certainly a growing consensus on Wall Street that the tax-refund sugar high is fading just as consumers' financial profiles deteriorate. The latest read-through comes from UBS analyst Dennis Geiger, the bank's U.S. restaurants equity research analyst, who warns that a toxic cocktail of macro pressures is likely to crimp restaurant spending in the second half of the year.

Geiger warned in a note that elevated gas prices at the pump appear to be offsetting tax-rebate benefits, while lower-income, younger, and Hispanic consumers remain among some of the weakest demand cohorts.

"Challenged traffic and sales trends likely largely reflect depressed consumer sentiment across several cohorts, elevated gas prices, and other macro headwinds," the analyst said, adding, "We are more cautious on restaurant industry trends into 2H26, assuming near-term headwinds persist, rebate check benefits fade, and risk that gas prices stay elevated."

He said that margin pressure will likely persist for restaurants through summer and into fall as commodity inflation remains a problem.

Despite the negative backdrop, he pointed out valuations for restaurant stocks look attractive:

Despite challenged fundamentals, negative investor sentiment, and valuation pressure, we believe restaurants are in a difficult cycle currently, rather than a longer-term structurally challenged position. Valuations appear attractive relative to history, but with shares likely needing a positive inflection in sales / demand trajectory or favorable macro developments / headlines to realize notable upside.

His top picks are Dutch Bros, Brinker International, and Yum! Brands, while his least favorite restaurant stocks are Cheesecake Factory and Cracker Barrel Old Country Store.

Geiger's chartpack visualizing restaurant trends:

Sales Trends 

QSR Sales and Traffic Trends

Casual Dining Trends

Dismal Consumer Sentiment still a Problem 

The full chart pack can be viewed by Professional subscribers here at our new Marketdesk.ai portal.

Geiger's caution for the restaurant industry adds to our theme of emerging consumer stress (read the latest here).

Tyler Durden Mon, 06/08/2026 - 15:00
Tyler Durden

6.4 Magnitude Quake Rocks Western Cuba, Sends Tremors Into South Florida

Zero Rss
2 months 1 week ago
6.4 Magnitude Quake Rocks Western Cuba, Sends Tremors Into South Florida

The USGS reported that a magnitude 6.4 earthquake struck just off the coast of Cuba around 2 p.m. ET, with residents across parts of Florida reporting feeling the shaking.

Notable quake, preliminary info: M 6.4 - 118 km WNW of Mantua, Cuba https://t.co/EUaVqZo8M1

— USGS Earthquakes (@USGS_Quakes) June 8, 2026

The offshore quake was detected near Pinar del Río, located in western Cuba. Initial reports did not indicate major damage or a tsunami threat.

NWS Miami reported "shaking across Southwestern Florida within the past 30 minutes."

6/8 @ 2:15pm: We've received several recent reports of shaking across Southwestern Florida within the past 30 minutes.

An earthquake has occurred just west of Cuba in the southern Gulf. @USGS_Quakes has since revised the magnitude down to a 6.1 at a depth of 10km. https://t.co/f1OyzUI6Sf pic.twitter.com/MAB4ptNk74

— NWS Miami (@NWSMiami) June 8, 2026

*Developing...

Tyler Durden Mon, 06/08/2026 - 14:46
Tyler Durden

DOJ Asks Courts To Strip 17 Criminals Of US Citizenship

Zero Rss
2 months 1 week ago
DOJ Asks Courts To Strip 17 Criminals Of US Citizenship

Authored by Zachary Stieber via The Epoch Times,

The Department of Justice (DOJ) on Monday announced it has asked courts across the country to strip more than a dozen people who have pleaded guilty or been convicted of crimes of their U.S. citizenship.

Acting Attorney General Todd Blanche speaks during a press conference in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

Filings in federal court requested judges revoke the naturalization of 17 individuals, including Jean Claude Alfred, a 68-year-old Haitian native who became a U.S. citizen in 1994.

Federal officials said that Alfred, who does not have a lawyer listed on the court docket, was convicted in 1996 of attempting sexual battery and indecent assault on his daughter, for conduct that began three years prior.

Alfred "concealed his crime throughout the naturalization process," DOJ lawyers told the federal court in Miami.

Another man, 39-year-old Armando Mendoza of Mexico, received sexually explicit images of minors as early as 2009 and pleaded guilty in 2013. Mendoza failed to disclose the crime in his 2011 citizenship application and interview, which means his citizenship should be revoked, officials said in a separate filing in federal court in California.

Mendoza has not hired an attorney, according to the court docket.

"When criminal aliens exploit the naturalization process by breaking the law, there are consequences," acting Attorney General Todd Blanche said in a statement. "Criminal aliens are lying about their past crimes, including drug dealers, sexual predators, and fraudsters."

Homeland Security Secretary Markwayne Mullin added that "American citizenship is a privilege, and it must be earned honestly."

He said, "If you come here break our laws, and lie in your immigration proceedings, you forfeit that privilege."

Developing...

Tyler Durden Mon, 06/08/2026 - 14:40
Tyler Durden

Apple's Long-Awaited AI Siri Fails To Impress As Shares Pump Then Dump During WWDC

Zero Rss
2 months 1 week ago
Apple's Long-Awaited AI Siri Fails To Impress As Shares Pump Then Dump During WWDC

Summary: 

  • Market Reaction: Buy the rumor, Sell the news  
  • Apple Reveals Long-Awaited AI Siri 
  • CEO Tim Cook gives his final WWDC keynote speech
  • Goldman And UBS Preview Apple's WWDC: AI Siri Takes Center Stage

Apple CEO Tim Cook opened WWDC26 with a keynote on artificial intelligence, software updates, and developer tools across the company's ecosystem.

WWDC26 presentation centered on a broad rollout of Apple Intelligence features across its ecosystem, with the tech giant previewing a more conversational Siri, a dedicated Siri app, Visual Intelligence tools and new AI capabilities across Safari, Mac, Watch, Vision Pro and first-party apps.

Major performance upgrades in iOS 27 #WWDC pic.twitter.com/5Q1BqHJoeH

— Apple Hub (@theapplehub) June 8, 2026

The updated Siri will be available first in English, then expand to other languages. It is expected to work across iPhone, iPad, Mac, Apple Watch, and Vision Pro, with deeper device context, back-and-forth conversations, and more integration with Spotlight and system files. Apple also showed a customizable Siri voice, revamped dictation, and a 3D Siri experience for Vision Pro.

Safari is getting AI-powered automatic tab grouping, along with a feature that monitors web pages and notifies users of changes. Apple also highlighted privacy messaging, taking a shot at rival AI browsers that track user activity.

Headlines from MacWorld:

1. Tim opens the show for the last time: Tim Cook is giving his usual intro talking about how great Apple’s devices and tools are and praising its developers. Show a pic of the Earth taken from the journey to the moon. Apple Intelligence and Siri starting things off!

2. Three areas of focus: Platform improvements, Trust and safety, Apple Intelligence, and Siri

3. A new version of macOS has been revealed, called Golden Gate

4. They're not announcing features for each iOS (just yet), but rather talking about system-wide changes that affect all OSes. For example, there’s now a Liquid Glass slider as well as a unified menu bar. In macOS, sidebar icons will be clearer and more consistent. App icons will get a new Liquid Glass layer that add depth and refraction. System optimization is smooth, and “a lot” of things are faster. iPhone and iPad launch up to 30% faster.

5. Improved Search: iOS, iPad, and macOS rebuilt the foundation of search that powers Spotlight, Settings, and Mail. It’s more stable and more efficient, indexed immediately. This is the only thing I wanted and I can’t wait to try it out.

6. A new voice for Siri: Siri AI, as Apple is calling it, has a new customizable voice with sliders for pace and expressivity.

7. Siri does what other chatbots do: Apple is spending a bit of time demoing Siri doesn things that ChatGPT and Gemini already do, like making plans, messaging groups of friends, getting information from the web, create a menu on the iPhone. On the Mac, Siri is integrated into Spotlight, which could be trouble if Apple hasn’t fixed it like it said.

8. Siri, Siri, Siri: The Siri section is long as expected, but there’s not a lot here that wasn’t previewed back in 2024. And of course, other chatbots and AI platforms are already doing a lot of this stuff. It remains to be seen whether the deep integration with Apple products will be enough.

9. WatchOS: It took almost an hour, but Apple finally mentioned watchOS in the WWDC keynote. It will be getting a new app layout and some Apple Intelligence features including the new Siri.

10. Visual Intelligence gets new abilities: Visual Intelligence with Siri can understand more about what’s on your screen and will be able to get contextual answers about the things it sees around you and on your screen. I have to wonder how many of these features will elicit yawns from users. We’ll have to see how it works.

The market reaction was underwhelming.

*APPLE SHARES TURN NEGATIVE AFTER GAINING AS MUCH AS 3.3% https://t.co/L0jRH6shpZ

— zerohedge (@zerohedge) June 8, 2026

Apple shares initially jumped as much as 3.3% when the AI features were unveiled, but went negative into late afternoon. 

Market commentary in Bloomberg's live blog suggested investors were unimpressed, as many of the features should have been available years ago.

WWDC announcements under Tim Cook (courtesy of Tech Brew):

  • 2012 - Apple Maps
  • 2013 - iTunes Radio
  • 2014 - iOS 8 / OS x Yosemite
  • 2015 - Apple Music
  • 2016 - macOS rebrand
  • 2017 - HomePod
  • 2018 - iOS 12
  • 2019 - Pro Display XDR
  • 2020 - Apple silicon
  • 2021 - macOS Monterey
  • 2022 - M2 chip
  • 2023 - Apple Vision Pro
  • 2024 - Apple Intelligence
  • 2025 - Liquid Glass
  • 2026 - Siri AI Update?

"The WWDC 2024 version was pure vapourware but this looks more legit because Siri responses actually take a while to respond. After getting fined last time for false advertising, Apple can't mess around with this Siri update," tech journalist Trung Phan wrote on X.

Goldman And UBS Preview Apple's WWDC: AI Siri Takes Center Stage

Apple's annual Worldwide Developers Conference (WWDC) begins this afternoon at 1 p.m. EST at Apple Park in Cupertino, Calif.

Ahead of WWDC, Goldman analysts led by Michael Ng provided clients with a preview of what to expect, including the unveiling of a long-delayed AI-enhanced Siri and operating system version "27" across iOS, macOS, watchOS, tvOS, and visionOS.

The new AI-enhanced Siri will include many delayed features from WWDC24, such as on-screen awareness, personal context, and deeper integration with apps like Messages, Calendar, Photos, and Notes.

"We view these new features as key demand drivers for the iPhone and other products, which should help extend the strong revenue momentum realized to date (e.g., iPhone revenue +23% YoY in F1H26)," Ng wrote in the note.

Expected WWDC announcements:

AI-enhanced Siri launch timing & feature details. After announcing AI-enhanced Siri at WWDC in 2024 and seeing subsequent delays, we expect Apple to share updated details on AI Siri's launch timeline and capabilities.

  • Launch timing: During Apple's F2Q26 earnings call, the company stated it expects to launch personalized Siri this year (C2026). We expect Apple to confirm AI Siri should launch with iOS 27 in September 2026 alongside the premium iPhone 18 family launch.
  • AI Siri feature details: First, AI-enhanced Siri should have greater on-screen awareness (e.g., using information across iOS Apps including Messages, Calendar, Photos, Notes), which should allow it to provide more detailed, personalized answers to queries/prompts. Second, Apple likely will announce that users will have the ability to choose between various model providers to power AI features (Siri, Image Playground, Writing Tools), per Bloomberg. Third, Apple likely will announce a new standalone Siri app for users to interact in a chatbot-like manner.

Additional AI-driven & ancillary features. Aside from AI Siri, per Bloomberg, Apple likely will announce more sophisticated AI photo editing tools on the Photos App (besides Clean Up) that allow users to (a) generate content within a photo (Extend), (b) enhance photo aspects, and (c) adjust photo framing (Reframe). Apple likely will also announce improved Visual Intelligence capabilities through the Camera app, which will be able to do things like scanning nutrition labels (to sync with the Health app to log food intake) or scan business cards to create new contacts. Lastly, Apple is also expected to announce the ability to make tab groups in Safari and create custom Wallet passes from physical tickets.

Ng noted that Apple's price action tends to be positive heading into WWDC, but shares often trade lower during the event.

Shares have traded up 19% since late April.

Ng remains "Buy" rated on Apple with a 12-month target price of $340.

Separate from NG's note, UBS analyst David Vogt does not expect WWDC26 to be a positive catalyst for shares.

What Vogt expects at WWDC:

  • Google Gemini integration: Apple is expected to rebuild its internal models utilizing Gemini, using a combination of Google's and its own in-house model to power Siri features. Apple is reportedly paying around $1 bn annually for access to the 1.2T model, which will run on its Private Cloud Compute servers.
  • Link to third-party models: Currently offered with ChatGPT, users will be able to choose which model they use through a feature called "Extensions", a potential tailwind to App Store revenue.
  • Dedicated Siri app: The app will function similarly to other AI apps, including a history of prior conversations and an interface for text, voice, and attachments. Chat syncing across devices with iCloud: User conversations will sync across devices with iCloud, potentially increasing its usage.
  • Personalization and on-screen awareness: Siri is expected to possess the ability to understand personal data and analyze on-screen content. Users have long awaited these features since they were originally announced at WWDC24

WWDC26 is set to be Apple's first major test of AI Siri. 

Tyler Durden Mon, 06/08/2026 - 14:19
Tyler Durden

Pentagon Names Alibaba, Baidu, And BYD In Updated Chinese Military Companies List As DoD Contracting Bans Loom

Zero Rss
2 months 1 week ago
Pentagon Names Alibaba, Baidu, And BYD In Updated Chinese Military Companies List As DoD Contracting Bans Loom

The Department of Defense has filed a major update to its official list of "Chinese military companies" operating in the United States, formally naming or reaffirming high-profile firms including Alibaba, Baidu, BYD, BGI Group, and Autel as companies linked to Beijing's military-civil fusion strategy.

The notice, filed on Monday and scheduled for Federal Register publication on June 10, comes just weeks before new restrictions on Department of Defense contracting with listed entities take effect on June 30. The companies are alleged to have ownership or ties to SASAC (State-owned Assets Supervision and Administration Commission), affiliations with MIIT (Ministry of Industry and Information Technology), PLA connections, support from China's "Little Giant" industrial program, or a presence in military-civil fusion zones.

Section 1260H requires the Pentagon to identify Chinese companies that conduct commercial business while also supporting or being affiliated with the People's Liberation Army or China's defense-industrial base. The list has existed for years, but the consequences are now becoming more significant. Effective June 30, the DoD will be barred from entering into, renewing, or extending contracts directly with listed companies or entities they control. A broader indirect ban - covering goods or services that incorporate products from these firms - follows in June 2027. Additional rules restrict DoD contractors from working with entities that lobby on behalf of listed companies.

In short, the Pentagon is putting major Chinese companies on notice that it views them as potential extensions of China's military and defense ecosystem, even if those companies are better known globally for consumer products, cloud services, electric vehicles, drones, or biotech.

Key Companies Designated

Several globally significant names stand out in the update:

  • Alibaba Group Holding Limited: Indirectly affiliated with SASAC and flagged as a military-civil fusion contributor due to its MIIT ties. The company's dominance in e-commerce, cloud computing, and AI raises long-standing dual-use technology concerns.
  • Baidu, Inc.: Similarly linked to SASAC and cited for MIIT affiliation, reflecting U.S. concerns about its AI, search, and autonomous systems capabilities.
  • BYD Company Limited: Directly and indirectly tied to SASAC and MIIT. The world's largest electric vehicle maker is highlighted for its critical role in batteries and EVs - sectors with clear strategic and potential military applications.
  • BGI Group (including BGI Genomics and other subsidiaries): Noted for direct PLA affiliation and MIIT ties, along with government assistance tied to military planning objectives. The genomics firm has previously drawn scrutiny over data security and collection practices.
  • Autel entities (Autel Intelligent Technology and Autel Robotics): Designated for "Little Giant" status and MIIT connections, underscoring concerns around commercial drones and robotics with obvious military uses.

The broader list includes many other major players, including SMIC and memory chip firms (CXMT, YMTC), COMAC and AVIC aerospace entities, CATL and EVE Energy batteries, Huawei-related companies, DJI, Hikvision, Tencent, SenseTime, and various shipping and construction conglomerates. Some firms appear with extensive U.S. or international subsidiaries.

A handful of entities were removed from the previous January 2025 list, including certain CNOOC and COSCO subsidiaries.

Broader Context and Stakes

This update marks the latest step in years of escalating U.S. policy toward China's military-civil fusion strategy. Earlier Pentagon assessments and a February 2026 draft notice had already previewed many of these additions before being withdrawn. The move also fits into a wider U.S. effort that includes Entity List expansions, investment restrictions, export controls, and legislative pushes targeting Chinese biotech and technology supply chains.

Geopolitically, the list reflects Washington's view that key commercial sectors - AI, semiconductors, EVs and batteries, biotech/genomics, drones, and cloud infrastructure - cannot be cleanly separated from China's national security apparatus. It arrives amid intensifying competition over critical technologies and broader strategic tensions between Washington and Beijing.

Listed entities can request reconsideration by submitting evidence to a designated Pentagon email address.

Tyler Durden Mon, 06/08/2026 - 14:00
Tyler Durden

Trump Admin Provided No Defensive Action For Israel Amid Iranian Missile Salvo

Zero Rss
2 months 1 week ago
Trump Admin Provided No Defensive Action For Israel Amid Iranian Missile Salvo

We've been documenting the apparent immense strain in the US-Israel relationship related to Iran policy and strategy. In this latest round of trading major blows, President Trump reportedly not only told Israel to immediately halt its response and to not retaliate, but gave no order for US forces to protect Israel, for example by manning and operating crucial anti-air defenses.

While Iranian ballistic missiles were inbound, "The US military didn't take part in the Israeli attacks against Iran, the first since the ceasefire, and the Trump admin didn't order any US defensive action to shield Israel from incoming Iranian missiles, per a US official" - according to CBS White House correspondent Jennifer Jacobs.

If accurate, this marks a major change in US priorities and the Pentagon's posture in the region. Going back to last year's 11-day June war, as well as from the start of Operation Epic Fury, Washington has previously provided consistent cover and protection for Israel, especially on the anti-air defense front.

Source: picture alliance/CFOTO

The notable change and shift is also being reported by NBC, which writes Monday morning, "The U.S. military did not conduct any strikes against Iran with Israel, according to a U.S. official."

"The U.S. did not shoot down or intercept any incoming Iranian missiles or projectiles during this recent volley between Israel and Iran," the report continues. "And the current U.S. assessment is that Iran was not targeting any U.S. personnel, assets, or locations during the strikes directed at Israel, the official said."

US Central Command (CENTCOM) has however, affirmed it has been in contact with senior Israeli military officials, presumably to receive updates and briefings on the Iranian attacks of the prior 24 hours, as well as related to the latest on Israeli offensive actions.

While Washington is creating distance between itself and this renewed round of fighting, Iranian officials aren't buying the narrative.

In a fresh message from Iranian foreign ministry spokesman Esmaeil Baqaei, Tehran says that "Without a doubt ... the actions of the Zionist regime in the region cannot be separated from U.S. policies." Tehran is rejecting the US insistence that it is not behind Israel's actions: "No one believes that the Zionist regime would carry out any action without prior coordination and cooperation with the United States," Baqaei added.

Meanwhile, President Trump declared in a Financial Times interview published on Sunday - "I call the shots" regarding actions against Iran, and not Israel.

Prime Minister Benjamin Netanyahu "won't have any choice" but to accept an impending agreement between the US and Iran, Trump stated.

Mark Levin rages over lack of US defense for Israel:

Very unfortunate.

Nothing to be proud of but noted by all. https://t.co/DJYONxd9DC

— Mark R. Levin (@marklevinshow) June 8, 2026

At the same time, a US official told Axios on Sunday that Trump was "pretty adamant that we are close to a deal with Iran," urging space to give diplomacy a chance.

Though Israel ultimately went ahead with a strike on Iranian territory following Sunday's missile barrage, the situation is showing signs of a temporary pause on Monday. Iran's military announced it had halted its operations, claiming it had successfully sent its intended message, even as Trump continued to publicly insist that both nations are actively looking to agree on an "immediate CEASEFIRE" (on Truth Social).

Tyler Durden Mon, 06/08/2026 - 13:40
Tyler Durden

India Rescues 24 Crewmembers From Stricken Tanker Off Oman After US Airstrike

Zero Rss
2 months 1 week ago
India Rescues 24 Crewmembers From Stricken Tanker Off Oman After US Airstrike

Update(1315ET): US Navy forces have announced a new Monday direction action operation in the Gulf of Oman. The US has cited that the vessel refused to respond to orders related to the blockade of Iranian naval ports.

The ship attempted to sail to an Iranian port, in violation of the ongoing blockade. A CENTCOM statement indicated that the military "disabled Palau-flagged M/T Marivex as it transited international waters in the Gulf of Oman toward Iran."

"An F/A-18 Super Hornet from USS Abraham Lincoln (CVN 72) fired a precision munition into the ship's engineering and steering spaces after the crew failed to comply with directions from U.S. forces," the statement continued. "Marivex is no longer sailing to Iran," it said. The Pentagon has also reviewed the following since initiating the blockade on April 13.

  • CENTCOM forces have disabled seven non-compliant vessels
  • it has redirected 134 ships that complied
  • allowed 42 vessels supporting humanitarian aid to pass

This is the same vessel which took on US military fire:

Indian navy helicopters airlifted 24 sailors off a tanker on fire off the coast of Oman on Monday, New Delhi officials said, without saying what caused the blaze.

India’s Ministry of Ports, Shipping and Waterways said a fire was reported at around 1:30 p.m. (0800 GMT) on the MT Marivex, a Palau-flagged tanker.

“There has been a fire reported on a vessel, MT Marivex, on which there were 24 Indian seafarers... all Indian seafarers are safe,” ministry director Opesh Kumar Sharma told reporters.

And more from the same report:

Images posted on social media by the Forward Seamen’s Union of India showed crew members being winched from the vessel by helicopter as thick black smoke billowed from its bridge and accommodation cabins.

The tanker’s position was shown by ship-tracking service MarineTraffic as being off the coast of Oman, south of the capital Muscat.

*  *  *

Brent crude futures jumped as much as 5% to $97.83 a barrel, while WTI traded around $95 a barrel, as renewed Iran-Israel fighting threatened to unravel a fragile US-Iran ceasefire and further disrupt energy flows.

On the maritime chokepoint front, Iran-backed Houthis declared a full ban on Israeli vessels in the southern Red Sea, warning that any Israeli ship (or linked ship) will be seen as a military target.

"First: We declare a complete and total ban on maritime navigation for the Israeli enemy in the Red Sea, and we consider all enemy movements to be military targets for our Armed Forces from the moment this statement is issued," the terror group said Monday in a statement.

The statement continued, "Second: We affirm that we will meet escalation with escalation, and that our military operations will escalate in line with events, the battle, and in conjunction with the axis of Jihad and Resistance."

"Third: We affirm the right of our people and the peoples of our free nation to confront American-Israeli aggression, and that we will not stand idly by in the face of the unjust siege imposed on our people and the peoples of the axis of Jihad and Resistance in Palestine, Gaza, Iran, Lebanon, and Iraq. All enemy attempts will fail, God willing, and our operations will continue as long as the aggression and siege against us and the axis of Jihad and Resistance continue," the statement concluded.

The Houthis have announced a "complete blockade" of the Red Sea and the Bab al-Mandab Strait against all vessels linked to Israel.

They also warned that any further escalation will be met with an even stronger response. pic.twitter.com/fu6UFPtD1G

— Egypt's Intel Observer (@EGYOSINT) June 8, 2026

The announcement is similar to the Houthis' late-2023 campaign, when rebel forces attacked ships linked to Israel or bound for Israeli ports in or around the Bab-el-Mandeb Strait. They framed the attacks as retaliation for the Gaza war.

Potential disruption of the Bab-el-Mandeb Strait in the southern Red Sea will only add to the headaches for global maritime trade, as it is a critical sea route for Asia-to-Europe commerce and Gulf energy exports.

At its narrowest point, the strait is about 18 miles wide, making commercial vessels extraordinarily vulnerable to suicide drones, missiles, mines, and small boats.

The previous disruption of the Bab-el-Mandeb Strait led to ships rerouting around the Cape of Good Hope, adding time, fuel, insurance costs, and higher shipping costs. The IMF has previously said that the Red Sea attacks halved Suez Canal trade in early 2024, while shipping traffic via the Cape of Good Hope surged.

Related:

  • Alarming Supply-Chain Stress Sends Transport Cost Soaring, Fueling Inflation Fears

  • UBS Reactivates Supply-Chain Stress Watch After Detecting Alarmingly Rapid Deterioration

Readers were brefied in mid-April on the threat other critical straits could be disrupted. Read the note here. 

The big risk here is a simultaneous disruption of both maritime chokepoints. Bab-el-Mandeb would hit the world's trade artery, while Hormuz has already disrupted the world's energy artery. Combined, the clogging of both maritime chokepoints would be viewed as a major escalation, likely raising the risk of additional supply chain stress, higher freight and insurance costs, and another inflationary wave.

Tyler Durden Mon, 06/08/2026 - 13:15
Tyler Durden

Trump Weighs Plan To Buy Chagos Islands, Home To Diego Garcia Military Base

Zero Rss
2 months 1 week ago
Trump Weighs Plan To Buy Chagos Islands, Home To Diego Garcia Military Base

The White House is actively considering a plan to purchase the Chagos Islands, potentially undermining the UK's agreement to transfer sovereignty of the strategically vital territory to Mauritius, according to reports.

An undated photograph shows an aerial view of Diego Garcia. U.S. Navy via AP

US officials have prepared proposals to bypass Britain and negotiate directly for control of Diego Garcia, the key Indian Ocean atoll that hosts a major joint US-UK military base. The idea forms part of broader options being developed by the Trump administration as alternatives to Prime Minister Keir Starmer's plan to cede the islands to Mauritius, which has close ties to China and Iran.

Strategic Importance

Diego Garcia's location makes it critical for long-range operations. It enables round-the-clock bomber missions, including potential strikes on Iran using B-2 Spirit stealth bombers, and places key areas within striking range. Amid ongoing conflicts involving Iran and China's expanding naval presence, US and UK officials stress the need to maintain a robust chain of global military bases.

Senior Trump administration officials worry that transferring control to Mauritius could expose the base to espionage or interference. One former adviser to UK Foreign Secretary David Lammy, Ben Judah, told the Telegraph that the base has "super secret, super sensitive facilities" that are vital to British and allied capabilities, noting they would be difficult to replicate elsewhere.

Background on the UK-Mauritius Deal

The UK had agreed to hand sovereignty of the Chagos Islands to Mauritius while securing a long-term lease for the military base, reportedly involving around £35 billion ($46.7 billion) over 99 years. However, the deal requires US consent due to longstanding agreements governing the base, and Britain has since placed it on hold.

President Trump initially appeared open to the arrangement but later strongly opposed it, particularly after the UK reportedly declined to allow strikes on Iran from Diego Garcia in the early stages of the Iran war. He publicly denounced the deal as "great stupidity" and criticized Starmer for weakening the special relationship, calling him "no Winston Churchill."

US Position and Ongoing Talks

A US official told Reuters:

"President Trump has been consistent in his position that the United Kingdom should not give away the British Indian Ocean Territory, which includes our joint U.S.-UK military facility on the Diego Garcia atoll. Diego Garcia's strategic location in the Indian Ocean makes it a vital and indispensable military installation of significant importance to the national security of the United States."

The US continues regular discussions with Britain to preserve the base's viability.

Purchasing the islands outright would likely involve waiting for the UK-Mauritius sovereignty transfer before negotiating with Mauritius. No specific price has been discussed, according to sources.

In February, Trump said that he had retained the right to "militarily secure" the Diego Garcia air base after calling the UK's decision an "act of total weakness."

UK Response

A UK government spokesperson defended the original agreement, stating it was necessary to protect long-term interests and prevent adversaries from gaining a foothold:

"Diego Garcia is a key strategic military asset for both the UK and the US, which has protected our shared security for nearly 60 years. Maintaining long-term operational control and security of Diego Garcia is the entire basis for the UK-Mauritius agreement."

In May, UK minister Hamish Falconer stated there was "no scenario" in which Washington could purchase the islands, reaffirming commitment to the deal. Downing Street has not commented on the latest US proposals.

People protest outside the High Court where Chagossian campaigners are challenging the British government's deal to transfer sovereignty of the Chagos Islands to Mauritius, in London, Britain, October 28, 2025. Tyler Durden Mon, 06/08/2026 - 13:00
Tyler Durden

Flying Car Industry Turns To Solid-State Batteries For Commercial Takeoff

Zero Rss
2 months 1 week ago
Flying Car Industry Turns To Solid-State Batteries For Commercial Takeoff

Authored by Bojan Stojkovski via Interesting Engineering,

Solid-state battery advances could accelerate flying car adoption. GAC

As the flying car industry moves from prototype development toward commercial deployment, attention is increasingly shifting to the technologies needed to support safe and scalable operations.

Su Qingpeng, founder and CEO of GAC Govy, a low-altitude mobility company incubated by GAC, recently described solid-state batteries as the "essential path" for the future of flying cars, highlighting their potential to deliver the energy density and safety required for aerial mobility.

At the same time, investor expectations are evolving. Rather than focusing primarily on technical specifications and performance claims, capital markets are placing greater emphasis on practical indicators of commercial success, including vehicle deliveries, profitability, production readiness, and the timeline for obtaining airworthiness certification.

Flying Cars Follow a Path Similar to Early EVs

Su compared the current stage of the flying car industry to the position electric vehicles occupied roughly a decade ago, when the market was still transitioning from early adoption to large-scale growth. He argued that aviation mobility could advance even more rapidly than the EV sector once adoption reaches a critical threshold.

According to his outlook, the industry is expected to establish a sustainable commercial ecosystem by 2030, supported by technological progress, regulatory approvals, and the gradual rollout of low-altitude transportation services, CarNewsChina reported.

After entering the market with its first production model, GAC Govy has been advancing toward regulatory approval and commercial deployment. Its flagship aircraft, the Govy AirCab, opened for pre-orders in 2025 and officially entered production in May 2026.

The Chinese company aims to complete airworthiness testing and secure Type Certification (TC) by the end of 2026, while Production Certification (PC) is targeted for the first half of 2027, paving the way for larger-scale manufacturing and commercial operations.

Safer, Longer-Range Flying Cars Depend on Solid-State Batteries

In the long run, battery technology is emerging as one of the most important factors shaping the future of aerial mobility. Su noted that solid-state batteries will play a central role in enabling the next generation of flying cars by delivering both the energy density required for longer flight ranges and the safety standards needed for commercial operations.

Furthermore, the business case for solid-state batteries is markedly different in aviation than in the automotive sector. Whereas carmakers are pursuing the technology largely to lower costs and improve competitiveness in high-volume markets, flying car manufacturers can absorb significantly higher battery costs due to the economics of aircraft production. Su noted that conventional aircraft are far more expensive to build than automobiles, giving eVTOL developers greater flexibility to adopt advanced battery technologies.

As a result, solid-state batteries can already be deployed in limited production runs for aerial vehicles. Over time, broader adoption across the automotive industry is expected to drive down battery costs, making flying cars more economical to operate and opening the door to wider commercial use.

However, Su also warned that flying car production is likely to scale more slowly than traditional automobiles. Extensive design iterations, airworthiness certification, and manufacturing validation requirements make the path to mass production longer and more complex, resulting in a gradual ramp-up in deliveries.

Tyler Durden Mon, 06/08/2026 - 12:40
Tyler Durden

US Bankruptcy Filings Surge 7% YoY In May

Zero Rss
2 months 1 week ago
US Bankruptcy Filings Surge 7% YoY In May

Authored by Naveen Athrappully via The Epoch Times,

Total U.S. bankruptcy filings, which include filings made by both businesses and individuals, rose by 7 percent in May on a year-to-year basis.

A hiring sign at the Fashion Centre at Pentagon City shopping mall in Arlington, Va., on Jan 3, 2024. Madalina Vasiliu/The Epoch Times

Individual bankruptcy filings rose by 8 percent during the one-year period. While overall commercial filings were down marginally by 0.1 percent, bankruptcy filings made by small businesses jumped 36 percent, according to a June 5 statement from the American Bankruptcy Institute (ABI).

"The May data reflects a continued but measured uptick in bankruptcy activity, particularly among small businesses," said Michael Hunter, vice president of Epiq AACER, the company that provided the bankruptcy data.

"The trend highlights the cumulative impact of elevated interest rates, persistent inflation, and higher operating costs. As access to affordable credit remains constrained, more businesses and consumers are turning to restructuring tools to stabilize and reset financially."

The 12-month inflation rate has consistently remained above the 2 percent level over the past few years. In recent months, the rate has shot up since the Iran conflict after remaining subdued for some time.

In February, the inflation rate was 2.4 percent, which surged to 3.3 percent in March and 3.8 percent in April, according to data from the Bureau of Labor Statistics. Higher prices pose a challenge to business activities and consumer spending.

Meanwhile, the Federal Reserve's benchmark interest rate has remained elevated at 3.5 to 3.75 percent in recent months, with the central bank refusing to cut rates further. This contributes to keeping loan rates high, making credit expensive for businesses and individuals.

In May, commercial chapter 11 filings fell 7 percent from last year, ABI said in its latest statement. A Chapter 11 bankruptcy seeks to reorganize a company's debts, aiming to keep the business operational and, eventually, turn it solvent. This is the most common type of bankruptcy filing made by businesses.

The May decline in such filings bucks the persistent increase in such cases since the beginning of the year. In April, Chapter 11 filings rose 42 percent from a year ago. And during the first quarter of 2026, these filings rose 37 percent year over year.

Among companies that filed for bankruptcy last month is specialty material solutions provider Trinseo PLC. On May 26, the company announced it would commence Chapter 11 filings as part of a restructuring plan. The company said it expects the plan to cut down its debt by roughly $2 billion.

Earlier on May 6, pet food ingredient company Integrated Proteins, LLC, filed a voluntary petition for bankruptcy, citing estimated assets of $50 million to $100 million and liabilities of $100 million to $500 million.

US Business Situation

In a May 14 report, S&P Global warned that the trajectory of bankruptcy filings could increase over the coming months, citing "inflationary pressures, elevated fuel prices and other macroeconomic uncertainties, largely related to the Middle East war."

Andrew Glenn, managing partner at Glenn Agre Bergman & Fuentes, said the existing macroeconomic factors have "still not resulted in the next wave of big filings." The current period is the "calm before the storm" ahead of a potential barrage of commercial bankruptcy filings.

Meanwhile, sentiment among small business owners remains positive, with optimism in this group rising marginally in April, the National Federation of Independent Business said in a May 12 statement.

Financial services company ShareBuilder 401k said in a May 11 statement that, while owners are weighed down by inflation and labor shortages, they are adopting new strategies to grow their businesses.

A survey from the ShareBuilder 401k showed that 88 percent of owners took "decisive action" to counter inflation and labor challenges over the past year.

"Half of all small businesses (50 percent) have increased prices to protect margins, while others have turned to lower-cost vendors (23 percent)," the company said.

According to a June 3 report from S&P Global, four out of seven U.S. sectors reported an upturn in their business activity in May - healthcare, consumer goods, basic materials, and industrials. Financials, tech, and consumer services sectors registered declines.

On the employment front, the U.S. economy added 172,000 jobs in May, exceeding economists' expectations. The unemployment rate remains steady at 4.3 percent. However, the number of Americans filing for unemployment benefits hit a four-month high for the week ending May 30.

Meanwhile, the Dow Jones, which opened at around 49,832 on May 1, closed at about 51,032 on May 29, a jump of roughly 1,200 points.

The Trump administration has taken actions to help businesses acquire credit.

In March, the Small Business Administration (SBA) announced that small manufacturers will be eligible to secure loans with a 90 percent federal guarantee. This is expected to help such businesses get access to "long-term, affordable financing."

Last month, SBA announced that it will allow eligible borrowers to get up to $10 million in combined financing from 7(a) and 504 loan programs for businesses, double the earlier limit of $5 million.

"By decoupling 7(a) loan balances from the 504 program, the SBA is giving capital-intensive small businesses - including those in construction, logistics, energy, food production, and related industries - greater flexibility to pair long-term financing for real estate and equipment with working capital to support operations and expansion," the agency said.

Tyler Durden Mon, 06/08/2026 - 12:00
Tyler Durden

Wix Tumbles After Cutting 20% Of Workforce, Warns Of Deeper Growth Slowdown

Zero Rss
2 months 1 week ago
Wix Tumbles After Cutting 20% Of Workforce, Warns Of Deeper Growth Slowdown

Website builder Wix announced an "organizational realignment" on Monday that will cut roughly 20% of its workforce, as the company warned of a sharper-than-expected slowdown in its Partners business.

The restructuring is designed to streamline operations, discontinue lower-priority initiatives, and reallocate resources toward Wix's core growth areas.

"The organizational realignment to streamline operations and reallocate resources to support the Company's top strategic priorities. This includes the scaling down and/or discontinuation of certain activities, initiatives, products, and subsidiaries," Wix wrote in a Form 6k filing earlier this morning.

As of 1Q26, Wix had 5,277 employees, so a 20% cut would represent about 1,055 layoffs.

Wix is a SaaS website builder that competes with platforms such as Shopify, Squarespace, GoDaddy, and WordPress-related services. There was no mention of whether AI-related efficiencies contributed to the white-collar layoffs.

The 6k filing noted that it expects 2026 free cash flow, excluding acquisition and restructuring costs, of about $420 million, roughly $20 million above its prior plan. This restructuring is a move to support profitability.

"While Wix Harmony and Base44 continue to perform as we expected when we issued guidance as part of the first quarter 2026 earnings release, the Company expects an approximately $50 million reduction in bookings and an approximately $25 million reduction in revenue in FY 2026 as a result of our organizational realignment as well as a more pronounced slowdown, beyond our previous expectations, in the growth of our Partners business during the second half of May and early June," the filing stated.

The company lowered its 2026 bookings growth outlook to the low-teens range from mid-teens, while revenue growth is now expected in the low- to mid-teens range, also down from mid-teens.

Cost savings from the labor restructuring are expected to offset the revenue hit. Wix sees about $70 million in incremental non-GAAP cost-of-revenue and operating-expense savings this year, with a full-year run-rate savings target of about $150 million, driven mainly by lower payroll and overhead.

Wix expects $30 million to $35 million in pre-tax restructuring charges, mostly related to cash severance and benefits, with most charges booked in the second quarter and cash payments made later this year.

Shares of Wix tumbled 10% in premarket trading. The stock is trading near 2017 lows.

Most Wall Street analysts are bullish on the stock. There are 12 "Buy" ratings, 8 "Neutral" ratings, and 1 "Sell."

The average 12-month price target for the stock is $84 per share.

Tyler Durden Mon, 06/08/2026 - 11:45
Tyler Durden

Inflation Expectations Dip, Driven By Lower Gas Prices, While Labor Market Prospects Worsen: NY Fed Survey

Zero Rss
2 months 1 week ago
Inflation Expectations Dip, Driven By Lower Gas Prices, While Labor Market Prospects Worsen: NY Fed Survey

Ahead of Wednesday's CPI report which is expected to show a substantial rise in consumer prices, moments ago we got an early look into how consumers view inflation after the NY Fed's latest monthly survey of consumer expectations reported that inflation expectations at the one-year horizon dipped to 3.46% in May from 3.64% in April, easing from the highest print since September 2023. Inflation expectations were unchanged at 3.1% for the three-year-ahead horizon and also unchanged at 3.0% at the five-year-ahead horizon in May.

Median inflation uncertainty, or the uncertainty expressed regarding future inflation outcomes, increased at the one-year and three-year-ahead horizons and decreased at the five-year-ahead horizon. 

The drop in year-ahead expectations took place as 1-year gas inflation expectations extended its recent decline, sliding to 4.96% in May from 5.11% in April and from 9.42% in March, which had been the highest reading since March 2022.

Among other prices, home price growth expectations increased to highest since July 2022.

Food and rent price outlooks also increased while medical care and college eased (good luck).

Turning to the labor market, sentiment continued to deteriorate with job-loss fears rising and probability of quitting at a three-year high despite unemployment rate seen edging lower and expected earnings growth steady.

Respondents said the mean perceived probability of finding a job if one’s current job was lost decreased by 2.3% to 43.7%, remaining below its 12-month trailing average of 46.8% and marking the lowest reading since December 2025.

The mean perceived probability of losing one’s job in the next twelve months increased by 0.5% to 15.1%, above the series’ 12-month trailing average of 14.4%. Despite that, the expected quit rate - the probability of leaving one’s job voluntarily in the next year, usually a sign of confidence in the labor market - rose in May to the highest since February of 2023. The increase was broad-based across age, education and income groups, the report said. 

The report followed an unexpectedly strong employment report for May with job gains beating expectations. For Fed officials, the report put to rest for now concerns that the US labor market remained fragile and stoked worries over inflation. Policymakers’ preferred measure of inflation hit 3.8% in April, amid a spike in energy prices.

The New York Fed survey also reinforced other reports showing consumer sentiment is at record lows: the share of households who said their financial situation was worse than last year reached its highest level since January of 2023. More consumers also expected a deterioration in their finances in the year ahead.


Household finances outlook fell to lowest since Oct. 2022, with spending growth expected to moderate amid worsening credit access and delinquencies

The perceived probability of missing a minimum debt payment over the next three months rose by 1.2% points to 12.6%, staying below its 12-month trailing average of 12.9%. This increase was mostly driven by those with at most a high school degree and with annual household incomes below $100,000. 

Here are some more details from the report:

Inflation

  • Median home price growth expectations increased by 0.5% point to 3.5%. This is the highest reading since July 2022. The increase was most pronounced for the West and Midwest Census regions. 
  • Median year-ahead gas price growth expectations dropped by 0.1% point to 5.0%. Other commodity price change expectations increased by 0.6 percentage point for food to 5.8% and by 1.4 percentage points for rent to 7.4%, while they decreased by 0.7 percentage point for the cost of medical care to 8.9% and by 0.8 percentage point for the cost of a college education to 8.0%. 

Labor Market

  • Median one-year-ahead earnings growth expectations remained stable at 7% in May, remaining slightly above their 12-month trailing average of 2.6%. 
  • Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—decreased by 0.4 percentage point to 43.2%, remaining above their 12-month trailing average of 41.1%. 
  • The mean perceived probability of losing one’s job in the next 12 months increased by 0.5 percentage point to 15.1%, above the series’ 12-month trailing average of 14.4%. The mean probability of leaving one’s job voluntarily, or the expected quit rate, in the next 12 months increased by 2.6 percentage points to 20.8%, its highest level since February 2023. The increase was broad-based across age, education, and income groups. 
  • The mean perceived probability of finding a job if one’s current job was lost decreased by 2.3 percentage points to 43.7%, remaining below its 12-month trailing average of 46.8% and marking the lowest reading since December 2025. 

Household Finance

  • The median expected growth in household income remained unchanged at 2.8% in May 2026. 
  • Median one-year-ahead nominal household spending growth expectations decreased by 0.4 percentage point to 5.0%, standing slightly above their trailing 12-month average of 4.9%. The decline was driven by respondents above age 60 and those with at most a high school degree and annual household incomes less than $50,000. 
  • Perceptions of credit access compared to a year ago remained largely unchanged, with a greater share of households reporting that credit availability was equally easy or difficult. Expectations for future credit availability deteriorated, with a lower share of respondents expecting it will be easier to obtain credit in the year ahead. 
  • The average perceived probability of missing a minimum debt payment over the next three months rose by 1.2 percentage points to 12.6%, staying below its 12-month trailing average of 12.9%. This increase was mostly driven by those with at most a high school degree and with annual household incomes below $100,000. 
  • The median expectation regarding a year-ahead change in taxes at current income level decreased by 0.3 percentage point to 3.1%. 
  • Median year-ahead expected growth in government debt decreased by 0.1 percentage point to 9.9%. 
  • The mean perceived probability that the average interest rate on savings accounts will be higher in 12 months decreased by 2.1 percentage points to 24.6%. 
  • Perceptions about households’ current financial situation compared to a year ago deteriorated, with a larger share of households reporting a worse financial situation, marking the highest reading since January 2023, and a slightly smaller share of households reporting a better financial situation. Year-ahead expectations about households’ financial situation also deteriorated, with an increase in the net share of households expecting a worse financial situation. The net share of households expecting a better versus worse financial situation in one year is at its lowest level since October 2022. 
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 0.4 percentage points to 38.0%. 

Source: NY Fed

Tyler Durden Mon, 06/08/2026 - 11:33
Tyler Durden

We Are Being Warned That A "Godzilla El Niño" Could Absolutely Devastate Global Food Production

Zero Rss
2 months 1 week ago
We Are Being Warned That A "Godzilla El Niño" Could Absolutely Devastate Global Food Production

Authored by Michael Snyder via The End of The American Dream blog,

The waters of the Pacific Ocean are getting extremely warm, and that could provide fuel for an immensely destructive climate event that is unlike anything we have ever seen before. Even the United Nations has issued an ominous warning about the El Niño event that is in the long-term forecast, because it will have a dramatic impact on every man, woman, and child on the entire planet.

We are being told that there is more than an 80 percent chance that El Niño conditions will arrive by the end of next month due to rapidly warming equatorial waters in the Pacific. Meanwhile, an unprecedented "9,000-mile marine heatwave" has developed in the North Pacific. Many experts are concerned that the confluence of those two factors could produce a "Godzilla El Niño"...

The chance of an El Niño event emerging by July is now over 80 percent, which will likely make 2026 one of the hottest years on record. At the same time, an exceptionally large 9,000-mile marine heatwave has been forming in the North Pacific since the end of 2025. These extreme warming events are now evolving together across the Pacific. Scientists are increasingly concerned that the warm water will fuel a "super" or "Godzilla" El Niño, potentially prolonging marine heatwaves, disrupting fisheries and ecosystems, and intensifying global climate impacts well into 2027.

The "9,000-mile marine heatwave" in the North Pacific is absolutely astounding climate scientists.

At the same time, the warming in the equatorial waters where El Niño events normally develop is at a level that we haven't seen since at least 1877...

The temperature of the ocean in the equatorial waters where these El Niños form was predicted to be 3 degrees Celsius above average. Experts are saying that this is a level of heat in the Pacific Ocean that hasn't been recorded since 1877.

I have written about the "Super El Niño" that started in 1877 before.

That "Super El Niño" was one of the primary reasons why 50 million people starved during the Great Famine that stretched from 1876 to 1878...

This El Niño, they say, could rival the intense event of the late 19th century that triggered "the Great Famine" on a global scale, killing millions of people. And its scythe sliced through southern Africa.

"The 1876-78 Great Famine impacted multiple regions across the globe, including parts of Asia, Nordeste [Northeast] Brazil, and northern and southern Africa, with total human fatalities exceeding 50 million people, arguably the worst environmental disaster to befall humanity," a team of scientists said a decade ago in a ground-breaking paper presented at a meeting of the American Geophysical Union.

3 percent of the entire population of the world starved to death during those years.

Today, 3 percent of the entire population of the world would be 240,000,000 people.

In 1982 and 1983, we experienced the most severe "Super El Niño" of the 20th century...

In 1982-83, the most intense El Niño of the 20th century caused extreme weather events throughout the world, including floods in the American Pacific and in the southern United States, and droughts in north-eastern Brazil and Indonesia. It also caused a very mild winter in the mid-latitudes of Europe, Asia and North America.

That "Super El Niño" sparked a horrific famine in eastern Africa that wiped out a very large proportion of the population...

A widespread famine affected Ethiopia from 1983 to 1985. The worst famine to hit the country in a century, it affected 7.75 million people out of Ethiopia's 38-40 million and left approximately 300,000 to 1.2 million dead. 2.5 million people were internally displaced whereas 400,000 refugees left Ethiopia. Almost 200,000 children were orphaned.

Now we are being warned that the most powerful "Super El Niño" of all time could potentially be ahead of us.

We could see insanely hot temperatures all over the world this summer, and we are being told that we are likely to see severe drought conditions "in southern Africa, Australia, India, the Indochina Peninsula and Oceania"...

Easterly trade winds across the equator, meanwhile, are replaced by bursts of westerly surface winds. Those pile warm waters against the western shores of South America. That suppresses cool ocean upwelling from below, which is needed to bring nutrient-rich waters closer to the surface. That starves baitfish and means poor fish harvests for dependent countries in Central America and the Pacific coast of South America.

Drought, meanwhile, is likely in southern Africa, Australia, India, the Indochina Peninsula and Oceania. Southeast Asia, meanwhile, could see above-average rainfall and more flooding.

Here in the United States, we could see a lot less rain than normal in the Midwest, and temperatures in the heartland could be 3 to 6 degrees above normal.

In other words, it would be horrible growing weather.

Our farmers are already facing much higher diesel prices, much higher fertilizer prices, and a multi-year drought that never seems to end. Now a "Godzilla El Niño" could be on the way, and the World Meteorological Organization is telling us to brace for the worst...

The World Meteorological Organization is warning that this summer's El Nino event could be the worst yet. Compounded by fertiliser shortages, inflation and rising oil prices, these shocks threaten to push an already fragile food industry to the brink, and the impact will land squarely in consumers' shopping baskets.

Coming into this year, the number of people around the world experiencing acute food insecurity was already at the highest level ever recorded.

And now a "Godzilla El Niño" could absolutely devastate food production in many of the areas around the world that grow the four crops that account for 60 percent of all global calories...

Global food security relies heavily on a highly concentrated supply chain. Just four crops, wheat, rice, maize and soybeans, account for over 60% of global calories. While localised regional shortages are typically balanced by other markets, a global El Nino triggers teleconnections: simultaneous weather anomalies across different continents that cause correlated crop failures. And this systemic drop in supply leads to direct price increases at supermarket tills.

In this country, where do we grow most of our wheat, rice, corn, and soybeans?

Everyone knows that it is in the heartland, and the heartland of this country is about to get hit by a climate sledgehammer.

Of course, we all still have to eat, and so demand for food is not going to go down.

Since there won't be as much food produced, that means that prices are likely to spike...

Because demand for basic staples is inelastic - consumers must eat regardless of cost - even small supply deficits cause disproportionate price surges. Scenarios for this El Nino indicate price shocks of 10% to 50% across core commodities, with highly exposed crops, including rice, palm oil, sugarcane and coffee, potentially experiencing surges of 50% to 100%, or more.

In the past, price shocks struck one commodity at a time. A simultaneous, cross-category surge means consumers will be hit harder and broader than ever before.

If you think that food prices at your local supermarket are high now, just wait until you see what they are like in the future.

What will struggling American families do if basic staples that they purchase on a regular basis suddenly go up by 50 percent or more?

Of course, conditions will be much worse in many impoverished nations around the globe.

In some cases, there simply won't be nearly enough food to feed everyone.

We really are facing a nightmare scenario, and the vast majority of the global population is completely and utterly unprepared for it.

Michael Snyder’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com.

Tyler Durden Mon, 06/08/2026 - 11:25
Tyler Durden

Saylor's Strategy Buys The Dip As Bitcoin Nears Mining Cost Floor

Zero Rss
2 months 1 week ago
Saylor's Strategy Buys The Dip As Bitcoin Nears Mining Cost Floor

A week after SELLING 32 Bitcoin - and (in part) triggering a waterfall decline in crypto - Bitcoin treasury company Strategy just BOUGHT an additional 1,550 BTC for approximately $101.3 million at an average price of $65,332 per bitcoin between June 1 and June 7, according to an 8-K filing with the SEC on Monday.

Strategy now holds a total of 845,256 BTC - worth around $53.5 billion - bought at an average price of $75,680 per bitcoin for a total cost of around $64 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

This means Saylor's horde represents 4% of bitcoin's 21 million supply cap.

Was Saylor's 'sale' last week designed to lower the price for this big purchase?

Bitcoin had been trading for around $73,700 before the sale announcement.

However, the news, despite increasingly being flagged by the company as a possibility in recent weeks, saw the market subsequently drop around 20% to a low of roughly $59,300 on Friday, before recovering back above the $63,000 level over the weekend.

Last week, JPMorgan analysts said Strategy's recent decision to sell 32 BTC "spooked" markets even if the sale was "symbolic and voluntary," intended to demonstrate the company's commitment and flexibility to preferred stockholders. 

As TheBlock.co reports, Saylor posted another Strategy bitcoin acquisition tracker chart on Sunday with the caption "A good time to add more dots," a commonly-understood signal that the largest corporate bitcoin holder may disclose fresh bitcoin purchases this week.

The framing this time went further than the usual nod toward another buy, in that it explicitly positioned current price levels as attractive, with bitcoin trading in the low $60,000 range.

Following bitcoin's worst week in two years, Strategy(MSTR) Executive Chairman Michael Saylor published a framework on X, arguing that the Bitcoin community is evolving into four distinct ideological camps.

As CoinDesk reports, rather than viewing these groups as competitors, he presents them as complementary forces that will collectively shape bitcoin’s future.

  • The first group, Bitcoin Maximalists, sees Bitcoin as the ultimate monetary breakthrough. They believe bitcoin has already solved the problem of digital scarcity and offers superior property rights, protection from inflation, and economic empowerment. Their focus is conviction: bitcoin is not one crypto asset among many, but the dominant digital monetary network.

  • The second group, Bitcoin Capitalists, views Bitcoin as a form of digital capital that should be integrated into the global economy. They support corporate treasury adoption, institutional custody, bitcoin-backed securities, lending markets, and broader financial infrastructure. Their goal is to expand bitcoin's reach by embedding it into existing economic systems rather than replacing them.

  • The third group, Bitcoin Technologists, focuses on improving the protocol. They argue that Bitcoin must continue to evolve to address challenges in scalability, privacy, usability, security, and future threats such as quantum computing. While they support innovation, Saylor notes that changes to bitcoin's base layer must be approached cautiously to avoid unintended consequences.

  • The fourth group, Bitcoin Fundamentalists, prioritize protecting bitcoin's original principles: decentralization, self-custody, immutability, censorship resistance, and individual sovereignty. They are wary of excessive institutional influence, financialization, and protocol changes that could compromise Bitcoin's core characteristics.

Saylor's central argument is that Bitcoin needs all four perspectives. Maximalists provide conviction, Capitalists drive adoption, Technologists ensure long-term resilience, and Fundamentalists safeguard the protocol's integrity.

Saylor argues that Bitcoin's most successful path lies in a balance among these four forces.

The piece was published as observers debated whether Strategy's June 1 disclosure had itself contributed to the latest leg lower.

That bitcoin is in a bear market is not in dispute, but as BitcoinMagazine.com reports, Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab, argued last week on Bloomberg that this selloff has a measurable cost floor, and that floor is built not from sentiment or chart patterns, but from the physics of energy consumption.

The numbers frame the drawdown in context. Bitcoin peaked at $126,000 in the fall before collapsing to roughly $60,000 in February — a 50% correction that, while brutal for recent buyers, falls far short of the 75%-plus implosions that defined prior Bitcoin bear markets.

Ferraioli’s core analytical framework centers on one question: what does it cost to manufacture Bitcoin? The answer creates a natural gravitational floor that has held across multiple cycles. 

For the most efficient miners — those operating at scale with next-generation ASIC hardware and access to the cheapest wholesale energy — the cost to produce one Bitcoin sits at approximately $60,000, Ferraioli said.

That figure is not arbitrary. It represents the all-in expense of powering a facility at roughly $0.07 per kilowatt-hour with the most advanced semiconductor fleets available.

The less efficient miners — those with older ASIC hardware, higher energy costs, and thinner operational margins — carry a production cost of approximately $95,000 per BTC, according to Glassnode data cited in Schwab’s May 2026 research report. That gap between $60,000 and $95,000 defines Bitcoin’s current valuation range. 

Bitcoin’s energy floor: Why $60,000 may mark the bottom

Ferraioli argues that in deep bear markets, the cost of production for the best miners has historically served as the bottom. February’s low near $60,000 aligns almost precisely with that level, as well as BTC’s 200-week moving average.

The BTC selling pressure is not random. It is demographically specific. The investors driving forced liquidations are those who acquired Bitcoin during the past 18 months — buyers who rode the asset from sub-$80,000 up to $126,000 and then watched gains evaporate in full. 

Schwab tracks two cost-basis metrics to quantify this pressure: the average acquisition cost for U.S. spot ETF and ETP holders, which stands near $83,000, and the active investor cost basis — excluding coins rewarded to miners — which sits near $78,000. 

Both figures sit well above current spot prices, putting the majority of recent entrants into unrealized loss positions and reinforcing $83,000 as a ceiling of overhead supply rather than a floor of support.

Glassnode’s on-chain data corroborates this dynamic. Bitcoin’s latest attempted rally stalled at the aggregate ETF cost basis near $83,000, with total realized losses spiking to $1.35 billion per day and long-term holders capitulating from cycle-top positions. Hedge funds represent roughly 30% of spot ETP ownership but are operating market-neutral, executing basis trades rather than taking directional views — meaning they provide no natural bid when prices fall.

Here is where Ferraioli’s analysis turns constructive. Every major publicly traded Bitcoin miner has announced a pivot toward high-performance computing (HPC) for AI inference workloads. The economics on their face appear to favor abandoning mining: inference generates higher net revenue per megawatt-hour than Bitcoin mining during peak demand windows. 

But demand for AI inference is not uniform across 24 hours. Models run hard during business hours and sit idle overnight and on weekends.

That creates a structural opportunity that does not displace BTC mining — it layers on top of it. Schwab’s analysis models Bitcoin as the optimal baseload monetization of power during off-peak hours, with inference overlaid during peak business-hour demand. 

A data center operating this hybrid model maximizes utilization across the full 24-hour cycle rather than leaving capacity dark when inference demand falls away. For miners, this translates to more stable revenue, reduced forced BTC sales to cover operating costs, and lower structural risk across bear market cycles.

Bitcoin is backed by energy 

The underlying thesis is one of energy economics. Bitcoin has no earnings, no free cash flow, and no CEO issuing guidance. Its value, in Ferraioli’s framework, derives from the energy cost required to produce it — a cost that is transparent, verifiable, and historically durable. 

In commodity markets, price cannot sustainably trade below cost of production. Producers shut down, supply contracts, and equilibrium resets higher. 

Bitcoin follows this same logic: when spot prices fall toward $60,000, the least efficient miners shut down operations, the network’s hash rate adjusts through Bitcoin’s difficulty mechanism, and the cost to produce each new coin falls.

As of May 2026, the average mining cost across all Bitcoin miners sits near $85,604, with the Bitcoin price trading in the mid-$60,000s — meaning the network as a whole is operating at a loss, a configuration that has historically preceded recoveries, not further collapse.

Tyler Durden Mon, 06/08/2026 - 11:05
Tyler Durden

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