Individual Economists

Verizon Axes 13,000 Workers Just One Week Before Thanksgiving

Zero Hedge -

Verizon Axes 13,000 Workers Just One Week Before Thanksgiving

Verizon CEO Dan Schulman released a public letter to the company's 100,000-person workforce on Thursday morning, revealing that more than 13,000 job cuts will begin today. The timing is optically displeasing, coming just one week before the Thanksgiving holiday.

"Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses," Schulman wrote in the letter.

Schulman said Verizon established a $20 million Reskilling and Career Transition Fund for departing workers, focused on training, digital skills, and job placement in the era of artificial intelligence.

"This fund will focus on skill development, digital training and job placement to help our people take their next steps. Verizon is the first company to set up a fund to specifically focus on the opportunities and necessary skill sets as we enter the age of AI," the CEO noted.

Schulman's letter comes one week after the Wall Street Journal reported that Verizon was planning about 15% in job cuts, or about 15,000 workers.

Bloomberg's latest data suggests that 13,000 job cuts equal about 13% of its roughly 100,000-person workforce. WSJ notes this would be the largest workforce reduction on record for the carrier.

Also, last week, Verizon chairman Mark Bertolini told CNBC's Becky Quick on "Squawk Box" that the company needs to "do something different" as it undergoes its leadership change.

Separate but notable... 

So we guess that the "something different" is making 13,000 workers have a miserable holiday season.

Tyler Durden Thu, 11/20/2025 - 21:40

BitMine Sits On $3.7B Loss As DAT 'Hotel California' Meets BlackRock's Staked ETH ETF

Zero Hedge -

BitMine Sits On $3.7B Loss As DAT 'Hotel California' Meets BlackRock's Staked ETH ETF

Authored by Zoltan Vardai via CoinTelegraph.com,

Concerns are mounting over the sustainability of corporate crypto-treasury firms as BlackRock moves forward with a staked Ether fund that analysts say could compete directly with existing digital-asset treasuries.

BitMine Immersion Technologies, the world’s largest corporate Ether holder, is currently down $1,000 per purchased ETH, implying a cumulative unrealized loss of $3.7 billion on its total holdings, according to a Thursday research report from crypto insights company 10x Research.

The decline in net asset value (NAV) across these firms is making it difficult to attract new retail investors while leaving many existing shareholders effectively “trapped” unless they sell at a steep loss, 10x Research founder Markus Thielen wrote in a LinkedIn post.

“When the premium inevitably shrinks to zero, as it is doing now, investors find themselves trapped in the structure, unable to get out without significant damage, a true Hotel California scenario,” he said.

He added that, unlike exchange-traded funds (ETFs), digital-asset treasury companies, or DATs, “layer on complex, opaque, and often hedge-fund-like fee structures that can quietly erode returns.”

BitMine, Ethereum, right-hand side (RHS) price. Source: 10X Research

The mNAV ratio compares a company’s enterprise value to the value of its crypto holdings. An mNAV above 1 allows a company to raise funds by issuing new shares to accumulate digital assets. Values below 1 make it much harder to expand capital and holdings.

BitMine’s basic mNAV stood at 0.77 while its diluted mNAV stood at 0.92, according to data from Bitminetracker.

BitMine overview, holdings, share metrics. Bitminetracker.io

BitMine holds about 3.56 million ETH valued at roughly $10.7 billion, representing 2.94% of the total Ether supply. The firm’s average cost basis is $4,051 per ETH.

Other DATs also suffered a sharp decrease in their mNAVs, including Strategy, Bitmine, MetaplanetSharplink Gaming, Upexi and DeFi Development Corp.

BlackRock steps in with lower-cost competition

BlackRock has registered a new staked Ether ETF offering in Delaware, marking the first step for the $13.5 trillion asset management giant’s diversification into Ethereum-based products, Cointelegraph reported earlier on Thursday.

Source: Eric Balchunas

BlackRock’s proposed Ether staking ETF could offer another low-cost, yield-generating fund, without the hidden costs associated with traditional treasury firms.

This development may threaten the economics of DATs, according to 10x Research.

“With BlackRock now seeking approval to stake ETH in its ETF, offering a low-cost source of yield, the economics of DATs are likely to face increasing scrutiny,” the research report states.

More investors may start reallocating toward a potential staked Ether fund from BlackRock when they realize that the 0.25% management fee is far smaller compared to the embedded costs of DATs, according to 10X.

Asset managers REX-Osprey and Grayscale have already launched staked ETH ETF products in September and October.

Tyler Durden Thu, 11/20/2025 - 13:20

Jasmine Crockett Shares List Of Republicans Who Took Money From Epstein - Only Problem - It Was A Different Epstein!

Zero Hedge -

Jasmine Crockett Shares List Of Republicans Who Took Money From Epstein - Only Problem - It Was A Different Epstein!

Authored by Debra Heine via American Greatness,

Rep. Jasmine Crockett (D-Texas) has publicly beclowned herself for the second time in a week by falsely accusing several Republican politicians of taking money from “somebody named Jeffrey Epstein.”

Folks who also took money from somebody named Jeffrey Epstein, as I had my team dig in very quickly—Mitt Romney, the NRCC, Lee Zeldin, George Bush, McCain-Palin,” Crocket declared on the House floor on Tuesday.

Federal campaign finance records show that Epstein donated primarily to Democrats, including two current sitting members of Congress, Delegate Stacy Plaskett (D-V.I) and Senator Chuck Schumer (D-N.Y.), both of whom have retained the donations, despite scrutiny.

Even worse, newly released documents from Epstein’s estate include text messages between Plaskett and Epstein that show he advised her on what questions to ask President Trump’s former attorney Michael Cohen during a 2019 congressional hearing.

The Republican-led House Oversight Committee also recently released documents revealing that a fundraising firm representing Minority Leader Hakeem Jeffries ( D-N.Y.) solicited donations from Epstein in 2013, shortly after Jeffries’ first election to the House and well after Epstein’s 2008 conviction for soliciting prostitution from a minor.

“I just want to be clear, if this is the standard that we gonna make, just know we’re gonna expose it all. And know that the FEC filings, they are available for everyone to review,” Crockett said, hoping to deflect from these Democrat embarrassments.

Public records however indicate that most of the donations highlighted by Crockett came from an entirely different person, a Republican physician named Jeffrey Epstein.

Zeldin, currently Trump’s Environmental Protection Agency (EPA) Administrator, blasted the congresswoman on X: “Yes Crockett, a physician named Dr. Jeffrey Epstein (who is a totally different person than the other Jeffrey Epstein) donated to a prior campaign of mine. NO FREAKIN RELATION YOU GENIUS!!!

Records also showed that Dr. Epstein made two $250 donations to former Republican Utah Sen. Mitt Romney during his presidential run in 2012,” the Daily Caller reported.

All of the donations mentioned by Crockett reportedly came from other people named Jeffrey Epstein, and came in some cases, came after the convicted sex trafficker had died.

The emails released by the House Oversight Committee on Wednesday show Rep. Hakeem Jeffries’ campaign soliciting money from Epstein in 2013 and inviting him to a Democrat fundraising dinner with then-President Barack Obama.

The fundraising firm Dynamic SRG refers to Jeffries in the email as “Brooklyn’s Barack” and a “progressive voice,” and encourages him to “get involved with the dinner” or “get an opportunity to get to know Hakeem better.”

Jeffries stated he has “no recollection” of the outreach and emphasized he “certainly” never met Epstein or accepted any money from him.

Plaskett, meanwhile, has dismissed accusations that she colluded with the sex offender in an effort to get Trump.

“I believe that Jeffrey Epstein had information and I was going to get information to get at the truth,” she said during an interview on CNN, Wednesday.

“There are a lot of people who have done a lot of crimes and as a prosecutor, you get information from people where you can.”

Republicans in the House on Tuesday attempted to censure Plaskett and remove her from the House Intelligence Committee, but failed in a 209-214 vote, with three Republicans joining Democrats in opposition, allegedly to protect Rep. Cory Mills (R-Fla.) from being censured himself, and referred to the House Ethics Committee for investigation.

Crockett, last week, was brutally called out by CNN when she tried to claim that Republicans had redacted a name in an email released by Democrats to smear Trump.

When the CNN host pointed out that Democrats had redacted the exonerating information, Crockett immediately flipflopped, claiming that Democrats redacted the name because their “biggest concern” was to “actually make sure” they were “protecting victims.”

Tyler Durden Thu, 11/20/2025 - 12:40

Zelensky 'Agrees' To Engage On US Plan To End War, Features Territorial Concessions

Zero Hedge -

Zelensky 'Agrees' To Engage On US Plan To End War, Features Territorial Concessions

At this point Axios, the Financial Times, the NY Times, and Ukrainian regional media have all said that the new peace plan being 'secretly' pushed by the Trump administration contains significant territorial concessions. Additionally, there are reportedly stipulations that would see Ukraine scale back its armed forces, stop receiving some Western weapons, and stops hosting all foreign troops.

A source has also told RBC-Ukraine that a key provision is that the Ukrainian government commits to a formal refusal for future NATO membership. The same report said things are taken further, as Russian officials and troops would receive amnesty for all wartime crimes.

Via Reuters

Additionally, international and US-led sanctions would reportedly be lifted on Moscow, paving the way for Russia's return to the global economy.

The US-proposed 28-point peace plan would cede control of the eastern Donbas to Russia, but other partially controlled territories like Zaporizhzhia and Kherson regions would see concessions made by Russia.

As we featured previously, Kremlin officials have finally said their position is being 'heard' - especially given this is the first time Washington appears to be getting serious about pushing territorial concessions. 

The plan appears to have been primarily drafted by President Donald Trump's envoy Steve Witkoff and Russian special envoy Kirill Dmitriev - but so far the Zelensky government has expressed dismay that it is being cut out of the process.

US Secretary of State Marco Rubio has since written on X that achieving a "durable peace will require both sides to agree to difficult but necessary concessions."

He acknowledged current talks are all about consulting both sides in order to "develop a list of potential ideas for ending this war."

On Thursday US Army and top Pentagon representatives are in the Ukrainian capital in an effort to pressure the Zelensky government into engaging in talks on the US-Moscow peace plan:

Senior Pentagon officials have arrived in Ukraine to "discuss efforts to end the war" with Russia, the US military has said.

The team, led by US Army Secretary Dan Driscoll, held talks with Ukrainian Prime Minister Yulia Svyrydenko on Thursday morning. They are expected to meet Ukrainian President Volodymyr Zelensky later in the day.

But it remains that Zelensky has throughout the war consistently rejected any proposal which features territorial concessions. He is supported especially be Ukrainian hardliners, both in the military and in parliament. 

However, fresh news headlines say Zelensky has expressed 'openness' to working with this framework:

  • ZELENSKIY: UKRAINE IS READY TO WORK WITH US, EUROPE FOR PEACE
  • ZELENSKIY SAYS HE AGREED TO WORK ON US DRAFT PLAN TO END WAR
  • OIL TURNS NEGATIVE AS ZELENSKIY SIGNALS OPENNESS TO PEACE TALKS

But already (and somewhat predictably) European hawks are chiming in negatively, urging Kiev against any 'compromise' with Moscow. "EU foreign policy chief Kaja Kallas warned that for any plan to work, it would need to have Ukrainians and their European allies on board," BBC writes.

French Foreign Minister Jean-Noël Barrot has seconded this viewpoint, saying "the Ukrainians do not want any form of capitulation."

Tyler Durden Thu, 11/20/2025 - 12:20

Watch: Sam Harris Blames Trump 'Cult' For Kirk Assassination

Zero Hedge -

Watch: Sam Harris Blames Trump 'Cult' For Kirk Assassination

Authored by Steve Watson via Modernity.news,

Atheist philosopher Sam Harris, known for his anti-religion books like “The End of Faith” and his “Making Sense” podcast, has absurdly pinned Charlie Kirk’s assassination on President Trump and his “cult” of followers.

During the rant on the Trigger Nometry podcast, Harris conveniently absolved radicalized leftists brainwashed by years of Democrat and media vitriol calling conservatives “Nazis” and “threats to democracy.”

Asked about Charlie Kirk’s murder, Harris responded, “I would put most of the onus, as will not surprise you, on the president and his cult.” 

He claimed that there’s “no party left of center” supporting the assassination, instead blaming Tucker Carlson, Elon Musk, and Alex Jones for ‘fueling the fire.’ 

This twisted logic ignores how Dems and their mouthpieces spent years radicalizing lunatics with “Trump is Hitler” smears—directly egging on violence while now playing innocent.

Recall how in 2022, Harris admitted to not caring about the Hunter Biden laptop scandal, stating it “absolutely should have been covered up” to stop Trump.

“At that point, Hunter Biden literally could have had the corpses of children in his basement—I would not have cared,” Harris sickeningly suggested.

He justified suppression, noting “Whatever the scope of Joe’s corruption is… it is infinitesimal compared to the corruption we know Trump is involved in.” 

This reveals Harris’ ends-justify-means mindset, excusing lies and censorship for political gain—now extending to blaming Trump for left-driven violence.

Harris’ victim-blaming seeks to exonerate the radical left he helped inflame, proving elite intellectuals like him prioritize anti-Trump narratives over truth.

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

Tyler Durden Thu, 11/20/2025 - 12:00

Stocks & Crypto Slammed As NVDA Erases Post-Earnings Gains

Zero Hedge -

Stocks & Crypto Slammed As NVDA Erases Post-Earnings Gains

Who could have seen that coming?

Sure enough - as has been the pattern - NVDA's overnight gains have been erased...

That has dragged all the majors back to day-session lows, with Nasdaq now unchanged (from up 2.4% at the highs)...

The plunge was exacerbated by all the majors breaking below key technical support...

Bitcoin is puking...

And it appears crypto was leading the majors lower...

As we detailed earlier with regard to whether the rally would stick, Goldman's Rich Privorotsky lays out the tactical bull and bear case:

  • The dream today is NVDA up 10%…GOOG powering on…useful-life comments killing the worst fears around CoreWeave and the debt-fueled AI buildout…sentiment snapping back as crypto, retail and systematic flows all rip and we grind back to the highs. Cherry on top would be a 20k-type NFP that puts cut pricing back near 75%. 

  • Worst case is NVDA pops at the open then slides as forward constraints cap the 2nd derivative of growth…crypto pukes, CTAs are still sellers, NFP is hot, and Dec drops to 25% while credit refuses to tighten to match the equity rally and remains the lead indicator. 

It appears the 'worst case' is looming as rate-cut odds are fading lower again now too...

Tomorrow brings the largest November OpEx in history - which will likely not help.

Tyler Durden Thu, 11/20/2025 - 11:44

Native-Born Workers Rise By 2 Million Under Trump To A New Record High, As Foreign-Born Plunge By 1.6 Million

Zero Hedge -

Native-Born Workers Rise By 2 Million Under Trump To A New Record High, As Foreign-Born Plunge By 1.6 Million

One can debate how effective Trump has been in following up on his various campaign promises, but one place where he has been steadfast is reversing the Biden admin's disastrous labor policies which favored foreign-born workers (mostly illegal aliens) over native-born workers.

Today's jobs report, which had something for everyone, including forecast-busting payrolls offset by the highest unemployment rate in 4 years at 4.4% (driven by another jump in black unemployment), was indisputably strong when it comes to one thing: the rotation from foreign born workers to domestic ones. 

To wit: in September, the number of native-born workers surged by 676K (after the August drop of 561K), while foreign-born workers dropped by 70K.

Now since the month-to-month changes are largely driven by seasonal factors, they don't convey the full picture. What does, is a longer-term study such as the one below, which shows that since Trump entered the White House and his policies started impacting the economy, the number of foreign born workers has slumped from a record 33.7 million in March 2025 to 32.1 million, a drop of $1.6 million. This has been offset by a slow but consistent increase in native-born workers which had been unchanged for six years since 2019 until the start of 2025, at which point it started to rise again, and has increased from 131.2 million in March 2025 to a new record high of 133.2 million in September.

As a reminder, right before the covid crash the number of foreign-born workers was about 28.7 million, and increased by a whopping 4.5 million under Biden, while the number of native-born workers was actually down, a decline which serious "economists" blamed on demographics, a lack of willingness to work, and anything else.

It turns out, the number of native-borns could have very easily gone up if only someone remove the massive overhang of millions of illegals flooding through the border and taking away jobs (at a massive paycut) which perfectly capable native-born Americans would have taken. 

 

Tyler Durden Thu, 11/20/2025 - 11:25

Qatar Warns Gaza Ceasefire On Brink Of Collapse After 24 Hours Of Israeli Strikes

Zero Hedge -

Qatar Warns Gaza Ceasefire On Brink Of Collapse After 24 Hours Of Israeli Strikes

Qatar and others are warning that the status of the over month-long Gaza ceasefire is precarious, and faces imminent collapse, after Israel mounted large-scale airstrikes on some areas of the Gaza Strip starting Wednesday. There have been several episodes of brief assaults over the past month, but the situation is escalating fast once again.

Some attacks have continued into Thursday, killing at least 32 Palestinians since the renewed assaults began. It all started after the Israeli army (IDF) said its troops in Khan Younis were fired upon, allegedly by Hamas or other Palestinian militants. But the IDF confirmed there were no troop casualties as a result.

This new flare-up marks by far the deadliest since the Trump-backed ceasefire went into effect. Hamas in response rejected the allegations of attacking IDF troops and condemned the new Israeli strikes as a "shocking massacre."

Via Reuters

Hamas in its statement called the IDF assertions "a flimsy and transparent attempt to justify ongoing crimes and violations." Israel had very soon on the heels of the alleged shooting incident launched airstrikes on Gaza City.

The Wednesday Palestinian death toll from the widespread airstrikes came to at least 28 killed, with a reported 17 of them women and children, according to Palestinian sources. At least three more have been killed in ongoing strikes Thursday in Gaza's south, with at least 88 wounded over the last 24 hours.

Qatar's Foreign Ministry in a statement on its official website said it "strongly condemns the brutal attacks carried out by the Israeli occupation in the Gaza Strip." Doha was a key player in helping mediate the Trump 20-point peace plan.

US officials have also frequently visited southern Israel since the truce went into effect, with the White House having since revealed that Trump 'pressured' Prime Minister Netanyahu to finally accept the plan.

There are some hardliners within Netanyahu's government who want to see the deal collapse, in order to pursue the final complete eradication of Hamas, and to ultimately open up Gaza to Jewish settlement.

Just as things are escalating again in Gaza, despite the fragile truce, IDF attacks are being renewed in southern Lebanon as well:

The Gaza strikes coincided with a barrage of Israeli airstrikes in southern Lebanon on Wednesday on what the Israeli military said said were Hezbollah sites, including weapons storage facilities. A day earlier, an Israeli airstrike killed 13 people in the Palestinian refugee camp of Ein el-Hilweh, the deadliest of Israeli attacks on Lebanon since a ceasefire in the Israel-Hezbollah war a year ago.

This week kicked off with the UN Security Council having formally backed the Trump Gaza plan. A resolution was backed by thirteen countries, with no country voting against and Russia and China abstaining.

The UNSC signed off on the establishment of an International Stabilization Force (ISF), which is included in the 20-point plan, and several countries have sent military representatives to assist.

Tyler Durden Thu, 11/20/2025 - 11:10

Newsletter: NAR: Existing-Home Sales Increased to 4.10 million SAAR in October

Calculated Risk -

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Increased to 4.10 million SAAR in October

Excerpt:
The fourth graph shows existing home sales by month for 2024 and 2025.

Existing Home Sales Year-over-yearSales were up 1.7% year-over-year compared to October 2024. The last 2 months of 2025 will have more difficult year-over-year comparisons.
...
Year-to-date, sales are essentially unchanged compared to last year - and 2024 was the lowest level of sales since 1995! Sales this year will be close to last year.

Will this be the lowest level of sales in 30 years?
There is much more in the article.

Richard Thaler + Alex Imas Live at Economic Club of New York

The Big Picture -

 

 

On a special bonus edition of Masters in Business LIVE, I speaks with Nobel Prize winning economist Richard Thaler, along with Alex Imas, Professor of Behavioral Science, Economics, and Applied AI at the University of Chicago Booth School of Business about their book, “The Winner’s Curse: Behavioral Economics Anomalies, Then and Now“. Recorded live on stage at the Economic Club of New York.

Look for a follow up discussion in studio next year.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, SpotifyYouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business this weekend with Morgan Housel, whose new book, “The Art of Spending Money, Simple Choices for a Richer Life” was just published. His first book, “The Psychology of Money” sold over 10 million copies.

 

 

 

The post Richard Thaler + Alex Imas Live at Economic Club of New York appeared first on The Big Picture.

30,000 Missing Illegal Immigrant Children Located: Tom Homan

Zero Hedge -

30,000 Missing Illegal Immigrant Children Located: Tom Homan

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

More than 30,000 missing illegal immigrant children have been located by the Trump administration, border czar Tom Homan said in a Fox News interview clip published on Nov. 18.

Illegal immigrants await processing by U.S. Border Patrol agents outside of San Diego, Calif., on Dec. 5, 2023. John Fredricks/The Epoch Times

Chicago Mayor Brandon Johnson had recently said the Trump administration’s policies were similar to restarting the Civil War. Responding to the accusation, Homan said that Immigration and Customs Enforcement (ICE) “is out there enforcing the law. We’re taking really bad guys off the street.”

He said the left wants “to attack ICE. They want to throw all these false narratives.”

“Where were they when half a million children were smuggled into this country, and they lost track of 300,000? You know what President [Donald] Trump has done? I was with HHS today. We’ve already found over 30,000 of these kids. Three weeks ago, we were at 24,000. Now, we’re over 30,000. And we’re gonna keep working till we find every one of these kids,” he said, referring to the Department of Health and Human Services.

Under Trump, America has seen the “most secure border” in the country’s history, Homan said.

According to a Nov. 5 statement from the Department of Homeland Security (DHS), border encounters nationwide in October were 30,561, the lowest for the month in history and the “lowest start to a fiscal year” ever recorded by the Customs and Border Protection.

In his interview, Homan said there is now “less fentanyl killing Americans, less sex trafficking of women and children. And we’re finding children that Biden administration wasn’t even looking for. And we’re the bad guys? It’s disgusting.”

Democrats have criticized the Trump administration’s policies on handling illegal immigrant children.

On Sept. 29, a group of lawmakers led by Rep. Delia C. Ramirez (D-Ill.) wrote a letter to DHS Secretary Kristi Noem expressing “deep concern” over reports that the department was allowing illegal, unaccompanied children aged 14 and above to self-deport back to their home nations.

Such actions go against requirements of the bipartisan Trafficking Victims Protection Reauthorization Act of 2008, under which DHS is obliged to transfer illegal immigrant children into the custody of the Office of Refugee Resettlement, and place them into proceedings before immigration courts, the lawmakers said.

“We expect that DHS’s new policy will deprive children of due process and place them in grave danger of trafficking and other harm,” said the letter.

On Oct. 3, HHS informed migrant shelters that some of the illegal, unaccompanied children aged 14 and older who are in federal custody have expressed interest in leaving the United States, according to a letter obtained by The Associated Press.

The DHS “will provide a one-time resettlement support stipend of $2,500 ... to unaccompanied alien children, 14 years of age and older, who have elected to voluntarily depart the United States as of the date of this notice and moving forward,” the letter said.

The payments are aimed at supporting “reintegration efforts following departure,” it said.

ICE spokesperson Emily Covington said in a statement that the offer would initially apply to children aged 17 years. Moreover, the payment would only be approved once an immigration judge approves the child’s voluntary departure and the individual arrives in their home nation, she said.

Many of these UACs [unaccompanied alien children] had no choice when they were dangerously smuggled into this country,” she said.

“ICE and the Office of Refugee and Resettlement at HHS are offering a strictly voluntary option to return home to their families. This voluntary option gives UACs a choice and allows them to make an informed decision about their future.”

Meanwhile, Homan’s comments on rescuing missing illegal immigrant children follow ICE’s launch of an initiative last week aimed at protecting unaccompanied children illegally smuggled into the United States and placed in the care of unvetted sponsors during the Biden administration.

The key focus of the initiative is to conduct welfare checks on the children to ensure they live a safe life, free from any exploitation, DHS said.

The department blamed the open border policies of the Biden administration for having “empowered” human traffickers and sex traffickers. The Trump administration is taking a “sledgehammer” on such trafficking activities, it said.

Tyler Durden Thu, 11/20/2025 - 10:55

Commerce Department Authorizes Export Of Advanced AI Chips To Companies In UAE, Saudi Arabia

Zero Hedge -

Commerce Department Authorizes Export Of Advanced AI Chips To Companies In UAE, Saudi Arabia

Authored by Jacob Burg via The Epoch Times,

The U.S. Department of Commerce announced on Nov. 19 that it had authorized exporting tens of thousands of American advanced artificial intelligence (AI) semiconductor chips to two companies in the United Arab Emirates and Saudi Arabia.

The microchips will go to G42, a state-run AI company in Abu Dhabi in the UAE, and Humain, a Saudi government-backed AI business. Both companies have large data center projects planned in each of their respective nations.

The announcement came a day after Saudi Arabian Crown Prince Mohammed bin Salman arrived in the United States for the first time since 2018 and is reflective of both countries’ interests in developing AI technology.

“Both companies are receiving approvals to purchase the equivalent of up to 35,000 Nvidia Blackwell chips (GB300s),” the Commerce Department said in a statement.

“These approvals will promote continued American AI dominance and global technological leadership—consistent with President Trump’s July 2025 AI Action Plan.”

A purchase of 35,000 Blackwell chips is estimated to be worth $1 billion, although prices vary.

“The approvals are conditioned on both companies meeting rigorous security and reporting requirements,” the Commerce Department said, adding that its “Bureau of Industry and Security is engaging with the companies regarding these requirements and will monitor compliance on an ongoing basis.”

The agency said that beyond its announcement on Wednesday, it will continue supporting the export of the American AI technology stack to “Saudi Arabia, the UAE, and other allies and partners around the globe.”

Humain said earlier in the day that it planned to buy 600,000 Nvidia AI semiconductors.

The company plans to jointly build data centers, which will include a 500 megawatt facility, in Saudi Arabia alongside Elon Musk’s xAI.

G42, a leader in the UAE’s AI industry, is planning to construct one of the largest data centers in the world in the country with American technology.

It is receiving help from technology companies Nvidia, OpenAI, Cisco, and Oracle, alongside Japan’s SoftBank, to complete the first phase set to go online in 2026, known as Stargate UAE.

Trump Touts Saudi Investments

While meeting with the crown prince in the White House on Tuesday, U.S. President Donald Trump said the United States and Saudi Arabia had inked $270 billion in new business deals in energy, AI, finance, and aerospace.

On Nov. 19, oil giant Saudi Aramco said it had signed 17 memoranda of understanding and agreements with U.S. companies worth more than $30 billion. The projects span liquefied natural gas, financial services, advanced materials manufacturing, and procurement of materials and services, the company said.

Additionally, GE Aerospace will supply dozens of airplane engines for Boeing 787 Dreamliners owned by Saudi Arabia’s leading air carrier Saudia.

Tyler Durden Thu, 11/20/2025 - 10:20

Existing Home Sales Beat In October As Mortgage Rates Tumbled

Zero Hedge -

Existing Home Sales Beat In October As Mortgage Rates Tumbled

With mortgage rates tumbling, housing market participants have been disappointed by the lack of enthusiasm by homebuyers to apply for mortgages (though there was a decent bounce in refi activity)...

Source: Bloomberg

This morning's existing home sales data (admittedly for October) will give us a further glimpse into the reality oh home-buying vs home-selling as the gap between current mortgage rates and the average existing mortgage rates remains vast...

Source: Bloomberg

Analysts (rightfully, given the shift in rates) expected a bounce, albeit tiny (+0.5%), in existing home sales for October and were surprised to the upside with a 1.2% MoM rise...

Source: Bloomberg

Which lifted the home sales SAAR a little more off record lows (to eight month highs)...

Source: Bloomberg

This print represents signings - so when sales probably went through from August and September (before rates really started to decline). 

“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement.

Is momentum about to start picking up?

The median sales price gained 2.1% from a year ago to $415,200, furthering a run of year-over-year price increases dating back to mid-2023.

Last month, the supply of previously owned homes for sale fell 0.7% to 1.52 million, still near its highest level since mid-2020, NAR data show.

Homes remained on market 34 days last month, the longest stretch for any October since 2019, Yun said on a conference call.

But to get back to pre-Covid levels, “it requires drastically larger supply,” Yun said.

“We’re not seeing that. And much more meaningful decline in mortgage rates.”

In the NAR report, sales in the South, the nation’s biggest home-selling region, increased 0.5%, marking the strongest rate since February.

Sales in the West fell 1.3%, while sales were flat in the Northeast. The Midwest led US regions with a 5.3% sales gain.

Nationwide, sellers outnumbered buyers last month by about 500,000, giving the latter some power to demand discounts and other concessions, Redfin estimated in a separate report this month.

Tyler Durden Thu, 11/20/2025 - 10:10

NAR: Existing-Home Sales Increased to 4.10 million SAAR in October

Calculated Risk -

From the NAR: NAR Existing-Home Sales Report Shows 1.2% Increase in October
Month-over-month

• 1.2% increase in existing-home sales – seasonally adjusted annual rate of 4.10 million in October

• 0.7% decrease in unsold inventory – 1.52 million units equal to 4.4 months' supply

Year-over-year

• 1.7% increase in existing-home sales

• 2.1% increase in median existing-home sales price to $415,200
emphasis added
Existing Home SalesClick on graph for larger image.

This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.

Sales in October (4.10 million SAAR) were up 1.2% from the previous month and were up 1.7% compared to the October 2024 sales rate.  
The second graph shows nationwide inventory for existing homes.

Existing Home InventoryAccording to the NAR, inventory decreased to 1.52 million in October from 1.53 million the previous month.
Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.

The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.

Year-over-year Inventory Inventory was up 10.9% year-over-year (blue) in October compared to October 2024.

Months of supply (red) decreased to 4.4 months in October from 4.5 months the previous month.

I'll have more later. 

EU's Ukraine Funding Scheme Will Trigger Lawsuits, Collapse Of Euro & Be On Grandchildren's Shoulders: Orban

Zero Hedge -

EU's Ukraine Funding Scheme Will Trigger Lawsuits, Collapse Of Euro & Be On Grandchildren's Shoulders: Orban

Hungarian Prime Minister Viktor Orbán has issued a new warning that the European Commission (EC)-proposed new loan amount to Ukraine of 135 billion euros will end up being paid for by the grandchildren of EU country populations.

"An astronomical sum that does not exist today. It simply does not exist," he began by saying. "The Brussels 'magic trick' would again be a joint European loan, a step that would guarantee that even our grandchildren would have to pay for the costs of the Russian-Ukrainian conflict," he said.

AFP/Getty Images

This was his further response to a letter recently issued to EC President Ursula von der Leyen, seeking to desperately raise more funds for Kiev in order for it to close a some $150 billion budget gap.

"It will now be key to rapidly reach a clear commitment on how to ensure that the necessary funding for Ukraine will be agreed at the next European Council meeting in December," she wrote

But Orban chaffed and pointed out that this whopping amount is at least 65% of the annual volume of the Hungarian economy and almost 75% of the annual EU budget, an "absurd" ask. He quipped:

"This is more than impossible. This is absolutely ridiculous. Hungary's response will follow immediately," the Hungarian Prime Minister stressed.

He has also warned that if Brussels decides to use frozen Russian assets, it will trigger lawsuits and potentially the collapse of the Euro.

"Turning to frozen Russian assets. A convenient solution, but the consequences are unpredictable. Lengthy legal proceedings, numerous lawsuits, and the collapse of the euro. This is what awaits us if we choose this path," Orban wrote on social media.

We earlier featured some of his initial reaction, as previously this week he flatly rejected the call for sending more support to Ukraine: 

"I received a letter today from President von der Leyen. She writes that Ukraine’s financing gap is significant and asks member states to send more money," he wrote on X. "It’s astonishing."

"At a time when it has become clear that a war mafia is siphoning off European taxpayers’ money, instead of demanding real oversight or suspending payments, the Commission President suggests we send even more."

Given Ukraine's corruption, and there's a raging scandal currently in the headlines which has resulted in the dismissal of several top officials and ministers, Orban likened the scheme to giving a drunk person more vodka. 

But he vowed that Hungary has not lost its common sense and described, "This whole matter is a bit like trying to help an alcoholic by sending them another crate of vodka." Budapest won't go along with it.

* * * 

More of PM Orban's scathing critique on Thursday:

The [EC] President has one problem: she doesn't have this money. What she does have are 3 proposals on the table:

1. That the member states should chip in. Willingly and cheerfully, from their own budgets. As if they had nothing better to do.

2. A well known Brusselian "magic trick": joint borrowing. There's no money for the war today, so our grandchildren will pay the bill. Absurd.

3. A proposal to seize the frozen Russian assets. A convenient solution, but its consequences are impossible to foresee. Lengthy legal wrangling, a flood of lawsuits and the collapse of the euro. This is what awaits us if we choose this path.

Tyler Durden Thu, 11/20/2025 - 09:20

Democratic Lawmakers Call On Military Members, Intelligence Community To "Refuse Illegal Orders"

Zero Hedge -

Democratic Lawmakers Call On Military Members, Intelligence Community To "Refuse Illegal Orders"

Authored by Jackson Richman & Joseph Lord via The Epoch Times,

Six Democratic lawmakers have called on members of the military and the intelligence community to disobey “illegal orders” from the top command.

A video was released on X on Nov. 18 featuring Sen. Elissa Slotkin (D-Mich.), Sen. Mark Kelly (D-Ariz.), Rep. Chrissy Houlahan (D-Pa.), Rep. Maggie Goodlander (D-N.H.), Rep. Chris Deluzio (D-Pa.), and Rep. Jason Crow (D-Colo.). Each of these lawmakers served in the military or the intelligence community.

“We want to speak directly to members of the military—and the Intelligence Community—who take risks each day to keep Americans safe,” said Kelly, Slotkin, Crow, and Deluzio, one by one, each speaking different sections of the sentence in the video.

Slotkin said service members are “under enormous stress and pressure right now” amid national disputes over the limits of executive authority and military operations.

Kelly, Slotkin, and Crow accused the Trump administration of “pitting our uniformed military and Intelligence Community professionals against American citizens.”

The Democratic lawmakers didn’t specify in their short video any specific orders from the administration they are targeting. Meanwhile, a handful of issues related to military and intelligence operations have flared up recently, including the Trump administration’s National Guard deployment to several major cities in recent months, including Los Angeles, Chicago, and Portland, Oregon.

Some local officials and Democratic governors opposed these deployments, which the administration said were intended to reduce crime and protect federal agents and property during federal law enforcement operations. The use of the National Guard for protection of federal property and other interests is permitted under federal statutes. Other functions, such as law enforcement, are more restricted.

The administration’s airstrikes on alleged drug boats—now numbering more than 20 strikes that have killed more than 80 alleged traffickers—have also come under scrutiny.

Critics, including Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.), have argued that these strikes constitute the military carrying out law enforcement functions and are contrary to American legal traditions and norms. In law enforcement matters, officials must follow the legal process, including obtaining warrants on suspects and receiving permission to make arrests or use lethal force.

The administration has stated that drug traffickers are foreign terrorists and that the airstrikes constitute self-defense amid an opioid crisis in America. The Department of Justice has said military service members who take part in the strikes will not be subject to prosecution.

Rep. Mike Rogers (R-Ala.), who has received classified briefings on the strikes, has called for the administration to share more information with the public on the strikes. Rogers said that the evidence presented to him showed that the strikes are “completely legal.”

“They should be more transparent about it, in my view,” he said of administration officials.

In the video, Kelly and Goodlander noted that members of the military and the intelligence community swore an oath to defend the Constitution.

“The threats to our Constitution aren’t just coming from abroad—but from right here at home,” Deluzio, then Crow said.

“Our laws are clear,” said Kelly, who added with Slotkin, “You can refuse illegal orders.”

“You must refuse illegal orders,” Deluzio continued.

“No one has to carry out orders that violate the law—or our Constitution,” said Slotkin, then Houlahan.

Under U.S. military law, members of the military are obligated to refuse “manifestly unlawful” orders, including orders to commit a crime or violate the Constitution. Federal law prohibits members of the intelligence community from taking part in unlawful or unconstitutional activities, even when ordered to do so by superiors.

The Trump administration criticized the video.

“Stage 4 [Trump Derangement Syndrome],” posted Defense Secretary Pete Hegseth.

White House Homeland Security adviser Stephen Miller in a post on X: “Democrat lawmakers are now openly calling for insurrection.”

Speaking later on Fox News, Miller described the video as a “rebellion” by Democrats.

“It is insurrection, plainly, directly, without question,” Miller said.

“It’s a general call for rebellion from the CIA and the armed services of the United States by Democrat lawmakers, saying that you have not only the right, but the duty and the obligation to defy orders of the commander-in-chief that those who carry weapons in America’s name should defy their chain of command and engage in open acts of insurrection.”

The Epoch Times reached out to the Office of the Director of National Intelligence for comment on the video and did not receive a response by publication time.

Tyler Durden Thu, 11/20/2025 - 09:00

Weekly Initial Unemployment Claims Decrease to 220,000

Calculated Risk -

The DOL reported:
In the week ending November 15, the advance figure for seasonally adjusted initial claims was 220,000, a decrease of 8,000 from the previous week's level. The 4-week moving average was 224,250, a decrease of 3,000 from the previous week's average.
emphasis added
The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 224,250.
The graph includes all the missing weeks while the government was shutdown.

Jobs Shocker: Sept Payrolls Print Above All Forecasts, But Unemployment Rate Hits 4 Year High

Zero Hedge -

Jobs Shocker: Sept Payrolls Print Above All Forecasts, But Unemployment Rate Hits 4 Year High

In our preview of today's jobs report, we showed that the range of estimates is (extremely) broad, from 105K on the upper end, to just -20K on the lower.

We also said that if today's jobs number is atrocious, the Fed would once again be viewed as being behind the curve. So perhaps working in conjunction with the newly returned BLS employees, the outgoing Fed chair snuck in a pointer or two, and in an attempt to avert allegations of blowing up the economy, moments ago the BLS reported that the (delayed) September number came in a stronger than all estimates 119k jobs...

... a 5 sigma beat to the median estimate...

... which however followed yet another downward revision, as the total nonfarm payroll employment for July was revised down by 7,000, from +79,000 to +72,000, and the change for August was revised down by 26,000, from +22,000 to -4,000 (so much for Goldman's thesis August would be replaced sharply higher).

With these revisions, employment in July and August combined is 33,000 lower than previously reported, and continues the trend of relentless downward revisions.

Manufacturing jobs fell for the sixth straight month...

After August's surge in part-time jobs (decline in full-time), September flipped the script with a surge in full-time jobs as part-tiume jobs tumbled...

BUT... The US unemployment rate jumped to 4.4% in September - its highest in four years...

Led by Black unemployment...

The participation rate rose for the second month in a row...

But earnings growth slowed in September...

Rate-cut odds are higher following the jump in the unemployment rate...

Now, what will FedSpeak do now?

Tyler Durden Thu, 11/20/2025 - 08:53

Continuing Jobless Claims Highest In 4 Years But...

Zero Hedge -

Continuing Jobless Claims Highest In 4 Years But...

Finally, the spice is flowing again...

Initial jobless claims dropped back near 2025 lows (220k, below expected)...

However, while initial claims remain solid, continuing jobless claims drifted higher to 1.974 million Americans - the highest level since October 2021...

Likely thanks to the shutdown, we note that initial jobless claims for the 'Deep Tristate' fell significantly...

Now that Washington is back to work, we suspect those workers will be getting more pink slips once again.

Finally, it appears jobless claims data is shrugging off the layoff announcements that have surged in recent weeks...

Who do you believe?

Tyler Durden Thu, 11/20/2025 - 08:44

September Employment Report: 119 thousand Jobs, 4.4% Unemployment Rate

Calculated Risk -

From the BLS: Employment Situation
Total nonfarm payroll employment edged up by 119,000 in September but has shown little change since April, the U.S. Bureau of Labor Statistics reported today. The unemployment rate, at 4.4 percent, changed little in September. Employment continued to trend up in health care, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and in federal government.
...
The change in total nonfarm payroll employment for July was revised down by 7,000, from +79,000 to +72,000, and the change for August was revised down by 26,000, from +22,000 to -4,000. With these revisions, employment in July and August combined is 33,000 lower than previously reported.
emphasis added
Employment per monthClick on graph for larger image.

The first graph shows the jobs added per month since January 2021.

Total payrolls increased by 119 thousand in September.  Private payrolls increased by 97 thousand, and public payrolls increased 22 thousand (Federal payrolls decreased 35 thousand).

Payrolls for July and August were revised down by 33 thousand, combined.  The economy lost jobs in both June and August.
Year-over-year change employment The second graph shows the year-over-year change in total non-farm employment since 1968.

In September, the year-over-year change was 1.31 million jobs.  
Year-over-year employment growth is slowing sharply.



The third graph shows the employment population ratio and the participation rate.

Employment Pop Ratio and participation rate The Labor Force Participation Rate increased to 62.4% in September, from 62.3% in August. This is the percentage of the working age population in the labor force.

The Employment-Population ratio was increased to 59.7% from 59.6% in August (blue line).
I'll post the 25 to 54 age group employment-population ratio graph later.



unemployment rateThe fourth graph shows the unemployment rate.

The unemployment rate was increased to 4.4% in September from 4.3% in August.

This was above consensus expectations, however, July and August payrolls were revised down by 33,000 combined.  
Overall another weak report.
I'll have more later ...

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