Zero Hedge

Mapping America's Robotaxi Boom As Driverless Fleets Hit More Cities

Mapping America's Robotaxi Boom As Driverless Fleets Hit More Cities

Robotaxi deployments are entering the scaling phase across major U.S. cities as Waymo, Lyft, Tesla, Zoox, and other autonomous vehicle firms push fleets deep into cities.

The autonomous rideshare market remains in its early chapters, but the direction of travel is clear even to the modest observer: robotaxis are moving from the test phase to becoming an increasingly common sight on the roads.

With that comes the general public capturing these robotaxis doing some pretty weird stuff in the wild, such as bottlenecking in a quiet Atlanta neighborhood last month...

And this.

The latest update on commercial AV deployments comes from Goldman analysts led by Eric Sheridan, who told clients these deployments are gaining momentum.

Based on NHTSA crash data from July 2025 through mid-April 2026, along with Waymo and Tesla disclosures on miles and trips, Tesla robotaxis had an accident every 100,000 to 120,000 miles, while Waymo had an accident every 150,000 to 175,000 miles.

Tesla's Austin fleet includes a mix of vehicles with and without safety monitors, while Waymo operates commercially across more cities and has a much larger fleet.

Sheridan estimates that Waymo's fleet size is over 3,800 vehicles (including 577 in Texas), while Tesla's fleet in Texas is around 42 vehicles.

SensorTower data for the US market shows that Waymo's app usage continued to expand in April, though momentum appears to be slowing. Monthly active users rose 20% year over year, a slower pace than in recent months.

Announced current and future deployments

Sheridan's ratings and price targets on robotaxi or robotaxi-aligned companies:

Related:

Increased deployments will likely usher in rising regulatory pressure from local, state, and even federal governments. We wouldn't be surprised if taxi or human drivers revolted at some point. Or at least some left-wing NGO mount a pressure campaign with paid protests.

Federal safety agencies are currently investigating Waymo incidents, New York backed away from allowing commercial robotaxi service this year, and metro areas such as Boston, Seattle, and San Francisco are considering restrictions.

The emerging problem for robotaxi firms is that, even if AVs crash less often per mile than human drivers, highly visible accidents in unusual real-world conditions are becoming a political and regulatory headwind.

Consider this before the next Waymo ride. 

Professional subscribers can read the full Robotaxi note here at our new Marketdesk.ai portal. 

Tyler Durden Thu, 06/04/2026 - 15:40

Zelensky Pens Lengthy Letter To Putin: 'Enough Of War, I Am Proposing A Meeting'

Zelensky Pens Lengthy Letter To Putin: 'Enough Of War, I Am Proposing A Meeting'

On Thursday Ukrainian President Volodymyr Zelensky proposed a face-to-face meeting with Vladimir Putin in a rare open letter sent to the Russian leader. It said Ukraine is also ready for a "full ceasefire."

"Ukraine proposes ending this war through direct engagement between us - and you. I am proposing a meeting," Zelensky said in the letter. "Ukraine is ready for a full ceasefire for the duration of the negotiations," he added.

The letter, which is somewhat lengthy at one point says, "The choice is yours now. Enough of war" and then spells out that "Ukraine proposes to end this war."

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

via AP/The Hill

The new letter was issued just Europe's most influential powers of Germany, France, and the United Kingdom are trying to again jump-start Ukraine war peace talks, collectively operating as the E3 group.

They seek to implement a new framework aimed at engaging Russian President Vladimir Putin in direct negotiations to end the war. Reuters on Wednesday reports that "A window for dialogue is slowly opening between Russia and Europe on Ukraine, ​although it is likely to be months before talks can ‌begin, a German government official said at a briefing on Wednesday."

It seems this window of opportunity is based to some degree on perceptions that the war tide and momentum is finally shifting in Ukraine's favor, given the increasing effectiveness of Ukraine's devastating cross-border drone attacks of late.

European leaders apparently view the current battlefield and political dynamics as having strengthened Kiev's bargaining position, creating what they believe is the optimal moment to press Moscow for talks. It seems that Zelensky agrees, and believes that it's time to get back to the negotiating table.

Putin on sidelines of the ongoing St. Petersburg International Economic Forum: We can control whole Donbass region AND strike a deal. One thing doesn’t contradict the other, why would you think that it does? — Putin to AP News Director

Putin also said Thursday that his view is there's no need to stop fighting in order to start talks.

Below is Zelensky's full newly published letter, kept in the original formatting, and as issued in an official English version.

*  *  *

Open Letter

To the President of the Russian Federation

From the President of Ukraine

When you came to power in Russia more than 26 years ago, many people in Ukraine viewed you positively. That is how it was. But that is now in the past.

Now, the overwhelming majority of Ukrainians view it positively that our long-range drones paid a visit to the opening of your forum in St. Petersburg, covering a distance of more than 1,000 kilometers. As you know very well, that distance is not the limit of our capabilities.

For 26 years, your time in power has completely changed the agenda of relations between Ukraine and Russia. From discussions about trade and other civilian matters, our nations have moved to talking almost exclusively about strikes and losses.

You have spent nearly half of your 26 years in power in Russia waging war against Ukraine.

Whatever you may say about NATO, geopolitics, or the Russian language, this war is your personal choice — a war without a real cause. That is how history will remember it.

Those years could have been very different.

We often hear that you are comfortable with this war. Of course, not in those cases when it comes to the security of your residence in Valdai or your parade in Moscow. Your own life is valuable to you.

But now we can all see that Russians are finally becoming less comfortable with this reality — with the fact that the war is bringing more and more negative consequences to Russia.

They do not like our drones and missiles.

They do not like gasoline shortages and constantly rising prices.

They do not like constant restrictions.

They do not like your intention to launch a second wave of mobilization in order to expand the war into another direction in Ukraine or to use it against other countries neighboring Russia.

They do not like the fact that there is no end in sight to your war.

Yes, you can still force Russians to exist this way. But your resources are shrinking significantly.

You will not have enough money or political capital to keep buying the loyalty of Russians the way you have for the past 26 years.

And we will do everything we can to ensure that the world helps bring that moment closer.

As you yourself like to say, “we need to run the numbers.”

Yesterday, I received a report on the losses of your army on the front in Ukraine during May. Once again, the number exceeded 30,000 Russian soldiers killed and seriously wounded. We have been maintaining that level month after month, and we have video confirmation of every one of your losses — these are not empty claims.

We know that 63 percent of your battlefield losses are killed, while only 37 percent are wounded. In the 21st century, no army can afford such a ratio. And the share of those killed will continue to grow.

It is not as if we in Ukraine are concerned about the fate of Russian soldiers after everything your war has brought to our country.

But I do care about Ukrainians.

We are losing our people, and every loss is painful to us. Even when the ratio of Ukrainian losses to Russian losses is one to five or one to six, it still matters greatly.

It also matters that you regularly postpone, every few months, your own deadlines for capturing our regions — especially the Donetsk region. And you will not capture it this year either.

But we in Ukraine do not want a permanent war. We know very well that life without war is infinitely better. And we want to achieve that.

I am convinced that the majority of Russians would respond positively to this as well — and you know it.

Many did not believe that Ukraine would be able to hold out for so long. You did not believe it. And those who advised you did not believe it either. That was a mistake.

You did not expect full-scale resistance from Ukraine, and you did not foresee that things would go this far. Yet here we all are — in the fifth year of this full-scale war.

Do not be afraid to take the path out of this war. That is the main thing that is required of you now.

Ukraine has preserved its independence. And it will preserve it. Despite all predictions to the contrary.

We have united many around the world to stand with Ukraine and against you. We found the weapons and the financing we needed.

We receive support. You receive sanctions. And this will continue until there is justice for Ukraine — the justice we seek and the justice that can be achieved.

We will not allow those who are trying to convince you that sanctions against Russia will be significantly eased, and that support for Ukraine will be significantly reduced, without any meaningful change in your position toward Ukraine, to succeed. The example of Orban shows how those who choose to help Russia in its war against us end in disgrace.

Ukraine has endured harsh winters while you tried to destroy our energy system. We held firm — and even in darkness, the resilience of Ukrainians remained intact.

We brought the war onto your territory, and you would not have been able to cope with it without North Korea’s help. You are the first ruler of Russia to turn to Pyongyang for assistance.

And today you are fully dependent on China — also for the first time in Russia’s history.

You believed Ukrainians would not have the strength to defend themselves. Yet today, our people are helping our partners in the Middle East and the Gulf build their own defenses.

You hoped for internal unrest in Ukraine. Instead, it was your own military formations that staged a mutiny against you. June 23 will mark another anniversary of that event, and silence will not erase this fact from history.

And now it is you whom your own officials, businessmen, and propagandists look at with obvious fatigue. The world can see it.

The world has not grown tired of Ukraine, as you long hoped it would. But there is growing fatigue with Russia — even among those in the wider world who help you bypass sanctions and keep your economy afloat.

You cannot fail to notice it. After 26 years in power, age is beginning to take its toll. And with time, the fatigue with you will only grow.

We have seen intelligence reports showing that you are now considering plans to continue the war into 2027 and 2028. We also know that you hope ballistic missiles will achieve for you what everything else has failed to achieve. You want to draw Belarus even deeper into this war, and we are now forced to prepare for that as well. We see that you are trying to orchestrate something around Transnistria. Your propagandists threaten, in one way or another, every country neighboring Russia. Do you really want to go through all of this?

The choice is yours now.

Enough of war.

Ukraine proposes to end this war.

This must be done honestly, with dignity, and with guarantees that the war will not be reignited.

We see that the United States is fully focused on the issue of Iran, and it would be wrong to simply wait until the war in Europe returns to the center of its attention.

Ukraine proposes ending this war through direct engagement between us — and you.

I am proposing a meeting.

Everyone heard your representatives, smiling, say that I could supposedly come to Moscow. But after these 26 years, there is nothing for a Ukrainian leader to do in your capital — just as there is nothing for a Russian leader to do in Kyiv.

There are countries that have traditionally hosted leaders to resolve issues of war and peace. Switzerland, Türkiye, the countries of the Arab world — many are able and willing to host such a meeting.

It is leaders who resolve the key issues. That has always been the case, and it always will be.

I propose to set a clear date for such a meeting.

We have heard that you were promised in Alaska the resolution of certain issues concerning Ukraine and Europe. But you can see for yourself that Ukrainian and European issues are not decided in Anchorage.

Other agreed participants could join the bilateral track to be established between us.

Since the war is taking place in Europe, and since Ukraine needs security guarantees, while you also seek security guarantees for yourself, it would be logical to involve those who can genuinely serve as guarantors.

We believe Europe should be part of this process — those who truly have the capacity to influence the situation.

We also believe that the United States must be part of the process. This is what could help shape a new security architecture for our part of the world.

We’ve already experienced many agreements with Russia, including the Minsk agreements, that ultimately failed. That is why we must first find direct answers between us to the questions that remain, and not hide from difficult issues behind formulas, technical working groups, or endless time lost in shuttle diplomacy.

Your war has permanently set Ukraine and Russia apart.

The front line today is the line from which diplomacy must begin.

Ukraine is ready for a full ceasefire for the duration of the negotiations. This is standard practice, and current developments around Iran only reinforce that point. An attempt to establish real silence is the best way to begin talking to one another. We believe it would not simply be an attempt, but a real ceasefire — if that is what you want.

You know that the United States has the capability to monitor a ceasefire along the line where hostilities stop.

Ukraine is ready for an all-for-all exchange of prisoners of war, and this could become a good prologue to ending the war.

Serious steps must be taken to return civilians and children who were taken away during the war.

We must determine what kind of future awaits the generations of Ukrainians and Russians who will come after us.

If you do not personally come to the conclusion that it is time to end this war, Ukraine will continue fighting for its existence. We will have those who support us.

But you, too, will have to fight much harder for your own existence — not Russia’s, but your own. And this is not a threat from me or from Ukraine. It is a fact of Russian history that you know well: when Russia grows tired, change comes.

We can work toward that fatigue.

You can stop your war.

Eternal memory to all those whose lives were taken by this war.

Glory to Ukraine!

*  *  *

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

Tyler Durden Thu, 06/04/2026 - 15:20

"Bring Your Own Capacity" - Google And Voltus To Deploy Virtual Power Plant 

"Bring Your Own Capacity" - Google And Voltus To Deploy Virtual Power Plant 

Google signed a three-year Bring Your Own Capacity (BYOC) agreement with Voltus for up to 100 MW of accredited distributed capacity in the PJM Interconnection. Voltus will aggregate batteries, smart thermostats, electric vehicles, and other flexible assets from homes and businesses into a Google-funded Virtual Power Plant (VPP). 

When the grid needs relief, the software dispatches those resources in concert. Participants get paid, and Google gets capacity without waiting for traditional interconnection queues.

A VPP is not a physical plant at all. It is coordinated software that turns thousands of small, customer-sited resources into something that behaves like dispatchable generation. Distributed energy resources (DERs) such as solar panels, batteries, smart thermostats, and flexible loads already sitting on the grid become a decentralized fleet. 

Instead of building another transmission line or expensive peaker plant that sits idle most of the year, the VPP squeezes more value out of what already exists. Brattle Group analysis suggests better utilization of existing infrastructure could save U.S. consumers over $100 billion this decade.

Voltus has positioned itself as the leading operator in this space. The company manages more than 7.5 GW of DERs across all nine North American wholesale markets and launched its BYOC offering specifically to help large loads shortcut interconnection delays. Google is the first named hyperscaler customer. The deal runs in PJM, the largest U.S. grid operator and one already feeling the strain of AI-driven load growth.

This move fits the broader pattern of Google methodically assembling exposure to nearly every generation and flexibility technology currently in play. Considering the alternative is to just sit back and watch grids like PJM start to go black in the years ahead...

On the firm, always-on side, the company struck a deal with NextEra to restart the 615 MW Duane Arnold nuclear plant in Iowa. Google is also looking to offtake power from Kairos' molten salt reactors in Tennessee. 

For next-generation geothermal, Google has a long-running partnership with Fervo Energy. The Nevada pilot is already feeding carbon-free power to Google data centers, and the companies expanded via a Clean Transition Tariff structure with NV Energy for an additional 115 MW. Google also holds PPAs with Ormat under the same tariff framework.

On the renewables and storage front, Alphabet closed its $4.75 billion acquisition of Intersect Power earlier this year. Intersect develops co-located data center and energy infrastructure, including large-scale solar and battery storage projects. 

Google has maintained a steady drumbeat of wind and solar PPAs for years; the Intersect deal accelerates co-location and gives the company more direct control over project development timelines.

Long-duration batteries even caught Google's interest with the Form Energy deal for iron-air technology and the batteries that will likely participate in the new Voltus VPP. 

The through-line is speed. PJM and other grids are not adding transmission and firm generation fast enough to match announced data center builds. Hyperscalers have responded with every available lever: restarting nuclear, advancing geothermal, buying developers outright, and now directly funding distributed capacity. 
 

Tyler Durden Thu, 06/04/2026 - 15:00

Lights Out For Sleep Number, Shares Crash On Potential Bankruptcy Filing

Lights Out For Sleep Number, Shares Crash On Potential Bankruptcy Filing

Sleep Number Corporation shares crashed after multiple outlets, including The Wall Street Journal and Bloomberg, reported that the mattress and bedding retailer is preparing to file for Chapter 11 bankruptcy.

WSJ said that Sleep Number is "expected to use the Chapter 11 process to restructure its balance sheet while continuing operations. The reorganization could also include a potential sale of the business."

As of late 2024, Sleep Number had 640 retail stores across the US, with a footprint actively shrinking in recent years.

The company has been hit hard by a confluence of factors - think higher interest rates have reduced demand for big-ticket items, like a $5,000 bed, industry pressure, and tariffs. Plus, let's not forget that all the demand was pulled forward during the easy-money bubble of the Covid era.

Revenue fell 16% in 2025 to $1.4 billion ...

... while the stock has plunged about 97% over the past four months to roughly 32 cents.

WSJ noted that Sleep Number recently hired Guggenheim Securities to evaluate opportunities to strengthen its balance sheet and improve liquidity. The struggling retailer has secured $55 million in additional liquidity through a new $25 million term loan and $30 million in added flexibility from existing lenders.

Our read-through: another consumer discretionary story has collapsed, with demand for big-ticket home goods continuing to sink under elevated interest rates and a tapped-out consumer nearing the end of the tax-refund sugar high.

Tyler Durden Thu, 06/04/2026 - 14:40

Heavily Shorted Rumble Soars After Landing "Largest Customer Commitment To Date" In $270M AI Cloud Deal

Heavily Shorted Rumble Soars After Landing "Largest Customer Commitment To Date" In $270M AI Cloud Deal

Shares of the free-speech video platform and cloud-services company Rumble soared in premarket trading after it announced in an 8-K filing that it had signed a multi-year, $270 million deal with a third-party cloud customer for dedicated GPU cloud capacity powered by Nvidia Blackwell B300 systems.

The deal, announced Thursday morning, is Rumble's largest customer commitment to date and signals the video platform's push deeper into AI infrastructure and cloud computing services.

"Rumble entered into a multi-year, $270 million agreement with a third-party cloud customer, representing Rumble's largest customer commitment to date," the company wrote in the filing.

The filing continued, "Under the agreement, the customer has committed to purchase dedicated GPU cloud capacity from Rumble powered by NVIDIA Blackwell B300 systems," adding, "The agreement includes potential for greater value and extended length based on market success." 

Rumble went public through a SPAC merger with CF Acquisition Corp. VI, a Cantor Fitzgerald–backed blank-check company. The deal closed in mid-September 2022, and the shares began trading on Nasdaq.

Since then, shares have traded sideways, unable to break above $16 resistance, and have plunged as low as $3.39 in early 2024.

News of the AI cloud-capacity deal sent shares soaring 14% in premarket trading.

Notably Rumble is heavily shorted, with 28% of the float short, or about 24.5 million shares. Days to cover stand around 7.1. 

What's notable about Rumble is that it's no longer a free-speech YouTube alternative, but is now shifting toward AI infrastructure and GPU cloud services.

Tyler Durden Thu, 06/04/2026 - 13:40

Satellite Imagery Appears To Show Damage At US Airbase In Kuwait After Iranian Attack

Satellite Imagery Appears To Show Damage At US Airbase In Kuwait After Iranian Attack

Via Middle East Eye

Satellite imagery appears to show damage to a US air base in Kuwait following Iranian strikes on Wednesday.

New imagery of the site released by Soar Atlas seems to show a destroyed shelter at the US Ali Al Salem Air Base, despite US Central Command (CENTCOM) insisting that all the missiles and drones targeting the site were "defeated".

Screengrab of satellite imagery of the US Ali Al Salem Air Base in Kuwait released by Soar Atlas (via X)

Soar Atlas noted that the area surrounding the base "appears charred, with multiple impact craters visible nearby".

In a statement, Centcom said that Iran had fired "several ballistic missiles toward regional neighbors", but claimed that "all failed to hit their intended targets".

It added that the two missiles fired at Kuwait "fell short or broke apart enroute" and that three missiles launched at Bahrain "were immediately intercepted" by air defences.

Kuwait's foreign ministry said on Wednesday that a volley of Iranian missiles had struck the country's international airport and diplomatic missions. Local officials reported that one person was killed in the attack - who was later identified as an Indian citizen - and another 60 injured.

DropSite News: New Soar Atlas satellite imagery appears to show damage at the U.S. Ali Al Salem Air Base in Kuwait following yesterday’s Iranian attacks.

Video footage from the airport showed extensive damage, with fires raging in terminal one, a collapsed roof and billowing clouds of smoke. 

After the attacks, Kuwaiti defence ministry spokesperson Brigadier General Saud al-Otayan condemned what he described as "criminal Iranian aggression".

Iran on Wednesday said that the strikes on Kuwait's airport were the result of a US Patriot missile interceptor hit, a claim that Centcom immediately denied.

Iran's Tasnim news agency cited the Iranian Revolutionary Guard Corps (IRGC) as saying that they did not fire at Kuwait airport. 

The US said that claim was false and that Iran targeted the airport in a "deliberate, calculated and unjustified attack".

Tyler Durden Thu, 06/04/2026 - 13:20

US Sellers Pull Homes Off Market At Near-Record Pace As Buyers Balk At High Prices

US Sellers Pull Homes Off Market At Near-Record Pace As Buyers Balk At High Prices

With March home prices across the US sliding sequentially almost 0.2%, and rising just 0.83% YoY, the weakest annual appreciation since July 2023...

...  the balance in the real estate market is rapidly shifting away from a sellers' market. And sellers are not happy.

A near record 5.8% of all US home listings were pulled off the market in April, according to Redfin. That’s tied with December 2025 for the highest share since March 2020, when the onset of the pandemic ground the housing market to a halt and spooked sellers. April delistings surged 3.8% month-over-month, the second straight month in which they have increased. Prior to 2020, delistings were never as common as they are now.  

Delistings are on the rise largely because it’s a buyer’s market. Many homeowners want to sell - but only if they can get the price they want.  In many cases, prospective sellers test the waters but pull their home off the market when they don’t get the price or terms that make selling worth it.  And with most homeowners in possession of sufficient liquidity buffers to avoid the need for liquidation, expect many more delistings as expectations for rapidly rising home prices crash and burn. 

Sellers are still getting used to the post-pandemic normal,” said Patricia Ammann, a Redfin Premier agent in Arlington, VA. “Prices aren’t soaring like they were five years ago–high gas prices and the rising cost of living overall is trickling down to the housing market, making buyers much less likely to bid prices up. Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won’t budge.”

The growing flood of AirBnB properties being dumped into a bidless market aside, Ammann noted that the most desirable properties still elicit multiple offers and sell above asking price with no contingencies. 

According to Redfin, there are a few forces driving the trend:

  • Homes are taking longer to sell. Mortgage rates came down from their recent peak in April, but they were still double pandemic-era lows–and home prices are still rising. Affordability is strained, which has pushed many house hunters to the sidelines. With fewer buyers competing for homes, sellers are more likely to wait weeks or months without a strong offer.
  • Inventory is rising faster than demand. In many parts of the country, listings have piled up as more homeowners try to sell as buyer activity slows. That increased competition among sellers means some homes sit unsold, prompting owners to pull them off the market rather than cut their price.
  • Some sellers still have pandemic-era price expectations. Homeowners who watched prices soar during 2020-2022 may still expect bidding wars or top-dollar offers. But today’s buyers are more price-sensitive because monthly housing costs are much higher. When sellers don’t receive the offers they anticipated, some choose to delist and wait for conditions to improve.
  • Economic uncertainty is making both buyers and sellers cautious. Concerns about the Iran war, inflation, tariffs and job security are causing some homeowners to hesitate about moving unless they can get a strong price.
  • Delisting can be a strategic reset. Sellers sometimes remove a stale listing to relaunch it later with a new price, new photos or during a more active season. Others are deciding to rent their homes instead, especially if they have a low mortgage rate they don’t want to give up.

Meanwhile, as the first wave of sellers is delisting, another wave of more motivated sellers - those who delisted their homes previously - are now re-listing them: 2.5% of homes that were on the market in April belonged to sellers who had pulled their listing in the previous 12 months, then relisted. That’s tied with the prior two months for the highest share since mid-2020, when many homeowners were putting their homes back on the market after delisting at the start of the pandemic

Homeowners who pulled their home off the market over the last year are increasingly trying again as they come to terms with today’s buyer’s market. As high mortgage rates and growing inventory continue giving buyers negotiating power, sellers are aligning with the realities of the market. 

They were also betting on a stronger spring market, hoping for a bump in homebuying demand after a slow few years that were marked by sky-high mortgage rates. The market did improve in April as rates dipped a bit, though it slowed down again in May as rates jumped. 

“Many of last year’s sellers delisted when they couldn’t get the price they wanted. Now, some of them are circling back, willing to price realistically and do what it takes to sell their home,” said Monica DiSchiano, a Redfin Premier agent in Austin, TX. “They’ve realized that if they’re selling for less, the next home they buy will cost less, too.”

Delistings Most Common in Atlanta and San Jose 

In Atlanta, one in 10 (10.7%) homes listed in April were pulled off the market–the highest share among the 50 most populous U.S. metros. Next come San Jose, CA (9.3%), Los Angeles (7.8%), Dallas (7.8%) and Seattle (7.7%). Buyers hold the negotiating power in all those metros, meaning they often try to negotiate prices down or get concessions, which can lead sellers to pull their homes off the market instead of hitting lowball bids.

Delistings were least common in Pittsburgh, where 3.5% of April’s listings were pulled off the market. Next came Columbus, OH (3.6%), Chicago (3.6%), Cincinnati (3.7%) and New Brunswick, NJ (4.4%). Chicago and New Brunswick are two of just a few metros in the U.S. that are not buyer’s markets. 

Bay Area Homeowners Are Relisting at High Rate

In San Francisco, 4.2% of the homes that were on the market in April were relistings of homes that had been delisted in the prior 12 months. That’s the highest share of the metros analyzed by Redfin. It’s followed by neighboring San Jose, where 4.1% of all listings were relistings. Next came Boston (3.8%), Oakland, CA (3.7%) and Riverside, CA (3.7%). 

Relistings are most prevalent in the Bay Area because the local market is hot, fueled largely by the AI boom. Many homeowners are taking advantage of rising demand by putting their houses back on the market.  Relistings were least common in Pittsburgh (1.6%), also the metro area where delistings were least common. It’s followed by Virginia Beach, VA (1.7%), Cincinnati (2%), Montgomery County, PA (2%) and New Brunswick, NJ (2.1%). 

The list of the 20 US metro areas with the highest delisting rates is shown below.

Source: Redfin

Tyler Durden Thu, 06/04/2026 - 13:00

Trump Signs Executive Order To Facilitate Firing Federal Employees

Trump Signs Executive Order To Facilitate Firing Federal Employees

Via American Greatness,

President Donald Trump on Wednesday formally advanced a long-sought effort to make it easier to remove senior federal employees involved in policymaking, arguing the change will help ensure government agencies are responsive to elected leadership and the American people.

Trump signed an executive order implementing Schedule Policy/Career, or Schedule P/C, a new employment classification that places certain career federal workers into positions that can be hired and removed in a manner similar to political appointees.

The policy is a revival of the first Trump administration’s Schedule F initiative and is expected to affect roughly 8,000 federal employees.

According to the White House, the move is designed to address longstanding difficulties in removing federal workers accused of poor performance or misconduct.

The executive order states that employees placed into the new category would be “exempted from the adverse action procedures that make removals for poor performance or misconduct so difficult.”

The administration argued that some high-ranking career officials have remained in influential government positions despite poor performance or resistance to implementing presidential policies.

“Consequently, employees with significant policy-making responsibilities can stay in their jobs for years even if they perform poorly, engage in misconduct, or are unwilling to advance Presidential policy across administrations, making their agencies less capable of delivering for the American people,” the White House said in a fact sheet.

The administration described the reclassified positions as “at-will positions.”

Most of the employees expected to be affected occupy some of the highest-ranking career positions in government. According to the White House, approximately 97 percent of workers likely to be reclassified hold GS-15 positions, the highest level on the federal pay scale.

Supporters of the change argue it will strengthen accountability within the federal bureaucracy by ensuring policymakers can more effectively carry out the agenda voters elected them to implement.

The White House also sought to reassure critics that political affiliation would not determine employment decisions.

“These remain ‘career’ positions and the non-partisan hiring processes, competitive status, and other aspects of these roles will not change,” the administration said.

“Removal decisions will also be made without respect to political affiliation,” the fact sheet added.

Federal employee unions criticized the move, arguing it weakens longstanding civil service protections.

Everett Kelley, president of the American Federation of Government Employees, called the order “a blatant attempt to corrupt the federal government by eliminating employees’ due process rights so they can be fired for political reasons.”

Kelley argued that workers could become reluctant to report wrongdoing if they fear losing their jobs.

“Workers who once felt comfortable reporting waste, fraud, abuse, and mismanagement at their place of employment because they were protected from retaliation will now be afraid for their jobs if they speak out,” Kelley said.

The administration’s action comes amid a debate over the role and accountability of the federal bureaucracy.

The modern merit-based civil service system was established in 1883, replacing an earlier patronage system that often distributed government jobs based on political loyalty.

The Trump administration finalized the rule creating Schedule P/C in February, but the policy remains the subject of multiple lawsuits filed by federal employee unions.

Those lawsuits contend the new classification violates the Civil Service Reform Act by removing protections guaranteed under federal law and weakening the merit-based hiring system.

The administration, however, maintains that the policy targets only employees with substantial policymaking authority and is intended to improve government performance rather than alter the nonpartisan nature of career civil service positions.

Tyler Durden Thu, 06/04/2026 - 12:40

Coinbase Launches Pre-IPO Perps, Starting With Elon Musk's SpaceX

Coinbase Launches Pre-IPO Perps, Starting With Elon Musk's SpaceX

Authored by Ryan Gladwin via Decrypt.co,

Cryptocurrency exchange Coinbase is rolling out a perpetual futures product for pre-initial public offering (IPO) companies, allowing traders to speculate on a company's valuation before its debut.

The first pre-IPO company to be traded on the platform is Elon Musk's aerospace company, SpaceX.

The SpaceX pre-IPO will be settled using the USDC stablecoin, can be traded 24/7, and all positions will automatically translate when the IPO is complete.

That means traders could make massive profits or losses depending on the difference between the pre-IPO valuation and the debut stock price.

"Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery," Brian Armstrong, co-founder and CEO at Coinbase, tweeted.

It is worth noting that the pre-IPO perp product is not available for users from the United States. The Coinbase blog post explained that more pre-IPO listings will be announced "soon," including companies in technology, AI, energy, and space.

This news comes the same day that Forbes reported that SpaceX's estimated IPO price of $135 per share would make Musk the first-ever trillionaireReuters reported that the IPO is targetted for June 12.

On prediction market Myriad, owned by Decrypt’s parent company Dastan, users place a 91% chance on Musk reaching the milestone net worth before July.

Perpetual futures, or simply perps, allow traders to speculate on the direction of an asset via a "long" or "short" position, without needing direct exposure to the underlying asset. Unlike traditional futures contracts, perps do not have an expiration date—making them a useful tool to hedge bets across a prolonged period of time.

Last year, perps became the crypto degen's new favorite way of investing with the rise of decentralized exchange Hyperliquid, which allowed anyone to use the investment tool.

Coinbase's new product combines this popular trading method with pre-market trading—another common offering in crypto. Often, exchanges offer users the opportunity to speculate on the price of a soon-to-debut crypto token in what's called pre-market trading.

However, traders be warned: pre-market prices are often inaccurate and extremely volatile as new information emerges.

Tyler Durden Thu, 06/04/2026 - 12:00

House Defies Trump By Advancing $8BN New Ukraine Aid Package

House Defies Trump By Advancing $8BN New Ukraine Aid Package

Late Wednesday saw President Trump receive a rare and much belated rebuke from the House of Representatives as it voted to pass a war powers resolution related to Iran. The passed resolution directs the withdrawal of US troops from armed hostilities with Iran, in a closely divided 215–208 vote, aided by four Republicans.

But this wasn't the only Trump-defying vote that took place Wednesday, as The Hill reports: "Six Republicans joined Democrats on Wednesday to push through a vote on military aid for Ukraine, a blow to President Trump’s handling of Russia’s war against the country and his withdrawal of U.S. support for Kyiv."

via Politico

"The House voted 218-204 in a procedural motion that clears the way for a vote on the Ukraine Support Act, authored by Rep. Gregory Meeks (D-N.Y.), the ranking member of the House Foreign Affairs Committee," the report adds.

So interestingly, and in a bit of a blaring contradiction, the House has shown itself to be dovish on the Iran war but hawkish on Russia-Ukraine.

Or rather, they are 'pro' Ukraine war but 'anti' Iran war, strangely enough.

"This vote is not a process vote, it’s a statement on whether this Congress and all of its members stand with and support Ukraine and the people of Ukraine, and its fight for freedom, its fight for democracy, and its fight for liberty," Meeks said on the floor after the vote.

There was no mention of using this massive funding for diplomacy, and to get Ukrainian and Russian negotiators back to the table:

It provides $8 billion in military financing loans to Ukraine, extends the Ukraine Security Assistance Initiative (USAI) through 2027, which allows for the U.S. to send Ukraine weapons directly from Pentagon stockpiles, additional sanctions against Russia, among other provisions.

Instead, there was the usual simplistic black-and-white moral posturing in a Bush-style "with us or against us" kind of way. "It’s between Ukraine or Putin, I choose Ukraine," Republican Rep. Joe Wilson stated.

Late last month Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk oblasts which together comprise the Donbas region. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for more billions in taxpayer dollars thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillionNot that anyone in Washington cares. 

Tyler Durden Thu, 06/04/2026 - 11:40

Standard Chartered Sees Bitcoin Bottom "Almost In" As Crypto Crashes To 3-Month-Lows

Standard Chartered Sees Bitcoin Bottom "Almost In" As Crypto Crashes To 3-Month-Lows

Authored by Naga Avan-Nomayo via TheBlock.co,

After a brutal week for bitcoin (down over 20% in the last 9 days), Standard Chartered said the worst may soon be over for the largest cryptocurrency and the broader digital asset market.

The bank's Global Head of Digital Assets Research, Geoffrey Kendrick, said in a note entitled "The Low Is Almost In", the bitcoin market is close to a bottom, arguing that structurally resilient spot exchange-traded fund holdings and an anticipated large buyback by Strategy make a compelling case that the worst of the current sell-off is over.

"This week has been painful in crypto. There is really no other way of putting it," Kendrick wrote in a client note on Thursday.

"But I think when we look back at the end of 2026 with BTC at $100,000 and ETH at $4,000, we will say this was the buying zone we all wanted."

Bitcoin was trading around $64,000 at the time of writing, down roughly 2% on the day (after bouncing back from deeper losses), 14% on the week, 22% over the past month, and more than 40% over the past year.

Ether was flat on the day (also bouncing back from 6%-plus losses earlier, and 26% over the past month, trading around $1,780.

What changed since February

The note is a direct bookend to a February 12 call in which Kendrick warned of "pain and final capitulation" for digital assets, cutting his near-term bitcoin target to $50,000 and ether to $1,400. The Block reported on that note at the time.

The key variable that has shifted, Kendrick argued, is the holdings of spot bitcoin ETFs.

In February, he flagged ETF capitulation as a real downside risk.

It has not materialized, in his view.

ETF holdings went from 682,000 bitcoin to a peak, then settled back to around 674,000 - broadly flat over the period.

"This tells me that ETF holdings are more structurally strong than I had feared in February," he wrote.

The Strategy factor

The proximate cause of this week's pain, Kendrick said, was Strategy's sale of 32 BTC — a move he described as unfortunate timing that "fit the DAT naysayer thesis perfectly."

The question now, he argued, is what Strategy does next.

Kendrick’s reading on historical precedent here is instructive.

When Strategy last sold bitcoin on December 22, 2022 - 704 BTC sold for tax optimization - it bought back 810 BTC just two days later.

The analyst said he expects this week's response to be materially more aggressive.

In his view, Strategy could execute either a 10x repurchase of roughly 320 BTC or a 100x repurchase of around 3,200 BTC.

A confirmation of that buying, Kendrick argued, would be a tentative signal that the low has printed.

Liquidations and the residual risk

Kendrick also contextualized this week's futures liquidations, which ran to around $1.5 billion - comparable in scale to each of the January 29-31 and February 3-6 events, which he treats as separate liquidation episodes.

He acknowledged residual downside risk below $60,000 but argued the pool of vulnerable longs has been reduced given how poorly bitcoin has tracked equities year-to-date.

"There are a lot of ifs in the above, so accumulation is a better strategy than trying to outright declare the low has been printed," Kendrick wrote.

The view aligns with the bank's broader constructive stance on digital assets.

Kendrick has maintained a $100,000 year-end bitcoin target and a $4,000 ether target throughout the recent drawdown, and, in late May, he drew parallels between current ether price action and Amazon stock during the dot-com bust.

At the time, Standard Chartered’s analysts opined that onchain metrics would eventually drive a price catch-up.

Tyler Durden Thu, 06/04/2026 - 11:20

"Disappointing Update": Calvin Klein Owner PVH Crashes Most Since 1987 After Dismal Outlook

"Disappointing Update": Calvin Klein Owner PVH Crashes Most Since 1987 After Dismal Outlook

The apparel company behind Calvin Klein and Tommy Hilfiger was hammered in early U.S. cash trading, falling as much as 30%, its steepest intraday crash since 1987. Analysts were spooked by sustained pressure across the Europe, Middle East, and Africa region, where the prolonged U.S.-Iran conflict and softer consumer demand are now weighing on its revenue outlook.

PVH reaffirmed its full-year adjusted EPS guidance, which fell short of the Bloomberg Consensus estimate, and cut its revenue outlook amid a deteriorating macroeconomic environment in EMEA.

"Upon first glance, this is a disappointing update from PVH. On one hand, we were encouraged by the healthy sales delivery, particularly in APAC. That said, investor expectations were elevated into the print. This is a surprising update to PVH's FY outlook, where management significantly lowered operational guidance as a result of Middle East and EMEA consumer macro pressures alongside higher promotions," Goldman analyst Brooke Roach wrote in a first-take note to clients on Wednesday evening.

PVH posted a better-than-expected first quarter, with adjusted EPS of $2.01 versus estimates of $1.79, revenue of $2.03 billion ahead of expectations, and adjusted EBIT slightly above consensus. Tommy Hilfiger revenue rose 2.8%, while Calvin Klein sales gained 1%, though Calvin Klein missed estimates.

"Calvin Klein and Tommy Hilfiger momentum is improving, but we are concerned that sustained weakness in EMEA could continue to weigh on PVH's results if the Iran war and softer consumer demand persist," Bloomberg Intelligence analyst Mary Ross Gilbert noted.

However, the main issue analysts focused on was guidance: PVH still sees adjusted EPS of $11.80 to $12.10 for the year, below the $12.24 consensus estimate, and now expects full-year revenue to be about flat compared to its previous forecast of marginal growth.

Guggenheim analyst Simeon Siegel wrote in a note that while PVH reiterated full-year earnings, it "suggested that pressures from the prolonged conflict in the Middle East and related macroeconomic pressures were negatively impacting the full-year revenue outlook."

The weaker outlook sent shares crashing 25% in the early U.S. cash session, the largest intraday decline since 1987.

Growth strategy stalled. 

Shares have traded mostly sideways since peaking at around $165 in 2018.

Tyler Durden Thu, 06/04/2026 - 11:00

The United States Of Austrian Economics

The United States Of Austrian Economics

By Molly Schwartz, cross-asset macro strategist at Rabobank

Earlier in the week, on Monday, Axios reported that “Iran threatened to abandon the negotiations with the US over Israel’s actions in Lebanon,” with inside sources suggesting that Trump called Netanyahu “crazy.” While Trump did not comment on the exact language, he did confirm the use of “expletives” in an interview with the New York Post on Wednesday that he and Netanyahu haven’t exactly been seeing eye-to-eye: “I was a little perturbed at his constantly fighting with Lebanon. You know, at some point, I said, ‘Bibi, we gotta stop this. You gotta stop it.’” Since then, the US has announced a ceasefire between Israel and Lebanon, “contingent on a complete cessation of fire by Hezbollah and evacuation of operatives from Lebanese territory south of the Litani River.” However, if one looks at the state of the current ceasefire between the US and Iran, one may be tempted to manage their expectations with regards to how long the ceasefire will last, and if this will set a foundation for meaningful negotiations between Washington and Tehran. More importantly, Hezbollah, who operates independently from (and often against the interests of) the Lebanese Government, has not yet indicated that they agree to the terms of the ceasefire. After the announcement, brent crude oil 1-month futures dropped a little more than $1 to $96.7/bbl.

According to Bloomberg, the International Atomic Energy Agency (IAEA) has published a “restricted” document which reveals that the nuclear risk posed by Iran is now higher today than it was before the war began. Specifically, prior to the war, the IAEA was allowed to inspect Iranian enriched uranium, but such inspections have since largely halted. However, it should be noted that the IAEA was always only inspected where the IRGC told them they were allowed to, and many suspected that nuclear proliferation was happening behind the scenes, in facilities that were not accessible to the IAEA.

Tariff headlines are once again entering the news circuit. Trump has lowered the benchmark of US-content necessary for a copper product to be considered “US-made” and therefore exempt from the 50% Section 232 tariffs. However, there was also bad news for some US trading partners, as the USTR has announced proposed tariffs of 10-12.5% under Section 301. There is also the proposal of 25% tariffs on Brazil, which President Lula responded to by saying “he could not accept the treatment” his country had received.

Kevin Warsh appointed Paul Winfree and Daniel Heil to support him as Fed Chair. Winfree was working at the Heritage Foundation when Project 2025 was published in 2022, and contributed the chapter dedicated to the Federal Reserve. While Warsh has criticized the Fed himself, citing an article he wrote, published in the Wall Street Journal in November of 2025 called “The Federal Reserve’s Broken Leadership,” Warsh’s criticism is aimed at the how the Fed was being run. Some of Winfree’s comments echo those of Warsh (or perhaps Warsh echoed Winfree, given the chronology), such as critiques of mission creep, like how “political pressure has led the Federal Reserve to use its power to regulate banks as a way to promote politically favorable initiatives including those aligned with ESG objectives.” However, the bulk of Winfree’s manifesto takes aim at the Fed as an institution, arguing that it “lacks both operational effectiveness and political independence.” Winfree offers several recommendations, including the following:

  • Eliminate the dual mandate: Winfree argues that expansive monetary policy (the labor mandate) may “inadvertently contribute to recessions” as it provides “easy money” which “causes the clustering of failures that can lead to a recession.” He advocates instead of a focus on dollar protection and managing low and stable inflation.
  • Eliminate the Federal Reserve’s lender-of-last-resort function: Winfree believes that the lender of last resort function acts as a conduit for moral hazard. This is an especially interesting point as it lies in partial opposition to a strategy laid out by Stephen Miran (and friends) in his article, “A User’s Guide to Reducing the Federal Reserve’s Balance Sheet.” While their respective arguments do not lie in total opposition, Miran’s argument is that there should be more communication to lessen the stigma often associated with using the Fed as a lender-of-last-resort, as it “makes banks reluctant to access the [discount] window even when genuinely needed, leading them to hold larger precautionary reserve buffers than rely on the discount window as intended” and “has played a meaningful role in driving up demand for reserves.” See more in Winfree, next recommendation below:
  • Wind down the Federal Reserve’s balance sheet: Winfree, Miran, and Kevin Warsh are aligned on the goal of shrinking the Fed’s balance sheet. However, the methods for doing so are clearly controversial (see above). Miran’s report highlights many (many) strategies for reducing the balance sheet, so further discussion on one component is likely not a dealbreaker.

However, the aforementioned recommendations are overshadowed by his “monetary rule reform options,” the first of which, is free banking. Straight out of the Austrian School, Winfree advocates for the functional abolition of the Federal Reserve altogether, claiming that “potential downsides of free banking stem from its greatest benefit: It has massive political hurdles to clear,” saying that “transitioning to free banking would require political authorities, including Congress and the President, to coordinate on multiple reforms simultaneously.” Recall that this was published in 2022—before the GOP got Trump in the White House, Bessent in the Treasury, and a majority in both Congressional Houses. Naming a self-proclaimed free banker, who supports the dissolution of the Fed, as an advisor to the Chair of the Fed sets the stage for a potential dramatic restructuring of how monetary policy is conducted in the US. Winfree also argues in favor of either restoring the gold standard, or enforcing Milton Friedman’s “K-percent rule,” where the Federal Reserve creates money at a fixed rate.

As discussed by Rabobank’s Jane Foley in yesterday’s FX Strategy report, USD/JPY pulled back sharply as PM Takaichi spoke, hinting at potentially another round of MoF intervention. JPY dipped 0.37% to yesterday’s low, but that move retraced through to the NY close, ending the day 0.09% higher, and breaking the 160 level at 160.08. Meanwhile, Bank of Japan Governor Ueda suggested that an interest rate hike at the June 16 meeting is likely, though not officially set in stone, and the Japanese OIS curve is pricing in close to 90% of a hike.

Tyler Durden Thu, 06/04/2026 - 10:45

John Bolton To Plead Guilty In Documents Case, Pay $2M Fine: Report

John Bolton To Plead Guilty In Documents Case, Pay $2M Fine: Report

John Bolton, former national security adviser to President Donald Trump, has reached a plea deal with federal prosecutors and is expected to plead guilty to one count of illegal retention of sensitive national security documents, according to CNN, citing three sources familiar with the matter.

Under the agreement, Bolton will pay a fine of more than $2 million. A single count of illegal retention carries a possible sentence of up to 60 months in prison.

A court hearing is currently scheduled for June 26.

Bolton was originally charged in Maryland with eight counts of transmission of national defense information and ten counts of retention of national defense information. The charges centered on diary-like entries from his time in the Trump White House that were allegedly kept at his residence.

Prosecutors accused him of sharing more than 1,000 pages of information through his personal email with two unauthorized individuals - reportedly his wife and daughter - though these transmission allegations are not part of the plea deal.

RelatedEyebrow-Raising Details Emerge From FBI Raid On John Bolton's Home

According to the indictment, Bolton used personal email and messaging accounts to transmit Top Secret intelligence about foreign adversaries, future attacks, and U.S. foreign-policy relations. He also kept classified files at his home, including sensitive intelligence about foreign leaders and U.S. intelligence sources.

The FBI Baltimore Field Office led the investigation, with oversight from the Justice Department's National Security Division. The indictment outlines two core allegations:

  1. Eight counts of transmission of NDI under the Espionage Act (18 U.S.C. §793(d)),

  2. and Ten counts of unlawful retention of NDI under §793(e).

The investigation intensified after Bolton’s email was breached by suspected Iranian hackers, during which investigators discovered the classified “diary-like entries.”

Bolton served as Trump’s National Security Adviser for one year before becoming a prominent critic of the president. Trump has repeatedly called for Bolton’s arrest, particularly over his 2020 memoir that was highly critical of the administration and allegedly contained classified information.

While the first Trump Justice Department opened investigations into the book in 2020, those probes were closed within a year. A new investigation was launched the following year after the email breach.

Developing...

Tyler Durden Thu, 06/04/2026 - 10:31

Flesh-Eating Screwworm Detected In Texas, Threatening Already-Strained U.S. Cattle Herd

Flesh-Eating Screwworm Detected In Texas, Threatening Already-Strained U.S. Cattle Herd

Concerns over the New World screwworm (NWS) have been building for the last 12 months as the deadly cattle parasite spread through Mexico and the Trump administration attempted to prevent its spread into the U.S. Those concerns have now turned into red alerts after the USDA confirmed a single case in Texas, marking the first U.S. detection in years.

"A case of NWS may have been detected in South Texas. The sample is now at USDA's National Veterinary Services Laboratories (NVSL) in Ames, lowa for confirmatory testing. We will provide updates the moment results are available," USDA wrote on X.

USDA Secretary Brooke Rollins wrote on X that the "confirmed the detection of a New World Screwworm (NWS) fly in a 3-week-old bovine in Zavala County, Texas."

USDA states that there is currently no evidence that NWS has become established in the U.S., but the agency is moving quickly with quarantines, movement controls, surveillance within a 12-mile zone of the detection area, and the release of sterile flies to contain any spread.

The detection of NWS in the U.S. would be a direct biological and economic shock to the cattle herd if the spread were rampant, given that the nation’s herd is already at a 75-year low, beef prices are at record highs, and meatpackers are under pressure from fewer and more expensive animals.

If NWS were established in the U.S., this could delay herd rebuilding at the worst possible time. Reuters notes that a spreading outbreak could further hit the herd and expose Texas livestock alone to roughly $1.8 billion in estimated economic losses.

A spread of NWS would be bullish for live cattle futures and beef prices, bearish for meatpackers, such as Tyson Foods, that need cattle heads, and supportive of animal-health names tied to treatments and parasite control.

Perhaps the U.S. importing 60% of its live cattle from third-world Mexico is not the best idea.

Tyler Durden Thu, 06/04/2026 - 10:20

Blackstone's Private Credit Fund Joins Peers In Gating Investors After Surge In Redemptions

Blackstone's Private Credit Fund Joins Peers In Gating Investors After Surge In Redemptions

The private credit gates are shutting all over again.

After virtually every marquee private credit fund limited withdrawals after being flooded with redemptions requests in Q1, we are seeing more of the same as the second quarter rolls out.

And two days after Cliffwater LLC capped redemptions at 5% after investors requested 17% to be returned, a jump from the 14.0% in Q1 (which was also gated at the 5%) limit, this morning Bloomberg reports that Blackstone has also limited redemptions from its flagship private credit fund for the first time after investors sought to pull 10% of the shares, the latest such fund to cap withdrawals amid a continued investor exodus.

The $79 billion Blackstone Private Credit Fund told shareholders that it would return 5% of its shareholders’ money, according to a filing

Thursday. During the previous quarter, the fund allowed investors to redeem a record 7.9% after tapping senior executives to help finance the withdrawals with hundreds of millions of their own cash.

This time - realizing that the avalanche of redemptions requests will not ease for a long time - the company did not bother with coming up with a creative solution to avoid gating... and gated investors, joining all of its other peers in doing so. 

Of course, Blackstone told shareholders that repurchases began to decelerate during the back end of its tender offer period, although as the chart below shows, we will have to wait until Q3 to see if that is true. 

Across the $1.8 trillion private credit market, redemption requests are expected to increase this quarter as investors redouble efforts to claw back money after being restricted. What is concerning, is that despite the recent surge in software stocks - driven entirely by positioning and not fundamentals - private credit continues to feel the pain of investor revulsion to BDC's overreliance on sottware cash flows, suggesting that the recently meltup in software stocks is due to a major pullback as soon as the marketwide gamma squeeze fizzles. 

Tyler Durden Thu, 06/04/2026 - 09:45

Jamie Dimon To Hold "Live Interactive Discussion" With Super-Rich Clients As SpaceX IPO Roadshow Commences

Jamie Dimon To Hold "Live Interactive Discussion" With Super-Rich Clients As SpaceX IPO Roadshow Commences

SpaceX is reportedly targeting a valuation of about $1.8 trillion as it prepares to go public next Friday, trading on the Nasdaq exchange under the ticker symbol SPCX.

Last month, Goldman Sachs was selected as the lead bank for the SpaceX listing, alongside Morgan Stanley. JPMorgan, Bank of America, and Citigroup are also among the 23 banks working on what will be the largest-ever listing, expected to raise a staggering $75 billion by selling about 555.6 million shares. The planned IPO price is about $135 per share.

On Wednesday, we told readers that SpaceX's roadshow for institutional investors was set to begin on Thursday.

A new Bloomberg report states that JPMorgan CEO Jamie Dimon is set to hold a "live interactive discussion" later today. He will be joined by Mary Callahan Erdoes, CEO of the bank's asset and wealth management division, and two SpaceX executives: President Gwynne Shotwell and Chief Financial Officer Bret Johnsen.

The event will be streamed to 90 JPM locations across 26 states, according to Bloomberg sources, with more than 2,500 of the bank's clients expected to watch.

JPMorgan's nationwide roadshow for SpaceX shows that demand is extending deep into the private-wealth client base for this once-in-a-generation listing.

With the SpaceX roadshow underway, Morningstar equity analyst Nicolas Owens attempted earlier this week to temper the hype around the listing by publishing a note saying, "We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO."

Meanwhile, Polymarket odds for "SpaceX IPO closing market cap above ___?" currently stand at 89% for a market cap above $1.8 trillion.

//--> //--> SpaceX IPO closing market cap above $1.8T?
Yes 89% · No 12%
View full market & trade on Polymarket.

SpaceX's listing next week will pave the way for other mega IPOs, such as those of chatbot makers OpenAI and Anthropic.

Tyler Durden Thu, 06/04/2026 - 09:30

UK Police Officers Admit DEI Training Pressured Them To Ignore Dying White Teen Henry Nowak

UK Police Officers Admit DEI Training Pressured Them To Ignore Dying White Teen Henry Nowak

Authored by Steve Watson via Modernity,

Officers from the force that failed Henry Nowak have now admitted they felt "controlled and pressured to feel certain ways" after mandatory DEI sessions that hammered home 'white privileged' and unconscious bias.

The trainer outsourced to deliver the course was described as "deeply hateful of white people and British culture." Serving and former Hampshire officers told former Home Secretary Suella Braverman they were furious but stayed silent out of fear for their careers.

Multiple officers from Hampshire Constabulary have now gone on record about the ideological pressure inside the force.

They described how DEI modules on white privilege, unconscious bias, and the importance of being an "ally" were drilled into them.

It's not limited to this one police force either.

Back in April 2025, we detailed how UK police forces were already forcing officers into training explicitly designed to make them accept their "white privilege."

Thames Valley Police rolled out mandatory equity training covering white privilege, micro-aggressions, and the push from "non-racist" to "anti-racist." An independent review led by former assistant chief constable Kerrin Wilson found the sessions created deep divisions.

White officers expressed strong frustration and felt disadvantaged, while some minority officers said the training was harmful to real diversity efforts and would deter them from seeking promotion.

Former government advisor and ex-police officer Rory Geoghegan warned that crude categorisation by skin colour and critical race theory ideology had no place in an impartial police service.

The Hampshire police chief has publicly denied any anti-white bias or two-tier system. Yet the bodycam evidence and these officer admissions tell a different story.

An ex-cop who reviewed the footage called the response "unfathomable," rejecting excuses about fast-moving situations or complexity. Basic procedure requires treating a victim who says he has been stabbed and cannot breathe as a medical emergency first - not as a potential racist offender based on the word of the man who stabbed him.

Yet, the police watchdog investigated the officers' conduct and concluded there was no wrongdoing.

This is the same pattern seen in other high-profile failures: institutions investigate themselves, apply their own captured standards, and declare everything acceptable.

The public saw the footage. Henry Nowak's family saw their son die after being treated as the problem rather than the victim. The watchdog saw no issue.

Meanwhile, Prime Minister Keir Starmer has defended religious exemptions that allow Sikhs to carry large ceremonial knives in public. At the same time, British women face prosecution for carrying ordinary pepper spray for self-defense on the streets at night.

To make matters even worse, a tiny replica sword from a video game will land a white British man in prison.

The contrast could not be clearer.

Religious or cultural exemptions shield other groups from the same strict weapons laws. Henry Nowak's case shows what happens when the system already views native Britons through a lens of presumed guilt or lesser priority.

Henry Nowak was not a threat. He was a student who had been stabbed and was dying in front of officers trained to see race first and humanity second. The attacker walked away with different treatment. The victim's pleas were secondary to a racism narrative pushed by the perpetrator's side.

This is the predictable result of years of ideological capture inside policing - training that reframes basic law enforcement as potential oppression when the victim is white and British.

Officers who spoke out did so at personal risk. The watchdog protected the system. Starmer protects exemptions for some while ordinary citizens, especially women, are left defenseless under the same rules.

Britain's police were once expected to protect the public without fear or favor. When training teaches officers to weigh skin color and ideology before acting on a dying man's words, the institution has already failed its core purpose. Henry Nowak paid the price. The admissions now emerging confirm what the footage always showed.

The pushback against this capture is growing. Exposing the training, the excuses, and the double standards is the first step toward restoring policing that serves the entire country rather than imported ideologies. Native Britons deserve equal protection under the law - not to be treated as somehow 'privileged' while they bleed to death.

Tyler Durden Thu, 06/04/2026 - 09:15

Ford May Sales Plunge -13.6%, But UBS Says 2026 Remains On Track

Ford May Sales Plunge -13.6%, But UBS Says 2026 Remains On Track

Ford reported U.S. sales of 190,828 units in May, down 13.6% year over year, bringing year-to-date sales to 826,810 units, down 11%. The declines were broad-based, reflecting ongoing weakness in EV demand and continued portfolio shifts away from certain lower-margin vehicles. EV sales fell nearly 44% during the month, while hybrid sales declined 16%.

Among key nameplates, Mustang Mach-E and F-150 Lightning both posted declines of roughly 45%, while Escape sales fell more than 80% as Ford continues to de-emphasize the model. Offsetting some of the weakness, Bronco, Explorer, Maverick, Transit and Heavy Trucks all delivered year-over-year growth.

The sales results generally appeared consistent with management commentary at the UBS Autos and Auto Tech Conference, where Ford indicated that industry demand trends in May unfolded largely as expected. Executives specifically noted that some of the volume declines associated with products such as Escape were anticipated as the company continues shifting its mix toward higher-margin vehicles.

More importantly, management reiterated that 2026 is tracking in line with expectations outlined during first-quarter earnings. A key focus remains the recovery from the Novelis aluminum supply disruption, which is expected to result in $1.5 billion to $2.0 billion of incremental costs this year. Ford incurred approximately $300 million of those costs during the first quarter and expects the impact to increase during the second and third quarters before easing as Novelis returns to full capacity in the fourth quarter. According to management, the recovery remains largely on track despite some expected unevenness along the way.

The company also remains comfortable absorbing an estimated $2 billion year-over-year commodity headwind, which is fully incorporated into Ford's $8.5 billion to $10 billion adjusted EBIT guidance. Management additionally pointed to stable pricing conditions, suggesting that recent industry concerns about demand deterioration have yet to materially impact Ford's business.

Looking beyond 2026, Ford outlined several potential earnings drivers for 2027. The most obvious benefit will be the absence of the Novelis-related costs, but management also highlighted ongoing improvements in warranty performance, material costs and launch expenses as the company moves beyond several major investment cycles. Ford expects these gains to help offset spending associated with future growth initiatives.

Those initiatives continue to center around Battery Energy Storage Systems (BESS) and Ford's next-generation EV architecture, which management increasingly describes as a broader platform opportunity rather than a single vehicle program. The company plans to invest approximately $1 billion across BESS and the Universal Electric Vehicle (UEV) platform this year, with spending accelerating in the second half.

Ford remains particularly enthusiastic about the UEV platform, which is scheduled to launch in 2027. Management believes the architecture can support feature-rich, technology-focused vehicles at price points around $30,000, potentially allowing EVs to compete directly with internal combustion vehicles rather than just other EVs. Prototype vehicles are already being tested in Michigan, and executives continue to emphasize the platform's scalability and potential for attractive economics as volumes grow.

The BESS opportunity also appears to be gaining importance in Ford's long-term strategy. Management highlighted progress toward bringing its 20 GWh facility online by the end of 2027 and expressed confidence regarding eligibility for production tax credits and other incentives. Executives suggested that Ford's licensing arrangement with CATL provides a unique advantage that may be difficult for competitors to replicate, while also noting that the company sees no current issues regarding supply-chain compliance.

Another potential source of upside is Ford's Super Duty business. Management indicated that the capacity ramp continues to progress well, providing additional optionality should demand remain strong.

Taken together, the UBS discussion reinforced the view that Ford's investment story is becoming less about monthly sales fluctuations and more about the earnings framework management is building for the latter part of the decade. While May sales remained under pressure, management's message was largely unchanged: 2026 is unfolding as expected, the Novelis recovery remains on track, and the company continues to position itself around battery storage, next-generation EVs and a structurally more profitable core business heading into 2027.

Tyler Durden Thu, 06/04/2026 - 09:00

Trump Downplays Iran's Attacks Targeting US Bases In Kuwait & Bahrain: 'They Were Slightly Provoked'

Trump Downplays Iran's Attacks Targeting US Bases In Kuwait & Bahrain: 'They Were Slightly Provoked'

Authored by Dave DeCamp via AntiWar.com,

President Trump on Wednesday downplayed Iranian attacks that targeted US bases in Kuwait and Bahrain, saying they may have been "slightly provoked" since the US launched strikes against Iran beforehand.

"There's a reason for everything, and we hit them pretty hard last night," the president told reporters in the Oval Office. "Some people would say they were slightly provoked because we took a strong action for a different reason, so they were reciprocating."

Source: The White House

Iran launched the missile and drone attacks after the US bombed a commercial ship attempting to reach Iran and launched strikes on Iran’s Qeshm island.

During the Iranian attack on Kuwait, a passenger terminal at Kuwait’s international airport was hit, and at least one person was killed, and more than 60 were injured. Local officials said the terminal was hit by Iranian drones, which Iran denied, claiming that it was struck by an errant US Patriot missile interceptor.

Kuwait’s aviation authority later released a video of the strike that appeared to show a drone striking the terminal.

US Central Command denied Iran’s allegation in a statement that came after it claimed that Iranian missiles fired at Kuwait "fell short or broke apart en route" and a second wave of Iranian drones failed to hit their intended targets.

"An additional wave of Iranian drones attempting to attack US forces in Kuwait failed to impact intended targets tonight. US Central Command air defenses successfully downed multiple drones and ensured no American personnel or assets were harmed," CENTCOM said.

Despite the casualties at the Kuwait airport, Trump said the Iranian attacks were "not a big deal" and that the US "nipped it in the bud very quickly." When asked if the ceasefire was still in place, he said, "In that part of the world, ‘ceasefire’ is when you’re shooting in a more moderate manner."

Iran’s attacks were its most significant response yet to US violations of the ceasefire, representing a new Iranian strategy to avoid more “tit-for-tat” strikes. Iranian Foreign Minister Abbas Araghchi vowed on Wednesday that Tehran would continue to have a strong response to any US attacks.

"Our Armed Forces are conducting self-defense strikes on sites the US is permitted to use to attack civilian shipping and violate the ceasefire," Araghchi wrote on X in a post that included a video of US Secretary of State Marco Rubio praising the UAE and Kuwait for being cooperative with US military operations.

"Any hostile act will be met with an immediate, decisive response. What sanctions and war failed to achieve won’t be won with more war," the top Iranian diplomat added.

Tyler Durden Thu, 06/04/2026 - 08:45

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