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Putin Rejects Open Letter By Zelensky Urging Meet: ‘Pointless’

Putin Rejects Open Letter By Zelensky Urging Meet: ‘Pointless’

Russian President Vladimir Putin has responded dismissively to Ukrainian President Volodymyr Zelensky’s open letter issued the day prior, which urged that the two leaders meet in order to finally forge a peace deal and bring an end to the war, now it its fifth year.

Putin made clear Friday that he sees no point in holding a personal meeting with Zelensky. He was asked directly about the letter while attending the St. Petersburg International Economic Forum (SPIEF). In response the Russian leader addressed not the “authors of the epistolary genre,” but to Russian soldiers on the frontline: “The whole country is proud of you and is counting on you. Keep up the good work, brothers!” And then, per TASS:

Asked to clarify if this response means that he doesn’t plan to meet with the letter’s author, Putin said, “So far, I see no point in this.”

He went on to reject the idea of “meeting just for the sake of meeting” – but did reveal for the first time that only last month he sent an informal envoy to Ukraine at Kiev’s request. Apparently that was the opening of a serious diplomatic overture.

But then, he noted, Ukrainian forces bombed a college dormitory in Lugansk merely soon after the Russian envoy arrived. The brutal attack killed 21 people, mostly teenage girls – and injured many dozens more. The Kremlin was outraged at the ‘terrorist act’ and the following week heavily bombed various Ukrainian cities, especially the capital. 

State media featured more of Putin’s response:

The letter is either “a means to create an environment for a personal meeting, or maybe is this letter meant to make sure that no personal meetings can take place at all,” he remarked, concluding: “I think it’s the second.”

Zelensky’s lengthy Thursday letter had said Ukraine is also ready for a “full ceasefire.” Zelensky wrote: “Ukraine proposes ending this war through direct engagement between us – and you. I am proposing a meeting. Ukraine is ready for a full ceasefire for the duration of the negotiations,” he added.

The letter also at one point said, “The choice is yours now. Enough of war” and then spells out that “Ukraine proposes to end this war.”

“This must be done honestly, with dignity, and with guarantees that the war will not be reignited,” Zelensky added. And then interestingly, “We see that the United States is fully focused on the issue of Iran, and it would be wrong to simply wait until the war in Europe returns to the center of its attention.

Despite the long appeal, President Putin and the Kremlin have demonstrated a willingness to allow a long war to drag on, and are unlikely to be moved. Putin has said there’s no need for a truce unless a deal is already close or about to be signed. But the two sides aren’t any closer to being at the negotiating table as yet.

Tyler Durden
Fri, 06/05/2026 – 18:00

Minnesota Mob Blindness: St. Paul Prosecutor Drops All Charges Against City Church Demonstrators

Minnesota Mob Blindness: St. Paul Prosecutor Drops All Charges Against City Church Demonstrators

Authored by Jonathan Turley via JonathanTurley.org,

Minnesotans are familiar with the perils of “snow blindness,” a temporary blindness caused by overexposure to ultraviolet rays from the reflection from snow and ice. It appears that Minnesota politicians and prosecutors have a type of mob blindness, where they cannot see crimes committed in front of them by the far left. That condition appears to be tragically evident in St. Paul, where City Attorney Irene Kao made an absurd denial of any criminal activity at the demonstration in the City Church on Jan. 18th. While claiming that there were no observable crimes, Kao’s decision just happened to be enormously popular with the mob-driven politics and polling in her state.

In January, dozens of anti-ICE protesters, and former CNN journalist Don Lemon, descended upon the church and disrupted a mass because a church official had connections to ICE.

The demonstrators could have been charged with such offenses as disorderly conduct, interfering with a religious observance, knowingly participating in a noisy assembly and making or continuing a disturbing or excessive noise.

There was a demonstrator who was able to get her misdemeanor charges dismissed earlier. However, Emily Phillips was arrested for her conduct outside of the church and actually responded to police demands that she stop using her bullhorn.

Her case is a good point of comparison. Protesting outside is vastly different from entering a church or event to disrupt it or shout down speakers.

These demonstrators entered a church, refused to leave when told to do so, and abused parishioners while stopping the services.

Kao offers little more than a shrug: “Following a careful evaluation of the video footage, investigative reports, and other available materials, prosecutors determined that the current evidence is insufficient to meet that standard for criminal charges under Minnesota state statutes.”

There are 39 people still charged by the federal government under the FACE Act.

Kao insisted, “The right to peacefully protest is protected, as is the right to exercise one’s religious beliefs. Balancing these equally important rights is paramount to our decision today.”

This is not protected free speech. It is conduct. Indeed, it is criminal conduct.

While Kao stressed that there was no property damage, it is not required under these criminal charges.

What is missing is not the basis for criminal charges but the will to prosecute them. Once again, Democratic politicians are yielding to the mob and refusing to see the criminal conduct.

It is reminiscent of CNN national correspondent Omar Jimenez reporting live from Kenosha, Wis., with a raging fire in the background over a chyron reading, “FIERY BUT MOSTLY PEACEFUL PROTESTS AFTER POLICE SHOOTING.”

These politicians and state prosecutors hope to ride this rage wave back into power in Congress and the White House. Indeed, some have told voters to “let your rage fuel you.”

We have seen this pattern before in history. Establishment figures often try to harness the rage of the mob, only to be ultimately consumed by the rage themselves.

Irene Kao’s decision is a cynical concession to the mob. It is a decision that will give the Minnesota mob a further sense of license.

Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University. He is the author of the bestselling books “The Indispensable Right: Free Speech in an Age of Rage” and “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden
Fri, 06/05/2026 – 17:40

Trump Tells “Less Shackled” Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension

Trump Tells “Less Shackled” Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension

When has the Senate ever not increased government spy powers? When President Trump installs Bill Pulte as acting DNI and instructs him to start kicking hornet nests, apparently.  

In a WSJ interview published Friday, Trump revealed he has directed incoming acting Director of National Intelligence Bill Pulte to begin the process of firing a large number of employees as part of a major shake-up of the U.S. intelligence community. Trump described the Office of the Director of National Intelligence (ODNI) as “unnecessary and/or too big” and said he wants it made “much smaller” – and possibly even terminated.

I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there,” Trump said, targeting holdovers from prior administrations. He told Pulte to “start the process” of firings, noting that Pulte’s acting status makes him “less shackled” and gives him more power in the short term to do the “hard work” of downsizing before a permanent director is confirmed. Trump compared the approach to Education Secretary Linda McMahon’s efforts to shrink her department.

This aggressive move comes as the Senate early Friday morning blocked a procedural motion to extend a key provision of the Foreign Intelligence Surveillance Act (FISA), in a 47-52 vote that saw seven Republicans join nearly all Democrats in opposition. The timing of Trump’s decision to name federal housing finance regulator Pulte as acting Director of National Intelligence played a central role in the backlash.

Senate Majority Leader John Thune acknowledged that “the naming of Pulte to that position, although the timing arguably wasn’t the best,” still should not derail such a critical national security measure according to AP. However, the backlash proved too strong.

  • Democrats and several Republicans viewed Pulte’s lack of intelligence-community experience and past controversies as disqualifying for leading the 18 U.S. intelligence agencies.
  • Sen. Mark Warner (D-VA), the top Democrat on the Senate Intelligence Committee, said a negotiated “compromise” on a strong FISA bill had been reached with Chair Sen. Tom Cotton – but the “complete irresponsibility of putting forward” Pulte changed the equation.
  • Warner questioned giving Pulte “the keys to the 18 intelligence agencies.”
  • Sen. Ron Wyden (D-OR) framed the bipartisan vote as a stand against warrantless surveillance of Americans’ communications.

Trump himself walked back the move on Thursday, saying Pulte would not be his permanent nominee for the role.

The blocked FISA provision would have extended warrantless collection of foreign-target communications (which can incidentally capture Americans’ data). The dramatic personnel and structural changes Trump is pushing through Pulte at this exact moment intensified opposition and contributed to the Senate’s inability to advance the extension before its June 12 expiration.

Thune indicated the Senate will try again next week, but any deal would still need 60 votes to advance – and the House has its own complications, including disagreements over a central bank digital currency provision.

Pulte’s acting appointment, announced at a sensitive moment in FISA negotiations, provided opponents with leverage to slow the process and demand more accountability on both surveillance reform and leadership qualifications.

Tyler Durden
Fri, 06/05/2026 – 17:20

Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors

Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors

Authored by Jasper Ward via The Epoch Times,

Ohio State University has reached a $100 million settlement with nearly 300 former students who had accused the school’s campus doctor of sexually assaulting them decades ago, the school and a lawyer for the victims said on Wednesday.

The Ohio State University campus in Columbus, Ohio, U.S., November 25, 2020. Megan Jelinger/Reuters

The settlement with 279 of the 280 former students was ratified by the university’s board on Wednesday. It followed years of litigation over accusations of decades of abuse by Richard Strauss.

The abuse occurred from 1978 to 1998, the year he retired from the faculty.

“The mediation and its confidentiality are continuing as the parties work to finalize the details of the settlements, and additional information will be shared as appropriate,” the school and a lawyer for the victims said in a joint statement.

In February, the university reached eight additional settlements, bringing the total to 304 survivors and more than $60 million.

Strauss, who killed himself in 2005, was employed by Ohio State’s athletic department and medical staff for nearly two decades.

A 2019 report detailing the investigative findings said that Strauss had sexually abused at least 177 men, nearly all of whom were students, and that university staff who knew of the abuse failed to act. The abuse included groping and fondling of the students’ genitals and other acts under the guise of a medical examination.

News of the investigation and its findings prompted more than 500 plaintiffs to sue Ohio State, alleging they had been sexually abused by Strauss and that the school had shown deliberate indifference.

Tyler Durden
Fri, 06/05/2026 – 15:00

Ringing The Bell: Meta Plunges On Report It May Sell “Tens Of Billions” In New Stock

Ringing The Bell: Meta Plunges On Report It May Sell “Tens Of Billions” In New Stock

They don’t ring the bell at the top, but they sure do sell a lot of stock.

With SpaceX, Anthropic and OpenAI looking to IPO hundreds of billions in common stock (not counting even more hundreds of billions in lock up expirations that will hit the market soon)…

… coupled with Google’s record $80 Billion follow on offering (of which half was a memestock-esque At The Market offering direct to retail), suddenly the cash-incinerating AI companies – already full to the gills with SPV and various other forms of debt – are realizing that if they don’t move fast they will miss the boat.

And sure enough, FT reports that arguably the biggest cash burner of the lot, Meta, is considering raising tens of billions of dollars in a stock offering as it seeks new sources of capital to fund Mark Zuckerberg’s vast ambitions in AI, following the launch of Google’s record $85bn share deal this week.

According to the report, company execs have been exploring “creative” ways to raise cash as it prepares to sharply boost its AI-related capital expenditures to as much as $145bn this year and even higher in 2027, according to three people familiar with the plans.

The discussions intensified after the success of Google parent Alphabet’s equity raising this week, which was increased by $5bn after strong investor demand, but – as noted above – GOOGL has a much more viable cash flow profile than Meta, which will be FCF negative this year.

The news sent META stock plunging to the lowest level since early April. 

Meta’s decision to consider a fresh share sale comes amid a frenzy of activity in US equity capital markets, with Elon Musk’s SpaceX set to hold its initial public offering next week and AI groups Anthropic and OpenAI also working on plans for massive Wall Street debuts. 

Mega tech companies have also tapped debt markets – which as we said last year AI is also now a bubble – as they rush to finance AI infrastructure, including chips and data centers.

Meta CFO Susan Li is leading the talks over the potential share sale alongside Dina Powell McCormick, who moved from Meta’s board to take a more active role as president in January. Powell McCormick has been tasked with overhauling Meta’s approach to AI infrastructure and financing, with a focus on longer-term planning as it enters the most capital-intensive period in its history.

Meta must find new ways to fund the huge data centers needed to train and run advanced AI models to fulfil Zuckerberg’s vision for “personal superintelligence” delivered through Facebook, WhatsApp and Instagram, as well as a family of AI-powered wearables such as smart-glasses and voice pendants.

Meta has not yet hired banks and ultimately may not issue new stock. One person cautioned that it was “premature” to say that the company had decided what to do and all financing options remain on the table.  A Meta spokesperson said the share sales talks were “pure speculation”, but added “we’ve been clear that huge opportunities lie ahead in AI, and we’ll continue focusing on raising capital in the most flexible ways to support that”.

A person familiar with Meta’s discussions said the group had looked at the structure of Alphabet’s capital raising, which included “mandatory convertible preferred issuance”. This allows it to raise cash immediately, but defers the stock issuance potentially for years.

According to the FT report, Goldman Sachs would be in a strong position to win the Meta mandate considering Powell McCormick spent 16 years at the investment bank. The Wall Street bank led the Google deal announced this week. 

As noted above, Meta exces are conscious that they will have to move fast if they decide to raise equity to ensure capacity and investor enthusiasm remain amid a historic glut of activity in US public markets. SpaceX is set to raise as much as $86bn next week in an IPO that would value the group at $1.78tn. Claude maker Anthropic has confidentially filed for its own listing and rival OpenAI is also preparing to go public. Both are expected to raise tens of billions and attract $1tn-plus valuations.

Analysts say that Meta’s Big Tech rivals such as Microsoft and Amazon are also likely to be considering their own stock sales as their data centre spending surges and investors question the impact on their balance sheets.

Meta has already raised fresh capital through new means and innovative structures. The company had less than $10bn in long-term debt as recently as 2022, but borrowed $55bn in globe-trotting deals in recent months. In October, it raised $27bn in a bond sale through a joint venture with private capital firm Blue Owl to build a Manhattan-sized data centre in Louisiana dubbed “Hyperion”. Something we warned would soon become an off balance sheet template for all Mag 7s.

Meta has also been conserving capital by cutting costs and other means. Last month it fired 8,000 people and stopped hiring for 6,000 roles.The company also halted share buybacks in late 2025 after repurchasing its shares regularly since 2017.

Google paused its buyback programme in the first quarter after repurchasing about $45bn last year, according to FactSet data and company filings.

Finally, those wondering why the Mag 7s are rushing to sell stock instead of do much cheaper debt offerings, we gave the answer exactly a month ago: “Banks Are Choking”: The AI Debt Bubble Has Started To Burst.

Which only leaves equity sales, and just like that what went up in the past 2 months, is rapidly coming down. 

Tyler Durden
Fri, 06/05/2026 – 14:42

Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation

Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation

Fannie Mae and Freddie Mac shares jumped on Friday morning after President Trump said late Thursday that the mortgage giants were “probably worth $1 trillion,” reviving Wall Street hopes for a long-awaited exit from government control.

President Trump praised FHFA Director Bill Pulte on Thursday for turning around Fannie Mae and Freddie Mac, saying the mortgage giants “probably have $1 trillion in value.”

Full transcript:

“…a person who’s got high integrity. He’s done a phenomenal job at Fannie Mae, Freddie Mac. You probably have $1 trillion in value there. When he took over it was much less, and I guess I’m responsible for that too because everybody wanted me to sell it in my first term for 10% of what it’s worth right now. If I would’ve sold it, we would’ve lost $900 billion. We would’ve lost. Think about it. It’s probably worth $1 trillion. People want me to sell it at $100 billion — a very small percentage of what it’s worth now. And he built up a lot. Did a great job. And it’s an acting position. He is not going to be permanent because I don’t think you’d want to be. But he was a smart guy. You may find out some things about the rigged elections, etc. etc. I think he wants to do it. He’s got a lot of energy but will be very good. He’s not a permanent position. We’re looking at — we are interviewing people right now. But it is somebody just to take over for a little while.”

Fannie and Freddie were both up in the early cash session, rising 5% and 3%, respectively. Shares in both mortgage giants tumbled earlier this week after Trump named Pulte as acting Director of National Intelligence, raising concerns that the dual role could delay the sale of the government’s stake.

As of Friday morning, Fannie shares are down 34% YTD, while Freddie has slumped 38% YTD, as traders grow uneasy over the pace of the Trump administration’s privatization plans. Optimism around potential share sales drove large gains in 2025.

Bose George, managing director at Keefe, Bruyette & Woods (KBW), wrote in a note, “We’re comfortable with our most recently published numbers on the valuation—a current combined fair value in the $200–$250 billion range.”

Related:

Christopher Maloney, mortgage strategist at BOK Financial, noted, “I don’t believe I will ever see Fannie and Freddie released from conservatorship, at least not in my lifetime.”

Tyler Durden
Fri, 06/05/2026 – 14:00

University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess

University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess

Authored by Jonathan Turley,

It appears that being unrelentingly woke means that you need fewer dormitories. The University of Oregon is facing a major budget crisis and will cut $65 million from its budget and close dorms due to low enrollment. That growing crisis, however, did not stop Oregon from burning almost a million dollars fighting against free speech. It also did not induce its faculty to offer greater intellectual diversity and tolerance to prospective students. Oregon is a cautionary tale for a generation of academic social warriors, but also an opportunity for those who want to restore balance in higher education.

Oregon has long been an example of academic orthodoxy. While most state schools begrudgingly yield to First Amendment demands and offer better free speech alternatives to private universities, Oregon is known as a hardened silo for the far left in teaching.

We previously discussed how Portland State University Professor Bruce Gilley, who was blocked from the Twitter account of the University of Oregon’s Division of Equity and Inclusion after tweeting “All men are created equal.” Oregon spent almost a million dollars fighting to bar such speech.

Such controversies have plagued the university for years, with no sign of self-examination by administrators or academics. The university was criticized for its monitoring of social media to punish errant thoughts or microaggressions. The law school’s law review was accused of anti-Israel discrimination.

The school previously gave special recognition to University of California (Santa Barbara) Professor Mireille Miller-Young, who criminally assaulted pro-life advocates on the campus of the University of California at Santa Barbara.  At the University of Oregon, she was honored as a featured speaker at the University of Oregon’s  Department of Women’s, Gender, and Sexuality Studies.  Part of its “black feminist speaker series,” Miller-Young’s work was highlighted by the College of Arts and Sciences and the Department of English to show “the radical potential of black feminism in the work that we do on campus and in our everyday lives.”

Now, the school is facing declining revenues and enrollments.

President Karl Scholz recently announced that this was due to lower out-of-state first-year enrollment, which means lower tuition revenue, increased costs, and a loss of grant funding.

Strangely, while closing dorms, the school is still building two new dorms.

Putting aside the school’s past budget judgment and discipline, the university’s reputation for intellectual orthodoxy deters many who do not want to pay tuition for their children to be indoctrinated or silenced.  Even with plunging trust in higher education, administrators and faculty cannot resist the temptation to exclude opposing voices.

Oregon is not the only school facing such shortfalls. Some woke institutions have closed entirely. The irony is that faculty would seem to prefer to see their institutions die than restore balance to their departments. However, this may offer a real opportunity for legislators and donors to force real changes in the culture of these schools.

As I have previously written, parents and students who value free speech must increasingly look to public universities where faculty are subject to constitutional guarantees. Public universities may be the final line of defense for free-speech advocates.

We now largely have two systems of higher education for those seeking education with a diversity of opinions and viewpoints. Except for outliers like the University of Chicago and other private universities holding the line on free speech, the orthodoxy found at private universities remains a barrier to many conservative and independent thinkers.

If we are to protect these bastions of free speech, legislatures will need to play a more active role in addressing the exclusion of both faculty candidates and speakers on public campuses. Too many faculty members continue to take the view that citizens are a captive audience expected to continue funding their departments, while excluding conservative or dissenting views held by many, if not most, citizens in a given state.

If faculty members want to continue maintaining echo chambers for their own viewpoints, they should have to seek private donors to sustain such intolerance and orthodoxy.

Legislatures can demand evidence that schools are maintaining intellectually diverse faculties in determining the level of continued support from citizens.

When some of us have argued for such campaigns, academics hypocritically claim that we are calling for political litmus tests or hiring based on political parties. It is an absurd argument that I have previously addressed, including in my book The Indispensable Right: Free Speech in an Age of Rage.”

The call is for donors and legislators to withhold funding until they see real reforms, including greater diversity on faculties. They are not directing the hiring but looking at the results. The faculty members objecting to such calls have watched passively (or actively supported) the purging of conservative or libertarian faculty from universities and colleges.

When confronted by their own obvious ideological litmus tests, they shrug. Some acknowledge that their departments are overwhelmingly liberal, but insist that they just cannot find “competent” or “intellectually promising” conservatives. A few will admit that they do not believe that conservative views have a place in their departments.

It is impossible to deny the purging of faculties to create an academic echo chamber. If a large corporation effectively eliminated women or minorities while claiming no conscious discrimination, they would be trounced in court.

For years, I have raised concerns about the intolerance in higher education and surveys showing that many departments no longer have a single Republican as faculty members replicate their own views and values. There is no evidence that any faculty members (including those acknowledging the loss of virtually all faculty from the right of center) are honestly willing to reform their schools.

That ideological echo chamber is hardly an enticement for many facing rising tuition costs and relatively little hope of being taught by faculty with opposing views.

A Georgetown study recently found that only nine percent of law school professors identify as conservative at the top 50 law schools — almost identical to the percentage of Trump voters found in the new poll.

There is little evidence that faculty members are interested in changing this culture or creating greater diversity at schools.  In places like North Carolina State University a study found that Democrats outnumbered Republicans 20 to 1.

As college and university presidents face these shortfalls, it is time for legislators and donors to demand real proof of diversity in hiring and a change in the culture of these institutions. Otherwise, schools like Oregon will continue to close dorms as they push wokeness over wisdom.

Tyler Durden
Fri, 06/05/2026 – 13:40

“The Rebirth Of America’s Nuclear Industry”: Antares Microreactor Goes Critical

“The Rebirth Of America’s Nuclear Industry”: Antares Microreactor Goes Critical

Antares just did something that has been painfully rare in American nuclear energy: it took a privately developed advanced reactor from concept to actual criticality on an aggressive, publicly stated schedule.

On June 4th at Idaho National Laboratory (INL), the company’s Mark-0 microreactor achieved initial zero-power fueled criticality under the Department of Energy’s Reactor Pilot Program. 

When a reactor goes critical, it is experiencing a self-sustaining chain reaction of fissioning uranium atoms inside of its core. A zero-power fueled criticality means the reactor was taken critical at an extremely low power level to prevent any heat production or significant radiation and facilitate data collection. 

It is the first advanced reactor to hit that mark in the program and the first privately developed non-light-water reactor to reach criticality in the United States in more than four decades.

This is not another rendering or licensing milestone:

  • Fission happened
  • Ahead of schedule

We have been tracking the microreactor industry’s rapid evolution across multiple articles. The handful of developers positioning under the new DOE fast-track authorities created by President Trump’s May 2025 executive orders

In early April we detailed Antares securing the first-ever Documented Safety Analysis approval for an advanced reactor under DOE-STD-1271, which is a regulatory green light viewed as equivalent to an NRC license for their test reactor. 

We covered their selection for the Air Force’s Advanced Nuclear Power for Installations program at Joint Base San Antonio. And just last week we reported on their groundbreaking multi-year commercial HALEU supply agreement with Urenco, the first long-term commercial contract of its kind, securing fuel for scale beyond limited government allocations.

Today’s criticality is the concrete payoff from that string of updates.

The Mark-0 demonstration validates key reactor physics and overall system performance for Antares’ broader R1 transportable microreactor design. The unit is sized for 100 kWe to 1 MWe, with a targeted refueling interval of more than six years, factory-fabricated modularity, and high-temperature heat pipes. 

It uses TRISO fuel fabricated by BWX Technologies, drawing directly on the fuel specification and manufacturing work matured under the Department of Defense’s Project Pele military microreactor program. The U.S. Army was integrated throughout as a future end user.

Energy Secretary Chris Wright called it fitting on the eve of the nation’s 250th anniversary: the first new privately developed non-light-water reactor criticality in America in over 40 years. Assistant Secretary Ted Garrish noted the skeptics who doubted the Reactor Pilot Program could deliver criticality in less than a year. ANS President Mark Peters congratulated the team but correctly framed criticality as “a starting line, not a finish line.”

U.S. Chief Technology Officer Dr. Ethan Klein was a little more enthusiastic

Antares CEO Jordan Bramble on making history: “Hitting our commitments is everything to us. Nuclear in America has been defined for too long by delays, by companies that said they would and then didn’t. We said criticality in 2026, electricity production in 2027, and power to the warfighter in 2028. Today is the first of those commitments delivered on the schedule we set.”

The company went from concept to a critical reactor safely in less than 12 months. 

Criticality is the starting line. But for the first time in a long time, that line just got crossed on a credible, aggressive timeline rather than a bureaucratic one. The microreactor race has a clear early leader in execution. The question now is whether the rest of the industry and the policy apparatus treat this as the new baseline, or simply another headline before the next round of delays sets in.

Tyler Durden
Fri, 06/05/2026 – 13:20

New Footage Reveals Ford Carrier Damage Far More Severe Than Pentagon Acknowledged

New Footage Reveals Ford Carrier Damage Far More Severe Than Pentagon Acknowledged

Newly surfaced footage obtained by CNN indicates that a severe fire aboard the USS Gerald R. Ford – the world’s largest aircraft carrier – inflicted far more extensive damage than the Trump administration initially admitted to the public.

Early in the conflict it was forced to depart Mideast regional waters and retreat West in the Mediterranean, before undergoing extensive repairs at port in Croatia. Pundits were skeptical of official explanations, which suggested an accidental fire was sparked in the laundry room aboard the giant vessel.

US Navy file: Ford carrier

The major blaze erupted in March at a moment Iran claimed to have directly hit US naval vessels, but crisis was consistently downplayed by Pentagon officials at the time.

The obtained video reveals severely destroyed sleeping quarters, showing sailors’ bunks entirely reduced to charred, twisted metal. The ceiling directly above the berthing areas appears completely gutted by the intense flames, while exposed wiring hangs from overhead and thick ash blankets the floor.

One sailor and eyewitness stationed on board the aircraft carrier told CNN: “I seriously thought we were going to lose the ship. It’s either fight or die.”

This doesn’t sound like some localized fire in a small compartment, but a massive emergency – which as we now now derailed the Ford’s ongoing Iran mission in CENTCOM regional waters.

According to prior revealed details, it took the carrier’s crew approximately 30 hours of continuous damage control to fully extinguish the fire, clear out the wreckage, and importantly prevent the fire from reigniting. Some

600 sailors were displaced and left without access to their standard bunks, it had been revealed soon after the event took place.

While the definitive cause of the fire remains unclear, Tehran has claimed responsibility, asserting it successfully targeted the premier American aircraft carrier.

Again, this has fueled widespread speculation that the Iranian account could be accurate, given the Pentagon is known to have downplayed other instances where significant military hardware came under fire.

Prior reporting has also underscored that the blaze actually hindered combat operations against Iran. The incident has been confirmed to have resulted in a complete halt to two days of combat operations. Chief of Naval Operations Adm. Daryl Caudle, had described two months ago, “They fought that, put it out, and started flying sorties two days after that, so I’m very proud of that crew.”

Tyler Durden
Fri, 06/05/2026 – 12:40

Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA

Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA

Yesterday we shared a forensic analysis of the mechanics of the $75 billion SpaceX IPO and how to trade it, while specifically saying we are leaving the fundamentals aside. The reason for that is that the historicals of the company are, to put it mildly, problematic when it comes to projecting how the company grows into a multi-trillion behemoth. 

As a reminder, SpaceX posted revenue of just under $20 billion for the LTM period, with approximately $6 billion EBITDA and loss of $4 billion, virtually all driven by the conglomerate’s Connectivity (Starlink) division and to a lesser extend, the Launch Services division. Solid numbers on their own, but do they justify a $1.75 trillion in valuation?

So how exactly does SpaceX get from here to there? 

We got the answer this morning courtesy of the WSJ which got its hands on an analysis shared by Morgan Stanley with top investors. 

Needless to say, to support the $1.77 trillion valuation Elon Musk’s SpaceX is targeting in its IPO, bankers are telling investors to look to the future…. far into the future. 

Morgan Stanley projects that SpaceX’s revenue could reach $3.4 trillion in 2040. The bank told investors the rocket maker’s adjusted EBITDA in 2040 could top $2.7 trillion, or a largely unheard of 80% EBITDA margin.

Some more details: the WSJ also notes that sellside analysts at Goldman Sachs and Morgan Stanley both projected SpaceX’s revenue would be near $160 billion in 2028, up from $20 billion currently. Goldman estimated that the rocket company’s revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion. Goldman and Morgan Stanley expect SpaceX to have adjusted EBITDA of around $110 billion in 2028 and $352 billion and $230 billion, respectively, in 2030. 

Using these data, we have charted how SpaceX revenue and EBITDA would have to grow (assuming a 2028 baseline of $160BN in revenue and $110 billion in EBITDA). The projection is… aggressive.

To get to those stratospheric – no pun intended – levels, both banks anticipate revenue from SpaceX’s AI business to provide the bulk of the revenue after this year and grow dramatically. Goldman projected that unit would contribute around $322 billion in 2030, while Morgan Stanley projected around $190 billion that year. SpaceX reported revenue from its nascent AI division of $3.2 billion in 2025.

How realistic are these assumptions? Some thoughts from Brandon Carl, who writes that the MS forecast would require 14% US GDP growth over 14 years . The long-term average is 6.5%.:

“Most Successful Company Ever” Assumptions

  • SpaceX commands 5% of US corporate profits
  • Corporate profits become 15% of GDP, by far a record

Implications

  • Total US corporate profits = $54 trillion
  • US GDP = $205 trillion
  • 14 year US GDP growth rate = 14%

“Still Aggressive” Assumptions

  • SpaceX commands 2% of corporate profits
  • Corporate profits are 10% of GDP, historically high
  • Then US GDP = $770 trillion growing at 26%

Assume that EBITDA is about 1.75x profits, so profits = $1.54 trillion.

Goldman and Morgan Stanley are certainly redefining the hockeystick when it comes to the SpaceX IPO: the two banks snagged the top two roles out of the 21 banks on SpaceX’s IPO, putting their banks in line to get the biggest shares of the hundreds of millions of dollars of fees. Which is why if for whatever reason the IPO bombs or fails to launch they stand to lose the most.

So will people “buy” these ludicrous projections? Well, according to Bloomberg, with one week left to go until the actual IPO, the offering is already oversubscribed.

  • *SPACEX IPO IS SAID TO DRAW MORE ORDERS THAN SHARES AVAILABLE

This means that the deal will almost certainly price at Musk’s desired offering price of $135. What happens after that is anyone’s guess. 

Tyler Durden
Fri, 06/05/2026 – 12:05