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Trump Says “US Will Be Attacking Iran Hard Again Today”, Oil Spikes

Trump Says “US Will Be Attacking Iran Hard Again Today”, Oil Spikes

Summary

  • Trump says “Will be attacking Iran hard again today”
  • Trump tells Fox he “may keep going” with strikes.
  • Trump says Iran took too long to negotiate, and now “will have to pay the price”.
  • Tehran claims prior night attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – targeted the Fifth Fleet headquarters in Manama, footage shows.
  • Iran again signals it could cut off all indirect talks & any negotiations, says it is ‘reviewing’ US talks after latest exchange of missiles.

US x Iran permanent peace deal by June 30, 2026?
Yes 18% · No 83%
View full market & trade on Polymarket

*  *  *

Trump says “will be attacking Iran hard again today”

Oil surged, jumping by more than a dollar with WTI rising above $91 with Brent touching $94 after President Trump vowed to strike Iran again and slammed the country for delaying talks on an interim peace deal, after renewed attacks overnight put further strain on a fragile two-month truce.

“We’re going to be attacking them, attacking them very hard,” Trump told reporters at the White House Wednesday. “We hit them hard yesterday, and we’re going to hit them hard again today.”

Trump declined to say what targets US forces would hit in Iran. The president renewed earlier criticism that Tehran has taken too long to negotiate an end to the conflict. 

“I’ve been working with Iran for a number of months, and they should sign their deal,” he said. “It was just tap, tap, tap, I don’t know what they’re doing.”

Trump said he retaliated against the Islamic Republic for shooting down a US Apache helicopter near the Strait of Hormuz. Tehran has not confirmed shooting down the aircraft and said it was reconsidering whether to persist with negotiations in light of the US attacks.

“The diplomatic process doesn’t happen in a vacuum and to advance any diplomatic process you need a minimum space to be able to move forward,” Esmail Baghaei, a spokesman for Iran’s Foreign Ministry, was cited by the state-run Islamic Republic News Agency as saying. “Wherever necessary, our armed forces will respond to the enemy with authority.”

Trump’s comments came after the two sides once again exchanged strikes, underscoring how high tensions are running and the risk that intermittent indirect talks between Iran and the US may be derailed. The overnight clashes followed a direct confrontation between Iran and Israel earlier this week, but halted after Trump called on both sides to stop.

The S&P extended its decline to more than 1% and WTI climbed above $91 a barrel to session highs, after Trump’s comments.

Since almost the start of the conflict, Trump has swung from threats of intensified attacks to touting that a deal is within reach. Even with tensions escalating since last week, he had signaled he wants to contain hostilities and avoid a return to all-out war before the new post. 

A White House official said talks are still ongoing and that the US will exert maximum pressure until a deal is reached. Fox News first reported the status of the talks. The semi-official Iranian Students’ News Agency reported that a Qatari delegation arrived in Tehran on Wednesday to discuss the diplomatic process to end the war.

The US military said it had completed an operation that saw fighter jets strike Iranian air defenses, ground control stations and radar sites near the Strait of Hormuz. The Islamic Revolutionary Guard Corps launched missiles on four American targets, including shelters housing F-35 fighter jets and a command center for the US military at Al-Azraq Air Base in Jordan, state-run IRIB News said on Wednesday.

Iran also said it fired drones at the main US naval base in the Middle East, located in Bahrain, and struck Ali Al Salem air base in Kuwait.  Kuwait’s defense ministry said it had intercepted projectiles early Wednesday, while Jordan said it had intercepted five Iranian missiles.

Tehran said it had exercised its “inherent right to legitimate self defense” and warned regional states not to allow the US and Israel to use their territory as a staging post for strikes on the Islamic Republic.

There were no immediate reports of casualties in any of the attacks.

* * * 

Could ‘Keep Going’ With Strikes: Trump to Fox

More strikes coming? Trump is certainly strongly hinting at this, and yet an overall strategic vision still remains murky and ill-defined. Once again he in a short 12-hour period went from hyping a deal being a few days away, to now threatening yet more attack waves on Iran, in wake of last night’s:

President Trump said Wednesday that he’s close to ordering more strikes on Iran after the country’s attacks targeting American bases in Persian Gulf nations, according to Fox News’ Trey Yingst.

Mr. Trump said he “may keep going” with strikes, which he said would target power plants and bridges, because Iranian negotiators are “tapping the United States along,” according to Yingst.

He wrote on Truth Social just before these comments that Iran will have to “pay the price” after taking too long to proceed with negotiations. 

Trump: Iran Took Too Long To Negotiation, Now Will ‘Pay’

As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.

“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:

Oil reacts, sensing no peaceful off-ramp or de-escalation on the horizon…

Kuwait, Bahrain, Jordan Hit Hard by Iranian Overnight Attack

Tehran later claimed attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – and given these countries host American forces. This marks merely the second time this week the ceasefire was ignored (or rather, shattered – though the White House is maintaining it’s still on) with major tit-for-tat strikes, as each side asserts that it is acting ‘defensively’.

Iran has been saying it’s going to keep up the pressure on Washington and its Gulf allies through both the ‘battlefield and diplomacy’ – with Iran’s Foreign Ministry spokesperson Esmaeil Baghaei freshly charging that the US is “undermining” the diplomatic process through “contradictory messages, frequent shifts in its positions and demands, as well as repeated violations of the ceasefire.”

He indicated that at this point there’s not even the “minimum level of conducive conditions” that is “required in order to carry out diplomacy effectively.”

Bahrain and Kuwait got hit hardest in these newest strikes, with reports saying the US Fifth Fleet base came under fire:

Iran Touting Both ‘Diplomacy & the Battlefield’

“The Zionist regime is also damaging this process through its repeated violations of the ceasefire in Lebanon,” Baghaei said, adding “any diplomatic process is harmed by the use of force and unlawful actions.”

“Diplomacy and the battlefield are not separate matters. Together they serve as instruments for safeguarding Iran’s national interests and security,” he stressed in a familiar refrain of late.

He also indicated the question of negotiations will be “reviewed” in light of last night’s developments, and further emphasized, “Wherever necessary, our armed forces will respond to the enemy with authority.“

“Every Side Believes They Can Control the Escalation”

But it’s also clear Tehran feels it must assert strong red lines immediately and without hesitation if it is to survive this now several months-long military confrontation with Washington. On this, longtime regional war correspondent and analyst Elijah Magnier has some insight as to each side’s calculus: 

Speaking to Al Jazeera, Magnier said it’s a volatile situation with no “stable political exit” as peace is far from being achieved while Lebanon and Gaza remain outside of any final settlement.

“The most dangerous thing is that every side believes they can control the escalation. However, a repeated incident can erode restraint, and if talks collapse completely, this controlled escalation could widen into a much larger conflict,” he said.

History has shown if “one strike crosses the red line” the attacks can spiral out of control, said Magnier.

Indeed in many ways that’s how we got here in the first place.

Vital water infrastructure reportedly struck in Iran during this new round of intense but brief escalation:

The White House believed it could control the outcome from day one of Operation Epic Fury, and then perhaps a bit of panic set among US officials in when it was realized the government in Tehran would not so easily fall, and that the military apparatus would become hardened, and its power expanded. 

Reports of another US MQ-9 Reaper drone shot down over Iran:

From there it took many weeks to get the naval armada in place, enough to where a blockade could be enacted against Iran’s ports and its crucial oil exports. The White House continues to face several ‘bad’ and ‘worse’ options for dealing with the crisis, as energy prices are set to soar this summer.

More Latest Developments

via Newsquawk…

  • US President Trump told ABC that the US was responding to Iran and that it is important to respond to Iran downing the helicopter, as well as noted that the response is very strong and powerful.
  • US VP JD Vance said the US is very close to reaching a deal that would address Iran’s nuclear programme for the long term, which could come next week or months from now, but absolutely before the midterms, according to CBS.
  • White House senior official said nothing has changed in their position regarding an agreement with Iran and it is still close despite the strikes.
  • A US official said the US military carried out strikes on almost 20 targets inside of Iran, but noted preliminary assessments indicate most Iranian missiles and drones were successfully intercepted.
  • Iranian Foreign Ministry spokesperson Baghaei said they need to reassess, following the overnight clashes, when questioned on talks with the US, SNN reported.
  • Iranian Foreign Ministry statement strongly condemns America’s crime in its military aggression against Iran.
  • An Iranian military source tells IRIB that no offensive military operations have been conducted in the Strait of Hormuz over the past 24 hours. Warned that if the enemy carries out another hostile action under the pretext of the military helicopter crash, it will face a decisive response.
  • A massive fire in the centre of Erbil and an explosion has been heard near the US base in the vicinity, Mehr news reported citing sources.
  • Local sources reported that an explosion was heard in the area of Qeshm city, Mehr News reports. However, this was later denied by the Qeshm governor.
  • UN Security Council debated reviving the Iran sanctions panel, although Russia and China opposed the revival of the Iran sanctions committee, according to Tasnim.
  • Israeli air raids hit the Lebanese towns of Touline, Srifa and Kafra. It was separately reported that missiles were spotted from Lebanon that were headed towards Kiryat Shmona and its surroundings, while rockets launched from Lebanon towards Upper Galilee were also detected.
  • UKMTO has received a report of an incident 20nm Northeast of Oman’s Sohar.
  • UKMTO reported an incident involving a cargo vessel 88 nautical miles southwest of Balhaf, Yemen.

Tyler Durden
Wed, 06/10/2026 – 11:55

Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds

Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds

One week ago, SpaceX kicked off its institutional roadshow, headlined by JPMorgan CEO Jamie Dimon, who hosted a nationwide “live interactive discussion” with private wealth clients.

The latest signal of investor demand comes from the Gulf, where massive sovereign wealth funds are reportedly seeking allocations in the IPO ahead of its expected Friday debut, according to Bloomberg News.

The report says Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority have each placed orders for the IPO worth $1 billion to $5 billion, while the Qatar Investment Authority is also expected to make a significant commitment.

The report continued:

Entities based in the region are already prominent shareholders in Elon Musk’s rocket, satellite and AI firm, and many are sitting on large paper gains based on the billionaire’s targeted valuation of $1.8 trillion, the people said. It wasn’t immediately clear how much of the planned outlay is intended to prevent dilution of existing stakes after SpaceX’s listing.

The interest from the Gulf is part of a broader rush into the deal from global institutional investors, whose orders have exceeded the number of shares on offer. Some have bid for $10 billion or more of stock, Bloomberg News has reported, though the eventual allocations might be smaller.

In a separate report, Reuters says the IPO is three-and-a-half to four times oversubscribed, highlighting massive institutional demand for what is shaping up to be the largest listing on record and a defining moment for the space economy.

Elon Musk has joined several Zoom meetings with potential investors, while SpaceX President Gwynne Shotwell and CFO Bret Johnsen were expected to meet with roughly 300 institutional investors at a Morgan Stanley lunch in Manhattan.

Goldman Sachs was selected as the lead bank for the IPO, alongside Morgan Stanley. JPMorgan, Bank of America, and Citigroup are also among the 23 banks working on the deal, offering a staggering $75 billion by selling about 555.6 million shares. The planned IPO price is about $135 per share.

Why SpaceX’s IPO Is drawing record investor demand…

We offered readers a complete deep dive into the mechanics of the SpaceX offering and how to trade the world’s biggest IPO (read the report). SpaceX’s underwriters have shut off investor access to the offering in China and Hong Kong, primarily due to regulatory and compliance concerns.

However, there is a concerted effort by unhinged leftist lawmakers (such as Elizabeth Warren) and left-wing pension funds to delay or deny the SpaceX IPO, mainly for political brownie points. They appear to view the sudden new wealth generated for Elon Musk (and his employees and investors) as absolutely horrifying…

… given that Musk is pro-humanity and seeks to liberate the world’s minds from toxic progressive causes.

Tyler Durden
Wed, 06/10/2026 – 11:40

From Token-maxxing To Token-panic: Citrini Warns AI Goldilocks Narrative Hitting A Wall

From Token-maxxing To Token-panic: Citrini Warns AI Goldilocks Narrative Hitting A Wall

When the world and their pet rabbit was buying the hype and extrapolating trends to infinity and beyond, we dared to highlight a few ‘economic’ realities of the new ‘tokenomics’.

From Singularity To Tokenomics: The AI Narrative Just Hit A Serious Snag

Was Amazon’s Tokenmaxxing Fiasco Behind Claude’s $500M Mystery Bill?

From Singularity To Tokenomics, Part II: The Subsidy Just Ran Out – And GitHub Users Went Splat

This morning we got confirmation of this AI reality questioning from none other than Goldman Sachs Partner, Rich Privorotsky, who highlighted that Token Spend had ‘peaked’…

And now, Citrini Research – who infamously issued a less than utopic view of the world under AI back in March – has written a follow up on the status quo of the AI ecosystem, noting that in just weeks we’ve gone from tokenmaxxing to tokenpanic.

In March, we and many others were writing about the astounding growth in token consumption driven by the release of agents and more intensive models.

This was enough to send the infrastructure trade sharply higher – the market value of the semiconductor industry doubled in two months.

But that goldilocks narrative is beginning to hit a wall. The corollary of explosive token usage is explosive cost to customers, which is coming just as the US labs and hyperscalers are turning up the dial on monetization. The public story is increasingly turning to corporate pushback.

The first real signs of this shift were from the much-discussed report of Uber burning through its entire AI budget in just four months.

Then there was the anonymous report of a $500 million oopsie.

In the past week, the idea has turned into a media avalanche.

According to The Economist’s reporting, Anthropic’s ARR has increased 5x since the start of the year, reaching $45 billion in May.

Great for the lab, but it also means the “AI Opex” line item on P&Ls is going through the roof.

The issue is not just Anthropic. Sam Altman also confirmed that all of a sudden cost is a huge issue (and acknowledged the virality of the idea).

“Probably the second biggest theme is just around cost. People are really saying, it’s kind of become a meme now, but, “My company spent my entire 2026 budget in Q1. Can you make this more efficient?” We are continuing to push on that more with models. I think we’ll have a lot of ways we can help people get more value for less spend, but that went from, at the beginning of this year, an issue that never came up. I know. People were totally happy with the amount they were spending, to all of a sudden, a huge issue.”

Microsoft’s AI Chief added to the unflattery this week after cancelling Claude Code licenses in May.

“Anthropic is extremely expensive, and I think many people are urgently looking for alternatives”

This cost concern didn’t just come out of nowhere.

First, agents and more advanced reasoning models use orders of magnitude greater tokens.

Corporates have widely distributed these tools and encouraged their use just as the average user was gaining the ability to casually run enormous bills.

Second, prices for frontier models are increasing as providers are flipping to usage models and preparing for public market debuts.

In a unified front – OpenAI, Anthropic, Microsoft, and Google – have all implemented pricing shifts towards usage/tokens, as they simply can’t afford to endlessly subsidize their products for power users.

  • April 2: OpenAI changed Codex pricing to align with API token usage instead of per-message pricing

  • May 19: Google changed Gemini subscriptions from “daily prompt limits” to a “compute-used” model.

  • June 1: Microsoft’s GitHub Copilot transitioned to usage based billing

And what does a rate sheet mean really if you have no idea what your usage burns in practice?

Claude’s Opus 4.7 & 4.8 have the same “list price” as prior versions, but use a “new tokenizer” that may use up to 35% more tokens for the same fixed text.

Is this an existential problem or just the VC playbook at unimaginable scale?

Subsidize demand, gain market share and lock-in, then monetize. After all, companies are spending a trillion in capex to make trillions in revenue, right?

Well either way we’ve reached Monetization, and maybe not by choice. As fast as lab revenue is growing, the fundraising has grown even faster.

The money going towards building and running AI has exploded. The deepest pockets in the world – hyperscaler cash flow, venture capital, sovereign wealth, public credit, private credit, public equity – are footing most of the bill. Eventually, customers have to start picking up the tab.

Free-AI is ending. Tokenomics is beginning.

What happens when underlying costs of compute become more transparent and directly traceable to outcomes? The ROI debate is about to be answered in real time, across millions of users and use cases.

For the median user, maybe not a whole lot changes. But science projects, freewheeling agents, and curiosities will either get cut or offloaded to open source models. Companies will restrict AI functionality and invest in oversight and observability. Budget constraints will pit AI spend against headcounts. Providers will become more competitive on pricing and will begin to optimize physical and digital architecture for efficiencies.

In many (most) situations, good enough will do. The cost of running open-source, discount, or mini models is going down while their capabilities only improve. This week saw another batch of open source models like Nvidia latest Nemotron family which includes advanced general-purpose models as well as highly efficient, compact versions optimized for local deployment and specialized agentic uses. As the frontier continues to advance, inference costs drop precipitously for a fixed level of intelligence. Why rent a Ferrari when a Vespa does the trick?

Of course, frontier models with highly specialized functions can continue to command an intense premium, but will serve a smaller segment of the market. A top lawyer can still bill at thousands per hour, even if millions of other workers are making minimum wage.

But even across the high end, the gap between US and Chinese offerings is worth noting. Qwen 3.7 and Deepseek V4 are still behind Opus 4.8 and GPT 5.5 in terms of benchmarks, but they are 10x – 25x cheaper.

Since releasing V4 Pro and V4 Flash in April, Deepseek has shot past Anthropic to the top of the charts on OpenRouter in terms of tokens processed.

Meanwhile, Cursor, one of the most used coding agents, released their new model that was post-trained on compute provided by xAI after their $10 billion deal. The base model is a different Chinese open source model by Moonshot and it was trained on data Cursor gets from its customers. The results are even stronger than Deepseek, it’s comparable to 4.7 and 5.5 for 10x lower cost per task and is one of the fastest frontier models.

There are obvious other “considerations” for large US enterprises that may prevent a mass exodus to Chinese alternatives. Plus, greater integration into workflows adds to lock-in. But there is a growing trend of application layer companies that will continue to post-train on open source base models for specialized workflows like coding and legal.

But what does this mean for the AI trade?

First, to be clear, revenues for labs and hyperscalers are going to grow. Token usage for top Anthropic models continues to go higher. Regardless of the pushback, frontier models can certainly create meaningful value especially in high-stakes fields like tech and finance, and there are still plenty of levers to pull in the monetization phase. The entire point is for them to start making money.

Likewise, this won’t fix near-term compute constraints.

But we do think that cost and efficiency only become more important as the bills get bigger. Themes of local inference, miniaturization, smart routing, observability, price competition, and efficient model architecture will grow. Competitive pressures and price competition are likely to stay.

Subscribers can read the rest of Citrini’s note here…

Tyler Durden
Wed, 06/10/2026 – 10:20

10 Reasons You Shouldn’t Ignore This Week’s Sharp Reversal And Selloff

10 Reasons You Shouldn’t Ignore This Week’s Sharp Reversal And Selloff

Submitted by QTR’s Fringe Finance

Today’s reversal and selloff may end up being just another volatile session in an ongoing bull market. But I think investors would be making a mistake if they dismissed it outright, because it might not be. Sharp reversals often reveal underlying stress that has been building beneath the surface long before it becomes obvious in the major indices.

Here are ten reasons today’s move deserves attention.

1. Valuations Are Historically Extreme — The market is entering this period of volatility from one of the most expensive starting points in history.

The Shiller CAPE ratio recently pushed above 40x, a level only seen during the dot-com bubble and the post-pandemic liquidity boom. Meanwhile, total U.S. market capitalization sits around 237% of GDP, putting Buffett Indicator readings near all-time highs.

History doesn’t tell us exactly when valuations matter. It does suggest that when starting valuations reach these levels, future returns become increasingly dependent on continued optimism rather than fundamentals.

2. The SpaceX IPO Could Be a Sentiment Marker — For months, I’ve speculated that a potential SpaceX IPO could coincide with a market top. Market peaks are often characterized by investors assigning extraordinary valuations to extraordinary companies.

Asking public investors to absorb one of the largest and most highly valued IPOs in history is a difficult proposition when liquidity conditions are tightening, valuations are already stretched, and risk appetite is showing signs of fatigue.

3. Crypto Remains the Tip of the Risk-On Spear — Crypto continues to function as the purest expression of speculative risk appetite:

Michael Saylor and Strategy appear to be doing everything possible to defend both the price of Bitcoin and investor confidence surrounding the Bitcoin treasury trade. Yet recent attempts to support sentiment have not generated the response bulls were hoping for.

As I’ve argued for some time, if crypto begins to crack meaningfully, it will likely be a warning sign for broader risk assets. Historically, the most speculative assets tend to weaken first. If crypto goes, the rest of the market rarely remains immune for long.


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4. Violent Price Swings Are Characteristic of Market Tops — One of the most overlooked warning signs isn’t the direction of the market—it’s the behavior of the market.

A -3% Nasdaq session followed by a +2% rebound and then another -3% decline is not evidence of stability. It’s evidence of uncertainty.

Major market tops are often accompanied by increasingly violent swings as institutional investors distribute risk while retail investors continue buying dips. Volatility expands, conviction falls, and price action becomes erratic.

Healthy bull markets tend to climb steadily. Topping processes tend to look chaotic.

5. The Consumer Is Running Out of Room — The U.S. consumer remains the backbone of the economy, but cracks continue to emerge: The American Consumer Is Piss Broke.

Credit card balances remain elevated, delinquency rates are rising across several lending categories, savings buffers have largely been exhausted, and wage growth is no longer providing the same cushion it did several years ago.

Consumers can continue spending longer than many expect, but the direction of travel is becoming increasingly difficult to ignore.

6. Treasury Auctions Continue to Show Sporadic Demand

Today’s 3-year Treasury auction tailed, reinforcing concerns that demand for U.S. government debt remains less robust than policymakers would prefer: The Bond Market Is About To Break Washington.

While one auction does not make a trend, repeated tails suggest investors require higher yields to absorb the growing supply of Treasury issuance.

The bond market remains the most important market in the world. Right now, it still looks uneasy.

7. The Next Fed Chair Won’t Have Many Easy Options — The next Federal Reserve chair may inherit one of the most challenging policy environments in decades: New Fed Chair Kevin Warsh’s Job Is Impossible.

If inflation remains sticky, aggressive rate cuts become difficult. If growth slows meaningfully, keeping rates elevated becomes painful. And if asset prices begin falling while inflation remains above target, policymakers could find themselves trapped between conflicting objectives.

The old playbook of simply cutting rates to rescue markets may not be available.

8. Credit Markets Are Sending Warning Signals — For months I’ve been arguing that investors are ignoring a growing list of warning signs across the economy and financial markets.

Private credit continues to show signs of stress, yet receives remarkably little attention compared to equities. But private credit is only one area to watch: 10 Areas Of The Market I’d Avoid Right Now

Credit problems rarely stay contained. They spread slowly, then all at once.

9. Market Breadth Remains Fragile — Index performance continues to mask weakness underneath the surface.

A relatively small group of mega-cap technology names still accounts for a disproportionate share of market gains. When leadership narrows to a handful of stocks, markets become increasingly vulnerable to sudden sentiment shifts.

The broader the participation, the healthier the rally. Narrow leadership often emerges late in the cycle.

10. Rate Hikes Are No Longer Unthinkable — Perhaps the biggest assumption embedded in markets today is that the next move from the Fed will eventually be lower rates: Time For Rate Hikes

But if inflation proves more persistent than expected—or begins accelerating again—the conversation could shift in a hurry.

Markets have largely priced a future of easing. They are far less prepared for a future in which policymakers are forced to tighten again. Even if additional hikes never arrive, the fact that they’re back in the conversation should get investors’ attention.

Final Thought

No single indicator rings a bell at market tops. But when extreme valuations, weakening credit conditions, volatile price action, fragile consumer finances, and growing policy constraints begin appearing simultaneously, investors should pay attention.

Today’s reversal may ultimately prove meaningless…but could also be one of those days that looks much more important in hindsight. I think it could be the latter.

—

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden
Wed, 06/10/2026 – 10:00

Americans’ Real Wages Are Shrinking As CPI Tops 4% For First Time In 3 Years

Americans’ Real Wages Are Shrinking As CPI Tops 4% For First Time In 3 Years

With expectations of a 4%-plus print, all eyes are on this morning’s CPI report as we move past April’s shutdown-related distortions.

Headline CPI rose 0.5% MoM (as expected) in May, lifting prices 4.2% YoY (also as expected). The first 4%-plus print since April 2023…

Core Goods prices deflated in May while Energy remains a notable contributor…

CPI details:

Headline: The all items index rose 4.2 percent for the 12 months ending May, after rising 3.8 percent for the 12 months ending April. The all items less food and energy index rose 2.9 percent over the year, following a 2.8-percent increase over the 12 months ending April. The energy index increased 23.5 percent for the 12 months ending May. The food index increased 3.1 percent over the last year

  • The index for energy rose 3.9% in May, after rising 3.8% in April and 10.9% in March. The energy index accounted for over 60% of the monthly all items increase. The index for shelter also increased in May, rising 0.3 percent.
  • The food index increased 0.2% over the month as the food at home index rose 0.1% and the food away from home index increased 0.3%.

This is the first deflationary print for goods prices in a year…

  • Household furnishings and Supplies -0.042%

  • Transportation Commodities less motor oil: -0.49%

  • Medical Care Commodities -0.54%

Drug prices are down for the fifth month in a row…

Core CPI rose less than expected (+0.2% MoM vs +0.3% MoM exp), lifting prices by 2.9% YoY (as expected), up from April’s 2.8% YoY and the highest since Sept 2025…

Core Services costs are accelerating…

Core: The index for all items less food and energy rose 0.2% in May.

Indexes that increased over the month include communication, airline fares, medical care, personal care, and recreation.

  • The shelter index increased 0.3% over the month.
    • The index for owners’ equivalent rent rose 0.3 percent in May and the index for rent increased 0.4 percent.
    • The lodging away from home index also rose 0.4 percent over the month.

  • The index for communication increased 1.3 percent over the month, after falling 0.2 percent in April.
  • The airline fares index rose 2.7 percent in May and the personal care index rose 1.0 percent.
  • The index for recreation rose 0.3 percent over the month as did the index for apparel.
  • The used cars and trucks index increased 0.1 percent in May
  • The medical care index increased 0.3 percent in May, after falling 0.1 percent in April.
  • The index for hospital services increased 0.7 percent over the month.

On the other hand, the indexes for motor vehicle insurance, household furnishings and operations, and new vehicles were among the major indexes that decreased in May.

  • Conversely, the prescription drugs index decreased 0.9 percent over the month while the physicians’ services index was unchanged in May.
  • The motor vehicle insurance index declined 1.7 percent in May after rising 0.1 percent in April.
  • The index for household furnishings and operations fell 0.6 percent over the month and the index for new vehicles declined 0.3 percent.

Transportation Services deflated MoM…

…led by the unexpected drop in Insurance costs…

That is the biggest drop in vehicle insurance costs since COVID…

Goods inflation overall is trending lower while Services costs are accelerating…

The much-watched SuperCore CPI (Core Services Ex-Shelter) saw prices rise 0.26% MoM and 3.49% YoY (highest sine Aug 2025)..

On a shorter-term basis, its all about energy…

But, is this the peak of Energy-cost-driven inflation?

This leaves headline consumer prices up 5.16% since President Trump came to office…

And perhaps most notably, Americans’ real wages are shrinking on a YoY basis (for the first time since April 2023)…

Let’s just hope this analog fails here…

BofA’s Michael Hartnett previously warned that a May print above 0.4% (estimates currently have it a 0.6%) means US CPI >4% YoY and on course for 5% by US midterms, and risk assets get twitchy: in the past 100 years once CPI crosses 4% on average, the S&P is down 4% in the next 3 months, and down 7% next 6 month…

Finally, while nattering nabobs of mainstream media will be decrying Trump’s terrible record on prices, Deutsche Bank’s Jim Reid notes that when looked at over the full century, inflation above 4% is not especially rare: over a quarter of monthly observations have exceeded this level.

However, these episodes have tended to arrive in distinct waves – most notably around WWII, during the 1970s, and more briefly in the post-Covid period.

Smaller but still meaningful pockets also appeared during the late-1980s boom and ahead of the GFC.

The more recent experience looks very different.

Since 1992, 83% of observations have sat comfortably in the 1–4% range, with just 10% printing above 4%. For most market participants, then, inflation above 4% has been an exception rather than the rule.

The key question is whether the future looks more like the last 35 years or the full 105-year monthly history.

While there are no immediate signs of inflation running away, the disinflationary environment of the past few decades benefited from a set of unusually supportive, and largely non-repeatable, global forces.

So going forward the template from the last century rather than the last few decades will probably be the better guide.

Tyler Durden
Wed, 06/10/2026 – 09:44

Amazon Freight Expansion Sparks Selloff Across Trucking Stocks

Amazon Freight Expansion Sparks Selloff Across Trucking Stocks

Less-than-truckload freight stocks fell in premarket trading in New York after Amazon roiled the industry yet again – this time by announcing expanded LTL services to cover all U.S. destinations, including third-party warehouses, distribution centers, and retail partners.

“Businesses now have the flexibility to ship by pallet, choosing LTL to share trailer space for partial loads instead of reserving and paying for a full truckload,” Amazon wrote in a press release, adding, “Since 2019, Amazon LTL has served tens of thousands of Amazon selling partners and vendors, moving millions of pallets across its U.S. network last year. The company is now expanding the service based on strong positive feedback and growing customer demand.” 

Among the movers in premarket trading, FedEx Freight fell 2%, Old Dominion declined 6%, Saia sank 7%, and ArcBest dropped nearly 8%.

LTL services are part of Amazon Supply Chain Services, whose launch last month roiled trucking stocks at the time.

Amazon noted, “Businesses of all sizes can now use LTL to move freight, typically ranging from one to six pallets, or between 150 and 15,000 pounds.”

UBS senior analyst Tom Wadewitz, who covers freight transportation, told clients last month that the selloff in transport names, including UPS, FedEx, and C.H. Robinson, sparked by Amazon’s push into the supply chain network, was “overdone.”

Tyler Durden
Wed, 06/10/2026 – 09:40

After Heavy Missile Exchange, Trump Mocks Iran’s ‘Total Mess’ Of A Military As Tehran ‘Reviews’ Diplomacy With US

After Heavy Missile Exchange, Trump Mocks Iran’s ‘Total Mess’ Of A Military As Tehran ‘Reviews’ Diplomacy With US

As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.

“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:

Tehran later claimed attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – and given these countries host American forces. This marks merely the second time this week the ceasefire was ignored (or rather, shattered – though the White House is maintaining it’s still on) with major tit-for-tat strikes, as each side asserts that it is acting ‘defensively’.

Iran has been saying it’s going to keep up the pressure on Washington and its Gulf allies through both the ‘battlefield and diplomacy’ – with Iran’s Foreign Ministry spokesperson Esmaeil Baghaei freshly charging that the US is “undermining” the diplomatic process through “contradictory messages, frequent shifts in its positions and demands, as well as repeated violations of the ceasefire.”

He indicated that at this point there’s not even the “minimum level of conducive conditions” that is “required in order to carry out diplomacy effectively.”

Bahrain and Kuwait got hit hardest in these newest strikes, with reports saying the US Fifth Fleet base came under fire:

“The Zionist regime is also damaging this process through its repeated violations of the ceasefire in Lebanon,” Baghaei said, adding “any diplomatic process is harmed by the use of force and unlawful actions.”

“Diplomacy and the battlefield are not separate matters. Together they serve as instruments for safeguarding Iran’s national interests and security,” he stressed in a familiar refrain of late.

He also indicated the question of negotiations will be “reviewed” in light of last night’s developments, and further emphasized, “Wherever necessary, our armed forces will respond to the enemy with authority.“

But it’s also clear Tehran feels it must assert strong red lines immediately and without hesitation if it is to survive this now several months-long military confrontation with Washington. On this, longtime regional war correspondent and analyst Elijah Magnier has some insight as to each side’s calculus: 

Speaking to Al Jazeera, Magnier said it’s a volatile situation with no “stable political exit” as peace is far from being achieved while Lebanon and Gaza remain outside of any final settlement.

“The most dangerous thing is that every side believes they can control the escalation. However, a repeated incident can erode restraint, and if talks collapse completely, this controlled escalation could widen into a much larger conflict,” he said.

History has shown if “one strike crosses the red line” the attacks can spiral out of control, said Magnier.

Indeed in many ways that’s how we got here in the first place.

Vital water infrastructure reportedly struck in Iran during this new round of intense but brief escalation:

The White House believed it could control the outcome from day one of Operation Epic Fury, and then perhaps a bit of panic set among US officials in when it was realized the government in Tehran would not so easily fall, and that the military apparatus would become hardened, and its power expanded. 

Reports of another US MQ-9 Reaper drone shot down over Iran:

From there it took many weeks to get the naval armada in place, enough to where a blockade could be enacted against Iran’s ports and its crucial oil exports. The White House continues to face several ‘bad’ and ‘worse’ options for dealing with the crisis, as energy prices are set to soar this summer.

Tyler Durden
Wed, 06/10/2026 – 07:45

Belfast Burns After Sudanese Migrant’s Street-Beheading Attempt Sparks Local Revolt Against Globalists

Belfast Burns After Sudanese Migrant’s Street-Beheading Attempt Sparks Local Revolt Against Globalists

The unrest ripping through Belfast should be seen as a predictable social reaction from a local population that believes it has been ignored and overruled by a global managerial class of unhinged politicians who have spent more than a decade enforcing nation-killing mass migration policies without public consent.

The attempted beheading of a native-born citizen earlier this week, involving a third-world migrant, appears to have become the catalytic event that pushed long-simmering anger into the streets.

Overnight coverage: 

Unlike much of Europe, where public backlash is weak or suppressed by the globalist regime, Northern Ireland now appears to be entering a more volatile phase, with local communities signaling that their tolerance for mass migration and the resulting security failures has reached a critical breaking point.

Front page of local paper, Belfast Telegraph:

Local outlet The Irish News wrote on X, “Residents had to be evacuated from their homes in east Belfast following fires. Northern Ireland Fire and Rescue Service officers attended the scene at Lendrick Street on Tuesday night.”

Northern Ireland First Minister Michelle O’Neill condemned both the attempted beheading and the subsequent social unrest.

“The attack in North Belfast was heinous and wrong. But there are dangerous attempts to exploit that to target and attack innocent people who are simply trying to live, work, and raise their families here,” O’Neill said.

Activist Tommy Robinson, who has long warned about mass migration chaos, shared an image of the victim before the beheading attack, which he says was carried out by a “Sudanese invader” …

… and here’s the victim after the attack (view here): 

Robinson blasted lefty Prime Minister Keir Starmer: “This twat imports the problem, dumps murderers and rapists into our communities, then whines about what is and is not acceptable?”

“Stop importing rapists, murderers, and sex pests from savage third-world countries who put young girls’ lives at risk. Once you have advocated for that, and the removal of unwanted illegal migrants from communities who never asked for or wanted them, then you can take the high road,” Robinson continued.

He noted, “I have very little time or patience right now listening to those who plant unvetted savages into our communities who rape, murder and prey on our children – and they have the audacity to tell us to shut up for the sake of diversity, and everyone is racist?”

Via X user Saggezza Eterna:

The civilizational collapse of the Western world is no longer a distant warning; it is being written in the blood of its citizens on the streets of Belfast. While the establishment media scrambles to sanitize the narrative, the horrific facts of this latest betrayal remain absolute. Hadi Alodid, a 30-year-old Sudanese national sustained by the asylum industrial complex, has been remanded in custody for the brutal attempted stabbing murder of Stephen Ogilvie. Ogilvie remains in serious condition after losing his left eye, having suffered devastating wounds to his face and back. This is the predictable outcome of borderless globalism: the deliberate importation of third-world violence directly into unsuspecting working-class neighborhoods.

The institutional response to this tragedy exposes the total rot of the globalist managerial class. Prime Minister Keir Starmer bypassed the horrific maiming of a native citizen entirely, choosing instead to threaten outraged protestors with the full force of the law. The regime routinely ignores public safety failures, yet it displays immediate, ruthless efficiency the moment an endangered community rises in self-defense. This asymmetric application of justice proves that our leaders are completely insulated from the consequences of their policies and utterly indifferent to the suffering of the people they supposedly govern.

The explosive protests tearing through Belfast are the justified reflex of a population that refuses to accept quiet liquidation. For decades, citizens have been gaslit into believing that the institutional machinery of democracy would self-correct. The reality is now undeniable: the ballot box is dead, the entire system is rigged, and our leaders are not listening to us. You cannot vote your way out of a regime designed to replace you. When formal channels of justice surrender, the street becomes the final forum of survival. The resistance in Ulster (a province in Ireland) is a warning shot to the entire West to throw off the psychological chains of submission, support the defense of our communities, and reclaim our nations before it is too late.

What needs to be addressed are the globalist politicians who pushed population replacement against the will of the people, not just in Europe but in the U.S., and flooded nations with years of mass migration.

It increasingly appears as though their objective was to collapse these countries from within and transform them into one-party states governed by globalist elites.

Tyler Durden
Wed, 06/10/2026 – 07:20

These Are The Jobs With The Highest And Lowest Divorce Rates

These Are The Jobs With The Highest And Lowest Divorce Rates

Actuaries have America’s lowest divorce rate at 14.2%.

At the other extreme, several occupations report divorce rates near 48%, highlighting a striking divide across the U.S. workforce.

Using American Community Survey data compiled by FlowingData, Visual Capitalist’s Dorothy Neufeld created the following graphic ranking the occupations with the highest and lowest divorce rates among more than 500 jobs.

One of the ranking’s most surprising findings is that healthcare occupations appear on both sides. Physicians, dentists, and physical therapists rank among America’s lowest-divorce occupations, while home health aides, psychiatric aides, and practical nurses rank among the highest.

The contrast suggests that schedules, working conditions, and job structure may play a larger role than industry alone.

The Jobs With the Lowest Divorce Rates

America’s lowest-divorce occupations are remarkably similar. Most require years of advanced education, professional licensing, or specialized technical expertise.

Education appears to be one factor. Census-based research shows divorce rates generally decline as education levels rise.

Individuals with only a high school diploma experienced a divorce rate of 38.8%, compared with 30.1% for those with an associate degree and 25.9% for those holding at least a bachelor’s degree.

Notably, America’s lowest-divorce occupations include not only high earners such as physicians and dentists, but also clergy, one of the few modest-paying professions in the group.

The Jobs With the Highest Divorce Rates

Telemarketers, bus drivers, bartenders, home health aides, psychiatric aides, casino workers, and security personnel all rank among America’s highest-divorce occupations, with rates exceeding 45%.

The occupations at the opposite end of the ranking share a different set of characteristics. Many involve irregular schedules, shift work, public-facing responsibilities, or emotionally demanding working conditions.

Work schedules may be part of the explanation. A landmark study of more than 3,400 married couples found that irregular schedules, such as night shifts, were associated with significantly higher odds of separation or divorce than regular daytime work.

Other research has linked night-shift work to greater marital instability and work-family conflict, particularly for new parents.

The Surprising Healthcare Divide

One of the ranking’s most surprising findings is that healthcare occupations appear on both sides.

Physicians, surgeons, dentists, physical therapists, optometrists, and physician assistants all rank among the lowest-divorce occupations in America.

Yet healthcare support roles tell a very different story. Home health aides, psychiatric aides, practical nurses, ambulance attendants, and other healthcare support workers rank among the highest-divorce occupations.

The divide suggests that job conditions may matter as much as industry. Workers in healthcare can face vastly different schedules, levels of autonomy, educational requirements, and workplace pressures, even while serving similar patient populations. In other words, two people can work in healthcare and face entirely different relationship pressures depending on their role.

What the Rankings Reveal

The rankings suggest that occupation and family life may be more connected than many people realize. While no profession determines whether a marriage succeeds, factors such as work schedules, stress levels, educational attainment, and job autonomy appear to be linked with markedly different divorce outcomes.

The healthcare divide is perhaps the clearest example. People working in the same industry can face entirely different relationship pressures depending on the role they hold.

To learn more about this topic, check out this graphic on America’s 30 highest-paying jobs.

Tyler Durden
Wed, 06/10/2026 – 06:55

Chinese Firm To Deploy 100 Humanoid Robots To Households For Daily Chores

Chinese Firm To Deploy 100 Humanoid Robots To Households For Daily Chores

Authored by Kaif Shaikh via Interesting Engineering,

A Chinese robotics company has begun placing its humanoid robots inside real homes, marking a significant step in the race to develop machines capable of performing everyday household tasks.

Wuhan-based GigaAI recently deployed the first batch of 100 SeeLight S1 humanoid robots for household testing, according to reports from China. The trial is being positioned as China’s first large-scale real-home test of a general-purpose humanoid robot designed for domestic use.

While humanoid robots have become increasingly adept at performing carefully choreographed demonstrations, researchers say the real challenge lies in operating inside unpredictable human environments.

From Robot Demos To Real Household Work

In a demonstration apartment in Wuhan, two SeeLight S1 robots carried out a variety of household chores. According to Global Times and China Daily reports, one robot prepared breakfast by retrieving food items, heating chicken in a microwave, clearing dishes, and loading a dishwasher. Another removed laundry from a dryer, folded clothes, and organized them in a wardrobe.

According to GigaAI, the robots learned these tasks through less than a month of on-site training. The company’s executives argue that household robotics represents a fundamentally different challenge from the acrobatic robot videos that often dominate social media.

“Tasks such as dancing or performing flips mainly rely on what we can call the robot’s cerebellum,” GigaAI co-founder and chief scientist Zhu Zheng told Global Times. “Household robots, however, depend on the brain.”

That distinction reflects a broader challenge in robotics known as embodied AI, where machines must perceive their surroundings, understand spoken instructions, plan actions, and adapt to constantly changing environments.

Why Are Homes Harder Than Factories?

Factories are structured and predictable. Homes are not. Furniture gets moved, objects are left in unexpected places, lighting conditions change throughout the day, and every household follows different routines.

Researchers often point to Moravec’s paradox, a long-observed phenomenon in artificial intelligence where tasks humans consider difficult, such as advanced mathematics or strategic games, can be easier for machines than seemingly simple activities like folding clothes, grasping objects, or navigating cluttered rooms.

The SeeLight S1 attempts to address this challenge through what GigaAI describes as an embodied foundation model. Rather than following pre-programmed action sequences, the system is designed to process natural-language instructions, interpret its surroundings, create a plan, and execute tasks autonomously. According to the company, the robot can also adapt when furniture layouts change and continue operating even when interrupted during a task.

Still Far From A Robotic Maid

Despite the impressive demonstrations, reports from users and observers suggest there is still considerable room for improvement.

According to Global Times, some household tasks remain slow. Organizing a few books can take several minutes, while folding a single piece of clothing may require more than ten minutes. The robot has also reportedly struggled with tasks such as handling cups without spilling liquids.

Those limitations highlight the gap that still exists between controlled demonstrations and practical household automation. The current SeeLight S1 is therefore less a finished consumer product and more a data-collection platform designed to learn from real-world environments.

GigaAI plans to launch an upgraded SeeLight S2 later this year with a smaller chassis, longer battery life, improved arm reach, and more advanced AI algorithms. The company also intends to expand testing into homes with elderly residents, children, and various living arrangements to expose the robots to a wider range of real-world scenarios.

While humanoid assistants capable of seamlessly handling household chores remain a work in progress, the deployment of 100 robots into actual homes represents an important experiment. The question is no longer whether robots can perform tasks in carefully staged demonstrations. It is whether they can cope with the messy, unpredictable reality of everyday life.

Tyler Durden
Wed, 06/10/2026 – 06:30