Ryan Cohen’s Massive $35 Billion Pay Deal Draws Shareholder Lawsuit

A GameStop shareholder has taken the company to court in an effort to delay a July vote on Ryan Cohen's proposed $35 billion pay package, arguing investors aren't getting the full story before being asked to approve it, according to Yahoo Finance. 

The lawsuit accuses GameStop's board of repeatedly changing the voting process in ways that could tilt the outcome toward management. Among the disputed changes are whether Cohen can vote his own sizable stake and how non-votes are treated when tallying results.

At the center of the fight is a compensation plan that could make Cohen one of the highest-paid executives in history—assuming GameStop reaches a series of extremely ambitious financial targets. Critics say the bigger issue isn't the payout itself, but the company's shifting explanations of how the vote will work.

The complaint alleges GameStop initially suggested independent shareholders would effectively decide the proposal, only to later adopt a framework that gives insiders far more influence over the result. According to the plaintiff, that could allow the package to pass even if most ordinary investors aren't on board.

The complaint says: "GameStop's audacious attempts to reduce the power of its disinterested shareholders — in contrast to its prior public statements and in disregard of its Certificate of Incorporation — must stop. Cohen may want $35 billion. That does not allow him and his board to disenfranchise stockholders and violate Delaware law along the way."

"I obviously want to build something much larger, but I don't benefit unless shareholders benefit," Cohen had said in a recent CNBC interview. 

In other words, shareholders are being asked to sign off on a potentially record-setting payday while still trying to figure out which rules apply—a situation the lawsuit argues is no accident.

Tyler Durden Thu, 06/18/2026 - 06:55

My morning train WFH reads:

• Iran Is a Bigger Defeat Than Vietnam: FP makes the strategic case that Iran is a worse strategic loss than Vietnam. The comparison will annoy people; the argument is sharper than expected. A war of choice has turned into a strategic disaster for Washington. (Foreign Policy)

• 10 things Elon Musk can — but probably won’t — do with $1 trillion: Vox’s Future Perfect takes the high road: here’s what a trillion could actually accomplish in EA-style giving terms. Useful framing exercise. (Vox) see also Elon Musk Is a Trillionaire, and the Rest of Us Aren’t: “Musk wants more money, and wants to make SpaceX a problem for the public markets, funded by the public markets, with liquidity provided by the public markets,” Ed Zitron, author of the Where’s Your Ed At newsletter and host of the Better Offline podcast, told CNET in an email. “He’s essentially dumping his stock onto retail investors who have been misled about AI and Musk’s own business acumen.” (CNET)

• Why Most Stocks Aren’t Worth Owning: A small number of stocks drive most of the market’s long-term return. Morningstar revisits the Bessembinder finding that the index returns are entirely concentrated in a handful of names. Pair it with this week’s Triple-Digit Club piece. (Morningstar)

• Is Lloyd’s of London the world’s oldest podshop?: FT Alphaville draws the line from 17th-century coffeehouse syndicates to the modern multi-strategy hedge fund. The history is the punchline. (Financial Times)

• How Rivian Is Pulling Off Its $45,000 R2 Electric SUV: Rivian’s make-or-break bet on an affordable EV. The engineering is impressive; the question is whether they can actually build them at that price without bleeding cash. Automaker’s fans love startup’s new R2, but high lease costs show the challenges in the changing electric-vehicle market. (Wall Street Journal).

• Hype and Glory: The SpaceX Frenzy Continues: While I don’t know anyone who loves Microsoft or its products, it’s a wildly successful company with a long track record. Last year Microsoft earned $125 billion in profits on $318 billion in revenue. And yet at the end of trading yesterday the stock market placed a higher value on SpaceX, which went public last Friday, as it did on Microsoft, and more than it placed on Amazon, which made $78 billion in profits last year. Half book review, half quiet warning. (Paul Krugman)

• The Hacker Sent by Anthropic to Calm the Government’s Nerves About AI Safety: WSJ profile of Nicholas Carlini and Anthropic’s policy-shop charm offensive. The strategy keeps paying off. He recently rang the alarm about the dangers of AI—and now he’s part of a team arguing for the latest models to be released (Wall Street Journal)

• The importance of connections: Ways to live a longer, healthier life. Social connection, prosociality, spirituality, optimism, and work—growing evidence suggests these five factors can play an important role in improving the well-being of people and communities.(Harvard T.H. Chan)

• An Annotated Analysis of Trump’s Iran Deal: Official agreement envisages trade relief for opening the Strait of Hormuz and limits on Iran’s nuclear program. WSJ goes paragraph-by-paragraph through the leaked draft text, marking concessions in red. The annotations are doing more work than the analysis. (Wall Street Journal) see also Iran is Trump’s Katrina: Noah Smith argues the Iran misadventure punctures the competence brand the way Katrina did Bush’s. The political half-life of disasters is shorter than it used to be, but the framing sticks. (Noahpinion)

• How ‘Toy Story’ Won Over Every Generation: As ‘Toy Story 5’ is released, a look at what the series has meant to children—and their parents—over the years. WSJ on why Toy Story keeps cycling through new audiences as Toy Story 5 hits theaters. Pixar’s most patient cash cow. (Wall Street Journal)

Video of the day: The psychology behind why some homes feel good (but most don’t)

Be sure to check out our Master’s in Business next week with Seth Klarman, CEO and portfolio manager of The Baupost Group. Founded in 1982 with $27 million in seed capital, over the past four decades, Baupost has grown to $22 billion, with annual net returns of over 20%. The legendary investor is known for his patient, risk-averse, and contrarian approach to finding deeply discounted securities across equities, distressed debt, and real estate.  He is the author of Margin of Safety (1991) and the editor of the 7th edition of Security Analysis (2023).

 

AI Set to be Largest CapEx Cycle Ever … and Soon Majority Externally Financed

Source: Paul Kedrosky

 

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The post 10 Thursday AM Reads appeared first on The Big Picture.

ECB: Iran Peace Deal Won't Erase Europe's Energy Price Shock

By Tsvetana Paraskova of OilPrice.com

Europe will have to contend with the energy price shock for months despite the tentative U.S.-Iran agreement to end the war and reopen the Strait of Hormuz, European Central Bank (ECB) officials said this week.

The ECB last week raised key interest rates for the euro area for the first time since 2023 as the Middle East conflict hiked energy prices that have started to feed into core inflation.

The ECB raised the key interest rate by 25 basis points to 2.25%, its first hike since 2023. Eurozone annual inflation climbed to 3.2% in May, from 3.0% in April, due to the Middle East conflict.

ECB officials are not ruling out further increases in interest rates this year, despite the U.S.-Iran deal, as the energy price shock is expected to linger for months to come.

“Higher energy costs are likely to remain with us longer than many had hoped,” ECB Governing Council member Peter Kazimir said in remarks carried by Bloomberg.

“Even with the just-announced US-Iran peace framework, the damage in the Middle East cannot be undone overnight,” Kazimir added.

The energy price shock has led to European companies raising selling prices and employees and workers asking for higher pay, which would keep inflation rates elevated and well above the ECB’s target of 2%.

Hopes of an imminent reopening of the Strait of Hormuz have eased some of the pressure on the ECB, but the deal hasn’t materially changed the near-term inflation prospects in the Eurozone, according to analysts.

The tentative U.S.-Iran deal doesn’t mean that “pressure to hike has been reduced very significantly,” JP Morgan economist Greg Fuzesi told Bloomberg.

ECB Governing Council member and Governor of the Central Bank of Ireland, Gabriel Makhlouf, said earlier this week, “Let me be clear: an end to the conflict does not necessarily mean an immediate end to the shock.”

“Last week’s rate rise was necessary to prevent temporary energy-driven inflation from becoming embedded in wage and price expectations, reflecting the ECB's primary mandate to maintain price stability across the Eurozone,” Makhlouf added.

Tyler Durden Thu, 06/18/2026 - 06:30

Ferrari Reportedly Tells Buyers To Buy Unpopular Luce To Move Up On Wait List

Ferrari is reportedly using its first-ever EV, the Luce, a €550,000 model that looks more like a cross between a Tesla and a Kia, as a loyalty test inside its highly coveted allocation system.

Ferrari's allocation system is a notoriously exclusive, invitation-only process managed directly by the factory in Maranello. Rather than using waitlists, Ferrari curates ownership by evaluating a buyer's loyalty to the brand, requiring customers to build a multi-million-dollar history of ownership, participate in factory events, and retain cars in order to qualify to buy hypercars right off the production line.

Bloomberg sources say Ferrari is dangling the Luce to buyers in its allocation program, not only to offload the widely unpopular EV but also to give clients a path to move up in the allocation system.

"It is like a restaurant where it is impossible to get a table," Max Girardo, founder of collector-car advisory firm Girardo & Co. and a former RM Sotheby's auctioneer and motor-car specialist, told the outlet in an interview.

Girardo noted, "If you go every week, eventually they find you one. With Ferrari, the more you buy, the more you are treated as an important client."

Here's more detail on what Ferrari is telling clients in their allocation system:

Bloomberg spoke with more than half a dozen investors and collectors from Italy to China to gather details about how Ferrari communicated with clients following the Luce’s presentation.

One buyer said Ferrari made clear to him that taking the car mattered if he wanted to keep his place among top clients.

Another collector said the company is signaling to many clients, especially potential new buyers, that access to a future one-off model may first depend on buying the Luce or cheaper entry-level models.

Ferrari has long preserved its pricing power by intentionally keeping production below market demand, with output capped at roughly 14,000 vehicles last year. That scarcity drives the brand's exclusivity and fuels its coveted allocation system.

The Luce will likely still be purchased by clients looking to leapfrog in the allocation system, especially if it helps secure access to more desirable future releases.

Related: 

• Ferrari Vs Tesla: $640K Luce EV Loses Key Speed And Range Battles To Model S Plaid

Our view is that the Luce risks becoming a modern repeat of the Mondial, the less-loved Ferrari produced in the 1980s and early 1990s that has been shunned by collectors.

Tyler Durden Thu, 06/18/2026 - 05:45

Too Young For TikTok, Old Enough To Vote?

Authored by Clive Pinder via DailySceptic.org,

There are few sights more comic than a modern minister pretending to be the stern parent of the nation.

We know the routine. The concerned expression. The voice lowered half an octave. The carefully arranged background of flags, earnest young people and laminated safeguarding jargon. Then comes the announcement. The government is going to protect children online.

At which point every parent in the country is expected to breathe a sigh of relief, put down the gin and thank the Department for Being Sensible on Our Behalf.

This would be comic enough at any time. It is even better when the Government now proposing to supervise teenagers online gives the impression of being unable to supervise itself. Sir Keir Starmer wants to childproof the internet while presiding over a state that cannot produce a defence policy that convinces its own side, let alone our allies or enemies.

Still, never mind the Russian threat. Has anyone thought about Chloe scrolling Instagram?

To be fair, there is a problem. Social media is not exactly a moral health spa. Much of it resembles a Victorian freak show redesigned by behavioural psychologists and funded by advertising executives. It is addictive, vain, cruel, stupid and often deranging. The idea that a 14 year-old girl with a smartphone is simply exercising ‘choice’ while being stalked by an algorithm designed to exploit insecurity is absurd.

So no, this is not a libertarian hymn to TikTok.

The problem is not that politicians worry about the effect of social media on young people. The problem is that they worry about it selectively.

The same political class that increasingly tells us young people must be protected from online manipulation is also very keen to tell us that those same young people are mature enough to vote.

This is where the argument begins to wobble like a drunk on a paddleboard.

Apparently, a teenager may not have the judgement to scroll through Instagram without state supervision, but does have the judgement to help choose the next government.

This is not a principle. It is a convenience.

Defenders of the idea will say social media and voting are entirely different activities. One involves psychological harm. The other involves civic empowerment.

Up to a point. But both depend on the same basic faculties. Judgement, emotional maturity, resistance to manipulation, the ability to process information and some capacity to distinguish truth from nonsense.

These are precisely the faculties politicians tell us young people lack when the topic is social media. Yet they mysteriously reappear when the topic is extending the franchise.

If a 16 year-old is too impressionable to cope with Andrew Tate videos, dieting influencers or Chinese-owned dopamine dispensers, why is he or she suddenly immune to political propaganda?

Modern electioneering is not a seminar in constitutional philosophy. It is organised emotional manipulation. It uses fear, flattery, identity, resentment, slogans and carefully tested nonsense. It promises free things that are not free. It manufactures panic. It tells voters that unless they vote correctly, the planet will boil, fascism will return, public services will collapse and everyone decent will suffer.

But this, apparently, is citizenship.

The difference is not that social media manipulates while politics enlightens. The difference is that one form of manipulation sits outside the control of approved institutions. The other benefits them.

That is the real story.

The modern state has developed an elastic theory of childhood. Young people are treated as children when the state wants more power over families, technology, schools or speech. They are treated as adults when the state wants their votes, their assent or their moral authority.

Too young to smoke. Too young to drink. Too young to rent a car. Too young, increasingly, to open an app without the digital equivalent of a permission slip.

Yet old enough to help determine who runs the country.

Parents have been quietly demoted in this arrangement. A mother and father may apparently lack the wisdom to decide how their child uses a phone. Yet that same child, guided by teachers, activists, celebrities and taxpayer-funded campaigns, is expected to make profound democratic choices.

The absurdity is not hard to spot. It merely requires the increasingly unfashionable skill of noticing.

This is not an argument that teenagers are stupid. Many are thoughtful, curious and better informed than adults who spend their evenings shouting at the television. Nor is it an argument that all social media regulation is wrong. Some of it may be necessary, particularly where very young children are concerned.

It is an argument for coherence.

Parliament cannot say young people need protection from algorithms then invite them to swim in the sewage works of political campaigning and call it citizenship.

It cannot claim to defend autonomy while constantly transferring authority from families to bureaucracies.

This is the contradiction at the heart modern government. It does not want young people to grow up. It wants them managed, mobilised and morally useful.

So by all means let us have a serious debate about children, screens and harm. Let us talk about addiction, anxiety, pornography, bullying, parental responsibility and the tech companies that have turned childhood attention into a commodity.

But let us also drop the pretence.

A government that does not trust teenagers or their parents to navigate social media cannot then turn around and declare those same teenagers mature enough to help govern the nation.

That is not democracy.

It is babysitting with a ballot box.

Tyler Durden Thu, 06/18/2026 - 05:00

Barnacle Scrapers Cash In As Persian Gulf Shipping Bottleneck Eases

Demand for commercial divers who clean ship hulls has surged as vessels stranded in the Persian Gulf prepare to leave following a tentative US-Iran peace agreement reopening the Strait of Hormuz, according to Bloomberg.

According to Captain Manandeep Singh Kukreja of Prominence Shipping Services, requests for hull-cleaning crews have increased more than 30-fold since the announcement. Fees for cleaning a single vessel could rise up to 60%, from about $5,000 to $8,000.

Bloomberg reports that around 600 ships remain stuck in the Gulf after more than three months of disruption. Many have accumulated algae, slime, and barnacles, which can prevent entry into ports due to invasive-species concerns.

“The next 30 days, it’s going to be like striking gold for diving companies,” Kukreja said. “Everyone wants to get out of Hormuz and get back to earning money.”

“They’re going to make the best out of this opportunity. It’s a no-brainer that they will hike their prices.”

Cleaning needs vary by vessel. Some ships require only light slime removal, while others need extensive barnacle scraping after months in the warm Gulf waters.

The surge in demand for hull-cleaning crews reflects the broader disruption caused by months of conflict around the Strait of Hormuz, one of the world's most important energy chokepoints.

Since fighting erupted in late February, hundreds of vessels have been stranded in the Persian Gulf, disrupting oil shipments, driving up shipping and insurance costs, and creating the largest interruption to global energy flows in decades. As a tentative peace deal raises hopes that traffic can resume, shipowners are racing to prepare vessels for departure, underscoring the scale of the operational and financial fallout from more than three months of turmoil in the region.

Tyler Durden Thu, 06/18/2026 - 04:15

Poland Moves To Tax Fuel Windfalls Earned During Iran War

Authored by Michael Kern via OilPrice.com,

Poland's government has approved a one-off windfall tax on fuel companies that benefited from soaring energy prices during the U.S.-Iran-Israel war, seeking to recover part of the billions spent protecting consumers from higher fuel costs.

The proposed levy would impose a 60% tax on excess profits generated between March and December 2026, during the closure of the Strait of Hormuz. The Polish Finance Ministry estimates the measure will raise around 4 billion zloty $1.1 billion.

Under the proposal, excess profits would be calculated using fuel sales margins that exceed a company's average 2025 margin by more than 20%, reflecting profits from an extraordinary geopolitical supply shock instead of improved business performance.

"Exceptional economic and geopolitical conditions" created unusually high profits across parts of the fuel sector while imposing significant costs on the state budget, the Finance Ministry said in a statement carried by Polish news outlets.

State-controlled energy giant Orlen is expected to bear the largest share of the tax burden, accounting for roughly 60% of the projected tax base according to the government's impact assessment.

The proposal follows months of emergency measures introduced by Warsaw to shield households and businesses from soaring fuel prices. Poland temporarily reduced VAT and excise duties on fuels and imposed price controls designed to ensure consumers benefited from the tax cuts. According to government estimates, the fuel excise reduction and reduced VAT collections cost Poland around $435 million a month.

The measure still faces political hurdles, though. Tusk's coalition controls parliament; however, the legislation must also be signed by President Karol Nawrocki, an opposition ally who has repeatedly blocked government fiscal initiatives.

The government initially proposed a 75% windfall tax before reducing the rate to 60% following consultations with industry groups, which warned that the original proposal would have pushed the effective tax burden on some companies to nearly 94%.

Tyler Durden Thu, 06/18/2026 - 02:45

Germany's Anti-immigration AfD Party Jumps To Record 9-Point Lead Over CDU In Latest Poll

Via Remix News,

The Alternative for Germany (AfD) continues to run away from its main rival, the Christian Democratic Union (CDU) and its sister party, the Christian Socialist Union (CSU) in a new poll, which shows the AfD nine points ahead.

The AfD achieved a new record in the current YouGov poll, reaching 29 percent, while the CDU/CSU and SPD have hit all-time lows. The results are expected to pile on the pressure on a governing coalition the German public increasingly despises.

In the YouGov poll, CDU/CSU achieves 20 percent of the vote and SPD earns 12 percent. The Union parties have never been worse in a YouGov poll.

BUNDESTAGSWAHL | Sonntagsfrage YouGov

AfD: 29% (+1)
Union: 20% (-2)
GRÜNE: 14% (+1)
SPD: 12% (-1)
LINKE: 12% (+1)
FDP: 5% (+1)
BSW: 4%
Sonstige: 5%

Änderungen zur letzten Umfrage vom 12. Mai 2026

Verlauf: https://t.co/f9MV7iZ8iJ#btw29 pic.twitter.com/yO2VS2jJn5

— Deutschland Wählt (@Wahlen_DE) June 16, 2026

However, the Greens at 14 percent and the Left Party at 12 percent are making slight gains.

The FDP is also gaining ground, reaching 5 percent for the first time in a year and a half after a new chairman was elected, Wolfgang Kubicki.

The results for the CDU in particular are bound to spark further turmoil in the party, with some members perhaps even eyeing a future coalition with the AfD, a move that has been soundly rejected by CDU leadership. In particular, Chancellor Friedrich Merz has vowed to never work with the party.

The conundrum for the CDU remains that the party is forced to build coalitions with predominately left-wing parties like the Greens, the SPD, and even the Left Party, through its firewall against the AfD. The resulting politics have left CDU voters increasingly unhappy with the results, but remarkably, about half of CDU voters also reject a coalition with the AfD.

Majority of Germans reject politicizing the World Cup

YouGov also found that a majority of Germans do not want the World Cup politicized. The German national team has a history of taking a “woke” stance in the last two World Cups, but the German team was eventually humiliated in each tournament, failing to advance past the preliminary round in both World Cups.

However, Germans soundly reject politics in football, with 65 percent of respondents saying they want the World Cup and politics to be strictly separated. AfD voters (82 percent) and CDU/CSU voters (74 percent) are especially in favor of this position. More than half of SPD voters at 55 percent also share this view.

However, those on the more extreme left, back politics in football, like the Left Party (41 percent) and the Greens (34 percent).

Read more here...

Tyler Durden Thu, 06/18/2026 - 02:00

America At 250: Survey Finds Enduring Patriotism, Growing Anxiety

Authored by Karlyn Bowman and Nicole Penn via RealClearPolitics,

As we approach the nation's semiquincentennial celebrations, the American Enterprise Institute released a new public opinion survey exploring Americans' views about the nation's past and present. The survey is part of AEI's America at 250 initiative, and it expands on a survey conducted 30 years ago by the Public Agenda Foundation in NYC.

Americans continue to endorse many of the ideals the founders championed, and they worry about their erosion. Nearly eight in 10 believe Americans take their freedoms for granted, while only 19% say Americans appreciate the freedom we have.

More than two-thirds of Americans believe that society has to teach kids what it means to be an American, while three in 10, 31%, believe this is something that happens naturally as they grow up. Three-quarters think high school students should be required to study the Declaration of Independence this year as part of the nation's 250th anniversary, including 61% of Gen Z-ers. Twenty-nine percent nationally say they have read the Declaration in full, while 45% have read it in part. Slightly more than a quarter, 26%, say they have not read the document. Still, 85% said they could give a good answer to what the 4th of July holiday actually celebrates, while 13% said they would be more comfortable looking it up.

Americans don't want to gloss over their history, and 65% said it was important to have public discussions of the nation's historical failures and flaws. In another question, 90% said it was very or somewhat important for high school students to learn how slavery and racial discrimination shaped the country. Forty-two percent said the public schools these days do not pay enough attention to the harm done to African Americans in U.S. history. Still, 75% in another question agreed with the statement "America is not perfect, but the country's leaders have worked hard to make it better." To this group of Americans, it was important to teach the country's failures and flaws but also its successes and strengths.

The survey revealed some significant gaps between members of the Gen Z cohort and baby boomers. Thirty percent of the Gen Z-ers strongly agreed that the Founding Fathers deserved respect for how they created the country compared to 60% of baby boomers. Two-thirds of Gen Z compared to 89% of boomers said they were very or somewhat proud to be an American. There were also big gaps between the parents surveyed in 1998 and parents today. Parents today are less likely to see the country and its history positively and also less likely to insist that schools teach positive claims about it.

Karlyn Bowman is a senior fellow emeritus at the American Enterprise Institute where she studies public opinion. 

Nicole Penn is the assistant director of AEI’s Social, Cultural, and Constitutional Studies department.

Tyler Durden Wed, 06/17/2026 - 23:25

China's Alibaba Unveils AI Brains Designed To Power The Next Generation Of Robots

Authored by Jijo Malayil via Interesting Engineering,

Chinese firm Alibaba has launched its first embodied AI model family, which links large language models with real-world robotic actions.

The Qwen-Robot suite includes three distinct models, each targeting a different layer of physical intelligence.Unitree/YouTube

The Qwen-Robot suite was developed by Alibaba's Tongyi Lab and is undergoing pilot testing with selected Alibaba Cloud enterprise clients.

The suite comprises three models focused on navigation, manipulation, and world modeling for robots operating in physical environments.

Alibaba said the models enable machines to perceive, reason, and interact with the real world, joining a growing global push to advance embodied AI beyond traditional chatbot applications.

Robots meet reasoning

Alibaba says its Qwen family of AI models has become very good at understanding the physical world. These models can recognize objects, understand spatial relationships, follow complex visual instructions, and reason about real-world environments. For example, a model can understand a command such as, "Go to the kitchen, find the red cup, pick it up, and place it on the shelf."

However, understanding a task is different from actually performing it. While a vision-language model (VLM) can describe the steps needed to complete a task, it cannot directly control a robot's movements.

The challenge is connecting human language and visual understanding with the motor actions required to interact with the physical world.

This problem is difficult because robot training data is very different from internet data. Information collected from navigation systems, robotic arms, vehicles, and cameras comes in different formats and is expensive to gather. Simply combining all this data often creates conflicts rather than improving performance.

To address this, Alibaba developed the Qwen-Robot Suite, which includes three specialized models. Qwen-RobotNav focuses on movement and navigation. It helps robots follow instructions, navigate to locations, track targets, and support autonomous driving.

According to its website, Qwen-RobotManip focuses on physical interaction. It enables robots to grasp, move, and manipulate objects using a large training dataset collected from different robotic systems. Qwen-RobotWorld acts as a world model, predicting how environments may change and helping robots understand the likely outcomes of their actions.

Together, these models aim to enable robots to understand instructions, interact with objects, navigate environments, and make decisions in the real world.

Physical AI accelerates

Alibaba showcased Qwen-RobotNav on a Unitree Go2 quadruped powered by NVIDIA Jetson Thor hardware and a single low-resolution camera. The robot successfully navigated an unfamiliar apartment, following spoken instructions across multiple rooms without preloaded maps, while maintaining an inference latency of 196 milliseconds.

The company claims that Qwen-RobotManip, its robotic manipulation model, was trained on more than 38,000 hours of open-source data covering object handling and interaction tasks. According to Alibaba, the model recently achieved the highest score in the generalist category of the RoboChallenge real-world robotics benchmark, earning a process score of 59.83 and a task success rate of 45 percent.

The company also unveiled Qwen-RobotClaw, a robotics agent framework that enables Qwen models to use the Qwen-Robot suite as physical-world tools. In one demonstration, an agent searched for a restroom, identified an out-of-order sign, and independently rerouted to another location. Alibaba further open-sourced Chat2Robot, a browser-based platform for testing embodied AI interactions.

As competition in embodied AI intensifies worldwide, Alibaba has expanded its ambitions beyond language and multimodal software with the launch of its Qwen-Robot models. The move reflects a broader industry shift toward creating AI systems capable of understanding and interacting with the physical world.

Alibaba's move comes as competition in physical AI accelerates globally. In the US, Google DeepMind is advancing Gemini Robotics, while Nvidia is expanding its robotics ecosystem through Cosmos, Isaac, and GR00T. Start-ups, including Physical Intelligence, Skild AI, and Figure AI, are also developing general-purpose robotic intelligence, according to the South China Morning Post.

China is strengthening its position by pairing its manufacturing advantages with growing investments in AI software for autonomous decision-making. The sector now spans AI developers, robotics firms, and EV makers. Companies such as Alibaba, Tencent, Unitree, AgiBot, UBTech, Galbot, Spirit AI, GigaAI, Xpeng, and Xiaomi are actively pursuing embodied AI technologies.

Tyler Durden Wed, 06/17/2026 - 23:00

Drug Czar On How She Is Taking On The Cartels And China

Authored by Darlene McCormick Sanchez via The Epoch Times,

The dim tunnel passage hugs narrow, winding concrete steps that lead 55 feet down, with a ceiling no higher than 4 1/2 feet, making it a claustrophobe's nightmare.

The underground passage stretching from Tijuana, Mexico, to a warehouse in California near the Otay Mesa Port of Entry known as "Buy 4 Less" is about 2,000 feet long and features reinforced walls, rail, ventilation, and electrical systems.

Sara Carter, director of the Office of National Drug Control Policy, at her office in Washington on June 8, 2026. Carter was sworn in to the role in January. Her office coordinates anti-narcotics policy for 19 federal agencies. Madalina Kilroy/The Epoch Times

The U.S. Attorney's Office for the Southern District of California said on June 1 that the tunnel had been discovered during a Homeland Security investigation involving a suspected drug smuggling operation.

Four people were charged with conspiring to distribute more than a ton of cocaine worth $45 million. Authorities said the discovery dealt a blow to the Jalisco New Generation cartel.

"Hundreds of millions of dollars of narcotics have probably made their way through this tunnel. Imagine the national security implications of that," drug czar Sara Carter told host Jan Jekielek on a recent episode of EpochTV's "American Thought Leaders."

Power Play

Carter said federal agencies have been turning to technology to help combat cartels, although she couldn't disclose details. She said the cartels' use of tunnels to transport illicit drugs shows that they are feeling U.S. pressure along the border.

"They're having a much harder time getting their product across the border because we've shut it down," she said.

Carter attributes it to the Trump administration's whole-of-government approach to stop the flow of illicit drugs into the country, at the border and beyond.

Carter was sworn in this January as the director of the Office of National Drug Control Policy, which coordinates anti-narcotics policy for 19 federal agencies. The office leads the Trump administration's effort to reduce illicit drug manufacturing, trafficking, drug use, and overdose deaths.

"Our Homeland Security task forces, now under President Trump, have the capability ... to do what's needed to cut off the heads of the snake," she said.

Carter attributed President Donald Trump's efforts to close the border to illegal immigrants and designate cartels as foreign terrorist organizations as significant factors in reducing the flow of drugs across the border, and ultimately driving overdose deaths.

Yet Carter said the cartels aren't the only problem fueling drug use in the United States - adversarial nationals are also part of the problem.

"We have adversaries that have contaminated our supply chain. We have cartels that couldn't care less," she said.

Carter acknowledged the Chinese Communist Party's involvement in the precursor chemicals to make fentanyl distributed by the cartels.

"It is unrestricted warfare," she said.

"I have already spoken with Chinese counterparts about this. I have made it very clear that we understand, and we know where these precursor chemicals are coming from, and that it will not be tolerated."

Carter said China has been put on notice to disclose such chemicals in shipments coming into the United States. Likewise, she has been talking to Mexican officials about safeguarding their own ports against the importation of illicit drugs.

At U.S. ports, the government is also working to hold private industry accountable. If cargo ships are caught with precursor chemicals, then the federal government will hold them accountable, she said.

"We're looking at all kinds of new technology, technology that was unheard of in the past," she said. "How can we implement this technology to ensure that the cargo that is coming in is clean?"

Cooperation Through Strength

Carter said that countries understand that Trump is willing to wield U.S. power to stop the drug trade, putting nations on notice around the world.

Trump's military operation in Venezuela resulted in the arrest of former Venezuelan leader Nicolas Maduro, who had a $50 million bounty on his head as the alleged leader of the De Los Soles cartel, which was designated as a foreign terrorist organization.

"One of the best operations I've ever seen conducted," Carter said. "We have done what we said we were going to do. There were no more games."

She also said that the amount of cocaine and other drugs flowing from Venezuela has dropped since Maduro's capture.

Trump's projection of strength has led to unprecedented cooperation from both Mexico and China, she said.

One example is a February operation in which the United States provided Mexico with intelligence that they used to take down the Jalisco New Generation cartel's kingpin, Nemesio Oseguera Cervantes, known as "El Mencho."

Mexican officials cooperated with the United States, sending in the Mexican National Guard and special forces to confront the cartel's leader, Carter said.

"We said, 'Look, here's the information, go get them,' and they did, and we'd never seen that before, not like that, not in that same way, not with that cooperation," she said.

Likewise, China's Ministry of Public Security has been uncharacteristically cooperative, she said. FBI Director Kash Patel traveled to China in November 2025 to meet with his counterpart to discuss stopping the flow of fentanyl precursor chemicals.

During Patel's visit, the Chinese regime agreed on a plan to stop fentanyl-related chemicals as part of its deal with the Trump administration to crack down on the lethal synthetic opioid.

Two milligrams of fentanyl - the size of a few grains of salt - can be fatal. The drug has killed hundreds of thousands of Americans.

'Don't Give Up'

Overdose deaths have been decreasing, but Carter said there are still far too many.

She said 68,000 people died from drug overdoses in 2025, down from a high of 112,000 in 2023. Some have attributed that decrease to a reduction in the amount of fentanyl found in street drugs.

Carter said she does not consider it an overdose when a person orders what he believes to be Adderall online and then dies because the pills are laced with fentanyl.

"This is unacceptable. This is the United States of America," she said.

Members of Congress look on as President Donald Trump signs the Secure America Act in the Oval Office in Washington on June 10, 2026. The $70 billion package funds Border Patrol and Immigration and Customs Enforcement (ICE) operations through the end of Trump’s term in office in fiscal year 2029. Alex Wong/Getty Images Tyler Durden Wed, 06/17/2026 - 22:35

Majority Of Americans Say It Would Be Good For Society If More People Were Religious: Poll

Authored by Victoria Friedman via The Epoch Times,

A majority of U.S. adults (65 percent) say they believe that it would be good for society if more Americans were religious, according to a poll by Gallup.

A man prays following an Ash Wednesday Mass at the Cathedral of St. Matthew the Apostle in Washington, on Feb. 22, 2023. Chip Somodevilla/Getty Images

Gallup's Values and Beliefs survey, released on June 16, found a substantial gap between the sexes, with 70 percent of men agreeing that more religiosity would be good for the country, compared with 61 percent of women.

By age grouping, the younger generations were least likely to agree, with less than half (49 percent) of 18- to 34-year-olds saying it would be good if more Americans had a faith, compared with 66 percent of 35- to 54-year-olds and three in four (75 percent) of those aged 55 and over.

In terms of political affiliation, the vast majority of Republicans (94 percent) thought that having more religious people would be better for the United States, followed by independents (59 percent), and Democrats (51 percent).

"Nonreligious people are the only major subgroup that believes increased religiousness would be negative (55 percent) rather than positive (27 percent) for the nation," pollsters said of the findings of their survey, conducted between May 1 and 17.

Proportion Down From 2013

While nearly two-thirds (65 percent) of Americans say that more religiosity would be good for the country, Gallup noted that this proportion is down from the 75 percent of U.S. adults who expressed the same opinion when asked by the polling firm in 2013.

This 10-point shift reflects changes in opinion in most key demographic and political groups, mostly dramatically among women, 18- to 34-year-olds, those with some college, and Democrats - with all those groups shifting opinion by negative 16 points.

The only exceptions were Catholics (up 5 percent), those with no religious affiliation (up 3 percent), and Republicans (also up 3 percent).

The decline mirrors the decrease in religious sentiment across the United States.

According to Gallup findings from March, less than half (47 percent) of Americans say that religion is "very important" in their lives. The reading has been gradually declining from 58 percent in 2012. In 1952, this proportion was 75 percent, and 70 percent in 1965.

Religion Increasing Influence

The latest survey also found that Americans see religion increasing its influence in life in the United States, with 39 percent of U.S. adults saying religion's influence is on the rise. This is among the highest readings in the past two decades, only lower than 41 percent in December 2025 and 40 percent in September 2006.

"The recent increase began after Republican Party victories in the 2024 elections, with the percentage climbing from 20 percent in May 2024 to 35 percent in December of that year," Gallup said.

"The past two readings, from May and December, have been even higher since the GOP has been in office and governing."

Commenting on the findings overall, Gallup said that "while Americans continue to believe a more religious society would serve the U.S. well, fewer hold this view than did in 2013.

"This shift has come as the percentage of Americans who are religious are, by nearly any measure, near historical lows."

Pollsters added that the findings come at a time when the Trump administration "has sought to elevate the role of religion in public life, including by establishing the White House Office of Faith, beginning government meetings with Christian prayers, and encouraging federal workers to express their faith in the workplace."

White House Faith Office

In February 2025, President Donald Trump signed an executive order establishing a White House Faith Office.

The office was tasked with working alongside faith and community leaders to develop policy recommendations for combating faith-based discrimination, strengthening religious liberty, and strengthening families and marriages.

In February of this year, Trump said during the National Prayer Breakfast that there were many signs that faith was returning to the United States.

"Religion is back, now, hotter than ever before," Trump said in his speech at the Washington Hilton on Feb. 5.

"Thankfully, as we gather today, there are many signs that religion is coming back. Now, it's no longer signs.

"It's just coming back; it's coming back so strong. You know, your churches are filling up."

President Donald Trump bows his head during the National Prayer Breakfast at the Washington Hilton in Washington on Feb. 5, 2026. Saul Loeb / AFP via Getty Images Tyler Durden Wed, 06/17/2026 - 21:45

COVID Origins, Lab-Leak Accountability, And The Next Pandemic Threat

The Hudson Institute hosted Dr. Steven Quay on Monday afternoon for a discussion on COVID-19 origins, during which he presented genetic evidence from his new book, The Code as Witness, arguing that the virus originated through gain-of-function research in a Chinese lab.

Years later, there has still been no accountability for what Quay argues was a Chinese lab leak that killed more than one million Americans and caused U.S. economic damages in excess of $18 trillion. Nor has there been a unified U.S. government consensus on the lab-leak theory, let alone on potential consequences for China or Dr. Anthony Fauci.

In the roughly one-hour discussion, which was opened by Sen. Roger Marshall (R-Kan.), a leading voice for stronger oversight of high-risk biological research, Quay, a Hudson senior fellow, said features encoded in the virus's genetic material point directly to lab manipulation rather than natural zoonosis.

Quay warned that irresponsible and unregulated gain-of-function research is accelerating globally and could produce pathogens far deadlier than the one that caused COVID.

Last week, Outgoing Director of National Intelligence Tulsi Gabbard declassified a set of internal intelligence slides documenting a long-running US program that has funded a global network of biolabs that handle dangerous pathogens - including dozens in Ukraine.

Returning to Quay's discussion at Hudson, he pointed to several genetic features he says are difficult to explain by natural evolution alone, making it impossible. These include the furin cleavage site, the virus's early optimization for human ACE2 receptors, the ORF8 gene, restriction-enzyme patterns, and the rapid D614-to-G614 mutation.

Hudson Senior Fellow David Asher, drawing on decades of national security and intelligence work at the State Department, spoke with Quay about the confluence of the U.S. government and scientists who censored the lab-leak theory.

Asher told Quay that, years after the pandemic, there is still no formal COVID commission that gives the American people a clear understanding of where the virus came from, who should be held responsible, or a unified government consensus on the virus.

The Quay-Asher discussion then shifted to the biosecurity policy. They spoke of the urgent need for accountability, biosafety reform, and risk reduction as gain-of-function research accelerates globally.

Even with no clear federal government consensus on COVID origins, a recent YouGov poll demonstrated sharp partisan divides among the American people: 80% of Republicans and 47% of Democrats say the virus came from a Chinese lab. Meanwhile, 66% of Republicans and 26% of Democrats think it is definitely or probably true that the virus was released on purpose.

The American people demand accountability. It is time for a COVID commission.

Tyler Durden Wed, 06/17/2026 - 21:20

From Diablo Canyon Closure Fights To Record-Speed Renewals: The Nuclear Reversal 

The Nuclear Regulatory Commission (NRC) clocked another subsequent license renewal (SLR) in under 12 months. Southern Nuclear’s application for the two-unit Edwin I. Hatch plant in Georgia cleared the finish line on June 11, extending both boiling water reactors from 60 to 80 years of operation.

Hatch-1 is now licensed through August 2054. Hatch-2 runs through June 2058. That is roughly 1.85 GWe of carbon-free baseload secured into the 2050s. The approval makes Hatch the second and third units to ride the NRC’s new streamlined SLR track that targets decisions in 12 months or less. 

Duke Energy’s Robinson Unit 2 in South Carolina was the first, cleared in what staff called the fastest-ever review earlier this spring. St. Lucie Units 1 and 2, run by Florida Power & Light, received their extensions in late April, stretching Unit 1 to March 2056 and Unit 2 to April 2063.

The NRC has moved a noticeable cluster of applications in 2025 and 2026. 

Oconee, Summer, Point Beach, Browns Ferry, and Dresden all picked up subsequent renewals last year. When the agency signed off on Diablo Canyon’s extension in April it issued its 100th renewed commercial reactor license. 

For years the California plant served as the headline example of the “all plants must close” era. Activists and state policy pushed hard for a 2025 shutdown. After legislative rescue and full federal review, the units now hold approval into the mid-2040s. 

The speed of the recent reviews stands out, as historical SLR proceedings averaged roughly two and a half years. But the NRC has now proven that the staff can reach timely calls while keeping strict safety oversight. Nine Mile Point Unit 1 and Cooper already sit in the accelerated pipeline with decisions expected in 2027, and more applications are queued for later this year and 2027.

The practical result is a growing share of the existing fleet now operating under, or heading toward, 80-year licenses. Research inside and outside the NRC is already examining materials performance and aging-management needs for operation beyond 80 years, with some policy signals pointing toward frameworks that could support century-long runs where the data justify it. 
 

Tyler Durden Wed, 06/17/2026 - 20:30

How Deep Are The Newsoms In It?

Authored by Stephen Green via PJMedia.com,

This deep...

It seems impossible — or just too revolting — to keep up with the financial hanky-panky of California Gov. Gavin Newsom and First Partner (gag) Jennifer Siebel Newsom. But thanks to a couple of investigative reporters with stronger stomachs than I have, let's see if I can't put everything you need to know into one easily digestible column.

I love it when other people do my dirty work for me, so let's get started.

"Today, my wife & I joined Donald Trump’s hit list," Newsom practically boasted on Monday.

"He has directed his Department of Justice to investigate us. They have not found a crime — they are simply trying to find one."

Well, let's see what Fox Business anchor Liz MacDonald and my old friend and Red State colleague Jen Van Laar have to say about that.

MacDonald said Tuesday that the DOJ probe "is about California Democrats’ modern-day machine politics," which she described as a "feedback loop of Sacramento-corporate lobbyists-governor/wife nonprofit-behested nonprofit donations-lucrative state contracts-Sacramento."

Don't bother writing all this down — there won't be a quiz at the end of today's column. You're welcome.

"The modern Sacramento machine trades corporate compliance and nonprofit funding/donations for policy access and state business," MacDonald added, and then explained how that grift (allegedly!) worked for the Newsoms:

According to IRS Form 990 disclosures, her nonprofit frequently buys from Siebel Newsom’s for-profit film company—Girls Club Entertainment LLC—writer, producer and director services and the licensing and production rights for her documentaries. Then it sells the docs to the state and public schools. 

 IRS records show that her nonprofit has paid her Girls Club Entertainment LLC roughly $1.64 million for these production and licensing rights since 2012, which includes a steady annual contracting fee of $150,000 since 2018.

TL;DR: Siebel Newsom produced unwatchable propaganda videos for children, for which Democrat-dominated schools then paid her handsomely. Or as MacDonald summed it up, "Over the past decade, Siebel Newsom has collected over $3.7 million in combined personal salary and LLC payouts funded by the nonprofit."

Then there are behested payments, which MacDonald explained are "a unique mechanism in California politics where an elected official asks a corporation, labor union, or wealthy individual to donate money to a specific charity, nonprofit, or government program." Unlike campaign donations, there are no caps.

As governor, Newsom requested a record $226 million in behested payments in one year.

"Hundreds of thousands of dollars went to the California Partners Project," MacDonald wrote, "a nonprofit founded by his wife."

"Many of the biggest donors were corporate giants (like health insurers and utility companies) actively bidding for lucrative state contracts or fighting state regulations."

One hand washes the other with filthy lucre, if you'll allow me to mix metaphors. 

Which brings us to Jen Van Laar, and her hip-deep-in-the-muck wade through the Newsoms' finances, going back years.

Way back in 2021, Jen asked, "Somebody Paid $3.7 Million Cash for CA Gov Newsom's Estate - But Who?" But couldn't come up with any satisfactory answers. That's because the Newsoms alternately claimed that "the Newsoms’ cash was used to purchase the home but was done through an LLC managed by his first cousin," or that "Newsoms obtained a loan… to purchase the home because the sale happened so quickly that they didn’t have time to obtain a mortgage."

Then, California's First Couple played similar LLC games, buying a second home for $9.1 million in ritzy Marin County. "Based on my examination of 15+ yrs of Newsom's financial disclosures, tax returns, and real estate transactions," Jenn explained in March, "they absolutely did not have $9.1M in cash."

Clearly, somebody did.

The shenanigans were so egregious that — no matter what TDS nonsense Newsom's social media team posts on X — the DOJ investigation began under the Biden administration. As I quipped on Instapundit this week, maybe Newsom needs to take a break from social media and lawyer up. 

Then there are the real-world effects, the fallout from personal corruption and statewide, one-party rule.

On Tuesday, Victor Davis Hanson wondered if California is "reaching critical mass," thanks to one-party rule creating a "neo-feudal society" that is "hardly democratic." The most egregious example was the fate of 2014's Proposition 1, a $7.12 billion water bond "designed to solve the state’s chronic water storage deficit."

Even though Prop 1 is an actual constitutional amendment, including "$2.7 billion specifically designated for new reservoirs," an alliance of bureaucracies, elected officials, and green activists still managed to block any new reservoir construction.

"Adding insult to injury," Hanson continued, "Governor Gavin Newsom instead used $250 million from the Proposition 1 fund to blow up four dams on the Klamath River."

Californians voted for more water infrastructure. Newsom's party blocked them, and Newsom himself had four dams destroyed that had "once provided storage, electrical generation, recreation, and flood control."

Tell me again about Muh Democracy™.

All of which is my long-winded way of concluding that, as corrupt as the Newsoms appear to be, they are merely a symptom of the progressive disease killing our once-greatest state. 

Tyler Durden Wed, 06/17/2026 - 20:05

These Are The States Starting To Panic About AI Taking Over

Residents of Washington state are more concerned about artificial intelligence replacing jobs than workers anywhere else in the United States, according to a new report released in June 2026. The study, conducted by IP address provider Floxy, comes amid growing concerns about workplace automation after more than 54,000 American jobs were reportedly lost to AI-related workforce reductions last year.

To determine where Americans are most worried about automation, researchers analyzed all 50 states using several indicators. The study measured AI adoption rates among working-age residents, assessed how vulnerable local industries are to automation, and tracked search activity for terms such as "will AI replace my job," "AI taking jobs," and "AI layoffs." Researchers also factored in cybercrime rates, identity theft statistics, and the strength of state-level data protection laws.

Each state received an AI Panic Index score ranging from 1 to 99, with higher scores indicating greater levels of concern about AI-driven job displacement.

With an AI Panic Score of 99, Washington tops the rankings. Approximately 4,087 AI-related job displacement searches are conducted per 100,000 residents, the highest rate in the country. Researchers suggest this concern may be linked to the state's close ties to the technology sector, as both Amazon and Microsoft are headquartered there and have recently announced significant workforce reductions tied to AI initiatives. At the same time, nearly one-third of Washington's workforce already uses AI tools, giving many employees firsthand exposure to the technology's growing capabilities.

Wyoming ranks second, with more than 20,000 residents regularly searching for information about protecting their jobs from AI. Although the state lacks the large technology sector found in Washington, around one-quarter of working adults already use AI tools such as ChatGPT, potentially increasing awareness of how automation could affect future employment opportunities.

Nevada places third on the list. The state combines relatively high AI adoption with one of the nation's highest cybercrime rates, creating heightened awareness of technology-related risks. Approximately one in three Nevada workers already use AI tools, and around 55,000 residents search monthly for information about whether AI could replace their jobs.

Massachusetts ranks fourth, with roughly 160,000 residents searching each month for information related to AI-driven job losses. The state's thriving technology and biotechnology industries are advancing rapidly alongside AI innovation, contributing to concerns about automation. With about one-third of adults already using AI tools regularly, many workers are becoming increasingly aware of the technology's potential impact on their roles.

Maryland ranks fifth and records the highest AI adoption rate in the country, with 36.3% of working-age residents already using AI in the workplace. Despite widespread adoption, concerns remain high, particularly given the state's large concentration of technology and knowledge-based jobs that could be vulnerable to automation in the years ahead.

Commenting on the findings, Floxy Chief Technology Officer Aimen Hallou said concerns about AI-related job displacement are well-founded: "These concerns are not overblown. AI was directly linked to tens of thousands of job cuts in the US last year, and that's only counting companies that openly admitted it. Amazon eliminated 14,000 corporate roles, citing AI; Microsoft cut 15,000, and both were explicit about why. The broader reality is that MIT researchers estimated AI can already perform the tasks of roughly 1 in 8 American workers. That number is only going to grow as the tools get cheaper and more capable."

Tyler Durden Wed, 06/17/2026 - 19:40

"Zero Hormuz Dependency": UAE Races To Rewire Energy Flows, Bypassing Chokepoint Chaos

The shuttered Strait of Hormuz is expected to reopen within days, though conflicting reports suggest the US-Iran memorandum of understanding could be formally signed as early as today, Thursday, or Friday. Either way, the interim peace deal appears likely to be signed within the next 48 hours, setting the stage for energy flows through the critical maritime chokepoint to begin normalizing, a process that could take many months.

The broader takeaway is that buyers of crude, refined products, and LNG now have to rethink their sourcing stack after the US-Iran conflict effectively shut Hormuz for several months. That means diversifying supply chains and reducing exposure to single-point maritime chokepoints. For Gulf energy producers, the Hormuz disruption will accelerate a massive push toward alternative export channels that bypass Hormuz entirely, potentially reducing Tehran's ability to use the strait as a lever in future conflicts.

In the first month of the conflict, Saudi Arabia's Hormuz-bypassing East-West pipeline ramped up to its full capacity of 7 million barrels a day, allowing the Kingdom to divert flows from Persian Gulf loading terminals to those at Yanbu on the Red Sea.

Separately, there has been a rush across other Gulf states to identify alternatives to Hormuz, and major plans to begin building new pipeline routes may soon be approaching.

Earlier this month, Sheikh Khaled Ahmad Al-Sabah, managing director of international marketing at Kuwait Petroleum, said Kuwait is among the countries that have reportedly held talks with Saudi Arabia and the United Arab Emirates about potential cross-border pipelines that could connect Gulf oil production to buyers without relying on tanker transits through Hormuz.

New signals from Gulf states seeking to rewire energy flows emerged on Wednesday in a new note citing a top UAE official who said the energy exporter is preparing to have "zero dependence" on Hormuz.

"We're moving toward having zero Hormuz dependency and that's regardless of whether it's open or not," UAE's Minister of Foreign Trade Thani Al Zeyoudi told Bloomberg in an interview. "It's going to open and we hope that will happen quickly, but we will not stop the new plan."

The plan includes major investments in pipelines, rail, and road links from UAE ports in the Persian Gulf to Dibba, Fujairah, Khor Fakkan and at least one new harbor on the Gulf of Oman coast.

Abu Dhabi has already announced plans to fast-track a second crude pipeline to Fujairah by 2027 and is now reviewing a third petroleum pipeline, as well as ways to export petrochemicals, LNG, and other energy products without relying on Hormuz.

The UAE can reroute more crude through pipelines to eastern ports, but LNG, aluminum, container imports, and other commodities are harder to shift. Dubai's Jebel Ali remains the world's largest container hub outside Asia, and moving more cargo through eastern ports would raise inland transport costs and boost shipping times.

In recent weeks, the Iraqi cabinet approved plans to accelerate crude exports through the Kurdistan-Turkey pipeline network, which would more than triple its existing shipments from 220,000 barrels per day to 770,000.

"Iraq is in a much more complicated situation because we know that most, if not all, of its oil transits through Hormuz," Alan Lemangnen, senior economist at QuantCube, told CNBC in an interview.

What is becoming increasingly clear is that the Hormuz squeeze is rewiring the Persian Gulf's energy map. Over time, that shift could render Iran's leverage over the Hormuz chokepoint far less effective, if not obsolete.

Perhaps Tehran has already read the writing on the wall. That may help explain why Iranian officials are now willing to play ball with the Trump administration through an MoU to reopen Hormuz and eventually enter talks over the country's nuclear ambitions.

Tyler Durden Wed, 06/17/2026 - 18:50

James Harden Arrested On Hypocritical Firearms Charge In Texas

Via Gun Owners of America,

NBA player James Harden was arrested over the weekend in Texas for “unlawful carry of a firearm in a motor vehicle.”

But wait, how can carry in a vehicle be unlawful in a state like Texas, where constitutional carry is the law of the land?

On Saturday, June 13 at around 3am, Harden was driving a Mercedes sedan that was part of a group of five vehicles traveling through downtown Houston, Texas.

According to reports, one of the vehicles was pulled over near the 1600 block of Jefferson Street, when Harden pulled up behind it in his vehicle. During the interaction, an officer noticed a handgun sitting in the cupholder of Harden’s vehicle - for which he was arrested under a misdemeanor charge and taken to Harris County Jail after Harden indicated that the handgun was his. 

The charge? “Unlawful carrying of a weapon in a motor vehicle,” a misdemeanor under Texas state law.

But how can that be possible - isn’t Texas a constitutional carry state?

What could possibly qualify as “unlawful carry?”

Well, according to the statute, the carry of a handgun in a vehicle is illegal when:

“The handgun is in plain view, unless the person is 21 years of age or older or is licensed to carry a handgun under Subchapter H, Chapter 411, Government Code, and the handgun is carried in a holster”

Translated from legalese, this means that Texas views any handgun “in plain view” not secured in a holster by someone without a state issued permit to carry, a crime.

A carve out in Texas’s constitutional carry law, the statue says that if a handgun is visible in a vehicle, it must be in a holster.

According to sources writing on the technicalities of the law itself, a firearm not in a holster must be hidden. In a glove box, console, under the seat or in a bag — those are all perfectly legal.

Having the gun out on the seat? Go to jail.

This seems like a massive oversight for a state that by most measurements, is one of the most pro-gun states in the country.

According to reporting, Harden owns the gun legally, and there was no crime committed. While there are conflicting reports about the traffic stop as to whether Harden himself had made a traffic violation or not, the carrying of the firearm itself was legal under Texas law.

The only exception was the technicality of Texas law requiring that handguns in plain view by those without a permit be secured in a holster.

And for that, Harden had to be arrested and taken to jail.

This story got a ton of attention over the weekend because Harden is a famous basketball player, but we at GOA are left thinking, how many other law-abiding gun owners has this exact situation happened to?

Texas must change this law.

That’s why we spoke out about this situation right as it happened.

https://x.com/GunOwners/status/2065904365391454648

If there’s one message, we’d like politicians in Texas to take away from this situation it’s this:

Texas must change its law.

The glaring hypocrisy from a state that has constitutional carry, to be arresting someone for something so pedantic as not having that gun in a holster, in plain view in their own car, committing no crime, is outrageous.

While this may have happened to a celebrity - regular, every day, law-abiding gun owners in Texas are at risk of the exact same situation happening to them.

Lawmakers in Texas should not let that stand.

Change the law. Nobody should be arrested for carrying their firearm simply because of the position the firearm is observed in by law enforcement; it’s a right - not a privilege.

Tyler Durden Wed, 06/17/2026 - 18:25

Trump And Iran Sign MOU Deal Ahead Of Schedule

Summary:

• The US and Iran have remotely signed their memorandum of understanding to end the war and open the Strait of Hormuz ahead of schedule, and the agreement is now in effect, Axios reports.
• Trump admits energy stockpiles "run out in about four weeks" 
• MoU signing could be As Early As Today 
• Trump Says Will "Drop Bombs" If Bad Final Deal 
• 14-Point US-Iran Draft Deal Released, Set For Friday Signing

Trump Signs Iran Deal Remotely Ahead Of Schedule

Confirming earlier speculation, Axios reports that the U.S. and Iran have remotely signed their memorandum of understanding to end the war and open the Strait of Hormuz, and the agreement is now in effect. The signing - which took place electronically between Trump, Vance and Ghalibaf - reportedly took place at dinner in France alongside President Emmanuel Macron. 

The signing was supposed to happen in Switzerland on Friday, but a diplomat from a mediating country and a second source familiar told Axios earlier on Wednesday that there had been discussions about signing and implementing it earlier

The diplomatic source said the discussions around accelerating the timetable were intended to open the strait sooner than Friday, as both parties were in agreement on that issue. Another factor may have been the political pressure on the White House to release the text of the MOU, which it sitll hasn't done officially. The source familiar with the discussions claimed it was Iran that demanded the text not be published until the formal signing, and denied the White House was responding to political pressure.

The only "public release" so far consisted of a senior administration official reading the agreement to reporters in a briefing call on Wednesday, after days of confusion about what was in it.

Ahead of the signing, Iran's foreign ministry said the sides had agreed that the MOU should be signed electronically by both presidents. For Iran, the signing represents a major victory as it now stands to receive billions in unfrozen (and other) funds from the US and Gulf sources.

While it's now just a formality, the meeting between the U.S. and Iranian delegations headed by Vice President Vance and Iranian parliamentary speaker Mohammad-Bagher Ghalibaf is still expected to take place as planned on Friday in Switzerland. They are expected to discuss the launching of negotiations on Iran's nuclear program.

The signing took place after this remarkable press conference earlier in the day in which Trump tried to justify conceding to Iran's terms:

As BBC's Siavash Ardalan writes, Trump's responses to the reporters' questions to justify the agreement with Iran were bizarre and unprecedented in their own way:

They asked him how he could allow $300 billion in investment in Iran. He said, "We've already inflicted $2 trillion in damage on Iran; $300 billion is nothing in comparison."

They asked why he's giving Iran tens of billions of dollars. He said, "If we don't return their own money to them, other countries will be afraid to put their money in our banks, and then the dollar's position will weaken."

They asked why the missile issue isn't in the agreement. He said, "We've already destroyed 85% of their missiles anyway; the rest are buried underground, and besides, we sell air defense systems to the countries in the region so they won't worry about Iran's missiles."

They asked if he's not worried that Iran will say, "We're only producing nuclear energy for civilian purposes." He said, "You can't tell everyone else to produce electricity with nuclear power while only Iran can't."

Finally, he said, "If we continue sanctioning Iran, 91 million Iranians will die of hunger—what's the point of that, really?"

Oh, and he joked that "If [the Iran deal] works out, I'm going to take the credit; if it doesn't work out, I'm blaming [Vance]."

Meanwhile, in the aftermath of the signing, Iranian Foreign Ministry spokesman said Israel's continued attacks on Lebanon would be regarded as a breach of commitments, and adds that the US is responsible to force Israel to abide by the deal; the official also said the 60-day period starts today.

Trump Admits

President Trump's comment at the tail end of the G7 press conference about rapidly depleting crude reserves may have been the clearest admission yet of what is really driving the urgent push for an MoU with Iran to reopen the Strait of Hormuz.

"We run out of reserves in about four weeks," Trump told reporters.

Trump said the world would have run out of oil reserves in 4 weeks, put pressure for a peace agreement.

Says it would have been "bedlam" pic.twitter.com/k45MTI8sNs

— OSINTtechnical (@Osinttechnical) June 17, 2026

View data here.

*Trump Says `We Run Out of Reserves in About Four Weeks'

we know, but maybe not the smartest thing to admit https://t.co/N28eXJih5e

— zerohedge (@zerohedge) June 17, 2026

With global SPRs being aggressively tapped to offset lost Gulf energy production while the Strait of Hormuz remains shuttered, the clock is ticking closer and closer to midnight to fully reopen the waterway to restart the normalization process of tanker transits, which may take months.

The longer Hormuz stays closed, the faster emergency stockpiles are drained, raising the risk of an energy cliff, then a much worse energy shock. That urgency appears to be the real force behind the race to secure an interim agreement with Tehran.

Talk of Accelerated MoU Signing Timeline

Axios reports that US, Iranian, and mediator officials are discussing an accelerated timeline for signing the memorandum of understanding, moving it from Friday to as early as Wednesday, potentially via electronic signature.

More from Axios:

• The diplomatic source said the discussions around accelerating the timetable were intended to open the strait of Hormuz sooner than Friday, as both parties were in agreement on that issue.
• Another factor could be the political pressure on the White House to release the text of the MOU.
• The source familiar with the discussions claimed it was Iran that demanded the text not be published until the formal signing, and denied the White House was responding to political pressure.

Even if the electronic signing occurs early, Vice President J.D. Vance and Iranian Parliament Speaker Mohammad-Bagher Ghalibaf are still expected to meet on Friday in Switzerland to launch multi-month talks on Iran's nuclear program.

The takeaway here is that both sides appear aligned on quickly reopening the Hormuz chokepoint, as the world faces an energy cliff.

Watch Trump 

President Trump is set to hold a very important press conference at the conclusion of the G7 summit in France.

Trump Tells Reporters At G7: We'll "Go Back To Dropping Bombs" if he Doesn't Like Final Deal 

President Trump told reporters on the sidelines of the G7 summit in France that the pending U.S.-Iran memorandum of understanding is "not final" and warned that if he "doesn't like it ... we'll go back to shooting at them."

"If I don't like it [MoU], we'll go back to shooting at them, dropping bombs on their head," Trump said.

Trump repeated: "If they don't behave, we'll go right back to dropping bombs right smack in the middle of their head."

He added, "Because they misbehaved for 47 years. But nobody could've made this deal. The Obama-era JCPOA handed them $1.7 billion and gave them hundreds of millions of dollars in a Boeing 757. He tried to bribe his way out. I did not do that."

BREAKING: "If I don't like it, we'll go back to shooting at them, dropping bombs on their head."

President Trump warns Iran that any change to the peace agreement or failure to comply could bring an immediate military response.

"If they don't behave, we'll go right back to… pic.twitter.com/67JRcDptYS

— Fox News (@FoxNews) June 17, 2026

The proposed deal, expected to be signed on Friday in Geneva, would extend the U.S.-Iran ceasefire for 60 days and create a framework for negotiations over Iran's nuclear program. 

14-Point US-Iran Draft Deal Set For Friday Signing

With US and Iranian officials preparing to formally sign a memorandum of understanding in Switzerland on Friday, the conflict is entering the much-needed diplomatic phase to avert a potentially disastrous energy cliff. The MoU would open a 60-day negotiating window aimed at ending the war, restoring maritime traffic through the Strait of Hormuz, and hammering out the future of Iran's nuclear program.

Bloomberg published the text of the 14-point draft MoU, offering the clearest look yet at the proposed trade: de-escalation and sanctions relief for Iran, in exchange for a ceasefire across all fronts, commitments on shipping access, and a broader nuclear deal to be finalized by the end of summer.

But Iran's Tasnim news agency cited an unnamed official earlier today, saying some of the MoU published by Bloomberg is inaccurate. The report did not specify the discrepancies. Bloomberg noted that some of the wording could be different between the English and Persian versions.

Below is the text of the 14-point draft MoU:

1. The Islamic Republic of Iran and the United States, together with their allies in the current war, declare upon the signing of this Memorandum of Understanding an immediate and permanent end to the war on all fronts, including Lebanon, and undertake that from now on they will not launch any hostile action against each other, and will refrain from the threat or use of force against each other. The final agreement will confirm the provisions of this Article and the remaining Articles

2. The Islamic Republic of Iran and the United States undertake to respect each other's sovereignty and territorial integrity, and to refrain from interfering in each other's internal affairs

3. The Islamic Republic of Iran and the United States undertake to negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent

4. Immediately upon the signing of this Memorandum of Understanding, the United States Lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity; the traffic of ships shall be proportional to the pre-war volume of traffic on the part of the Islamic Republic of Iran. The United States also undertakes to withdraw its forces from the surrounding areas within 30 days after the final agreement

5. Upon signing this Memorandum of Understanding, the Islamic Republic of Iran will immediately take steps to ensure that the movement of merchant ships from the Persian Gulf to the Sea of Oman and vice versa is resumed within 30 days to the pre-war volume, taking into account the need for the removal of technical obstacles and the neutralization of mines by Iran.

6. The United States undertakes, together with its regional partners, to create a comprehensive plan agreed upon by both parties for the rehabilitation and economic development of the Islamic Republic of Iran, While ensuring financing of at least $300 billion. The implementation mechanism of this plan, as part of the final agreement, will be formulated within 60 days.

7. The United States commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary.

8. The Islamic Republic of Iran reiterates that it will never produce nuclear weapons. The Islamic Republic of Iran and the United States have agreed that the fate of enriched material and the fate of all other mutually agreed nuclear-related issues, including Iran's nuclear needs, will be adequately addressed in a final agreement; the final agreement will confirm the provisions of this Article.

9. The Islamic Republic of Iran and the United States agree that, pending a final agreement, they will maintain the status quo: Iran will maintain the status quo on its nuclear program, and the United States will not impose new sanctions on Iran or strengthen its forces in the region.

10. The United States undertakes that immediately after the signing of this Memorandum of Understanding, and until the date of the lifting of sanctions, the United States Treasury Department will issue waivers for exports of Iranian crude oil, petrochemical products and their derivatives, and all related services, including banking, insurance, transportation, and the like.

11. The United States undertakes that, in light of the progress of negotiations towards a final agreement, frozen or restricted funds and assets of the Islamic Republic of Iran will be released and made fully available. These funds, whether held in the master account or transferred, will be used for any final beneficiary payment determined by the Central Bank of the Islamic Republic of Iran and will be fully available for use. The United States undertakes to issue all necessary permits and licenses on this basis.

12. The Islamic Republic of Iran and the United States agree that an implementation mechanism will be established to oversee the successful implementation of and future commitment to the Final Agreement.

13. Following the signing of this Memorandum of Understanding, and upon receipt of assurances regarding the commencement of implementation of Articles 4, 5, 10, and 11 of this Memorandum of Understanding, and the continued implementation of these steps, the Islamic Republic of Iran and the United States will enter into negotiations for a Final Agreement solely with respect to the remaining Articles.

14. The final agreement will be approved through a binding resolution of the UN Security Council

Based on the text above, the first take of the MoU appears to be front-loaded economic relief for Tehran in exchange for a ceasefire, a nuclear freeze, and commitments to negotiate hard topics, such as the nuclear program, at a later date.

Who Stands To Benefit:

Tehran benefits most directly because it gets economic oxygen, oil waivers, frozen funds, sanctions relief language, and reduced US military pressure in the region.

Hezbollah and Iran-aligned actors also benefit if "all fronts, including Lebanon" locks in a ceasefire that constrains Israeli operations.

And, of course, the global economy because global shippers benefit if Hormuz reopens and war risk premiums in crude oil collapse.

The Gulf states benefit if the conflict ends because energy exports through the Strait of Hormuz will resume. A report on Tuesday said that QatarEnergy was planning to ramp up LNG production in the coming months.

Where is Leverage Lost:

The US loses some coercive leverage once the Hormuz blockade ends, oil waivers are granted, and asset-release mechanisms begin.

Israel loses freedom of action if the agreement binds the Lebanon front and limits further strikes.

Sanctions and hawks lose leverage because the draft moves quickly toward broad sanctions dismantlement.

The urgency behind the MoU and locking in peace talks for 60 days, with a formal signing event at the Bürgenstock resort in Switzerland on Friday, stems mainly from the world being headed for an energy cliff, as SPRs globally were being drained to offset the loss of Gulf production with the Hormuz chokepoint shuttered. Brent crude futures edged down overnight, trading around $79 a barrel on Wednesday morning.

One of the biggest uncertainties remains the Strait of Hormuz. President Trump stated that the critical waterway will reopen permanently and be toll-free, but the MoU suggests the toll-free arrangement may only last through the 60-day negotiation period. Another major uncertainty is Tehran's compliance.

Most Important Overnight Headlines (courtesy of Bloomberg):

US-Iran Deal Framework

• The US and Iran plan to formally sign a memorandum of understanding on Friday, June 19, 2026 in Switzerland, paving the way for 60 days of talks aimed at ending the war and limiting Iran's nuclear program

• Iran will immediately take steps to reopen the Strait of Hormuz once the tentative deal is signed and will be allowed to sell its oil without restrictions, according to leaked copies of an interim agreement

• Iran is set to receive broad financial incentives including the right to sell oil immediately, access to a $300 billion development fund, and eventual access to frozen assets

• The US would secure at least $300 billion to rebuild Iran after the war under the accord Web Content - US 6:43 AM

• The memorandum states only that Iran's stockpile of near-bomb-grade uranium be 'adequately addressed,' leaving unresolved the fate of enough material to fuel multiple weapons

International Reactions

• Senate Republicans are pressing the Trump administration for details on the deal and signaled Congress will ultimately vote on the final agreement

• European officials are wary of committing naval ships to clear Iranian mines from the Strait of Hormuz because of confusion about how the work would be done and Trump's strict end-of-week timeline

• China's Foreign Minister Wang Yi called for greater international support for the next phase of Iran-US peace talks on Tuesday, cautioning that the interim agreement marks only the beginning of a longer peace process

• European allies disagree with Trump's optimism that trade can resume by week's end and have practical questions about what was agreed before committing to de-mining missions

Shipping and Energy Markets

• A third fully-loaded crude tanker, the Suezmax Sonia I capable of hauling about 1 million barrels, left the Iranian port of Chabahar on Tuesday night and crossed the US blockade line heading toward Singapore

• Two oil tankers heading toward Africa U-turned in the Indian Ocean this week, switching destinations to the Middle East as shipowners race to re-position vessels ahead of the possible Strait of Hormuz reopening

• Qatar is beginning to bring some of its LNG tankers back to the Middle East, with at least four empty vessels recently heading toward the region after being idle or heading in a different direction

• Brent oil fell below $80 a barrel on Tuesday for the first time in more than three months as the US-Iran deal boosted expectations for a revival in supply

• The prediction market Kalshi assigns a 51% probability that Strait of Hormuz traffic will return to normal before August 1 and a 68% probability before September 1

Oil Market Impact

• The IEA said world oil consumption will slump by 1.1 million barrels a day this year, the biggest drop since the Covid pandemic in 2020, as higher fuel prices and disruptions curb buying

• The IEA previously expected a decline of about 420,000 barrels a day, making the revised forecast much deeper than anticipated

• A potential peace deal paves the way for a renewed supply glut in 2027, according to the IEA

Tyler Durden Wed, 06/17/2026 - 18:15

Rare Earth Stocks Pop After G7 Unveils Plan To Reduce Dependence On China For Critical Minerals

Rare earth stocks spiked on Wednesday after G7 leaders agreed to strengthen coordination on critical minerals as they seek to reduce dependence on China-dominated supply chains, according to a new report from Reuters.

Without naming China directly, the group set a goal of limiting reliance on any single external supplier of rare earths and permanent magnets to less than 60% by 2030, with a longer-term target of 50%.

Reuters reports that to support that effort, the G7 plans to align critical mineral stockpiling strategies, beginning with lithium and nickel, and establish a new platform for policy coordination, data sharing, market monitoring, and crisis response. The platform will work closely with the International Energy Agency, which will provide analysis and early warnings of supply disruptions and market distortions.

The group also pledged to support investment across the entire critical minerals supply chain—from mining and processing to manufacturing—through development finance institutions, export credit agencies, and private-sector partnerships. Since the start of 2026, governments have announced 195 related projects totaling €64 billion ($74 billion) in investment.

Neha Mukherjee, research manager at consultancy Benchmark Mineral Intelligence commented: "The G7 statement is an important signal of intent, but the pace of diversification will ultimately depend on whether policy support translates into investment ​across the midstream and downstream parts of the value chain."

Despite the commitments, analysts note that diversification will be difficult, particularly because China controls about 90% of global processed rare earth and permanent magnet production. The G7 is also exploring measures such as joint procurement, subsidies, quotas, and price-support mechanisms, while expanding domestic stockpiles and increasing recycling capacity to make recycled materials a significant share of critical mineral consumption by 2030.

Tyler Durden Wed, 06/17/2026 - 18:00