12 AGs Petition Court To Defend Trump's Executive Order On Citizenship Verification In Elections

Authored by Janice Hisle via The Epoch Times,

Attorneys general from a dozen states on April 20 asked to intervene in two lawsuits that oppose President Donald Trump’s executive order on citizenship verification and other election integrity efforts.

The coalition of attorneys general filed motions in Massachusetts and the District of Columbia, expressing support for the president’s March 31 executive order, titled “Ensuring Citizenship Verification and Integrity in Federal Elections.”

After Trump issued the order, “left-leaning activists and progressive states” immediately challenged it, Missouri Attorney General Catherine Hanaway’s office said in a news release, “claiming it represents a federal intrusion on state authority over elections.”

She characterized Trump’s actions as “common-sense election integrity measures” in a statement and resolved to “defend every lawful step that promotes accurate [voter] rolls, secure absentee processes, and transparent administration.”

The president also issued a broader order in March 2025, titled “Preserving and Protecting the Integrity of American Elections.”

Both election-related orders have spawned numerous courtroom battles.

On April 17, a federal judge in Rhode Island became at least the fifth to rule against the Trump’ administration’s voter-roll-collection attempts. Some states agreed to turn over the requested data, but the Trump administration sued 30 states and the District of Columbia for refusing to do so.

Trump’s 2026 order requires federal agencies to compile a state citizenship list to assist state election officials in confirming which people are U.S. citizens, over 18, and residents of the state—all mandatory to be eligible to vote.

The order also instructs the U.S. Postal Service to improve security of mail-in ballots, using means such as barcodes that allow tracking of official election mail.

“Missouri and the other states are fighting for access to these resources and to work alongside the federal government in guarding the integrity of American elections,” Hanaway wrote.

Attorneys general who joined Hanaway’s coalition hail from Alabama, Florida, Indiana, Kansas, Louisiana, Montana, Nebraska, Oklahoma, South Carolina, South Dakota, and Texas.

Commerce Secretary Howard Lutnick (L) and President Donald Trump before signing an executive order on election integrity in the Oval Office on March 31, 2026. Brendan Smialowski/AFP via Getty Images

The Washington lawsuit against Trump, filed on April 1 by the Democratic Senatorial Campaign Committee and other Democrats, frames Trump’s order as another attempt to “rewrite election rules for his own perceived partisan advantage.”

The lawsuit also calls provisions of Trump’s order “convoluted and confusing,” adding, “What is clear is that it dramatically restricts the ability of Americans to vote by mail, impinging on traditional state authority.”

In a separate action filed in the District of Columbia court on April 21, a grassroots organization, Common Cause, is asking a judge to stop what it calls “an illegal and unprecedented quest to stockpile millions of Americans’ confidential voter data.”

Common Cause requested the court to “hold unlawful, stay, vacate, and set aside” the national Voter Registration Nationalization Policy and to prohibit the Justice Department from “unlawful disclosure and use” of voter data.

The Massachusetts lawsuit, filed April 2, alleges that Trump’s order “violates the constitutional separation of powers because the president doesn’t have authority to set election rules. Only the states and Congress may do so,” a news release from the Brennan Center for Justice says.

The Brennan Center’s attorneys worked with lawyers from other groups to file the federal complaint on behalf of the lead plaintiff, the League of Women Voters of Massachusetts, and additional organizations.

Tyler Durden Thu, 04/23/2026 - 17:00

Intel Shares Soar On Strong AI-Fueled Outlook, Surpassing August 2000 Peak

Chipmaker Intel, which less than a year ago was trading like a distressed company, and required a capital infusion from the US government, and earlier today hit a 90x forward PE...

... soared after hours after giving a strong sales forecast for the current period, signaling that the recently struggling chipmaker is finally beginning to benefit from the giant build-out of artificial intelligence infrastructure. But before we get there, here is a quick look at what the company reported for the first quarter: 

• Adjusted EPS 29c vs. 13c y/y, beating estimate 1.0c
   
• Revenue $13.58 billion, +7.2% y/y, beating estimates of $12.36 billion
  • Intel Products revenue $12.78 billion, +8.7% y/y, beating estimate $11.53 billion
  • Client Computing revenue $7.73 billion, +1.3% y/y, beating estimate $7.1 billion
  • Datacenter & AI revenue $5.05 billion, +22% y/y, beating estimate $4.41 billion
  • Intel Foundry revenue $5.42 billion, +16% y/y, beating estimate $4.81 billion
  • All Other revenue $628 million, -33% y/y, beating estimate $605.3 million
  • Intersegment eliminations revenue -$5.25 billion, -12% y/y
     
• R&D expenses $3.38 billion, -7.3% y/y, beating estimate $3.18 billion
• Adjusted gross margin 41% vs. 39.2% y/y, beating estimates of 34.5%
• Adjusted operating income $1.67 billion vs. $690 million y/y, beating estimate $386.2 million
• Adjusted operating margin 12.3% vs. 5.4% y/y, beating estimate 3.08%

The Intel Foundry Services division - the company’s factory unit - generated revenue of $5.4 billion, up 16%. That unit currently relies almost exclusively on Intel product divisions for orders, though it is seeking outside customers. Its PC chip division had revenue of $7.7 billion, and the data center unit posted sales of $5.1 billion. All of those totals topped Wall Street estimates.  Gross margin was 41% on an adjusted basis. When Intel was at the height of its powers, it regularly reported margins north of 60%. It predicted a margin of 39% in the current period.

Commenting on the results, CFO David Zinsner said that “we remain focused on maximizing our factory network to improve available supply and meet our customers’ needs throughout the year.“

CEO Lip-Bu Tan chimed in: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings." 

While Q1 results were solid, especially at the data center level, it was the Q2 forecast that caught the market's attention: 

• Revenue will be $13.8 billion to $14.8 billion in the quarter ending in June, beating estimates of $13 billion.
• Adjusted EPS will be about 20 cents a share, also beating estimates of 9 cents.
• Margin is projected to rise to 39.0%, 

The upbeat outlook suggests that CEO Lip-Bu Tan is making progress on a challenging comeback plan. After lining up major investments in Intel last year which helped to strengthen the company’s balance sheet - Thursday’s results suggest he’s now delivering on a promise to improve its operations. 

The earnings report shows that the need for data center chips to power the massive AI expansion is lifting demand for Intel’s flagship Xeon server processors. That type of generalist semiconductor is a renewed focus for companies trying to turn their AI software into services that bring in revenue.

In an interview with Bloomberg, Tan said Intel delivered a “solid result” that was ahead of its projections. He expects the strong demand for processors used in AI systems to expand and said the company is “laser-focused” on increasing output from Intel’s factories, which still can’t produce enough to fill all its orders. 

“There is huge demand,” Tan said. “We are working very hard with our team to make sure we deliver, that we meet that demand but we are still short because the demand keeps increasing from the customers.

And, as Bloomberg notes, for now Intel has also been able to navigate another challenge the PC industry is facing: memory-chip shortages.

To be sure, the company has a long way to go to restore its former chip-industry glory. Its annual revenue of $53 billion last year was roughly $25 billion shy of the company’s peak revenue, achieved in 2021, when the stock was far lower. Wall Street projects 3% growth in 2026.

Red-hot demand for server products has lured memory suppliers into concentrating on the high-speed processors for those machines. That’s cut into production of standard products used in phones and personal computers, meaning fewer of those mass-market devices are being built and the prices are going up.

In addition to making progress on production, Tan has restored Intel’s balance sheet via outside investments - to the point where the company bought back part of a factory in Ireland that it had been forced to sell to raise cash. That purchase was seen as a sign of future confidence by investors. Adding to the optimism, Tesla CEO Elon Musk said Wednesday that he will use Intel technology as part of his effort to build an in-house chip manufacturing plant. Tan declined to provide further details on the relationship.

Finally, Intel said it would spend more than originally budgeted on capex, according to CFO Dave Zinsner. The company has plenty of factory space and will add more machines to fill it out, he said. Capital expenditures will now be about flat from where they were last year. Intel had earlier said it planned to reduce its outlay. 

In response to the strong earnings and guidance, Intel shares rose 14% in extended trading. The stock had gained 81% this year before the results were released, closing at $66.78. This has now pushed the company's fwd PE well above 100x.

With the 14% surge after hours, Intel stock has finally surpassed its dot com bubble high of $74.88 hit in August of 2000.

As Shay Boloor writes, "all it took was a CPU shortage, AI agents, SpaceX + TSLA terafabs and a bit of help from the U.S. government + NVDA." 

Tyler Durden Thu, 04/23/2026 - 16:46

Israel Waiting For US Greenlight To Renew Iran War: New 'Targets Marked', Says Katz

It should come as no surprise that the Netanyahu government is not happy with this current lull in the Iran war, as Trump's initially declared 3-5 day ceasefire extension has become more of an indefinite truce, with the Hormuz Strait blockade still on.

Israel is now preparing for the possibility of a return to fighting, the country's media is on Thursday reporting. Israel's leadership has consistently stated that it wants to see regime change or else total government and societal collapse, saying that only then would Iran never more be a 'threat to Israel.

Fresh remarks by Israeli Defense Minister Israel Katz have made clear that "Israel is prepared to renew the war against Iran. The IDF is prepared for both defense and offense, and the targets are marked."

But tellingly, he admitted a big obstacle stands in the way before the go ahead for a renewed bombing campaign can be given.

"We are waiting for the green light from the U.S., first and foremost, to complete the elimination of the Khamenei dynasty and to return Iran to the dark and stone ages by destroying Iran's major energy and power facilities," Katz said.

"This time, our strikes will be different and more deadly, and will deliver further devastating blows to the most painful places, which will shake and collapse the regime's foundations," he added.

Currently, the only place where Israeli forces are still actively engaged in combat related to the Iran conflict is in Lebanon. Technically a 10-day ceasefire, which is hanging by a thread, is still on. 

But there has been ongoing fighting and shelling targeting Hezbollah in the south, and the last days have seen it grow more intense, per local reports.

Meanwhile Prime Minister Netanyahu is expected to chair security consultations on Thursday evening, against backdrop of growing difficulties in the US-Iran talks, which appear to have been effectively frozen for the time being.

Israel says it is "prepared for any scenario" and is without doubt intensifying its intelligence-gathering and military preparedness, which includes the urgent restocking of its dwindled interceptor and missile arsenal.

Israel Defense Minister Katz:

Israel is prepared to renew the war against Iran. Waiting on a U.S. green light. pic.twitter.com/MTGFSAe5wh

— Open Source Intel (@Osint613) April 23, 2026

Al Arabiya, citing Israel Channel 13 is reporting that there's general anticipation in Israel that the war could resume "by the end of the week."

Tyler Durden Thu, 04/23/2026 - 16:40

Euthanasia Is Now 6% Of All Deaths In The Netherlands

Via Remix News,

Euthanasia is now responsible for 6 percent of all deaths in the Netherlands, and this figure is increasing every year.

According to a report by the regional euthanasia review committee (RTE), cited by the news portal Hirado, 10,341 people died by euthanasia in 2025, and while three-quarters of the applicants were over 70 years old, one case involved someone between the age of 12 and 18.

The number of those choosing to die by euthanasia due to mental illnesses decreased by almost a fifth (174 cases), but more than 85 percent suffered from physical diseases such as cancer, nervous system disorders, and lung or cardiovascular diseases.

There were 499 cases of euthanasia performed on patients with dementia, and the RTE investigated 11 cases where the patient was no longer competent. In addition, 475 cases involved the co-existence of multiple age-related illnesses, and 278 cases involved “other reasons.”

Pro-life advocates have argued that these “other reasons” often include selfish human interests, such as family members pressuring or emotionally manipulating an older relative to go through with euthanasia in order to obtain inheritance faster. In these cases, euthanasia is often carried out even when, according to supporters, it could not be justified.

Another seven cases involved doctors who did not fully comply with the required standards of care, and these are under investigation.

Just recently in Spain, a 25-year-old woman, Noelia Castillo Ramos, ended her life, despite her parents waging a two-year legal battle, fighting until the last minute for their daughter’s life. Although a ruling by the Constitutional Court in Madrid states that euthanasia cannot be used in cases where the source of suffering is mental illness, since “the state has the duty to protect these individuals from the risk of suicide,” Castillo Ramos was nevertheless was allowed to go through with euthanasia.

According to the Christian Lawyers organization, which represented the woman’s parents at various levels during the legal battle, “this case highlights the failure of the euthanasia law, since it facilitates suicide without the individual having received prior mental health treatment,” meaning that they would have had a chance to recover and live a full and happy life.

Spain’s Catholic bishops warned that “euthanasia and assisted suicide are not medical acts, but deliberate interruptions of the bond of care, and represent a social defeat when presented as a response to human suffering.”

In Castillo’s specific case, they added, “we are not dealing with a fatal illness, but with deep wounds that cry out for attention, treatment and hope.” Their call was also significant because it could help prevent further cases that lead to the taking of innocent lives.

The Spanish bishops also reminded society that “the dignity of the human person does not depend on their state of health, their subjective perception of life or their degree of autonomy,” but rather “is an intrinsic value that must be recognized, protected and helped in all circumstances.” For this reason, the response to human suffering “can never be to cause death, but rather to offer closeness, accompaniment, appropriate care and comprehensive support.”

“When life hurts, the answer is not to shorten the path, but to walk it together. Only in this way can we build a truly just society, where no one feels alone or excluded,” they concluded.

A group of Dutch experts in the field of child psychiatry recently called attention to the need to be particularly careful when it comes to cases of young people under the age of 25 requesting euthanasia due to psychological suffering. Their research suggests that the decision-making abilities of members of this age group can be influenced by brain development and a number of external influences.

According to the professors cited, the condition of those under the age of 25 is less likely to be considered permanent than that of those older than them. In addition, they are more exposed to social pressure and online influences, which can cause significant damage and lead them to make a compulsive and short-sighted decision.

Read more here...

Tyler Durden Thu, 04/23/2026 - 16:20

"Gone In 60 Seconds": Feds Uncover DC-Area International Car Theft Ring

Authored by Jill McLaughlin via The Epoch Times,

Federal authorities in the Washington area have uncovered an alleged international vehicle theft ring involving six people suspected of stealing cars and shipping them to Africa, where they are sold for top dollar.

Six people were charged on April 22 in connection with their roles in the alleged scheme.

A 15-count federal indictment was unsealed in U.S. District Court for the District of Columbia, charging the defendants with conspiracy to steal at least 20 vehicles in the Washington metropolitan area and Pennsylvania.

The cars are transported over state lines and sold to buyers in the United States and the African nation of Ghana, according to the U.S. Attorney’s Office in Washington.

The indictment follows a year-long investigation into an alleged auto-theft ring in the District of Columbia area that involved vehicles stolen using electronic devices that allowed thieves to reprogram cars to accept blank key fobs, prosecutors said.

“They don’t need keys, and they don’t need hot wiring—no smashed windows, no drama—just a sleek electronic device called an ‘Autel’ and under a minute the car’s brain is rewritten,” U.S. Attorney Jeanine Pirro said during a press conference on April 22.

“The car is gone in 60 seconds.”

An Autel device can be used to erase a vehicle’s records and reprogram its keys. Law enforcement is continuing to investigate the case, Pirro said.

The auto theft ring could involve more than 100 vehicles in the District of Columbia and more than 30 vehicles in Prince George’s County, Maryland.

Police officers working on the case executed a search warrant on April 21 at an automobile storage facility in Decatur, Georgia, locating several of the missing vehicles, prosecutors said.

The suspects are Jacob Hernandez, 29, of Los Angeles; Dustin Wetzel, 23, of Woodbridge, Virginia; James Young, 23, of Hyattsville, Maryland; Khobe David, 24, of Upper Marlboro, Maryland; and Chance Clark, 25, of Waldorf, Maryland.

Another defendant remains at large and is considered a fugitive. Prosecutors did not release the name of that defendant, whose indictment remained sealed.

According to the indictment, the stolen vehicles—mostly newer Honda Civics and CRVs, and Acura TLXs and RDXs—were first taken to be “cooled off” in storage locations in southeast Washington. Theeves allegedly disguised the cars by swapping license plates and obscuring the vehicle identification numbers (VINs), according to prosecutors.

Before shipping the stolen cars, the conspirators allegedly disabled the GPS and Bluetooth systems to deter detection.

A car transporter in Maryland was loaded with several of the recovered vehicles from an alleged international auto-theft ring that federal authorities say was connected to six people in the Washington metropolitan area. U.S. DOJ

“This isn’t joyriding,” Pirro said. “These are high-end vehicles loaded on transport carriers headed to ports in Savannah [Georgia] and Baltimore, Maryland.”

The stolen cars were then loaded onto shipping containers labeled as furniture to avoid more scrutiny and sent to Africa, where they were able to get “top dollar,” Pirro said.

Tyler Durden Thu, 04/23/2026 - 15:20

Beyond Cookies - How To Stop The Invisible Browser Fingerprint That Tracks You Everywhere

For years, the privacy advice was simple: clear your cookies, use incognito mode, or click "Reject All" on those annoying consent banners. That advice is now outdated.

A groundbreaking study published last year has delivered the first peer-reviewed proof that the $600 billion online advertising industry has moved on from cookies. The new tracking method is called browser fingerprinting, and it works even if you never log in, never accept cookies, and have legally opted out under privacy laws.

Researchers from Texas A&M University and Johns Hopkins University built a tool named FPTrace to measure exactly how this works in the wild. They simulated real user sessions, systematically altered browser fingerprints, and watched what happened to the ads being served and the bids advertisers placed in real time. The results were clear: when the fingerprint changed, the price advertisers were willing to pay to target that "user" changed with it. Tracking signals dropped. The system was actively using the fingerprint to follow people across sessions and sites.

And crucially, this happened even in tests where cookies were fully deleted and users were in "opt-out" mode under GDPR and CCPA rules. The law’s exit door for cookies does not cover fingerprinting.

How Browser Fingerprinting Works (No Permission Required)

Every time your browser loads a page, it leaks dozens of tiny, seemingly harmless signals:

• Screen resolution and color depth
• Installed fonts
• GPU model and graphics capabilities
• Audio processing signatures
• Browser version, plugins, and language settings
• Time zone
• Canvas rendering differences (how it draws hidden shapes)
• Whether you run an ad blocker
• Even battery level in some cases

Alone, each detail is common. Combined, they create a unique "fingerprint" that can identify your device with startling precision. No cookies. No login. No pop-up asking for consent. Just loading the page is enough.

Studies have long shown how pervasive this is. Princeton’s Web Transparency Project and related research have repeatedly found fingerprinting scripts running on a significant share of popular websites.

Princeton researchers tested the top 10,000 websites.

Fingerprinting scripts on 88% of them.

The EFF tested browsers directly.
83% had a fingerprint unique enough to track with no cookies at all.

You do not have to visit a shady site.
You just have to open a browser.

— AI Highlight (@AIHighlight) April 21, 2026

The Electronic Frontier Foundation’s long-running Cover Your Tracks test (formerly Panopticlick) has demonstrated that a large majority of browsers produce fingerprints unique enough to track users without any cookies at all—historically around 83% or higher in large samples.

Why This Matters Now

Cookies are dying. Google has been phasing out third-party cookies in Chrome, and Apple has aggressively blocked them in Safari for years. Advertisers needed a replacement that users cannot easily clear, block, or reset. Browser fingerprinting is that replacement: it is invisible, persistent, and rebuilds itself if your setup changes slightly.

The result? Targeted ads that follow you across devices and sessions, even when you think you’ve gone "private." And because it operates below the surface of most privacy laws, the protections many people rely on simply don’t apply.

What Actually Works to Protect Yourself

Most people get privacy wrong by making their setup more unique (rare browsers + 30 extensions = the most identifiable fingerprint on the internet). True anonymity comes from uniformity, not obscurity.

Here are the proven defenses, ranked by effectiveness:

1. Choose the right browser (the single biggest decision)

• Tor Browser – The gold standard. It forces every user to share the exact same fingerprint. Anonymity through uniformity.
• Brave – Excellent middle ground for everyday use. It randomizes canvas, WebGL, audio, and other fingerprintable surfaces every session.
• Firefox (with strict settings) – Strong out of the box and highly customizable. Avoid Chrome for privacy-sensitive activity; it offers no native fingerprint resistance.

2. Add the right extensions (Firefox or Brave only)

• uBlock Origin – Blocks fingerprinting scripts before they can run. (Note: Chrome’s Manifest V3 severely limited the full version; Firefox is required for maximum protection.)
• CanvasBlocker – Randomizes your canvas output whenever a site tries to read it.

3. Flip one powerful Firefox setting Type about:config in the address bar → search for privacy.resistFingerprinting → set it to true. This standardizes canvas, timezone, fonts, and other outputs so you blend in with everyone else. Takes 30 seconds and makes a measurable difference.

Bottom line: Clearing cookies no longer protects you. The advertising industry has quietly built a more resilient tracking system that operates in the shadows of your browser. 

Tyler Durden Thu, 04/23/2026 - 15:00

39 Going On 40 (Trillion)

Authored by Robert Aro via The Mises Institute,

A little over two weeks ago, on April 7th, the U.S. national debt crossed $39 trillion. Since then, another $150 billion has already been added to the ledger. While major news outlets missed the milestone, every trillion is worthy of mention.

House Budget Chairman Jodey Arrington (R-Texas) put the figure in perspective:

America is now $39,000,000,000,000 in debt—yes, $39 trillion. It took roughly 200 years to accumulate the first $1 trillion. Now we add that in a matter of months… Compounding the problem, we now spend more than $1 trillion a year just on interest to service our debt—more than the entire defense budget.

Almost three years ago, I wrote about the U.S. debt crossing the $32 trillion and $33 trillion marks. If there’s one economic projection to stand by, it’s this: within the next several months, the $40 trillion debt level will be breached.

Looking back at the last 200 years, or even the last three, it becomes clear that debt growth is not linear; the curve is moving up exponentially.

While the future is always uncertain, the trajectory is unmistakable.

One reason stands above the rest: the interest on the debt itself.

For context, net interest outlays were equivalent to 22.1% of total revenues through Q1 of FY 2026. Even if the national debt were frozen at $39 trillion today, the interest payments alone would be staggering. With the 10-year Treasury yield hovering between 4% and 4.5% at the time of writing, and annual interest surpassing $1 trillion, solvency should be a real concern.

Naturally, one might argue that with a Federal Reserve, solvency is not a concern. However, that’s the crux of the matter. America technically won’t become insolvent thanks to the Fed’s ability to create money (literally) out of thin air, and so, the final outcome is certain. Expanding debt and the accompanying expansion of the money supply are features of the system. History shows that monetary inflation, currency debasement, and the eventual crack-up boom are the recurring final outcomes.

Couple the interest problem with global conflict and the endless crisis response cycle of political outlays, and it’s fair to say that Congress has as much appetite for cutting spending as they do for ending the Federal Reserve

39 going on $40 trillion is an achievement only in the sense that many once thought we’d never see numbers this large. Over forty years ago, during the Reagan administration, the debt tripled from $1 trillion to $3 trillion, and life went on. Applying that same logic today and accounting for exponential growth, we are talking about $40 trillion becoming $120 trillion in our lifetime.

The idea of $50 trillion, $60 trillion, or even $80 trillion seems absurd, but history gives us no reason to assume a ceiling exists.

I still wouldn’t bet against America; the U.S. dollar persists largely because liberty and freedom still mean something in the USA, and the greenback remains the cleanest shirt in the dirty pile. But that doesn’t change the fact that life could be better for almost everyone. That is everyone except those who continue to steer society down a path Austrians have warned about for generations.

The debt clock keeps ticking. The numbers keep rising. And while life will go on, we must ask: what kind of life will it be? And for whom?

Tyler Durden Thu, 04/23/2026 - 14:40

MSFT Plans First Voluntary Buyout In 51-Year History; Gates Foundation To Slash 20% Of Staff Summary: 

• First CNBC reports MSFT's first-ever Voluntary Buyout in 51-Year Company History,

• Then a report by BBG on Meta planning 10% Workforce Cut, All Within Hours

• To note: Reuters First reported Meta's 10% cut late last week (report)  

Meta Layoffs 

First, Microsoft unveiled a voluntary buyout program, a move that could incentivize thousands of employees to leave.

Now, Meta Platforms has reportedly followed with plans to cut 10% of its workforce. Taken together, today's back-to-back announcements suggest that as Big Tech continues to spend aggressively on AI infrastructure and data center buildouts, management teams are trimming excess fat to reallocate capital toward the AI race.

Bloomberg reports that Meta plans to reduce its workforce by 10%, or roughly 8,000 employees, and leave 6,000 open roles unfilled. The layoffs are expected to occur on May 20.

Meta had nearly 79,000 employees at the end of last year, according to Bloomberg data.

The outlet cited an internal memo written by Janelle Gale, chief people officer, in which she said, "We're doing this as part of our continued effort to run the company more efficiently and to allow us to offset other investments we're making."

Meta shares are flat on the year but in-line in seasonal trends. 

"I know this is unwelcome news, and confirming it puts everyone in an uneasy state, but we feel this is the best path forward, given the circumstances," Gale wrote.

Reuters first reported last week that Meta planned to cut 10% of its workforce (read here). 

MSFT Plans First Voluntary Buyout In 51-Year History; Gates Foundation To Slash 20% Of Staff

Until early April, Microsoft shares were on track for their worst start to a year in Bloomberg data going back to 1997.

Then, in late March, The Information reported that the tech giant had imposed a hiring freeze across parts of its cloud and sales divisions.

Now, in yet another sign of belt-tightening, Microsoft is preparing its first voluntary employee buyout program in the company's 51-year history.

CNBC cites a new internal memo detailing a one-time retirement program for senior director-level employees and below whose combined years of employment and age total 70 or more.

While CNBC notes that voluntary buyouts are expected to involve a "small percentage of its workforce," a separate Bloomberg report states that the new voluntary retirement program could affect about 7% of its U.S. workforce.

Microsoft's latest annual report says it had about 126,000 employees in the U.S. The voluntary retirement program could allow the tech giant to cut upward of 9,000 employees. It reported 228,000 employees worldwide in 2025.

The adjustments to its workforce come as the hyperscaler is spending massive amounts of capital on data centers during the AI boom and heavy data-center spending cycle.

At the same time, Microsoft is changing how it rewards employees by separating stock awards from cash bonuses, giving managers more flexibility to reward top performers. It is also simplifying manager review choices, reducing compensation options from nine to five.

"Our hope is that this program gives those eligible the choice to take that next step on their own terms, with generous company support," Amy Coleman, Microsoft's executive vice president and chief people officer, wrote in a memo.

Separately but still related, The Wall Street Journal reported earlier this week that the Gates Foundation is slashing up to 500 jobs, or about 20% of its staff, as the left-wing NGO has come under fire for funding questionable protests and for Gates' ties to Epstein.

Tyler Durden Thu, 04/23/2026 - 14:20

Yet Another Dead NASA Scientist: Nuclear Propulsion Expert Was Found Charred Inside Crashed Tesla

Authored by Steve Watson via Modernity.news,

The case of yet another top NASA nuclear engineer turning up dead in a fiery crash has hit the headlines, adding to the dark and mysterious pattern of experts tied to advanced propulsion and space secrets apparently being targeted.

Joshua LeBlanc, 29, a team lead on NASA’s most cutting-edge nuclear thermal propulsion projects, was found charred beyond recognition inside his burned Tesla after vanishing from his Huntsville, Alabama home. His family immediately feared abduction. He left his phone and wallet behind—an act they called completely uncharacteristic.

Tesla Sentry Mode data later showed the vehicle sat motionless at Huntsville International Airport for four hours the morning of July 22, 2025. The car was discovered that afternoon after colliding with a guardrail, slamming into trees, and erupting in flames. Authorities confirmed his identity days later through forensic examination.

A NASA nuclear scientist was found deceased in his Tesla after colliding with a guardrail, leaving his body so burned that he was completely unrecognizable, according to a new report from Fox News.

29-year-old Joshua LeBlanc, who worked on nuclear propulsion projects, died in a… https://t.co/C793en0aeU pic.twitter.com/8YIhgG7fE3

— Collin Rugg (@CollinRugg) April 22, 2026

LeBlanc had worked at NASA for over five years, first as team lead for the Space Nuclear Propulsion (SNP) Instrumentation and Control Maturation project, then leading NASA’s Demonstration Rocket for Agile Cislunar Operation (DRACO)—a nuclear thermal propulsion engine designed to slash travel times to Mars and beyond.

His family told local outlets the trip west was never part of his plans for the day, and he had been in regular contact right up until he vanished. “They feared he had been abducted,” reports confirmed.

NASA nuclear engineer found dead in burned Tesla after vanishing from his Alabama home last year https://t.co/gmqYCtfcvS pic.twitter.com/cQxPNevggj

— New York Post (@nypost) April 23, 2026

This case fits squarely into the disturbing wave of deaths and disappearances among scientists working on nuclear, propulsion, and space technologies—now totaling at least thirteen cases since 2022. LeBlanc’s death comes as President Trump has repeatedly signaled his intent to rip open the government’s UFO files.

The Huntsville airport connection is particularly intriguing. LeBlanc’s Tesla lingered there for hours before the fatal crash—just miles from NASA’s Marshall Space Flight Center, a hub for exactly the kind of classified nuclear propulsion work he led.

As we highlighted yesterday, NASA payload specialist James “Tony” Moffatt and his entire family, also from Huntsville, Alabama, were killed last week in a plane crash.

This mirrors patterns highlighted in our earlier reporting on the scientist death mystery now explicitly linked to NASA.

The FBI has now confirmed it is spearheading a probe with the Departments of Energy and Defense into potential connections among the missing and deceased scientists. Trump himself addressed the issue last week: “I hope it’s random, but we’re going to know in the next week and a half. I just left a meeting on that subject.”

Independent researcher Jesse Michaels has laid out the broader pattern in stark terms just days before LeBlanc’s case resurfaced publicly. In his April 21 episode, Michaels documented how scientists at the frontier of fusion, exotic propulsion, advanced metallurgy, and space surveillance are being silenced.

He highlighted the February 2026 disappearance of retired Air Force Maj. Gen. Neil McCasland—former commander of the Air Force Research Laboratory at Wright-Patterson AFB, the alleged repository of Roswell materials—who vanished from his Albuquerque home eight days after Trump ordered the Pentagon to begin releasing UFO files. McCasland left his phone, glasses, and smartwatch behind. Despite massive searches, no trace.

Michaels connected this to the June 2025 disappearance of NASA material scientist Monica Reza, co-inventor of a breakthrough nickel-based superalloy for next-gen rocket engines developed under the very lab McCasland once oversaw. She vanished mid-hike, 30 feet behind her group.

He also detailed the December 2025 assassination of MIT fusion physicist Nuno Loureiro—shot in his own doorway—and the February 2026 murder of Caltech astronomer Carl Grillmair, who was working on the powerful Vera Rubin Observatory capable of spotting anomalous objects in Earth orbit.

Clearly these aren’t random tragedies. The expertise clusters around technologies that could upend energy cartels and expose long-hidden propulsion breakthroughs—exactly the kind of work LeBlanc was advancing at NASA.

The pattern is no longer deniable. While authorities insist there is “no evidence” of coordination, the sheer concentration of losses in these hyper-specific fields—nuclear propulsion, plasma physics, advanced materials—defies coincidence. Tesla’s own data in LeBlanc’s case raises further questions about remote access possibilities in modern vehicles, a capability long acknowledged in intelligence circles.

President Trump’s America First push for transparency on UAPs and government records is clearly rattling cages. These experts held the keys to technologies that could secure American dominance in space and energy independence. Their sudden, suspicious exits just as disclosure momentum builds scream for full, public investigation—not another quiet federal handwave.

Many believe that Trump’s commitment to releasing the files is the only path forward to protect innovation, expose the gatekeepers, and reclaim technological sovereignty for a free republic. Anything less leaves the best minds in America vulnerable to the very forces working against national strength.

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

Tyler Durden Thu, 04/23/2026 - 14:00

Ayatollah Mojtaba Khamenei Surrounded By 24/7 Medical Team In Hideout As Generals Run Iran: NYT

The NY Times in a new deep dive of what governing structures now look like inside Iran says what's already long been obvious to many in the wake of longtime Ayatollah Ali Khamenei's death: "When Ayatollah Ali Khamenei ruled Iran as the supreme leader, he exerted absolute power over all decisions about war, peace and negotiations with the United States. His son and successor does not play the same role."

The publication says it was able to interview at least half-a-dozen Iranian insiders, including IRGC officials, and individuals who know the younger Khamenei "well". The NY Times describes of Mojtaba Khamenei: "His father, wife and son were all killed. Access to him is extremely difficult and limited now. He is surrounded mostly by a team of doctors and medical staff who are treating the injuries he sustained in the airstrikes."

ISNA/AFP/Getty Images

Apparently even top 'trusted' generals and IRGC commanders do visit him for fear of being surveilled and tracked to his location by Israel and the United States.

Per the sources cited in the Times, "Though Mr. Khamenei was gravely wounded, he is mentally sharp and engaged, according to four senior Iranian officials familiar with his health."

And more: "One leg was operated on three times, and he is awaiting a prosthetic. He had surgery on one hand and is slowly regaining function. His face and lips have been burned severely, making it difficult for him to speak, the officials said, adding that, eventually, he will need plastic surgery."

All of this provides an explanation as to why he has never been seen or heard from in public since Trump's Operation Epic Fury began on February 28. He has not so much as been photographed, and when state media has issued a few prior statements, it does so via text or what appears to be AI-configured audio over state media airwaves.

This fact has unleashed an avalanche of speculation as to his fate over the course of the war, and who is "really in charge". And yet it's also well-known that Iran is able to function militarily based on autonomy and dispersion of command among units, with the IRGC given more independence to act.

The White House has alleged there are essentially two factions vying for power and direction over the war - the civilian leadership and the IRGC command sides. 

"Mojtaba is not yet in full command or control," Sanam Vakil, the director of the Middle East and North Africa for Chatham House, claimed in the NYT report. But as expected the situation is nuanced: "There is, perhaps, deference to him," he continued. "He signs off or he is part of the decision-making structure in a formal way. But he is presented with fait accompli presentations right now."

As we and other have pointed out, in public at least the de facto day-to-day leader of the country remains speaker of the Iranian Parliament Mohammad Bagher Ghalibaf. He has taken point as lead negotiator with the United States in Pakistan, and has been the public face of updating his country and the world on both the status of the war and the now stalled negotiations.

One other interesting detail in the Times report is seen in the following:

Messages to him are handwritten, sealed in envelopes and relayed via a human chain from one trusted courier to the next, who travel on highways and back roads, in cars and on motorcycles until they reach his hide-out. His guidance on issues snakes back the same way.

Some pundits have correctly pointed out that skepticism is warranted, also given the NYT's often deeply inaccurate reporting on Bush's Iraq war invasion, and other Mideast conflict zones including Syria:

With all due respect, remain skeptical about the credibility of the The New York Times report.

- If leaks of this magnitude were truly that easy, it would have been just as easy for Mossad to obtain precise information on Mojtaba Khamenei’s whereabouts, with obvious… https://t.co/g36ONAQUpd

— Babak Vahdad (@BabakVahdad) April 23, 2026

The NY Times alleged findings has it to the conclusion that even big decisions are currently under control of the generals and IRGC apparatus: "The combination of concern for his safety, his injuries and the sheer challenge of reaching him has resulted in Mr. Khamenei's delegating decision making to the generals, at least for now," the report concludes.

Tyler Durden Thu, 04/23/2026 - 13:40

Republicans Open New Front In Growing Battle Against "Climate Lawfare"

Republicans in Congress are taking action to shield U.S. energy producers from “Climate lawfare,” the relentless barrage of frivolous lawsuits orchestrated by radical environmental activists.

Sen. Ted Cruz (R-TX) introduced S.4340, a bill that would bar frivolous lawsuits from green activist groups seeking damages, injunctions, or other relief for harms allegedly caused by the end use of energy products. Senators Ted Budd (R- NC), Tom Cotton (R-AR), and Mike Lee (R-UT) are cosponsoring the legislation. The House companion bill, H.R. 8330, was introduced yesterday by Rep. Harriet Hageman (R-WY). The bill would also void any energy penalty law and preempts any states’ attempts to regulate interstate and global emissions.

RELEASE: Sens. Cruz, Cotton, Budd, Lee Introduce Bill to Combat Climate Lawfare and Defend American Energy https://t.co/XN4KgDIhE4 pic.twitter.com/Q3jWNb7J7m

— Senator Ted Cruz (@SenTedCruz) April 20, 2026

“Radical environmental groups have waged a coordinated campaign to weaponize our judicial system against American energy producers, including many in Texas,” Cruz said in a statement. “They’re using meritless lawsuits to bankrupt our energy industry, kill good paying jobs, and drive up the cost of electricity and gasoline for hardworking families. I am proud to lead this bill to stop that abuse to protect American jobs, lower energy costs, and defend American energy dominance.”

“Energy security is national security, and we will not self-sabotage our critical industries with a cascade of costly lawsuits and extreme penalties that jeopardize American drilling. America’s energy producers should be protected from the dangerous legal precedent that would be set by the retroactive punishment of lawful activity,” Hageman said.

The bill has already won applause by energy groups aligned with President Donald Trump’s pro-growth agenda.

“Green left activists have always gone to extraordinary lengths to impose their anti-energy agenda on Americans. Filing sweeping lawsuits against oil and gas companies in an attempt to force policy outcomes they have failed to achieve in the legislative and administrative arenas is some of their most egregious work yet,” American Energy Alliance president Tom Pyle said. "This kind of politically motivated litigation threatens not only energy stability, security, and affordability but also the integrity of our legal system.”

The legislation arrives as California, Connecticut, Delaware, Hawaii, Maine, Massachusetts, Michigan, Minnesota, New Jersey, Rhode Island, and Vermont have taken landmark legal action aimed at holding fossil fuel companies accountable for misrepresenting to the public about their products’ role in climate change.

On Friday, the Supreme Court delivered a unanimous procedural victory for sanity, ruling that certain environmental damage lawsuits, including one against Chevron for alleged destruction of coastal wetlands in Louisiana, can be removed from hostile state courts to more neutral federal forums.

“Chevron’s case fits comfortably within the ordinary meaning of a suit ‘relating to’ the performance of federal duties,” said Justice Clarence Thomas. “Chevron has plausibly alleged a close relationship between its challenged conduct and the performance of its federal duties —not a tenuous, remote, or peripheral one.”

Tyler Durden Thu, 04/23/2026 - 13:00

RFK Jr. Tells Senate Glyphosate Causes Cancer

Authored by Troy Myers via The Epoch Times,

Health and Human Services Secretary Robert F. Kennedy Jr. told senators on April 21 that glyphosate, a key ingredient in herbicides like Roundup, causes cancer and that human consumption of the chemical should be minimized.

His comments came amid growing political and legal controversy over the chemical, which is widely used in agriculture. During a Senate Budget Committee hearing, Sen. Brian Schatz (D-Hawaii) asked Kennedy whether the chemical caused cancer.

Without hesitation, Kennedy replied, “Yes.” Schatz also asked if the chemical was safe for human use.

“I mean, safe, or does it kill weeds? It kills weeds,” Kennedy said. “I would say it’s important to minimize consumption of glyphosate as much as possible.”

Schatz told Kennedy he was being “uncharacteristically diplomatic about glyphosate,” which Kennedy, a standard-bearer for the Make America Healthy Again movement, denied.

Kennedy helped secure a $289 million award from Monsanto in 2018 while representing a client who alleged Roundup caused him to develop non-Hodgkin’s lymphoma. Now, Kennedy is the leading health official for an administration that is defending Monsanto in a Supreme Court case set for oral argument just days after the health secretary’s testimony.

That case, known as Monsanto v. Durnell, similarly involves a man alleging that Monsanto’s Roundup caused him to develop non-Hodgkins lymphoma. The Justice Department didn’t argue as much on glyphosate’s alleged health hazards as it did that the lower-court verdict against Monsanto was legally flawed.

President Donald Trump addressed the issue in February, signing an executive order that said glyphosate-based herbicides were critical to the nation’s economy and national security.

“Any major restrictions in access to glyphosate-based herbicides would result in economic losses for growers and make it untenable for them to meet growing food and feed demands,” his order reads.

“Ensuring an adequate supply of elemental phosphorus and glyphosate-based herbicides is thus crucial to the national security and defense, including food-supply security, which is essential to protecting the health and safety of Americans.”

Schatz told Kennedy he had many friends in Hawaii who supported the health secretary, but they were shocked when Kennedy put out a February statement in support of Trump’s executive order on glyphosate, which would also give immunity to manufacturers if Congress were to pass it into law.

“Pesticides and herbicides are toxic by design,” Kennedy wrote in a post on X. “Unfortunately, our agricultural system depends heavily on these chemicals.”

The executive order, and Kennedy’s reaction, led to pushback among Make America Healthy Again, or MAHA, supporters, who denounced Trump’s characterization of glyphosate as critical to national security.

“I was very clear with the president about my own displeasure with the executive order,” Kennedy told Schatz. “The president felt it was necessary for national security reasons.”

The health secretary said the idea for the executive order came from the Pentagon, and the administration regards the issue as one that Trump inherited—not created.

The overwhelming majority of American agriculture relies on glyphosate-based herbicides, and “100 percent of that is coming from China,” Kennedy said.

“You have an adversary that could literally shut down the American food supply overnight,” he testified. “[Trump’s] executive order does not increase the use of glyphosate. All it says is, as long as we’re dependent on it, we’re going to make it here.”

In Kennedy’s X post, he stated that cross-agency steps are being taken to shift away from harmful agricultural practices. The health secretary reaffirmed this goal to lawmakers at the April 21 hearing.

Monsanto has denied Roundup causes cancer and has argued no cancer warning is necessary because the Environmental Protection Agency has historically considered Roundup and glyphosate safe to use.

Tyler Durden Thu, 04/23/2026 - 12:40

Goldman: Fast Food's 'Bang For The Buck' Gains As Casual Dining Appeal Craters

Goldman analyst Christine Cho has published her latest quarterly survey of 2,000 consumers for 1Q26, pointing to a softer restaurant environment. Muted demand backdrop suggests that the K-shaped economy continues to fester, with working-poor consumers still facing the greatest downward pressure.

Respondents expect their visits to limited-service restaurants (LSRs), restaurants where customers generally order and pay at a counter, kiosk, drive-thru, or app, such as McDonald's, Burger King, Wendy's, Chipotle, CAVA, Sweetgreen, Panera, and others, to hold steady for the next three months, while casual dining still has some room for visit growth, though at a slower pace than in prior quarters. 

The respondents under most pressure to spend on food away from home were among lower-income households, with roughly half of consumers earning under $70,000 saying they plan to dine out less.

Another key takeaway is the growing divide in perceptions of value. Fast food's "bang for the buck" has improved since 3Q25, while casual dining's value perception has deteriorated to the lowest level in Goldman's dataset.

Cho attributes the improvement in fast food partly to value menus, meal deals, and marketing tie-ins, which are boosting scores for value, quality, and willingness to pay more.

"Consumers still see grocery as better value," Cho noted.

Intention to spend was flat. 

GS Brand Scores — Major fast food brands showing sequential improvement with stepped-up value focus

Exhibit 11: Summary of GS Restaurant Survey Scores - % change vs. 3Q25 Summary

Exhibit 12: Summary of GS Restaurant Survey Scores - YoY % change Summary

Cho then covered which restaurant stocks looked the strongest or weakest in the survey:

Stock callouts. QSR was a standout in the monthly dashboard, showing trends consistent with higher brand scores vs. 3Q25 for Burger King (+6.5%), Popeyes (+3.6%), and Tim Hortons (+1.7%) in our survey. DRI remains a casual dining outlier as accelerating NPS trends align with positive transaction growth and an increase in Olive Garden brand score vs. 3Q25. MCD and YUM are successfully pivoting toward value-led growth, contrasting deterioration in conversion and quality scores at SG and BLMN.

The S&P 500 Restaurants Sub-Industry Index has largely traded sideways since early 2025. 

Our takeaway is that fast food's aggressive marketing of meal deals and other value offerings has clearly resonated with budget-conscious consumers amid K-shaped economy woes. 

Professional subscribers can read "Deep-dive into 1Q26 restaurant survey" at our new Marketdesk.ai portal

Tyler Durden Thu, 04/23/2026 - 12:20

Andurand's "Hedge" Fund Lost 52% In First Two Weeks Of April On Levered Oil Bets

Three weeks ago, when Bloomberg pointed out that Andurand was the best performing hedge fund in March thanks to its notorious levered long oil positioning (and really nothing else), we said they may want to refresh his exposure after the April 7 oil crash.

May want to F5 on Andurand after today's near record oil crash https://t.co/tlkgz3dXJa

— zerohedge (@zerohedge) April 8, 2026

Three weeks later, they did: according to a report published this morning, Pierre Andurand’s largest "hedge fund" (and when it comes to Andurand, the word "hedging" is a catastrophic misnomer), plunged about 52% in the first half of April, wiping out all of its first quarter gains and then some made on bullish oil bets at the start of the Iran war. 

His fund slumped this month through April 17 and is now down almost 37% for the year despite oil being substantially higher YTD. It comes after the Andurand Commodities Discretionary Enhanced fund delivered a 31% gain in March even as other hedge funds were caught off guard by the huge swings in commodities prices and inflation expectations unleashed by the war. Perhaps in the parallel universe inhabited by the ultra liberal trader, oil can somehow magically rise to infinity without demand destruction. Well... no.

Andurand trying to lever up his oil bets to 100x.

The fund - which is basically a 5x levered bet on oil, and which refuses to ever consider the possibility its manager is wrong - has no set risk limits and regularly delivers both double digit gains and losses... though in fairness it has been more losses than gains. 

Oil prices posted a record monthly rally in March, driving the firm’s gains, as war between the US and Iran throttled exports from the Persian Gulf and triggered the most severe supply disruption in history. Brent futures, an international benchmark, climbed to almost $120 a barrel on March 9. Yet instead of taking profits on the way down, Andurand appears to have doubled and tripled down. And that's how he wiped out more than half of his fund's AUM in 2 weeks.

It begs the question: which foolish prime broker generously gave Andurand the insane leverage to lose such a staggering amount of money in just two weeks?

Unlike Andurand, the Iranian chaos has been lucrative for oil trading houses that buy and sell physical cargoes of crude, driving outsize profits at firms including Vitol Group, Trafigura Group and Gunvor Group.

For Andurand, the setback in March was a reminder of how volatile commodity markets can be. The fund lost about 40% last year after making a 50% gain the previous year. Yet with the 37% drop in 2026, it is pretty clear that not a single investor in Andurand's hedge fund is even remotely close to ever breaking even on their catastrophic investment. 

Tyler Durden Thu, 04/23/2026 - 12:15

Kalshi Bans 3 US Politicians For Betting On Their Own Election Races

Authored by Stephen Katte via CoinTelegraph.com,

Two US congressional candidates and one sitting lawmaker have received fines and bans from Kalshi after they were found betting on the outcomes of their election races, as prediction market platforms crack down on insider trading.

Matt Klein, a sitting member of the Minnesota State Senate, was fined $539 for betting on his primary race in his bid for the US House of Representatives, which is set to take place in August. Ezekiel Enriquez, who ran for a US House seat in March, received a $784 penalty, according to Kalshi's notice of settlement.

Another case involved Mark Moran, a candidate in Virginia's US Senate race, who received a $6,229 penalty and was ordered to return any profits from his trades after allegedly refusing to cooperate with Kalshi to resolve the issue. All three were banned from the platform for five years.

Prediction markets, which let users trade contracts on the outcomes of future events, have faced growing scrutiny over insider trading and possible violations of gambling laws. Kalshi and Polymarket, the two largest platforms, have pledged to introduce stricter controls and crack down on unlawful activity.

Lawmakers offer reasons for insider trades

Moran said in a statement on X that he placed his wager to test Kalshi's procedures and see how the platform would respond to insider trading.

“YES, I did bet ~$100 on myself on Kalshi because I wanted to get caught,” he said, adding that he “wanted to see (1) if Kalshi would come after me and (2) what their path would be.”

Source: Mark Moran

Klein said in a statement that he placed the wager out of curiosity about how prediction markets worked, but later learned it violated platform rules.

“In compliance with their request, I paid a penalty and agreed to be suspended from the platform. That was the only wager I have ever made on a predictions market,” he added.

Klein is a co-sponsor of a bill in the Minnesota Legislature that aims to ban wagers on the outcomes of real-world events such as elections or policy decisions.

Cointelegraph was unable to reach Ezekiel Enriquez for comment.

Kalshi’s ongoing insider trading crackdown

Bobby DeNault, Kalshi's head of enforcement, said Tuesday these cases violated Kalshi's exchange rules but didn't warrant referral to the US Commodity Futures Trading Commission or the Department of Justice for further investigation and prosecution.

“Regardless of the size of a trade, political candidates who can influence a market based on whether they stay in or out of a race violate our rules. No matter how small the size of the trade, any trade that is found to have violated our exchange rules will be punished,” he added.

The platform issued a $2,000 fine and a five-year ban in February to a former California gubernatorial contender for betting on his own candidacy last year.

Tyler Durden Thu, 04/23/2026 - 12:00

Air Force Advances Microreactor Deployments at Three Bases

The Department of the Air Force (DAF) has moved forward with its Advanced Nuclear Power for Installations (ANPI) initiative, announcing specific company pairings to develop microreactors at three installations. 

Radiant Industries will partner with Buckley Space Force Base in Colorado. Radiant is developing Kaleidos, a portable 1 MW helium gas-cooled microreactor using TRISO fuel. Factory-built and transportable by truck or aircraft, the unit requires no on-site water, relying instead on air cooling with fans and passive natural convection. It targets military installations among other resilient power needs. Radiant plans its first demonstration at Idaho National Laboratory's DOME test bed, with criticality planned before July 4th.

Westinghouse will deploy at Malmstrom Air Force Base in Montana. Westinghouse brings decades of nuclear expertise and its eVinci microreactor. This heat-pipe cooled design produces about 5 MW, offering eight-plus years of fuel life with minimal maintenance. Fully factory-assembled and transportable in shipping containers, the unit operates without water cooling and supports remote or edge-of-grid applications while pairing well with renewables.

Antares Nuclear will build at Joint Base San Antonio in Texas. Antares is focused on its R1 microreactor, a sodium heat-pipe cooled system delivering 100 kWe to 1 MWe with over six years between refueling. The modular design emphasizes reliability for defense-critical assets and incorporates high-temperature heat pipes and automated controls. We recently covered Antares and their first of a kind approval from the DOE for their Mark-0 test reactor at Idaho National Lab. 

ANPI’s goal is operating at least one advanced nuclear reactor on a DAF installation by 2030 or sooner.

We reported on the ANPI program's launch and the Defense Innovation Unit's selection of eight companies in April 2025, part of a larger Pentagon push for resilient, emissions-free power at military sites. The effort aligns with the Army's related Janus program targeting operational microreactors by 2028. 

The initiative remains separate from the standalone microreactor pilot at Eielson Air Force Base in Alaska. With next steps now underway, the DAF is positioning itself to deliver reliable power where it matters most.
 

Tyler Durden Thu, 04/23/2026 - 11:40

Tether Freezes $344 Million USDT Stablecoins Flagged For Illicit Activity

Tether froze more than $344 million in USDT across two Tron addresses on Thursday, in coordination with the US Treasury’s Office of Foreign Assets Control (OFAC), marking one of the stablecoin issuer's largest compliance actions on record.

While Tether did not name the network of the frozen funds, blockchain security firm PeckShield identified the blacklisted addresses as TNiq9...QZH81 and TTiDL...pjSr9, holding approximately $213 million and $131 million respectively.

The action comes weeks after the $285 million Drift Protocol exploit; an incident that put the entire stablecoin industry under public scrutiny and drove hard questions about issuer’s crisis responses. Tether addressed the incident by proposing a $127.5 million recovery contribution. 

“USDT is not a safe haven for illicit activity,” said Tether CEO Paolo Ardoino, in a statement. “When credible links to sanctioned entities or criminal networks are identified, we act immediately and decisively. Recent events have shown what happens when platforms fail to move quickly, enforcement breaks down, users are exposed, and trust erodes.”

“Our approach is different,” he continued. “We combine blockchain transparency with real-time monitoring and direct coordination with law enforcement to stop funds before they can move. That’s a responsibility we take seriously as one of the largest issuers in the market.”

As Decrypt notes, the freeze underscores Tether's expanding compliance infrastructure, which now encompasses partnerships with more than 340 law enforcement agencies across 65 countries. The stablecoin issuer said it has supported over 2,300 cases globally and frozen more than $4.4 billion in assets overall—including $2.1 billion tied specifically to U.S. authorities.

Thursday's action follows a pattern of large-scale Tether freezes coordinated with US authorities. In November 2023, the company froze about $225 million in USDT linked to a Southeast Asia human-trafficking and pig butchering scam investigation. In January 2026, Tether froze roughly $182 million across five Tron wallets in another action.

To date Tether has supported more than 2,000 cases globally, including over 1,050 tied to U.S. law enforcement, and has led to the freezing of more than $4 billion in assets, including over $1.9 billion connected to U.S. authorities. This latest action adds to a series of high-profile enforcement efforts in which Tether has supported U.S. and international authorities in tracing, freezing, and seizing funds tied to fraud, terrorism financing, and sanctions evasion.

These freezes typically involve the Office of Foreign Assets Control, the U.S. Treasury Department agency that administers and enforces economic and trade sanctions. The increasing frequency and scale of such actions reflect both the growing use of stablecoins in illicit finance and Tether's efforts to maintain regulatory compliance.

Tether’s latest action follows a pair of high-profile crypto project hacks that have been linked by investigators to North Korean hackers: the $285 million Drift Protocol attack, and $292 million Kelp DAO exploit. Tether's biggest competitor, USDC stablecoin issuer Circle, faced criticism following the Drift Protocol hack for not taking action to freeze funds linked to the attack. The firm defended its inaction, saying that it can only freeze funds when identified by law enforcement or required through court orders.

Tyler Durden Thu, 04/23/2026 - 11:35

Minecraft, Warcraft, Statecraft

Submitted by Michael Every of Rabobank

While mediators are pushing to get Iran and the US back into negotiations on Friday, the US still says it wants to see unified response from Iran which hands over its enriched uranium. But what will change between now and Friday? Two things, perhaps, and both pointing towards an expected escalation before any deal.

• First, Axios quotes US officials that there is an unofficial 3-5 day window for Iran to get the correct unified proposal together before bombing restarts; the Israelis report Sunday is the real deadline.
• Second, despite the ‘ceasefire’, there is lots of firing and no cessation in blockading in Hormuz and further afield. Within the Strait, Iran fired on ships and outright seized two, while there are suspicions it used speedboats to mine the key waterway more extensively. Outside Hormuz, CENTCOM denied reports that its blockade is leaking and intercepted three Iranian oil tankers near India, Malaysia, and Sri Lanka, as US Senator Graham warned the Iran oil blockade “could become global soon.” Against that backdrop, the US Navy Secretary is leaving his post and Navy Undersecretary Hung Cao, a notably MAGA figure, will for now replace him.

In the broader Middle East, the US is now using Ukrainian counter-drone tech and support teams, underlining how rapidly things can change when tech and war get together. Certainties, production methods, and tactics and strategies can all flip faster than those at the top of large organisations realise. 

Lebanon is said to be seeking a one-month truce extension of its current ceasefire with Israel as Hezbollah again targeted IDF troops with drones, drawing fire back, with casualties. The US embassy in Beirut is urging its citizens to leave the country amid security risks.

The US has suspended dollar shipments to Iraq and frozen security cooperation programs with its military to try to force Baghdad to act against Iranian militias active in the country. On the other hand, US Treasury Secretary Bessent claims several Gulf and Asian allies, not just the UAE, have requested dollar swap lines. That’s further extends the list of potential recipients outside the cloistered ‘economic policy era’ circle of the UK, Europe, and Japan, etc., as part of a new US ‘economic statecraft era’ aimed at anchoring the global role of the US dollar on US, not global, terms. Indeed, while FX markets still look at EUR/USD, GBP/USD, and USD/JPY as benchmarks, they are arguably far less important in the emerging physical economy of a new world order based on resources, industrial production, and AI.

Finally, a Trump envoy is seeking to replace Iran with Italy in the looming 2026 FIFA World Cup, which isn’t likely to shift Tehran from its strategy of playing for extra time and winning on penalties.

The ‘Minecraft’ story above is crucial to note. The marine drones now being employed are relatively untested compared to older minesweeping techniques, but estimates using previous benchmarks run from weeks to months to clear Hormuz, depending on how many mines are present. That could add to an energy normalization timeline which already risks seeping into Q4. (See our latest analysis from Joe Delaura and Florence Schmit here, but note that it says in red, bold font: “Futures markets are still materially under-pricing the real supply risk facing both crude oil and natural gas.”)

The Iran war is also driving up Panama Canal lane prices to a record high of up to five times the pre-war level, mainly as Asian LNG importers bid for access. 

Indeed, showing warcraft doesn’t only appear in the energy (then food) components of CPI, the World of Warcraft online platform just increased its UK 12-month subscription rate by 7%, its Georgian by 19.1%, its Kazakh by 37.5%, and made Turkish subscribers pay in euro. At the same time, the US monthly rate for an annual contract has remained unchanged at $12.99 since 2004. Ironically, that captures the Great Game being played out globally better than the market analysts uncomfortably talking about wars do.

EU-Turkey relations have separately nosedived following impolitic comments just before an EU summit today in… Cyprus. Its key itinerary covers plans for the energy crisis, “defensive autonomy”, and strategic links between Europe, the Middle East, and India. 

• Brussels reportedly has a plan for what it now (correctly) calls the “world’s biggest energy crisis”, but the focus is apparently on “coordination”: in doing what? 
• Cyprus wants an EU collective defense plan after being attacked by an Iranian drone. That’s defence autonomy; but it would imply the bloc getting dragged into a war it insists is not its. Then again, what use is collective defence if there is a ‘Yes, but not this war’ opt-out? 
• Re: strategic links, the key plan is the IMEC corridor linking India to Europe via the Middle East (as Saudi Arabia talks of building a railway to Europe through Syria and Turkey). However, that involves not just ending the Iran war but defeating Tehran, which has blocked IMEC. Europe’s stand-off approach therefore gives it no voice on the emerging geopolitical architecture.   

In terms of that defense autonomy, Trump is reportedly considering a tiered system for NATO to reward allies who rearm and are willing to fight, and punish those who don’t and won’t (and won’t allow the US to use the bases they have built on their territory). It might imply a shift of US forces, and focus, from west to east Europe, and perhaps from Spain to Morocco.

The USTR is also pushing allies to pay more for critical minerals to decouple from China’s monopoly, which, as long argued, will also require tariffs and subsidies. Obviously, that’s inflationary. Yet the only alternative is accepting Chinese dominance in the sector. Reportedly, many US allies seem to prefer that option… which points to a US trade split with those allies.

Meanwhile, the US is reportedly demanding concessions from Canada before USMCA trade talks start as a form of “entry fee.” These include opening dairy markets beyond USMCA commitments, eliminating the digital services tax that affects US tech giants, and accepting expanded US border enforcement jurisdiction on Canadian soil. Such US demands reduce the negotiation from one of equals to a realpolitik reflecting the economic weight each has, as well as treading on direct issues of sovereignty. Indeed, one wonders if/when the US will raise the issue of a common external tariff for the USMCA, de facto set by the US, which seems the logical economic statecraft move. For Canadians, this is all shocking and unprecedented. 

Yet the same realpolitik and sovereignty dynamics were evident in UK–EU negotiations during Brexit and are again now as the UK flirts with a European realignment. Canada can reject these US demands or even risk walking away from the USMCA. As with the UK, it would then have to work out where it fits in globally instead. Ottawa is already looking for alternative options for the 75% of its goods that go to deeply integrated US supply chains. However, while the world likes its raw materials (if the infrastructure to deliver them can be built), industrial goods providing good jobs in Canada may prove a trickier question. Notably, US auto tariffs are already threatening the kind of downturn which that key Canadian industry last saw post-GFC. In short, the outcome of this US economic statecraft exercise remains unclear – but the potential economic impact is not.

Minecraft; Warcraft; Statecraft. You’ll notice I couldn’t craft any “rate cuts?” in either. 

Tyler Durden Thu, 04/23/2026 - 10:40

UBS Warns Drought Shock Unfolding Across Breadbasket Of America

It's not just us sounding the alarm about severe drought conditions hitting America's breadbasket as spring plantings ramp up, or warning about the second- and third-order effects that could push food prices higher later this year.

UBS analysts, led by Jonathan Pingle, told clients on Thursday morning that drought conditions across the US agricultural belt rank among the worst in more than 130 years:

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

The primary effect of drought conditions on farmland is a direct hit to production: reduced soil moisture, weaker germination, lower yields, poorer crop quality, reduced pasture and forage, and greater stress on the nation's cattle herd (already seen with soaring beef prices).

USDA says drought can slash planted or harvested acreage, reduce livestock productivity, and raise feed and irrigation costs; it can also reduce crop yields and quality, with some perennial crops taking years to recover.

Then the third-order effects emerge: lower farm output and higher production costs (diesel and fertilizer), which can be transmitted through food supply chains into higher retail food prices, tighter supplies for processors, and pressure on food security.

Pingle continued: 

Drought severity sees much of the country; April very warm The USDA Weekly Weather and Crop Report highlights the unusual warmth during the April employment report survey reference period, which should be on net supportive of the data this month, and potentially postpone pull forward from March until May or June. The pay period including the 12th of the month is the payroll survey point and the week including the 12th of the month is the survey reference for the household survey, where the unemployment rate is estimated. In figure 4 below we show the deviation from normal temperature, and the populated east saw very warm weather highs in Concordia, KS (91°F), and Lincoln, NE (90°F). Warmth covered much of the Midwest on April 14, when daily-record highs soared to 88°F in Des Moines, IA, and Cape Girardeau, MO. By mid-week, some of the earliest 90-degree heat on record affected the middle Atlantic States. With a high of 90°F on April 15, Georgetown, DE, set a record for its earliest-ever high of 90°F or greater (previously, 94°F on April 17, 2002). Wilmington, DE (90°F on April 15), experienced its second-earliest 90-degree reading, behind only April 10, 2013. Similarly, Atlantic City, NJ (90°F on April 15) tied 1967 for its second-earliest 90-degree temperature, behind April 7, 2010," said the report.

"However, extremely dry conditions persisted Plains, with cascading impacts on rangeland, pastures, and winter wheat. Notably, jointing wheat in eastern Colorado, western Kansas, and southwestern Nebraska that has been greatly stressed by persistent dryness and periods of record-setting warmth experienced another setback at week's end, when hard freezes occurred. Drought also continued to worsen in much of the South, particularly across the southern Atlantic States," said the report.

Worth watching, the drought could lead to supply pressure and price pressure from the agricultural sector, on top of other pressures of concern at the moment. Last week, the USDA wrote in the Weekly Weather and Crop Report "Most immediately, portions of the South had little moisture for pastures, winter grains, and the germination and establishment of spring-sown crops. Despite patchy precipitation on the Plains, a significant portion of the winter wheat crop continued to exhibit drought stress, with the crop heading ahead of schedule as far north as Oklahoma. By April 12, roughly one-half of the winter wheat was rated in very poor to poor condition in Texas (54 percent), Oklahoma (48 percent), Nebraska (47 percent), and Colorado (44 percent)."

Our reporting:

• Drought Engulfs 60% Of U.S. As Farmers Begin Spring Planting

• Wheat Spread Blows Out As Drought Chaos Plagues America's Breadbasket

Chart of the day:

Let's not forget that with fertilizer and diesel prices elevated, this only suggests the FAO Global Food Index is set to move higher later this year.

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

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

Tyler Durden Thu, 04/23/2026 - 10:20

US Business Confidence Soared In April Amid "Panic, Emergency" Buying Ahead Of Price Spike

Despite the recent slide in 'hard' macro data, analysts expected an incremental improvement in the preliminary April S&P Global PMI data this morning.

Consensus was right as both Services and Manufacturing surveys signaled an uptick in April

US business activity growth recovered slightly in April having slowed to near-stagnation in March following the outbreak of war in the Middle East. However, the overall pace of expansion remained subdued, most notably in the services economy where demand faltered.

• Flash US Services PMI Business Activity Index: 51.3 (March: 49.8). 2-month high.

• Flash US Manufacturing PMI: 54.0 (March: 52.3). 47-month high.

Source: Bloomberg

“A rebound in business output growth in April is good news after the near-stagnation seen in March," but, warns Chris Williamson, Chief Business Economist at S&P Global Market Intelligence:

"...over the past three months we have seen the weakest expansion of output recorded since the start of 2024 with the war in the Middle East squarely to blame."

The April PMI is broadly consistent with the economy struggling to manage annualized growth in excess of 1%, with the vast service sector acting as the principal drag.

"Orders for services ranging from travel and tourism to financial products barely rose as the war caused hesitancy for spending among both household and business customers, with surging prices and the prospect of higher borrowing costs acting as a further deterrent."

There was better news from manufacturing:

"here an expansion of output and orders could be partly traced to the building of safety stocks, with survey respondents reporting “panic” and “emergency” buying ahead of price hikes and supply shortages in echoes of the problems seen during the pandemic.

While there is no prices paid (nor other subcomponents) released in the flash PMI, the market is looking for signs of inflation and margin pressures in the press release.

Prices paid have already picked up in the March ISM, although less so far in the PMI surveys.

And, as Williamson notes, not surprisingly, prices are already spiking higher in this environment, and not just for energy but for a wide variety of goods and services.

"The overall inflation picture is now the most worrying for almost four years."

Balancing the risks of inflation lifting sharply higher against the underlying weakness of economic growth presents policymakers at the Fed with a growing dilemma.

However, as Williamson concludes, it will likely be increasingly hard to make a case for rate cuts if inflation follows the path signalled by the PMI while the economy continues to eke out only modest growth.

Tyler Durden Thu, 04/23/2026 - 09:53