The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

•  AI Chatbots Know More About You Than You Realise: A handful of casual questions is enough for a chatbot to assemble a strikingly detailed profile of the user. The language we use is full of signals we don’t know we’re sending; AI has learnt to read them. (Straits Times)

• ‘It Beats Pitchfork Rebellions and the Guillotine’: Why These Super-Rich Americans Are Asking For Higher Taxes: As far as political protest goes, this was among the most civilized I have ever witnessed. The organizers did not make any noise beyond the idling truck covered in changing digital billboards. There were no chants on the sidewalks, no signs to leave behind as litter. The workers at the estate of billionaire Jeff Bezos looked with curiosity that quickly gave way to indifference as the visitors’ vehicle flipped through a three-minute slide deck mocking the Amazon founder: “Congratulations! You won capitalism! Now pay your damn taxes. It beats pitchfork rebellions and the guillotine” — a very civilized class of protesters. (Time) see also What I Learned About Billionaires at Jeff Bezos’s Private Retreat: For the richest men on Earth, everything is free and nothing matters. (The Atlantic)

• The Man Who Invented the Future: The Widener family fortune was built on electricity — and on a founder who imagined the modern world before it arrived. Are we the conflicted heirs of the world according to Francis Bacon? (Hedgehog Review)

• The Great Ozempic Experiment: Online and in doctors’ offices, people are finding that GLP-1s may help with everything from arthritis to addiction to migraines.It’s a new era of D.I.Y. medicine. Now the health establishment needs to catch up. GLP-1s may help with everything from arthritis to addiction — and we’re all the test subjects. (New York Times)

• 10 Things That Matter in AI Right Now: MIT Tech Review’s take on the ten AI trends, tools, and debates that actually matter heading into the rest of 2026. (MIT Technology Review see also The Warehouse, in Plain Sight: How the American warehouse — now being repurposed by DHS — became invisible infrastructure hiding in plain sight. That concrete box off the freeway wasn’t designed for storage so much as capture — of markets, workers, and, now, people detained by immigration agents. It’s a disappearing machine. We need to see it clearly. (Places)

• AI, Iran and the Gulf 101: Deutsche Bank’s primer on how AI investment, Iran policy, and Gulf capital fit together. (Deutsche Bank)

• It’s Been Quite the Year for Victoria Beckham: The Spice Girl turned fashion designer clawed her way out of debt and posted record profits. Family troubles aren’t standing in the way of her success. (WSJ)

• OnlyFans Model, 20, Made $43 Million Last Year. To Her, It Doesn’t Conflict with Christian Values: ‘The Lord’s Very Forgiving’ (Exclusive) At just 20 years old, Sophie Rain is making a life-changing yearly income of over $43 million — and sees no contradiction with her faith. (People)

• The invention of the soul: Humans weren’t given souls by God or genes. We made them ourselves with language – turning sentience into something sacred (Aeon) see also You’ve lived this life before: The mystical insight came to Nietzsche like a lightning flash: time eternally recurs – and life must be lived accordingly (Aeon)

• Marilyn Monroe’s Nudes Made Her Notorious. “Surprisingly Good” Acting Made Her a Star. In an exclusive excerpt from their new book, The Marilyn Monroe Century: From Norma Jeane to Icon―A Story in Photographs, John Miller and Mark A. Fortin trace the icon’s meteoric rise from scandal to stardom. Plus, a selection of previously unpublished photographs by Bruno Bernard. (Vanuty Fair)

Be sure to check out our Masters in Business interview this weekend with David Gardner, cofounder of The Motley Fool in 1993 (with his brother Tom Gardner). Originally launched as a print investment newsletter based on the idea that ordinary investors could beat Wall St., it gained traction when promoted on America Online (AOL) in 1994; it soon became a major presence on AOL and then Fool.com. His latest book is “Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth.”

 

There’s never been an investment like the investment in railroads

Source: @paulg

 

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The post 10 Weekend Reads appeared first on The Big Picture.

Fusion Energy: Why America Needs To Own Its Technology

Authored by Lawrence Kadish via The Gatestone Institute,

For decades, fusion energy has been the great scientific pursuit - clean, limitless power drawn from the same physics that powers the sun. Enormous progress has been made in the technology required to harness nuclear fusion and significant investment is now being made by private companies and President Donald J. Trump's White House.

As we advance on fusion success, however, there is a danger of progress being halted by an enormous challenge: the supply chain. Without an American-based industrial infrastructure to source, manufacture, and deliver the materials fusion energy requires, our nation's dominance in this crucial field is at risk.

Consider the "shopping list" needed to create a viable fusion reactor.

Start with its fuel, tritium, a rare hydrogen isotope. There are not a lot of tritium supplies anywhere in the world.

Accordingly, you need to manufacture them – an enormous challenge before you even get to sustaining the actual fusion reaction.

The same issue applies to magnets needed to keep the fusion reaction contained and running.

The list goes on.

It is not a secret for those advancing our nation's energy independence through fusion.

David Kirtley, CEO of Helion Energy, a major leader in the field, has stated that supply chain challenges could put fusion's future here in America at risk.

As a result, they have moved some key technology manufacturing in-house.

In testimony before the Senate Committee on Energy and Natural Resources, Jackie Siebens, Helion Energy's Director of Public Affairs, stated that building the supply chain and infrastructure necessary to scale fusion is "chief among" the company's challenges.

She warned that fusion power plants will rely on key components including semiconductors, capacitors, high-quality metals, and magnets —and that the manufacturing of those key items is currently concentrated in a few countries, chiefly China. Why are we not surprised?

The geopolitical stakes could not be higher. Helion Energy correctly argues that without a strong domestic supply chain, the U.S. risks losing its strategic energy dominance even as it advances on fusion energy success

Our nation's leaders must treat protecting the supply chain with the same urgency as research funding to achieve fusion energy breakthroughs.

Washington needs to recognize the challenge and encourage the creation of an "American made" network of fusion technology suppliers that will protect our future.

It is a race where second best will leave a nation in the dark.

Tyler Durden Fri, 04/24/2026 - 15:15

Ilhan Omar Accused Of Trying To Steer $1.4M To Nonprofit With Somali Restaurant For Address

U.S. Rep. Ilhan Omar (D-MN) is facing fresh accusations after Republicans flagged her reported push to direct more than $1 million in federal taxpayer funds to a small Somali-led nonprofit whose listed project address matches a Minneapolis restaurant.

The nonprofit, Generation Hope MN, describes itself as providing addiction recovery services, peer support, job training, and mental health support for the East African community. The address tied to Omar’s earmark request - 326 Cedar Ave S / 411 Cedar Ave S - matches Sagal Restaurant and Coffee, a Somali eatery. Conservative investigator Angela Rose documented the site in a video, using Google Street View archives and on-site footage to show minimal or no clinic signage over years, with the building primarily operating as a restaurant. The owner has confirmed Generation Hope uses upstairs space in the multi-tenant property, but critics highlighted the optics amid Minnesota’s fraud history.

Minnesota Rep Ilhan Omar attempted to send $1.46 million dollars in funding to an address for a nonprofit called “Generation Hope”

The address to receive the money isn’t a treatment facility, it’s a restaurant

After this was discovered House Republicans stripped the earmarked… pic.twitter.com/iwwSZMi75H

— Wall Street Apes (@WallStreetApes) April 24, 2026

Omar, joined by Sens. Amy Klobuchar and Tina Smith, had requested approximately $1.031 million (with some reports citing up to $1.46 million in initial figures) through the Department of Justice’s Byrne Justice Assistance Grant program for the group’s “Justice Empowerment Initiative.” Sen. Joni Ernst (R-IA) and other Republicans flagged multiple concerns: the restaurant address, three directors listing the same residential home address in filings, and the organization’s limited demonstrated capacity for large-scale treatment services. House Republicans stripped the earmark from a FY2026 spending package in January 2026. GOP senators later requested a formal DOJ fraud investigation into Generation Hope MN.

This development coincides with a separate but related state-level investigation. On April 22, 2026, Minnesota State Rep. Kristin Robbins (R), chair of the House Fraud Prevention & State Oversight Committee, publicly released a formal data request letter to Omar after the congresswoman reportedly declined multiple invitations to testify about her MEALS Act (H.R. 6187, 116th Congress). That 2020 legislation, incorporated into the Families First Coronavirus Response Act, expanded child nutrition programs and loosened some eligibility requirements during the pandemic—changes critics say contributed to conditions enabling the massive Feeding Our Future scandal, which allegedly defrauded taxpayers of more than $250 million. Court records and trials have implicated numerous individuals in Omar’s district, many from the Somali-American community, with some having ties to her orbit (including a former staffer who pled guilty and associates at sites like Safari Restaurant, where Omar appeared in a 2020 promotional video). Omar has distanced herself from the defend ants and called the fraud “reprehensible,” while urging the public not to broadly blame the Somali community.

Robbins’ letter demands detailed records of Omar’s communications with key players, her office staff, and the Minnesota Department of Education by May 5. Omar has not publicly responded to the latest demand.

Additional layer of recent scrutiny: Omar’s amended financial disclosures and dissolved winery Compounding questions about oversight of public funds, Omar is also facing intense Republican-led scrutiny over her personal finances. In her 2024 disclosure (filed in 2025), she and husband Tim Mynett reported combined assets valued between $6 million and $30 million - a dramatic increase from prior years - largely tied to two companies Mynett co-owns: eStCru LLC (a California winery) and Rose Lake Capital (a venture capital firm). After inquiries from the Office of Congressional Conduct and House Oversight Committee Chairman James Comer (R-KY), who requested records citing “serious public concerns,” Omar amended the filing in mid-April 2026. The new version lists joint assets at just $18,004 to $95,000, with the companies now valued at “none.” Her office blamed an “accounting error” in which liabilities were not properly subtracted and stated she is “not a millionaire.”

Notably, the eStCru winery LLC was officially terminated (dissolved) on April 4, 2026 - days before the amendment became public. Independent investigator Angela Rose (who also produced the Generation Hope video) previously visited the listed address and described the operation as a “phantom” or shell business: no active wine production, no tastings, no product available for purchase, and a facility sign confirming it had “ceased operation.” ZeroHedge and other outlets have reported on suspicions of inflated valuations and potential shell-company activity.

No criminal charges have been filed against Omar personally in any of these matters. Her office has defended the MEALS Act as emergency pandemic aid, distanced her from Feeding Our Future defendants, and called the disclosure revisions voluntary and accurate. Generation Hope’s supporters maintain it is a legitimate community organization operating within available space. Rose Lake Capital and eStCru have faced prior investor disputes, but Mynett has denied wrongdoing.

Still, the overlapping controversies - the earmark red flags, the state records demand, deep ties to individuals later implicated in fraud schemes, and the sudden financial disclosure swing followed by a business dissolution - have fueled outrage among critics who argue they reflect insufficient transparency around public funds and personal finances in Omar’s district. With the May 5 deadline approaching, lawmakers, watchdogs, and taxpayers are watching closely for any response.

We can't wait for absolutely nothing to happen to her. 

Tyler Durden Fri, 04/24/2026 - 14:55

FDA Approves First Gene Therapy To Treat Deafness

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Federal regulators on Thursday approved the first gene therapy to restore hearing, just two months after the therapy’s maker formally requested a license.

Dr. Marty Makary, the Food and Drug Administration's commissioner, in an undated file photograph. Madalina Vasiliu/The Epoch Times

The Food and Drug Administration approved the Regeneron therapy, Otarmeni, for children and adults with severe or profound hearing loss associated with OTOF gene variants.

The approval came 61 days after Regeneron filed for a biologics license, under a new effort known as the Commissioner’s National Priority Voucher Program that emphasizes quickly reviewing applications for products that address unmet needs.

“Today’s approval is a significant milestone in the treatment of genetic hearing loss,” Dr. Marty Makary, the FDA’s commissioner, said in a statement.

“Through the national priority voucher pilot program, the agency is accelerating therapies for rare diseases with unmet medical needs while proving we can successfully review even the most complex submissions—such as novel dual vector gene therapies and combination products requiring coordination across multiple offices and centers—in significantly shortened timeframes.”

Genetic mutations account for about half of cases of inherited hearing loss. Variants in the OTOF gene account for 2 to 8 percent of those cases.

To treat deafness, Otarmeni is administered to each ear using a syringe and catheter provided in the accompanying kit.

Regulators approved Regeneron’s therapy after reviewing data from a clinical trial involving 24 patients aged 10 months to 16 years. Of the 20 patients included in the efficacy analysis, 80 percent experienced improvement in hearing after receiving Otarmeni.

Common side effects of the drug included ear infection, nausea, and dizziness.

Dr. A. Eliot Shearer, an otolaryngologist at Boston Children’s Hospital and an investigator in the trial, said in a statement released by Regeneron that the one-time therapy provides “remarkable hearing improvements.”

“I’ve witnessed firsthand my trial participant responding to their mother’s voice, dancing to music and interacting with the world, and these moments are now possible for more children born with this specific form of hearing loss,” he said.

Dr. Marty Makary, the Food and Drug Administration's commissioner, in an undated file photograph. Madalina Vasiliu/The Epoch Times

Regeneron said it will provide the therapy free of charge to patients in the United States as part of a deal struck with President Donald Trump and announced on Thursday.

Dr. George D. Yancopoulos, president and chief scientific officer of Regeneron, said in a statement that Otarmeni was an “unprecedented breakthrough” in gene therapy.

“Otarmeni is a huge scientific leap and is representative of Regeneron’s approaches to continually push the boundaries of science to benefit humanity,” he said.

“This unprecedented breakthrough in gene therapy has already proven to be life-changing for many of the children in our clinical trial and their families. We are honored to be in the position to be the first company to ever offer such a gene therapy advance for free to those in the U.S. and serves to highlight our belief that the biopharmaceutical industry can be a genuine force for good in the world.”

Tyler Durden Fri, 04/24/2026 - 14:35

Race To Refill U.S. Weapons Stockpiles Will Supercharge War Economy

The U.S. military's 55-day war with Iran has alarmingly drawn down several categories of high-end air-delivered munitions, forcing the Department of War to draw from critical stockpiles in Asia and Europe. The drawdown of these weapons only suggests a possible readiness problem and helps explain why President Trump's war economy is set to accelerate, with expected increases in munitions production. 

The New York Times has released a report that says since the US-Iran conflict began in late February, the US military has burned through roughly 1,100 JASSM-ER long-range stealth cruise missiles, more than 1,000 Tomahawk cruise missiles, over 1,200 Patriot interceptors, and more than 1,000 Precision Strike and ATACMS missiles.

"The Iran war has significantly drained much of the U.S. military's global supply of munitions, and forced the Pentagon to rush bombs, missiles and other hardware to the Middle East from commands in Asia and Europe," the outlet said, citing internal Defense Department estimates and congressional officials.

The report continued, "The drawdowns have left these regional commands less ready to confront potential adversaries like Russia and China, and it has forced the United States to find ways to scale up production to address the depletions, Trump administration and congressional officials say." 

Senator Jack Reed of Rhode Island, the top Democrat on the Armed Services Committee, stated earlier this week, "At current production rates, reconstituting what we have expended could take years." 

One of the first major signals that the DoW was set to call on private industry to begin ramping up Trump's war economy was a report earlier this month that said the Trump administration was exploring whether U.S. manufacturers, including GM, Ford, GE Aerospace, and Oshkosh, could convert civilian industrial capacity into weapons production as multiple conflict areas across Eurasia drag on and deplete critical weapons stockpiles.

The historical precedent is that America converted its automotive base during World War II to produce record numbers of main battle tanks, bombers, and fighter planes to win the war.

"The United States has many munitions with adequate inventories, but some critical ground-attack and missile-defense munitions were short before the war and are even shorter now," Mark F. Cancian, a retired Marine Corps colonel and a senior adviser at the Center for Strategic and International Studies, told the outlet. He recently published a study estimating US weapons stockpiles.

Evidence of converting underused civilian industrial capacity has recently emerged, with the German automaker Volkswagen set to transform its Lower Saxony factory from producing T-Roc Cabriolets to manufacturing parts for the Iron Dome missile interceptor system.

The important signal we are gathering here is that the US may have to convert underutilized civilian industrial capacity, including truck and auto production lines, to weapons output.

To be frank, this is no longer peacetime procurement. It is wartime industrial mobilization, with Washington now being forced to confront the gap between the weapons it burns in the Middle East and the weapons its defense base can actually replace.

Tyler Durden Fri, 04/24/2026 - 14:15

Watch: GOP Rep. Declares SPLC "Absolutely" Culpable In Charlie Kirk Assassination

Authored by Steve Watson via modernity.news,

Rep. Andy Ogles was adamant when asked if the Southern Poverty Law Center bears responsibility for the assassination of Charlie Kirk. The Tennessee Republican connected the dots between the SPLC’s long-running smear campaign against conservatives and the fresh Trump DOJ indictment exposing the group’s fraudulent operation funding the very extremists it claimed to oppose.

In a bombshell interview on The Benny Show, Ogles laid out the case plainly, tying the SPLC’s “heat map” of supposed hate groups directly to the violence that claimed Kirk’s life. 

The timing couldn’t be more damning: just one day after the DOJ dropped its 11-count indictment against the SPLC for wire fraud, bank fraud, and money laundering tied to over $3 million in donor funds secretly funneled to KKK leaders, National Socialist Movement members, and other violent extremists.

Congressman Says SPLC Is ‘Absolutely’ Culpable in the Assassination of Charlie Kirk

The SPLC's disgusting "Hate Map" didn't just smear conservatives like Charlie as racists and Nazis — it incited violence against them.

I asked Rep. Andy Ogles if he believes the SPLC bears… pic.twitter.com/fVFqX3meFd

— Benny Johnson (@bennyjohnson) April 22, 2026

As we highlighted, the Trump DOJ’s action exposed the SPLC’s decade-long scheme. 

The group raised millions by promising donors it would dismantle racist hate groups—then turned around and paid their leaders to stage activities the SPLC could report on, all while branding mainstream conservatives as the real threat. 

Acting Attorney General Todd Blanche put it bluntly: “The SPLC is manufacturing racism to justify its existence.”

Ogles made the direct link to Kirk’s murder crystal clear.

“Absolutely, if you and I did that, they would be coming after us. They threw everything at us that they could… just follow the facts… If the right was doing this to the left, I mean, we all would have been in jail,” Ogles stated.

He continued: “Kudos to the DOJ for going after this. It can’t be lost, ladies and gentlemen, when you think about the murder of Charlie Kirk, when you think about some of these hate crimes that have happened across this country, would they have happened had it not been for this vile rhetoric from the left?”

Ogles didn’t stop there. He zeroed in on the SPLC’s infamous “heat map” that painted Kirk and Turning Point USA as dangerous extremists right up until the activist’s assassination.

“People need to understand that this conspiracy that was built by the left to paint the right as racist and Nazi and violent is totally fabricated!” he declared.

“So that begs the question, this HEAT MAP that they created, this vile contempt for Republicans, how did that play into Charlie Kirk’s murder?”

“Were they there on January 6th? You have millions upon millions of dollars. I mean, even in Nashville, you had the Patriot Front, they were posing as Nazis, marching in Nashville, right? You have a conservative organization, several in my district that are on this heat map of being the alt-right hate groups.”

The SPLC’s pattern is now impossible to ignore. For years the group has wielded its “hate map” like a weapon, smearing pro-life organizations, border security advocates, and America First voices as domestic threats. Kirk called them out repeatedly—exposing the fraud before his death. The SPLC kept attacking anyway.

The Trump DOJ’s indictment confirms what Kirk and countless others warned about: the SPLC wasn’t fighting hate. It was profiting from it, using donor cash to prop up the very groups it listed while targeting conservatives who dared push back against open borders, woke indoctrination, and deep state overreach.

The SPLC’s rhetoric helped create the toxic environment where political violence against figures like Kirk became thinkable. Ogles is right to demand real consequences. When the left’s smear machine gets exposed funding actual extremists, the same rules they demand for everyone else must finally apply.

The broader picture shows a pattern of leftist hypocrisy now unraveling under Trump’s DOJ. Multiple outlets have covered the indictment, confirming the SPLC secretly paid informants inside the Ku Klux Klan, United Klans of America, Aryan Nations, and National Socialist groups from 2014 to 2023.

The group deceived donors, hid payments through shell companies, and used the resulting “reporting” to justify its bloated budget and political hit lists.

Charlie Kirk was right about the SPLC all along. His murder demands more than thoughts and prayers—it demands justice. The Trump administration’s move to hold these frauds accountable is a vital first step in restoring sanity and protecting free speech from the real inciters..

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Fri, 04/24/2026 - 13:55

DOE's Nuclear Fuel Consortium Announces Seven-Year Plan

After eight months of closed-door meetings, the Department of Energy’s Defense Production Act (DPA) Nuclear Fuel Cycle Consortium has rolled out its latest effort: a plan to strengthen America’s entire domestic nuclear fuel supply chain… over the next seven years.

BREAKING: @ENERGY is deploying the Defense Production Act to ensure that the U.S. will have the nuclear fuel it needs to power the reactors of today and tomorrow.

Representatives from 90+ companies have signed up to help secure our nuclear fuel supply chain.

Learn more:… pic.twitter.com/ts6wJ7MXho

— Office of Nuclear Energy | US Department of Energy (@GovNuclear) April 23, 2026

Unveiled at a public meeting in Washington, the “Nuclear Dominance – 3 by 33” initiative brings together more than 90 companies to tackle every link in the chain, from mining and conversion to enrichment, deconversion, fabrication, recycling, and reprocessing.

Officials outlined three broad goals for 2033: building a secure, cost-competitive domestic supply chain; accelerating advanced reactor deployment while closing the fuel cycle; and leveraging the DPA framework to align workforce development, financing, innovation, and collaboration. They also floated a series of 60-day sprints aimed at delivering quick wins.

What remains unclear is exactly how any of this will happen. No detailed roadmaps, budgets, or specific milestones were provided, leaving observers to wonder: what exactly has been going on for the last eight months since the consortium was announced? 

We have followed this process closely since the group’s kickoff last October, after President Trump’s May 2025 executive orders targeting the nuclear industrial base. The DOJ’s grant of antitrust immunity to let fuel companies coordinate without legal risk was also recently announced. 

The United States is expanding its nuclear supply chain, but the pace still lags behind surging demand from data centers, manufacturing revival, and national energy-security priorities.

Is it just a lack of real urgency? Maybe the American tech bros running some of the new nuclear startups should take some notes from the Iranian nuclear industry about quickly rebuilding the nuclear fuel chain…

IRAN'S ATOMIC ENERGY AGENCY SAYS NUCLEAR SITES QUICKLY BEING REBUILT, ACTIVITY TO CONTINUE WITH GREATER POWER – IRANIAN MEDIA

— zerohedge (@zerohedge) June 22, 2025

Tyler Durden Fri, 04/24/2026 - 13:25

Dr. Oz Demands States Take Action On Medicaid Fraud

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The head of the Centers for Medicare and Medicaid Services (CMS) demanded that states across the nation take action to crack down on fraud in Medicaid, one of the federal government’s health insurance programs.

Dr. Mehmet Oz, the Administrator for the Centers for Medicare & Medicaid Services, speaks during an interview with EpochTV’s “American Thought Leaders” in Washington on Jan. 16, 2026. Madalina Kilroy/The Epoch Times

In letters to state Medicaid directors, CMS Administrator Dr. Mehmet Oz said they should develop and file with his agency a comprehensive strategy to ensure that Medicaid providers are legitimate.

“Corrupt individuals and organizations masquerading as health care providers are defrauding Medicaid, and American taxpayers, of billions of dollars each year, placing valuable resources out of reach for those the program was intended to serve: low-income senior citizens, children, and disabled individuals,” Oz wrote.

Oz had recently previewed the effort, saying it would involve proving whether the providers “actually exist.”

“I love Medicaid; I cannot say that more fervently,” Oz said at a summit held by Politico. “If you love something, you protect it. You don’t let it get defrauded. You don’t let it get taken advantage of.”

If states do not take action, then audits may be an option, he said.

CMS has been investigating Medicaid and Medicare, and officials have said they have identified billions in fraudulent or potentially fraudulent spending, leading to actions such as deferring $259 million in payments to Minnesota. They have had to clarify some claims, including acknowledging an error in calculations regarding New York.

The new letters said CMS is acting under its responsibilities outlined in federal law, including the Social Security Act, and that CMS understands that states face challenges administering the complex Medicaid program. Oz said in the letters that CMS analyses are suggesting “a persistent and growing Medicaid threat posed by sophisticated actors knowingly exploiting these complex systems for financial gains.”

“A foundational element of Medicaid program integrity is ensuring that only legitimate, qualified providers are enrolled and participating in the program,” Oz said. “Confirming that each state maintains accurate and regularly updated provider enrollment information is a critical foundation of CMS' efforts to safeguard Medicaid program integrity, as it supports effective screening, monitoring, and oversight of participating providers.”

States were instructed to notify CMS of revalidation plans within 10 days and to follow up within 30 days with the strategy to make sure that providers are valid. It did not include any audit threats for noncompliance.

CMS declined to comment on the letters.

Oz added in a video statement that criminals are costing billions in taxpayer funds each year, and taking resources away from the needy.

“Here’s the bottom line: It’s time to make sure that providers of high-risk services are valid and meet all the requirements to deliver care to Medicaid beneficiaries,” Oz said in the video.

States have the ability to define which providers are high-risk, which might include providers without national identifiers, according to Oz.

“These are the gaps that criminals, including foreign nationals, exploit,” he said. “Revalidation works. It forces accountability, it removes bad actors, and it sends a clear message that the Medicaid system is not an unguarded piggy bank.”

Tyler Durden Fri, 04/24/2026 - 13:05

U.S. Wheat Futs Hit Two-Year High As Wall Street Sounds Alarm Over Drought Shock

Hard red winter wheat climbed to a two-year high by the end of the week, as our coverage of the drought shock now hitting America's Breadbasket raises serious alarm bells on commodity desks.

The concern is not just reduced crop yields and quality. It is colliding with fertilizer shortages and elevated diesel prices, creating a broader inflationary transmission channel that could work its way through the food supply and translate into higher supermarket prices down the road.

Hard red winter wheat rose another 1% on Friday, with gains for the week approaching 6%. Active futures contracts in Chicago are now at their highest level since June 2024. Contracts are up 28% on the year.

On Thursday, UBS analysts, led by Jonathan Pingle, told clients that the drought conditions impacting the U.S. agricultural belt rank among the worst in more than 130 years:

The National Oceanic and Atmospheric Administration's Palmer Drought Severity Index hit its highest level for March since records started in 1895, and March was the third-driest month recorded, regardless of time of year, behind only the famed 1930s Dust Bowl: July and August 1934. Water levels on the Mississippi look fine, as the seasonal lows are typically in the fall, but river levels in Memphis sit 24 feet below this time last year.

Pingle warned clients, "All eyes have been focused on the Middle East, but another supply shock may be unfolding in U.S. agricultural production."

Tyler Durden Fri, 04/24/2026 - 12:45

US Sending Witkoff, Kushner To Pakistan As Iran Balks At Talks Summary

• President Trump is sending two envoys - Steve Witkoff and Jared Jushner - for talks with Iran in Pakistan, CNN reported, while Tehran sounded a more pessimistic tone on the prospects of further negotiations

• Avalanche of Friday morning headlines speculating on Iran FM travel to Pakistan, and potential US delegating arriving too - Iranians will just engage Pakistan mediators in this visit.

• Third US aircraft carrier, the George HW Bush, has finally arrived in Mideast regional waters after taking the long way around Africa.

• Hegseth in presser renews call, highlighting main issue, for Iran: "All they have to do is abandon a nuclear weapon in meaningful and verifiable ways..."; Warns Iranians over continued mine-laying.

• Tehran again rejects as 'false' the rumors about Iran Parliament speaker being replaced with someone more hardline.

//--> //--> //--> US x Iran permanent peace deal by June 30, 2026?
Yes 49% · No 52%
View full market & trade on Polymarket

*  *  *

US Sends Team to Pakistan, CNN Says, as Iran Balks at 

Confirming earlier speculation, CNN reported that President Trump is sending tdswo envoys for talks with Iran in Pakistan, even as Tehran sounded a more pessimistic tone on the prospects of further negotiations. Special envoy Steve Witkoff and the president’s son-in-law Jared Kushner are set to participate in talks this weekend with Iranian Foreign Minister Abbas Araghchi. Yet according to Iran's semi-official Tasnim news agency reported earlier, no talks are slated to take place between the two parties during the foreign minister’s trip. Vice President JD Vance, the lead negotiator for the US, isn’t currently expected to join the delegation, CNN said. According to the latest from the White House Press Secretary on Vance:

Vice President JD Vance will be on “standby” and is “willing to dispatch to Pakistan” for Iran talks if negotiations progress in a way that the White House determines is a “necessary use of his time,” White House Press Secretary Karoline Leavitt says.

Araghchi earlier said he was headed to Pakistan, but poured cold water on speculation that the US and Iran were close to a second round of negotiations to end the eight-week war, posting on social media that the purpose of his travel is to “closely coordinate with our partners on bilateral matters and consult on regional developments.”

Officials in Pakistan familiar with the matter said they expected a second round of peace talks between the US and Iran, while declining to say when the negotiations would happen or at what level.

Oil fell by as much as 3.3% to trade near $93 a barrel on the latest sign that the elusive peace talks between the US and Iran may materialize after all, even if there are no assurances of a favorable outcome. Traders had been closely tracking the movements of both delegations for signals on whether negotiations would come to pass and offer some relief as the strait remains largely shut.

The announcement came as the US increased pressure on Iran with its naval blockade, seeking to get Tehran to agree to talks, while Israel and Lebanon are set to extend a ceasefire for three weeks. Trump ordered the US Navy to shoot any boat putting mines in the Strait of Hormuz, after the military intercepted two oil supertankers that tried to evade restrictions on traffic to and from Iran’s ports. The move by Trump, who claimed Iran is laying sea mines in the strait, is part of the White House’s attempt to cut off the country’s oil exports, squeezing it economically and forcing it to make concessions that will help end the war.

“I have all the time in the World, but Iran doesn’t — The clock is ticking!” Trump said in a Truth Social post.

Meanwhile, in case talks prove futile again, Pete Hegseth, Trump’s defense secretary, on Friday said a second aircraft carrier will join the blockade in just a few days.

Iran FM Will Not Meet American Side in Pakistan; Tehran Denies Ghalibaaf Rumors

...but he will travel to Islamabad, and is expected there by Friday evening, amid what's being described as a multi-nation diplomatic tour to shore up support for Tehran, and to set the conditions for potential next round of negotiations with Washington.

"The date for the launch of the second round of US-Iranian negotiations has not yet been determined," a Pakistani source told Al Hadath. In Islamabad all that's expected is that FM Araghchi and his small team will engage with Pakistani mediators, and nothing more. There's been no comment on all of this from the White House, which says Trump has "all the time in the world" regarding the Iran war and Hormuz standoff. Meanwhile Tehran has once again vehemently rejected as false the new Friday reports that Iran Parliament Speaker Ghalibaaf has been replaced as lead negotiator. 

Embarking on timely tour of Islamabad, Muscat, and Moscow.

Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments.

Our neighbors are our priority.

— Seyed Abbas Araghchi (@araghchi) April 24, 2026

More Speculation on Ghalibaf Resigning Negotiations Team

Tehran on Thursday rejected widespread reports that Parliament Speaker Mohammad-Bagher Ghalibaf as resigned from leadership of Iran's negotiating team. But these reports have persisted into Friday, with Saudi-funded, London-based Iran International 'newly' reporting:

Mohammad Bagher Ghalibaf, head of Iran’s negotiating team with the United States, has stepped down amid internal disagreements, Iran International has learned.

According to information obtained by Iran International, Ghalibaf was reprimanded for attempting to include the nuclear issue in talks with Washington and was forced to resign.

Hardline figure Saeed Jalili could replace him, while Foreign Minister Abbas Araghchi is also seeking to take over the negotiations.

And yet the fact remains that no talks are as yet scheduled, with regional media now saying Iran FM Araghchi is about to tour different countries, including Oman and even will make a stop in Russia - and that this may include Islamabad. If so, reports say it could just be part of a preparatory phase to engage Washington directly again. Latest via AJ: "No Iran-US talks to take place during FM Abbas Araghchi's visit to Pakistan, only bilateral engagement," citing senior Iranian source.

Hegseth Presser: Mine-Laying, Nuclear Sticking Point

A key line from the Pentagon chief on Friday morning: "All they have to do is abandon a nuclear weapon in meaningful and verifiable ways, or instead they can watch the regime's fragile economic state collapse under the unrelenting pressure of American power, a blockade as long as it takes, whatever President Trump decides," Hegseth said. He added that with the blockade continuing, "the clock is not on their side."

On this, Hegseth reiterated, "President Trump said it again yesterday. We have all the time in the world, and we're not anxious for a deal." And yet, he actually again made comparison to America's forever wars in the region:

Still, Hegseth opened his remarks to reporters decrying what he called the "endless wars of the past that dragged on for years and for decades," and he sought to draw distinctions between the conflicts in Vietnam, Iraq and Afghanistan. Instead, the defense secretary argued that Operation Epic Fury has delivered a "decisive military result" in weeks, with a focus on the mission of keeping Iran from developing a nuclear weapon.

The defense secretary said the mission is continuing into a new phase, and Iran now has the opportunity to make a peace deal. "Iran has an important choice, a chance to make a deal. A good deal. A wise deal," he said.

He further referenced yesterday's reports that Iran is still engaged in mine-laying activity in the Strait of Hormuz, and warned: "If Iran is putting mines in the water, or otherwise threatening American commercial shipping or American forces, we will shoot to destroy. No hesitation," he said.

Inadvertent admission of the leveling power of asymmetric warfare & geographic advantage: "Any one with a speedboat and a gun..."

Hegseth:

The vessels that the Iranians seized in recent days, a couple of them, they're not American or Israeli ships. They're just random ships.

They drove their little speedboats up to and shot at those ships with AK-47s.

Anyone with a speedboat, a gun, and the wrong… pic.twitter.com/BGQM97vUeQ

— Clash Report (@clashreport) April 24, 2026

'Breakthrough' on 2nd Round Pakistan Talks(?)

After signaling all day yesterday that it has not decided to engage the United States in a second round of peace talks, Friday morning has seen a flurry of headlines out of Saudi and regional media speculating that today is different. "Iranian Foreign Minister Abbas Araghchi may arrive tonight accompanied by a small delegation," Pakistani government source has told Al Arabiya's correspondent.

Also Bloomberg too is reporting that Iran's FM Araghchi is expected to arrive in Islamabad tonight. Additionally sources out of Pakistan say the country may announce today the resumption of negotiations between Iran and America. Of course, we've seen many such "second round of US-Iran talks expected" headlines before which didn't materialize, and at the moment there's no signs of movement out of the US side.

via Al Jazeera

However, some of these same sources and headlines are cautioning that it is unclear if there will be Washington engagement. But if a second round of talks actually materializes, it will lend credence to the recent White House insistence that Tehran's private stance is much more compromising and conciliatory than its public stance. Latest:

IRAN'S FOREIGN MINISTER ABBAS ARAGHCHI IS EXPECTED TO REACH ISLAMABAD AT AROUND 10 PM LOCAL TIME, ACCORDING TO AN IRANIAN SOURCE.

And Al Jazeera freshly reports on a flurry of phone calls, which suggests some kind of potential "breakthrough" in getting back to the negotiating table:

Government sources have confirmed there is a “high likelihood of a breakthrough” in US-Iran talks in Islamabad, as a delegation led by Iran’s Foreign Minister Abbas Araghchi is expected to arrive in the Pakistani capital tonight. Earlier today, Iran’s foreign minister held a telephone conversation with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar, confirmed by both sides.

Pakistan’s Foreign Ministry said the two sides exchanged views on regional developments, the ceasefire, and ongoing diplomatic efforts in the context of US-Iran engagement. Dar underscored the importance of sustained dialogue, while Araghchi appreciated Pakistan’s “consistent and constructive facilitation role”, the ministry said.

Iran’s state news agency IRNA also reported that Araghchi held a separate telephone conversation with Pakistan’s Army chief Asim Munir.

Third US Carrier Finally Arrives in Region

US Central Command (CENTCOM) is flashing the big stick, as there are now three US aircraft carrier groups total in the region. Some pundits have speculated that the whole Islamabad second round talks back-and-forth has just been a delay tactic for each side to regroup, replenish missiles, and position forces in the region.

After all, Israel's defense ministry on Thursday stated bluntly it is preparing for a new round of warfare with Iran, and Iranian forces too say they are ready for anything that comes, and have continued to preview that America's Gulf allies would also face renewed attack for hosting US forces.

For the first time in decades, three aircraft carriers are operating in the Middle East at the same time. Accompanied by their carrier air wings, the USS Abraham Lincoln (CVN 72), USS Gerald R. Ford (CVN 78) and USS George H.W. Bush (CVN 77) include over 200 aircraft and 15,000… pic.twitter.com/fbMdz1IYn8

— U.S. Central Command (@CENTCOM) April 24, 2026

More Geopolitical Overnight & Latest

According to more of some of the latest from Al Jazeera:

• US President Donald Trump says he hopes to host Israeli and Lebanese leaders “in the near future”, after announcing a three-week extension to the fragile ceasefire in Lebanon, which was due to expire on Sunday.
• President Trump said he is under no pressure to end his war with Iran, though time is limited for Tehran. “I have all the time in the World, but Iran doesn’t – The clock is ticking!” Trump wrote on social media.
• A third US aircraft carrier has arrived in the Middle East. The USS George HW Bush joined the USS Gerald R Ford and USS Abraham Lincoln in a massive buildup of naval firepower.
• Trump gives orders to “shoot and kill” any Iranian boats placing sea mines in the Strait of Hormuz, as the US naval siege of Iran’s ports continues, and officials in Tehran say talks will not resume until the blockade is lifted.

And via Newsquawk: 

• Iran Foreign Minister to Visit Islamabad Friday, Pakistan Says; Oil Dips After Pakistan Says US-Iran Peace Talks Are Expected: BBG
• US President Trump posted that the meeting between Israel and Lebanon went well, the US is to work with Lebanon to protect itself from Hezbollah and that the Israel-Lebanon ceasefire is to be extended by three weeks: RTRS
• Israeli media: A limited operation against Iran may be carried out to avoid a prolonged war: Al Arabiya 
• An Iranian Ship Tried to Slip Past the Blockade. A U.S. Destroyer Chased It Down: WSJ
• Tanker Helga arrives at Iraq’s Basra offshore terminal to load 2mln BPD of crude, sources say; Helga is the second tanker to reach Basra terminals since the Hormuz closure.
• U.S. Soldier Charged With Using Classified Information to Bet on Maduro’s Ouster: WSJ
• Pentagon email floats suspending Spain from NATO, other steps over Iran rift: RTRS
• China to Curb US Investment in Tech Companies After Meta Deal: BBG
• Intel Shares Set to Eclipse Dot-Com Peak on Sales Forecast
• Conservative super PAC threatens to unseat Republicans over immigration bill: RTRS
• Hedge Fund at Center of Avis Squeeze Added to Stake Before Rout: BBG
• Citadel Sends Warning Shot to NYC After Mamdani Jabs Griffin: WSJ
• Meta Signs Multibillion-Dollar Deal With Amazon to Use Its CPU Chips for AI: WSJ
• Lilly’s New Obesity Pill Off to Slow Start in Race With Novo: BBG
• Oracle’s Deluge of AI Debt Pushes Wall Street to the Limit: WSJ
• Orban’s Son-in-Law Waits Out Hungarian Wealth Probe in New York: BBG
• Chinese Securities Regulator said that China is to allow qualified foreign investors to trade treasury futures from April 24, 2026, for hedging purposes only.
• US official said Russia is to be included in G20 summit invitations

* * *

Tyler Durden Fri, 04/24/2026 - 12:30

Jane Street Made A Record $40 Billion In Trading Revenue Last Year, More Than All Wall Street Banks

The 10am slam in bitcoin, which we documented virtually every days since 2024 may have ended once Jane Street got busted for insider trading in the Terraform collapse, but that doesn't mean that the Wall Street HFT trading giant slowed down. On the contrary: according to Bloomberg, Jane Street Group reeled in a Wall Street record $39.6 billion of trading revenue last year, more than any Wall Street bank.

According to the report, the firm beat out all global investment banks after reaping $15.5 billion in the year’s final quarter, and with only 3,500 employees, it beat nearest rival JPMorgan by 11% during the year. The company's adjusted ETBIDA for the full year was a stunning $31.2 billion. 

While Jane Street’s profits were lifted by surging valuations of its stakes in privately held companies, the firm’s main business matching buyers and sellers across assets thrived on bouts of market volatility. The new annual record - which includes gains on long-term investments - shows "how the balance of power has shifted in one of the most lucrative arenas of global finance."

Jane Street’s "appetite for risk" helped the firm generate more than $11 million of revenue on average per employee.

Jane rivals Citadel Securities and Hudson River Trading also notched records of their own last year, pulling in a more modest $12.2 billion and $12.3 billion respectively, Bloomberg has previously reported. They and Jane Street have filled voids left by banks more focused on higher-returning businesses. JPMorgan posted $35.8 billion of trading revenue in 2025 and Goldman Sachs Group Inc. $31.1 billion.

For banks, Jane's ascent - marked with various regulatory mishaps - is a manifestation of the fears they have long harbored about someday losing ground to upstarts when US regulators imposed prop trading rules which sought to curb betting by deposit-taking institutions after the 2008 financial crisis. Nonbanks don’t face the same strictures on capital as those too-big-to-fail lenders, and they have capitalized aggressively.

Starting in 2000, Jane Street cut its teeth trading American depository receipts, and later specialized in exchange-traded funds. It has since expanded across asset classes around the world, often profiting from mismatches in prices. At its core an HFT firm, Jane Street developed technology for handling thousands of trades within seconds like other high-frequency firms, but it also reaps gains by holding some positions for hours, days and even weeks.

While it has kept a remarkable low profile, its recent public appearances have been less than laudatory: The company's record haul is confirmation that Jane Street, long known for its secrecy, was able to keep growing after getting thrust into the spotlight in mid-2025 when authorities in India accused of manipulating markets while running what had once been one of the firm’s most lucrative trading strategies. Jane Street has denied those allegations and is fighting them in court. In February, Jane Street was sued by the bankrupt Terraform Labs estate, accusing it of engaging in insider trading that precipitated the $40 billion crash of cryptocurrencies associated with Terraform; this week the HFT firm also urged a judge to throw out that lawsuit.

Jane Street’s stake in rising artificial intelligence venture Anthropic PBC was the driving force behind $830 million of third-quarter gains from bets on private firms. That September, Anthropic boasted a valuation of $183 billion. Since then, the maker of the popular Claude artificial-intelligence model and developer of the much-feared Mythos has raised money at a $380 billion valuation and later received offers from investors for a round of funding that could value it at about $800 billion or higher.

Jane Street is also in funding talks for cloud-computing startup Fluidstack Ltd. and recently invested an additional $1 billion in AI cloud services provider and CoreWeave Inc.

Tyler Durden Fri, 04/24/2026 - 12:22

Cava's Lone Bear Analyst Flags Weak Foot Traffic After Stock's 123% Surge

Northcoast Research analyst Jim Sanderson has emerged as Cava Group's lone bear on Wall Street, warning in an interview with Bloomberg that the stock's 123% rally has gone too far.

"The risk profile, given what I see macroeconomically, is unnerving," Sanderson said in the interview. He noted that the recent surge in the stock has made it very expensive to own.

He continued, "The red flag for me was seeing that traffic at some of the mature locations seemed to be very underwhelming, and in many instances, trending negative for several months relative to the peer group."

Cava is the Mediterranean version of Chipotle and builds customers' meals around greens, rice, or pita, then adds proteins, spreads, toppings, and sauces. As with any fast-casual restaurant chain, there is typically a period of consumer hype. And as we all know, on a long enough timeline, nothing lasts forever.

Cava stock is trading at a hefty premium to both the broader market and industry peers. It trades at 159 times forward earnings, compared with Chipotle at about 28 times and the S&P 500 Index at nearly 21 times.

Bloomberg data show Sanderson is the only bear, as Wall Street analysts are largely bullish. There are 17 "Buys" on the stock, along with 13 "Holds." The average 12-month price target is $88.95.

Sanderson's interview follows a note earlier this week from Goldman analyst Christine Cho, who said fast food's "bang for the buck" promotions are working while casual dining's appeal is sliding.

If Sanderson's data on underwhelming foot traffic at certain mature locations is accurate, it may suggest that management will eventually need to deploy discounts or promotions to re-energize consumer interest in Mediterranean-style bowls, salads, and pitas. Otherwise, Cava's Wall Street growth story could seriously lose momentum.

Tyler Durden Fri, 04/24/2026 - 12:05

Appeals Court Backs Ruling That Denver Must Pay $14 Million To George Floyd Protesters

Authored by Jacki Thrapp via The Epoch Times (emphasis ours),

The U.S. Court of Appeals for the 10th Circuit upheld a jury’s verdict that ordered the City and County of Denver to pay 12 George Floyd protesters $14 million for “unconstitutional” use of force during 2020 rallies.

Police officers walk through a cloud of tear gas as they try to disperse people protesting against the death of George Floyd in front of the Colorado State Capitol, in Denver, Colo., on May 30, 2020, amid nationwide protests and riots. Michael Ciaglo/Getty Images

The three-judge panel explained their decisions in a pair of rulings published on April 21.

The court agreed that the Colorado city was liable for the unconstitutional force that officers used against the 12 protesters between May 28 and June 2.

Court documents showed the Denver Police Department “exhausted its supply of 30,000 pepper balls and had to restock” after the first day of protests and did not require officers to activate their body cameras.

The Denver Police Department defended its officers, suggesting they “acted reasonably in response to the unprecedented circumstances they encountered” by “violent and destructive” crowds.

“We reject Denver’s arguments and uphold the jury’s verdict,” the judges ruled.

“We do so based specifically on the jury’s finding that Denver inadequately trained its officers.”

The Denver Police Department declined to comment on Tuesday’s decisions by the Colorado-based appeals court.

The department has since implemented a series of changes, based on what it learned from being one of the cities that was involved in the high-profile police brutality protests that spread across the nation.

The department’s changes include how it documents the use-of-force during protests, how it tracks “less-than-lethal munitions,” and how body cameras and officer identification is used.

In a separate, but related, decision, the court rejected an appeal by Denver Police Department officer Jonathan Christian who argued he should not have been found liable for violating the Fourth Amendment right of plaintiff Elisabeth Epps at the height of the police brutality protests.

Christian shot her with a pepperball in the leg as she was peacefully protesting in Denver on May, 29 2020.

Christian’s lawyers argued the officer was entitled to qualified immunity, which is meant to shield government officials from being sued for doing their duties, according to Cornell Law School.

The judges agreed with the jury, finding that Christian did use “using unreasonable force” against Epps when he shot her, “without warning, with a pepperball as she walked by herself [and not in a group], unarmed and non-threatening, across the street toward the capitol.”

Court documents added that any crime she was committing, such as jaywalking, was minor and did not warrant his actions to shoot a pepperball at her.

The judges found that Christian did act with an “evil motive or intent” or with “reckless or callous indifference” to her “federally protected rights.”

Tyler Durden Fri, 04/24/2026 - 11:45

China Curbs US Investment In Tech Companies After Meta Acquisition Of Manus

Following earlier news that China has blacklisted 7 EU defense and aerospace firms over their dealings with Taiwan, Bloomberg reports that China plans to restrict top technology firms, including leading AI startups, from accepting US capital without government approval. 

Chinese regulators, including the National Development and Reform Commission, have recently instructed several private technology firms to reject U.S. investment in funding rounds unless explicitly approved, ​the report said. The commission - a powerful state planning agency with broad policy-making powers - is now heading a multi-agency probe that includes the Ministry of Commerce into the deal and its repercussions, the people said.

AI startups Moonshot AI and StepFun were among the ​companies that received the guidance, the report said, adding ⁠that TikTok owner ByteDance has also been told it should not allow ​secondary share sales to US investors without clearance. The measures are aimed at ​preventing US investors from gaining stakes in sensitive technologies linked to China's national security.

The ‌heightened ⁠scrutiny follows Meta's more than $2 billion acquisition of AI startup Manus in 2025, which triggered investigations into foreign investments in Chinese companies and technology exports amid concerns the transaction could spur other startups to move advanced technology ​offshore.

At the heart of the post-Manus debate was the way the startup restructured to make a sale to a foreign company possible before any regulatory review in Beijing.  Manus was a Singaporean-incorporated firm, but its founders hailed from China. Launched in March 2025, Manus is a general AI agent capable of automating complex tasks, ranging from S&P 500 analysis to drafting sales pitches. A month later, its parent Butterfly Effect raised $75 million in a round led by Silicon Valley’s Benchmark, valuing it at $500 million. The investment triggered a probe by the US Treasury over potential violations of restrictions on investments in sensitive technologies.

In July, Manus relocated its China-based staff to Singapore, cutting dozens of roles in the process. Meta announced its acquisition in December after Manus surpassed $100 million in annualized revenue.

It remains unclear what other action Beijing will take following its investigation. Manus co-founders Xiao Hong and Ji Yichao had been barred from leaving China, the Financial Times reported in March.

For years, U.S. ​capital has played ⁠a significant role in China's technology sector, ranging from venture investments by firms such as Sequoia Capital ​and Benchmark to deep operating ties involving companies such ​as Apple, ⁠Microsoft and Tesla.

American pension funds and endowments have also been major backers of China-focused venture funds, helping fuel growth across internet platforms, electric vehicles ⁠and AI. Washington ​also imposed its own restrictions earlier this ​year, limiting U.S. investment in certain Chinese AI, semiconductor and quantum firms, citing security concerns.

China's new restrictions risk further isolating China’s recovering tech sector from the venture backing that has underpinned it for two decades, much of which was sourced from American pensions and endowments. It follows Beijing’s decision to restrict “red chips” - Chinese companies incorporated overseas - from seeking initial public offerings in Hong Kong, threatening to upend a decades-old playbook that helped Chinese companies tap foreign capital by floating overseas.

The twin moves suggest that regulators are worried about a leakage of homegrown technology abroad as Chinese-founded startups and companies explore international opportunities. In the wake of the Manus acquisition, many academics decried the loss of a valuable asset to the US. Many worried that the deal would encourage other startups to follow suit.

To be sure, Washington has restricted investments into certain Chinese technology sectors, for fear of helping advance its military or economic might. In 2025, US rules designed to curb investment in Chinese-owned semiconductor, quantum and AI companies took effect.

Tyler Durden Fri, 04/24/2026 - 11:35

White House Expects 'Swift' Warsh Confirmation After DOJ Drops Powell Criminal Probe

Update (1050ET): The White House is now expecting 'swift' confirmation of Federal Reserve chair nominee Kevin Warsh after the DOJ dropped its criminal probe into current Chair Jerome Powell over the Fed's building construction project. 

On Tuesday, Sen. Thom Tillis (R-NC) made clear that he would block Warsh's nomination unless the Powell inquiry was dropped. 

Thom Tillis still refuses to blame Trump for anything: "The problem I have is that some US attorney or assistant US attorney with a dream thought it would be cute to bring Chair Powell under an investigation ... the boss said he didn't know anything about it" pic.twitter.com/WhBawG82bZ

— Aaron Rupar (@atrupar) April 21, 2026

To that end...

//--> //--> Trump drops Powell investigation before Warsh is confirmed?
Yes 99% · No 1%
View full market & trade on Polymarket

* * *

The Department of Justice is dropping its criminal investigation into Federal Reserve Chair Jerome Powell, ending a standoff that threatened to delay the confirmation of Powell's successor at the central bank

In a post on X, US Attorney General for DC Jeanine Pirro said she is directing her office to close its investigation of Federal Reserve Chair Jerome Powell as the inspector general for the agency has been asked to scrutinize its building construction project costs,

This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers.

The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I…

— US Attorney Pirro (@USAttyPirro) April 24, 2026

Pirro initiated a legal battle to serve subpoenas to the central bank as part of a criminal investigation into the cost overruns and congressional testimony Chair Jerome Powell provided on the matter. In March, "Nevertrump" Judge James Boasberg quashed two grand jury subpoenas that Pirro’s office served in January.

The ongoing legal battle has pitted the independence of the Fed against the Justice Department’s power to carry out investigations.

The investigation had thrown the Fed’s expected leadership transition into chaos. Powell’s term as chair is scheduled to expire on May 15, and President Donald Trump has nominated former Fed Governor Kevin Warsh to replace him.

Warsh, who appeared before the Senate Banking Committee this week, enjoys broad support among GOP lawmakers, but a key Republican senator, Thom Tillis of North Carolina, vowed to block his confirmation unless the DOJ investigation was dropped.

According to ABC, senior DOJ officials had contacted senators in recent days, including Republican Sen. Thom Tillis. who sits on the Senate Banking Committee, informing them of the plan to drop the probe and refer the matter regarding alleged cost overruns at the Fed's Washington headquarters to the bank's internal watchdog, the sources said. 

The Fed's independent inspector general conducted an audit of the building renovation costs in 2021 and Powell had already asked the watchdog to take a fresh look at the $2.5 billion project last year.

Powell's term ends next month, but he said in March that he would stay in the position until President Donald Trump's pick to lead the Fed, Kevin Warsh, is confirmed. Which is also the reason why the DOJ decided to drop its case as the last thing Trump needed was more confusion over when Warsh would take over.

A spokesperson for the Federal Reserve declined to comment. Reached by ABC News, a spokesperson for Tillis declined to comment.

A Justice Department spokesperson did not immediately respond to a request for comment from ABC News.

Tyler Durden Fri, 04/24/2026 - 11:05

Fewer Universities Require DEI Pledges From Faculty Candidates: Report

Authored by Aaron Gifford via The Epoch Times (emphasis ours),

Requests related to diversity, equity, and inclusion (DEI) for faculty job candidates in higher education have decreased dramatically - at least on paper - since President Donald Trump began his second term, a new report from Heterodox Academy says.

University of Michigan students pass signage on campus displaying the university's Core Values in Ann Arbor, Mich., on April 3, 2025. Bill Pugliano/Getty Images

This includes the removal of required pledges in cover letters or standalone essays regarding a commitment to DEI. Eleven percent of college and university faculty job listings specified such requirements between August and December of 2025, a decline from 25 percent the previous year, the April 21 report said.

Heterodox Academy, a nonprofit that advocates viewpoint diversity in higher education, analyzed advertisements for more than 20,000 faculty positions posted on HigherEdJobs.com between August and December in the last two years. The website compiles job openings from colleges and universities in every state.

All told, 37 percent of faculty job ads during the fall 2025 semester did not specifically address DEI regarding application materials, but still “signaled that a commitment to DEI will be valued,” the report said.

Additionally, Heterodox Academy researchers found that DEI statements are more likely to be required at schools in the northeast or near the West Coast. The mandate is also more likely at private institutions than public ones, though it has decreased at both since 2024, and is more common found in the humanities disciplines than in STEM (science, technology, engineering, and math) majors, the report said.

Only 13 percent of the faculty job ads reviewed mentioned viewpoint diversity, the report said, “suggesting that universities continue to emphasize demographic diversity rather than other potential dimensions of diversity such as intellectual heterogeneity.”

Heterodox Academy largely attributes the dramatic decline of DEI requirements for faculty candidates to Trump’s policies.

Early last year, the president issued an executive order prohibiting the use of DEI in student admissions and college and university hiring, in accordance with existing Civil Rights laws prohibiting discrimination based on race. The administration initiated investigations into the wealthiest higher education institutions and cautioned that violators could lose federal funding.

In the weeks that followed, the Department of Education sanctioned several schools accused of discriminatory practices in employment, student admissions, and maintaining DEI programs like mandatory training and affinity groups. Several of them paid tens of millions of dollars in penalties and agreed to conditions set by the federal government, while Harvard University pushed back and has litigation ongoing against the Trump administration.

Trump also asked university administrations to certify that they are not violating anti-discrimination laws, and some schools were offered a compact that promised preferred consideration for federal funding if they committed to ending any remaining DEI initiatives, required SAT scores from student applicants, limited undergraduate admission of foreign nationals to 15 percent, and pledged a policy of institutional neutrality.

Seventeen states, meanwhile, passed laws banning the use of diversity statements in hiring, the report said.

Colleges and universities across the country have scrubbed any mention of DEI from their websites, substituting terms like “office of belonging” or “campus culture.”

Peter Wood, president of the National Association of Scholars and a former professor and administrator at Boston University, said he’s skeptical that higher education is ending its deep-rooted commitment to DEI.

He applauded Heterodox Academy for its research, calling this public acknowledgement a step in the right direction, and said the methodology is sound. Still, “counting mentions of DEI in job advertisements is a long way from what universities are actually doing.”

Removing the three letters or words from job ads, much like renaming DEI functions to something like the office of belonging, doesn’t make a dent in a decades-long, entrenched culture in so many university programs where racial preferences in hiring are still considered essential, and administrators and faculty committees presume that most of the applicants share their liberal, progressive ideology, Wood told The Epoch Times.

“There’s certainly a wink and a nudge that if you want a job here, you better make nice on this front,” he said. “I don’t think they’ve changed these jobs one iota. Senior administrators need to be really convinced that it [DEI] was a mistake and it’s time to move beyond it.”

Tyler Durden Fri, 04/24/2026 - 11:05

Scramble For AI Compute: Meta Inks Multibillion-Dollar Deal With Amazon For CPU Chips

Meta Platforms inked a multibillion-dollar agreement with Amazon to deploy tens of millions of AWS Graviton processor cores in support of its next-generation AI buildout. The deal makes Meta one of the largest Graviton customers globally and shows CEO Mark Zuckerberg's willingness to spend aggressively on compute infrastructure as the AI arms race intensifies with Alphabet, Microsoft, and other tech giants.

The news that the social media giant would deploy hundreds of thousands of Amazon's general-purpose chips to "support the company's AI efforts" was first reported by Amazon News.

"The chips will power various workloads at Meta, including supporting the company's AI efforts. That work requires infrastructure that can handle billions of interactions while coordinating complex, multi-step agent workflows—exactly the kind of CPU-intensive work Graviton is designed for," the release stated.

The deal also expands Meta's long-running AWS partnership and builds on its large-scale use of Amazon Bedrock. While GPUs remain essential for training large AI models, Amazon noted in the release that the "rise of agentic AI is creating massive demand for CPU-intensive workloads."

The press release did not reveal the value of the Meta-Amazon deal on expanding compute. But in recent weeks, Zuckerberg has signed deals totaling $48 billion with CoreWeave and Nebius, both of which rent out access to Nvidia GPUs that run AI models.

To expand computing capacity, Meta has announced a workforce restructuring, with its latest plan calling for layoffs of around 8,000 employees, or about 10% of its workforce. Microsoft has done the same (read report).

"Meta has, as you can imagine, access to so many options from the supply side. But they chose Graviton5, our 3-nanometer chip, for price performance," Nafea Bshara, an Amazon vice president and distinguished engineer, said, who was quoted by The Wall Street Journal. He said the length of the deal is between three and five years.

Meta shares are marginally higher in premarket trading, while Amazon trades up nearly 2% following the news.

 

Tyler Durden Fri, 04/24/2026 - 10:45

Getting More Anxious

By Bas van Geffen, Senior Macro Strategist at Rabobank

We have another potentially eventful weekend ahead of us. A three-week extension of the ceasefire between Israel and Lebanon may ease tensions between the US and Iran somewhat, as Trump wants to avoid that this conflict undermines peace talks with Iran. However, there are still no indications that a new round of talks will be held, as both sides continue to blockade the Strait of Hormuz.

Iran has continued to shoot at commercial ships that tried to navigate the strait, and US President Trump posted that he had “ordered the United States Navy to shoot and kill any boat […] that is putting mines in the waters of the Strait of Hormuz,” after the IRGC reported that the Iranian navy has laid more mines in the strait. So, President Trump may have extended the ceasefire earlier this week, but it remains a relative one. A tanker laden with Iranian oil is reportedly attempting to cross the strait today, perhaps testing the US’ resolve. That’s bound to add to tensions between both sides.

If talks do not happen soon, either side may revert to escalation. Recall that Axios reported earlier this week that the US maintains an unofficial three-to-five-day deadline for Iran to end its internal power struggle and get back to the table. If true, that deadline could expire on Sunday. Israel’s Channel 12 reported that Speaker of the Parliament Ghalibaf has resigned from the negotiating team due to these internal rifts, but Iranian reporters are contradicting these accounts.

It seems that the lack of talks is gradually starting to weigh on energy markets. Oil prices have crept higher over the week, with a barrel of Brent now trading around $106 in the futures market. Still, we remain surprised at the relative tranquillity in the energy space. As our energy strategists underscored in their latest note, “futures markets are still materially underpricing the real supply risk facing both crude oil and natural gas.”

On that same tune, the Bank of England warned that global equity prices may not reflect all the risks that face the global economy. Markets are at, or near, their all-time highs, despite these risks. Deputy Governor Breeden said that the Bank expects “an adjustment [of equity prices] at some point.”

Still, the muted response in markets has lessened the urgency for central banks to act, as policymakers around the world prepare for their next policy decisions. Those policymakers who would prefer to hike will have to convince their peers of the necessity. Just a couple of weeks ago, they might have been able to make a strong case for an April hike. However, the longer the conflict in the Middle East remains unresolved, the bigger the stagflationary impact will be. We have therefore shifted our call for an ECB hike to June, but conviction remains relatively low amidst the fog of war.

An inflation shock seems unavoidable now, and the key question is the intensity and duration. In addition to the anecdotal evidence of ripple effects on various supply chains, data are now starting to flag the economic damage too. The Eurozone PMI data came in mixed yesterday, with the French manufacturing sector above expectations and German manufacturing more-or-less in line. However, these headline prints are overstating the resilience of the sector. Manufacturers reported a large inflow of orders, ahead of expected shortages and price increases. So, this appears to be an attempt at stockpiling before the impact of the war becomes more widespread.

By contrast, the Eurozone services PMI fell to 47.4. Survey respondents reported lower output. We would argue that this services survey better reflects the decline in consumer confidence and business optimism, and their willingness to spend.

The PMIs also indicated that cost pressures continue to build “considerably.” Input prices increased further, particularly in manufacturing. But services providers also noted that higher transportation costs are affecting their business. So far, the passthrough to output prices remains limited. Nonetheless, output prices increased at the fastest rate in three years. And, as margins get squeezed further, companies may be forced to passed on more of the cost pressures in the coming months.

Adding further global inflationary pressures, Chinese exporters have begun to raise their prices on “everything from swimsuits to air conditioners,” as oil and oil-related inputs are causing higher production costs across the globe.

Tyler Durden Fri, 04/24/2026 - 10:25

The post Bad Vibes and the Trump Betrayal appeared first on CEPR.

Kremlin Hails Putin Invite To G20 Summit In Miami, After Trump Said His Presence 'Very Helpful'

The G20 Miami summit is set to take place at Trump National Doral Golf Course and will focus on "unleashing economic prosperity by eliminating burdensome regulations, unlocking affordable energy and pioneering new technologies," according to President Trump's words. 

Amazingly and quite surprisingly, the Russian Foreign Ministry has announced Russia has been invited to take part "at the highest level" - meaning President Vladimir Putin has been invited, per the Kremlin. The actual date is still far away, slated for Dec. 14-15, 2026.

G20 image, via Atlantic Council

But the fact that this has hit The Washington Post is sure to seriously raise eyebrows among European allies, as well as evoke the ire of Democrats in the US.

"President Trump has been clear that Russia is welcome to attend all G20 meetings as the United States focuses on delivering a successful and productive summit," a Kremlin spokesperson said in response to the alleged invitation. Here's what the Washington Post freshly reported:

The United States intends to invite Russian President Vladimir Putin to the Group of 20 leaders’ summit scheduled for December at President Donald Trump’s Doral golf resort in Miami, though the invitation has not yet been sent, administration officials said Thursday.

Moscow's statements could be in response to what thus far has been only an informal or verbal invite, or in response to the emerging reports this week.

Russia's Deputy Foreign Minister Alexander Pankin told journalists at the UN Headquarters that Moscow will confirm who it will send at a later date.

Europe would certainly receive it as a shock and surprise, given that Putin is directly banned from entering most European countries, given the International Criminal Court arrest warrant against him.

Trump on Thursday had told reporters that he was unaware of any personal invitation to Putin but did stipulate that it would be "probably very helpful" if the Russian leader attended.

Trump as of Thursday at the Oval Office:

Trump:

I haven't invited Putin to the G20, but if he came, it would probably be very helpful. pic.twitter.com/Sku1okEP2x

— Clash Report (@clashreport) April 23, 2026

Putin did of course travel to American soil for the Alaska summit at Trump's personal invitation in August 2025, hoping to forge some kind of breakthrough toward Ukraine peace. But direct negotiations with the Zelensky government proved elusive and is now frozen as a possibility.

Russia remains officially part of the G20, but the last time Putin attended the summit was all the way back in 2019, in Osaka, Japan. Since the Ukraine war started, Putin's travel has been limited mostly to the Asian continent.

Tyler Durden Fri, 04/24/2026 - 10:05