Ugly 3Y Auction Tails Most Since Liberation Day, Bit to Cover Slides

Not that anyone will care much in light of the Iran-related news barrage hitting every second, but moments ago the US sold $58BN in 3Y paper in what was a rather ugly auction. Let's take a quick look.

In the week's first coupon auction, the US sold $58BN in 3Y notes, at a high yield of 3.579%, up from 3.518% last month but in line with auctions since last August. The problem is that the auction tailed the When Issued 3.58% by 1.1bps, the first tail since August and the biggest tail since Liberation Day. 

The bid to cover was 2.546, down from 2.624 and the lowest since August. 

The internals were also mediocre at best: Indirects were awarded 59.8% as foreign demand was still there but at a subdued pace: the six auction average if 64.3%. And with Directs taking 20.7%, or on the low end of the recent average of 25.3%, Dealers were left holding a sizable 19.5%, the highest since April. 

Overall, this was a subpar, disappointing auction which however could be attributed to the melt up in stocks. However, if this weakness persists in the week's upcoming coupon auctions, that could be a problem. 

Tyler Durden Tue, 03/10/2026 - 14:10

Ugly 3Y Auction Tails Most Since Liberation Day, Bit to Cover Slides

Not that anyone will care much in light of the Iran-related news barrage hitting every second, but moments ago the US sold $58BN in 3Y paper in what was a rather ugly auction. Let's take a quick look.

In the week's first coupon auction, the US sold $58BN in 3Y notes, at a high yield of 3.579%, up from 3.518% last month but in line with auctions since last August. The problem is that the auction tailed the When Issued 3.58% by 1.1bps, the first tail since August and the biggest tail since Liberation Day. 

The bid to cover was 2.546, down from 2.624 and the lowest since August. 

The internals were also mediocre at best: Indirects were awarded 59.8% as foreign demand was still there but at a subdued pace: the six auction average if 64.3%. And with Directs taking 20.7%, or on the low end of the recent average of 25.3%, Dealers were left holding a sizable 19.5%, the highest since April. 

Overall, this was a subpar, disappointing auction which however could be attributed to the melt up in stocks. However, if this weakness persists in the week's upcoming coupon auctions, that could be a problem. 

Tyler Durden Tue, 03/10/2026 - 14:10

Bitcoin Vs Gold: ETF Flows Point To Early Capital Rotations Signs

Authored by Biraajmaan Tamuly via CoinTelegraph.com,

Bitcoin exchange-traded fund (ETF) flows have turned net positive over the past 30 days, while gold ETF demand has started to slow down after nine straight months of inflows. The shift comes even as gold prices remain elevated and sentiment around Bitcoin continues to cool.

With these contrasting trends in ETF flows and the historical pattern of Bitcoin-to-gold performance cycles, analysts are now examining data that may signal a gradual shift in investor demand between the two assets. 

Are ETF flows beginning to rotate?

According to the Kobeissi Letter, the largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Wednesday, the largest daily withdrawal in more than two years. The move followed a 4.4% decline in gold prices, the sharpest drop since the Jan. 30 sell-off.

Gold ETFs had attracted $18.7 billion in January and another $5.3 billion in February, marking the strongest two-month start to a year on record and extending a nine-month inflow streak. The latest outflow points to investors taking profits after gold’s massive rally in 2025.

Bitcoin ETF flows moved in the opposite direction over the past month. The 30-day net flow shifted to a $273 million inflow on March 6 from a $1.9 billion outflow on Feb. 6

Bitcoin and gold net ETF inflows over the past 30-days. Source: bold.report

The holdings data measured in native units show the divergence more clearly. Bitcoin ETF balances moved to a net increase of 4,021 BTC on March 6 from −42,275 BTC on Feb. 6. Gold ETF holdings declined from 1.4 million ounces to 621,100 ounces during the same period.

The native units represent the actual underlying asset held by funds rather than the dollar value of those holdings. Tracking BTC or ounces isolates real accumulation or distribution without the distortion created by the price movements.

Head of growth at Horizon, Joe Consorti, summarized the current trend and said,   

“Gold is stalling out while bitcoin is soaring. BTC is set to overtake gold's % growth over the last month as the U.S. economy accelerates and risk sentiment improves. The anticipated risk-off → risk-on rotation could be underway.”

Gold rallies precede Bitcoin recoveries

In a “2026 Look Ahead” report released at the end of December 2025, Fidelity Digital Assets analyst Chris Kuiper noted that gold’s 65% return in 2025 was the fourth-largest annual gain since the end of the gold standard. With respect to past rallies, Kuiper noted that gold is potentially near the late stages of its leadership cycle between the two assets. Kuiper said, 

“Historically, gold and bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if bitcoin takes the lead next.”

However, the rotation may take some time to unfold in the market. 

Bitcoin-to-gold ratio analysis. Source: Cointelegraph/TradingView

As illustrated in the chart, BTC needed roughly 147 days or 21 weeks to establish a sustained trend outperforming gold after Bitcoin’s 2022 bottom. The period marked a consolidation phase before the ratio began trending higher.

The BTC-to-gold ratio currently trades near the same consolidation zone seen during the earlier rotation phases in 2022-2023.

Kuiper also added that both assets can benefit from the persistent fiscal deficits, trade tensions, and geopolitical uncertainty as investors seek neutral stores of value outside traditional monetary systems.

The ongoing US-Israel and Iran war has reinforced demand for traditional safe-haven assets, which previously supported gold rallies during periods of geopolitical stress.

Meanwhile, macroeconomic strategist Lyn Alden expects Bitcoin to outperform gold over the next two to three years following gold’s recent rally in the past few months.

Tyler Durden Tue, 03/10/2026 - 14:00

Bitcoin Vs Gold: ETF Flows Point To Early Capital Rotations Signs

Authored by Biraajmaan Tamuly via CoinTelegraph.com,

Bitcoin exchange-traded fund (ETF) flows have turned net positive over the past 30 days, while gold ETF demand has started to slow down after nine straight months of inflows. The shift comes even as gold prices remain elevated and sentiment around Bitcoin continues to cool.

With these contrasting trends in ETF flows and the historical pattern of Bitcoin-to-gold performance cycles, analysts are now examining data that may signal a gradual shift in investor demand between the two assets. 

Are ETF flows beginning to rotate?

According to the Kobeissi Letter, the largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Wednesday, the largest daily withdrawal in more than two years. The move followed a 4.4% decline in gold prices, the sharpest drop since the Jan. 30 sell-off.

Gold ETFs had attracted $18.7 billion in January and another $5.3 billion in February, marking the strongest two-month start to a year on record and extending a nine-month inflow streak. The latest outflow points to investors taking profits after gold’s massive rally in 2025.

Bitcoin ETF flows moved in the opposite direction over the past month. The 30-day net flow shifted to a $273 million inflow on March 6 from a $1.9 billion outflow on Feb. 6

Bitcoin and gold net ETF inflows over the past 30-days. Source: bold.report

The holdings data measured in native units show the divergence more clearly. Bitcoin ETF balances moved to a net increase of 4,021 BTC on March 6 from −42,275 BTC on Feb. 6. Gold ETF holdings declined from 1.4 million ounces to 621,100 ounces during the same period.

The native units represent the actual underlying asset held by funds rather than the dollar value of those holdings. Tracking BTC or ounces isolates real accumulation or distribution without the distortion created by the price movements.

Head of growth at Horizon, Joe Consorti, summarized the current trend and said,   

“Gold is stalling out while bitcoin is soaring. BTC is set to overtake gold's % growth over the last month as the U.S. economy accelerates and risk sentiment improves. The anticipated risk-off → risk-on rotation could be underway.”

Gold rallies precede Bitcoin recoveries

In a “2026 Look Ahead” report released at the end of December 2025, Fidelity Digital Assets analyst Chris Kuiper noted that gold’s 65% return in 2025 was the fourth-largest annual gain since the end of the gold standard. With respect to past rallies, Kuiper noted that gold is potentially near the late stages of its leadership cycle between the two assets. Kuiper said, 

“Historically, gold and bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if bitcoin takes the lead next.”

However, the rotation may take some time to unfold in the market. 

Bitcoin-to-gold ratio analysis. Source: Cointelegraph/TradingView

As illustrated in the chart, BTC needed roughly 147 days or 21 weeks to establish a sustained trend outperforming gold after Bitcoin’s 2022 bottom. The period marked a consolidation phase before the ratio began trending higher.

The BTC-to-gold ratio currently trades near the same consolidation zone seen during the earlier rotation phases in 2022-2023.

Kuiper also added that both assets can benefit from the persistent fiscal deficits, trade tensions, and geopolitical uncertainty as investors seek neutral stores of value outside traditional monetary systems.

The ongoing US-Israel and Iran war has reinforced demand for traditional safe-haven assets, which previously supported gold rallies during periods of geopolitical stress.

Meanwhile, macroeconomic strategist Lyn Alden expects Bitcoin to outperform gold over the next two to three years following gold’s recent rally in the past few months.

Tyler Durden Tue, 03/10/2026 - 14:00

ASP Isotopes Jump On "Material Progress Toward Commercial Uranium Enrichment"

Just days after we covered the story on Quantum Leap Energy’s non-binding MOU with a major U.S. nuclear utility, Canaccord Genuity analyst George Gianarikas reiterated his buy rating on the beaten down ASP Isotopes, with an $11 price target citing “material progress” toward commercial uranium enrichment on two continents.

On February 23, QLE inked a Pre-Implementation Services Contract with South Africa’s Necsa to site, design, build, and operate an enrichment facility at the Pelindaba complex. The deal gives QLE access to existing nuclear infrastructure, utilities, and a joint oversight committee. Gianarikas says it’s the clearest signal yet that licensed HALEU production in South Africa is moving from lab to market readiness.

The March 6 MOU we highlighted last week adds the U.S. piece: the unnamed utility will potentially help stand up domestic HALEU and LEU+ enrichment, conversion, and deconversion capacity while discussing offtake and financing. That’s critical ahead of the 2028 Russian uranium import ban we’ve repeatedly flagged as the biggest catalyst for non-adversarial supply chains.

The report also spotlights accelerating LEU+ adoption by conventional fleets. Westinghouse loaded the first ~6% LEU+ test assemblies at Southern Company’s Vogtle Unit 2 last April. Urenco secured NRC approval to enrich to 10% and produced its first commercial batch in December. Framatome is upgrading its Richland plant and just filed for an 8% enrichment limit. Partners include Constellation (23% of U.S. nuclear output), Duke, Entergy, and Vistra.

As we first detailed after the Silicon-28 mega-contract and US radiopharmacy buy, then again when Trump Jr. and Eric Trump-backed funds poured in and when Renergen cleared regulatory hurdles, Canaccord is framing ASPI is one of the few names positioned across HALEU, medical isotopes, and quantum materials: a veritable cornucopia of next gen energy buzzwords. The South Africa and U.S. milestones now de-risk the commercial ramp in exactly the way we’ve been tracking.

Canaccord flags the usual risks including regulatory approvals, South African political noise, and balance-sheet needs, but ASPI is attempting to fill the HALEU gap that TerraPower, Oklo, and the entire advanced-reactor wave need. With the 2028 ban looming and AI data centers screaming for carbon-free baseload, the window for first-mover domestic enrichment is closing fast.

ASPI stock has been beaten down in recent months, although as its story continues to spread, expect more sellside coverage. As of today, just three banks (Canaccord, Cantor, and Lucid) cover the stock with a $13 average price target.

Tyler Durden Tue, 03/10/2026 - 12:40

ASP Isotopes Jump On "Material Progress Toward Commercial Uranium Enrichment"

Just days after we covered the story on Quantum Leap Energy’s non-binding MOU with a major U.S. nuclear utility, Canaccord Genuity analyst George Gianarikas reiterated his buy rating on the beaten down ASP Isotopes, with an $11 price target citing “material progress” toward commercial uranium enrichment on two continents.

On February 23, QLE inked a Pre-Implementation Services Contract with South Africa’s Necsa to site, design, build, and operate an enrichment facility at the Pelindaba complex. The deal gives QLE access to existing nuclear infrastructure, utilities, and a joint oversight committee. Gianarikas says it’s the clearest signal yet that licensed HALEU production in South Africa is moving from lab to market readiness.

The March 6 MOU we highlighted last week adds the U.S. piece: the unnamed utility will potentially help stand up domestic HALEU and LEU+ enrichment, conversion, and deconversion capacity while discussing offtake and financing. That’s critical ahead of the 2028 Russian uranium import ban we’ve repeatedly flagged as the biggest catalyst for non-adversarial supply chains.

The report also spotlights accelerating LEU+ adoption by conventional fleets. Westinghouse loaded the first ~6% LEU+ test assemblies at Southern Company’s Vogtle Unit 2 last April. Urenco secured NRC approval to enrich to 10% and produced its first commercial batch in December. Framatome is upgrading its Richland plant and just filed for an 8% enrichment limit. Partners include Constellation (23% of U.S. nuclear output), Duke, Entergy, and Vistra.

As we first detailed after the Silicon-28 mega-contract and US radiopharmacy buy, then again when Trump Jr. and Eric Trump-backed funds poured in and when Renergen cleared regulatory hurdles, Canaccord is framing ASPI is one of the few names positioned across HALEU, medical isotopes, and quantum materials: a veritable cornucopia of next gen energy buzzwords. The South Africa and U.S. milestones now de-risk the commercial ramp in exactly the way we’ve been tracking.

Canaccord flags the usual risks including regulatory approvals, South African political noise, and balance-sheet needs, but ASPI is attempting to fill the HALEU gap that TerraPower, Oklo, and the entire advanced-reactor wave need. With the 2028 ban looming and AI data centers screaming for carbon-free baseload, the window for first-mover domestic enrichment is closing fast.

ASPI stock has been beaten down in recent months, although as its story continues to spread, expect more sellside coverage. As of today, just three banks (Canaccord, Cantor, and Lucid) cover the stock with a $13 average price target.

Tyler Durden Tue, 03/10/2026 - 12:40

House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

Weeks after New Mexico officials launched an investigation into Jeffrey Epstein's Zorro Ranch in New Mexico - which has since been purchased to turn into a Christian retreat, the FBI and local law enforcement descended on the 7,500 acre property in search of dark secrets, including the possible graves of trafficked girls who may have been strangled to death during violent sex sessions on the property. 

For years the rumors have swirled around the isolated estate near the tiny town of Stanley (about 30 miles south of Santa Fe), however the identities of the alleged victims - and whether their bodies are on the property - has remained a mystery. 

The search - conducted on Monday and into Tuesday, is part of a planned state “truth commission” established by New Mexico lawmakers last month to investigate allegations surrounding Epstein’s activities at the ranch because the feds have dropped the ball. 

The operation began just a day after hundreds of protesters gathered outside the ranch on International Women’s Day to show support for victims of sexual abuse, the Daily Mail reports.

Danny Wilson, the brother of Epstein victim Virginia Giuffre, spoke at the protest held outside Zorro Ranch on Sunday, International Women's Day

“We have heard years of allegations and rumors about Epstein’s activities in New Mexico, but unfortunately, federal investigations have failed to put together an official record,” said New Mexico state Rep. Andrea Romero, who pushed to create the commission.

“With this truth commission, we can finally fill in the gaps by investigating the failures that led to the horrific allegations of abuse and crime at Zorro Ranch, so we can learn from them and prevent such atrocities from taking place in our state going forward,” Romero said.

Everyone is focusing on Epstein Island. There is so much more dirt at the Zorro Ranch

— zerohedge (@zerohedge) February 4, 2026

One Epstein Files email references a woman who claimed Epstein offered her money to 'birth babies for black market use.'

Via @blueapples

In another Epstein file, a former staff member at Zorro allegedly claimed that "somewhere in the hills outside Zorro, two foreign girls were buried on orders of Jeffrey and Madam G" - referring to Ghislaine Maxwell. 

According to the Daily Mail, witnesses have begun claiming that Epstein may have also used the secluded ranch for disturbing medical procedures tied to his reported interest in eugenics.

“We have people coming forward saying they were drugged, had sex organs and sperm harvested from their bodies, and woke up around medical equipment not knowing where they were or what happened to them,” Romero told the Daily Mail.

New Mexico state Representative Andrea Romero is one of several lawmakers now calling for a sweeping investigation into what really happened at Zorro Ranch, following a recent influx of tips 

In addition to the allegedly strangled women, one of the most disturbing threads surrounding Jeffrey Epstein’s New Mexico estate involves allegations that the ranch may have been tied to his unusual fascination with human experimentation - particularly eugenics and genetic engineering, ideas he reportedly discussed with scientists and wealthy associates. According to accounts cited by various outlets, Epstein spoke openly about a plan to use the remote property as a kind of “baby ranch,” where women would be impregnated with his sperm in order to create a genetically “superior” bloodline.

Investigators and journalists say Epstein had a long-standing interest in transhumanism and eugenics - the controversial belief that the human race can be improved through selective breeding - and he surrounded himself with scientists and academics for frequent discussions. 

In another document from the Epstein dump, a victim writes a coded diary where she describes being a 'human incubator' who was forced to give birth to a child that was taken from her.

Eft a 02731361 by Zerohedge Janitor

Romero acknowledged that the allegations sound unusual but said investigators must examine the claims.

“It’s so dark and perplexing, and I know that if you mention this to someone, it sounds very conspiratorial,” Romero said. “But we need to get down to the truth of what really happened here in our own backyard.”

The property was bought by Epstein in 1993 from former New Mexico governor Bruce King. It spans roughly 13 square miles of high desert and includes a massive luxury hacienda, guest lodges, staff dwellings, horse stables, a private airstrip, hangar and helipad. Epstein owned the ranch until his death (or escape) in (from) a New York federal jail cell in 2019 while awaiting trial on federal sex-trafficking charges. After his death (or escape), the ranch was listed for sale for $27.5 million in 2021 before the price was reduced to $18 million. The property was eventually sold in 2023 to a limited liability corporation that renamed it San Rafael Ranch.

New Mexico DOJ spokesman Lauren Rodriguez said the current owners - the family of Texas real-estate developer Don Huffines - granted investigators access to search the property and nearby public land.

Epstein’s ranch has long been alleged to have served as one of several locations where the financier trafficked and abused young women, alongside properties in New York, Florida and the U.S. Virgin Islands. Civil filings have claimed that prominent guests visited the compound, including Britain’s (former) Prince Andrew, who was accused by Epstein accuser Virginia Giuffre of being one of the men she was trafficked to. Andrew has denied wrongdoing. There have also been unverified claims by contractors and journalists that former President Bill Clinton and other prominent figures spent time at the ranch, although Clinton denied being there during a deposition before Congress.

Accuser Maria Farmer has said she and her younger sister Annie were brought to Zorro Ranch in 1996 under the pretense of working on an art project. Maria has alleged that she was sexually assaulted by Epstein and his associate Ghislaine Maxwell, who was convicted in 2021 of child sex trafficking and is currently serving a 20-year federal prison sentence. Annie Farmer has said she was 15 when she was flown to the ranch and directed by Epstein and Maxwell “to take off all her clothes and get on a massage table.”

Since plans for the Truth Commission were announced, Romero said lawmakers have received between 25 and 30 tips from people claiming to have information about activities at the ranch.

“We have this massive international story in New Mexico and all these potential conspiracies, horrible things that have happened there,” she said. “We don't know what's fact from fiction, but owe it to the people of our state to sort through these threads of information and get answers.”

Republican state Rep. Andrea Reeb, a former prosecutor who plans to sit on the commission, said the state has not done enough to examine what happened at the ranch.

“Zorro Ranch has given New Mexico a black eye. We as a state haven't been aggressive enough on figuring out what happened there,” Reeb said.

“My main interest is to see if we can bring justice to some of the victims.”

Tyler Durden Tue, 03/10/2026 - 12:20

House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

Weeks after New Mexico officials launched an investigation into Jeffrey Epstein's Zorro Ranch in New Mexico - which has since been purchased to turn into a Christian retreat, the FBI and local law enforcement descended on the 7,500 acre property in search of dark secrets, including the possible graves of trafficked girls who may have been strangled to death during violent sex sessions on the property. 

For years the rumors have swirled around the isolated estate near the tiny town of Stanley (about 30 miles south of Santa Fe), however the identities of the alleged victims - and whether their bodies are on the property - has remained a mystery. 

The search - conducted on Monday and into Tuesday, is part of a planned state “truth commission” established by New Mexico lawmakers last month to investigate allegations surrounding Epstein’s activities at the ranch because the feds have dropped the ball. 

The operation began just a day after hundreds of protesters gathered outside the ranch on International Women’s Day to show support for victims of sexual abuse, the Daily Mail reports.

Danny Wilson, the brother of Epstein victim Virginia Giuffre, spoke at the protest held outside Zorro Ranch on Sunday, International Women's Day

“We have heard years of allegations and rumors about Epstein’s activities in New Mexico, but unfortunately, federal investigations have failed to put together an official record,” said New Mexico state Rep. Andrea Romero, who pushed to create the commission.

“With this truth commission, we can finally fill in the gaps by investigating the failures that led to the horrific allegations of abuse and crime at Zorro Ranch, so we can learn from them and prevent such atrocities from taking place in our state going forward,” Romero said.

Everyone is focusing on Epstein Island. There is so much more dirt at the Zorro Ranch

— zerohedge (@zerohedge) February 4, 2026

One Epstein Files email references a woman who claimed Epstein offered her money to 'birth babies for black market use.'

Via @blueapples

In another Epstein file, a former staff member at Zorro allegedly claimed that "somewhere in the hills outside Zorro, two foreign girls were buried on orders of Jeffrey and Madam G" - referring to Ghislaine Maxwell. 

According to the Daily Mail, witnesses have begun claiming that Epstein may have also used the secluded ranch for disturbing medical procedures tied to his reported interest in eugenics.

“We have people coming forward saying they were drugged, had sex organs and sperm harvested from their bodies, and woke up around medical equipment not knowing where they were or what happened to them,” Romero told the Daily Mail.

New Mexico state Representative Andrea Romero is one of several lawmakers now calling for a sweeping investigation into what really happened at Zorro Ranch, following a recent influx of tips 

In addition to the allegedly strangled women, one of the most disturbing threads surrounding Jeffrey Epstein’s New Mexico estate involves allegations that the ranch may have been tied to his unusual fascination with human experimentation - particularly eugenics and genetic engineering, ideas he reportedly discussed with scientists and wealthy associates. According to accounts cited by various outlets, Epstein spoke openly about a plan to use the remote property as a kind of “baby ranch,” where women would be impregnated with his sperm in order to create a genetically “superior” bloodline.

Investigators and journalists say Epstein had a long-standing interest in transhumanism and eugenics - the controversial belief that the human race can be improved through selective breeding - and he surrounded himself with scientists and academics for frequent discussions. 

In another document from the Epstein dump, a victim writes a coded diary where she describes being a 'human incubator' who was forced to give birth to a child that was taken from her.

Eft a 02731361 by Zerohedge Janitor

Romero acknowledged that the allegations sound unusual but said investigators must examine the claims.

“It’s so dark and perplexing, and I know that if you mention this to someone, it sounds very conspiratorial,” Romero said. “But we need to get down to the truth of what really happened here in our own backyard.”

The property was bought by Epstein in 1993 from former New Mexico governor Bruce King. It spans roughly 13 square miles of high desert and includes a massive luxury hacienda, guest lodges, staff dwellings, horse stables, a private airstrip, hangar and helipad. Epstein owned the ranch until his death (or escape) in (from) a New York federal jail cell in 2019 while awaiting trial on federal sex-trafficking charges. After his death (or escape), the ranch was listed for sale for $27.5 million in 2021 before the price was reduced to $18 million. The property was eventually sold in 2023 to a limited liability corporation that renamed it San Rafael Ranch.

New Mexico DOJ spokesman Lauren Rodriguez said the current owners - the family of Texas real-estate developer Don Huffines - granted investigators access to search the property and nearby public land.

Epstein’s ranch has long been alleged to have served as one of several locations where the financier trafficked and abused young women, alongside properties in New York, Florida and the U.S. Virgin Islands. Civil filings have claimed that prominent guests visited the compound, including Britain’s (former) Prince Andrew, who was accused by Epstein accuser Virginia Giuffre of being one of the men she was trafficked to. Andrew has denied wrongdoing. There have also been unverified claims by contractors and journalists that former President Bill Clinton and other prominent figures spent time at the ranch, although Clinton denied being there during a deposition before Congress.

Accuser Maria Farmer has said she and her younger sister Annie were brought to Zorro Ranch in 1996 under the pretense of working on an art project. Maria has alleged that she was sexually assaulted by Epstein and his associate Ghislaine Maxwell, who was convicted in 2021 of child sex trafficking and is currently serving a 20-year federal prison sentence. Annie Farmer has said she was 15 when she was flown to the ranch and directed by Epstein and Maxwell “to take off all her clothes and get on a massage table.”

Since plans for the Truth Commission were announced, Romero said lawmakers have received between 25 and 30 tips from people claiming to have information about activities at the ranch.

“We have this massive international story in New Mexico and all these potential conspiracies, horrible things that have happened there,” she said. “We don't know what's fact from fiction, but owe it to the people of our state to sort through these threads of information and get answers.”

Republican state Rep. Andrea Reeb, a former prosecutor who plans to sit on the commission, said the state has not done enough to examine what happened at the ranch.

“Zorro Ranch has given New Mexico a black eye. We as a state haven't been aggressive enough on figuring out what happened there,” Reeb said.

“My main interest is to see if we can bring justice to some of the victims.”

Tyler Durden Tue, 03/10/2026 - 12:20

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

Building on Deutsche Bank analyst Michael Linenberg’s warning last week that surging jet fuel prices pose an "existential threat" to airlines, analysts at UBS offered their own take on the unfolding energy shock set to unleash turbulence across the industry, noting that U.S. airlines are "nearly 100% unhedged" against jet fuel costs above $4 per gallon.

"US airlines are nearly 100% unhedged, with only DAL's refinery providing it a partial hedge against jet crack spreads. As such, the earnings degradation at $4+ fuel is likely to be significant and widespread," analyst Atul Maheswari wrote in a note on Monday.

Maheswari said Delta, United, and Southwest could still deliver a "meager profit" with Jet A fuel prices over $4, but "none of the other airlines will make money if fuel remains at these levels, with some airlines likely to be deep in the red."

The hit to airlines' first-quarter results will be noticeable but somewhat muted because the energy shock is coming late in the quarter, and airlines typically carry two weeks of inventory.

Maheswari said the real deterioration will come in the second quarter:

We note the impact on 1Q, while material, is cushioned by the fact the fuel spike happened late in 1Q and that airlines tend to carry 2 weeks of inventory. The impact on 2Q, though, could be significant. We continue to believe that DAL, UAL, and LUV are relatively better positioned to navigate higher fuel. AAL and several smaller airlines are more vulnerable.

Based on our math, fuel sustaining at these levels through 2Q could push DAL's 2Q EPS to $1.13, down 55% versus our current $2.49 estimate. For LUV, our 2Q EPS would go to $0.57 vs. $1.81 currently. UAL's 2Q EPS has potential to move lower to $0.96, down 80% vs. our $4.78 estimate. AAL would turn to a 2Q loss of -$0.31 vs. our current forecast of +$1.39. ALK would have a modest 2Q loss, while JBLU, ALGT, and ULCC are likely to generate a significant 2Q loss.

We assumed current fuel price (Gulf Coast $3.82/gallon) and added an incremental spread for distribution and other items based on the average historical spread reported by each for 2025. We also assumed 200 bps higher RASM relative to our published current estimate for 2Q in our analysis.

In an unlikely scenario where jet fuel stays at these levels in 2H'26 as well, it would imply about $3 in FY'26 EPS for DAL (vs. UBSe $7.17). LUV's EPS could be about $1.60 (vs. UBSe $5.05), and UAL's $2.35 (vs. UBSe $13.56). This is after assuming 200 bps higher RASM relative to our current estimates. AAL, ALK, and other smaller airlines would witness losses for FY'26 in this scenario. Full details on the impact for each airline by quarter are in figure 1.

The result of the energy shock will be "earnings degradation" that will force airlines to "quickly move to cut capacity," the analyst said. This warning echoes DB's Linenberg warning last Friday that the "financially weakest carriers could halt operations." Read the note here.

UBS Chartbook on airlines:

EPS drag from higher fuel - US Airlines

Gulf Coast Fuel Prices

FY'25 Fuel as a Percentage of Sales - by Airlines

Feb-April of 2022 - Airline stock analysis during the fuel hike of 2022

The S&P 500 Airlines Index has erased much of the November-to-February gains.

This is incredibly bad news for U.S. travelers, as capacity cuts by the weakest airlines will only lead to higher ticket prices.

Professional subscribers can read the UBS note here at our new Marketdesk.ai portal

Tyler Durden Tue, 03/10/2026 - 12:00

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

Building on Deutsche Bank analyst Michael Linenberg’s warning last week that surging jet fuel prices pose an "existential threat" to airlines, analysts at UBS offered their own take on the unfolding energy shock set to unleash turbulence across the industry, noting that U.S. airlines are "nearly 100% unhedged" against jet fuel costs above $4 per gallon.

"US airlines are nearly 100% unhedged, with only DAL's refinery providing it a partial hedge against jet crack spreads. As such, the earnings degradation at $4+ fuel is likely to be significant and widespread," analyst Atul Maheswari wrote in a note on Monday.

Maheswari said Delta, United, and Southwest could still deliver a "meager profit" with Jet A fuel prices over $4, but "none of the other airlines will make money if fuel remains at these levels, with some airlines likely to be deep in the red."

The hit to airlines' first-quarter results will be noticeable but somewhat muted because the energy shock is coming late in the quarter, and airlines typically carry two weeks of inventory.

Maheswari said the real deterioration will come in the second quarter:

We note the impact on 1Q, while material, is cushioned by the fact the fuel spike happened late in 1Q and that airlines tend to carry 2 weeks of inventory. The impact on 2Q, though, could be significant. We continue to believe that DAL, UAL, and LUV are relatively better positioned to navigate higher fuel. AAL and several smaller airlines are more vulnerable.

Based on our math, fuel sustaining at these levels through 2Q could push DAL's 2Q EPS to $1.13, down 55% versus our current $2.49 estimate. For LUV, our 2Q EPS would go to $0.57 vs. $1.81 currently. UAL's 2Q EPS has potential to move lower to $0.96, down 80% vs. our $4.78 estimate. AAL would turn to a 2Q loss of -$0.31 vs. our current forecast of +$1.39. ALK would have a modest 2Q loss, while JBLU, ALGT, and ULCC are likely to generate a significant 2Q loss.

We assumed current fuel price (Gulf Coast $3.82/gallon) and added an incremental spread for distribution and other items based on the average historical spread reported by each for 2025. We also assumed 200 bps higher RASM relative to our published current estimate for 2Q in our analysis.

In an unlikely scenario where jet fuel stays at these levels in 2H'26 as well, it would imply about $3 in FY'26 EPS for DAL (vs. UBSe $7.17). LUV's EPS could be about $1.60 (vs. UBSe $5.05), and UAL's $2.35 (vs. UBSe $13.56). This is after assuming 200 bps higher RASM relative to our current estimates. AAL, ALK, and other smaller airlines would witness losses for FY'26 in this scenario. Full details on the impact for each airline by quarter are in figure 1.

The result of the energy shock will be "earnings degradation" that will force airlines to "quickly move to cut capacity," the analyst said. This warning echoes DB's Linenberg warning last Friday that the "financially weakest carriers could halt operations." Read the note here.

UBS Chartbook on airlines:

EPS drag from higher fuel - US Airlines

Gulf Coast Fuel Prices

FY'25 Fuel as a Percentage of Sales - by Airlines

Feb-April of 2022 - Airline stock analysis during the fuel hike of 2022

The S&P 500 Airlines Index has erased much of the November-to-February gains.

This is incredibly bad news for U.S. travelers, as capacity cuts by the weakest airlines will only lead to higher ticket prices.

Professional subscribers can read the UBS note here at our new Marketdesk.ai portal

Tyler Durden Tue, 03/10/2026 - 12:00

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Submitted by The Bureau's Sam Cooper,

Police responded at 5:29 a.m. Tuesday to reports that someone fired shots at the American Consulate at University Avenue and Queen Street West in the heart of Toronto, in an incident that comes as Western security agencies confront growing fears that the Iran war is triggering retaliatory violence far beyond the Middle East.

In a public statement posted by Toronto Police Operations, police said they had located evidence of a firearm discharge, that no injuries were reported, and that officers remained on scene investigating. CityNews reported damage to a consulate door and about 10 shell casings outside the building.

On Monday, ABC News reported that a federal alert sent to law enforcement agencies said the United States had intercepted encrypted communications believed to have originated in Iran that may serve as “an operational trigger” for “sleeper assets” outside the country. According to ABC, the alert cited “preliminary signals analysis” of a transmission “likely of Iranian origin” relayed across multiple countries shortly after the death of Ayatollah Ali Khamenei in the Feb. 28 U.S.-Israeli strike. ABC further reported that the encoded transmission appeared intended for “clandestine recipients” holding the proper encryption key, potentially to convey instructions to “covert operatives or sleeper assets” without using internet or cellular networks.

Breaking: Shots have been fired at the US Consulate, on University Avenue, in Toronto reportedly around 5:30 this morning.

"there are bullet holes in the glass door, the front door of the building." pic.twitter.com/OBlpNSgVyK

— cbcwatcher (@cbcwatcher) March 10, 2026

That warning aligns with a Department of Homeland Security threat assessment reviewed by Reuters, which said Iran and its proxies “probably” pose a persistent threat of targeted attacks in the Homeland, even though a large-scale physical attack is considered unlikely.

In Toronto, the consulate incident follows a string of shootings that has deepened fears of ideologically driven or conflict-linked violence.

The city has seen multiple Jewish institutions struck by gunfire in recent days, alongside a separate shooting at a boxing gym reportedly tied to an Iranian-Canadian critic of Tehran. Authorities have not publicly connected those incidents to the consulate shooting, but the pattern has heightened concern across the city.

Reflecting that alarm, Canadian newspaper columnist Brian Lilley wrote on X: “This is in the heart of Toronto. I know people who work in that [Consulate] building. Many of them are non-partisan civil servants who may not agree with this war. Political violence in Toronto has been normalized.”

The pattern is not confined to Canada. In Oslo, Reuters reported that a loud explosion struck the U.S. embassy early Sunday, causing minor damage but no injuries, in what Norwegian police said may have been a deliberate attack linked to the crisis in the Middle East. Reuters quoted Oslo police saying one hypothesis was terrorism, while other possibilities were also being explored. Investigators said they were searching for one or several perpetrators.

*   *   * 

Reminding readers that Jared Cohen, President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, warned investors on the GS Weekend Macro Call, the Islamic Revolutionary Guard Corps maintains cells across multiple emerging market countries and could begin activating them.

"What I am looking for next is that they have meaningful cells in the Tri-Border Area of Latin America, West Africa, and elsewhere. They could hit an embassy, they could hit a consulate, or they could hit a cultural center in any one of the twelve countries they have already attacked," Cohen explained. 

Read the report here. 

Tyler Durden Tue, 03/10/2026 - 11:40

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Submitted by The Bureau's Sam Cooper,

Police responded at 5:29 a.m. Tuesday to reports that someone fired shots at the American Consulate at University Avenue and Queen Street West in the heart of Toronto, in an incident that comes as Western security agencies confront growing fears that the Iran war is triggering retaliatory violence far beyond the Middle East.

In a public statement posted by Toronto Police Operations, police said they had located evidence of a firearm discharge, that no injuries were reported, and that officers remained on scene investigating. CityNews reported damage to a consulate door and about 10 shell casings outside the building.

On Monday, ABC News reported that a federal alert sent to law enforcement agencies said the United States had intercepted encrypted communications believed to have originated in Iran that may serve as “an operational trigger” for “sleeper assets” outside the country. According to ABC, the alert cited “preliminary signals analysis” of a transmission “likely of Iranian origin” relayed across multiple countries shortly after the death of Ayatollah Ali Khamenei in the Feb. 28 U.S.-Israeli strike. ABC further reported that the encoded transmission appeared intended for “clandestine recipients” holding the proper encryption key, potentially to convey instructions to “covert operatives or sleeper assets” without using internet or cellular networks.

Breaking: Shots have been fired at the US Consulate, on University Avenue, in Toronto reportedly around 5:30 this morning.

"there are bullet holes in the glass door, the front door of the building." pic.twitter.com/OBlpNSgVyK

— cbcwatcher (@cbcwatcher) March 10, 2026

That warning aligns with a Department of Homeland Security threat assessment reviewed by Reuters, which said Iran and its proxies “probably” pose a persistent threat of targeted attacks in the Homeland, even though a large-scale physical attack is considered unlikely.

In Toronto, the consulate incident follows a string of shootings that has deepened fears of ideologically driven or conflict-linked violence.

The city has seen multiple Jewish institutions struck by gunfire in recent days, alongside a separate shooting at a boxing gym reportedly tied to an Iranian-Canadian critic of Tehran. Authorities have not publicly connected those incidents to the consulate shooting, but the pattern has heightened concern across the city.

Reflecting that alarm, Canadian newspaper columnist Brian Lilley wrote on X: “This is in the heart of Toronto. I know people who work in that [Consulate] building. Many of them are non-partisan civil servants who may not agree with this war. Political violence in Toronto has been normalized.”

The pattern is not confined to Canada. In Oslo, Reuters reported that a loud explosion struck the U.S. embassy early Sunday, causing minor damage but no injuries, in what Norwegian police said may have been a deliberate attack linked to the crisis in the Middle East. Reuters quoted Oslo police saying one hypothesis was terrorism, while other possibilities were also being explored. Investigators said they were searching for one or several perpetrators.

*   *   * 

Reminding readers that Jared Cohen, President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, warned investors on the GS Weekend Macro Call, the Islamic Revolutionary Guard Corps maintains cells across multiple emerging market countries and could begin activating them.

"What I am looking for next is that they have meaningful cells in the Tri-Border Area of Latin America, West Africa, and elsewhere. They could hit an embassy, they could hit a consulate, or they could hit a cultural center in any one of the twelve countries they have already attacked," Cohen explained. 

Read the report here. 

Tyler Durden Tue, 03/10/2026 - 11:40

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing shares fell a little more than 3% in late-morning trading in New York after a new report from The Wall Street Journal stated that deliveries of some narrow-body 737 MAX jets would be delayed following the discovery of scratched wiring on newly built aircraft.

Boeing told the WSJ that each affected jet can be fixed within days and that the wiring flaw will not derail its target of delivering about 500 737 MAX jets this year, though March deliveries could be slowed.

The wiring issue is yet another manufacturing setback as Boeing tries to demonstrate to FAA regulators that it has improved quality control following the January 2024 midair door-plug blowout, the two 737 MAX crashes, and other quality-related issues related to the narrow-body jet.

Boeing shares fell 3.3% following the report, leaving the stock roughly flat on the year." 

Last week, a Bloomberg report cited people familiar with the talks as saying that the planemaker and China could agree to a 500-plane order for 737 MAX jets at the Trump-Xi summit later this month.

Goldman analysts led by Noah Poponak recently shared an aircraft delivery tracker with clients showing Boeing deliveries tracking at around 52 for February, including 43 737 MAX jets and 3 787s.

The WSJ report made no reference to which systems the flawed wiring affected. Hopefully, it was not critical flight systems.

Tyler Durden Tue, 03/10/2026 - 11:21

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing shares fell a little more than 3% in late-morning trading in New York after a new report from The Wall Street Journal stated that deliveries of some narrow-body 737 MAX jets would be delayed following the discovery of scratched wiring on newly built aircraft.

Boeing told the WSJ that each affected jet can be fixed within days and that the wiring flaw will not derail its target of delivering about 500 737 MAX jets this year, though March deliveries could be slowed.

The wiring issue is yet another manufacturing setback as Boeing tries to demonstrate to FAA regulators that it has improved quality control following the January 2024 midair door-plug blowout, the two 737 MAX crashes, and other quality-related issues related to the narrow-body jet.

Boeing shares fell 3.3% following the report, leaving the stock roughly flat on the year." 

Last week, a Bloomberg report cited people familiar with the talks as saying that the planemaker and China could agree to a 500-plane order for 737 MAX jets at the Trump-Xi summit later this month.

Goldman analysts led by Noah Poponak recently shared an aircraft delivery tracker with clients showing Boeing deliveries tracking at around 52 for February, including 43 737 MAX jets and 3 787s.

The WSJ report made no reference to which systems the flawed wiring affected. Hopefully, it was not critical flight systems.

Tyler Durden Tue, 03/10/2026 - 11:21

World's Biggest Hedge Funds Crushed By Oil Price Surge

We knew something was off when Bloomberg reported yesterday that Balyasny's chief commodities strategist, Damien Courvalin, whom the multi-strat hedge fund poached from Goldman in 2023 after a 16-year span at the bank where he led the bank’s oil research and become one of the most prominent oil analysts on Wall Street, had left the hedge fund where he oversaw the fimr's central commodities intelligence effort, including implementation in cross-commodity portfolios, after the rollercoaster moves in oil.

We are just guessing, but Courvalin may have been just a bit bearish on oil: after all, he led Goldman’s research when the bank predicted, correctly, a price plunge in early 2020, just before oil prices fell below zero. He also covered gold, agriculture, natural gas and commodity asset allocation through his tenure at the bank.

There is another reason why Courvalin was likely bearish: according to Bloomberg, his (now former) employer Balyasny Asset Management declined by 3.5% last week after a 0.4% increase in the two months through February.

It wasn't just Balysani: according to Bloomberg, some of the world’s biggest hedge funds suffered hundreds of millions of dollars in losses last week after the war against Iran sent oil prices surging and triggered wild market moves, suggesting that short oil was among the most consensus trades within the hedge fund world, something we warned about in late 2025.

Between A Dock & A Hard Place: Record Short Oil Positions Squeezed By Sanctions Despite Record Crude Glut On-Water https://t.co/SBIBo0JY5Y

— zerohedge (@zerohedge) October 27, 2025

According to the report, Citadel’s main Wellington hedge fund lost 2% last week, with its macro business suffering declines. The fund was up 2.9% through February. ExodusPoint’s multistrategy hedge fund last week gave away all the gains it had notched up for the year; it had been up 2.6% in the first two months.

Other multi-strats also got crushed: Izzy Englander's Millennium Management, which manages  $86.7 billion, lost about $1.5 billion in the week through March 6, leaving it up just 0.75% this year through March 6. It had advanced 2% in the first two months. At Steve Cohen's Point72, the 1.1% decline during the week cut its advance this year through March 6 to 3.4%. Marshall Wace’s flagship Eureka hedge fund was down 3.7% last week, paring gains for the year to 2.4%, according to another person.

The Iran war sparked general market mayhem, as stocks, bonds and other asset classes saw a broad selloff since the US and Israel launched a series of strikes on Iran on Feb. 28, targeting the country’s leadership and strategic sites. Crude oil touched almost $120 a barrel earlier this week on concerns of output cuts as the conflict escalated before declining on Trump’s assurance that the war would resolve “very soon.” A weak jobs report out of the US and renewed anxiety about the private-credit industry also weighed on investor sentiment.

Hedge funds also suffered a blow from their bets on the UK rates market as well, as the strife in the Middle East forced a dramatic reassessment of Bank of England policy expectations and led to the worst week in more than three years. The policy-sensitive two-year gilt yield rocketed about 35 basis points in the five days through March 6 and continued to soar further on Monday.

As extreme market volatility continues, expect to see more bad news for funds who are not prepared for this kind of trading environment. The question is whether the degrossing associated with adapting to a surge in the vix will also lead to a reduction in the huge basis trade which has long been the biggest driver of profit for the multi-strat community, and whose blow up in March 2020 forced the Fed to step in with massive bailouts. 

Tyler Durden Tue, 03/10/2026 - 11:20

World's Biggest Hedge Funds Crushed By Oil Price Surge

We knew something was off when Bloomberg reported yesterday that Balyasny's chief commodities strategist, Damien Courvalin, whom the multi-strat hedge fund poached from Goldman in 2023 after a 16-year span at the bank where he led the bank’s oil research and become one of the most prominent oil analysts on Wall Street, had left the hedge fund where he oversaw the fimr's central commodities intelligence effort, including implementation in cross-commodity portfolios, after the rollercoaster moves in oil.

We are just guessing, but Courvalin may have been just a bit bearish on oil: after all, he led Goldman’s research when the bank predicted, correctly, a price plunge in early 2020, just before oil prices fell below zero. He also covered gold, agriculture, natural gas and commodity asset allocation through his tenure at the bank.

There is another reason why Courvalin was likely bearish: according to Bloomberg, his (now former) employer Balyasny Asset Management declined by 3.5% last week after a 0.4% increase in the two months through February.

It wasn't just Balysani: according to Bloomberg, some of the world’s biggest hedge funds suffered hundreds of millions of dollars in losses last week after the war against Iran sent oil prices surging and triggered wild market moves, suggesting that short oil was among the most consensus trades within the hedge fund world, something we warned about in late 2025.

Between A Dock & A Hard Place: Record Short Oil Positions Squeezed By Sanctions Despite Record Crude Glut On-Water https://t.co/SBIBo0JY5Y

— zerohedge (@zerohedge) October 27, 2025

According to the report, Citadel’s main Wellington hedge fund lost 2% last week, with its macro business suffering declines. The fund was up 2.9% through February. ExodusPoint’s multistrategy hedge fund last week gave away all the gains it had notched up for the year; it had been up 2.6% in the first two months.

Other multi-strats also got crushed: Izzy Englander's Millennium Management, which manages  $86.7 billion, lost about $1.5 billion in the week through March 6, leaving it up just 0.75% this year through March 6. It had advanced 2% in the first two months. At Steve Cohen's Point72, the 1.1% decline during the week cut its advance this year through March 6 to 3.4%. Marshall Wace’s flagship Eureka hedge fund was down 3.7% last week, paring gains for the year to 2.4%, according to another person.

The Iran war sparked general market mayhem, as stocks, bonds and other asset classes saw a broad selloff since the US and Israel launched a series of strikes on Iran on Feb. 28, targeting the country’s leadership and strategic sites. Crude oil touched almost $120 a barrel earlier this week on concerns of output cuts as the conflict escalated before declining on Trump’s assurance that the war would resolve “very soon.” A weak jobs report out of the US and renewed anxiety about the private-credit industry also weighed on investor sentiment.

Hedge funds also suffered a blow from their bets on the UK rates market as well, as the strife in the Middle East forced a dramatic reassessment of Bank of England policy expectations and led to the worst week in more than three years. The policy-sensitive two-year gilt yield rocketed about 35 basis points in the five days through March 6 and continued to soar further on Monday.

As extreme market volatility continues, expect to see more bad news for funds who are not prepared for this kind of trading environment. The question is whether the degrossing associated with adapting to a surge in the vix will also lead to a reduction in the huge basis trade which has long been the biggest driver of profit for the multi-strat community, and whose blow up in March 2020 forced the Fed to step in with massive bailouts. 

Tyler Durden Tue, 03/10/2026 - 11:20

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Authored by Andrew Moran via The Epoch Times,

Flying taxi maker Archer Aviation has alleged that its rival Joby Aviation has been misleading regulators and investors for years by hiding its connections to China.

In a March 9 filing in federal court in California, Archer accused Joby of running a manufacturing unit in Shenzhen, China, for more than a decade that received government grants intended to spur technological development and of carrying out fraudulent business practices that gave it an improper competitive edge.

“Joby has falsely presented itself as a domestically rooted, American-made, fully vertically integrated aviation company while covertly relying on its Chinese manufacturing subsidiary,” Archer alleged in the filing.

The lawsuit alleges that the company later hid aerospace components shipped from that facility by falsely labeling thousands of pounds of imported components as mundane consumer goods such as hair clips, napkins, socks, and similar products.

This approach, the suit alleges, allowed Joby to “evade U.S. tariffs, distort competition, improperly secure government contracts and strategic partnerships, and circumvent national-security oversight.”

Archer’s counterclaim, filed in a lawsuit initiated by Joby, further argues that Joby secured at least $131 million in U.S. Air Force contracts while marketing its aircraft as committed to American innovation, raising national security concerns in areas in which Chinese supply chain dependencies were not fully disclosed.

Alex Spiro, an attorney for Joby, said in a statement to The Epoch Times that the company “doesn’t respond to nonsense.”

“Archer’s constant legal issues and flailing business operations have left it no choice but to resort to invented nonsensical theories,” Spiro said in a statement. “We will see them in court.”

The latest legal development is part of a counterclaim to Joby’s November 2025 lawsuit against Archer.

Joby accused its competitor of using stolen information from a former employee to secure a partnership deal with a real estate development company.

The air taxi maker called it “corporate espionage, planned, and premeditated.”

This is not the first time that Archer has been involved in a legal dispute.

A Joby Aviation air taxi outside of the New York Stock Exchange ahead of its listing in the Manhattan borough of New York City, on Aug. 11, 2021. Andrew Kelly/Reuters

In August 2023, Archer settled a case against Boeing-owned Wisk Aero over alleged trade-secret theft.

In February, Archer filed suit in the U.S. District Court for the Eastern District of Texas, alleging that rival Vertical Aerospace recently redesigned its air taxi concept in a manner that infringes upon Archer’s patents.

Although the stocks of both Archer (ACHR) and Joby (JOBY) had a terrific 2025, they have struggled this year, with share prices falling by nearly 30 percent.

An Industry Taking Off

Flying taxis—also called electric vertical take-off and landing aircraft—have become a major industry worldwide, including in the United States and China.

The current market is valued at about $6.3 billion and is forecast to reach nearly $76 billion by 2035, according to Precedence Research analysts.

Although they are viewed as modes of transportation for wealthy clients, experts said they believe that they could eventually become a tool for individuals traveling to and from work.

“Flying taxis will be the fastest mode of transportation with lower traffic conjunctions and it gives a hassle-free experience to the consumers,” the analysts said in a Jan. 6 research note.

In summer 2025, President Donald Trump signed executive orders to “create a pilot program testing flying cars,” including air taxis.

Archer said on March 9 that the Department of Transportation and Federal Aviation Administration selected its partners in Florida, New York, and Texas to participate in the White House’s pilot program to bring electric air taxis to market.

Similar to nationwide robotaxi pilot initiatives, this initiative will allow Archer to collaborate with federal and state regulators and communities to “build trust and establish the playbook for safely scaling electric air taxis across the country.”

Joby said in February that it is partnering with Uber to launch a battery-powered aircraft ride-hailing service in Dubai, United Arab Emirates, this year.

Tyler Durden Tue, 03/10/2026 - 11:00

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Authored by Andrew Moran via The Epoch Times,

Flying taxi maker Archer Aviation has alleged that its rival Joby Aviation has been misleading regulators and investors for years by hiding its connections to China.

In a March 9 filing in federal court in California, Archer accused Joby of running a manufacturing unit in Shenzhen, China, for more than a decade that received government grants intended to spur technological development and of carrying out fraudulent business practices that gave it an improper competitive edge.

“Joby has falsely presented itself as a domestically rooted, American-made, fully vertically integrated aviation company while covertly relying on its Chinese manufacturing subsidiary,” Archer alleged in the filing.

The lawsuit alleges that the company later hid aerospace components shipped from that facility by falsely labeling thousands of pounds of imported components as mundane consumer goods such as hair clips, napkins, socks, and similar products.

This approach, the suit alleges, allowed Joby to “evade U.S. tariffs, distort competition, improperly secure government contracts and strategic partnerships, and circumvent national-security oversight.”

Archer’s counterclaim, filed in a lawsuit initiated by Joby, further argues that Joby secured at least $131 million in U.S. Air Force contracts while marketing its aircraft as committed to American innovation, raising national security concerns in areas in which Chinese supply chain dependencies were not fully disclosed.

Alex Spiro, an attorney for Joby, said in a statement to The Epoch Times that the company “doesn’t respond to nonsense.”

“Archer’s constant legal issues and flailing business operations have left it no choice but to resort to invented nonsensical theories,” Spiro said in a statement. “We will see them in court.”

The latest legal development is part of a counterclaim to Joby’s November 2025 lawsuit against Archer.

Joby accused its competitor of using stolen information from a former employee to secure a partnership deal with a real estate development company.

The air taxi maker called it “corporate espionage, planned, and premeditated.”

This is not the first time that Archer has been involved in a legal dispute.

A Joby Aviation air taxi outside of the New York Stock Exchange ahead of its listing in the Manhattan borough of New York City, on Aug. 11, 2021. Andrew Kelly/Reuters

In August 2023, Archer settled a case against Boeing-owned Wisk Aero over alleged trade-secret theft.

In February, Archer filed suit in the U.S. District Court for the Eastern District of Texas, alleging that rival Vertical Aerospace recently redesigned its air taxi concept in a manner that infringes upon Archer’s patents.

Although the stocks of both Archer (ACHR) and Joby (JOBY) had a terrific 2025, they have struggled this year, with share prices falling by nearly 30 percent.

An Industry Taking Off

Flying taxis—also called electric vertical take-off and landing aircraft—have become a major industry worldwide, including in the United States and China.

The current market is valued at about $6.3 billion and is forecast to reach nearly $76 billion by 2035, according to Precedence Research analysts.

Although they are viewed as modes of transportation for wealthy clients, experts said they believe that they could eventually become a tool for individuals traveling to and from work.

“Flying taxis will be the fastest mode of transportation with lower traffic conjunctions and it gives a hassle-free experience to the consumers,” the analysts said in a Jan. 6 research note.

In summer 2025, President Donald Trump signed executive orders to “create a pilot program testing flying cars,” including air taxis.

Archer said on March 9 that the Department of Transportation and Federal Aviation Administration selected its partners in Florida, New York, and Texas to participate in the White House’s pilot program to bring electric air taxis to market.

Similar to nationwide robotaxi pilot initiatives, this initiative will allow Archer to collaborate with federal and state regulators and communities to “build trust and establish the playbook for safely scaling electric air taxis across the country.”

Joby said in February that it is partnering with Uber to launch a battery-powered aircraft ride-hailing service in Dubai, United Arab Emirates, this year.

Tyler Durden Tue, 03/10/2026 - 11:00

N.C. Medicaid Scammers Sentenced To Over 14 Years In Prison For 'Somali-Style Fraud' Scheme

Authored by Debra Heine via American Greatness,

A federal judge has sentenced four individuals to more than 14 years in federal prison for running a $12.7 Million “Minnesota-Somali-style fraud” scheme in North Carolina that paid more than $1 Million in kickbacks to drug addicted patients.

The fraudsters, Brandon Eugene Sims, 40; Kimberly Mable Sims, 39; Francine Sims Super, 64; and Keke Komeko Johnson, 53, operated Life Touch, LLC, a now permanently shut down fake substance abuse facility and 1st Choice Healthcare Services, a urine drug screening company.

Between 2018 and 2023,  Johnson and Super reportedly oversaw more than $1 million in illegal kickback payments to drug using Medicaid patients.

The kickbacks were meant “to lure patients to show up for costly substance abuse and lab services that Johnson billed to Medicaid on behalf of Life Touch and 1st Choice,” the Eastern North Carolina U.S. Attorney’s Office stated in a press release.

Inmate Sims, Inmate Super’s daughter, owned 1st Choice Healthcare, and paid Medicaid kickbacks to Inmates Super and Johnson for fake lab services ordered by Life Touch, LLC. Meanwhile, Inmate Brandon Sims, who owned Life Touch and resided in Texas, received Millions in illegal proceeds from the Life Touch operation, but failed to file or pay taxes on that money. The gift card kickback scheme resulted in more than $12.7 Million fake billings to the Medicaid program.

The feds seized $6 million in assets from them in 2023, including cash, cars and homes. After becoming aware of the criminal investigation, Brandon Sims “withdrew more than $1 Million in cash from a bank account, hiding it in a safe at his Texas home.”

Agents executed a search warrant and seized $1.3 million in cash, a 2021 Rolls Royce Cullinan, a 2021 Chevrolet Corvette, and a 2020 Chevrolet Silverado.

Agents seized millions more in other real property, the U.S. Attorney’s Office said.

“This is shocking Minnesota-Somali-style fraud right here in North Carolina,” said U.S. Attorney Ellis Boyle in a statement. “For too long, government has allowed grifters to steal taxpayer dollars with impunity. Here, these vultures exploited particularly susceptible drug abusers trying to recover their lives and dignity. Shameful abuse, no remorse. They better learn, and everyone should get the message. Cheaters. Never. Win.”

The Judge sentenced Johnson, the company’s “Compliance Director,” to six years in federal prison and to pay $15,286,912.91 in restitution to North Carolina Medicaid and $331,851.00 to the IRS.

Johnson pleaded guilty in August 2025 to a health care fraud conspiracy, “including making and receiving illegal payments, making and using materially false documents, and failing to file a tax return.”

The Judge sentenced Super, the “Kinston office manager,” to six years in federal prison, and to pay $15,286,912.91 in restitution to North Carolina Medicaid and $373,810.00 to the IRS.

Super had previously pleaded guilty “to conspiracy to pay illegal kickbacks, healthcare fraud, making and using materially false documents,” and “failure to file a tax return.”

The Judge sentenced Kimberly Sims to two years in federal prison and to pay $1,845,276.95 in restitution to North Carolina Medicaid and $207,383.00 to the IRS.

She previously pleaded guilty to “a conspiracy to paying illegal kickbacks, healthcare fraud, making and using materially false documents, and filing a false tax return.”

The Judge ordered Life Touch, LLC, to pay a $15 Million fine, “to dissolve, and serve five years of probation and repay $12,762,511.30 in restitution to the North Carolina Medicaid program.”

Brandon Sims was sentenced to two and a half years and six months in federal prison, and was ordered to pay $1,892,919.40 in restitution to the IRS.  He has also been ordered to “forfeit all traceable proceeds of the Life Touch scheme to the United States.”

“Healthcare Fraud robs American taxpayers and betrays the very programs meant to protect our most vulnerable citizens. In this case, more than $12 million was stolen by these defendants directly from those who need it most,” said Reid Davis, the FBI Special Agent in Charge North Carolina. “These defendants now face more than 170 months in federal prison, over $30 million in restitution to North Carolina Medicaid, and a $15 million fine. This outcome sends a clear message: those who defraud public healthcare programs will be held accountable.”

“These defendants orchestrated an egregious scheme involving illegal kickbacks, placing greed above patient care. Fraudulent operations like this undermine the availability of federal health care program funds intended to support millions of beneficiaries,” said Special Agent in Charge Kelly Blackmon of the U.S. Department of Health and Human Services Office of Inspector General (HHS‑OIG). “Together with our law enforcement partners, HHS‑OIG will continue to safeguard the integrity of Medicaid and other federally funded health care programs.”

“The people behind this scheme were supposed to help patients,” said N.C. Attorney General Jeff Jackson. “Instead, they developed an elaborate scheme to steal millions in taxpayer dollars. My office and our federal partners will hold accountable anyone who exploits patients and abuses Medicaid for their personal gain.”

Tyler Durden Tue, 03/10/2026 - 10:15

US Existing Home Sales Bounced In February As Mortgage Rates Tumbled

Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming 'below-normal temperatures' despite The West suffering the biggest declines (and unaffected by the winter storms).

Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January's 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop...

Source: Bloomberg

With the beat and upward revision, existing home sales were down just 1.45% YoY but SAAR topped 4mm (4.09mm) once again...

Source: Bloomberg

On the bright side, with mortgage rates at their lowest since 2022, existing home sales look set to continue to improve (unless Trump's war triggers more panic in rates)...

Source: Bloomberg

Mortgage rates fell at the end of last month to 6.09% after President Trump asked Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities to help lower home-financing costs.

The NAR’s monthly housing affordability gauge, which reflects changes in home prices, median income and borrowing costs, stands at the most-favorable reading since 2022.

“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in a statement.

“Still, there is a long way to go to return to pre-pandemic levels of transaction activity.”

The NAR report showed the median selling price rose 0.3% from a year earlier — one of the smallest advances since the pandemic housing frenzy — to $398,000 last month.

The inventory of previously owned homes increased 4.9% from a year ago to 1.29 million — the most for any February since 2020.

Market analysts see home sales climbing this year, with estimates ranging from 1.7% to 14%, according to a survey by Bloomberg late last year.

Tyler Durden Tue, 03/10/2026 - 10:09