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The Maine Democratic Senate Debate To Replace Platner Was - Quite Something

The field of eight candidates was split into two groups of four, running the top-tier candidates first and dishing the rest out for a second round. By the time it wrapped, these eight took turns explaining why they, specifically, are the ones who can finally unseat an incumbent who has outlasted six presidential administrations, and ended up making Graham Platner look pretty good in the process.

Maine Secretary of State Shenna Bellows participated in the first segment. She previously challenged Collins for this same Senate seat in 2014 and lost by 37 points. She is also widely known for trying to remove Trump from the Republican primary ballot in 2024 by invoking the 14th Amendment's insurrection clause, which was shot down by the U.S. Supreme Court.

Bellows found a new way to look unprepared on stage Thursday night, as she was unable to answer simple questions about her own policy positions.

MODERATOR: "What qualifications do you have to serve in the U.S. Senate?"

Maine Democrat Ashley Webb: "I'm a songwriter and I write my own books." pic.twitter.com/csMIFkmt4Q

— RNC Research (@RNCResearch) July 17, 2026

Asked about the military operation that captured Venezuelan President Nicolas Maduro, she attacked Collins directly, "What Susan Collins has failed to stop is a completely unstable foreign policy," she said.

Moderator Phil Hirschkorn was forced to point out the inconvenient fact that Collins voted for a war powers resolution limiting Trump's options in Venezuela back in January.

Bellows had nothing. "Forgive me," she said. "A week ago, I was on vacation on a river on the Kennebec, and I've been running for governor for a long time."

She added, "When I need to know the facts, I will," she added. "I'll do my homework."

The most amusing candidate was Ashley Webb, a trans-identifying man whose qualifications for the United States Senate are, objectively, dubious. "I ran for office several times, didn't win, but I did run. And then I'm a songwriter, and then I write my own books, and then I suppose my transparency," Webb said. "I wouldn't lie to the people and I wouldn't deceive the people like we're being deceived right now."

Webb created a viral moment by mistakenly referring to "pork bellying" instead of "pork barreling," the practice of allocating federal funds for local projects.

Checking in on the Maine Senate Debate: “I believe they called it pork bellying by cutting out the pork belly from all the bills, sure that would save a lot of money as well…” pic.twitter.com/Gv66Ks43rh

— Steve Guest (@SteveGuest) July 17, 2026

Another clip of Webb that has gone viral is him involves his position on transgender bathroom policy. "With the trans community, we're being dehumanized, they say that we want to hurt people. I don't want to hurt anybody. I just want to use the bathroom and if they want me to use the men's room, I will. But I don't want to be assaulted," he said.

Nobody on either panel closed the sale, and left-leaning media outlets couldn't deny it.

"The debate laid bare the reality of how difficult replacing Platner and mounting a serious challenge against Collins will be," CNN reported. "None of the candidates in Thursday night's debate could replicate the political skills that allowed Platner to emerge as a viral sensation, elbow a two-term governor out of the race and poll neck-and-neck with Collins before he ended his campaign after a woman accused him of rape - allegations he has denied. Shah's delivery was one-note and Bellows' was halting. Wood often turned to his notes. Jackson frequently cleared his throat and changed directions mid-sentence."

The candidates on stage Thursday were unprepared, uninspiring, and exactly the kind of opposition Susan Collins should be thanking her lucky stars for. Eight Democrats took the stage looking for a breakout moment and what voters got was more of a blooper reel instead.

Tyler Durden Fri, 07/17/2026 - 16:40

After Trump's 'Election Cyber-F**kery' Speech, "The Game Is Gonna Get Rough Now"...

Authored by James Howard Kunstler,

“. . . the Democrat Party. . . are morally bankrupt nincompoops who have been beaten by the establishment like the rented mules they are. “

- Kurt Schlichter on X

Strange to relate, in last night’s speech to the nation on election chicanery, President Trump managed to both overwhelm and underwhelm public expectation.

He touched on voting machine shenanigans, registration skullduggery, cyber-fuckery, labor union toolery, ballot fraud, and especially China meddling.

Internal CIA / FBI docs at the time said that China’s policy around the 2020 US election was to “leverage all domestic and foreign elements” opposed to the President to prevent his re-election. The Intel bunch never sent that memo to the White House. They were too busy pushing fake Russia meddling, fake impeachment, and a fake Covid-19 pandemic. Then they declared the 2020 was “the most secure election in history.”

As of yesterday, the President de-classified many thousands of Intel agency documents for the public (and news media) to peruse.

And naturally, the major cable news networks (except Fox) declined to broadcast the speech.

As of Friday morning, The New York Times leads the offensive to disparage the actual news.

He’s Obsessed, that Trump!

The actual news: China hacked over 220-million voter registrations, plus social security files; manufactured and shipped tens of thousands of fake US driver’s licenses to be used in motor-voter states; and paid favored US journalists to write negative articles about Mr. Trump. The Department of Homeland Security reported 278,000 non-citizens were registered to vote in federal elections. But that number was compiled only from states that complied with DOJ demands for voter rolls. California, New York, and Illinois and many other states refused, so the number is probably more than double the DHS figure.

The big take-away was that US Intel agencies withheld all this intel from the President of the US, Mr. Trump, in the lead-up to the 2020 vote.

Yes, there really is Deep State, as seen starkly in a now-declassified memo from the then-chief of the FBI’s Counterintelligence Division, one Nikki Floris, who wrote “I’m basically running a shadow government at this point” by hiding information from POTUS.

Ms. Floris is now employed as Microsoft’s Director of Insider Risk (former Deputy Attorney General under “Joe Biden,” Lisa Monaco, is President of Microsoft Global Affairs.)

According to the NY Post’s Miranda Devine, in August 2020, Nikki Floris also tried to hoodwink Senators Chuck Grassley and Rob Johnson, telling them the Hunter Biden laptop was a Russian op — a gag later ratified by fifty-one former intel officers (including five former CIA Directors) who signed the notorious October letter to the news media.

All of this activity, Mr. Trump averred, amounted to a cover-up of a conspiracy by members of the permanent bureaucracy to overthrow the government. And that is exactly why more than one federal grand jury is convened in Fort Pierce, Florida, right now, to sort out who, exactly, is going to account for these rather grave crimes. The new document release is apt to accelerate the work of US Attorneys there, since declassification is the biggest routine holdup in the process.

On the “underwhelming” side of the president’s speech, there was little mention of the swing-state ballot fraud enabled and conducted by local election officials in Fulton County, Georgia, Maricopa County, Arizona, Milwaukee, Wisconsin, Antrim County, Michigan, Mesa County, Colorado, and Philadelphia, PA. But you know that the FBI raided Fulton County election headquarters months ago and seized around 700 boxes of evidence, and then reassigned 260 FBI agents to examine all the material. All that might still be to-come.

Then there is the question of the millions of dollars that Hunter Biden winkled out of China over the years before the 2020 election — records of which were stuffed in his infamous laptop, along with photos and video of his sexual exploits there — and whether Hunter’s father, Joe, was a blackmail captive of China leading up to that election. Stay tuned on that.

Altogether, Mr. Trump’s speech and document drops are obviously an effort to move election reform, the Save America Act, through Congress, where it has languished in a procedural miasma for months due to one man: Senate Majority Leader John Thune. The President’s emphasis last night on China’s election meddling is purposeful in ways not broadly apprehended, but I will tell you:

If Congress does not find a way to vote that bill out to Mr. Trump’s desk before they recess for the rest of the summer in late July, Mr. Trump will invoke an executive order under the National Emergencies Act (NEA) — Public Law 94-412; codified at 50 U.S.C. §§ 1601–1651 — requiring the fifty states to employ all the same provisions that are in the SAVE America Act for the 2026 midterm elections. Under the NEA, the federal courts cannot be used to fight or strike down the executive order; it can only be stopped by a two-thirds vote in both the House and the Senate.

If that is the course that this takes, you can expect Antifa and the Democratic-Socialist foot-soldiers to take to the streets this fall in a violently-amplified episode of “No Kings” demonstrations — because fair and honest elections with citizens-only voting will mean the end of the Democratic Party, and they know it. Last night’s move by President Trump is only the opening bid of a quickening game against the Deep State, and their partners-in-sedition.

The game is gonna get rough now.

Tyler Durden Fri, 07/17/2026 - 16:20

PJM Capacity Auction Results Compound "Alarm Bells": FERC Chairman Swett

By Ethan Howland of UtilityDive

The PJM Interconnection’s just-held capacity auction cleared nearly 7 GW below its reliability target and only drew roughly 500 MW of new power supply, Federal Energy Regulatory Commission Chairman Laura Swett said Thursday.

“These numbers compound the alarm bells for a call to action in PJM,” Swett said during the agency’s monthly meeting. “Am I surprised that PJM failed to deliver? No, I am not,” Swett said later during a media briefing.

However, FERC isn’t trying to “target” PJM, she said.

“This is a problem that involves people at the federal level, at the market level, the state level, the registered entities, the market participants … all the utilities, the companies there,” Swett said. “This is a very complex issue that everyone has to coalesce around, coming up with a solution.”

FERC aims to address some of the problems at a technical conference on July 23 focused on PJM’s governance issues.

“The current stakeholder process in PJM is slow where it must be fast, opaque where it must be transparent, and vulnerable to vetoes and agenda control exactly when the region needs immediate action,” Swett said.

From the conference, FERC expects to get “ideas on paper, on a record,” Swett said. “I am very optimistic that certain proposals will be front runners that are grounded in the record that we collect next week, so that there should be a more clear path forward for PJM after that.”

FERC Commissioner Lindsay See also highlighted the need for reforms at PJM, the nation’s largest grid operator, serving 67 million people in the Mid-Atlantic and Midwest regions.

“PJM has to be able to get reforms across the finish line in a timely and transparent way,” See said. “Part of that also includes the need for a governance structure that can not only deliver concrete results but that can give parties the type of confidence in those reforms that’s necessary to drive investment where and when it’s needed.”

Last week, FERC Commissioner David LaCerte said the status quo at PJM was “untenable.”

Here are five other takeaways from FERC’s meeting.

Data center reliability standards

FERC set deadlines for the North American Electric Reliability Corp. to develop reliability standards for computational loads — data centers and crypto-mining operations — and the rules for registering those loads by Dec. 31. The grid watchdog is already developing those standards and rules.

FERC also directed NERC to file by March 1 a plan detailing the next steps in its standards development process for computational loads.

“I applaud NERC’s proactive efforts on these matters,” Swett said. FERC set the deadlines because “they are a great mechanism for producing results,” she said.

As part of its Large Loads Action Plan, NERC expects to issue the proposed reliability standards and draft registry criteria for public comment in August, it said Thursday.

FERC orders CAISO, SPP Western seams report

FERC ordered the California Independent System Operator and the Southwest Power Pool to file a report by Sept. 30 on how they plan to manage the seams between their markets and neighboring balancing authority areas in the West. The CAISO-run Extended Day-Ahead Market started operating in May. SPP expanded its footprint into the Western Interconnection in April, and its Markets+ initiative is expected to go live in October 2027. 

“While the increased deployment of organized markets is intended to bring substantial reliability and economic benefits to the West, the resulting seams create reliability, operational, and market efficiency hurdles that warrant proactive attention,” FERC said.

Earlier this month, CAISO President and CEO Elliot Mainzer said the grid operator was working with SPP to develop a joint operating agreement before Markets+ begins operating.

Complaint over PSE&G cost recovery advances

FERC advanced a complaint over Public Service Electric and Gas Co.’s cost recovery of a $546 million transmission project it built in New Jersey. The agency ordered an administrative law judge to conduct hearings on Public Citizen’s January complaint alleging that the costs were imprudently incurred.

In December 2024, PSE&G agreed to pay a $6.6 million fine to settle a FERC enforcement office investigation into the utility’s justifications to PJM for building the Roseland-Pleasant Valley transmission project.

FERC rejects complaint over Duke transmission rates

FERC rejected a complaint that sought to stop Duke Energy Progress from including the costs of four transmission lines that could benefit solar developers into its overall transmission rates. 

The agency dismissed arguments made by North Carolina Electric Membership Corp. in its complaint, saying, “Rolled-in rate treatment for the costs of the four … projects is consistent with longstanding Commission precedent that favors rolled-in rate treatment for integrated transmission facilities.”

FERC eyes changes to ‘hypothetical capital structure’ incentive

FERC approved a 50/50 hypothetical debt to equity capital structure for two transmission projects that Basin Electric Power Cooperative plans to build in North Dakota for about $469.3 million. FERC offers hypothetical capital structures as an incentive for transmission development.

“They can help new transmission companies secure financing for large projects and allow developers to move forward even when their actual capital structure may not yet reflect a project’s long-term financial profile,” Swett said. 

However, FERC is considering changes to the incentive, which increases consumer costs, Swett said at the agency’s meeting.

“This is a very complex topic with significant implications for financing, project development, regional planning, and customer affordability. Even small changes to utilities’ return can have significant impacts,” she said. “I am confident that working with my colleagues, we can get that balance right and ensure that our policies promote needed transmission investment while protecting consumers.”

Tyler Durden Fri, 07/17/2026 - 15:40

Apple And DOJ In "Early Settlement Talks" Over 2024 Antitrust Lawsuit

Apple and the U.S. Department of Justice are reportedly in early discussions to settle the government's 2024 antitrust lawsuit against the iPhone maker, though no agreement has been reached and no trial date has been set, Bloomberg reported today.

Apple has made multiple settlement offers this year in an effort to resolve the case, but negotiations remain ongoing and could still fall apart. Neither Apple nor the DOJ commented.

The lawsuit, originally filed under the Biden administration by the Justice Department along with 19 states and the District of Columbia, accuses Apple of illegally maintaining a monopoly in the smartphone market by making it harder for competing products and services to gain traction.

Regulators pointed to restrictions involving messaging apps, smartwatches, digital wallets, cloud gaming services, and so-called "super apps," arguing the company's practices harmed developers, competitors, and consumers. Apple lost its attempt to dismiss the case in June 2025.

Since the lawsuit was filed, Apple has already made several changes that address parts of the government's complaint. The company now supports RCS messaging, allows cloud gaming apps on the App Store, has opened the iPhone's NFC payment chip to third-party developers, and introduced a framework for mini apps. Apple still does not allow the Apple Watch to work with Android devices, though it has added features that improve compatibility between iPhones and non-Apple smartwatches.

The report also comes as the Trump Justice Department has shown a greater willingness to settle antitrust cases inherited from the previous administration, arguing negotiated agreements can deliver faster consumer benefits while avoiding years of costly litigation. It remains unclear whether the state attorneys general involved in the lawsuit are participating in the settlement talks.

While the Biden Justice Department launched a series of aggressive cases against Big Tech, including lawsuits targeting Apple, Google, Amazon and Meta Platforms, Trump's DOJ has shown a greater willingness to resolve inherited cases through negotiated settlements rather than years of courtroom battles.

That doesn't necessarily mean antitrust scrutiny is disappearing, but it does suggest the administration may be more focused on securing practical concessions from technology companies than pursuing lengthy, high-profile litigation.

Tyler Durden Fri, 07/17/2026 - 15:20

DOJ, DHS Launch Election Integrity Website

Authored by Kimberley Hayek via The Epoch Times,

The Justice Department’s Civil Rights Division and the Department of Homeland Security (DHS) on Thursday launched a joint website featuring an interactive map of federal enforcement actions aimed at election security, transparency, and integrity.

“Excited to launch the joint @TheJusticeDept @DHSgov election integrity website, an interactive map showing what actions the federal government is taking to improve election security, transparency, and integrity for all Americans! Updated regularly!” Assistant Attorney General Harmeet K. Dhillon announced on X on July 16.

Assistant Attorney General for Civil Rights Harmeet Dhillon speaks during a news conference at the Justice Department in Washington on Sept. 29, 2025. Andrew Harnik/Getty Images

The website displays a nationwide map of states and the District of Columbia, with users able to click any jurisdiction to view linked enforcement records.

The page lists Justice Department actions targeting states that fail to produce voter registration rolls.

The Civil Rights Division said the effort was to protect the right to vote by ensuring accurate rolls and removing ineligible voters.

The page urges the public to “Get involved and learn more about the division’s election-integrity enforcement actions” and to “Support Election Integrity: Help the Department of Justice and Department of Homeland Security protect the vote by reporting concerns and staying informed.”

The launch comes as the division continues to press states for full voter registration lists under federal laws, including the National Voter Registration Act, the Help America Vote Act, and the Civil Rights Act of 1960. Officials have described clean rolls as essential so that every eligible citizen’s vote counts equally and without dilution.

The interactive map and linked press releases centralize the volume of recent litigation and immigration-related arrests in one place. The site will be updated regularly as additional actions are taken.

Recent Justice Department filings listed include February 2026 lawsuits against five additional states for failure to produce voter rolls; January 2026 actions targeting Virginia, Arizona, and Connecticut; and multiple 2025 cases.

DHS and Immigration and Customs Enforcement (ICE) entries detail arrests of noncitizens who allegedly voted in federal elections, including a New Jersey case and an Australian national charged with voting in multiple elections, along with a Mexican national’s guilty plea for falsely claiming U.S. citizenship.

The site opens with a quote from President Donald Trump’s Executive Order 14248, issued March 25, 2025: “Free, fair, and honest elections unmarred by fraud, errors, or suspicion are fundamental to maintaining our constitutional Republic.”

The executive order highlights that the United States does not enforce basic and necessary election protections, noting that countries like India and Brazil tie voter identification to biometric databases, whereas the United States relies on self-attestation for citizenship.

Tyler Durden Fri, 07/17/2026 - 14:40

HSBC Upgrades Apple To Buy, Sees "AI Boost" Sparking Device-Upgrade Cycle

Days after KeyBanc analysts Brandon Nispel and John Vinh downgraded Apple over concerns that soaring memory chip costs and rising iPad, Mac, and iPhone prices could spark a growth slowdown, HSBC analysts took the opposite view, upgrading the stock to a "Buy" rating to end the week.

HSBC analyst Nicolas Cote-Colisson upgraded Apple to "Buy" from "Hold" on Friday morning and raised his price target to $366 from $260, telling clients that an "AI boost comes at the right moment" and could unleash a major device-upgrade cycle.

Cote-Colisson explained:

A new cycle ahead.

Thus far, we had retained a cautious approach on Apple with a Hold rating.

We had preferred other segments of the AI value chain, more prompt to exploit the bottlenecks created by the high demand in computing power, including hyperscalers or memory makers.

We think Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate (it only invests 2.5% of its 2026e sales vs 39% for hyperscalers, see page 10), we think it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence.

This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place.

Cote-Colisson pointed out that Apple is at an "inflection point" as it prepares to deploy an agentic version of Siri capable of accessing information across applications and executing more complex tasks:

• New AI features coming this year represent a key catalyst for an acceleration in Apple's hardware and Services revenue
• Recent price hikes show confidence from Apple that pricing power can limit the negative impact of memory pricing on margin

HSBC expects the AI overhaul to coincide with a strong product pipeline that includes the iPhone 18 Pro and Pro Max, a book-style foldable iPhone, an iPhone Air, a 20th-anniversary model and eventually AI-powered smart glasses. The combination could accelerate upgrades across Apple's installed base of more than 2.5 billion active devices, particularly among owners of the iPhone 15 and 16.

Putting this all together, the analyst expects the AI overhaul and robust pipeline to begin the "start of a fundamental shift that will force a faster hardware refresh across the 2.5bn+ active device installed base."

Cote-Colisson also raised Apple's 2027 and 2028 revenue estimates by 7% to 9%, including an 11% to 13% increase in his iPhone forecasts. He expects iPhone sales to rise 11.6% in fiscal 2027, compared with the Visible Alpha consensus estimate of 8.3%. He also lifted his 2027 Services revenue forecast by 5.4%.

His fiscal 2027 earnings-per-share estimate increased about 8% to $10.26, or 7.5% above consensus. Cote-Colisson expects EPS growth of roughly 16% that year, compared with a 12% median among Apple's peers.

Cote-Colisson pointed out that rising memory prices remain a significant risk: "Downside risks include competition from AI labs introducing new form factors that could challenge smartphones and a longer-than-expected global memory chip shortage compressing margins, although we believe Apple can command a significant degree of pricing power."

Earlier in the week, KeyBanc analysts Brandon Nispel and John Vinh downgraded Apple from "Sector Weight" to "Underweight" amid fears that rising device prices due to the memory crunch will hit sales in the coming quarters.

In mid-June, Apple CEO Tim Cook told the WSJ in an exclusive interview that price hikes were "unavoidable" because of the memory chip crunch.

Latest Bloomberg data shows 36 "Buy" ratings, 18 "Neutral" ratings, and 4 "Sell" ratings on the stock, with an average 12-month price target of $322.

$322 PT 

Professional subscribers can read more on Apple at our new Marketdesk.ai portal. 

Tyler Durden Fri, 07/17/2026 - 14:25

Meta Eyes $10 Billion Deal To Lease AI Computing Power To Anthropic

Meta is standing up a cloud business to sell excess computing capacity from its massive data-center buildout, as we detailed earlier this month. The new business line would put Meta in direct competition with industry leaders such as Amazon Web Services, Microsoft Azure, and Google Cloud.

Meta is in talks to rent computing power from its AI data centers to Anthropic in a deal that could be worth as much as USD 10bln over two years: NYT

Now "excess power"

— zerohedge (@zerohedge) July 17, 2026

The New York Times reported that Meta is considering selling excess computing capacity to Anthropic in a deal that could be worth up to $10 billion over the next two years.

Here's more color from NYT:

Meta is in talks to rent computing power from its artificial intelligence data centers to Anthropic in a deal that could be worth as much as $10 billion over two years, three people with knowledge of the discussions said, a potential step toward a new A.I. business for the social networking company.

Anthropic proposed the deal in June and Meta is considering it, said the people, who were not authorized to discuss confidential conversations. While the specifics were in flux, Anthropic would pay Meta in monthly increments over the two-year period, the people said. The companies would be able to opt out of any agreement early, they added.

Meta CEO Mark Zuckerberg recently acknowledged that AI agent development over the past four months "hasn't accelerated in the way we expected."

• "Agent Development Hasn't Accelerated The Way We Expected": What Zuckerberg's AI Agent Confession Means For Token Demand

The company has also said it may build more data centers than it needs based on the number of customers using its AI products. Selling excess computing power to companies such as Anthropic would open a new revenue stream and potentially alleviate investor concerns following Meta's multiyear data-center buildout spree.

"A generational transfer in free cash flow is taking place: BofA pic.twitter.com/4K9fMrs8II

— zerohedge (@zerohedge) July 8, 2026

It's not just Meta. Elon Musk's SpaceX, which acquired his AI startup xAI earlier this year, has been renting massive amounts of computing capacity from its Memphis data centers to Anthropic PBC. That strategy could help xAI generate more than $50 billion in revenue by 2028 and $100 billion by 2030.

Amid a fast-moving AI race...

... Meta's models are nowhere to be found. 

Tyler Durden Fri, 07/17/2026 - 13:45

Pentagon Chief Backs Blue Angels Pilots Following Low-Altitude Pass Over Florida Beach Crowd

Authored by Kimberley Hayek via The Epoch Times,

War Secretary Pete Hegseth offered support for U.S. Navy Blue Angels pilots on Thursday after a review of a low-altitude jet maneuver over Pensacola Beach, Florida, the day before.

Dramatic video shows the U.S. Navy Blue Angels making a low-altitude flyover above Pensacola Beach, Florida, on Wednesday. Navy officials confirmed in a statement that Blue Angels leadership is "reviewing the circumstances surrounding the maneuver and conducting a thorough safety… pic.twitter.com/ZUa1ryk4X8

— ABC News (@ABC) July 15, 2026

Video posted online showed one of the demonstration jets flying unusually close to the ground during an arrival maneuver on Wednesday.

The jet kicked up sand and beach items among spectators at a “Breakfast with the Blues” event. Children were seen covering their ears with their heads bowed.

The maneuver occurred during events tied to the squadron’s 80th anniversary.

“The flyovers will continue until morale improves,” Hegseth posted on X.

The Blue Angels said it is conducting a review of the maneuver.

“The safety of our hometown community, spectators, and our pilots is our highest priority. Team leadership is reviewing the circumstances surrounding the maneuver and conducting a thorough safety review to ensure all operations adhere to strict Navy and FAA safety standards,” the squadron said in a statement.

Acting Navy Secretary Hung Cao said later Thursday that a flight debrief had been completed and there would be no reprimands.

“No reprimands. No firings. No problem. That’s the sound of Freedom,” Cao wrote on X. “Semper fi and Hooyah.”

Wednesday’s incident took place during preparations for the Pensacola Beach Air Show. The show features expanded performances this year for the anniversaries. Organizers predicted large crowds.

No injuries were reported. One spectator told local media she had been in attendance at the air show for 10 years and never witnessed such a pass. She said she thought the jet might hit them but called the experience amazing.

This was at least the third time in recent months that Hegseth supported pilots after aerial maneuvers that drew scrutiny over safety concerns. The Pentagon lifted suspensions of helicopter pilots who flew low over the coast of South Carolina. In March, Hegseth said Army pilots would not be punished after flying attack helicopters near singer Kid Rock’s house.

Some lawmakers criticized the maneuver.

“Aviation safety rules are written in blood. Glamorizing and excusing reckless behavior like this will only lead to more, until we reach the point where a horrific tragedy occurs because of brazen, careless rhetoric like this,” Rep. Seth Moulton (D-Mass.) said on X.

The Blue Angels were created in 1946 and perform precision maneuvers at air shows and other events. Its home base is located in Pensacola.

Military aviation is closely regulated. Low-altitude flying limits reaction time for pilots. Blue Angels operations follow strict parameters on minimum altitudes.

The review followed standard Navy procedures for deviations from flight profiles. Past investigations into demonstration squadron incidents have examined precision requirements.

The Blue Angels squadron is made up of pilots and supporting personnel who perform for millions of spectators annually. The team remains set to continue its demonstrations.

Tyler Durden Fri, 07/17/2026 - 13:10

Musk Buys Florida-Based Energy Company

Authored by Jill McLaughlin via The Epoch Times,

Elon Musk has acquired a power company based in Jacksonville, Fla., paying $1 billion for the mobile gas-turbine provider as a possible solution to data center energy needs.

The Federal Trade Commission (FTC) lists Musk as the acquiring party, with New APR Energy, LLC listed as the acquired entity.

Neither party issued public statements on the deal that closed May 14. Local business news outlet Jacksonville Daily Record first reported on the news in June before it gained national media attention in recent days.

The potential cost of the deal was found in a separate filing with the U.S. Securities and Exchange Commission (SEC) in which Technologies Group reported selling its 5 percent non-voting stake in New APR Energy in a May 28 SEC report.

Duos said its sale generated $50.4 million in net proceeds, which implies the Musk deal was worth at least $1 billion.

Musk continues to invest in artificial intelligence (AI) development with the research company he founded, xAI, and its chatbot Grok.

His xAI company runs the Colossus data center in Tennessee, a $20 billion facility near a power plant site, where he has had to rent turbine units as he waits for grid power to the site.

New APR Energy owns and maintains a fleet of gas turbines with more than 1 gigawatt of power generation capacity, according to a statement from the company in January, when it expanded capacity.

The company has been delivering power to clients for more than 20 years, deploying its fleets “in as little as 30 to 90 days,” the statement said.

Grok is a generative artificial intelligence (GenAI) chatbot developed by xAI, based on a large language model (LLM). It was developed at the initiative of Elon Musk in response to the rise of OpenAI’s ChatGPT. Riccardo Milani/Hans Lucas/AFP via Getty Images

Musk’s purchase of the Florida company represents his second investment in the energy sector. In 2006, Musk helped fund SolarCity, a company founded by his cousins, Peter and Lyndon Rive, which grew to be the largest residential solar installer in the United States.

Tesla bought SolarCity in an all-stock deal worth about $2.6 billion in 2016 and turned it into Tesla Energy.

Tech expert and podcaster Aakash Gupta said Musk’s latest transaction exposed the AI industry’s current problems.

“What [Musk] bought tells you where the real bottleneck in AI is,” Gupta said in a July 16 post on X.

New APR Energy operates a fleet of mobile gas and diesel turbines with over 1 gigawatt of generation capacity—enough to power 750,000 homes at once.

The fleet, which was built for disaster response, arrives on trucks and can be delivered, installed, and commissioned in a month.

The fast set-up time makes sense for Musk, who has already lived through delays with xAI’s first Memphis plant, Gupta said.

“Environmental groups sued. The [Justice Department] intervened to keep the turbines running. He was renting the most important input to his most important company,” Gupta said. “So he bought the landlord. … Every AI lab can buy the same chips. Only one of them now owns a power plant fleet that ships by truck.”

New APR Energy and Tesla did not return requests for comments about the purchase by publication time.

Tyler Durden Fri, 07/17/2026 - 12:35

US Sends Dozens More Refueling Planes To Israel Amid Widening Iran War, Oil Climbs Summary

• Surge in more large US refueling planes headed to Mideast, signaling likely expansion of strikes on Iran.
• US attacks hit Iranian energy and transport infrastructure.
• Iran threatens stronger retaliation and claims strike on US base in Qatar - and deepens attacks to include US outposts in Jordan, Syria.
• Iran urges power conservation; Hormuz shipping traffic declines further.
• Oil prices rise to session highs on fears of broader regional conflict.

//--> //--> //--> Will the U.S. invade Iran before 2027?
Yes 27% · No 74%
View full market & trade on Polymarket Trump Sends Dozens More Refueling Planes in Sign Of Widening War

Oil prices are climbing on fresh reports Friday that President Trump is ready to continue escalating and expanding strikes on the Islamic Republic, after a Situation Room briefing this week where the Commander-in-Chief was presented with various options. It bears repeating that the White House in the opening days of Operation Epic Fury promised the American public a fast and hasty, limited military engagement - but this is where we are four months later...

"The Trump administration notified Israel it is sending dozens more refueling planes to the country ahead of a potential expansion of military operations against Iran, three U.S. and Israeli officials said," reports Axios. "After he was presented with several new military plans in a Situation Room meeting Tuesday, President Trump is considering a massive offensive in Iran that would be wider in scope than the current strikes around the Strait of Hormuz." This is but the latest signal that the ceasefire and negotiations are fully dead, and the potential for runaway escalation is bigger than ever:

• OIL RISES TO SESSION HIGHS, BRENT TRADES ABOVE $87/BBL
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• US TO SEND DOZENS MORE REFUELING PLANES: AXIOS

War Secretary Pete Hegseth boasted Friday of taking out this Iranian maritime monitoring tower on the southern coast:

Meanwhile, another US attack on an Iranian oil tanker is being widely reported:

US forces have attacked an Iranian oil tanker docked near Iran’s Kharg Island for the second time in two days, according to an Iranian official speaking to the Fars news agency.

“The empty, Belma N.I.22 oil tanker, which was hit two days ago, was attacked again today by two US missiles”, the deputy governor of Bushehr told Fars.

Iranians Urges to Conserve Power

Iran has on Friday warned of a "more crushing" retaliation following the conclusion of last night's sixth consecutive day of US attacks, targeting military targets and logistics infrastructure, but also civilian sites connected to the power grid. By all accounts this current wave goes beyond the prior strikes in size and scope compared to the past several days.

Iranian state media has reported that eight people were killed from the overnight attacks, and that several bridges had been attacked overnight.

Illustrative wartime image from earlier in the conflict.

The country is feeling the strain under what is now nearly a week of constant US heavy attacks. This is being seen in that Iran's energy ministry has urgently called on citizens to reduce electricity use after the power grid came under strain following US strikes on energy infrastructure in the south.

In a statement on Friday, the ministry said those areas in the south "are currently experiencing extreme heat and attacks on power infrastructure." But as Al Jazeera notes, "The ministry however did not elaborate on whether it was power plants, transmission lines or other equipment that had been attacked." According to more details:

Iran's Energy Ministry urged citizens to reduce electricity consumption to help stabilize power supply in the country’s southern provinces following US strikes on energy facilities, citing extreme heat and infrastructure damage, the semi-official ISNA news agency reported Friday.

The ministry asked subscribers to turn off air conditioners for one hour during peak consumption periods to help ensure a more stable electricity supply to the affected provinces, ISNA said.

Report: Hormuz Strait transit falls to three week low--

Hormuz traffic reaches three week low

MarineTraffic data indicate confirmed crossings through the monitored Strait of Hormuz zone fell to eight on 16 July, down from 15 a day earlier and marking a three week low. Seven of the eight transits followed the Iranian route, with no… pic.twitter.com/mEXVxsx40d

— MarineTraffic (@MarineTraffic) July 17, 2026

Friday was the first time that Iran's government acknowledged American "attacks on power infrastructure" during the campaign, which comes after Trump's prior warning to go after key civilian infrastructure.

Attacks on Bridges

And on the bridges: "Iranian media reported that five bridges were hit in the latest round of US strikes, as well as the train station in coastal Bandar Khamir and Iranshahr Airport ​in southeastern Iran," Reuters reports. An airport has also reportedly been attacked.

Iran has warned of an "infrastructure for infrastructure" tit-for-tat:

Kuwait says that one of the country's power and water desalinations plans suffered "severe damage" after an Iranian attack.

— Javier Blas (@JavierBlas) July 17, 2026

There are signs of renewed attacks on rail as well, per NBC:

A railway junction station just west of Bandar Abbas was also hit, the state-owned IRIB news agency said. The highway and railway bridge strikes appeared aimed at cutting off Bandar Abbas, Iran’s main port, from roads leading toward Tehran, the capital.

While other routes still are open, the U.S. strikes could expand further, potentially disrupting both the movement of military materiel and goods needed for Iran’s 90 million people.

Regional Arab states which host American bases say they were busy overnight intercepting missiles and drones sent from Iran, including Kuwait, Bahrain, Qatar, Oman, and with reports of projectiles inbound even in Syria.

'Powerful Attack' on Qatar Base

The IRGC announced Friday that it carried out an attack on the US Al Udeid Air Base in Qatar, asserting that it destroyed a long-range radar system and several US aerial refueling aircraft.

Iran's Chabahar port control tower COLLAPSES after more than a week of US strikes — Pete Hegseth boasts of destruction in X photo

Iranian FM Araghchi calls the attacks one of many US 'war crimes' committed over the past week pic.twitter.com/lDBz6ufJ5j

— RT (@RT_com) July 17, 2026

Its Aerospace Force described that carried out a "surprise and powerful" attack on Al Udeid Air Base, claiming to have taken out a long-range radar system along with the refueling aircraft parked there.

Per IRIB news agency, the elite Iranian force stated, "The American enemy and the hosts of its bases in the region should know that crossing red lines and attacking people and civilian infrastructure will have a very severe and miserable price. If the enemy continues this trend, more crushing responses are on the way; responses that will remain in the history of battles."

Iran's bridges have come under fresh strikes, via social media/X.

The IRGC further warned that American forces will "pay a heavy price" for what it called crossing "red lines" and targeting civilians and civilian infrastructure. Tehran has not backed off its assertion of 'control' over the Strait of Hormuz - also calling this its red line.

The day or evening prior saw US Marines having conducted "a verification boarding" of a tanker in the Gulf of Oman - which the Pentagon characterized as part of operations enforcing the new naval blockade of Iranian ports.

Tyler Durden Fri, 07/17/2026 - 12:25

NY Times Asks Court To Throw Out Subpoena Of Its Reporters

Authored by Stacy Robinson via The Epoch Times,

The New York Times on July 15 asked a court to toss out grand jury subpoenas of three of its reporters who published a story about the new Air Force One plane that Qatar gifted to President Donald Trump.

The paper published the story earlier this month alleging the new plane lacked some defensive features of the older Air Force One aircraft, which the White House denied. That led Manhattan U.S. Attorney Jay Clayton to issue subpoenas to find out where the reporters were getting their information.

Acting Attorney General Todd Blanche, during his Senate confirmation hearing on Wednesday, said the subpoenas were issued to find out who leaked information to the NY Times. Justice Department rules required him to authorize the subpoenas.

“We’re not targeting reporters,” Blanche told Sen. Peter Welch (D-Vt.), later adding, “The question we want to ask them is who provided them with classified national security information.”

David McCraw, senior vice president and deputy general counsel of The NY Times, said the subpoenas were “brought in bad ⁠faith to punish The Times for its coverage."

“We are going to court to ​defend our journalists’ ⁠rights to report freely on the administration and to provide the public with stories that matter,” McCraw said.

Motions to quash a subpoena are usually sealed. McCraw has asked the court to make the contents of his motion public, arguing that people have a right to know about the case.

Like Blanche, Clayton is under congressional scrutiny this week as he looks to the Senate to confirm him as Director of National Intelligence. He hopes to replace Bill Pulte, who is filling in for Tulsi Gabbard. She stepped down from the role earlier this year to be with her husband, who she revealed has cancer.

Clayton told Sen. Ron Wyden (D-Ore.) that he did not want to publicly go into details about the subpoenas—or who asked that they be issued.

But he said that he was “absolutely committed to” respect for the First Amendment and journalists. He added that he and his team “followed the processes that we’re required to follow.”

First Amendment advocacy groups like the National Press Club have asked the Justice Department to withdraw the subpoenas.

“A free and independent press serves the people, not the government,” the organization’s president, Mark Schoeff Jr., said in a statement.

“The greatest danger isn’t the subpoena itself. It’s the message it sends. It tells sources to stay silent. It tells whistleblowers to think twice.”

Days after subpoenas were issued to the New York Times journalists, War Secretary Pete Hegseth announced on July 13 that the War Department and the Department of Justice launched a joint task force to investigate and prosecute anyone involved in leaking sensitive information to the media.

“Access to confidential and secret information is a sacred trust,” Hegseth said in a video posted on X.

“And those who betray that trust will be met with the full force of the law.”

Hegseth did not mention the past week’s incident but spoke in general about threats that leaks pose to national security and the U.S. military.

“The unauthorized disclosure of War Department information has the very real potential to cause exceptionally grave damage to our national security and the operational integrity of our armed forces,” Hegseth said.

Tyler Durden Fri, 07/17/2026 - 12:00

IRGC Targets US Command Center In Syria In Unprecedented Attack

Iran's large-scale 'retaliation' on US bases and Gulf states overnight included a rare first if confirmed. The Islamic Revolutionary Guard Corps (IRGC) said it conducted a missile or drone attack on an American special operations command center at al-Tanf in Syria on Friday.

The action came after the US bombed Iran for a sixth consecutive night, and while Iranian targets have on several occasions reached into Jordan, it is unprecedented that the Iranians take active aim at sites within Syria.

The IRGC stated the attack was in retaliation for the killing of Iranian soldiers in Iranshahr, in southern Iran.

While the hit on Syria was reported in Reuters based on state media claims, the alleged Tanf strike hasn't been independently verified:

A Syrian military source told Reuters that Iran carried out an attack near al-Tanf, but it had not hit the base itself. There were no casualties or material damage, the source added. 

The episode is the first reported attack on Syria since the US-Israeli war on Iran began in late February.

And more: "The IRGC statement claimed that a radar system, multiple helicopters, and several US personnel were destroyed in the strike. Reuters reported that it has not yet been able to independently verify these claims."

While it is unprecedented or at least unusual for US bases in Syria to come under direct attack by Iran, Tanf base has on multiple occasions come under attack from Iran-aligned Iraqi paramilitaries, and other hostile actors both within Syria and Iraq.

US troops had long operated out of Tanf to pressure the Assad government as part of the long-running US-backed regime change project.

The US primarily trained the Syrian Free Army (FSA) in that remote desert area - which was an umbrella group of various factions, likely among them jihadists, armed and funded by Washington.

But when Assad was finally ousted in December 2024, replaced by an Al-Qaeda group founder (Jolani/Sharaa), this also put Iranian forces in rapid retreat from the country after an over decade-long proxy war.

Syria's new AQ-linked government has been trying to impress its backers by claiming to bust up Iran-Hezbollah axis arms shipments:

🇸🇾🇮🇷🇱🇧 Here's footage of the massive weapons cache that was hidden inside an oil tanker by Iran and bound for Hezbollah in Lebanon.

Until Syria intercepted it along the way.

Inside were hundreds of drones, missiles, and components...

Writer: Michaelpic.twitter.com/4uEykApWFW

— Mario Nawfal (@MarioNawfal) July 17, 2026

Iran, alongside Russia, had been a close military supporter of the Syrian army, but the Syrian government's collapse - along with the weaking of Hezbollah with the recent Israeli assassination of much of its leadership in Lebanon, caused most Russian and Iranian troops into a hasty and forced withdrawal.

Tyler Durden Fri, 07/17/2026 - 11:45

Apple's OpenAI Trade-Secret War Ramps Up With Preservation Letters To Dozens Of Ex-Employees

Apple's legal fight with OpenAI is spilling well beyond the courtroom. A week after suing the ChatGPT maker over alleged theft of its hardware secrets, Apple's lawyers have sent personal document-preservation letters to about 40 former Apple employees now working at OpenAI, according to the Financial Times - roughly 10 percent of the some 400 ex-Apple staff now at the company. The letters direct recipients to retain records and demand meetings with Apple's attorneys, FT reports, a breadth that signals the dispute could widen far past the two people named in the original complaint.

OpenAI CEO Sam Altman speaks during the Microsoft Build conference at the Seattle Convention Center Summit Building in Seattle in May 2024. | AFP-JIJI

The escalation builds on the blockbuster suit Apple filed July 10 in the U.S. District Court for the Northern District of California, accusing OpenAI, io Products, and former Apple personnel of misappropriating trade secrets to fast-track AI hardware development. As we reported at the time, the complaint lays out a months-long scheme centered on two former Apple employees now at OpenAI: Tang Tan, OpenAI's chief hardware officer and a former Apple VP of product design, and Chang Liu, a former Apple senior electrical engineer.

Apple alleges the pair directed OpenAI recruits still working at Apple to hand over confidential details on unreleased devices, components, manufacturing processes, and suppliers. According to the filing, Tan instructed interviewees to bring "actual parts" - batteries, logic boards, chip packages - for "show and tell," used Apple's internal codenames to draw out information only insiders would know to ask about, and circulated an Apple "Need to Know" offboarding document to coach new OpenAI hires on how to dodge the company's exit-security checks.

The complaint's allegations against Liu are equally striking. Apple says he kept a work-issued laptop after leaving and discovered a bug that let him reach Apple's cloud file storage while employed at OpenAI, allegedly downloading dozens of confidential files. "LOL, I found out I can access the [network storage], so funny," he wrote to a former colleague still at Apple, according to the filing. Apple further alleges OpenAI approached one of its suppliers using confidential design information and had a partner perform a proprietary metal-finishing technique, misleading the partner into believing Apple had granted permission.

Apple describes the conduct as "the tip of the iceberg" and says OpenAI's hardware business is "rotten to its core" by its reliance on misappropriated information. The company says it first contacted OpenAI in February with its concerns and received no response before filing suit.

OpenAI has denied wrongdoing. "We have no interest in other companies' trade secrets. We remain focused on building innovative technology that empowers people everywhere," a company representative said.

The clash marks a stark reversal for two firms that entered a high-profile partnership in 2024, integrating ChatGPT into Apple Intelligence and Siri. Apple has since turned to Google, using its models as the foundation for a ChatGPT-style voice and text assistant unveiled in June. OpenAI's own hardware push is being led by former Apple design chief Jony Ive - not named in the suit - whose startup io OpenAI acquired last year in a deal valued at $6.5 billion. The mounting legal exposure lands as OpenAI gears up for what is expected to be a historic IPO.

Tyler Durden Fri, 07/17/2026 - 11:10

Trump To Attend World Cup Final

Authored by Zachary Stieber via The Epoch Times,

President Donald Trump plans to attend the final game of the 2026 World Cup, the White House said on July 16.

Trump was traveling on Friday to New York City to attend a FIFA reception at Trump Tower, White House press secretary Karoline Leavitt told reporters in Washington. He is then slated to take in the Spain–Argentina final on Sunday at MetLife Stadium in New Jersey.

“His attendance will cap what has been the most watched, more secure, and most successful World Cup in American history,” Leavitt said.

“This is a fitting conclusion to a tournament that showcased America’s ability to host the world on the grandest stage.”

The United States had previously hosted the World Cup once, in 1994.

More than 80,000 people are expected to attend the World Cup final on Sunday, which kicks off at 3 p.m. ET.

Trump regularly attends sporting matches, including an NBA finals game in New York City in July and the Club World Cup final in 2025.

Trump has not attended any World Cup games yet, although members of his Cabinet have watched several in person.

The World Cup featured games in Canada, Mexico, and the United States.

The U.S. national team earned a spot in the knockout rounds and defeated Bosnia and Herzegovina in the Round of 32. During that match, the referee handed a red card to American player Folarin Balogun, prompting Trump to call FIFA President Gianni Infantino.

A FIFA committee subsequently suspended the ban that Balogun faced for receiving the red card, enabling the striker to play against Belgium. The United States lost 1–4 in the July 6 game.

Belgium went on to lose to Spain, which then knocked out favorite France. Argentina beat England in the other semifinal.

Argentina won the previous World Cup in 2022 and also has two other triumphs. Spain won the World Cup in 2010 in its sole final appearance.

The two sides have only met once before at the World Cup. Argentina won the 1966 match 2–1.

Infantino said in June that he and Trump would jointly deliver the World Cup trophy to whichever team wins the championship match.

“We will be together with the president enjoying the final and handing the trophy to the winner, of course, together,” Infantino said at the time.

Infantino has praised Trump in the past and awarded him FIFA’s inaugural peace prize in 2025 for the president’s efforts to bring about peace agreements in the Middle East and elsewhere.

Tyler Durden Fri, 07/17/2026 - 10:50

Zelensky's Cabinet Reshuffle Backfiring As He Names New Defense Minister

Amid a continuing status of martial law in Ukraine, one European headline underscores that President Zelensky's significant cabinet and defense ministry reshuffling has 'backfired'.

Public outrage and rare protests have ensued in the capital and across various cities after he sacked popular Defense Minister Mykhailo Fedorov, who many Ukrainians see as having turned the tide of the war with Russia, implementing an ambitious tech-focused drone strategy.

Zelensky has now confirmed the dismissal by appointing Security Service of Ukraine (SBU) chief Yevhen Khmara as acting defense minister.

Yevhen Khmara, via RBC-Ukraine

"Once the necessary legal procedures are completed, I will ask lawmakers to support Yevhen Khmara's appointment as defense minister," Zelensky announced.

None of this is being received very well among the public, also days after the forced resignation of Prime Minister Yulia Svyrydenko, who was merely six months into the job:

The removal of Svyrydenko and swift appointment of Sergii Koretskyi as Ukraine’s new prime minister barely registered in the public debate, but there was uproar around the defence portfolio.

On Thursday lawmakers approved almost an entirely new wartime cabinet and Koretskyi’s nomination – a move largely seen as logical given his track record as chief executive of state energy giant Naftogaz and his crisis‑management roles at Ukrnafta and Ukrtatnafta.

Inside parliament, Koretskyi vowed to focus on defense, economic stability and EU integration. Outside, thousands of demonstrators made it clear that the real battle who controls the armed forces – and how - had only just started.

Zelensky seemed on the defensive in a Thursday night address explaining his choice for new acting defense chief.

"Yevhen Khmara will serve as acting Minister of Defence of Ukraine. He headed the SSU's Centre of Special Operations Alpha, which has achieved the most effective results in eliminating the occupiers on the front. Alpha consistently ranks number one in the monthly results," he said.

"Khmara was responsible for the long-range operations of the Security Service of Ukraine," Zelensky added. "We agreed that Khmara will also oversee the long-range operations of the Security Forces – this is a priority."

Seeking to put a positive spin on a move which is proving deeply unpopular, Zelensky continued: "He knows exactly what Ukraine needs and is also capable of maintaining control over the internal situation across the components of the defense forces. He has sufficient security experience to prevent disgraceful incidents."

⚡️🇺🇦 BREAKING: Zelenskyy confirms tensions between Fedorov and Syrskyi: “Without me, they won’t sit down together”

Ukrainian President Volodymyr Zelenskyy has confirmed tensions between former Defense Minister Mykhailo Fedorov and Commander-in-Chief Oleksandr Syrskyi, saying he… pic.twitter.com/olt7DuSalu

— Denys from Ukraine (@GlushkoDenys) July 16, 2026

Chief Foreign-Affairs Correspondent of the WSJ, Yaroslav Trofimov, has pointed out that "Many Ukrainians (and not just Ukrainians) see this as Zelensky putting petty politics ahead of winning the war." If the protests grow rapidly, it could cause Zelensky's external supporters to sour on him.

Tyler Durden Fri, 07/17/2026 - 10:30

UMich Sentiment Extends Bounce From Record 46-Year-Lows As Gas Prices Ease

Having rebounded from record (46 year) lows in June, University of Michigan's preliminary July Sentiment survey was expected to show further improvement as gas prices fell since the US-Iran 'peace' MoU signing (before rising modestly in the last few days of the reignited conflict).

And indeed it did, headline Consumer Sentiment jumped from 49.5 to 54.4 (51.0 exp) - its highest since February...

"With the second straight month of 10% jumps," said UMich Dirctor of Surveys, Joanne Hsu, pointing out that "consumer sentiment climbed to its highest reading since February of this year on the basis of easing price pressures at the pump in recent weeks."

All five index components improved, led by significant 20% increases in buying conditions for durables as well as year-ahead business conditions.

This month’s rise in sentiment was pervasive across the population, seen across groups by age, income, wealth, and political party.

Particularly strong increases were seen among consumers without a bachelor’s degree.

Year-ahead inflation expectations ticked down from 4.6% in June to a still-elevated 4.2% this month. 

However, Hsu concludes by pouring cold water on the bounce by noting that sentiment’s upward momentum may prove difficult to sustain if recent declines in gas prices continue to reverse course.

Interviews for this release spanned June 23 to July 13, with more than 70% completed before the resumption of US strikes against Iran on July 7 and the subsequent increase in gas prices.

credittrader Fri, 07/17/2026 - 10:07

Burnham Is Facing The Same Dilemma That Has Trapped British Politics Over The Past Decade

By Stefan Koopman, senior macro strategist at Rabobank

To Govern Is To Choose 

Today, Andy Burnham will formally be confirmed as Labour leader. Barring any last-minute surprises, he will become prime minister on Monday. The UK will then have had seven prime ministers in a decade, with five taking office without a general election: May in 2016, Johnson in 2019, Truss and Sunak in 2022, and now Burnham in 2026. 

We have often used these mid-term transfers to make the point that Brexit is like a monster devouring its babies. While we do think that this analogy is becoming increasingly stretched ten years after the vote, Brexit remains an important part of the UK’s story. It has contributed to weak productivity growth, subdued gains in real incomes and stagnant living standards, despite the explicit promise of sunlit uplands. The result is even more disappointment than before, and a never-ending search for a messiah who promises to restore rising prosperity. 

The macroeconomic backdrop helps explain why this search keeps ending in disappointment. The UK's problem increasingly appears to be one of supply rather than demand. In our forecasts for 2024-29, consumption growth never exceeds a paltry 1.2% per year, while per capita spending is broadly flat. Yet inflation remains above target in five of those six years. Weak demand alongside persistent inflation points at persistent supply-side constraints. 

This leaves Burnham facing a dilemma that has trapped much of British politics over the past decade. He inherits high public debt, elevated borrowing costs and weak growth, while demands on the state continue to rise from defence, net-zero and an ageing population. At the same time, investors are increasingly reluctant to finance ever-higher levels of current spending, fearing persistent inflation. That limits the scope for the traditional political response of boosting demand to generate a short-term feel-good factor. If Burnham wants to change the UK's economic trajectory in the run-up to the 2029 election, he will have to focus on expanding supply sooner than later. 

The problem is that expanding supply requires investment long before it delivers results. The UK needs more electricity generation and grid capacity if it wants to electrify industry, housing and transport. It needs more housing, infrastructure and business investment, which means overcoming planning constraints and local opposition. It needs greater labour supply in an economy still characterized by high inactivity and politically toxic immigration. And it needs both public and private capital directed to physical production after years of underinvestment. None of these bottlenecks can be removed quickly. 

For now, markets appear reassured by the expected composition of Burnham's government. The appointment investors feared most, Ed Miliband as Chancellor, appears to have been avoided. Shabana Mahmood is now reported to be the frontrunner for the Treasury. She is widely viewed as closer to Rachel Reeves in her approach to fiscal policy than Miliband is. 

At the same time, she has signalled support for a more active state where investment generates clear economic returns. That matters. If the UK's binding constraint is supply, then it will have to increase public investment. Expanding energy capacity, building housing, upgrading infrastructure and crowding in private capital all require the state to play a role. But higher investment spending cannot easily be layered on top of existing commitments in an environment of limited fiscal space. To create room for supply-enhancing investment, other areas of spending may ultimately face greater scrutiny. 

Markets welcomed this week the absence of a sharp turn to the left, but that alone does not solve the underlying growth problem. A supply-side agenda requires money, political capital, and time. Money remains scarce, with gilt yields near 5%. Political capital depreciates quickly. And recent British prime ministers have rarely been granted much time. If Burnham wants even a remote chance of changing the economic narrative before the 2029 election, he will have to make difficult decisions sooner rather than later. This may also mean testing his popularity with markets once the honeymoon period is over. To govern is to choose.

Tyler Durden Fri, 07/17/2026 - 09:40

Houston, We Have Shareholders

Submitted by QTR's Fringe Finance

SpaceX’s highly anticipated Starship test flight never made it off the pad Thursday evening. Instead, the launch was scrubbed after what appeared to be an automatic abort during engine startup, marking the first major operational disappointment since the company became publicly traded just weeks ago.

As of this writing, the company has not released a detailed explanation for what happened. SpaceX has only said there will be no launch today, that engineers will review the issue, determine the cause, and announce the next launch opportunity after completing their analysis. Until then, everything circulating online should be treated as speculation, not fact.

That hasn’t stopped launch watchers from dissecting the video frame by frame.

Several engineers and enthusiasts posting on X believe the booster triggered the abort after multiple Raptor engines failed to ignite properly. One widely shared theory suggests four engines in the center ring never achieved a successful startup sequence, while others have speculated that the new Raptor V3 engines may have a more demanding ignition process than previous versions. Those observations may ultimately prove correct, or they may prove completely wrong. At this point, nobody outside SpaceX knows.

But here’s what I know. What makes this different from every previous Starship launch is that SpaceX is no longer just a private engineering experiment. This is the company’s first Starship campaign as a publicly traded company, and that changes some things.

Before the IPO, a scrubbed launch was simply another engineering milestone…on the way to the company’s valuation doing this:

Investors weren’t watching every second because there were no public shareholders marking billions of dollars in value to market every afternoon. Now there are. Every countdown, every static fire, every launch, every anomaly and every explosion is effectively a public earnings report.

That’s simply the reality of being a public company.

I’ve argued repeatedly over the last several weeks that SpaceX’s valuation made very little sense. At one point investors briefly valued the company at well over $2 trillion before the shares gave back a substantial portion of those gains. The stock has now fallen below its $135 IPO price after peaking above $225 shortly after listing, leaving it down roughly one-third from its highs while still carrying an enormous valuation. It’s down another -3.8% after hours as of the time of this writing.

And look…my argument hasn’t been that SpaceX isn’t an extraordinary company, despite what some people argue when I’m being skeptical about valuation. It clearly is. My argument has been that no company deserves a valuation that assumes near perfection forever.

In fact, I’ve said more than once that SpaceX has the potential to become the pin that finally pops this market’s speculative bubble — and maybe even more than that. History is full of beloved companies that were wonderful businesses but terrible investments simply because investors paid absurd prices for them. The bond market seems to potentially agree with this sentiment.

Operational execution has always been the foundation of SpaceX’s story, but now it’s also the foundation of the stock. To be clear, one launch scrub means almost nothing by itself. Launch scrubs happen across the industry and are often the result of systems doing exactly what they’re supposed to do by preventing a launch under questionable conditions.

But now-public investors should not forget that Starship's development has been marked by a number of high-profile setbacks. The first integrated flight test in April 2023 lost control after failing to achieve stage separation and was intentionally destroyed by SpaceX's flight termination system. The second integrated test in November 2023 successfully achieved hot-stage separation for the first time, but both the Super Heavy booster and Starship upper stage were ultimately lost before completing their planned objectives.

Flight 7 in January 2025 ended with the loss of the Starship upper stage during ascent, and Flight 8 in March 2025 also resulted in the loss of the upper stage following another propulsion-system failure. More recently, Flight 12 in May 2026 suffered a significant setback when the Super Heavy booster failed during its return after multiple Raptor engines did not successfully relight. The Starship upper stage, however, continued its mission, deployed its test payloads, survived reentry and completed a controlled splashdown in the Indian Ocean.

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Every one of these flights produced valuable engineering data and moved the program forward, but they also served as reminders that developing the world's largest and most powerful launch system remains one of the most technically demanding challenges in aerospace. The difference now is that every one of those outcomes has immediate consequences for shareholders.

For years, SpaceX always had another exciting story to tell. Another funding round. Another valuation increase. Another government contract. Another Starlink milestone. Another private market markup.

Now the company has entered a different phase. It’s put up or shut up time. Public investors will increasingly want to see successful launches, expanding cash flow, continued Starlink execution and tangible evidence that the next phase of growth is materializing.

With the stock now trading below its offering price after a sharp post-IPO reversal, there’s still plenty of optimism embedded in the valuation despite the recent decline. The market may start to demand (at least some) demand execution instead of simply rewarding potential.

None of this means today’s scrub is the beginning of a larger problem. It may wind up being nothing more than a minor startup issue that engineers resolve in a matter of days.

But that’s precisely why it’s worth watching. From this point forward, every Starship launch is no longer just a rocket launch. It’s also a referendum on one of the largest and most expensive public companies in the world.

That dynamic didn’t exist a month ago. Now it does.

--

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

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Tyler Durden Fri, 07/17/2026 - 09:25

US Industrial Production Disappoints (Again) In June

US Industrial Production rose just 0.1% MoM in June (less than the 0.2% MoM rise expected), after also disappointing in May. That slowed the annual growth in production from 1.6% YoY to +1.1% YoY...

The recent blip higher in Capacity Utilization faded last month (76.1% vs 76.2% exp) with the down-trend seemingly still in tact...

If 'soft' survey data is in any way predictive of reality, then we should be seeing a sizable trend higher in industrial production...

...or maybe it's just another useless sentiment signal.

Tyler Durden Fri, 07/17/2026 - 09:21

Historic NYC Church Torched In Confirmed Arson - City Rejects Save Plan As Demolition Ordered

Authored by Steve Watson via Modernity.news,

The FDNY has now confirmed what many suspected from the start: the massive fire that gutted the historic South Bushwick Reform Church in Brooklyn was intentionally set. The 1853 landmark, a Greek Revival structure that served generations of worshippers as both a house of faith and a community hub, is a total loss, and it will be completely torn down.

CBS New York reported the determination this week. Pastor James E. Steward II made clear the congregation never saw it coming.

"It was more than just a building. It's lives and generations of lives that have been touched," Steward said. "We have no known enemies."

CBS New York says the New York City Fire Department have come to the conclusion the historic Christian church recently set on fire was "intentionally set"

The South Bushwick Reform Church was built in 1863 and served generations of worshippers. It will be completely torn down... pic.twitter.com/npo7KfWQjV

— Wall Street Apes (@WallStreetApes) July 16, 2026

He added: "Now we understand it is intentional, which brings another layer of grief to myself, as well as the congregation and the community." And: "Whoever is responsible for this ultimately has to answer to God."

No arrests have been made. Investigators previously noted a person of interest seen fleeing the scene on video shortly before the June 19 blaze erupted. The three-alarm fire brought down the steeple and left the wooden structure irreparable in the eyes of city officials.

Yet the congregation and local supporters pushed to preserve what remained. An independent structural engineer assessed the site as sound enough for restoration efforts focused on the attached fellowship hall and surviving elements. The city's Department of Buildings rejected the plan. Demolition is set to begin in August. The agency is led by Commissioner Ahmed Tigani.

!!! NYC Department of Buildings rejects plan to save a 174-year-old church in Bushwick that burned via arson

Demolition is set to begin in August

Ahmed Tigani leads the agency pic.twitter.com/KbIwgu1vux

— End Wokeness (@EndWokeness) July 14, 2026

This is not an isolated loss. Just weeks earlier, a 138-year-old church in Astoria, Queens, suffered a devastating "mystery" fire in April. The city rejected proposals to rebuild. The structure was demolished two weeks later.

> 138 year old church in Astoria, NY

> is damaged by mystery fire in April

> the city rejects proposal to rebuild

> church is demolished 2 weeks later pic.twitter.com/JsXaNpemhw

— End Wokeness (@EndWokeness) July 14, 2026

The losses mirror those in Europe, where a spate of church attacks have occurred.

In France, nearly 50 fires or arson attempts hit churches and Christian sites in a single recent year - a sharp rise - with authorities recording a Christian religious building vanishing every two weeks through fire, collapse, or deliberate damage.

Recent examples include the June blaze that destroyed most of the roof at the 17th-century Chapelle Sainte-Anne-des-Rochers in Brittany and the gutting of the Église Saint-Cyriaque in Montenach.

 

Canada has seen the same. Historic churches have been reduced to ashes with causes left unresolved and little urgency from authorities.

In the UK, churches face routine attacks while official outrage is selectively applied. A historic London church burned to the ground amid government silence, even as leaders scrambled to respond to incidents involving other faith sites.

 

In New York the physical symbols of the city's Christian heritage are vanishing under official processes that prioritize teardown over preservation. The South Bushwick congregation is left raising what funds it can while the city bills the church for its own demolition and prepares the site for whatever comes next. The Astoria church is already gone.

These buildings stood for more than a century as anchors of community and continuity. Their rapid destruction, followed by bureaucratic refusal to allow rebuilding, fits a larger pattern playing out from Brooklyn to Quebec to provincial France. The foundations that built Western cities are being burned and demolished.

Tyler Durden Fri, 07/17/2026 - 08:55