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Marvell Soars After Nvidia CEO Says Chipmaker Is Headed For Trillion-Dollar Club

Marvell Soars After Nvidia CEO Says Chipmaker Is Headed For Trillion-Dollar Club

Computex 2026 in Taipei is underway for the second day.

Let's begin with Monday's wrap-up of the event:

There was no shortage of fireworks on day two, as Nvidia CEO Jensen Huang took the stage and greeted Marvell Technology CEO Matt Murphy, stating that the fabless semiconductor company that designs chips will be "the next trillion-dollar company."

Pumpmaxxing...

Huang's comments catapulted Marvell shares, sending the stock up 26% in premarket trading and extending what was already a stunning 158% year-to-date rally as of Monday's close.

A move to a $1 trillion market cap would imply more than a fivefold increase from the semiconductor and networking company's current valuation. Huang noted that Marvell's valuation will soar now that the age of "useful AI has arrived."

The stock has 44 "Buy" ratings, 6 "Holds", and zero sells. What could possibly go wrong?

For context, Marvell's business is data infrastructure silicon, meaning the chips and networking tech that help data move, store, process, and connect inside cloud and AI data centers.

Nvidia sells GPUs, but giant AI data center clusters also need ultra-fast networking and interconnects so all those GPUs and servers can function as a single system. Marvell is one of the companies positioned to supply that connective tissue:

  • Custom AI chips and ASICs for hyperscalers
  • High-speed networking chips that connect servers and GPUs

  • Optical and copper interconnects that move data inside and between AI clusters

  • Ethernet switches

  • Storage and memory-controller chips

  • Data-center, telecom, enterprise, auto, and carrier infrastructure silicon

Also notable at Computex 2026 was SK Group Chairman Chey Tae-won, who told reporters that his memory chip company plans to double its wafer capacity over the next five years.

"We are going to double the whole capacity over the next five years ... there are a lot of obstacles and hurdles, but we will get over them and expand," Chey told reporters.

SK Hynix remains one of the top players in the AI memory chip market, holding 58% of the global HBM market in the first quarter, well ahead of Samsung and Micron, which each held 21%, according to Counterpoint Research.

Must Read:

The broader takeaway is that AI demand is expanding the club of trillion-dollar market companies, with the latest Bloomberg data showing about 15 companies.

Tyler Durden Tue, 06/02/2026 - 08:15

Britain's White 'George Floyd' Moment?

Britain's White 'George Floyd' Moment?

Update: Vickrum Singh Digwa, 23, received a life sentence with a 21-year minimum on Monday for the murder of 18-year-old Henry Nowak.

Judge William Mousley describes Nowak as a “much-loved, kind, hard-working and ambitious young man, devoted to his family and with a bright future.”

Mousley includes agonizing testimony from Nowak’s family: Nowak’s death has caused his sister’s world to “fall apart,” she said; Nowak’s father describes his son’s death as a “life sentence” for the family.

The judge then details the extensive lies he believes Digwa told to evade responsibility for the murder.

As Daily Caller noted, Mousley more or less excused the actions of the responding police officers, writing they “honestly believed that there were reasonable grounds for suspecting Henry had committed an offence and arrested him.”

*  *  *

As Bruce Oliver Newsome detailed earlier via American Greatness, this had all the ingredients (except inverted) to become Britain's white 'George Floyd' moment.

If police see racism before they see a man bleeding out, something has gone profoundly wrong with justice.

Police handcuffed and arrested an 18-year-old while he was bleeding out from multiple stabbings because the stabber, a Sikh, accused the victim, a white man, of racism.

The stabber showed no signs of being the victim of violence. He said the man lying in his own blood on the ground had knocked off his turban in a drunken racist attack. And for that, the police arrested and handcuffed the victim.

The victim had been stabbed once in the face, twice in the legs while trying to escape over a fence, and once in the lung. But somehow the police claim not to have been aware of his wounds.

Vickrum Digwa, the 23-year-old stabber, was carrying two blades: an 8-inch “shastar” openly, and a smaller “kirpan” around his neck and under his clothing. During the trial, the prosecutor said that Digwa had “been training with weapons since the age of 12,” slept with weapons, and used “loving terms” when speaking about the murder weapon.

Digwa’s defense barrister claimed religious allowance for openly carrying knives that are illegal for the rest of us to carry. And the judge instructed the jury to consider whether the stabber had a good reason, such as self-defense or religion, to carry his weapons. The national government says that courts should decide what is legal to carry. The police federation says there is no limit on the size of the blade that can be carried with religious allowance.

Police initially arrested and handcuffed the victim without treating his wounds and without detaining the stabber.

On Thursday, May 28, the stabber was convicted of murder. The court found that the stabber had certainly not told the whole truth. He had told arriving officers of racist provocation but denied stabbing anyone.

There is no evidence for any racism other than the retrospective verbal claims of the stabber and his brother, who arrived after the stabbings and who made a call to emergency services claiming his brother was a victim of racism. He too did not mention any stabbing.

The perp’s father and mother also showed up at the scene. The mother helped to conceal the weapons.

The victim did not know his murderer. The victim was walking home around 11:30 p.m. on December 3, 2025, from a night out with his university soccer team in Southampton. He was well-dressed and well-groomed. He had drunk less alcohol than would have put him over the driving limit. But Digwa claimed to be attacked by a racist drunk. And the police believed him.

What will the consequences for the police entail?

The police force (Hampshire) referred itself for independent investigation but is also making excuses.

They claim that the stabbings were not obvious to officers, despite a trail of blood, and despite the victim repeatedly saying he had been stabbed and couldn’t breathe.

The police force maintains that officers could not have known the victim was suffering from internal bleeding. Yet the victim had been stabbed five times, of which one stabbing went 8 cm (more than 3 inches) into his lung. The blade itself is 21 centimeters (8 inches) long.

The police force isn’t publicly pondering whether the police officers should have examined rather than arrested the victim.

The police force says the victim couldn’t have been saved, but the victim didn’t die for another hour.

The police force says it is the victim of the stabber’s lies and that its officers were obliged to act on the stabber’s false accusations of racial provocation. But aren’t officers trained in judgment, to use their freaking eyes, to not make hasty judgments, and to care for even the perps? Wasn’t the victim’s plight obvious and the other party’s rude behavior equally obvious?

Note that the police force didn’t refer itself for investigation until the day of the conviction, almost six months after the murder.

And the police force still hasn’t released bodycam footage, even though one justification for introducing bodycams was to reassure the public of impartiality in racially sensitive cases, following the BLM explosion in 2020. The trial has concluded, so there can be no concerns around contempt of court by releasing footage.

[ZH: police just released the bodycam - its not embeddable]

Note that in other cases, such as the stabbings of girls at Southport in 2024 and the rape of a child in Nuneaton in 2025, local police, courts, and national government fell over each other to cover up the non-white race of the perpetrators, to warn against white racist misinformation, and even to prosecute some of the supposed misinformers for supposedly promoting hate.

I bet the Independent Office for Police Conduct (IOPC) won’t be investigating what journalists and opposition politicians have already identified: the racism of anti-racism.

Matt Goodwin, an academic and candidate for Parliament representing Reform UK, writes that “Henry Nowak now joins a growing list of people that most people in Westminster have probably never heard of—Terence Carney, Thomas Roberts, Victoria Agoglia, Lucy Lowe, Charlene Downes, Wayne Broadhurst, Rhiannon Whyte, among countless more—all of whom happen to belong to the wrong identity group to be considered worthy of serious discussion and attention,” after being murdered or raped by immigrants or the progeny of immigrants.

The Critic’s Tom Jones tweeted that “were the races reversed, this could be a story from the Jim Crow South that became a cause célèbre of the Civil Rights movement.”

The Spectator’s David Shipley wonders whether the police are so primed to posture as anti-racist (that is: anti-white racist) that they were blind to the evidence on and from the victim because he is white and gullible towards the stabber because he is not white.

Ed West, author of the classic The Diversity Illusion, reports that even the prosecutor went out of his way to avoid accusing the perpetrator of racism. “This is not a case about Sikhism. This is not a case about racism. This is a case about murder.” But as Ed West notes, the same defender made this a case of anti-racism.

This is a case with a false accusation of racism and a false justification of anti-racism for homicide, including labeling the victim as racist partly because of his different color.

So isn’t that racist?

You won’t find such questions in the mainstream media. The Guardian does not report the police’s actions at all and was at pains to specify the justifications for carrying a kirpan.

Worst of all, where the BBC reports on the police force’s decision to refer itself for investigation, the BBC goes out of its way to claim that “Digwa . . . had used a blade he said he carried because of his Sikh faith.” In fact, the jury had not formally agreed with that claim from the defense.

Anti-racism is racism, and British police are racist.

The name of the victim is Henry Nowak. Say his name.

And remember his last words: “I can’t breathe.”

But protesters aren’t blockading the streets. Keir Starmer isn’t taking the knee. Politicians aren’t calling on the public to chant his name or his last words, unlike in the case of the career criminal George Floyd, who almost certainly died of a fentanyl overdose.

Tyler Durden Tue, 06/02/2026 - 08:10

Another Hurricane Season Is Underway: What To Know

Another Hurricane Season Is Underway: What To Know

Authored by T.J.Muscaro via The Epoch Times,

June 1 marked the start of yet another hurricane season for the Atlantic Ocean, Caribbean Sea, and Gulf of America. 

The National Oceanic and Atmospheric Administration (NOAA) is forecasting a lower-than-average number of named storms between now and Nov. 30 thanks to “El Niño.” This is a recurring weather event known to lower the jet stream over the southeastern United States and create an environment in the Gulf and Atlantic less friendly to hurricane development.

But every storm that ultimately manifests will be monitored with the help of a new array of AI and drone technologies.

Commerce Secretary Howard Lutnick praised the adoption of what he called “the most advanced forecast modeling and hurricane tracking technologies,” promising it would allow NOAA to provide “real-time storm forecasts and warnings” with “the most accurate information possible.”

However, the government’s weather experts made clear that advanced forecasting capabilities and a lower storm count do not signal any decrease in potential damages.

“Although El Niño’s impact in the Atlantic Basin can often suppress hurricane development, there is still uncertainty in how each season will unfold,” said NOAA’s National Weather Service Director Ken Graham. “That is why it’s essential to review your hurricane preparedness plan now. It only takes one storm to make for a very bad season.”

Forecast: 8-14 Named Storms 

Between June 1 and Nov. 30, NOAA predicted that eight to 14 named storms—well-formed cyclones with sustained winds of 39 mph or higher—will form in the Atlantic Basin. Of that total, three to six are forecast to reach hurricane status (cyclones with sustained winds of 74 mph or greater), with one to three expected to become major hurricanes (storms labeled Category 3-5 with sustained winds reaching 111 mph or more). 

An “average” hurricane season produces 14 named storms, with seven of those being hurricanes and three reaching major hurricane status. 

Hurricane season probabilities from NOAA's 2026 Atlantic Hurricane Season Outlook. Courtesy of NOAA

The forecast reflects the return of El Niño, but NOAA also noted that warmer-than-average waters and weaker-than-average trade winds are anticipated. This is a combination favorable for storm development.

The 2025 hurricane season produced 13 named storms: four tropical storms, five hurricanes, and four major hurricanes. It was also the first time in 10 years that no hurricane made landfall in the United States.

But the annual devastation still made its mark as Hurricane Melissa ripped across Jamaica with maximum sustained winds of 185 mph. It was one of the most powerful hurricanes on record to make landfall, leaving as much as 70 percent of the western half of the island uninhabitable.

NOAA advises all citizens living in hurricane-vulnerable areas to consult its online safety and preparation guides. 

AI, Drone Forecasting Tools

NOAA and its National Hurricane Center will unleash a swath of new data-collecting technologies this hurricane season. 

Drones built for air and sea by industry partners such as Saildrone and Black Swift will venture into corners of an active hurricane that are too dangerous for crewed missions. 

Two Saildrone Explorers launched during the 2021 hurricane season from Jacksonville, Fla. Courtesy of Saildrone

More than two dozen surface vehicles will collect data on wind speeds, wave heights, air temperature and pressure, as well as ocean temperature and salinity as a storm passes overhead. Other data-collecting tools will be used to study subsurface ocean temperatures and salinity and their relation to hurricane development.

Meanwhile, aerial drones will work side by side with the crewed Hurricane Hunter flights. They will collect data from corners of the cyclone too dangerous for people to fly through, including ultra-low altitudes where the storms meet the sea. NOAA said the drones were expected to improve the accuracy of its Hurricane Analysis and Forecast System by as much as 10 percent.

NOAA’s Atlantic Oceanic and Meteorological Laboratory is also using machine learning to improve data collection capabilities of the Hurricane Hunter planes’ tail doppler radar by 25 percent. 

Upgraded forecast prediction models will also be unveiled this season. By using AI tools, these new models will better indicate a storm’s predicted intensity. 

“Instead of replacing traditional models, AI is helping them to become smarter, faster and more effective,” said Hiro Murakami, a scientist at NOAA’s Geophysical Fluid Dynamics Lab. “Early results show this approach can improve forecasts of how active a hurricane season will be.” 

As of June 1, the National Hurricane Center announced that no tropical cyclone activity was expected in the Atlantic for the next seven days.

Tyler Durden Tue, 06/02/2026 - 08:05

Abivax Crashes Most On Record After Cancer Cases In Trial Data Spooks Wall Street

Abivax Crashes Most On Record After Cancer Cases In Trial Data Spooks Wall Street

French biotech Abivax suffered its largest intraday decline on record after reporting new data on its lead experimental inflammatory bowel disease drug, which showed cancer cases among patients in the clinical trial. The new data certainly point to regulatory headwinds and raise the risk profile for approval.

Abivax's ABTECT maintenance data showed strong efficacy readout, with both once-daily obefazimod doses meeting the primary endpoint at week 44. Clinical remission rates were 50.8% for the 25 mg dose and 51.3% for the 50 mg dose, versus 10.4% for placebo, implying placebo-adjusted remission rates of about 39% to 40% and highly statistically significant results.

The problem for the stock was not efficacy, but safety optics...

Goldman analyst Esah Hayat pointed out that the market was focused not on efficacy but on cancer cases among patients taking the higher doses of obefazimod:

ABTECT maintenance trial out yday (press release) – "at week 44, both the 25 mg and 50 mg once-daily obefazimod doses met the primary endpoint, demonstrating placebo-adjusted clinical remission rates of ∆39.3% and ∆40.3%, respectively (25 mg: 50.8%, 50 mg: 51.3% vs placebo 10.4%; p<0.0001)."

Though no new safety signals were observed per the press release, the safety results summary table (below) indicated 8 cases of malignancy, which spooked the market. Note, a number of investors are in this name for the M&A takeout story which could be muddied on this update. Mgmt did host a call on the results in which they did suggest the malignancies observed do align with background rates in UC (e.g. here for basal cell carcinoma), and weren't considered a new safety signal by monitoring committees. Wonder if this becomes a Fenebrutinib-like situation where market goes negative on headline safety imbalance, those are explained away as non-treatment linked at a detailed presentation and docs come out in support of the drug, and we see a re-rating.

The pushback this morning is that pharma BD teams are now unlikely to take on the risk here – and that this is now a solid solo story with fair value likely still in the $100+ region, and so there is upside out of today's levels but in fairness, not many (visible) catalysts to realise it – CD data in mid-27. And we are in a challenging biotech tape as it is, with SMMT -10% yday on myopic focus around >65 age subgroup, despite mgmt assuring this was due to baseline imbalances (which had been addressed at 2025 ESMO too, no less) and after adjusting for these, PFS HR would've been an in-line 0.69, not 0.88 (note).    

In a separate note, Jefferies analysts stated, "The cancer signal complicates matters. Even if it is unrelated noise, we think the overhang will be real, especially considering the absence of other value-inflecting data events over the next year."

They noted that "a reasonable explanation" for the cancer cases was plausible, but "it doesn't seem like an easily dismissed overhang." This prompted the analysts to downgrade the stock from a "Buy" rating to "Hold."

Abivax shares in Paris crashed 31.4%, exceeding the 31.03% drop on June 6, 2016.

All gains for 2026 were wiped out.

Analysts tracked by Bloomberg were overwhelmingly bullish, with 4 "Buy" ratings, 1 "Hold," and 0 "Sells."

"While the malignancy signal cannot be ignored, we view it as a potential labeling overhang rather than evidence of a clear causal safety risk," Stifel analyst Damien Choplain told clients.

CNBC noted, "Abivax has been positioned as a prime takeover target, with unconfirmed rumors that big pharma has its eyes on the clinical-stage biotech led by CEO Marc de Garidel." 

The key question now is whether Abivax remains a "prime" takeover target after the cancer overhang complicated what had been a clean M&A story in the rumor mill. 

Tyler Durden Tue, 06/02/2026 - 07:45

Trump Slashes Tractor Tariffs In Bid To Revive Ag Belt Optimism

Trump Slashes Tractor Tariffs In Bid To Revive Ag Belt Optimism

The Trump administration appears to be trying to inject new optimism across the nation's farm belt following the China meeting last month, during which Beijing committed to making billions of dollars of new purchases of U.S. agricultural goods. The White House's latest move is to reduce tariffs on tractors and combines, a policy shift aimed at easing cost pressures on farmers already squeezed by diesel, fertilizer, and machinery costs.

Late Monday, President Trump signed a proclamation slashing tariffs on imported agricultural equipment, including combines and harvesters, from 25% to 15% to lower costs for US farmers and manufacturers.

More color from the White House:

  • The Proclamation adjusts the tariffs on agricultural equipment, like combines and harvesters, as well as certain other equipment, from 25% to 15%.  

  • The Proclamation also expands the existing category of industrial equipment subject to a 15% tariff to include mobile industrial equipment, like bulldozers and forklifts, when imported from trade deal countries that are entitled to such treatment.

  • The Proclamation encourages foreign companies to use more U.S. steel and aluminum by allowing them to qualify for a 10% duty rate, if their capital equipment include at least 85% U.S. melted and poured or smelted and cast steel or aluminum by weight.

  • These tariff changes are temporary, lasting until December 31, 2027, to spur near–term investments that will rebuild the Nation's industrial base.

The move is a clear attempt by the Trump administration to spur optimism across the nation's farm belt following China's commitments last month to purchase $17 billion annually in additional U.S. agricultural goods.

The latest reading of the US ag economy via the Purdue University/CME Group Ag Economy Barometer has been fading from a summer 2025 peak as trade wars and, now, the Gulf-related energy shock hurt farmers' incomes.

Trump's directive sent shares of the Japanese agricultural and industrial machinery company Kubota up 5% in Tokyo trading.

Efforts to boost farmer sentiment come ahead of the midterm election cycle, which is gearing up and is only 154 days away.

Tyler Durden Tue, 06/02/2026 - 06:55

Net Zero & Statism Deliver Stagnation: How Interventionism Undermined Growth In The UK & Canada

Net Zero & Statism Deliver Stagnation: How Interventionism Undermined Growth In The UK & Canada

Authored by Daniel Lacalle,

Governments are terrible at picking winners and even worse at choosing losers. Net zero and interventionist “Keynesian” policies in Canada and the UK have proven that government intervention has created a worse outcome than anyone would have expected. The result is higher costs, distorted incentives, and weakened productivity growth, with increased dependency on fossil fuels to attend to peak demand, exactly what Austrian economists predicted.

What has been sold as a recipe for prosperity and “green growth” has in practice eroded affordability while failing to deliver stronger, sustainable expansion.

It is not surprising to see that the world’s examples of green interventionism, the UK and Canada, have become economic failures. Years ago, some argued that these policies needed time to prove their success. Now, it is not even debatable that the stagnation and recession in the UK and Canada are self-inflicted.

Net zero in Canada and the UK is not a single policy but an entire regime of targets, regulations, limits, subsidies, and new bureaucratic requirements.

The Canadian federal plan to reach net-zero emissions by 2050 combines rising carbon taxes, prescriptive regulations, technology mandates, and public investment schemes intended to steer capital away from fossil fuels and into politically selected “green” projects.

In the UK, the government’s “Net Zero Growth Plan” is also built on regulatory limits, spending commitments, and industrial policy designed to phase out conventional energy and reshape entire sectors through top-down planning.

This is a classic example of interventionism. The state attempts to override market price signals and entrepreneurial judgment to engineer a politically preferred energy and industrial structure and achieves the opposite of what it wants to deliver. Rather than relying on decentralized knowledge, competition, technology, and creative destruction, dispersed among millions of consumers and firms, net zero regimes assume that politicians and regulators know exactly which technologies should win, what the “right” energy mix ought to be, and how fast the transition should occur.

In an open market, prices and profits coordinate production across time, and entrepreneurs interpret prices as signals about real scarcities and consumer preferences. However, net-zero policies deliberately tamper with these signals. Carbon taxes, subsidies, and regulatory mandates change relative prices not because underlying preferences or scarcities changed but because policymakers decided that certain activities should be penalized and others subsidized. All this is justified by a completely ideological and unreliable assumption of externality costs, where governments present themselves as the ones that know precisely what those alleged externality costs are and try to push a pricing signal imposed through ideology, creating enormous distortions that, ultimately, end benefiting the “old” and “loser” industries.

Governments are not worried about the failure of these policies. Bureaucrats always believe that interventionism did not work because there was not enough of it. Therefore, they impose additional burdens and regulations while portraying themselves as the solution to the inflation and stagnation problems they have caused.

In both Canada and the UK, this has pushed vast amounts of capital into projects that are unprofitable and can only subsist due to policy support rather than genuine market demand. “Green industrial strategies” crowd out investment in other sectors, especially in traditional energy and manufacturing, even when those sectors still deliver higher value at lower cost to consumers. Austrian theory predicts that politicized credit and subsidies will generate malinvestment: projects that look viable under distorted interest rates and prices but which fail to cover their costs once the policy support is withdrawn or the fiscal burden becomes unsustainable.

Canadian long-run productivity growth has fallen from annual rates above 3% in the postwar decades to less than 1% since 2000, despite repeated waves of policy activism and “pro-productivity” rhetoric. Chronic underinvestment in business capital and weak technological progress as key drivers of this decline, suggesting that the policy mix has not created an environment for genuine, bottom-up innovation. The more that investment decisions depend on regulatory favor and subsidy access, the less they depend on entrepreneurial assessment of consumer wants and long-term profitability.

Net zero has also harmed affordability in exactly the way Austrian economists would expect when governments interfere with relative prices. Carbon pricing, renewable mandates, and restrictions on fossil-fuel projects increase energy costs directly by making reliable sources of power more expensive or scarce. These higher input costs then cascade through the economy to transport, food, housing, and manufactured goods, eroding real wages and living standards.

In both Canada and the UK, affordability has become a central political issue. Households face higher utility bills, fuel costs, and housing expenses, while governments insist that the transition is “pro-growth” and “pro-jobs.” From an Austrian viewpoint, this contradiction is unsurprising: when the state deliberately raises the cost of dominant energy sources and limits investment in efficient, market-chosen technologies, the outcome is necessarily higher prices and reduced real income for consumers, especially for low- and middle-income households.

The C.D. Howe Institute has calculated the costs of justifying public “stimulus” projects based on their benefits, showing that a typical public-services stimulus in Canada needs to create at least 73 cents in benefits for every dollar spent, while many infrastructure projects must improve productivity by at least 61 cents per dollar just to be socially acceptable. This illustrates how difficult it is for discretionary fiscal programs to deliver genuine, net productivity gains, especially when they are designed around political objectives like net zero rather than around consumer demand.

Loose money, loose budgets, weak growth

Energy policy is just one aspect of the overall narrative. Canada and the UK have also pursued aggressively expansionary fiscal and monetary policies recently, justified in the language of Keynesian stabilization and “stimulus.” Central banks slashed interest rates and expanded their balance sheets, while governments ran large deficits to finance transfer programs, public investment packages, and targeted subsidies.

Such policies create an artificial boom by pushing interest rates below their market level, encouraging borrowing and investment that are not backed by genuine savings. When combined with interventionist climate and industrial policies, the result is a double distortion: not only is the cost of capital suppressed by central banks, but its allocation is further skewed by political targets and bureaucratic criteria.

The persistent weakness of productivity growth in both countries reflects the outcome. Despite waves of stimulus and intervention, neither Canada nor the UK has returned to the trend growth rates of earlier decades. Research on why productivity is stuck in advanced economies shows that slow business investment, poor use of resources, and uncertain policies are major problems—exactly what Austrian theory warns about when governments try to control demand and manage entire industries.

At the same time, the loose monetary and fiscal stance has fueled asset inflation and housing booms, worsening affordability while doing little to raise real wages in line with living expenses. For Austrians, this pattern is predictable: credit expansion inflates asset prices and encourages leverage, while deficit spending diverts resources from productive private activity toward politically selected uses, without solving underlying structural obstacles to innovation and entrepreneurship.

The “dynamics of interventionism” described by Austrian scholars such as Frank Shostak and Huerta de Soto captures what is now playing out in Canada and the UK. Initial interventions—carbon pricing, subsidies, ultra-loose money—create side effects such as higher energy costs, misallocated capital, and inflationary pressures. Rather than rolling back the original policies, governments respond with further interventions: price caps, windfall taxes, rent controls, targeted transfers, and new stimulus packages.

More layers mean more complexity, uncertainty, and lobbying, which sucks talent and capital out of productive activity and into regulatory arbitrage and rent-seeking. In the end, the private sector becomes less about serving consumers and more about navigating the policy maze, bidding for subsidies, and changing business models based on political risk, not market signals.

This process tends to push mixed economies toward either more radical intervention and taxation, because the accumulating distortions and contradictions become unsustainable. Rising public debt, chronic productivity stagnation, and growing discontent over affordability are all signs that the current policy mix in Canada and the UK is reaching such a breaking point.

An Austrian approach to the problems of growth, productivity, and affordability in Canada and the UK would start from the opposite principle: radically reduce the role of the state in credit allocation, industrial planning, and energy choices. The goal would be to restore genuine price discovery in interest rates, energy markets, and capital allocation, rather than using central banks and fiscal policy to engineer demand and support politically favored sectors.

That would require ending the “permanent emergency” stance in monetary policy and allowing interest rates to reflect real-time preferences and savings, rather than central-bank discretion; rolling back net zero mandates, technology bans, and targeted subsidies allow entrepreneurs and consumers to decide which energy sources and technologies best serve their needs at the lowest cost; and moving from government spending based on political choices to a system with clear rules and less government involvement that safeguards property rights, upholds contracts, and maintains low and steady taxes and regulations.

Under such a regime, capital would no longer be herded into fashionable, subsidy-dependent projects. Instead, entrepreneurs would once again be guided by undistorted profit and loss, discovering the production structures that genuinely align with consumer preferences and technological realities. Over time, such an approach is the only path consistent with higher productivity, faster real wage growth, and true improvements in affordability.

In short, the disappointing growth and deteriorating affordability in Canada and the UK are not market failures; they are the predictable result of layering net zero interventionism on top of already inflationary, deficit-driven macro policy. The solution is not more of the same but a decisive shift back toward sound money, fiscal restraint, and genuine economic freedom.

Tyler Durden Tue, 06/02/2026 - 06:30

Tesla Posts Strong Registration Growth Across Europe In May

Tesla Posts Strong Registration Growth Across Europe In May

Tesla showed signs of regaining momentum in Europe during May, posting strong registration growth across several major markets, according to Reuters. New registrations climbed to 1,750 vehicles in Denmark (+136%), 1,690 in Spain (+113%), and 858 in Sweden (+71%), based on data released by local industry groups.

Reuters writes that the trend extended across the region. Norway recorded 3,345 Tesla registrations, up 29% from a year earlier, while France saw registrations rise to 5,446 vehicles—more than seven times last year's level.

The gains come as demand for electrified vehicles continues to strengthen across Europe. Battery-electric, plug-in hybrid, and hybrid vehicles represented more than two-thirds of all new registrations in April, with total electrified vehicle registrations increasing roughly 21%, according to ACEA.

Industry observers note that Tesla is benefiting from the overall expansion of the EV market, particularly in Scandinavia, while countries such as Spain are beginning to catch up in adoption. Consumer incentives, emissions-focused policies, and elevated fuel prices are also helping accelerate the shift toward electric mobility.

The recent improvement follows a difficult period for Tesla in Europe. The company lost a significant share of the regional market in 2025 as competition intensified—especially from Chinese manufacturers—while a limited refresh cycle and controversy surrounding CEO Elon Musk also weighed on demand. Registration figures from Germany and the UK, Europe's largest auto markets, are still to come.

Tyler Durden Tue, 06/02/2026 - 05:45

The Cost Of The Grain That Feeds Half The World Just Posted Biggest Monthly Surge Since 2008

The Cost Of The Grain That Feeds Half The World Just Posted Biggest Monthly Surge Since 2008

Asian rice prices logged their biggest monthly gain in nearly two decades in May, as a Gulf energy shock collides with an expected El Niño event later this year. The spike adds to the mounting risks of a broader food price shock that could emerge as soon as six months from now.

Any time rice prices spike, it is a major concern because the grain feeds more than half the world's population, estimated at 3.5 to 4 billion people.

Thailand white rice, a regional Asian benchmark, surged 20% in May, the largest monthly increase in data going back to 2008, according to Bloomberg. Chicago rice futures rose 15% last month.

Seasonality:

BMI analyst Bin Hui Ong warned that an expected El Niño event later this year will unleash adverse weather conditions across major rice-growing belts in Asia, including hotter, drier conditions. She noted this adds further upside to rice prices in the months ahead.

It is not just the threat of a severe El Niño event on analysts' radars. There are also continued elevated diesel and fertilizer costs tied to disruptions around the Strait of Hormuz. This will further weigh on rice production yields across import-reliant Asia.

Rice farming is already highly fertilizer-intensive, while irrigation systems often depend on diesel-powered pumps.

In Vietnam's Vinh Long province, a farmer told Bloomberg that he plans to skip one of his usual three annual crops due to rising input costs and extreme heat.

Fertilizer prices in Thailand, Cambodia, and the Philippines have soared by nearly 50% since late February, according to the International Rice Research Institute.

The Philippines has warned that a strong El Niño could cut rice production by up to 700,000 tons, or 3.5% of its annual production target.

Already, the United Nations Food and Agriculture Organization's FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally traded food commodities, is trending upward and risks a further leg higher.

Alexandra Prokopenko, a fellow at the Carnegie Russia Eurasia Center, warned in mid-March that disruptions to the Strait of Hormuz would spark shortages of energy and fertilizers, translating into higher food prices in "six to nine months from now."

Related:

Last month, ZeroHedge Debates held a roundtable to ask: How bad will the food inflation mess get?

View here:

Visual Capitalist's Dorothy Neufeld outlined where food inflation is expected to hit the hardest, on a country-by-country level, this year (see report)

Tyler Durden Tue, 06/02/2026 - 04:15

Potential Offshore Strike In Norway Could Add Fresh Uncertainty To Global Energy Markets As Wage Talks Collapse

Potential Offshore Strike In Norway Could Add Fresh Uncertainty To Global Energy Markets As Wage Talks Collapse

By Michael Kern of OilPrice.com

A potential strike over wages could threaten smooth operations offshore Norway, Western Europe's top oil and gas producer, at a time when the world is scrambling for oil and gas supply amid the Middle East crisis.

Almost 8% of oil and gas workers offshore Norway could go on a strike from June 5 if trade union negotiations with industry fail to reach an agreement in a government-brokered mediation process, according to data from the labor unions on Monday.

More than 600 workers out of about 8,100 in total offshore Norway could begin a strike later this week, Reuters reported on Monday, citing the office of the government-appointed mediator.

Negotiations between the offshore industry and the workers organized in the Styrke, Lederne, and Safe trade unions continue.

At the end of last week, talks between Offshore Norway, which represents the oil industry in the wage talks, and the unions broke down.

Offshore Norway and the trade union Styrke held negotiations on May 27 on the onshore base agreements, which cover approximately 875 employees at supply bases along the Norwegian coast. But they failed to reach agreement on a new collective agreement for supply base employees.

“By evening, the parties remained too far apart, and the negotiations ended in a breakdown,” Offshore Norway said last Thursday, citing disagreements over advance payment of sickness benefits, parental benefits, and care benefits.

While talks continue, the possibility of a strike is looming over the oil and gas operations offshore Norway. It’s not clear how a strike would affect Norway’s oil and gas output, if at all.

Norway produces more than 4 million barrels of oil equivalent per day, with oil and gas nearly equally divided at 2 million boepd each. Norway is shipping crude as far as Asia, which struggles without a large part of the Middle Eastern supply. Norway is also Europe’s single biggest gas supplier, having replaced Russia in 2022 when Putin invaded Ukraine.

Tyler Durden Tue, 06/02/2026 - 03:30

How Contagious Is Ebola?

How Contagious Is Ebola?

More than 200 people are suspected to have died in Ebola outbreaks in the Democratic Republic of the Congo and Uganda, according to the latest figures published by the Centers for Disease Control and Prevention on May 29.

The vast majority of these are in the DRC.

With no vaccine available for this strain, the World Health Organization declared a public health emergency of international concern on May 17.

As Statista's Anna Fleck details below, Ebola is a severe and often fatal disease which is spread through direct contact with blood, secretions or other bodily fluids of infected individuals or through contact with contaminated surfaces.

There are six strains of Ebola, four of which are known to cause disease in humans, with varying fatality rates.

The Zaire ebolavirus, commonly known as just the Ebola disease, is the most lethal strain, with historical case fatality rates reaching up to 90 percent among those who have not been treated.

The Bundibugyo strain of the ebolavirus is currently causing outbreaks in the Democratic Republic of the Congo and Uganda.

While the Zaire ebolavirus' basic R₀ value, which is the measure for counting how easily disease spreads, is lower than several other diseases, transmission through close contact makes it highly dangerous in healthcare settings.

According to data published by Encyclopædia Britannica, the average number of people infected by an individual with the Ebola disease is 1.5 to 2.5.

How Contagious is Ebola? | Statista

You will find more infographics at Statista

By contrast, the Omicron variant of Covid-19 had a basic R₀ value of spreading to eight to 10 people from every infected individual.

Measles is even more contagious, with a value ranging from 12 to 18.

It is spread by droplets released into the air by coughing and sneezing, with the virus able to remain in the air for up to two hours.

Tyler Durden Tue, 06/02/2026 - 02:45

Trump Reportedly Ripped Netanyahu In Phone Call, Demanded Lebanon Truce: 'You're F**king Crazy, I'm Saving Your Ass'

Trump Reportedly Ripped Netanyahu In Phone Call, Demanded Lebanon Truce: 'You're F**king Crazy, I'm Saving Your Ass' Summary
  • Axios reports angry call between Trump and Netanyahu; Trump is said to have told Netanyahu "you’re fucking crazy’" while demanding Lebanon truce: "I’m saving your ass,"
  • Trump has announced the "shooting will stop" in Lebanon, after phone calls with both sides. Says Iran talks back on "at rapid pace"; Lebanese presidency confirms Hezbollah agreed to US ceasefire proposal
  • Iran announces halt to all exchanges with US, citing Israeli aggression in Lebanon. Trump says 'haven't heard' this from Tehran, vows to keep US naval blockade in place.
  • Iran overnight initiated fresh attacks on neighboring Kuwait and even released video showing footage of a ballistic missile launch.
  • The US bombed radar & drone sites in Iran in response to the Iranians having shot down a US drone over the weekend. Reports of foreign jets over Iranian airspace.
  • Iran negotiator Ghalibaf charges US with breaking the ceasefire: "the naval blockade and escalation of war crimes in Lebanon" were "clear evidence of US noncompliance with the ceasefire."
  • Trump Truth Social: "Just sit back and relax, it will all work out well in the end - it always does!"
//--> //--> US x Iran permanent peace deal by July 31, 2026?
Yes 39% · No 62%
View full market & trade on Polymarket

*  *  *

Trump Steamrolls Netanyahu: Axios

A bizarre and unexpected evening report from Axios says that President Trump ripped into Netanyahu during a phone call, cussing at him and essentially 'steamrolled' him - angry over breaking the Lebanon truce and demanding that Israel's military not attack Beirut.

Trump is said to have told Netanyahu "you’re fucking crazy’" while demanding Lebanon truce: "I’m saving your ass," he also reportedly said. Iran early Monday said it halted talks with Washington because of Israel's escalation in Lebanon. From the report:

One U.S. official said Trump told Netanyahu that following through on his threats to bomb the Lebanese capital would further isolate Israel around the world.

  • Two of the sources said Trump claimed he'd helped keep Netanyahu out of jail — a reference to his support during Netanyahu's corruption trial.
  • Summarizing Trump's remarks to Netanyahu, the U.S. official said: "You're fucking crazy. You'd be in prison if it weren't for me. I'm saving your ass. Everybody hates you now. Everybody hates Israel because of this."
  • A second source briefed on the call said Trump was "pissed" and at one point yelled at Netanyahu: "What the fuck are you doing?"

And more: 

The second U.S. official claimed that, in reality, Trump had "steamrolled" Netanyahu on the call. "Bibi said, 'OK, OK, just make sure everything is taken care of,'" according to the official.

The level of detail in this call 'leak' is remarkable, suggesting it was an 'official leak' or intentional.

Reports of Ongoing Fighting in South Lebanon

Fresh reports of fighting, amid shaky truce declaration:

Sirens sound in the border community of Metula amid an apparent Hezbollah rocket attack from Lebanon.

The rocket fire comes despite US President Donald Trump announcing that Hezbollah would stop carrying out attacks on Israel amid the ceasefire.

Meanwhile, Iran claims it attacked a US container ship in the Sea of Oman (Fars News).

Lebanon Truce Affirmed

The Lebanese presidency has announced that Hezbollah agreed to a US proposal on the mutual cessation of attacks, which will expand to all Lebanese territory.

Per a regional Arab correspondent: 

As we emphasized, the Israeli attack on Lebanon was obstructing the reaching of the agreement. The mediators exerted great effort today, and after the American pressure and the Israeli retreat, the doors are now open to return the negotiations to their natural and positive course, and there is no longer much left.

Iran Talks Back On?

Wishful thinking or already a reality? ...following a proclaimed Lebanon truce, uneasy at best:

Trump Suggests He is Forging Lebanon Ceasefire

Trump has announced the "shooting will stop" in Lebanon, after a flurry of phone calls, including with Netanyahu. This came shoon on the heels of Hezbollah signaling it is ready to agree to an immediate truce. Israel too has reportedly halted plans to begin new airstrikes on Beirut. 

The Lebanon crisis caused Tehran to earlier announced it is halting all contacts with the US. Will the US-Iran talks now be back on?

Trump to CNBC: 'I don't care' if talks are over

Trump has shrugged off the apparent collapse of talks with Iran, after Tehran earlier said it has halted all communications with Washington over Israel's expanded assault on Lebanon and Hezbollah. Trump has freshly told CNBC by phone, "I don’t care if they’re over, honestly."

"I really don’t care. I couldn’t care less," he added, and indicated he was "going to ask" Israeli Prime Minister Benjamin Netanyahu "what’s going on with Lebanon." This suggests Trump could pressure America's ally to lower tensions.

Trump appears to be betting the US can 'outlast' the Islamic Republic, in terms of inflicting economic pain amid the growing global oil supply crisis due to the Hormuz Strait closure. On this, he reacted as follows:

He also said he wasn't worried about oil prices, which spiked following the report in Iranian state media that Tehran is vowing to “completely block” the Strait of Hormuz in addition to halting negotiations.

“I think the oil will be dropping like a rock in the very near, you know, the very near distance,” Trump said.

Trump Reacts

President Trump tells NBC News that he's not heard from Iran on reports they're suspending talks, and on Iran, "I think we've been talking too much if you want to know the truth, going silent would be very good"

  • We'll keep the blockade in Hormuz.
  • I think I can wait as long as they want. They're losing a fortune.

His comments to NBC:

“It’s an appropriate thing to say, because they’re better negotiators than they are fighters,” he said in a brief phone call. “But they haven’t informed us of that.”

“It doesn’t mean we’re going to go and start dropping bombs all over there,” added Trump, who said Friday he would soon decide on a proposed deal to extend an ostensible ceasefire agreed to in early April. “We’ll keep the blockade.”

State Media: Iran Stops Exchanging Messages with US

Merely last week, Western MSM press reports were touting the usual 'close to a deal' headlines, but this morning demonstrates how illusory such claims were and are, as Iranian state media now suggests a total halt in communications between the sides.

Per state Tasnim, "Iran stops exchanging messages with the US in protest against Zionist crimes." This as the IDF has sent ground forces deep into Lebanon, past the Litani River - in the deepest operation in decades. Tehran has insisted on linking up any US-Iran deal with a Israel-Lebanon peace. Tehran is now warning to "completely block the Strait of Hormuz, including the Bab al-Mandab Strait" - the latter with the cooperation of Yemen's Houthis. All of this has direct impact on the US-Iran ceasefire:

IRAN'S STATE TV SAYS PROBABILITY OF CEASEFIRE BETWEEN IRAN AND U.S. ENDING IS HIGH IF ATTACKS ON LEBANON DO NOT STOP

Below is the full translated statement:

• "The determination of the Iranian armed forces and all axes of the resistance front to respond to Zionist crimes and open new fronts".

• "Tasnim has obtained information indicating that, given the continuation of the Zionist regime's crimes in Lebanon and considering that Lebanon was one of the preconditions for the ceasefire and that this ceasefire has now been violated on all fronts, including Lebanon, the Iranian negotiating team is stopping "talks and exchange of texts through a mediator"."

• "The immediate cessation of the Zionist regime's aggressive and brutal army operations in Gaza and Lebanon and the necessity of the regime's complete withdrawal from the occupied areas in Lebanon have been emphasized by Iranian officials and negotiators, and there will be no talks until Iran and the resistance's views on this matter are met".

• "Also, the Resistance Front and Iran have set their agenda to completely block the Strait of Hormuz, and activate other fronts, including the Bab al-Mandab Strait, in order to punish the Zionists and their supporters".

Oil jumps on the headline of halted talks...

Futures slide...

Author and University of Chicago professor of the 'realist' school Robert Pape says the following on Monday published report: "We will run out of our cushion of oil inventories in July, whether it's the middle or end of July," he said. "And Iran knows that. So what Iran is doing is just stringing out the clock to get a better deal."

"What that tells me is they're not interested in returning the price of oil back to where it was before the war," he said. "I think what we need to understand is Iran's goal is to continue instability, continue elevated price of the world's oil because it gains from that."

For more, read our:

"Approaching Unheard Of Inventory Levels": Exxon, Chevron Issue Apocalyptic Warning About What Happens Next To Oil

CENTCOM: Intercepted Pair of Ballistic Missiles on Base

On Monday morning US Central Command issued its official statement and explanation over the earlier tit-for-tat brief flare-up in fighting, which appears to have ended...

"Last night at 11 p.m. ET, U.S. forces successfully intercepted two Iranian ballistic missiles targeting American forces based in Kuwait. These missiles were immediately defeated and no American personnel were harmed," it said. "U.S. Central Command remains vigilant and will continue to protect our forces from Iranian aggression while supporting the ongoing ceasefire."

Fresh Missiles on Kuwait

The extended US-Iran ceasefire is once again being severely tested, after Iran earlier in the daylight hours of Monday initiated fresh attacks on neighboring Kuwait and even released video showing footage of a ballistic missile launch. Kuwait in turn confirmed that has been intercepting inbound drone and missile fire.

It hosts a major American base, which is again being targeted, though it's unclear if anything has been hit. The IRGC subsequently identified that it targeted the US base in response to weekend US strikes on Iranian sites. According to a description of the released propaganda video:

The start of the video includes a close-up of what looks to be a sticker on the body of a missile depicting a bruised US president Donald Trump, on the phone asking for help, and overlaid on a “closed” Strait of Hormuz. The caption reads: “Until the last American soldier leaves the region.”

All sides, including the Iranians and Kuwaitis, are saying they have a right to defend themselves. The United States, for its part, has said that it bombed radar and drone sites in Iran in response to the Iranians having shot down a US drone over the weekend.

Kuwait, GCC Condemnation

After the US base in Kuwait was freshly targeted, Kuwait's Ministry of Foreign Affairs issued the following: “The Ministry of Foreign Affairs reiterates the State of Kuwait’s condemnation and denunciation, in the strongest terms, of the heinous and repeated Iranian attacks, which represent a dangerous escalation and a direct assault on the security and stability of the State of Kuwait, as well as a flagrant violation of the rules of international law, the United Nations Charter, and Security Council Resolution 2817 of 2026, not to mention the grave threat they pose to the safety of civilians and vital facilities in the country," it said in a post on X.

"The continuation and repetition of these aggressions undermine efforts aimed at de-escalating tensions and threaten security and stability in the region, emphasizing the State of Kuwait’s categorical rejection of these aggressive practices," it added.

Also, a swift reaction was issued by the Gulf Cooperation Council (GCC). It expressed its "strongest condemnation" of Iran for its attack on Kuwait, blasting it as a "dangerous and irresponsible escalation". Saying Kuwait remains a crucial part of the GCC, the bloc stated it stands "united and firm" and they fully support "all the measures and procedures it [Kuwait] takes to protect its security, preserve its sovereignty and territorial integrity, and maintain the security of its citizens and residents."

IRGC Navy seeks to flex with increasing fast boat patrols of Strait of Hormuz:

Iran Latest Warnings: "The Bill Comes Due"; Ceasefire Breached

Top Iranian negotiator and parliament speaker Mohammad Bagher Ghalibaf has said that the continued American naval blockade of Iran's ports and Israel's intensifying offensive against Hezbollah in Lebanon illustrate that the US is not truly complying with the ceasefire.

He wrote on X that "the naval blockade and escalation of war crimes in Lebanon" were "clear evidence of US noncompliance with the ceasefire." He stressed by way of warning: "Every choice has a price, and the bill comes due. It will all fall into place."

As things in Lebanon intensify, given the IDF has plunged past the Litani River and plans to expand its ground force occupation. Yemen's Houthis say they are ready to join Hezbollah's efforts against Israel, per Tasnim. Iran's Foreign Ministry has also freshly addressed the Lebanon crisis:

More...

Trump: "Sit Back & Relax"

Trump's latest Truth Social: "Just sit back and relax, it will all work out well in the end - it always does!"

And here's pushback from Stephen Walt in Foreign Policy magazine:

Although we don’t know the details of the rumored agreement between the United States and Iran—or even if one will eventually be reached—anyone with a triple-digit IQ understands that Israel and the United States made a colossal blunder when they started the war. None of their stated goals have been achieved: The Iranian regime did not collapse, it did not surrender its nuclear stockpile, and its missile and drone capabilities are intact. It has demonstrated that it can shut down the Strait of Hormuz anytime it wants to inflict significant damage on its neighbors. All of U.S. President Donald Trump’s and U.S. Defense Secretary Pete Hegseth’s bragging and bluster over the past three months has been exposed as a lot of hot air.

Iran Touts More Breaches of US Blockade

A total of 15 vessels, including four oil tankers, have successfully transited the Strait of Hormuz over the last 24 hours, according to the Islamic Revolutionary Guards Corps (IRGC).

The IRGC navy confirmed that the ships only completed their passage after receiving explicit permission and coordinating directly with its command structure. Washington and its Gulf allies (with the exception of Oman) have repeatedly condemned any attempt to impose an 'Iranian protocol' involving the extraction of tolls.

In an official statement carried by Fars News, the IRGC issued a stark warning to the region, declaring that any cooperation with "hostile forces" would be viewed by Tehran as an "imminent security threat" that will be "dealt with accordingly". This is tantamount to warning foreign vessels they could come under direct attack if they don't comply.

More Latest Developments

via Newsquawk...

  • Iran may propose changes to the US peace draft memorandum of understanding, according to Tasnim. This follows a report that President Trump proposed further changes to the existing text, while a source stated that text exchanges continue and that Iran may submit its own edits.
  • Iranian Foreign Minister Araghchi told state media that talks and message exchanges with the US are ongoing, and that the talks cannot be judged until a clear result is reached.
  • Iranian Foreign Ministry Spokesperson said the negotiation team's visit to Qatar was positive.
  • Iranian Foreign Ministry spokesperson said that they have a legal obligation to prevent aggressors from using their territory and facilities to attack another country.
  • Iran’s Presidential Office denied reports that Iranian President Pezeshkian submitted his resignation to the Supreme Leader, and stated that the stories were spread by some foreign media.
  • Iranian Supreme Leader’s military adviser Mohsen Rezaei said Iran has no intention of yielding or compromising with the US and will not place itself in a weak position, while he also stated that US President Trump is betraying diplomacy for the third time by continuing a naval blockade on Iran and making excessive demands.
  • IRGC said following aggression of US Army on a communication tower on Sirik Island, located in the Homozgan province an hour ago, fighters of the IRGC Aerospace Force targeted airbase where aggression originated and predicted targets were destroyed.
  • Iran's top negotiator said "The naval blockade and escalation of war crimes in Lebanon by the genocidal Zionist regime are clear evidence of US noncompliance with the ceasefire".
  • Iranian Foreign Ministry Spokesperson said at this moment they do not believe that the US has good intentions towards Iran.
  • Iran's FM Baghaei said "No negotiations have taken place on the details of the nuclear issue at this stage". One point being discussed is the allocation of funds for reconstruction. We are considering options for responding to the escalation of Israeli attacks in Lebanon.
  • Iran's Baghaei said a ceasefire in Lebanon is an integral part of any agreement and end to the war; lack of trust and constant change in US and Israeli positions in Lebanon are causing a delay on the diplomatic process. The continuation of maritime piracy and attacks on Iranian shipping is an example of a violation of the ceasefire. The diplomatic apparatus is closely following developments and we will take every measure to defend Iran's sovereignty. The exchange of messages is still ongoing.
  • Iran's Deputy Foreign Minister Gharibabadi said Iran's goal is not to hold ships in the Strait, but to declare a procedure that is not contrary to international law; these arrangements are not temporary and Iran will not back down. Stopping ships behind the Strait of Hormuz incurs storage and delay costs, and war insurance has increased by up to 500%. Accompanying Iranian forces costs less than war insurance and eliminates the risk of stoppage, inspection, and seizure. Iran's goal is not to hold the ships, but to declare a procedure that is not contrary to international law; these arrangements are not temporary and Iran will not back down.
  • "Three consecutive explosions were heard in Bandar Abbas", Iran International reported.
  • US President Trump reportedly sent tougher terms to Iran regarding the peace framework, according to officials cited by The New York Times.
  • US President Trump posted "Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us". Full post "Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. But don’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively “chirping,” at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever. Just sit back and relax, it will all work out well in the end - It always does! President DJT".
  • US President Trump posted "Fake News CNN said today, routinely, that my Iran Nuclear Deal doesn’t talk about Nuclear, when actually it states, very clearly, that Iran will not have a Nuclear Weapon". Full post "ScraperFake News CNN said today, routinely, that my Iran Nuclear Deal doesn’t talk about Nuclear, when actually it states, very clearly, that Iran will not have a Nuclear Weapon. It then goes on, in very strong and lengthy detail, to discuss various other aspects of Nuclear. In fact, that’s what most of the agreement is about. CNN, and so many others in the Fake News Media, is a Low Ratings disaster. Even with new ownership, it is unlikely to ever get better!!! President DJT".
  • US Secretary of State Rubio spoke in the last 48 hours with Lebanon's President and Israel's PM to try and promote a new ceasefire initiative, according to a senior US official cited by Axios's Ravid. said:. US senior official said that the new initiative was proposed as part of the negotiations taking place between Israel and Lebanon, as another round of talks between diplomats from both sides is scheduled to take place this week in Washington. In order to advance the talks, US proposed that as a first step, Hezbollah stop all attacks on Israel, and in return, Israel will refrain from escalation in Beirut.
  • US Central Command confirmed military forces conducted strikes against Iranian radar at command and control sites located in Goruk and Qeshm Island over the weekend.
  • Kuwait Army said air defences are intercepting hostile missile and drone attacks.
Tyler Durden Mon, 06/01/2026 - 21:15

BP Sells 5% Stake In Australia's Newest $35 Billion LNG Project

BP Sells 5% Stake In Australia's Newest $35 Billion LNG Project

By Tsvetana Paraskova of OilPrice.com

BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday.

BP is selling the 5% stake, out of its total of its 44% interest, to South Korea's GS Energy.

“The dilution reflects BP’s disciplined approach to portfolio management by bringing in a committed partner,” BP said in a statement emailed to Reuters.

The Browse LNG project in Australia, proposed by Woodside Energy, entails the Browse to North West Shelf (NWS) Project to deliver natural gas from the Calliance, Torosa, and Brecknock fields to the existing Karratha Gas Plant.

The Browse project proposes to connect the natural gas fields via a 900-kilometre pipeline, connected to two floating production storage and offloading facilities, while a CCS solution has been incorporated into the offshore design.

Production capacity at Browse is planned to be 11.4 million tonnes per annum (LNG, LPG, and domestic gas) and a peak condensate production rate of 50,000 barrels per day.

The project is currently in the concept definition phase, and key activities continue in support of progress towards front-end engineering and design entry, Woodside said last month.

Woodside is the operator of the project with a 30.6% stake in the Browse Joint Venture. Before the BP-GS Energy deal, the British major held 44.33%. The sell-down will reduce BP’s interest in the joint venture to 39%.

Japan Australia LNG (MIMI Browse) Pty Ltd and PetroChina International Investment (Australia) Pty Ltd were the other shareholders in the joint venture before GS Energy joins the project with the 5% stake acquired from BP.

The Browse LNG project may have good chances to pass all pre-development and pre-construction stages in the coming years as Australian and Asian energy demand is rising, while the Middle Eastern crisis has created new energy security concerns among buyers.

Tyler Durden Mon, 06/01/2026 - 20:55

How U.S. Retailers Are Absorbing The Fuel-Price Shock

How U.S. Retailers Are Absorbing The Fuel-Price Shock

We have diligently tracked the Gulf-related fuel-price shock hitting the American consumer, with prices rising at the fastest rate in three years, personal savings depleted, and spending still running hot, a trend Goldman flags as increasingly troubling for the broader economy. This cocktail has revived uncomfortable memories of the 1970s: higher energy costs, squeezed households, and a consumer still spending into weakness.

But another important area of coverage is how companies are faring as freight, fuel, and supplier costs, along with tariff pressures, bleed through supply chains.

Early read-throughs from Goldman analysts led by Kate McShane indicate that management teams at major retailers are absorbing higher logistics costs today, but the real risk is that a sustained fuel price shock in the back half of the year could begin to deteriorate margins.

McShane and her team spoke with the IR and management teams of AutoZone, Bath & Body Works, Best Buy, Costco Wholesale, Dick's Sporting Goods, Dollar Tree, and Walmart, focusing on commentary on freight and inflation.

The key read-through is that most of these retailers have so far absorbed higher oil prices, domestic trucking surcharges, ocean freight costs, and supplier cost pressures without a major P&L shock.

However, the warning from several management teams is clear: if elevated costs persist into the back half of the year, the ability to offset them through vendor negotiations, logistics efficiencies, or other creative ways becomes increasingly difficult.

At that point, the risk shifts from manageable cost pressure to margin deterioration, and potentially another round of retail price increases.

Here is McShane's cheat sheet on retailer commentary on freight and inflation:

As oil prices continue to rise and the macro environment remains volatile, we are monitoring 1Q26 earnings for any company commentary on freight and inflation.

Specifically, we are watching for commentary on incremental freight costs and its impact on the P&L, and the company's inflation outlook, and its impact on ticket.

Each week, we will update this chart as companies in our coverage continue to report.

The takeaway is that management teams are still largely framing the energy shock as manageable for now. The next big concern is that elevated fuel and logistics costs through the summer would make it increasingly difficult to absorb and offset costs, likely resulting in either margin pressure or another round of price hikes on consumer-facing goods later this year.

Professional subscribers can read the full Americas Retailer note here at our new Marketdesk.ai portal. 

Tyler Durden Mon, 06/01/2026 - 20:30

Mystery Deepens: Remains Of Missing Los Alamos Nuclear Lab Employee Discovered In Forest

Mystery Deepens: Remains Of Missing Los Alamos Nuclear Lab Employee Discovered In Forest

Authored by Steve Watson via Modernity,

The body of Melissa Casias has been found in a remote area of New Mexico's Carson National Forest, almost 11 months after the Los Alamos National Laboratory employee walked out of her home and vanished.

This discovery marks another chapter in the disturbing wave of deaths and disappearances involving individuals tied to highly sensitive government programs. It arrives after President Trump ordered full UFO disclosure and two sets of classified files have now been released to the public.

Casias, 54, worked as an administrative assistant at Los Alamos National Laboratory, the historic site of the Manhattan Project and a hub for ongoing nuclear weapons research. She was last seen alive on June 26, 2025, in Ranchos de Taos.

New Mexico State Police confirmed the identification of her remains after a hiker found them in the McGaffey Ridge area. A handgun was recovered alongside the body. The cause and time of death remain undetermined pending further investigation by the Office of the Medical Investigator.

The circumstances of her disappearance raised immediate red flags. Casias left behind her phones and identification after performing a factory reset on both devices, wiping all records of contacts and activity.

Surveillance captured her walking alone eastward on State Road 518 around 2:20 p.m. that day. Her husband, also a LANL employee, and daughter reported unusual behavior that morning involving a claimed forgotten security badge.

Family members and private investigators have maintained that Casias lost her security clearance due to financial troubles and that the disappearance stemmed from personal stress rather than foul play.

New Mexico State Police have indicated it appears she may have left voluntarily. Yet the discovery of her remains in a heavily trafficked forest restoration zone - where crews began active work in December 2025 - has only intensified public scrutiny.

Former FBI Assistant Director Chris Swecker previously expressed concern over the case, noting: "In a classified lab, or just a high clearance lab, they would basically be in the know on what's going on. And it wouldn't be the first time their administrative assistant has been targeted."

Casias was one of several New Mexico-linked individuals with defense and nuclear program connections who went missing under similar conditions. The pattern has drawn nationwide attention since the February 2026 disappearance of retired Air Force Maj. Gen. William Neil McCasland, widely described as a UFO gatekeeper. His vanishing occurred just days after President Trump issued a full disclosure order.

That incident kicked off intensified coverage of a broader series of cases. By mid-April 2026 the tally had reached at least 11.

These reports detail repeated losses among personnel with overlapping expertise in NASA projects, nuclear propulsion, aerospace engineering, JPL rocket technology, and potential UFO-related programs.

From a NASA scientist found charred in a Tesla crash to an aerospace engineer and family killed in a plane incident, the cases accumulated. Speculation around JPL disappearances and experts tied to "dark project secrets" added layers, highlighting vulnerabilities in fields critical to U.S. superiority.

Despite the mounting cases, President Trump has stated the incidents are not connected. In remarks to reporters he said there is "not much of a connection" and expressed hope they represent coincidence involving "a lot of scientists."

Two major tranches of UFO-related disclosure files have since been released under the Trump administration, giving Americans unprecedented access to previously hidden documents and videos, although it's not clear what many of the footage shows.

Official narratives continue to treat each case in isolation, pointing to stress, personal issues, or unrelated accidents. Yet the clustering of nuclear lab employees, aerospace engineers, JPL rocket scientists, and figures with documented access to classified propulsion and advanced technology programs has left many questioning whether the deep state apparatus is working overtime to protect its secrets even as disclosure moves forward.

Los Alamos remains central to America's nuclear security infrastructure. Administrative staff in such environments routinely handle sensitive information. The pattern now spans multiple states and facilities, with several cases involving wiped devices, abandoned personal items, and sudden, unexplained exits - hallmarks that fuel legitimate concern rather than idle conspiracy.

The discovery of Casias's remains does not close the book. It opens new questions about timing, access, and potential motives at a moment when the American public is finally receiving long-suppressed information on unidentified aerial phenomena and related technologies.

Tyler Durden Mon, 06/01/2026 - 20:05

Indian Refiners Freeze Domestic Jet Fuel Prices

Indian Refiners Freeze Domestic Jet Fuel Prices

Indian refiners have frozen the price of jet fuel for domestic flights after airlines asked for a respite from fuel price hikes, Bloomberg has reported, adding that in April, jet fuel prices jumped by 8.6% in response to tighter supply.

In an additional concession to airlines, Indian fuel makers also reduced the price of jet fuel for international flights, the report also said, citing unnamed spokespeople from state-owned refiners.

Indian Oil Corp., Bharat Petroleum Corp, and Hindustan Petroleum Corp. have hiked fuel prices four times in the past month in response to the Strait of Hormuz crisis. These are the first fuel price hikes in four years in India, as the government has taken pains to insulate consumers from the fluctuations in global oil markets. India depends on imported crude for over 80% of its consumption.

As we explained two weeks ago, "Where To Find The Next Phase Of The Global Energy Shock", European refiners had ramped up production away from cheaper gasoline and toward much more expensive jet fuel, in response to widespread shortages of kerosene. This was coupled with higher imports from the US, Nigeria and Norway, which also helped to stabilize supply. 

But while Europe may have procured much needed jet fuel, in many cases thanks to state subsidies which will transform into more expensive debt as Japan found out this week, India has been less lucky.

The world's third-largest crude importer saw its wholesale inflation jump to 8.3% in April from a year earlier because of the Middle Eastern war and its impact on global oil supply. This was a significant acceleration from 3.88% annual inflation in March, driving wholesale fuel prices higher. These surged in April, with gasoline prices up by 32.4% and diesel prices up by 25.19%. That’s up from a monthly rise of 2.5% for gasoline in March, and 3.62% for diesel.

At the end of May, Kpler analysts revised down their demand projections for India by as much as 39% for this year, expecting growth of just 77,000 barrels daily, down from earlier forecasts of 128,000 barrels daily.

That’s despite a sanction waiver on Russian crude, which accounts for a third of India’s total oil imports and which the United States has extended twice already. Still, India was also importing quite a lot of oil from the Middle East. These flows have been crimped by the Iranian closure of free ship movement in the Strait of Hormuz, despite a deal between Tehran and New Delhi that has allowed several vessels carrying energy commodities to pass through the chokepoint and deliver oil and gas to India.

Tyler Durden Mon, 06/01/2026 - 19:40

Ron Paul: The Federal Reserve Is Why The People Are Unhappy

Ron Paul: The Federal Reserve Is Why The People Are Unhappy

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

According to the University of Michigan’s latest Index of Consumer Sentiment, a record number of Americans have negative views of the economy. This is yet more evidence that the American people are dissatisfied with their economic condition. Some commentators have claimed to be perplexed by the people’s negative views of the economy since government statistics show that most Americans have good jobs that pay them good salaries.

One problem with this defense of the economy is that government statistics are manipulated to understate the true rates of inflation and unemployment. Trip Powers, writing on Substack, looks at the situation using a more accurate definition of unemployment than what is used by the government. By, for example, including those who have given up looking for work and those working part-time because they cannot find a full-time job, the unemployment rate is over ten percent. An unemployment rate that high indicates a significant economic downturn.

The main reason why even many Americans with above average incomes are dissatisfied with the economy is high prices. According to the latest Personal Consumption Expenditures (PCE) price index, which is known as the Federal Reserve’s favorite measure of inflation, prices have increased by an understated 3.8 percent over the past year. The culprit behind the price increases is the Federal Reserve. Today, prices are several times higher than they were when President Nixon in 1971 severed the last link between the US dollar and gold, thus removing any restraints on the Federal Reserve’s ability to inflate the currency.

With inflation rising more than incomes, many Americans have suffered a loss of purchasing power even though their nominal income increased. The erosion of Americans’ purchasing power has led to a debt-based economy. This has created a number of bubbles that likely will soon burst. According to an analysis of Federal Reserve data by economist Mike Shedlock, total car, credit card, and student loan debts are now higher, measured in real dollars, than nearly 20 years ago during the Great Recession.

Of course, the greatest debtor is the US government.

The Federal Reserve’s practice of buying government debt in order to pump more money into the economy enables maintaining the largest government in history.

Without the Federal Reserve, the US government would have to finance the welfare-warfare state via direct taxation, instead of through the central bank’s hidden (and regressive) inflation tax.

Many Americans voted for President Trump in 2024 because of his promise to lower prices. Now, Democrats may gain control of one or both houses of Congress by running as the party of “affordability.” Unfortunately, most politicians think the way to address the affordability crisis is with more government spending facilitated by the Federal Reserve. That will only worsen the affordability crisis.

Eventually, Congress will be forced to cut spending as the soon to be over 40 trillion dollars Federal debt leads to a dollar crisis. This crisis will result in the collapse of the welfare, warfare, and fiat money system. Whether it is replaced with an even more authoritarian system or a restoration of liberty depends in part on whether those of us who know the truth do all we can to spread the ideas of liberty.

If we are successful, we can make America free, prosperous, and affordable.

Tyler Durden Mon, 06/01/2026 - 19:15

Alphabet Raising $80BN In Equity To Fund Capex, Including $40BN ATM Offering And $10BN Deeply Discounted Deal With Berkshire

Alphabet Raising $80BN In Equity To Fund Capex, Including $40BN ATM Offering And $10BN Deeply Discounted Deal With Berkshire

As we have discussed ad nauseam in the past years, perhaps the biggest mystery surrounding the entire AI supercycle, is where will the hyperscalers find the funds to pay for the trillions in projected capital spending now that most of their Free Cash Flow is flat or negative (with the exception of Microsoft).

And while many are forced to resort to aggressive debt issuance with Morgan Stanley estimating that credit markets will fund $1.5 trillion of global data center spending through 2028...

Source

... or participating in murky rating-boosting SPV deals, which as we discussed recently indicate an unwillingness to exhibit AI related assets on their balance sheets something others are also catching up to...

Source

... others opt to sell stock instead.

That's what Google parent Alphabet did after the close today when it announced it was raising $80 billion in equity offerings, including an investment deal with Berkshire Hathaway, to help fund its massive AI capex plans.

The offering includes a $40 billion so-called at-the-market (ATM) program, traditionally reserved for short-squeezed meme stocks selling directly to retail for which there is no clear institutional demand, to sell shares from time to time beginning in the third quarter, according to a statement Monday. 

The company will also offer $30 billion in underwritten offerings of shares and mandatory convertible preferred stock, as well as a $10 billion private placement with Berkshire.

“AI is driving an expansionary moment for Alphabet,” the company said in the statement. “By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.”

Alphabet intends to use the proceeds from the various offerings for "general corporate purposes, including capital expenditures to scale AI infrastructure and global compute." Remarkably, Google revealed that it will use the bulk of the ATM offering to pay for tax obligations related to vesting of employee equity awards. In other words, the multi-trillion company is using retail investors to pay taxes.

The mandatory convertible stock and the underwritten common equity offerings are expected to price Tuesday after the market closes in New York, according to terms of the deal seen by Bloomberg News.

Berkshire Hathaway started building a stake in Google’s parent last year, and held Class A and Class C shares collectively worth about $16.6 billion as of the end of March, according to regulatory filings. To incentivize Berkshire to invest alongside the ATM offering, Google agreed to sell $10 billion to Berkshire at a solid discount to its closing price of $376, namely a ~6% discount for the $5 billion Class A Common Stock, and an almost 8% discount for the $5 billion Class C offering at $348.20.

This is the second notable investment by Berkshire in just two days as the company starts to put its massive cash hoard to use.

Greg Abel, who took over the reins of the firm after Warren Buffett retired last year, has started to invest its record $397 billion cash pile. On Sunday, Berkshire announced its intention to buy home builder Taylor Morrison for $6.8 billion, providing a vote of confidence in the US housing market.

Tyler Durden Mon, 06/01/2026 - 18:45

"Debug": Google Seeks Federal Approval To Release Millions Of Mosquitoes In California, Florida

"Debug": Google Seeks Federal Approval To Release Millions Of Mosquitoes In California, Florida

Authored by Jacob Burg via The Epoch Times,

Google is seeking federal approval for a new program called "Debug" that would release up to 32 million mosquitoes in California and Florida to combat disease-carrying mosquitoes already found in the wild.

A laboratory technician holds a mosquito at the World Mosquito Program factory in Medellín, Colombia, on June 4, 2024. Scientists have long released biologically modified mosquitoes to curb transmission of diseases such as chikungunya. Jaime Saldarriaga/AFP via Getty Images

Pitched as a program to "stop bad mosquitoes by raising and releasing good ones," Google's Debug brings together a group of scientists and engineers to create technology to breed and release sterile mosquitoes to try to eliminate the ones that transmit diseases to animals and humans.

The Federal Register noted on May 1 that the Environmental Protection Agency (EPA) is reviewing Google's request for an experimental permit under section 5 of the Federal Insecticide, Fungicide, and Rodenticide Act. Public comment on the permit request must be received by June 5.

Despite their small size, mosquitoes are considered the "deadliest animal" in the world, according to the Centers for Disease Control and Prevention (CDC). There are more than 3,700 types of mosquitoes worldwide, and some are more dangerous than others.

The species Google's Debug is targeting - Aedes aegypti - carries dengue, Zika, yellow fever, and chikungunya. Some mosquitoes carry West Nile virus, malaria, and lymphatic filariasis, killing more humans than any other creature worldwide.

Malaria alone killed at least 597,000 people throughout 83 countries in 2023, the last year the data were available. That same year, the United States saw cases of "locally acquired" mosquito-transmitted malaria for the first time in two decades.

A "locally acquired" case of malaria means the victim was bitten by a mosquito carrying the parasite in the United States, rather than contracting the illness abroad while traveling.

There are roughly 2,000 cases of malaria reported in the United States every year, with most of them coming from people traveling overseas in places where malaria is rampant. West Nile virus is the leading culprit of mosquito-borne disease in the United States. More than 120 deaths are reported each year, with roughly 2,000 people experiencing the illness.

In Debug's landing page, Google notes that most mosquito-transmitted diseases lack effective vaccines or treatments.

"Attacking mosquitoes with pesticides is unsustainable because they're becoming less effective over time and can be toxic. Clearing standing water is not enough because people can never find all the places that mosquitoes breed," Google states on the project's website. "We need a new approach."

Google said it is using male mosquitoes carrying a naturally occurring bacterium, Wolbachia, that prevents them from reproducing with female mosquitoes in the wild. Since only female mosquitoes can bite and spread disease, the goal is to continually reduce the number of "bad mosquitoes" over time.

Google's technique "uses a naturally occurring bacteria and uses no chemicals, no toxins and doesn't involve genetic modification. Similar approaches have been used to safely combat other pests for decades," Google states. "We're combining the Debug team's scientific and engineering expertise with the help of international partners to raise and release lots of good bugs and stop bad mosquitoes that can spread disease."

Google said its Debug program has already completed multiple field trials with "promising results."

"Male mosquitoes don't bite, so residents within a trial area shouldn't notice any increase in nuisance biting mosquitoes," Google states on the project's FAQ page. "We expect to see a population decrease within weeks to months of the initial releases. The number of released male mosquitoes should also reduce over time as the neighborhood population decreases."

At least one lawmaker has criticized the company's approach.

In a May 31 post on X, Rep. Tim Burchett (R-Tenn.) said:

This close-up photograph shows a mosquito in Montlouis-sur-Loire, central France, on Oct. 21, 2022. Guillaume Souvant/AFP via Getty Images Tyler Durden Mon, 06/01/2026 - 18:25

GoPro Warns It May Not Survive As AI Memory Crunch Bites

GoPro Warns It May Not Survive As AI Memory Crunch Bites

GoPro shares have been under pressure since last fall, when memory prices began to soar as AI data center buildouts tightened global supply and diverted capacity away from consumer electronics.

On Monday, GoPro filed an 8-K with the SEC, warning of "substantial doubt" about its ability to continue as a going concern and stating that it expects to file an update to its financial statements.

The action-camera maker, once a $12 billion-plus Wall Street MoMo darling after its 2014 IPO, has plunged into micro-cap territory, with a total market cap of around $190 million as of late Monday afternoon.

Revenue plunged 26% in the first quarter. The company has already needed lender waivers after breaching loan covenants, and it does not expect to comply with several future covenants.

Last month, GoPro's own filing warned of an "unprecedented increase and volatility in memory component costs."

The AI memory boom has crushed GoPro, and the market punished GoPro shares as early as last fall, when the memory price spike began.

Bloomberg noted that in April, one of GoPro's suppliers planned to reduce memory supply, which dented the company's forecasted sales. This only suggests higher input costs, weaker margins, and reduced pricing flexibility.

GoPro is seeking to pivot away from its consumer-camera market, exploring aerospace and defense as potential new markets and product categories.

By the way, it's easier just to wear Meta RayBans for action sports ... 

Tyler Durden Mon, 06/01/2026 - 18:00

California Legislators Shriek: 'Stop Nick Shirley!'

California Legislators Shriek: 'Stop Nick Shirley!'

Authored by Mike McDaniel via AmericanThinker.com,

Without the second Trump Administration, we would surely not have discovered, and most importantly, acted upon, the fraud being committed around the country, most notably in blue states like Minnesota and California. So much has been discovered so rapidly, President Trump appointed Vice President Vance to head an anti-fraud task force, and the DOJ hired additional prosecutors to handle the dramatically increasing number of cases. Federal officials are suggesting the sheer amount of fraud, discovered and yet to be discovered, is so staggering clawing back that money could balance the federal budget.

Instrumental in exposing sufficient fraud so it could no longer be ignored by local or state officials is independent journalist Nick Shirley, who exposed the infamous “Quality Learing Center” day care fraud in Minneapolis, as well as many less well-known fraudulent day cares. So effective was Shirley, and so quickly did his work anger local fraudsters and state officials, Shirley received so many death threats he apparently decided to give California a try. This was the immediate result: 

Graphic: X Post

Independent journalist Nick Shirley has released a devastating 40-minute investigative video that exposes what appears to be massive waste and potential fraud in California’s hospice, Medi-Cal, and daycare programs. His report, now viewed more than 7.7 million times on X, uncovers over $170 million in questionable billings tied to ghost hospice and daycare operations that show virtually no signs of actually caring for patients or children.

Shirley found that focusing mostly on Victory Blvd. in Van Nuys:

Graphic: X Post

In Minnesota and California, honest public employees tried for years to expose fraud, but their superiors and the state Attorney General’s Office ignored them. But with Shirley’s discovery of incredible levels of fraud, the California Legislature was prodded into action: they’re criminalizing exposing fraud:  

Independent journalist Nick Shirley accused California lawmakers of trying to shield taxpayer-funded organizations from scrutiny after the state Assembly advanced AB 2624, dubbed the "Stop Nick Shirley Act," a bill the author says is intended to protect immigration service providers from harassment and threats.

"I obviously hit a nerve," Shirley said during an appearance Wednesday night on "Fox News @ Night" with Trace Gallagher.

"What's interesting about this, this bill is it's protecting NGOs and nonprofits," Shirley said. "These are organizations and groups that receive our tax dollars, yet they want to make it so we can't find out what they're doing with our tax dollars."

Shirley argued the proposal would discourage investigations into organizations receiving public funds.

And that’s obviously the point of the legislation. But why would legislators, people sworn to protect the public, presumably at least in part by catching criminals defrauding taxpayers of billions, want to protect those criminals? It’s a puzzler, unless, perhaps, those NGOs and nonprofits are primary funding sources of the Democrat Party and Democrat politicians? But surely that can’t be happening in a single-party state like California, where corruption is all but nonexistent? Shirley explained:

"The Somalis in Minnesota, they stole hundreds of millions, billions of dollars, and then the hospice fraud that took place inside California," Shirley said.

"Everyone was saying that was bogus. And then her husband actually tried to take credit for exposing the hospice fraud after I had went and exposed the hospice fraud."

Shirley was referring to Assemblymember Mia Bonta's husband, California Attorney General Rob Bonta, who has not responded to Fox News Digital's request for comment.

"The fraud has been going on for so long. These fraudsters thought they could get away with it for so long that so many people started committing this fraud."

Graphic: X Post

What’s really amazing, though utterly unsurprising, is Shirley is only talking about hospice fraud. That’s only the shrink-wrap packaging on the box of a 100-story-tall fraud package.

To paraphrase Shakespeare, something is rotten in the bluer than blue state of California.

Tyler Durden Mon, 06/01/2026 - 17:40

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