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Alphabet Surges After-Hours On Record Search Queries, Backlog Builds

Alphabet Surges After-Hours On Record Search Queries, Backlog Builds

Google shares are rallying after hours as parent Alphabet’s first-quarter earnings report showed strong revenue growth in cloud computing and internet search ads, helping investors look past slowing profits amid huge AI spend.

  • Earnings per share were $5.11, well ahead of Wall Street’s consensus estimate of $2.63, and up from $2.81 last year.

  • Revenue for the quarter reached $110 billion, more than expectations of $107 billion, and up 22% on the year.

The most closely watched line in Google’s reporting is its cloud unit which will spend up to $185 billion on AI data centers this year to support its customers that rent AI servers over the internet. Quarterly cloud sales hit $20 billion, up 63% with a 33% operating profit margin.

Despite mounting depreciation expenses, Google Cloud’s margin is rising quickly.

In Q1, Google’s cloud computing backlog boomed to $460 billion from $240 billion in the December quarter.

The backlog is converted into realized revenue as new data centers come online and crunch artificial intelligence-related workloads – training AI models and processing AI apps.

Perhaps most notably, CapEx came in slightly below expectations ($35.674BN vs $35.97BN exp), but expectations continue to rise…

But, for now, the market is ignoring that with GOOGL up around 4% after-hours…

Google Search queries hit an “all time high” in the first quarter of 2026, according to a statement from CEO Sundar Pichai.

Also, Google’s Q3 internet search-advertising revenue came in at $60.40 billion, topping estimates of $59 billion.

However, Google dis not disclose how many monthly users its Gemini chatbot app had at the end of Q1. The Gemini app had 750 million monthly users at the end of Q4.

This was our strongest quarter ever for our consumer AI plans, driven by the Gemini App. Overall the number of paid subscriptions has now reached 350 million, with YouTube and Google One being the key drivers,” Pichai said.

“Gemini Enterprise has great momentum with 40% quarter on quarter growth in paid monthly active users. And, finally, I’m pleased to see Waymo surpass 500,000 fully autonomous rides a week,” Pichai added.

Tyler Durden
Wed, 04/29/2026 – 16:36

MSFT Dumps As CapEx Disappoints, Despite Top- & Bottom-Line Beat

MSFT Dumps As CapEx Disappoints, Despite Top- & Bottom-Line Beat

Heading into the “biggest earnings day ever”, MSFT was near the bottom of the Mag7 group, down 22% from its 52-week high, with capacity constraints hampering growth and CapEx concerns weighing down the stock.

Microsoft has guided to roughly $80 billion in AI data center spending this fiscal year, and the Street wants to know if that money is actually getting deployed.

The headline results were solid and prompted initial gains in MSFT after hours as it beat top- and bottom-line:

  • *MICROSOFT 3Q REV. $82.89B, EST. $81.46B

  • *MICROSOFT 3Q EPS $4.27, EST $4.07

Breaking down the revenue saw beats across the board:

  • Microsoft Cloud revenue $54.5 billion, estimate $53.78 billion

  • Intelligent Cloud revenue $34.68 billion, estimate $34.32 billion

  • Productivity and Business Processes revenue $35.01 billion, estimate $34.48 billion

  • More Personal Computing revenue $13.19 billion, estimate $12.65 billion

But Azure and other cloud services revenue barely beat expectations Ex-FX +39%, estimate +38.2%

But those gains were quickly erased as it appears MSFT is not deploying capital as fast as expected:

  • *MICROSOFT 3Q CAPEX INCLUDING LEASES $31.9B, EST. $35.29B

The result of all that is MSFT shares are down around 3% after hours, after breaking above recent highs…

Satya Nadella (CEO) was, of course, optimistic: “We are focused on delivering cloud and AI infrastructure and solutions that empower every business to eval-max their outcomes in the agentic computing era. Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year.”

Tyler Durden
Wed, 04/29/2026 – 16:23

California’s Climate Overreach

California’s Climate Overreach

Authored by Edward Ring via American Greatness,

Even if the most dire climate scenarios are accurate, and humanity must transition away from fossil fuel, it can’t happen overnight. The rational approach is to first develop alternative sources of energy without precipitously destroying the industries that reliably produce oil and natural gas. Once alternatives are available at a competitive price and in sufficient quantities, demand naturally migrates to the alternatives. Meanwhile, the oil and gas industry, recognizing that their core business is to provide energy, actually stays healthy by also investing in the transition.

None of that is happening in California. The approach the state’s politicians have chosen is irrational and predatory. For more than twenty years, they have legislated and litigated the state’s oil and gas companies down to a fraction of their former size, making up most of the resulting energy shortage not with alternative energy, but with imports.

A recent and particularly brazen case of this ongoing harassment comes in the form of Senate Bill 982, something that only last week came perilously close to moving to a floor vote. Under the moral masquerade of requiring restitution for allegedly causing climate change, which in turn allegedly caused wildfires, what this bill really amounted to was a state-sponsored shakedown. SB 982 is a vivid example of how California’s legislature is determined to cannibalize and ultimately destroy entire industries in order to pay for disasters of their own making.

SB 982 would impose liability on fossil fuel companies for “climate-attributable damages,” expected to be assessed in billions of dollars. It would empower California’s attorney general to sue the state’s oil companies without even needing to prove fault, negligence, or specific causation by an individual company.

This bill is not only legalized extortion, but also a total disregard for economic reality. Combustible fuels remain the primary engine of civilization, and they’re not going anywhere for at least the next several decades. Despite this unavoidable fact, California’s in-state oil industry is already on the verge of implosion. The results are easily quantifiable.

Well production in the oil rich state has fallen from over 400 million barrels per year in the 1980s to barely more than 100 million barrels per year in 2024. A major distribution pipeline from fields in Kern County to Northern California refineries was shut down in late 2025 because there wasn’t enough oil left to permit the pipeline to physically move oil through it, nor enough to make it possible for the operators to break even. Additional regulatory harassment has driven two of California’s major refineries to cease operations, leaving existing refinery capacity insufficient to meet demand. Californians now import 75 percent of their crude oil and, by some reports, now have to import 20 percent of their gasoline from refineries in Asia.

Against this backdrop, SB 982 wouldn’t even permit oil companies to recoup the billions that this predatory legislation will empower the state of California to extort from them. Where they could find the billions (trillions?) to pay for “climate attributable damages” if they can’t raise prices to consumers is unclear.

A similar disregard for economic reality is what motivated the introduction of SB 922 to begin with. For years, California’s semi-numerate insurance commissioners, driven by ideology, have made it difficult, if not impossible, for the state’s insurance companies to pass through to rate payers the increases to their own reinsurance payments or to increase rates to reflect updated risk assessments. Then, when wildfires immolated more than 13,000 homes in the Los Angeles area in early 2025, many insurance companies had already canceled coverage and left the state. The remaining insurers offering coverage, including California’s state-funded FAIR insurance plan, were overwhelmed. Without a bailout, these insurers cannot cover the claims.

But the entire premise of SB 982 is flawed. Culpability for the wildfires doesn’t rest with California’s oil companies. The California State Legislature created these disasters because, for decades, they have waged a regulatory assault on California’s timber industry, along with property owners and ranchers who used to engage in grazing, thinning, and controlled burns. In the Santa Monica Mountains surrounding the burned neighborhoods in Los Angeles, herds of sheep, goats, and cattle used to roam the hillsides, and property owners were able to thin overgrown vegetation on their own land as well as adjacent public land.

All of this became nearly impossible, thanks to interference in the form of hyper-regulatory oversight that effectively eliminated nearly all of the practices that had prevented California’s forests and wildlands from turning into tinderboxes. Trees and scrublands became overgrown, with the vegetation dried out and stressed not because of “climate change” but because natural and prescribed fires were suppressed at the same time any other form of thinning was all but banned. More than any other single factor, environmentalist extremism has caused California’s catastrophic wildfires.

Rather than admitting their culpability for the entire disaster, the wiped out homes, lost lives, and ensuing economic cataclysm, California’s state legislature blames oil companies. This entire charade is a prime exhibit of why climate change alarm in California has become, more than anything else, a scam designed to deflect responsibility for bad policies and to redistribute wealth and power to bureaucrats who haven’t shown the slightest evidence of learning from their decades of negligent opportunism.

Thanks to what capacity remains for rational climate policy in California, the targets of SB 982’s predatory scheme were able to stall its progress in the legislature this year. But the state’s appetite for seizing billions from disfavored industries isn’t going to go away. A “compromise” that almost had SB 982 sailing into law was to “permit” oil companies to earn “credits” against eventual judgments if they could prove they invested in wind, solar, and carbon capture schemes, all of which are deemed to lower emissions. Notwithstanding the subjective and economically draining morass of “carbon accounting,” this supposed compromise will only intensify; it is yet another way to further impose on oil companies the responsibility for funding projects that, in many cases, are patently ridiculous, such as direct air capture of CO₂, or blatantly destructive to the environment, such as floating offshore wind.

The example California is setting with its war on fossil fuel is not anything for residents in other states to take lightly. The state’s particularly virulent strain of climate overreach is a national disease, stronger in some states than in others, but spreading its contagion everywhere. In 2007, despite having an allegedly conservative majority, the US Supreme Court actually found CO₂ to be a pollutant that could be subject to regulation by the US EPA. The Trump administration has directed the EPA to reverse the regulations that followed the decision, but an incoming Democratic administration will bring it all back.

Anyone still believing that extreme climate shakedowns will be confined to blue states should read a brilliant national overview of the problem. Published in the Spring 2026 edition of City Journal, “The Climate Litigation Swindle” is written by Heather Mac Donald, a researcher noted for uncommon diligence and impeccable logic. In a nearly 6,000 word essay, Mac Donald describes several avenues of litigation being pursued by climate activists throughout the United States. The audacity of these lawsuits is only matched by their vapidity. But that won’t stop lower courts, or a US Supreme Court, should it end up packed and flipped by a new Democratic administration, from granting credence to every absurdity these creative litigants can possibly conjure.

Climate extremists are part of a larger sickness infecting America. They are part of a movement that seeks to undermine our economy, discredit capitalism, disparage Western civilization and Western traditions, spread fear, resentment, despair and self loathing among our youth, and, through their ignorance and fanaticism, deny Americans the opportunities that preceding generations have taken for granted. They are a menace. They must be stopped.

Tyler Durden
Wed, 04/29/2026 – 16:20

US To Issue Limited Passports With Trump’s Image For America’s 250th Anniversary

US To Issue Limited Passports With Trump’s Image For America’s 250th Anniversary

Authored by Aldgra Fredly via The Epoch Times,

The U.S. State Department announced on April 28 that it will release limited-edition passports featuring a picture of President Donald Trump to commemorate America’s 250th anniversary of independence.

State Department spokesman Tommy Pigott said in a statement to multiple news outlets that the department would release “a limited number of specially designed U.S. passports to commemorate this historic occasion” in July, but did not specify how many would be issued.

“These passports will feature customized artwork and enhanced imagery while maintaining the same security features that make the U.S. passport the most secure documents in the world,” Pigott said.

The White House posted a mockup of the limited-edition passport on social media, which shows the interior page featuring an image of Trump and his signature in gold, while the back cover displays the “Declaration of Independence” painting by John Trumbull.

“Patriot passport unlocked. Limited edition. Stamped for America 250,” the White House said in the X post.

The only presidents featured in current U.S. passports are in a double-page depiction of Mount Rushmore in South Dakota—George Washington, Thomas Jefferson, Theodore Roosevelt and Abraham Lincoln.

Other depictions include the Statue of Liberty, the Liberty Bell and Independence Hall in Philadelphia, and scenes of the Great Plains, mountains, and islands. Current passports also contain quotations from Martin Luther King Jr. as well as Presidents Washington, Jefferson, Theodore Roosevelt, John F. Kennedy, and Dwight Eisenhower.

Tyler Durden
Wed, 04/29/2026 – 12:50

“6–12 Months For Construction Permits” – The Nuclear Regulation Overhaul

“6–12 Months For Construction Permits” – The Nuclear Regulation Overhaul

As we have been detailing for months, the Trump administration is pushing the deployment of nuclear energy in ways never before seen in modern times. Among the dozens of major regulatory changes, award programs, and high-speed development initiatives, the administration seems to be clearing a new roadblock every week, yet in reality it is greatly lagging global rollout of NPPs, and especially China which is currently building at least 39 nuclear reactors.  

Forbes recently detailed one of the most significant regulatory changes to date with the publishing of a new reactor licensing path, referred to as Part 57, by the Nuclear Regulatory Commission (NRC). 

Microreactor developer Nano Nuclear released a statement highlighting the benefits of the new licensing option and how their reactor designs stand to benefit…

Until now, reactor developers have had to choose between two licensing paths, either Part 50 or Part 52.

Part 50 is the legacy path tailored to large, water-cooled reactors like the Westinghouse AP1000 models that were built at the Vogtle site in Georgia.

Part 52 was later introduced to streamline the steps of Part 50 to avoid regulatory delays, especially lawfare from NIMBY activists. Part 52, though, is still tailored to large, water-cooled reactors. 

Just this year, Part 53 was finally published. Part 53 allows advanced reactor developers to skip over the requirements of Parts 50 and 52 that are not required or not applicable, and streamline the path to operations even further. 

This brings us to the latest regulation released in draft form just last week, Part 57.

Part 57 is explicitly tailored towards microreactors and is formatted to allow for approval of fleets of these smaller modules as opposed to individual licensing of one reactor at a time. 

The new licensing path also includes authorizations for unique modes of operation, simplified environmental reviews, and the possibility of early construction to further speed up reactor deployment. 

One of the most notable takeaways from the newest licensing path from the NRC is the regulator’s estimation of savings coming in at almost $4 billion dollars on the low end from reduction in exemption requests and streamlining reviews. The regulator also claims permits could be issued on timelines as short as 6-12 months, compared to previous timelines which stretched to several years. 

Forbes also touched on the Idaho National Laboratory (INL) Demonstration of Microreactor Experiments (DOME) facility. We have covered developments at the INL DOME multiple times, with the anticipation that Radiant Nuclear will be taking their Kaleidos pilot design critical by July 4th of this year.

Tyler Durden
Wed, 04/29/2026 – 12:30

COVID Cover-Up: Hiding Star Researcher Ralph Baric’s Ties To Global Pandemic

COVID Cover-Up: Hiding Star Researcher Ralph Baric’s Ties To Global Pandemic

Authored by Paul D. Thacker via RealClearInvestigations,

In March 2020, a couple of months after the Centers for Disease Control and Prevention reported the first confirmed case of COVID-19 in the United States, editors at the journal Nature Medicine appended a note to a coronavirus study it had published five years prior. “We are aware that this article is being used as the basis for unverified theories that the novel coronavirus causing COVID-19 was engineered,” the journal editors wrote. “There is no evidence that this is true; scientists believe that an animal is the most likely source of the coronavirus.”

The prestigious journal appears to have taken this extraordinary action for two reasons. First, the study described cutting-edge gain-of-function research that mixed different viruses together to create a man-made chimera, or hybrid of both viruses – experiments some suspected were the origin of the SARS-CoV-2 virus that caused the pandemic. Second, the study’s authors were Shi Zengli of the Wuhan Institute of Virology – a research lab in the city that was ground zero for the pandemic – and Ralph Baric, the world’s leading expert on coronaviruses, of the University of North Carolina.

The renowned virologist Simon Wain-Hobson said that note was an early sign of the years-long effort by the scientific establishment to distract the public and obscure the link between lab studies to create dangerous viruses and the COVID pandemic that wrecked the global economy and killed millions across the planet. During a March talk at the National Institutes of Health, Wain-Hobson blasted former NIH leaders Francis Collins and Anthony Fauci for funding these lab studies and then misleading the public about their dangers. 

Sorry to be blunt,” Wain-Hobson told NIH researchers. “I know these are former colleagues.”

Since the pandemic’s outbreak six years ago, a slew of emails and documents released by Congress and through public records requests cast a dark shadow on the NIH and the virologists it funded, with nearly two-thirds of Americans now believing the virus came from a laboratory in China. Although the question of whether the virus that causes COVID-19 originated in a lab or in the wild is still a subject of debate, there is no doubt that scientists at the highest level worked to dismiss the lab-leak theory and shut down their connections to the work in Wuhan. Efforts by Collins and Fauci to delegitimize dissenting voices have been reported, but the central role played by Baric has been obscured. The UNC researcher’s work on coronaviruses and his connection to the Wuhan lab are now receiving renewed attention after RealClearInvestigations learned that the federal government has quietly removed Baric from all his NIH grants. RCI has also learned that UNC placed Baric on leave. UNC has also refused to cooperate with NIH officials as they have attempted to gather more facts and emails about Baric’s coronavirus research, which evidence leads them to believe led to the coronavirus pandemic.

Baric did not respond to multiple, detailed requests for comment and clarification about these matters and other issues reported by RCI. UNC Chancellor Lee H. Roberts did not respond to multiple requests for comment about actions taken against Baric nor UNC’s lack of cooperation with the federal government.

RCI’s months-long review of hundreds of pages of emails and interviews with more than a dozen current and former congressional staffers and administration officials shows that Baric’s public proclamations about his work, which has been connected to tens of millions of dollars in federal research grants, have not always reflected his own private reservations about risky experiments. Baric has also participated in campaigns to cast doubt on the dangers of virus research, while politicians and the FBI have sought to protect him. In addition, the University of North Carolina has blocked both private individuals and federal agencies demanding more transparency.

“He’s got good PR people at the University of North Carolina helping him, but nobody has strung together his entire history,” said Gary Ruskin, executive director of U.S. Right to Know. Ruskin has been suing Baric’s university since 2020 to obtain access to his communications, and his nonprofit has published thousands of emails spotlighting Baric’s work and ties to research in Wuhan, China. “Six years later, we still know so little,” he said. “That’s just amazing to me. The public deserves to know what happened.”

“The investigations have been terrible,” said a senior congressional staffer who has followed the Senate and House probes of the COVID pandemic. “And Ralph Baric’s fingerprints are everywhere.”

A researcher whose security clearance allowed him to view still-classified documents told RCI there is no doubt the virus came from a lab in Wuhan. “This is a good view of what happened to virology,” he said. “They started willy nilly mutating viruses, and then got upset when this led to 20 million deaths.”

Controversial History

Baric’s virus research has long been controversial as he pioneered “gain-of-function” studies, which design viruses with unique genetic features that make them either more deadly to humans or more likely to cause an infection. This line of research posits that generating deadly viruses in labs allows scientists to create treatments before a similar pathogen evolves in the wild and begins killing humans. 

Federal funding for studies to enhance viruses hit a snag in 2011 when Ron Fouchier of Erasmus Medical Center and Yoshihiro Kawaoka at the University of Wisconsin created a new and deadly flu virus that could spread through the air.

Fearing the virus could be used as a bioweapon, the U.S. National Science Advisory Board for Biosecurity asked two scientific journals to delete details of the scientific methods and specific mutations in the Fouchier and Kawaoka studies on the lab-engineered bird flu. Public outcries then prompted the Obama administration to call for new rules on gain-of-function studies. 

In 2014, the federal government released guidelines which NIH director Francis Collins said would help “preserve the benefits of life-science research while minimizing the risk of misuse.” But these rules did little to slow dangerous studies.

Within weeks, the virology community was hit with a bracing setback. Following poor safety procedures, dozens of CDC workers were potentially exposed to anthrax, and vials of smallpox virus were found unsecured in an NIH storeroom. In response, the Obama White House announced a pause on all gain-of-function virus research so the risks and benefits could be better assessed. 

The researcher most affected by the pause was Ralph Baric, who was described as America’s “foremost coronavirus biologist” in an NPR report headlined, “How A Tilt Toward Safety Stopped A Scientist’s Virus Research.” Referring to gain-of-function research, David Relman, a microbiologist at Stanford University, told NPR, “I don’t think it’s wise or appropriate for us to create large risks that don’t already exist.”

Baric, however, countered that his animal experiments on the SARS and MERS viruses posed no threat to people. “No. 1, mice don’t sneeze,” he told NPR.

Baric also told NPR that he would accede to the ban. “The NIH has asked me to stop those experiments,” Baric said, “and so we have stopped those experiments.”

But in the waning days of the Obama administration, the government sought to draft new guidelines that would lift this pause on dangerous studies. Newly disclosed emails acquired by RCI show that NIH officials under Anthony Fauci and Baric’s former employee, virologist Matt Frieman, began a secret lobbying campaign to influence the Obama White House to ensure recommendations would not inhibit scientific funding. 

These emails have never been reported and were provided by a researcher familiar with this effort.

Secret Lobbying

A few weeks after Donald Trump won the 2016 presidential election – but before he was inaugurated – White House employees in the Office of Science Technology Policy (OSTP) began to finalize a new government-wide guidance for gain-of-function research. Suggesting the importance of this effort both to science and national security, senior officials from multiple agencies were working with OSTP to finalize the new advice, including HHS, FDA, USDA, FBI, CDC, DOD, State Department, DNI, CIA, and branches of the military, according to leaked emails. 

But while senior officials at agencies across the government fought for the ear of the White House, OSTP invitedFrieman for a personal visit from the nearby University of Maryland, and he appears to have acted as a lobbyist for his fellow gain-of-function researchers. 

While waiting for a train, Frieman dashed off a group email, urging coronavirus researchers for examples of gain-of-function studies that had been halted by White House policies. The first person listed on the group email was Frieman’s former boss, Ralph Baric. 

“We all know that our work has been impacted in grants but also in projects that were stalled, or didn’t pursue because of the moratorium,” Frieman wrote. He then asked the scientists for examples of gain-of-function studies that had been stopped for safety reasons. “Specifically, I need examples of people that have been impacted and a brief description of the experiment(s).”

Working with Frieman, researchers then compiled a five-page list of virus studies – which included constructing new SARS chimeric viruses – that had been stopped by the Obama White House.

According to the emails, Frieman reported back to NIH officials working for Tony Fauci that he met with OSTP associate director Jo Handelsman. He was joined at the meeting by Stacy Schultz-Cherry, an NIH-funded infectious disease researcher at St. Jude Children’s Research Hospital in Memphis, Tennessee. 

Schultz-Cherry remains a strong proponent of gain-of-function research. In 2023, she and two of the virologists Frieman contacted to lobby Handelsman led a report by the American Society of Microbiologists arguing for “a balanced scientific discussion” that emphasized the benefits to society of gain-of-function virus research. Handelsman, who is now a professor at the University of Wisconsin, served as a participant for the American Society of Microbiologists’ report.

The White House OSTP released the recommendations weeks before Trump was sworn into office in 2017. While calling for more rigorous review of research involving enhanced potential pandemic pathogens, it also stated that, “Projects that have been paused under the existing moratorium will now be reviewed utilizing a process consistent with the recommended policy guidance. Any projects that are determined suitable to proceed will do so with appropriate risk mitigation measures in place.”

In Wain-Hobson’s telling, the American Society of Microbiology reports on gain-of-function virus research put self-interest and continued taxpayer funding ahead of the public good. “This is to defend the boys and keep the money coming in for microbiology,” he said. “They see themselves as the defenders of the faith; they are the self-anointed priests.” 

COVID Blueprint

About a year after the White House passed new guidance for safer gain-of-function studies, Baric, his Wuhan colleague Shi Zhengli, and a slew of other researchers presented one of the first major tests of the guidelines. In 2018, they submitted a grant to DARPA, the Defense Advanced Research Projects Agency. 

DARPA is a research agency housed within the Department of War, known for funding high-risk, high-reward projects. The existence of this proposal – which many see as a blueprint for the COVID virus – remained hidden until late 2021 when a military officer leaked it to a group of online investigators called DRASTIC.

Lots of people knew about it and chose not to tell us,” said author Matt Ridley, in a recent talk at the NIH discussing evidence that the pandemic started at the Wuhan Institute of Virology.

Led by Peter Daszak at the NIH-funded EcoHealth Alliance, the DEFUSE grant lists studies that stretch on for several pages and includes research in both the lab and in the field, such as collecting bat viruses from different caves in China to study them back at the Wuhan Institute of Virology. 

Scientists wrote that the studies in the DEFUSE proposal were important because the viruses they planned to collect and engineer were so dangerous. “These viruses are a clear and present danger to our military and to global health security,” read the DEFUSE proposal, “because of their circulation and evolution in bats and periodic spillover into humans.” They also proposed studies that seem more science fiction than science research, such as vaccinating wild bats using aerosolized, lab-created viruses to prevent them from infecting American soldiers in some possible future war.

But one specific study that Baric and the other virologists planned may have had tragic global consequences. The researchers proposed taking the backbone of a bat virus and inserting a spike protein with a furin cleavage site. A furin cleavage site allows viruses to infect the cells of human lungs. To see whether these lab-created viruses could cause SARS-like disease, the DEFUSE researchers planned to test them in mice whose genes had been modified to make their lungs more like those of humans. The particular line of humanized mice Wuhan researchers use in such experiments was created many years ago in Baric’s lab. 

DARPA official rejected the proposal but wrote that the research was interesting and could merit funding in the future. However, he added that the virologists would need a gain-of-function “risk mitigation plan” if DARPA funded the studies.

A year after DARPA denied this proposal to create chimeric bat viruses at the Wuhan Institute of Virology, a novel bat virus with a furin cleavage site began infecting humans in Wuhan. No other closely related virus has this furin cleavage site.

When members of DRASTIC published the DEFUSE proposal in late 2021, people began pointing the finger at DEFUSE as the blueprint for the COVID virus that had, by this time, killed millions.

“Of all the gin joints in all the towns, in all the world, the virus walks into the city where this research is happening, the year after someone has proposed to put a furin cleavage site into [coronavirus],” author Matt Ridley quipped during a talk on the DEFUSE proposal last month at the NIH. “That’s quite a coincidence.”

Virologists have pushed back, asserting that the DEFUSE proposal was never funded, so the research never took place. However, this argument has been received with widespread skepticism. Research labs have multiple streams of funding, and scientists often do many of the proposed experiments to get initial results before submitting grants.

The most famous example involves University of Utah professor Mario Capecchi. After the NIH rejected a proposed line of research, he used other NIH money to do studies on creating transgenic mice in which specific genes had been turned off. When the NIH later awarded him a grant for research they had previously rejected, they wrote, “We are glad that you didn’t follow our advice.” 

At first rejected for NIH funding, Capecchi’s study led to a Nobel Prize in 2007.

“Scientists tend to write their grants based on research they have already done,” said an NIH official not cleared to speak to the media. She added, “It’s a classic joke inside the research community.”

Congressional investigators questioned Baric about the DEFUSE proposal in a 2024 deposition. Baric testified that, when a SARS virus that never before had a furin cleavage site appeared in the same city as the Wuhan Institute of Virology, he forgot that he had proposed, the year prior, to insert furin cleavage sites into SARS viruses at the Wuhan lab.

“I had forgotten about the DEFUSE proposal, quite frankly,” Baric testified. “The grant was not funded, so I moved on.” 

Virologist and former CDC Director Robert Redfield told RCI that Baric was probably misleading Congress in the interview. He believes virologists did the research in the DEFUSE proposal and then submitted the grant for funding because that’s how science advances. “I know enough about these proposals,” he said. “About 50% of the work you propose in a grant is already done.”

Baric appears to have a habit of forgetting details of virus research when disclosure and transparency might cast a bad light on the scientific field. After giving a private briefing in January 2020 to intelligence officials, where he discussed a possible lab accident in Wuhan, he gave a public talk to congressional staff a month later that omitted the possibility of a lab accident and failed to note that the pandemic virus had a unique furin cleavage site that made it deadly to humans.

Missing Slide

In January 2020 – when the COVID-19 virus began circulating in the U.S. – an official inside the intelligence community emailed Baric about “the current coronavirus situation,” asking him to give a presentation. “Very timely and appropriate,” Baric wrote back. “I was going to email this suggestion to you when I finally shed myself of reporters today.” Although the exact date of his talk is not disclosed, Baric emailed a slide presentation to his intel contact on January 29.

On one of the slides, Baric detailed the possibility that the pandemic started from an accidental release at the Wuhan Institute of Virology, which he noted studies bat viruses closely related to the new coronavirus.

That same month, NIH officials and Baric’s academic colleagues began an intensive campaign to discredit as a “conspiracy theory” any question that the pandemic started in a Wuhan lab.

A week after Baric’s private presentation, Fauci appeared on a podcast hosted by former Speaker of the House Newt Gingrich, who asked if the COVID virus could have leaked from a Wuhan lab. “I’ve heard these conspiracy theories,” Fauci said, “And like all conspiracy theories, Newt, they’re just conspiracy theories.”

The following day, virologist Vincent Racaniello at Columbia sent Baric and an NIH colleague a disturbing email, recounting rumors that the new virus had a furin cleavage site “that might have been engineered.” 

“If true this is very bad for all of virology research,” wrote Racaniello, in an email made public only last year.

Wain-Hobson said the intent of this email was not transparency. “What Racaniello has in mind is to shut down the discussion,” he said. 

By mid-February 2020, suggestions that the pandemic could have been unleashed by a lab accident in Wuhan were attacked in the media. “[Arkansas Sen.] Tom Cotton keeps repeating a coronavirus fringe theory that scientists have disputed,” reads a Washington Post headline. The Post quoted an MIT professor castigating Cotton for spreading a “conspiracy theory” and said he should focus more on funding virologists. 

After the New York Post published a column arguing that the virus may have leaked from a lab, one of Baric’s colleagues on the DEFUSE proposal, virologist Danielle Anderson, called the claim “appalling” in a supposed fact-check on the piece. Like Baric, Anderson remained mum about the experiments in the DEFUSE proposal. Two days later, Facebook began blocking the New York Post article for promoting “false information.”

At the end of February, Baric gave a public talk to congressional staffers about the virus and presented many of the same slides he used to brief intelligence officials a month prior. However, the slide discussing a possible lab accident in Wuhan did not appear, and Baric made no mention of the DEFUSE experiments. Nor did Baric bring up the virus’s furin cleavage site, which makes it uniquely adapted and deadly to humans.

Baric did not respond to requests for comment about why his public talk to congressional staff did not contain the slide discussing a possible lab accident at the Wuhan Institute of Virology.

Former CDC Director Redfield told RCI that in the first month of the pandemic, he was given classified material that highlighted the COVID virus’s furin cleavage site. He then briefed Secretary of State Mike Pompeo in a SCIF, a secure room that holds secret government documents.

I said, ‘Mike, this is the smoking gun. This virus came from a lab.’” Redfield added that he believes NIH and allied virologists began a full-court press in February 2020 to smear people as conspiracy theorists about a possible lab accident, because they needed to protect their money and reputations.

Emails make it hard to believe Baric did not understand that his colleagues were mounting a push to smear people questioning the bat-in-the-wild origin story as “conspiracy theorists.” In fact, Baric himself participated in this campaign.

Choreographed Censorship

The effort to shut down debate about the pandemic’s origins gained steam as the death toll mounted rapidly in 2020 and draconian lockdown policies kicked in. During the first few months of the pandemic, virologists published three scientific papers that labeled the possibility of a lab accident a “conspiracy theory.” These papers shut down chatter about a Wuhan accident during the pandemic’s first year.

In what many see as a sign of Baric’s singular connection to the unfolding health catastrophe, the ramifications of his signature on these papers were weighed strategically by his close associates.

The first example was a widely reported February letter in The Lancet, signed by 27 scientists, that cast a Wuhan lab accident as a “conspiracy theory.” Emails show the letter had been orchestrated by Baric’s ally, Peter Daszak of EcoHealth Alliance. 

While gathering signatures, Daszak wrote to Baric saying he should not sign the letter “so it has some distance from us and therefore doesn’t work in a counterproductive way.” 

“We’ll then put it out in a way that doesn’t link it back to our collaboration so we maximize an independent voice,” Daszak added in his email to Baric. The Lancet later added a lengthy disclosure to this letter. Like Baric, Daszak had extensive financial ties to the Wuhan Institute of Virology, but he had hidden them from the Lancet editors.

When congressional investigators questioned Baric about the Lancet statement, he testified that he had a conflict of interest due to his collaborations with the Wuhan Institute of Virology. “So I didn’t think it was appropriate to sign it,” Baric said.

Baric’s close ties to the Wuhan Institute of Virology were such a problem that his fellow virologists excluded him from the Nature Medicine “Proximal Origins” of SARS-CoV-2 paper published in March 2020. “We decided not to invite Ralph Baric,” said one of the paper’s authors in a podcast. “Just because we thought he was too close to the WIV.”

This became the most highly cited paper published in the scientific literature for all of 2020. But like the Lancet Letter, the Nature Medicine Proximal Origins paper is widely seen as discredited. Republicans later charged that Fauci had helped orchestrate the paper. House Democrats released a report making the same accusations against Jeremy Farrar, a funder of virologists, then at the Wellcome Trust and now at the World Health Organization. 

Despite his documented, even self-professed, conflict of interest with the Wuhan Institute of Virology, evidence shows that Baric directly influenced the third paper that helped stifle talk about a virus accident in Wuhan.

The commentary, titled “No credible evidence supporting claims of the laboratory engineering of SARS-CoV-2,” appeared in the journal Emerging Microbes & Infections, and became one of the most widely read papers published by Taylor and Francis in 2020. Media outlets such as The WeekBuzzfeed, and Baric’s local newspaper, the Raleigh News & Observer, cited the article in passages that downplayed a possible lab accident. 

However, emails show that both Baric and his Wuhan colleague Shi Zhengli provided secret edits to the manuscript. After one of the paper’s authors sent Baric a draft, asking for his input, he responded, “Sure, but don’t want to be cited in as having commented prior to submission.” After then submitting alterations to the text in track changes, Baric added, “I think the community needs to write these editorials and I thank you for your efforts.”

Although failing to disclose authors on a paper is considered a form of research misconduct,  the journal failed to take action. Five years after publication, the journal added a disclosure in January 2025 that acknowledged Ralph Baric’s contribution to the commentary.

Congressional Cover

Democrats never showed much interest in demanding answers from virologists or the NIH about a possible lab accident once Fauci set the tone that asking such questions was a “conspiracy theory.” But in late 2022, Republicans on the Senate Committee on Health Education, Labor and Pensions (HELP) began to finalize a report on the pandemic’s origin

Yet that investigation also seems to have been designed to distract from dangerous research and to insulate Baric, in particular.

To give the report more traction among liberals, Republican committee investigators worked very closely with journalist Katherine Eban, whose exclusive on the report’s details ran in Vanity Fair and ProPublica. “A new Senate report concludes that SARS-CoV-2 – the virus that causes COVID-19 – likely resulted from ‘a research-related incident,’” ProPublica posted on social media, announcing Eban’s investigative exclusive. “The report includes evidence of alarming biosecurity issues at the Wuhan Institute of Virology.”

The Senate report, however, omitted any mention of dangerous gain-of-function research funded by the NIH, and gave no notice of virus studies conducted in the United States, even though Baric is the top researcher in the field. The report pointed the finger only at China as the sole problem with dangerous virus research. 

“It was a complete whitewash and really screwed over the other senators,” explained a former congressional investigator. Instead of uncovering these flaws, Eban’s story for ProPublica and Vanity Fair parroted the report’s findings in a 9,000-word puff piece for the HELP committee, with a highly colorful and flattering account of the staff who wrote it and gave her insider access.

Richard Ebright, a microbiologist at Rutgers University and long-time critic of gain-of-function studies, said he “was surprised the released report omitted discussion of U.S. actions, including the role of USAID, NIH, and EcoHealth Alliance in funding research on SARS-related coronaviruses in Wuhan.” Ebright said Senate staff interviewed him several times about NIH’s funding for gain-of-function research and NIH funding for Wuhan. 

One expert interviewed by the Senate said that staff stripped out any mention of NIH funding for gain-of-function research in the United States, while another pointed the finger at the Republican who ran the committee: Sen. Richard Burr of North Carolina, who was months from retirement. 

During his decades in Congress, Burr was a strong supporter of pandemic preparedness and virus research, ushering through legislation that turned on the spigot for biodefense spending, such as the 2006 legislation that created the Biomedical Advanced Research and Development Authority (BARDA). 

In Burr’s final year in the Senate, President Biden’s 2022 budget asked for an historic $88.2 billion for pandemic and biodefense funding spread across five years. Working to finalize the report, Burr then introduced legislation that established ARPA-H within the NIH to support billions more in taxpayer spending for companies to manage pandemic preparedness. 

One of the greatest successes to come out of the pandemic was the federal government’s partnership with the private sector to deliver life-saving vaccines, therapeutics, and diagnostics with unprecedented speed,” Burr said in a statement when introducing the ARPA-H bill. 

A few months after Burr sponsored the bill, the NIH awarded a $65 million grant to develop antivirals to a North Carolina biotechnology company called READDI that was co-founded by none other than Ralph Baric.

After retiring, Burr became a lobbyist for  DLA Piper on biodefense and biomedicine, taking with him two of his staffers who worked on the committee. Burr also joined Baric’s company, READDI, as a member of the board.

When asked to comment on this matter, former Senator Burr told RCI that UNC is a client of DLA Piper. Accordingly, I am unable to comment or provide information, on or off the record.”

House investigators later deposed Baric in 2024, but critics say it was a softball interview in which Baric was not pressed for answers. Democratic investigators spent much of Baric’s deposition trying to defend him, while Republican investigators got tied in knots by Baric’s responses, drowned in technical scientific details. 

As with Senate staff, House investigators gave Vanity Fair’s Katherine Eban exclusive access to the deposition, which she broadcast in a story before the transcript was even released. Vanity Fair’s exclusive portrayed Baric in a positive light as a hard-nosed, objective researcher who remained undecided yet committed to finding out how the pandemic began. Instead of dismissing the lab-leak theory as a conspiracy theory, Baric testified that he had warned his Chinese colleagues that the Wuhan Institute’s safety protocols were insufficient.

And like Senator Burr, Baric pointed the finger at China as the source for any answers to explain if the virus came from a lab. 

A month after deposing Baric, House investigators sent a letter to the director of the FBI demanding to interview one of their agents who they had caught communicating with Baric. The House redacted the name of the agent but wrote that he had been discussing “the substance of the origin debate and how UNC was responding to numerous North Carolina Freedom of Information Act requests.”

House investigators never made anything public afterward about this matter, and the committee investigating the pandemic’s origin has since been disbanded. A source close to the House investigation told RCI that emails show the FBI agent was discussing with Baric how to withhold emails requested by the nonprofit U.S. Right to Know under the Freedom of Information Act.

The FBI did not respond to RCI’s repeated requests for comment.

Accountability at Last?

Once hailed as “the big cheese” of coronavirus research, Baric’s scientific career now seems imperiled with the NIH’s decision to remove him from all grants because of that very same work. “There’s a real possibility that the virus’s birthplace was Chapel Hill,” said former CDC Director Redfield on a 2024 podcast. 

Redfield told RCI that virologists went ahead with dangerous virus experiments for money and fame. “This is a real big source of grant money. It’s a big source of fame. A big source of science prizes,” he said. “They’re not thinking about whether there’s a downside. But there’s a huge downside. And I think we experienced it. It was called the COVID pandemic.” 

Redfield is not alone in assigning some blame for the pandemic to Baric. Columbia University economics professor Jeffrey Sachs published a 2022 essay in PNAS that called for an open inquiry into COVID origins and full transparency by U.S. labs for “independent analysis” of collaborations with Wuhan scientists. At the time, Sachs led a task force commissioned by The Lancet into the origins of the coronavirus pandemic. 

Last month, Sachs pointed to Baric as the likely creator of the COVID virus.

The hits to Baric’s reputation are not likely to end. Ruskin has spent over $100,000 in staff time and attorney fees filing over a dozen freedom of information requests, while UNC has never released all its documents. For the year prior to the COVID outbreak, UNC has released only six pages of Baric’s documents that Ruskin has asked to review.

“This is obviously the most important time, because it’s the time when the pandemic started, but only six pages?” Ruskin said. “Why is that? UNC has never explained.” 

A senior official inside the Department of Health and Human Services told RCI that the answer is obvious. After reviewing the government’s classified material, the official said that UNC is terrified that the public will learn that they were complicit in starting the pandemic.

“Baric designed the gun,” he said. “But the Chinese built it, and then they pulled the trigger.”

Tyler Durden
Wed, 04/29/2026 – 12:17

Trump Rejects Iran Offer, Prepares ‘Short Wave’ Strikes, As Oil Prices Soar & Congressional GOP Members ‘Restless’

Trump Rejects Iran Offer, Prepares ‘Short Wave’ Strikes, As Oil Prices Soar & Congressional GOP Members ‘Restless’

Summary

  • CENTCOM reportedly preparing for “short wave of strikes” on Iran in order to potentially break the Hormuz impasse & force Tehran back to the negotiating table. Trump rejects Iran proposal as it won’t give up nuclear program.

  • Trump recently met this week with oil and gas executives at the White House to address energy fallout, and as oil pushes higher: Axios.

  • Trump warns Iran to “get their act together” and to “get smart” – and for the second time writes “no more Mr. Nice Guy”.

  • Trump in 4am Truth Social post: “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!”

  • Fresh White House statement indicates communication still open with Tehran, but still says “Iran can never possess a nuclear weapon.”

Will the U.S. invade Iran before 2027?
Yes 34% · No 67%
View full market & trade on Polymarket

*  *  *

Trump Rejects Iran Offer, Prepares ‘Short Wave’ Strikes

When in doubt, escalate higher? US Central Command is reportedly preparing for a “short wave of strikes” on Iran in order to potentially break the Hormuz impasse and force Tehran back to the negotiating table, where the US wants it to hand over its enriched uranium and finally abandon its nuclear program. We’re in the “just one more thing will do it” in the escalation ladder, which was all easily predictable.

“Trump told Axios the U.S. will maintain a naval blockade on Iran until a nuclear deal is reached, rejecting Tehran’s plan to ease restrictions before talks,” per Barak Ravid. “He said the blockade is more effective than bombing and will continue as key leverage, insisting Iran must not obtain a nuclear weapon.”

So there are more plans at least ‘on the table’ for possible ‘limited strikes’ as diplomacy has clearly been faltering; however, Iran is saying it is prepared to fight back hard in the scenario that the US naval blockade of Iranian ports continues. Meanwhile this is doing nothing to help soaring oil prices, and prices at the pump for Americans and people globally. Congress is getting nervous, and they should be after rejecting several War Powers initiatives. Brent inches toward hitting Iran war highs:

And more: Trump told Axios he saw the blockade as “somewhat more effective than the bombing,” and the sources said he had yet to order any kinetic action as of Tuesday night.

Unnamed GOP Senator tells Semafor as Iran War set to hit 60-days on Friday: “People cross some sort of threshold and start to be very uncomfortable with it. I am sensing restlessness among many of my colleagues.”

Trump Huddles with Oil Execs: Axios

President Trump recently met this week with oil and gas executives at the White House to address the energy fallout from the Iran war, per fresh Axios reporting, as supply disruptions push prices higher and create both opportunity and risk for the industry. Among those attending were Mike Wirth of Chevron, along with senior officials including Susie Wiles, Scott Bessent, Steve Witkoff, and Jared Kushner.

A White House official said, “The president meets with energy executives frequently to get their feedback on domestic and international energy markets,” with discussions covering domestic production, Venezuela, oil futures, natural gas, and shipping. It should be noted that while Trump “huddles” with oil CEOs, Republicans in Congress are still too scared to so much as pass a simple War Powers Resolution, or to have real robust debate over the merits of the Iran War.

The Middle East supply shock is obviously driving up global crude and US gasoline prices, which sets up for huge implications for Republicans come next fall’s midterms. Oil prices have extended their multi-day rally, surpassing $116 a barrel:

Brent crude futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 1255 GMT, climbing for an eighth day to the highest level since March 31. The June contract expires on Thursday and the more active July contract was up 3.86% at $108.43.

Oil Pushing Toward Iran War Highs

Earlier in the morning, Brent crude oil has neared $115 per barrel, driven by the ongoing Hormuz Strait blockade and standoff, and war fears – in a seventh straight session of gains.

This latest move higher follows Tuesday night’s WSJ report that the US plans to extend its blockade of Iranian ports, intensifying fears of prolonged disruption through the strategically critical Strait of Hormuz. 

As a reminder, the president has told aides and his staff that he’s prepared to implement an extended blockade:

President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime’s coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused.

In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports. He assessed that his other options—resume bombing or walk away from the conflict—carried more risk than maintaining the blockade, officials said.

4am Truth Social

This isn’t exactly a ‘new’ threat, as it’s something he said on April 19 as well, but President Trump in a 4am Truth Social post warned Iran to “get smart soon” as the White House reviews military options for the Strait of Hormuz.

“Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!” Trump wrote early Wednesday, alongside an image showing him with a weapon and the message “NO MORE MR. NICE GUY!”

Members of Trump’s national security team presented multiple options during a Situation Room meeting this week, including whether to increase or reduce the US military presence in the strait and whether to adopt a more aggressive operational posture, NBC News reported, citing an unnamed US official and a person familiar with the discussions. According to the WSJ Tuesday evening, the president has told aides and his staff that he’s prepared to implement an extended blockade.

WH still Communicating With Tehran

And yet, the White House says negotiators are still in communication with the Iranians, who are “struggling to sort out their leadership situation” amid the war. Trump on Tuesday claimed Tehran officials told him the country is in a “State of Collapse” – though obviously it’s highly dubious they would communicate that to him.

White House spokesperson Anna Kelly told media that Trump would only enter into an agreement with Iran that “puts US national security first” and that “He has been clear that Iran can never possess a nuclear weapon.” However, the Iranians themselves have made it clear they would never just transfer their enriched uranium out of the country. Their latest proposal has centered on lifting the blockade on the Strait of Hormuz first, and then leaving the nuclear issues for future negotiation after the war is resolved.

More Latest Developments

via Newsquawk

  • Donald Trump told officials to prepare for an extended blockade of Iran, The Wall Street Journal reported citing sources; Trump has opted to keep squeezing Iran’s economy, judging other options as higher risk than maintaining the blockade.
  • Trump posted, “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon! President DJT,” alongside an image of himself holding a rifle with explosions behind him and the caption “NO MORE MR. NICE GUY!”.
  • Trump said the US is “doing very well in the Middle East,” adding that King Charles III agrees Iran cannot have a nuclear bomb.
  • Iran’s Vice Chairman of the National Security Council Alaeddin Boroujerdi said negotiations are being handled directly by Mohammad Bagher Ghalibaf, who “personally manages” them.
  • Iran pushed back on US claims regarding pipeline explosions, Islamic Republic News Agency reported.
  • A senior Pakistani official said mediation efforts continue, working to narrow the gap between the US and Iran.
  • Scott Bessent said the Treasury has targeted Iran’s financial infrastructure, disrupting tens of billions in revenue; Kharg Island is nearing maximum storage capacity, forcing Iran to cut oil production.
  • The Israeli army carried out a large-scale bombing operation east of Gaza City.
  • The Islamic Revolutionary Guard Corps said new capabilities are ready to counter any new US attack, Press TV reported.
  • Israel Hayom reported that Israel may accept a limited ceasefire with Lebanon contingent on Hezbollah’s disbandment, according to Al Hadath.
  • An Israeli army commander said, “we are not talking about destroying terrorist infrastructure in southern Lebanon, but rather destroying everything,” according to Haaretz.
  • A political aide to the IRGC said, “we will respond to any new aggression with surprises and new capabilities, will burn America’s giant ships at sea if they miscalculate again,” Al Jazeera Mubasher reported.
  • Sanae Takaichi said Japan will engage with Iran to ensure safe passage of ships.
  • The US Treasury has frozen $344 million in crypto linked to Iran, Fox Business reported citing officials.

Tyler Durden
Wed, 04/29/2026 – 12:05

Key Bridge Nightmare: Contractor Dropped After Costs Spiral

Key Bridge Nightmare: Contractor Dropped After Costs Spiral

Left-wing Gov. Wes Moore’s claim that the Francis Scott Key Bridge rebuild is the “fastest-moving large infrastructure project in the United States” just hit a major roadblock.

Fox Baltimore’s Gary Collins reports that Maryland officials canceled Kiewit Infrastructure Co.’s contract for Phase 2 of the bridge rebuild, the construction phase, after the contractor’s proposal reportedly far exceeded state estimates.

This massive setback raises new questions about whether Moore’s administration can actually control costs, properly manage the rebuild, and deliver the “fastest-moving large infrastructure project in the U.S.,” given ballooning expenses.

Collins quoted U.S. Transportation Secretary Sean Duffy, who explained the decision to remove Kiewit after its Phase 2 proposal “far exceeded” state estimates. Those estimates have surged from roughly $1.8 billion to more than $5.2 billion.

Phase 2 of the rebuild would have included final design work, steel-pile installation in the Patapsco River, roadway approaches, and bridge-span construction. Now, Moore’s administration must scramble to find a new contractor.

Duffy stated in a federal announcement that the project has been plagued from the beginning by ballooning costs and delays.

“The Trump Administration is always working to secure the best possible team for hardworking American taxpayers,” Duffy continued. “It’s my job to ensure the American people’s tax dollars are used efficiently and that major projects are completed on time and on budget.”

He added, “We’re putting taxpayers and their priorities first.”

Moore said the state remains committed to rebuilding the bridge “safely, quickly, and cost-efficiently,” but the cancellation challenges his repeated claim that the project is one of the nation’s fastest-moving major infrastructure efforts.

In October, Duffy stated that Moore “hasn’t been a good steward with the money. We have also sent a letter to all of our partners saying they have to follow the law. A long time ago, we got rid of contracting based on race and sex.”

More than two years after the container ship hit the bridge – there is still no replacement span. Moore’s polling numbers are sliding, residents are frustrated with mounting crises plaguing the state, and the latest contract setback only reinforces the perception of dysfunction in the one-party-ruled state by unhinged Democratic Party kings and queens.

Related:

The result here is growing public anger, eroding confidence in state leadership, and now residents fleeing the sinking state.

Tyler Durden
Wed, 04/29/2026 – 11:55

Bloom Energy Erupts On Beat, Guidance Upgrade As On-Site Data Center Power Demand Soars

Bloom Energy Erupts On Beat, Guidance Upgrade As On-Site Data Center Power Demand Soars

Clean-power company Bloom Energy surged early in the U.S. cash session after reporting earnings Tuesday after the close, raising its full-year revenue and margin guidance on rising demand from data centers and other commercial customers. 

The maker of solid oxide fuel cell systems, branded as Bloom Energy Servers, that generate electricity on-site for customers, posted a profit of $70.7 million, or 23 cents a share, compared with a loss of $23.8 million, or 10 cents a share, from the same quarter one year ago. 

On an adjusted basis, earnings came in at 44 cents per share in the first quarter, beating analysts’ estimates tracked by Bloomberg of 8.4 cents per share.

Here’s a snapshot of first-quarter earnings (courtesy of Bloomberg): 

Adjusted EPS 44c, estimate 8.4c

EPS 23c 

Revenue $751.1 million, estimate $535.3 million

  • Product revenue $653.3 million, estimate $397.9 million
  • Installation sales $25.9 million, estimate $49.2 million
  • Service revenue $61.9 million, estimate $71.7 million
  • Electricity revenue $9.90 million, estimate $14.1 million

Adjusted Ebitda $143.0 million, estimate $52.9 million

Adjusted net income $138.1 million, estimate $26.7 million

We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and “go-to choice” for on-site power,” Bloom CEO KR Sridhar wrote in an earnings press release.

For the full year forecast, here’s what Bloom expects:

Sees revenue $3.4 billion to $3.8 billion, saw $3.1 billion to $3.3 billion, estimate $3.25 billion (Bloomberg Consensus)

Sees adj. gross margin about 34%, saw about 32%, estimate 31.9%v

Shares of Bloom jumped as much as 20% in the cash session to a new record high.

Wall Street analysts were broadly positive (commentary courtesy of Bloomberg):

Citi (neutral, PT raised to $281 from $229)

  • Analyst Vikram Bagri sees the first quarter revenue beat as strong, driven by capacity expansions and product sales

  • Sees second-quarter revenue rising on continued strong momentum, cost discipline and improving gross margins and operating leverage

  • “International opportunities continue to progress, albeit at a measured pace amid a challenging geopolitical and energy backdrop, with the majority of AI‑driven power demand currently concentrated in the US”

Morgan Stanley (overweight, PT raised to $310 from $184)

  • Analyst David Arcaro sees Bloom’s outlook as attractive with revenue and profit set to increase and margins continuing to expand

  • “We believe the confirmation of the recent Oracle deal likely contributed to the increase, with at least 1.2 GW being delivered over 2026 and 2027, and the company also suggested broadbased strength across data center and C&I end markets”

  • Sees manufacturing efficiencies improving gross margins

Jefferies (hold, PT raised to $207 from $187)

  • Analyst Dushyant Ailani sees the guidance raise as positive with gross margins improving on cost optimization and productivity

  • “BE is increasingly moving beyond the ‘bridge solution’ narrative, supported by its standalone microgrid deployment with Oracle and similar discussions with other customers”

  • Sees Bloom reaching at least 2 GW of capacity by year-end 2026 as additions continue

Bloom peers, including Plug Power, FuelCell Energy, and Ballard Power Systems, also moved higher.

Tyler Durden
Wed, 04/29/2026 – 10:45

In Huge Win For Republicans, Supreme Court Curbs Use Of Race In Drawing Voting Districts

In Huge Win For Republicans, Supreme Court Curbs Use Of Race In Drawing Voting Districts

In a sweeping 6-3 decision issued today, the U.S. Supreme Court ruled that Louisiana’s congressional map with a second majority-Black district is an unconstitutional racial gerrymander. The ruling in Louisiana v. Callais (No. 24-109) delivers a major victory for Republicans by sharply curtailing the Voting Rights Act’s ability to compel the creation of predominantly Black or Hispanic districts – a development that could help the GOP protect and expand its House majority in the 2026 midterms and beyond.

Writing for the Court, Justice Samuel Alito held that Section 2 of the Voting Rights Act, properly interpreted, did not require Louisiana to draw the additional majority-Black district in Senate Bill 8. Because the state’s use of race was not justified by a compelling interest, the map violated the Equal Protection Clause of the Fourteenth Amendment.

A Major Reset of Voting Rights Law

The decision does far more than resolve one Louisiana map. It fundamentally updates the legal framework for Voting Rights Act challenges that has been in place since Thornburg v. Gingles (1986). The Court made three critical changes that will make it significantly harder for plaintiffs to force race-conscious districting:

  • Illustrative maps must be race-neutral: Plaintiffs can no longer draw “demonstration maps” that deliberately maximize majority-minority districts. Any alternative map must fully comply with all of a state’s legitimate, non-racial districting goals – including traditional criteria and the state’s partisan political objectives.
  • Race must be disentangled from party: To prove political cohesion and racial bloc voting, plaintiffs must now control for partisan affiliation. Simply showing that Black voters and white voters support different candidates is no longer enough if the pattern tracks party preference rather than race.
  • Focus on current intentional discrimination: The “totality of circumstances” analysis must center on evidence of present-day intentional racial discrimination in voting. Historical discrimination and generalized “societal effects” carry far less weight.

These changes align Section 2 more closely with the Fifteenth Amendment’s prohibition on intentional racial discrimination and the Constitution’s general bar on race-based government action.

Developing…

Tyler Durden
Wed, 04/29/2026 – 10:30