Space Nuclear Power Initiative Sends Reactor Companies Flying
An announcement from the administration’s Science and Technology Director, Michael Kratsios, regarding the establishment of the National Initiative for American Space Nuclear Power sent reactor development companies higher over the following trading days.
The time has come for America to get underway on nuclear power in space🇺🇸 https://t.co/fLrM4MtNbM
— NASA Administrator Jared Isaacman (@NASAAdmin) April 14, 2026
Oklo and NuScale have been soaring…
Investors are betting on reactor development companies being involved in multiple different nuclear-related applications in space missions to include propulsion, shuttle electrical power, and power for bases on the moon and Mars. The question stands, though, as to which developer actually has a chance of being involved in any of these programs?
For those not tracking, outer space has some slightly different environmental factors to consider compared to the surface of the Earth. Multiple physics headaches including low or zero gravity create headaches that prevent certain reactor designs from ever having a hope of operating in extraterrestrial settings.
Additional problems, like not having a readily available heat sink like a large body of water nearby, creates compound difficulties for some of the more traditional reactor designs.
Earlier this year, the administration began talking about putting reactors on the moon by 2030. We provided some details to our readers about what nuclear companies they should expect to be involved in the process.
Relying on the opinion of Mr. Market is likely not the best idea in a technical scenario. Instead it’s best to just look at the last attempt that was made at operating reactors on the moon and derive assumptions from those that were previously involved in the program.
NASA originally made attempts to develop lunar power by working with companies like Lockheed Martin, BWXT, Westinghouse, X-energy, and Boeing. Through their coordinated efforts, the leading designs for the project pointed to high-temperature gas-cooled reactors (HTGRs) utilizing tristructural isotropic (TRISO) fuel. Given the physics of the universe haven’t changed much over the past few years, it’s safe to assume the reactor of choice for the latest space initiatives will likely also be a HTGR.
So who is making HTGRs today? Currently, in the publicly traded space, there is Nano Nuclear and Terra Innovatum. X-energy is another likely candidate for the program, and they recently submitted their S-1 to begin the process to execute an IPO later this year.
Terra Innovatum has yet to make any announcement regarding the extraterrestrial application of their SOLO reactor design, but Nano Nuclear’s Loki reactor is specifically marketed for environments like outer space.
$NNE “NANO Nuclear Energy Issues Request for Information Soliciting Potential Commercial Partner Input in Support of U.S. Department of Energy and NASA Lunar Surface Reactor Program” NANO Nuclear’s space-relevant reactor design, the LOKI MMR™ 🌕🛰️⚛️🇺🇸https://t.co/BL6BDOkX3C
— NANO Nuclear Energy (NASDAQ: NNE) (@nano_nuclear) January 15, 2026
BWXT is also likely to be involved to some extent due to their extensive experience working with NASA in the areas of nuclear propulsion. Additionally, BWXT is one of only two manufacturers that is able to produce TRISO fuel in the US.
If anything, the pump across the board for nuclear names should be less attributed to their potential for involvement in NASA’s missions and more attributed to the wider adoption and acceptance of nuclear energy across multiple applications besides just powering the grid.
It is a very straightforward conclusion that only certain reactor designs can operate in space. Companies like NuScale and Terrestrial Energy will almost certainly be excluded due to the physics of operating off of Earth.
The California government may struggle to provide basic housing for the homeless, but it appears willing to fund gender-transition procedures with taxpayer dollars, including illegal aliens, according to a new report.
A Wednesday report from City Journal found that San Francisco homeless shelters, with the assistance of state and local governments, are facilitating transgender surgeries for males who identify as female.
A pair of Honduran nationals living at the shelter, Lyca and Alondra, reportedly identify as transgender, and both said they receive Medi-Cal, California’s taxpayer-funded Medicaid program.
According to City Journal, the taxpayer-funded program covers transgender procedures, or “gender-affirming care,” and provides “full-scope” coverage to illegal aliens.
Lyca, who reportedly showed signs of a sex change, said he is receiving cross-sex hormone therapy.
Meanwhile, Alondra, who appeared more masculine in physique, said he entered the U.S. illegally after claiming asylum. A translator told City Journal that Alondra declined a housing offer due to affordability concerns, though the government offered to pay one month’s rent.
Another shelter, the Embarcadero SAFE Navigation Center, reportedly houses a transgender-identifying individual named Jacqueline.
Originally from Mexico, Jacqueline told City Journal that illegal aliens reside at the shelter and said he received breast implants through Medi-Cal.
Jacqueline claimed to be a permanent resident but acknowledged that the program also covers procedures for illegal aliens.
“Even though you’re undocumented, you can get them,” he stated, as quoted by City Journal. “You have to have a process, the hormones … go through therapy.”
Asked whether he had received so-called “bottom surgery,” Jacqueline replied, “I’m waiting for that one.”
Headline USA reached out to MSC-South for clarification, including whether such procedures are facilitated by the shelter, but a front-desk receptionist said no one was available to comment.
When pressed further, he added, “We’re busy right now, boss man.”
Attempts to contact the Embarcadero SAFE Navigation Center were unsuccessful, as its main line appeared disconnected. Five Keys Housing, the shelter’s parent company, was closed when Headline USA called.
A Newsom spokesperson stood by the state’s taxpayer-funded program, saying, “Undocumented Californians don’t get special treatment. Everyone on Medi-Cal gets the same access to care. If you want to call California woke for not letting politicians interfere with doctors – or not wanting people to die in the streets – then go ahead.”
BREAKING: Gavin Newsom’s office has confirmed that California is giving free sex-change surgeries to homeless illegal aliens.
They’re doubling down—and, inexplicably, suggesting that without state-funded breast implants and artificial vaginas, migrants will “die in the streets.” pic.twitter.com/1bMt2rbSKE
— Christopher F. Rufo ⚔️ (@christopherrufo) April 16, 2026
The City Journal report comes as California Gov. Gavin Newsom’s administration faces mounting scrutiny over potential exploitation of taxpayer-funded programs, from hospice fraud to the expansion of taxpayer-funded gender procedures for illegal aliens.
Gulf Shock May Spark Shortage Of World’s Most Critical Industrial Chemical, Used Heavily In Mining
Goldman analysts Kyle Shaffer and Amanda Ross provided clients with a broad overview of industrials and natural resources amid energy disruptions in the Gulf area. In the note, they stated that the well-known Gulf energy shock is set to disrupt LNG production in Qatar for years to come. However, they also highlighted another emerging supply crunch that has received far less attention: sulfuric acid.
“Some long-lasting consequences have also started to emerge, including a 3-5 years production loss for LNG facility in Qatar, a 6-12 month re-starting time for some aluminum facilities in the Gulf, and shortage of sulfuric acid which can potentially impact future production for copper and lithium” Shaffer and Ross said.
About a third of the world’s sulfur comes from the Gulf region, where it is produced as part of oil and gas refining. Much of the sulfur is exported, primarily to fertilizer and industrial-processing hubs in Asia, North Africa, and, in Qatar’s case, some trading hubs across Asia and Europe.
Goldman analyst James McGeoch noted on Wednesday that Shandong sulfuric acid prices are soaring and that China is “slated to suspend sulfur exports from May (sulfur that is a by-product of processing).” He added that part of the recent push to procure and process concentrate is to produce sulfur for fertilizer.
It is important to note that sulfuric acid is one of the world’s most important industrial chemicals, used in fertilizers (phosphates), oil refining, lead-acid batteries, and chemical manufacturing.
Prices in China have jumped 90% since the start of the US-Iran conflict in late February. Current prices exceed the highs recorded during the Russian invasion of Ukraine in early 2022.
“Already though, prices have risen, and if there’s a shortage of sulfuric acid, that could quite quickly translate into more expensive homes, cars and electrical products,” Bloomberg analyst Sebastian Boyd noted.
In the mining sector, sulfuric acid is critical for the extraction of several key industrial metals, including copper, nickel, uranium, cobalt, and zinc. Sufer is not just for fertilizer to feed the world; the mining sector could also face major impacts if shortages materialize.
Trump Says ‘Probably, Maybe’ Iran Talks To Resume This Weekend, ‘Not Sure’ About Ceasefire Extension
Summary
Trump says “probably, maybe” Iran talks resume this weekend, “not sure” about ceasefire extension.
Trump unveils 10-day Lebanon ceasefire, but which Hezbollah has not signed on for, amid heavy IDF attacks on south. BBG reports on potential 6-month timeframe for comprehensive Iran deal, oil spikes.
Iran seeks to boost rial through toll payment scheme; vessels pay Hormuz passage through Iranian banks.
US Navy: vessels seeking entry into Hormuz Strait now fair game for boarding, search, and outright seizure – including for suspicion of ‘contraband’.
Hegseth: US forces are ready to restart combat if Iran doesn’t agree to a deal & strait blockade to continue for as long as it takes. Already 14 ships have been turned around.
Trump Still Signals Ambiguity on Peace/Ceasefire Potential
President Trump appeared to confirm ceasefire talks with Iran are still very up in the air, saying that he also doesn’t see the need to extend the current two-week ceasefire – “not sure,” he said – also amid the going US naval blockade of Iranian-China oil exports, or other sanctioned vessels. With no extension, the ceasefire will expire on April 22.
“If there’s no deal fighting resumes,” Trump affirmed in fielding reporters’ questions. Importantly, talks and timeline are still a big maybe:
President Trump told reporters the next in-person talks negotiating a deal for Iran will “probably, maybe” happen this weekend. He didn’t say where, and other U.S. officials haven’t confirmed any details.
He took the opportunity in the same remarks to slam the Pope. “If the pope looked at the 42,000 people that were killed over the last two or three months, as a protester, with no weapons, no nothing,” he claimed, using the same unsourced numbers he’s lately been throwing around. “I mean, you take a look at that, so I can disagree with the pope. I have a right to disagree. I have a right to disagree with the pope.”
The president added, “The pope can say what he wants. And I want him to say what he wants. But I can disagree. I think that Iran cannot have a nuclear weapon. If they do, the whole world would be in jeopardy, the Middle East would blow up and the whole world would be in jeopardy.”
“This is the real world, it’s a nasty world,” he said. “But as far as the pope and saying what he wants, he can do that.”
And on the newly declared Israel-Lebanon ceasefire, which does not include Hezbollah, Trump told reporters: “I responded to this call and agreed to a timeout, or rather a temporary ceasefire, of 10 days to try to advance the agreement that we began discussing with the ambassadors’ meeting in Washington.” He added: “For these peace talks, we have two fundamental demands: one, the disarmament of Hezbollah. Two, a sustainable peace agreement, peace from strength.”
Gulf, European officials See Needing 6 Months for Iran deal: BBG, Oil Spikes
A big headline out of Bloomberg has sent oil prices higher:
Some Gulf Arab and European leaders believe that a US-Iran peace deal will take about six months to be agreed and that the warring sides should extend their ceasefire to cover that timeframe, according to officials from the regions familiar with the matter.
The leaders want the vital Strait of Hormuz opened immediately to restore energy flows and are warning in private that a global food crisis may develop if that doesn’t happen by next month, said the officials, who asked not to be identified discussing private talks.
But important caveats remain: who are these “some” Gulf and “European leaders” – the latter who have remained far to the sidelines during this crisis, but who are yes still suffering the effects of the ultra-risky Operation Epic Fury Iran war gambit by Trump. Spike in crude…
Trump: Truce in Lebanon
President Trump has announced an apparent Lebanon breakthrough, announcing on Truth Social that Lebanon and Israel have agreed to a 10-day ceasefire. This just after on Thursday Israel launched at least 50 airstrikes in a matter of two hours on South Lebanon, according to national media. Israel says late Thursday its forces have no plans to withdraw ground troops from Southern Lebanon. Operations there look to continue, but presumably the ceasefire means Beirut might not be hit in the interim.
This week, Rubio oversaw historic peace talks between Lebanese officials and the Israeli government; however, which did not include Hezbollah. Both Tehran and Hezbollah have insisted that the Lebanon conflict should be resolved through the Pakistan mediated US-Iran process. The Lebanese government has little actual sway over Hezbollah, the country’s single most well-armed and influential paramilitary organization, which has more missiles and arms than even the national army. This means it remains a big unknown whether this 10-day truce will hold. Trump’s Truth Social message, which claims he solved “9 wars across the world” and a “lasting peace”:
Defiant Iran Reasserts Toll System: Paid Through Iranian Banks
An Iranian parliament official has been cited in newswires as saying the country’s planned Strait of Hormuz toll for ships seeking to pass is to be paid through Iranian banks. Previously it was said to be through cryptocurrency, and could be as a high as $2 million Oil rose higher, given this is another indicator this game of chicken in the narrow waterway could soon lead to fresh hostilities, despite the 2-week ceasefire still being in place, soon to expire.
As for negotiations, there’s optimism another round of US-Iran talks will occur, with both sides having agreed in principle, but Iran’s government informed Pakistan that the US must back off its maximal demands.
Reuters: U.S. and Iranian negotiators have scaled back ambitions for a comprehensive peace deal and are instead seeking a temporary memorandum to prevent a return to conflict, two Iranian sources told Reuters.
Below is a machine translation from the Persian of the fresh parliament statement via state-linked ISNA:
The plan to consolidate Iran’s sovereignty in the Strait of Hormuz is being framed as a way to strengthen the rial.
Iran is seeking a regulatory role in the Strait of Hormuz – one of the world’s most sensitive chokepoints -positioning it as oversight, not disruption or blackmail.
Under the plan, foreign ships would settle accounts through offices in Iran or via the Iranian banking system, a move aimed at boosting the rial.
Estimated current revenue from managing and regulating maritime traffic in the Strait of Hormuz: $10-15 billion.
Boarding, Search, & Outright Seizure
Ships seeking to enter the Hormuz Strait already sanctioned by the US just got a lot more vulnerable: under Washington’s blockade of Iranian ports, they’re now fair game for boarding, search, and outright seizure, per US Naval Forces Central Command.
“In addition to enforcing the blockade, all Iranian vessels, vessels with active OFAC sanctions, and vessels suspected of carrying contraband, are subject to belligerent right to visit and search,” the notice said, referring to the Office of Foreign Assets Control. “These vessels, regardless of location, are subject to visit, board, search, and seizure.”
The definition of “contraband” is broad and expansive. It spans weapons, ammunition, combat aircraft, and military electronics, WSJ has described. “Petroleum products and lubricants are conditional contraband due to their essential role in military operations and their contribution to Iran’s war-sustaining economy,” the advisory also said. “Contraband is defined as goods that are destined for an enemy and that may be susceptible to use in armed conflict.”
Up until now, the blockade – initially rolled out Monday – was limited to ships moving in and out of Iranian ports, but the definition who can be targeted just widened. Meanwhile, US Central Command (CENTCOM) said Wednesday that in the first 48 hours, not a single ship made it past the blockade.
Hormuz Blockade: ‘As Long As It Takes’
The US will maintain a naval blockade of Iran for as long as it takes, Pentagon chief Pete Hegseth has stated in a press briefing Thursday. He and Joint Chiefs Chairman Gen. Dan Caine say that US forces are ready to resume major combat operations at a moment’s notice, which suggests the initial two-week ceasefire could get extended, as was widely reported the day prior. But this also suggests that Washington likely has no appetite for resuming major aerial operations directly against Iran anytime soon.
General Caine:
At each point, the United States Navy will transmit a warning—a young sailor, normally on the bridge of one of those destroyers. A junior officer picks up that mic and transmits, and I quote:
On the question of resumption of major combat operations, Hegseth warned: “To Iran, choose wisely. I pray you choose a deal which is within your grasp for the betterment of your people and the betterment of the world.” He followed with, “In the meantime, the War Department is locked and loaded.” Additional main highlights to the Hegseth/Caine update and presser:
Iran likes to say it controls Strait of Hormuz but it has no navy
Energy industry not destroyed ‘yet’, US blockade shutting down exports
For as long as it takes, we will maintain blockade
Launching operation ‘economic fury’
Iran is digging out bombed out launchers
I hope you choose a deal which is within your grasp
But again, the chief takeaway is that the Pentagon and Trump administration are making clear that US forces are ready to restart combat if Iran doesn’t agree to a deal. On that front, US officials say future talks are likely to be held again in Pakistan’s capital, Islamabad. Prior reports have indicated both sides have “agreed in principle” to engage in another round of talks.
Iran’s PressTV touting ability to inflict global economic pain…
International Monetary Fund’s chief economist says that growth is expected to slow this year amid repercussions from the war against Iran and disruptions to global oil and gas trade.
Since the blockade went live, US forces have already turned around 13 ships, according to Gen. Caine in the same briefing. He underscored how far this reach extends, saying operations will take place “inside Iran’s territorial seas and in international waters.”
Officially, the Pentagon claims the blockade is limited – targeting Iran’s ports and coastal areas while sparing vessels simply passing through the Strait of Hormuz. In practice, however, the net is touted as much wider, as US forces “will actively pursue any Iranian-flagged vessel or any vessel attempting to provide material support to Iran,” including so-called “dark fleet vessels carrying Iranian oil,” Caine added.
He confirmed that more than 10,000 service members are now involved in the blockade, but with more US servicemembers en route to the region.
Lebanon Still Bombed Heavily by Israel amid US Ceasefire Efforts
Israeli jets pounded Nabatiyeh in southern Lebanon Thursday, unleashing one of the heaviest barrages there since the war began and sending black smoke billowing over the region. Strikes hit near the industrial zone and a supermarket on Nabih Berri Avenue, with nearby suburbs also taking damage, according to Lebanon’s state-run National News Agency.
Iran has signaled urgency on de-escalation, with parliament speaker Mohammad Bagher Qalibaf calling ceasefire in Lebanon “as important as a ceasefire in Iran.” He described, “In the Islamabad negotiations and afterwards, we have been seriously pursuing efforts to compel the adversaries to establish a permanent ceasefire in all areas of conflict.” Pakistan’s army chief is in Tehran mediating between Washington and Tehran.
⚡#BREAKING Lebanese President Joseph Aoun said in a conversation with US Secretary of State Marco: “I am not willing to talk to Netanyahu”
Lebanon’s leadership is in th emeantime framing any truce as a gateway to talks, despite Hezbollah having rejected direct talks with Israel. The ceasefire it is “demanding with Israel” would be a “natural entry point for direct negotiations,” President Aoun said, adding: “Lebanon is keen to halt the escalation… so that the targeting of the innocents ceases, and the destruction of homes” stops.
Destruction of Al-Qasimia Bridge in Southern Lebanon
He stressed negotiations “are to be undertaken by the Lebanese authorities alone,” and said “the withdrawal of Israeli forces… is an essential step,” alongside redeploying the army “up to the international borders” to “end any manifestation of armed presence.”
And yet Israeli strikes are now hitting infrastructure. A key bridge over the Litani River near Qasmiyeh – linking Tyre and Sidon – was reportedly destroyed, though Israel said it only “struck adjacent to it.” The broader campaign is cutting off southern Lebanon, targeting chiefly Hezbollah positions, Israeli officials have claimed.
The Federal Trade Commission (FTC) and eight states secured a settlement on April 15 that will prevent three major advertising agencies from engaging in unlawful media censorship.
The defendants Dentsu US, Inc., GroupM Worldwide LLC (doing business as WPP Media), and Publicis, Inc. will no longer enter into deals that require them to restrict working with certain clients, according to the settlement.
“A coordinated group of woke, powerful individuals attempted to suppress that Constitutional right by manipulating ad agencies into sabotaging the reach, revenue, and credibility of conservative voices,” Texas Attorney General Ken Paxton said in a statement released on April 15.
The plaintiffs – including Florida, Indiana, Iowa, Montana, Nebraska, Texas, Utah, and West Virginia – alleged that censorship deals between ad agencies and companies had been happening in the background during the past decade, which limited rising voices in the alternative and online media space.
The lawsuit accused some of the largest ad agencies of establishing brand-safety agreements that labeled content creators as “misinformation,” making them unable to receive ad revenue.
The alleged brand-safety standards were part of a campaign to demonetize prominent figures in the conservative space such as Glenn Beck, Steve Bannon, and the late Charlie Kirk, according to court documents reviewed by the Epoch Times.
The campaign allegedly attempted to censor and suppress content from Fox News Channel and X, formerly Twitter.
“This is a deeply disturbing violation of antitrust laws and our Constitution,” Paxton added.
“This was an egregious attempt to control public opinion and silence those who speak out against the liberal elites and powerful corporations. I will continue to lead the fight against viewpoint suppression and protect the speech of Americans from corrupt manipulation.”
As part of the settlement, defendants also agreed to have a court-ordered monitor to make sure agencies are sticking with the agreement and no longer censoring political viewpoints.
The defendants agreed not to enter into or enforce any deal that would limit their advertising spending on political or ideological viewpoints or DEI commitments.
“The ad agencies’ brand-safety conspiracy turned competition in the market for ad-buying services on its head,” FTC Chairman Andrew N. Ferguson said in a statement on Wednesday.
Ferguson added, “this unlawful collusion not only damaged our marketplace, but also distorted the marketplace of ideas by discriminating against speech and ideas that fell below the unlawfully agreed-upon floor.”
House Effort To End Trump’s Iran War Fails By One Vote: Guess The Lone GOP Dissenter
Two parallel war-related votes in the House and Senate reveal growing dismay and political fractures over President Trump’s Iran war, as the Strait of Hormuz remains locked down and ceasefire still seems distant.
The Republican-controlled House voted Thursday to reject a resolution ordering the White House to end the war with Iran, as Memorial Day approaches and Americans are anxious over gas prices and general rising costs at the grocery store.
The vote was 213-214, almost entirely along party lines, with dominant Republicans overwhelmingly sticking with Trump – not so much as allowing formal robust Congressional debate. There was one notable exception who broke ranks.
The lone Republican outlier was Rep. Thomas Massie of Kentucky, who voted for the measure to impose Constitutional guardrails over what the Executive can do in terms of waging war overseas.
But on the other side, a lone Democrat, Rep. Jared Golden of Maine, voted against it. Additionally, Rep. Warren Davidson, R-Ohio, merely registered a vote of “present” while three Republicans did not vote at all.
Rep. Gregory Meeks of NY (Dem) pushed the measure which “directs the President to remove United States Armed Forces from hostilities against the Islamic Republic of Iran.”
“Donald Trump has dragged the American people into a war of choice, launched without congressional authorization. The president has no coherent strategy, and this open-ended, undefined military engagement is precisely what the War Powers Resolution was designed to restrain,” Meeks said on the floor before the vote. “Every day we delay, we inch closer to a conflict with no exit ramp.” —NBC
But it shows waning support amid fears the US is getting bogged down in a new quagmire in the Middle East (which we should note Trump strongly and eloquently campaigned against). Per Politico:
It marks the second time the House has declined to intervene since the war began. But the 213-214 vote was even tighter than the last attempt in early March, as several Democrats who previously broke ranks to support the military campaign switched their votes to oppose it.
Parallel to the House side, the Senate also just swatted down an effort to choke off US weapons flows to Israel.
In the opening days of Operation Epic Fury, statements by President Trump and White House officials including Rubio strongly suggested that they moved in Israel’s interests, as the Netanyahu government made the case that a nuclear-armed Iran must face preemptive attack or else Israel would be in the crosshairs.
Two Senate resolutions led by Bernie Sanders aiming to block arms sales to Israel failed Wednesday, even as they pulled backing from roughly 75% of Democrats. Republicans, however, closed ranks and almost unanimously voted them down.
Massie is in a reelection bid which will decide his political future, even as Trump has ramped up the personal attacks:
🚨EXCLUSIVE: Republican Kentucky Rep. Thomas Massie raised more than $2.5 million in the first quarter of 2026, according to figures shared with the Daily Caller.
Sanders had targeted specific packages, including a $295 million sale of bulldozers and a $151.8 million shipment of 12,000 1,000-pound “dumb bombs”. But both measures went down: 59-40 and 63-36.
But what the Senate vote reveals is that what previously used to be automatic, bipartisan support for arming Israel is starting to fracture, with Democrats increasingly uneasy since Israel’s high casualty Gaza campaign following the October 7, 2023 Hamas terror attack, and the more recent Israeli official admissions that the death toll was over 70,000 killed. However, the Israeli stance is that at least a few tens of thousands of these were Hamas militants or ‘Hamas-linked’.
Taiwan Semi Slides Despite Record Results In Warning Sign For Chip Companies
Taiwanese chip giant, Taiwan Semiconductor Manfuacturing Co, said Thursday its net profit surged to a fresh record in the first quarter, fueled by the global artificial intelligence race despite the war in the Middle East. Massive demand for AI hardware means business is booming for TSMC — the biggest contract maker of microchips used in everything from Apple phones to Nvidia processors.
TSMC’s net profit for the first three months of the year jumped 58.3% YoY to NT$572.5 billion ($18 billion), beating analyst estimates of NT$540.20 billion as governments and tech giants continue to pour huge sums into building data centers that can train and run AI tools such as chatbots, image generators and agents that can execute tasks. A weaker Taiwanese dollar had also boosted the firm’s revenues from overseas sales: the company said net revenue rose 35.1% YoY to a record NT$1.13 trillion. Gross margin was 66.2% in the first quarter, further increased from a record 62.3% last quarter.
Operating margin 58.1% vs. 54% q/q, estimate 55.6%
While overall earnings were stellar, largely thanks to relentless AI chip demand, one weak point was smartphone revenue, which fell 11% compared to the previous quarter as the industry faces an ongoing memory shortage.
“The recent situation in the Middle East… brings further macroeconomic uncertainties, as such we are being prudent in our business planning,” TSMC chairman CC Wei said. TSMC CFO Wendell Huang said the company did not expect the war to impact its supply of key chipmaking materials such as helium and hydrogen in the near term, despite mounting fears that the collapse in Qatar helium exports would wreak havoc on global chip production.
“We source from multiple suppliers in different regions, and we have prepared safety stock inventory on hand,” Huang told an earnings call, adding that energy supplies were also sufficient to continue operations as normal for now.
TSMC said its revenue for the April-June quarter will reach another record of between $39 billion and $40.2 billion, which represents 32% year-over-year growth at the midpoint. Gross margin is expected to be between 65.5% to 67.5%. Commenting on the forecast, Bloomberg said that “TSMC’s 2Q gross-margin guide above 1Q’s record suggests rising chemical and gas costs tied to Middle East disruption aren’t enough to derail the company’s structural margin reset”
That said, TSMC warned the surging price of gas and chipmaking chemicals could weigh on the company’s profitability and the global economy, while increasing component costs, including for memory chips, could affect the price-sensitive consumer market.
The results are in line with those of leading memory chipmakers, including Samsung Electronics, SK Hynix and Micron Technology, all of which have benefited from the global AI infrastructure boom. Samsung earlier this month flagged preliminary first-quarter operating profit surging 755% year on year, driven by an unprecedented memory shortage. Micron’s gross margin reached 74% in the fiscal quarter ending February 2026 and is expected to rise further to around 81% in the current quarter, underscoring the strength of demand.
A note from UBS analysts had predicted strong quarterly results for TSMC but warned that consumer demand was weakening as a result of higher prices caused by a global memory chip shortage that is a side-effect of the AI boom. “Cloud AI demand continues to strengthen, but we think supply constraints will limit meaningful upside for TSMC this year,” the UBS team said. “Middle East tensions add a layer of macro uncertainty, but AI spend should stay insulated, barring a protracted conflict.”
TSMC’s good news was bad news for PC manufacturers, who are facing a rare double-whammy: TSMC’s foundry price hikes are converging with memory cost inflation, creating a cost squeeze that’s already forcing retail price increases. The math is straightforward-chips cost more to make, and memory modules are pricier to buy-and the result is a fundamental upward pressure on every PC built.
TSMC’s 2026 price adjustments target the advanced nodes that power premium laptops and desktops. The company notified clients that prices for sub-3nm processes will rise 3% to 10% starting January 1, 2026, with the exact increase depending on the node 3%-10% by node. TSMC currently sells 3nm wafers for approximately $20,000 each, and 2nm wafers will exceed $30,000 when mass production begins 3nm at ~$20,000, 2nm above $30,000. These are the chips that go into flagship devices, and the cost differential is material. For context, TSMC’s Arizona facility, which is now producing 4nm chips, costs 5-20% more to operate than Taiwan-based manufacturing, a factor baked into the pricing strategy Arizona operations 5-20% more expensive.
The memory side of the equation is equally aggressive. DRAM and NAND flash prices have been climbing as suppliers tighten contract terms and inventories normalize. Asus, one of the world’s largest PC vendors, responded in early January 2026 by implementing price increases of 15% to 20% on selected notebook and desktop models Asus price increases 15-20%. The company explicitly cited “RAM and storage cost pressure” as the driver, linking the shift directly to supplier pricing rather than logistics or labor Asus attributed increases to memory costs. Asus targeted specific consumer and commercial models-but the effect was immediate: Taiwan retailers began raising prices on competing brands’ systems to preserve their own margins retailers raised prices on rival brands.
* * *
TSMC is also planning record capital spending of up to $56 billion in 2026, part of a broader push by Asia’s chip industry that could total at least $136 billion. ASE Technology Holding, the world’s largest chip-packaging and testing provider, updated its guidance and said investment this year will exceed earlier forecasts.
“We expect AI to continue fueling growth for TSMC despite weak non-AI demand,” said Mark Li, veteran semiconductor analyst with Bernstein Research. “Fortunately for TSMC, we see no impact to its business as the capacity released by non-AI customers will be quickly filled by AI customers who could not find sufficient capacity before.”
TSMC Chairman and CEO C.C. Wei also commented for the first time on Tesla and Intel’s collaboration on Terafab advanced chipmaking facilities in the U.S. and on Intel’s push into the contract chipmaking business and advanced chip packaging. Recently Elon Musk says his company is embarking on its own in-house chip business because capacity from its chip suppliers, including TSMC, Samsung and SK Hynix, is insufficient to meet its needs.
“Actually both Intel and Tesla are TSMC customers, but they are [also] our competitors. We view Intel as a formidable competitor, and do not underestimate them,” Wei said. “But I will say that there are no shortcuts. The fundamental rule of the foundry never changes. We need technology, leadership, manufacturing excellence and customer trust, which has been mentioned by Jensen [Huang]” — Wei said, thanking the Nvidia CEO for his words.
Wei said it takes two to three years to build a new chip plant and another one to two years to ramp it up. TSMC, he added, is also building new fabs to satisfy its customers. “The capacity is very tight and we are working hard to make sure we can meet customer demand.”
Despite TSMC’s record Q1 results, US-listed shares are down 2.3% (having risen nearly 19% off a recent low). The failure of either TSMC or European chip giant ASML (which sasnk 3% on concerns over shrinking sales to China and sky-high expectations from investors) to catch a tailwind from positive reports could be a bellwether for the wider chip industry as earnings season rolls on.
It is also the latest example of how astronomical expectations have weighed on chipmaker stocks. Last quarter, Nvidia’s blowout fourth-quarter earnings report was met with a 5% sell-off.
Congress is set to take up the reauthorization of a divisive program that lets U.S. spy agencies pore over foreigners’ calls, texts and emails, with supporters like President Donald Trump saying it has saved lives while critics point to longstanding concerns about warrantless surveillance of Americans.
A key provision of the Foreign Intelligence Surveillance Act permits the CIA, National Security Agency, FBI and other agencies to collect and analyze vast amounts of overseas communications without a warrant. It incidentally sweeps up the conversations of any Americans who interact with those foreigners targeted for surveillance.
The program expires Monday, and critics want changes, including a requirement for warrants before authorities can access the emails, phone calls or text messages of Americans. They also want limits on the government’s use of internet data brokers, who sell large volumes of personal information gleaned online, offering the government what critics say amounts to an end-run around the Constitution.
Despite bipartisan criticism, the chances of significant reforms dropped when Trump announced his support for the program’s renewal, saying it had proven its worth in supplying information vital to recent U.S. actions in Venezuela and Iran.
“The fact is, whether you like FISA or not, it is extremely important to our military,” Trump said on Truth Social Tuesday.
U.S. authorities say the program, known as Section 702 of the law, is vital to national security and has saved lives by uncovering terror plots. Critics question what they call a dangerous infringement on civil liberties and privacy.
In a Truth Social post, Trump said a different FISA provision was used to spy on his 2016 campaign but that he supported Section 702’s renewal despite misgivings that political adversaries could use parts of the law against him in the future. He called on lawmakers to extend the foreign surveillance program for another 18 months.
“My administration has worked tirelessly to ensure these FISA reforms are being aggressively executed at every level of the Executive Branch to keep Americans safe, while protecting our sacred Civil Liberties guaranteed by our Great Constitution,” Trump wrote.
Trump is a longtime critic of the nation’s intelligence services and was once opposed to Section 702 before he reversed himself. “KILL FISA” Trump posted on social media in 2024, when the provision was last reauthorized.
Trump isn’t the only one-time critic to change their mind: Director of National Intelligence Tulsi Gabbard sponsored legislation to repeal Section 702 as a Hawaii congresswoman but now supports it after being tapped to coordinate the nation’s 18 intelligence agencies.
Gabbard says new protections added since her time in Congress helped change her mind.
In addition to a requirement for a warrant to access Americans’ data, critics also want greater protections on how the FBI or other agencies can search communications and how that is reported to the public.
“Journalists, foreign aid workers, people with family overseas, all could have their communications swept up in this surveillance merely because they talked to someone outside of this country,” said Sen. Ron Wyden, D-Ore. The longtime critic of the law is pushing for changes that he said will ensure the government isn’t violating civil rights in secret.
Several Republicans also have suggested changes, such as the warrant requirement.
“National security and civil liberties are not mutually exclusive,” said Rep. Andy Biggs, R-Ariz. “We can give our intelligence professionals the tools they need to target foreign threats while ensuring that Americans are not subjected to unconstitutional surveillance.”
Gabbard’s office releases an annual report showing the number of foreign surveillance targets and number of searches likely to identify an American.
For 2025, the number of foreign surveillance targets increased to nearly 350,000 from almost 292,000 in 2024. Searches using terms likely to identify an American decreased slightly to 7,724 from 7,845 in 2024.
The totals are incomplete because agencies like the FBI have found ways to access the data without reporting the searches publicly, said Elizabeth Goitein, senior director of the Liberty and National Security Program at the Brennan Center for Justice at New York University.
FBI officials repeatedly violated their own standards when searching for intelligence related to the Jan. 6, 2021, insurrection at the U.S. Capitol and racial justice protests in 2020, according to a 2024 court order.
“It’s reminiscent of J. Edgar Hoover’s tenure at the FBI,” Goitein said, referring to the FBI’s founding director who used illegal surveillance to harass and spy on Americans. “They can pretty much target anyone.”
Despite bipartisan concerns about the law and its implications for civil liberties, time is running out for Congress to make any changes before Monday’s expiration.
Trump’s support also reduces the odds that enough Republicans will break ranks and join Democrats to push for reforms.
Wyden said Section 702 votes are routinely delayed until the last minute, then lawmakers are told that national security demands they vote yes. Lawmakers are told, he said, that “if they vote for any amendments, the program will die and terrible things will happen and it will be all their fault.”
The best chance for inserting changes likely is the House, where a large number of lawmakers from both parties have expressed concerns.
But Rep. Rick Crawford, an Arkansas Republican who chairs the House Intelligence Committee, is backing Trump’s call for an 18-month renewal.
Crawford has taken aim in the past at what he calls the weaponization of intelligence but said last month that he believes the government can empower spy agencies while also holding them accountable.
“We can walk and chew gum at the same time,” Crawford said.
LIV Golf CEO Denies “Speculation” That Saudi Arabia On Cusp Of Severing Ties
Update (1130ET): Amid reports that Saudi Arabia’s Public Investment Fund might be on the verge of pulling its funding for the league, LIV Golf CEO Scott O’Neil told staff in an email overnight that its season will go on “as planned, uninterrupted and at full throttle.”
The email, which was obtained by ESPN, didn’t directly address reports that PIF might stop investing in the breakaway circuit after spending more than $5 billion since its inception in 2022, or whether the league will continue competitions beyond this season.
“I want to be crystal clear: Our season continues exactly as planned, uninterrupted and at full throttle,” O’Neil wrote in the email.
“While the media landscape is often filled with speculation, our reality is defined by the work we do on the grass. We are heading into the heart of our 2026 schedule with the full energy of an organization that is bigger, louder, and more influential than ever before.”
LIV Golf is scheduled to play its sixth tournament of the season starting Thursday at Club de Golf Chapultepec near Mexico City.
Its first tournament in the U.S. is scheduled for May 7-10 at Trump National Golf Club in Sterling, Virginia.
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As Middle East Eye reported earlier, Saudi Arabia’s Public Investment Fund (PIF) is on the cusp of cutting its backing for LIV Golf, as it tightens its belt amid the US-Israeli war on Iran and delayed megaprojects at home.
The Financial Times reported on Wednesday that the kingdom’s sovereign wealth fund could announce it was stepping away from the Saudi-backed golf tour, established in 2021, as early as Thursday, taking a hit on its $5bn investment in the entity.
The report said PIF had been weighing an exit before the US-Israeli war on Iran began, but any decision would likely send a chill through the sports world and other entities seeking cash from Gulf sovereign wealth funds.
PIF is the main backer of LIV Golf, which has racked up major losses since its founding in 2021, and the move would likely spell its demise.
PIF’s bet on LIV Golf to rival the PGA Tour was one in a series of investments that were made in a bid to bolster the kingdom’s involvement in sports and entertainment, as it pushes to diversify its economy away from energy.
Saudi Arabia’s potential reversal on its costly golfing venture is part of a wider pullback on sports investing, as it looks to prioritize returns, rather than cultural influence. https://t.co/s0iQdRcFAZ
Even before the US-Israeli war on Iran, high-flying projects were being cancelled or massively scaled down. The kingdom’s finance minister, Mohammed al-Jadaan, said in December that it had “no ego” preventing it from reassessing projects.
Earlier this year, Saudi Arabia suspended construction of the Mukaab, a giant cube-shaped structure set to be built in downtown Riyadh. The kingdom also shelved plans to build a desert ski resort and a large dam for an artificial lake.
Because of its East-West pipeline running from the Gulf to the Red Sea, Saudi Arabia can bypass Iran’s control of the Strait of Hormuz. It is practically the only Gulf state exporting oil amid the war and is benefiting from higher oil prices.
But the conflict has also made it harder for Gulf states to present themselves as safe hubs for tourism and business.
Yasir al-Rumayyan, the governor of PIF, told Al Arabiya Business on Wednesday that the war on Iran was having an effect on PIF’s calculus, saying that “the war would add more pressure to reposition some priorities”.
Rumayyan confirmed for the first time that a 170km straight-line city envisioned to be part of the larger Neom development was no longer a priority.
“There are directives to Neom to reprioritise. Everyone thinks The Line is Neom, but The Line is one project in Neom,” he said. “Is it necessary to have The Line by 2030? I think no. It’s good to have, but not a must-have,” he said.
Cutting ties with LIV Golf would align with the kingdom’s efforts to keep more of its sovereign wealth fund cash at home. PIF is estimated to be worth $1 trillion.
Rumayyan said that PIF wanted 80 percent of its investments to go to local projects while it deployed 20 percent abroad, down from a high of 30 percent in recent years.
Defiant Iran Reasserts Toll System, Paid Through Iranian Banks After US Vows Hormuz Blockade Stays “As Long As It Takes”
Summary
Iran seeks to boost rial through toll payment scheme; vessels pay Hormuz passage through Iranian banks.
US Navy: vessels seeking entry into Hormuz Strait now fair game for boarding, search, and outright seizure – including for suspicion of ‘contraband’.
Hegseth: US forces are ready to restart combat if Iran doesn’t agree to a deal & strait blockade to continue for as long as it takes. Already 14 ships have been turned around.
Iran’s parliament speaker Mohammad Bagher Qalibaf calls ceasefire in Lebanon “as important as a ceasefire in Iran.”
Heavy Israeli bombardment of southern Lebanon, including targeting of infrastructure and bridges.
Defiant Iran Reasserts Toll System: Paid Through Iranian Banks
An Iranian parliament official has been cited in newswires as saying the country’s planned Strait of Hormuz toll for ships seeking to pass is to be paid through Iranian banks. Previously it was said to be through cryptocurrency, and could be as a high as $2 million Oil rose higher, given this is another indicator this game of chicken in the narrow waterway could soon lead to fresh hostilities, despite the 2-week ceasefire still being in place, soon to expire.
As for negotiations, there’s optimism another round of US-Iran talks will occur, with both sides having agreed in principle, but Iran’s government informed Pakistan that the US must back off its maximal demands.
Below is a machine translation from the Persian of the fresh parliament statement via state-linked ISNA:
The plan to consolidate Iran’s sovereignty in the Strait of Hormuz is being framed as a way to strengthen the rial.
Iran is seeking a regulatory role in the Strait of Hormuz – one of the world’s most sensitive chokepoints -positioning it as oversight, not disruption or blackmail.
Under the plan, foreign ships would settle accounts through offices in Iran or via the Iranian banking system, a move aimed at boosting the rial.
Estimated current revenue from managing and regulating maritime traffic in the Strait of Hormuz: $10-15 billion.
Boarding, Search, & Outright Seizure
Ships seeking to enter the Hormuz Strait already sanctioned by the US just got a lot more vulnerable: under Washington’s blockade of Iranian ports, they’re now fair game for boarding, search, and outright seizure, per US Naval Forces Central Command.
“In addition to enforcing the blockade, all Iranian vessels, vessels with active OFAC sanctions, and vessels suspected of carrying contraband, are subject to belligerent right to visit and search,” the notice said, referring to the Office of Foreign Assets Control. “These vessels, regardless of location, are subject to visit, board, search, and seizure.”
The definition of “contraband” is broad and expansive. It spans weapons, ammunition, combat aircraft, and military electronics, WSJ has described. “Petroleum products and lubricants are conditional contraband due to their essential role in military operations and their contribution to Iran’s war-sustaining economy,” the advisory also said. “Contraband is defined as goods that are destined for an enemy and that may be susceptible to use in armed conflict.”
Up until now, the blockade – initially rolled out Monday – was limited to ships moving in and out of Iranian ports, but the definition who can be targeted just widened. Meanwhile, US Central Command (CENTCOM) said Wednesday that in the first 48 hours, not a single ship made it past the blockade.
Hormuz Blockade: ‘As Long As It Takes’
The US will maintain a naval blockade of Iran for as long as it takes, Pentagon chief Pete Hegseth has stated in a press briefing Thursday. He and Joint Chiefs Chairman Gen. Dan Caine say that US forces are ready to resume major combat operations at a moment’s notice, which suggests the initial two-week ceasefire could get extended, as was widely reported the day prior. But this also suggests that Washington likely has no appetite for resuming major aerial operations directly against Iran anytime soon.
General Caine:
At each point, the United States Navy will transmit a warning—a young sailor, normally on the bridge of one of those destroyers. A junior officer picks up that mic and transmits, and I quote:
On the question of resumption of major combat operations, Hegseth warned: “To Iran, choose wisely. I pray you choose a deal which is within your grasp for the betterment of your people and the betterment of the world.” He followed with, “In the meantime, the War Department is locked and loaded.” Additional main highlights to the Hegseth/Caine update and presser:
Iran likes to say it controls Strait of Hormuz but it has no navy
Energy industry not destroyed ‘yet’, US blockade shutting down exports
For as long as it takes, we will maintain blockade
Launching operation ‘economic fury’
Iran is digging out bombed out launchers
I hope you choose a deal which is within your grasp
But again, the chief takeaway is that the Pentagon and Trump administration are making clear that US forces are ready to restart combat if Iran doesn’t agree to a deal. On that front, US officials say future talks are likely to be held again in Pakistan’s capital, Islamabad. Prior reports have indicated both sides have “agreed in principle” to engage in another round of talks.
Iran’s PressTV touting ability to inflict global economic pain…
International Monetary Fund’s chief economist says that growth is expected to slow this year amid repercussions from the war against Iran and disruptions to global oil and gas trade.
Since the blockade went live, US forces have already turned around 13 ships, according to Gen. Caine in the same briefing. He underscored how far this reach extends, saying operations will take place “inside Iran’s territorial seas and in international waters.”
Officially, the Pentagon claims the blockade is limited – targeting Iran’s ports and coastal areas while sparing vessels simply passing through the Strait of Hormuz. In practice, however, the net is touted as much wider, as US forces “will actively pursue any Iranian-flagged vessel or any vessel attempting to provide material support to Iran,” including so-called “dark fleet vessels carrying Iranian oil,” Caine added.
He confirmed that more than 10,000 service members are now involved in the blockade, but with more US servicemembers en route to the region.
Lebanon Still Bombed Heavily by Israel amid US Ceasefire Efforts
Israeli jets pounded Nabatiyeh in southern Lebanon Thursday, unleashing one of the heaviest barrages there since the war began and sending black smoke billowing over the region. Strikes hit near the industrial zone and a supermarket on Nabih Berri Avenue, with nearby suburbs also taking damage, according to Lebanon’s state-run National News Agency.
Iran has signaled urgency on de-escalation, with parliament speaker Mohammad Bagher Qalibaf calling ceasefire in Lebanon “as important as a ceasefire in Iran.” He described, “In the Islamabad negotiations and afterwards, we have been seriously pursuing efforts to compel the adversaries to establish a permanent ceasefire in all areas of conflict.” Pakistan’s army chief is in Tehran mediating between Washington and Tehran.
⚡#BREAKING Lebanese President Joseph Aoun said in a conversation with US Secretary of State Marco: “I am not willing to talk to Netanyahu”
Lebanon’s leadership is in th emeantime framing any truce as a gateway to talks, despite Hezbollah having rejected direct talks with Israel. The ceasefire it is “demanding with Israel” would be a “natural entry point for direct negotiations,” President Aoun said, adding: “Lebanon is keen to halt the escalation… so that the targeting of the innocents ceases, and the destruction of homes” stops.
Destruction of Al-Qasimia Bridge in Southern Lebanon
He stressed negotiations “are to be undertaken by the Lebanese authorities alone,” and said “the withdrawal of Israeli forces… is an essential step,” alongside redeploying the army “up to the international borders” to “end any manifestation of armed presence.”
And yet Israeli strikes are now hitting infrastructure. A key bridge over the Litani River near Qasmiyeh – linking Tyre and Sidon – was reportedly destroyed, though Israel said it only “struck adjacent to it.” The broader campaign is cutting off southern Lebanon, targeting chiefly Hezbollah positions, Israeli officials have claimed.
