Senior Defense Officials Review Potential 101st Airborne Helicopter Assault On Cuba

Cuba's national power grid has collapsed for the third time in less than 10 days, plunging the communist-run Caribbean island into darkness and leaving roughly 10 million people without electricity. The cascading failures show the regime's accelerating loss of control over critical infrastructure, just as senior U.S. defense officials evaluate potential military options aimed at regime change in Havana.

CBS News reported that senior U.S. defense officials have reviewed early-stage military options for Cuba, including an Army-led air assault involving thousands of troops from the 101st Airborne Division.

More color from the report:

Military planners have in recent weeks examined a range of options for possible action against the island, including an Army-led air assault involving thousands of U.S. soldiers to be carried out by the 101st Airborne Division, the only unit trained for such a task, according to multiple U.S. officials with knowledge of the discussions.

The officials, who spoke to CBS News under condition of anonymity to discuss national security matters, stressed that the briefings are not an indication that President Trump or the Pentagon have decided to carry out an operation.

Any regime-change operation could face constraints because U.S. aircraft, intelligence assets, and offensive capabilities have been shifted to the Gulf region, where fighting has flared up again over the past week.

Secretary of State Marco Rubio continues to favor a negotiated transition toward a new government willing to pursue economic reforms after decades of destructive communist policies that transformed the Caribbean island into a Marxist hellhole.

On Monday, President Trump told reporters that his team is investigating whether Iran has stockpiled suicide drones in Cuba.

When asked by a reporter about the purported intelligence report on drones stockpiled in Cuba, Trump replied: "If they have them, and it's very possible that they do, we'll take care of it."

Trump also suggested that the communists on the island might be storing Iranian missiles, something his administration "is looking into right now."

Recall that in early February, we were the first to raise the question of the possible drone threat originating from Cuba. Axios followed in May, and now the administration appears to be discussing the threat more frequently.

Rubio has also sanctioned several Cuban entities, including ICAP, which may be at the center of a foreign subversion network potentially linked to the Democratic Socialists of America.

The independent Cuban news outlet ADN Cuba recently leaked a memo stating that far-left activists in the U.S. are prepared to launch rapid-response protests at federal buildings, military bases, recruitment centers, and ICE facilities in the event of a military confrontation between the U.S. military and the communist regime in Havana.

Tyler Durden Wed, 07/15/2026 - 17:20

Inside The Race To Fix America's Gas Pipelines Amid AI Center Boom

Authored by Autumn Spredemann via The Epoch Times,

Beneath the hills of Appalachia lies the nation's largest natural gas-producing basin, yet many of the pipelines needed to move this vital resource are operating near capacity.

A worker on the production floor at Pioneer Pipe in Marietta, Ohio, on Oct. 25, 2016. Replacing aging gas pipelines is critical to preventing leaks, spills, and explosions. Spencer Platt/Getty Images

Meanwhile, demand for electricity is growing faster than it has in years. Data centers accounted for 50 percent of that demand growth in 2025, according to the International Energy Agency.

In the famous "Data Center Alley" of northern Virginia, energy giant Williams Companies is expanding its Transco natural gas pipeline system, while developers are proposing to build gas-fired power plants adjacent to data centers to bypass traditional grid interconnections, according to Global Energy Monitor.

Enlarging the support network for ramped-up natural gas production involves far more than installing and replacing pipes. Systems require stations that maintain the pressure to move gas over hundreds of miles, through processing plants, storage facilities, and metering stations. They also require connections to power plants, factories, export terminals, and local distribution networks.

Industry experts say this infrastructure network must continue modernizing to improve reliability and reduce supply bottlenecks.

"We need to build an awful lot more [natural gas] infrastructure, potentially 25 percent more than we currently have," Henry Froats, owner of Hydrotech Testing Services, told The Epoch Times.

"Areas with aging infrastructure will be replaced and upgraded, but the real need is expanding total capacity to handle electricity generation demand and data center growth over the next 25 years."

Ian McPhillips, director of energy engineering and principal at BL Companies, explained it's not just the total annual consumption that's increasing. The fact that the majority of that increase is driven by power generation makes it tricky.

"Generation facilities are being built around the entire country to keep up with electric demand, and if those plants are using gas that would otherwise be heading to the population centers in the Northeast, significant changes will be needed to provide gas to generators during periods of cold weather when firm gas supplies are committed to the space heating markets," he told The Epoch Times.

Demand Surge

Natural gas accounts for 39 percent of American electricity production, according to the Energy Information Administration (EIA).

"Natural gas supply is critical as we forecast that U.S. liquefied natural gas exports expand and electricity demand rises through 2027, driven largely by increasing demand from large computing facilities, including data centers," EIA Administrator Tristan Abbey said in a January press release.

In May, the EIA reported that project developers plan to add 44.9 billion cubic feet per day of new natural gas pipeline capacity, which should come online in 2026 and 2027. Most of this expansion will be in Texas, and 70 percent of this new capacity is already under construction.

The timing is significant. After years of relatively stable electricity demand, utilities are preparing for sustained growth driven by data center expansion, domestic power generation, and a growing export sector for natural and liquid natural gas, the EIA said.

The agency reported that America's natural gas exports will grow by 30 percent by 2027. At the same time, five liquid natural gas export development projects are ramping up production through the end of next year.

Power generation has also risen alongside record-high electricity consumption in the United States. This number grew from 4,195 billion kilowatt-hours in 2025 to 4,271 billion kWh in 2026 and is forcasted to reach 4,397 billion kWh in 2027.

An analysis by the Interstate Natural Gas Association of America Foundation found that the United States needs to add around 34,000 miles of new natural gas pipeline and increase transmission capacity by 39 percent by 2052.

While demand for natural gas continues to climb, expanding the infrastructure needed to supply that growth presents a different challenge.

Aging Infrastructure

Existing natural gas infrastructure is showing its age, and rising costs are making both expansion and proactive maintenance difficult.

According to the Department of Transportation, bare steel, cast iron, and wrought iron transport pipes are some of the oldest energy-related pipelines operating in the United States today. Many were installed more than 60 years ago.

Scott Schwandt, president and infrastructure systems expert at Gajeske, told The Epoch Times that many of these older metal pipe systems "are becoming increasingly exposed to spills, resulting in severe threats and significant environmental damage."

Schwandt believes it's paramount to identify and replace decades-old piping with more advanced high-density polyethylene (HDPE) material, which could reduce distribution leaks at pipe joints and require "substantially lower" levels of routine maintenance.

The smokestacks of the former coal-fired Homer City Generating Station are demolished to make way for a new natural gas-fired power plant in Homer City, Pa., on March 22, 2025. Beneath the hills of Appalachia lies the nation's largest natural gas-producing region. Gene J. Puska /AP Photo/file Tyler Durden Wed, 07/15/2026 - 17:00

Toxic Wildfire Smoke Plume From Canada Will Blanket DC To NYC

Temperatures across the Mid-Atlantic and Northeast are set to rise on Wednesday, with highs approaching the upper 90s and the PJM power grid likely to see a sharp increase in electricity demand as air-conditioning use is set to climb through the afternoon.

Cooler temperatures are expected to follow in the days ahead, but relief may be short-lived as wildfire smoke threatens to spread across the region by the end of the week, potentially degrading air quality.

Meteorologist Ben Noll wrote in a note earlier that smoke from out-of-control blazes in western Ontario and northern Minnesota is expected to pour into New York's Hudson Valley beginning Wednesday afternoon.

via Meteorologist Ben Noll

A much larger and denser smoke plume is forecast to arrive late week across much of the Mid-Atlantic and Northeast.

via Meteorologist Ben Noll

Air quality readings (as of Wednesday morning): 

via IQAir 

More from Noll:

This smoke is forecast to drift south and east on Wednesday night, reaching Philadelphia and then potentially Baltimore, D.C. and Boston by Thursday morning.

Wind flows are expected to continue blowing smoke of varying intensity into the Northeast and Mid-Atlantic through Friday, before a brief shift in winds on Saturday may blow some of the smoke away.

Of note, Noll did not attribute the heat and wildfires to climate change, as some lefty journalists only know how to do. We must note that an El Niño is emerging. 

Meanwhile, Republican lawmakers from Minnesota and Wisconsin have blamed Canada's horrible forest-management policies for contributing to years of out-of-control wildfires and recurring toxic smoke plumes across the US.

Tyler Durden Wed, 07/15/2026 - 16:40

Of Marxists And Morons

Authored by Eric Utter via American Thinker,

Most of us have heard the horrific figures: Communism/Marxism was responsible for more than 100 million deaths in the 20th century alone.

There are two preconditions necessary for people to accept or even welcome Communism: one, frustration with current economic and/or political conditions, and two, a moral decay that generates a disdain for work and an excessive entitlement mentality that demonizes others' success, accomplishments, and wealth. For far too many, this demonization of what others have leads not unto desire to make the right decisions and work hard enough to earn it yourself, but unto envy, greed, wrath and sloth, four of the Seven Deadly Sins. And a demand that much of what others' have be confiscated and handed over to one's self and one's demographic group...without one having to work for it. This, as history clearly shows, is an automatic death sentence for a society. Every time. In every case. Whether it be the erstwhile Soviet Union, its satellite in Cuba, Pol Pot's Cambodia, or, more recently, previously wealthy Venezuela.

It could not possibly be otherwise. If I work hard, say, for 60-hour weeks, and I and my family are not going to be very appreciably better off than someone who is unemployed and able to sit on his couch all day because of my tax money, it would literally be immoral, as well as against human nature, for me to continue to do so. Why? Because I would not only be allowing the excessive and arbitrary taxation of my earned labor, while robbing myself of precious time with my family, but quite possibly, in the long term, degrading my health. And subjecting myself to various opportunity costs/losses.

Margaret Thatcher famously said, "The problem with Socialism is that you eventually run out of other people's money." That in itself is spot-on, but there is far more to it than that.

Ayn Rand: "There is no difference between Communism and Socialism, except in the same ultimate end: Communism proposes to enslave men by force, Socialism by the vote. It is merely the difference between murder and suicide."

When people address this issue, they almost always start by saying, "Capitalism with all its faults..." I am not willing to do that. This is life. This is Earth, not heaven. In this sense, Capitalism doesn't have any faults. True Capitalism does not discriminate on the basis of race, religion, color, sex...or anything else. The supply and demand curve determines what price any given product can bear. Charging less than that is not altruistic, but stupid and fraught with possible bias. Nothing can be truly worth other than what people will pay for it. That is why art is so subjective. One person looks at a painting and thinks, "I'd pay anything for that masterpiece," another says to herself, "You couldn't pay me to take this ridiculous piece of crap home."

In command (Communist/Marxist/Socialist) economies, one or a very few people determine what the cost of any given item "should be." Since there is no market feedback, their biases come into play. Lots of them. Shockingly, these biases always lead to a handful of leaders living well, and everyone else being paupers and puppets.

It is anything but a coincidence, a fluke, that the United States quickly became the largest and most innovative economy on planet Earth. Entrepreneurship explodes when people are potentially rewarded for their effort, creativity, and dogged determination. All ships do rise with the tide. The "poor" in America are still better off than all but the rich of many nations today. But supporters of Communism would rather everyone be less well off but closer in income than everyone being far better off with a greater income disparity. There is a word for that. It's called evil.

Capitalism pulled countless millions - perhaps even billions - out of poverty in recent decades. Even China, Laos, and Vietnam were forced to go to market economies, despite their Communistic social policies.

Younger members of today's Democrat Party - or should I say, the Democrat-Socialist Party - have recently and rather suddenly embraced the "teachings" of Karl Marx's The Communist Manifesto and Das Kapital.

That kind of ignorance and immorality does not just show up organically. It has to be very carefully inculcated. And that is what our colleges and universities are for.

The U.S., under JFK and Ronald Reagan, ultimately won the Cold War, essentially without firing a shot. Now it appears a Cold Civil War may be looming at some point in the future. One that, sadly, would have to be fought and won if this nation were to survive. Because, as Churchill said, "It is better to perish than live as slaves." And make no mistake, if you are living under Communism, you are a slave...to the state.

(Highly recommended reading: The 5000 Year Leap - The 28 Great Ideas That Changed the World, by W. Cleon Skousen and the National Center for Constitutional Studies)

Tyler Durden Wed, 07/15/2026 - 16:20

Obama-Appointed Judge Halts US Visa Restrictions On Disinformation Gurus Accused Of Censorship

Authored by Owen Evans via The Epoch Times,

A federal judge on Tuesday blocked the Trump administration from enforcing a policy that denied visas and ordered deportations of “disinformation” expert foreign nationals whom it accused of being leading figures in the global “censorship-industrial complex.”

Last year, the United States issued a visa policy targeting foreign nationals whom it claimed censor Americans’ free speech abroad.

“For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights,” Secretary of State Marco Rubio said on X at the time.

In Washington on July 14, Chief U.S. District ‌Judge James Boasberg sided with the Coalition for ⁠Independent Technology Research (CITR) in finding that the administration’s policy likely “burdens” the speech of noncitizen researchers in the United States in violation of the U.S. Constitution’s First Amendment.

The group’s lawsuit alleged that ​the U.S. State Department had been engaged in a campaign of censorship against anti-disinformation advocates.

“What began as a visa-restriction policy later expanded, according to plaintiff Coalition for Independent Technology Research, into a broader campaign against noncitizens who work on misinformation, disinformation, fact checking, content moderation, compliance and trust and safety,” the judge wrote.

“The Department has since invoked that policy to bar individuals from the country or seek their removal, including leaders of CITR member organizations.”

In December 2025, ​the State Department imposed visa bans on five Europeans, including a former European Union commissioner, and ​anti-disinformation activists whom ⁠Rubio called “leading figures of the global censorship-industrial complex.”

“But when you turn disinformation into a weapon, a political weapon, a label that you can use to go after people you don’t like, and say, oh, anything that person’s saying is disinformation—well, listen, I read mainstream newspapers every day, or I watch mainstream broadcasts—mainstream broadcasts every day that I know are disinformation, okay?” Rubio said in a May 2025 conversation with free speech activist Mike Bentz.

Among those hit by the visa ban were Imran Ahmed, the British CEO of U.S.-based Center for Countering Digital Hate (CCDH), and Clare Melford, co-founder of Global Disinformation Index.

Their groups are members of the Coalition for Independent Technology Research, according to the lawsuit.

Rubio accused them of having “led organized efforts to coerce American platforms to censor, demonetize, and suppress American viewpoints they oppose.”

CCDH, a British nonprofit, researches what it calls “online hate and disinformation,” which it defines as online lies “weaponized by movements and individuals for their own political, social and economic ends.”

For example, in one report, it partnered with a major abortion provider, MSI Reproductive Choices, and highlighted what it described as “false claims” online that abortion drugs pose high risks to women.

CCDH also produced its 2021 “Disinformation Dozen” report targeting 12 individuals, including Robert F. Kennedy Jr., Joseph Mercola, and Sherri Tenpenny, as “top spreaders“ of COVID vaccine ”misinformation.”

It urged social media platforms and governments to ban private groups that traffic primarily in “vaccine disinformation” and to prevent groups requiring a Facebook disclaimer from existing as private or secret groups.

A 2023 Republican-led congressional investigation by the House Judiciary Committee and the Select Subcommittee on the Weaponization of the Federal Government into the Election Integrity Partnership detailed how “disinformation” efforts disproportionately flagged conservative content.

This included posts from President Donald Trump, Speaker Newt Gingrich, and other Republicans, often to justify censorship.

Carrie DeCell, a lawyer for the coalition at the Knight ​First Amendment Institute at Columbia University, welcomed the judge’s ruling, which she said “recognized the serious constitutional harms this policy ‌is already ⁠causing.”

“This policy punishes researchers for work the public needs, and the First Amendment protects,” DeCell said.

In a May 26 statement, CITR said that the policy “has created a chilling effect” across disinformation researchers.

“Researchers have dropped out of conferences and opted out of travel to meet with colleagues, shifted research topics entirely to avoid negative attention, and in some cases, even stepped back from affiliating with the coalition out of fear for their safety,” it said.

“The policy is affecting researchers in how they live and labor, with the fear of being detained or deported from the United States because of their work helping people navigate social media and AI safely.”

A State Department spokesperson told The Epoch Times by email:

“The Trump administration believes that aliens who are or were involved or complicit in censoring American citizens must face appropriate consequences.

“An American visa is a privilege, not a right. Specific questions about this lawsuit should be referred to the Department of Justice.”

Tyler Durden Wed, 07/15/2026 - 15:45

Permanent Switch To Daylight Saving Time Easily Passes US House

The movement to liberate Americans from changing their clocks twice a year cleared a key hurdle on Tuesday, as the US House of Representatives advanced the Sunshine Protection Act by a lopsided 318-117 margin. While many Americans would like to stop the spring and fall time changes, not all of them are on board with the Sunshine Protection Act's specific approach, would would make daylight saving time permanent. 

President Trump has backed the proposal, and the White House issued a statement as the House vote was looming: “This bipartisan legislation represents a popular, common-sense reform and would benefit Americans by protecting precious daylight during the evening, when people are most likely to be awake and active." Party affiliation didn't play much of a part in Tuesday's House voting: The aye votes included 193 Republicans, 114 Democrats and one independent. An AP-NORC poll conducted last year found 47% of Americans oppose the current clock-switching, compared to only 12% who like it.  

Proponents tout the ability to enjoy more sunlight in the later part of winter days. The bill is popular among operators of golf courses, restaurants, retail shops, professional sports teams and theme parks.but that comes at the cost of later sunrises on those days:

This will be such a nightmare. pic.twitter.com/qrD03wxEdl

— Julian Mille☈ (@ATLAreaWx) July 14, 2026

Opponents of permanent DST include the American Academy of Sleep Medicine, which says permanent standard time better matches natural circadian rhythms, which affects immune system function and other aspects of personal health. The group, along with some concerned educators and parents, say permanent DST would have particularly harmful effects on children.  "Permanent daylight saving time would delay morning light exposure, making it harder for children and adolescents to wake, learn, and travel safely to school during dark winter mornings," the group said in a statement.  

The legislation allows states to exempt themselves or an area of their state from the permanent switch, provided they do so before it is enacted. Hawaii and Arizona (other than the Navajo Nation in the northeast part of the state) opted out of daylight saving time in the late 1960s. Federal legislation currently allows states to opt out of DST, but they don't have the authority to choose permanent DST. Eager to get a jump on things, 19 states have passed laws that would switch their citizens to permanent DST if the federal government gives states a choice. However, the Sunshine Protection Act would make it the default.  

remember folks: it’s daylight saving, not savings pic.twitter.com/TynurJXKCZ

— Grace Panetta (@grace_panetta) July 15, 2026

The drive to end clock-switching has a long history of sputtering out. Last time around -- in 2022 -- it was the Senate that approved the Sunshine Protection Act, not even using a recorded vote but passing it by unanimous consent. Then it died in the House as legislators grappled with constituents who were wary of ill effects on health. It won't pass the Senate by unanimous consent this time: Oklahoma Sen. Tom Cotton blocked such passage last fall and remains an ardent opponent. A Senate staffer told NBC News that Cotton will urge Senate Majority Leader John Thune to let the bill gather dust on his desk.  

Some Capitol Hill proponents aren't enthusiastic about its prospects. “I’m kind of digging the fact that we’re going to fix it, I hope,” Tennessee Rep. Tim Burchett told NBC. “See if the Senate takes it up. They probably won’t, but we’ll see.”

Tyler Durden Wed, 07/15/2026 - 15:25

US Utilities Requested $9.2BN In Rate Hikes In Q2, Up 26% From Previous Year

By Ethan Howland of UtilityDive

Electric and gas utilities in the second quarter asked state regulators to approve $9.2 billion in rate hikes, up 26% from the $7.3 billion in rate increase proposals filed in the same period last year, according to an updated report released Tuesday by the advocacy group PowerLines.

In the first half this year, utilities asked for $18.6 billion in rate hikes, down from about $25 billion in the same period last year, according to data collected by the nonprofit.

The report comes as average U.S. residential electric rates increased 7.3% from the year before to 18.8 cents/kWh in April, according to the U.S. Energy Information Administration. As a result, “regulators face mounting pressure to scrutinize utility spending plans while balancing the infrastructure investments that a modernizing grid genuinely requires,” PowerLines said.

The utility sector appears to be entering a capital investment “super-cycle” amid growing affordability concerns. Backlash to rising bills has prompted protests by consumers and their advocates, as well as new state laws intended to tackle the issue.

The Edison Electric Institute, a trade group for investor-owned utilities, estimates that IOUs will spend about $1.4 trillion from this year through 2030 on capital investments. EEI expects capital expenditures will jump 17% this year to nearly $239 billion, from about $204 billion in 2025.

Some utilities contend they can make the investments without significantly affecting their rates. FirstEnergy, for example, is proposing to increase its electric rates in Ohio over three years by about $392 million — partly to cover roughly $2.5 billion in planned capital expenditures. The company says this will increase average annual residential customer bills by less than 3% a year.

According to PowerLines and public filings, other rate hike proposals utilities filed in the second quarter include:

• Dominion Energy in Virginia is seeking about $1.5 billion across three rate requests;
• Oncor in Texas requested the largest single increase in the second quarter, at $1.2 billion, driven largely by transmission and distribution investments to meet demand from the oil and gas industry and data centers in the Permian Basin;
• We Energies in Wisconsin is seeking about $606 million in rate increases;
• DTE Energy in Michigan is seeking an increase of $474 million; and,
• Consumers Energy in Michigan is asking for a rate hike of $456 million.

The proposed rate increases in the Midwest total about $193 per customer, followed by $172 per customer in the South, $135 per customer in the Northeast and $110 per customer in the West, according to the data from PowerLines.

Utility regulators will scrutinize the rate hike proposals in the coming months.

“These requests, while often approved at a lower cost than utilities propose, have a high chance of reaching consumer bills in some form,” PowerLines said.

State regulators approved 58% of the total costs utilities sought to add to their rates from 2023 through 2024, the organization said.

U.S. residential customers paid 18.8 cents/kWh on average in April, up 7.3% from the year before, according to the latest data from the Energy Information Administration.

Those costs ranged from 12.4 cents/kWh in North Dakota to 46.6 cents/kWh in Hawai’i. The other highest cost states for residential customers were California at 35.3 cents/kWk, Connecticut at 32.2 cents/kWh and Massachusetts and New York at 29.5 cents/kWh.

Eversource Energy’s Connecticut Light and Power subsidiary is preparing to seek a $503 million rate increase, according to a May 20 filing at the Connecticut Public Utilities Regulatory Authority. If approved, it would increase residential rates by about 13%, the utility estimated.

CL&P said it would show PURA it has strategies to keep customer bills as stable and affordable as possible, while keeping the distribution system reliable.

Tyler Durden Wed, 07/15/2026 - 15:05

Ukraine Shake-Up: Zelensky Sacks Popular Defense Chief, & IDs CEO Of Naftogaz As Likely Next Prime Minister

Update(1410ET): FT is reporting late in the day Wednesday that Ukraine's 35-year old defense minister, Mykhailo Fedorov, who has grown in popularity for his 'reformer' reputation and for orchestrating the ramped-up drone war on Russia, has been sacked by Zelensky.

The shock move comes days after Yulia Svyrydenko, Zelensky's prime minister, was forced to step down, and amid a big cabinet shake-up. Zelensky had previewed huge changes coming.

As to who might be elevated as new prime minister, Zelensky has dropped a strong hint that the CEO of the state-owned energy company Naftogaz, Sergii Koretskyi, might be next in the spot...

“The priorities are clear – preparing for winter,” Zelenskyy said on Wednesday as Kyiv braces for another season of expected Russian strikes on Ukraine’s energy grid. “Therefore, following ⁠all the consultations, Sergii Koretskyi is surely the ⁠most prepared candidate for the post of prime minister of Ukraine.”

This is already unleashing a flurry of controversy and commentary Wednesday, with pundits scratching their heads and questioning whether Zelensky is actually just playing petty and jealous internal politics - despite the narrative on the war shifting:

Ukrainian MPs say that Zelensky decided to fire popular defense minister Fedorov, in yet another cabinet reshuffle.
Many Ukrainians (and not just Ukrainians) see this as Zelensky putting petty politics ahead of winning the war.

— Yaroslav Trofimov (@yarotrof) July 15, 2026

*  *  *

Ukraine's 35-year old defense minister, Mykhailo Fedorov, has only been in the top military spot for six months, but amid a new Zelensky-initiated major cabinet reshuffling, the FT reports that the military's top spot has been targeted as the next leadership change.

The report has been issued just on the heels of Prime Minister Yulia Svyrydenko's surprise removal, upon which Zelensky in a statement suggested a broader government overhaul is underway. "Ukraine is changing its political strategy," he made clear.

The Ukrainian leader is "expected to remove defense minister Mykhailo Fedorov, the 35-year-old architect of Ukraine's wartime defence technology drive, after just six months in the post as part of a major cabinet reshuffle," FT writes Wednesday.

via the Ukrainian Review

"Several senior figures close to Zelensky said the president had held conversations about replacing the minister as he prepares to unveil his new government on Thursday," the report adds.

The FT report suggests that the young defense chief's anti-corruption zeal is alienating powerful figures who wish for the wartime situation to be looser with less oversight:

"But defense industry officials, senior Ukrainian officials, MPs from Zelenskyy’s party and others familiar with the matter have said — some publicly — that Fedorov had been a barrier to interests seeking to profit from Ukraine’s vast wartime defence budget… Fedorov repeatedly blocked attempts to steer lucrative procurement contracts to favoured companies, which put him at odds with powerful figures inside Ukraine’s political and defence establishment, said people familiar with the situation."

And yet interestingly President Trump has of late issued positive praise of Ukrainian forces' accomplishments in the area of drone warfare against Russia.

Kiev has further been boasting of its drone tech, and is even seeking to market it abroad, especially in the Middle East where Gulf countries are hungry for better defenses against smaller suicide drones.

Fedorov has been widely seen as having rapidly implemented a transformative vision on this front. For example, earlier this week The Economist wrote:

Tensions simmered barely below the surface at a war-council meeting in early July. Ukraine’s military leaders had mostly good news for their president. Middle- and long-range drone operations were seeing continued successes. A campaign to isolate Russian-occupied Crimea was running ahead of schedule. But as Power Point slides were shown to the testosterone-filled room, the generals griped about missile and ammunition procurement. The focus of their criticism, Mykhailo Fedorov, the 35-year-old tech-savvy defence minister who is known—and occasionally mocked—for his Silicon Valley style presentations, responded in kind.

If it wasn’t for his emergency drone-purchasing decisions at the beginning of the year, which required borrowing money earmarked for salaries, there would be no Crimean operation to speak of. A witness to the proceedings describes “two different co-ordinate systems” in a clinch: “No common language, even if holding back from direct conflict.”

But it seems there's a lot of angst within military command ranks over the defense chief's reluctance to try and achieve parity with Russia in terms of conventional military hardware, which he might reason is a lose-lose pursuit anyway.

Ukraine scores another €300 million in European cash

Ukraine's Defense Minister Fedorov says Ukrainian defense companies will be able to get €260M to increase production, plus €35.3M in innovation grants

EU shows no sign of letting up on fueling the conflict pic.twitter.com/Qkb6JMgj6o

— RT Intl (@RT_on_X) July 15, 2026

In the meantime, Zelensky had started the week by saying, "The Cabinet of Ministers needs to be renewed." He explained that "Each priority area of foreign policy will be assigned to a specific person with substantial experience who is capable of implementing what we agree on at the leaders’ level and what the Ukrainian people expect," he described further of an impending reshuffle. Who is next on the chopping block?

Tyler Durden Wed, 07/15/2026 - 15:04

Trump Wants ICE To Resume Traffic Stops After Deadly Encounter In Maine

President Donald Trump declared Wednesday that Immigration and Customs Enforcement (ICE) should keep relying on traffic stops as a major enforcement tool, defending the practice after a string of deadly encounters involving immigration officers, including a recent fatal shooting of a Colombian illegal immigrant in Maine. 

In a Truth Social post on Wednesday, Trump commended ICE agents and pushed the agency to maintain vehicle stops, even as officials examine the approach after recent events in Maine, Texas, and Florida.

"The men and women of ICE are doing a Great job, one that has to be done," Trump wrote. "We must be strong, tough, and smart, and we Cannot give up one of I.C.E.'s most important and effective Crime Fighting tools, The Traffic Stop!"

Trump warned that giving up the tactic would seriously harm the mission to remove criminals from the United States.

"Once we do, we are playing right into the criminal's hands," he wrote. "I.C.E., be judicious, fair, and smart, and go back and do your very important job."

Trump also stepped up his attacks on former President Joe Biden’s immigration policies, stating in the post that millions of illegal immigrants had poured into the country without any controls and that ICE must stay "strong, tough, and smart" while executing deportations.

Enforcement Review After Fatal Encounters

As the Epoch Times notes further, Trump's remarks come as immigration officials review vehicle-stop procedures following several deadly incidents involving ICE agents.

Border czar Tom Homan told Fox News on July 14 that ICE had temporarily paused most vehicle stops nationwide while the agency examines whether changes to training or tactics are needed.

FBI investigators work the scene of an alleged ICE-involved shooting in Biddeford, Maine, on July 13, 2026. Joseph Prezioso/AFP/Getty Images

"It's not a policy change. It's a temporary pause," Homan said. "ICE leadership along with DHS believes they want to look at these last couple incidents and look: Is there something that could have been done better? Is there any training that can be improved?"

Homan said the review was unlikely to affect the pace of immigration-related arrests and expressed confidence that ICE agents would continue to use traffic stops when necessary, particularly in cases involving dangerous suspects.

"If we can arrest that alien outside that vehicle and take that two-ton weapon away from them, that's good in some instances," Homan said. "Other instances, we're still going to need to do vehicle stops for a significant criminal."

The review follows a July 13 shooting in Biddeford, Maine, where an ICE officer fatally shot a Colombian national during a traffic stop after the man allegedly attempted to flee. The Department of Homeland Security said the agent opened fire while "fearing for public safety."

The Maine incident came days after another fatal shooting involving ICE agents in Houston. Authorities said officers were searching for a different individual when they attempted to stop a vehicle driven by Mexican national Lorenzo Salgado Araujo, who allegedly rammed an ICE vehicle, prompting an officer to fire in self-defense.

A third man died in Florida on Tuesday after being struck by a tractor-trailer while fleeing immigration and other federal officers, according to authorities.

The recent incidents have intensified debate over ICE's enforcement tactics.

Sen. Susan Collins (R-Maine) said she had urged Homeland Security Secretary Markwayne Mullin to suspend "non-urgent vehicle stops" following the Maine shooting and welcomed the department's decision to review the practice.

Collins joined Sen. Angus King (I-Maine) and Reps. Chellie Pingree (D-Maine) and Jared Golden (D-Maine) in requesting an independent investigation by the Department of Homeland Security inspector general.

Trump, meanwhile, cast traffic stops as an indispensable part of law enforcement, calling on ICE agents to "keep those Crime Stat Records coming" and assuring them that they are "loved and respected in America."

Jack Phillips and Troy Myers contributed to this report.

Tyler Durden Wed, 07/15/2026 - 14:45

Beige Book: Economic Activity Picked Up In 11 Of 12 Districts; Only San Fran Flat As "Employers Invested In AI"

In a modest support of the Fed's recent hawkish pivot, the latest Beige Book released today notes that economic activity across the US improved moderately, increasing at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District (San Francisco) reported no change. The pace of growth was ever so slightly better than that reported back in June when activity expanded in ten Districts, was flat in one, and down in one.

Here are the big picture highlights:

• The Beige Book, which this month was prepared by the Chicago Fed, found that consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. To that point, several Districts noted declines in spending on discretionary items or trading down to more affordable varieties.
• Tourism was up, with some Districts receiving a boost from World Cup visitors.
• Confirming that consumers are hunkering down and not splurging, auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer.
• Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit.
• In the energy sector, oil and gas drilling increased, despite the recent drop in oil prices.
• Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common.
• Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building.
• Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly.
• Commercial loan quality was stable, but consumer loan quality ticked down.
• Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East.
• Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services.
• Social service providers were adjusting to funding declines while demand for basic supports—housing, food, health care—remained high.
• Contacts generally expected the economy to continue to expand in the coming months, but several Districts noted elevated uncertainty in the outlook for fuel costs.

The Beige Book next went through an analysis of Labor Markets: 

• Employment rose on balance, with five Districts showing modest, moderate, or solid gains in employment, and with seven Districts experiencing little to no change.  In the previous report, only one District had modest, moderate, or solid employment gains.
• Employment rose in a variety of industries, including manufacturing, construction, and retail.
• Skilled workers were difficult to find in a range of fields, notably technicians and tradespeople.
• Though there were reports of lower employment in a couple of Districts, the declines were small.
• Wage growth was modest to moderate in most Districts, though two saw only slight wage increases. Some wage increases were attributed to increased competition for skilled workers.
• A few Districts noted that firms had increased their usage of AI, either in the hiring and screening of potential employees or to boost worker productivity.

Prices

• Prices increased moderately overall, with nine Districts reporting moderate growth, two robust growth, and one slight growth; compared with the last reporting period, price growth was the same or slower in all Districts.
• Non-labor input costs increased for a variety of industries—including services, construction, and manufacturing—and reflected in part higher costs for energy, transportation, and raw materials.
• Some contacts tied these cost increases to the conflict in the Middle East; others mentioned tariffs.
• Consumer prices continued to rise, and a few Districts said contacts saw greater price sensitivity among their customers.
• A couple of Districts reported that selling prices grew less than input costs over the period, crimping margins.
• Expectations for price growth over the coming months varied across Districts, with contacts in some expecting inflation to continue at its current pace, while contacts in others expected inflation to slow, in part due to falling fuel prices.

Highlights by Federal Reserve District

• Boston: Economic activity expanded slightly. Employment was flat, with some isolated layoffs, and wages rose at a slight pace. Cost pressures remained elevated, but output prices increased only slightly. Consumer spending rose modestly overall, buoyed by the World Cup, but discretionary spending softened among low- and moderate-income households. The outlook improved on balance.
• New York: Economic activity increased modestly, as service sector activity picked up after a long period of weakness. Employment increased modestly, with larger firms starting to hire for growth. Input prices rose strongly under pressure from tariffs and energy costs, though selling price increases remained moderate. Businesses became more optimistic.
• Philadelphia: Economic activity rose slightly in the current period, up from a slight decrease in the last period. Nonmanufacturing activity picked up, while manufacturing activity again rose modestly. Employment again declined somewhat. Wage inflation held steady at a modest pace, and prices continued to grow moderately. Manufacturers have more widespread expectations for future growth than nonmanufacturers.
• Cleveland: Fourth District business activity increased modestly, with faster growth anticipated in the coming months. Manufacturing demand rose moderately, while retailers continued to face soft demand due to higher fuel prices. Higher fuel costs filtered through to both selling prices and wage pressures. Selling prices rose at a robust pace.
• Richmond: The regional economy expanded moderately this cycle as consumer spending continued to grow despite some shifts in consumer behavior, even among higher income consumers. Business activity was generally reported as modestly growing, and employment grew modestly as well. Manufacturing output also increased modestly while producer prices were little changed despite rising input costs. Overall price growth remained moderate.
• Atlanta: Economic activity grew modestly. Employment levels remained largely flat. Wages rose moderately, and prices increased at a moderate pace. Consumer spending expanded modestly. Residential and commercial real estate were little changed. Transportation and manufacturing rose modestly. Energy activity was stable, but agricultural conditions worsened. Lending increased at a modest pace.
• Chicago: Economic activity in the Seventh District increased modestly over the reporting period. Manufacturing demand rose moderately; employment rose modestly; consumer spending, business spending, and construction and real estate activity increased slightly; and nonbusiness contacts saw a small increase in economic activity. Prices rose moderately, wages were up modestly, and financial conditions tightened slightly. Farm income expectations for 2026 edged down.
• St. Louis: Economic activity has slightly increased. Employment was unchanged, and wage growth was moderate. Prices rose at a robust pace, and increases were widespread. The outlook remains unchanged, with contacts noting that persistent uncertainty and elevated fuel costs continue to weigh on overall conditions.
• Minneapolis: The District economy expanded slightly. Employment grew modestly, and contacts reported that labor availability increased. Wage growth was modest to moderate. Prices increased moderately, but input price pressure remained elevated. Retail contacts reported greater discretion among consumers. Services, construction, commercial real estate, and manufacturing activity increased. Agricultural conditions deteriorated.
• Kansas City: Economic activity expanded slightly within the Tenth District, which was supported by increased manufacturing activity. Inflationary pressures continued to compress profit margins, prompting firms to make pricing and investment adjustments. Contacts expect slight growth over the next six months.
• Dallas: Economic activity in the Eleventh District rose moderately. Growth picked up in the banking, energy, and service sectors but moderated in manufacturing. Retail sales improved, and the real estate sector was mixed. Employment strengthened, and wage pressures rose. Outlooks were stable to positive, though inflation, the level of demand, and geopolitical and domestic policy uncertainty remained sources of concern.
• San Francisco: Economic activity was stable but somewhat muted. Employers held head counts steady and invested further in AI. Prices increased moderately, while wages rose slightly. Retail sales and demand for services edged down. Manufacturing activity rose modestly, while agriculture activity was unchanged but weak. Conditions were steady in real estate and financial services.

More in the full Beige Book 

Tyler Durden Wed, 07/15/2026 - 14:30

US Gasoline Prices Could Top $4 Per Gallon Within Days

After several weeks of reprieve for drivers, the US national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-collapsed U.S.-Iran ceasefire.

The renewed hostilities in the Middle East have fueled a new crude oil price rally this week, while tight fuel markets globally are also pushing US prices at the pump higher, OilPrice notes.

“I've seen enough and believe the national average price of gasoline will again reach $4/gal in the next 7-10 days, if not sooner,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote late on Monday, when crude had surged by 9% on the day following the announcement of U.S. President Donald Trump that the U.S. blockade on Iran would be re-imposed on July 14.

GasBuddy’s key analyst expects price increases of $0.15-0.45 per gallon, depending on price cycling, in the next week or so.

Early this week, the average U.S. national price of gasoline rose for the first time since May, as the re-escalation of hostilities in the entire Middle Eastern region prompted an oil rally with prices hitting more than one-month highs.

As of the end of the day on July 14, the national average was $3.8590 per gallon, according to AAA data. That’s up from the $3.79 average from a week ago.

“The pain at the pump is about to intensify, and this time it's not one story driving it, it's two,” GasBuddy’s De Haan wrote earlier this week, noting the double gas price whammy of the re-escalation in the Middle East and Ukraine systematically knocking out Russian refining capacity.

“I now expect the national average price of gasoline to reach $4 per gallon in the next 7-10 days, if not sooner, while the U.S. average diesel price is likely to again reach $5 per gallon by the end of this week, potentially as soon as Friday,” De Haan said.

Tyler Durden Wed, 07/15/2026 - 14:20

UN Maritime Boss Warns Ships To Avoid Hormuz As Transits Continue

The International Maritime Organization warned Wednesday that the Strait of Hormuz remains too dangerous for commercial shipping, even as vessels continue to transit the narrow waterway.

US Central Command said its latest round of strikes against Iranian coastal military targets concluded early Wednesday. Tehran retaliated with missile and drone attacks against US-allied Gulf states while continuing to disrupt some maritime traffic through the strait.

Yet commercial ships are still transiting, suggesting Iran's ability to fully weaponize the maritime chokepoint is gradually eroding under sustained US air and naval superiority.

Speaking on Bloomberg Radio, Arsenio Dominguez, the secretary general of the IMO, said the waterway remains dangerous and unsafe for tankers and bulk cargo ships.

"I will maintain the message of upholding international law, for countries to do the same thing, and for companies — at this stage, particularly with the volatility — not to take risk to transit through the strait of Hormuz," Dominguez said.

Dominguez's warning appears to be ignored by some ships.

Strait of Hormuz risks deepen despite slight rise in crossings

Vessel activity through the Strait of Hormuz increased slightly on 14 July, with 21 confirmed crossings recorded, according to #MarineTraffic data. Commercial traffic accounted for most movements, including vessels… pic.twitter.com/oIkrtu2kGl

— MarineTraffic (@MarineTraffic) July 15, 2026

Bloomberg data show that vessel traffic continues in the narrow waterway, at lower volumes than last week, even as fighting between the US and Iran intensified overnight.

With or without Tehran's cooperation, US-allied Gulf countries are in the beginning innings of what we've described as a "great energy rewiring"...

Latest:

• Great Rewiring: US Supports Iraq-Syria Oil Pipeline To Erode Tehran's Hormuz Leverage
• Dubai's New East Coast Port Signals The Beginning Of End For Iran's Hormuz Leverage
• "Zero Hormuz Dependency": UAE Races To Rewire Energy Flows, Bypassing Chokepoint Chaos
• Hormuz Bypasses Maxed Out: Saudi East-West Pipeline Hits Record 7 MMb/d, As UAE Fujairah Crude Loadings Reach Capacity

We compiled evidence for readers showing that US-allied Gulf countries are poised to undertake a generational rewiring of regional energy flows to bypass the Hormuz chokepoint. Over time, that infrastructure buildout - from pipelines to ports - could render Tehran's leverage over the critical waterway increasingly irrelevant.

Tyler Durden Wed, 07/15/2026 - 14:00

Iraqi Militia Vows To Disrupt Any Future Iraq-Syria Oil Pipeline: US 'Stealing Our Oil'

Via The Cradle

US and Iraqi officials are set to conclude a major energy deal as part of Prime Minister Ali al-Zaidi’s visit to Washington this week, according to Iraqi officials cited by AP Wednesday.

"An agreement is slated to be signed Friday between Iraq, US companies Chevron and TI Capital, and Qatar’s UCC for construction of an oil pipeline that will connect southern Iraq’s Basra to western Iraq’s Haditha," the officials said.

via Reuters

The pipeline is meant to extend from Haditha to Turkiye’s Ceyhan port and the port of Baniyas in Syria. 

The details of the reported agreement were not discussed publicly during meetings between Zaidi and US President Donald Trump in the Oval Office on Tuesday. Neither the US president nor the Iraqi premier mentioned the deal. AP referred to it as a “significant energy deal.”

A senior Trump administration official said later on 14 July that Washington is “facilitating conversation” between Iraq and Syria regarding potential future energy projects.

Meanwhile, Iraqi pro-Iran resistance faction Al-Nujaba Movement warned against making deals with Washington in Iraq.

“[Trump] will not continue living under the illusion of stealing Iraq's oil and wealth, whether through direct theft or under the cover of suspicious investments. The Islamic resistance will continue confronting US forces and drive them from Iraq's land and skies,” the movement’s leader Akram al-Kaabi said in a statement on Wednesday.

The new Iraqi prime minister’s visit to Washington is expected to last until Saturday. 

On Tuesday, the premier said that Iraq deserved an equitable allocation within OPEC, coming during discussions with Trump in the Oval Office. His comments were a response to questions on whether Iraq was considering withdrawing from the oil producers' alliance.

“Iraq is one of the founding members of OPEC ... Our right is to receive a fair share for Iraq,” Zaidi said to reporters during the meeting with Trump. 

“The damage suffered by Iraq exceeds $400 billion, and to this ⁠day some Iraqis still have destroyed homes and are living in camps. I have a plan to return them to ⁠their homes, and that is why I want a fair share for Iraq in OPEC,” the Iraqi premier went on to say. 

During the meeting at the Oval Office, Trump called Zaidi “young” and “handsome,”  and that he had “tremendous chemistry” with the new Iraqi prime minister. 

In a press briefing between the two leaders, Baghdad and Washington announced that US combat troops would withdraw from Iraq by September 30. 

Zaidi was sworn in as premier in May this year, succeeding former prime minister Mohammed Shia al-Sudani. This came after the president had threatened to “cut off” Iraq completely if Nouri al-Maliki – a former Iraqi premier with ties to Iran – was re-elected. 

Despite initially vowing to continue running, Maliki ended up withdrawing his candidacy. “Mark my words, I knew what I was doing,” Trump said as he sat near Zaidi in the Oval Office on Tuesday.

“This man is going to be a great leader … beyond Iraq. His influence is going to spread all throughout the [region],” he said, referring to Zaidi. Zaidi’s visit coincided with reports of a major escalation of US pressure tactics, aimed at forcing the Iraqi resistance to surrender its arms.  Sources told the New Arab on Wednesday that Washington has “hardened its stance” against resistance factions in the country. 

Trump: Soleimani—I killed him…a very bad person from Iraq happened to be killed in that same incident . So I don't know if I did you a favor or not. I've never asked you that question.

Iraq PM: I was not in politics…. I'd like to talk about the future pic.twitter.com/8GDvhUadTD

— Acyn (@Acyn) July 14, 2026

The Trump administration has adopted a significantly more coercive approach than its predecessors to disarming the Iraqi resistance, stepping up pressure on Baghdad in recent months to dismantle the resistance factions swiftly.

Washington reportedly froze security programs with Baghdad and blocked dollar shipments to the country earlier this year to pressure Iraq into dismantling Iran-backed resistance groups.

Late last month, Baghdad issued a 30 September deadline for the disarmament of all armed factions in Iraq, including resistance movements.

After months of heavy US pressure, some armed organizations have agreed to turn over weapons to the state. Many others, including resistance groups Kataib Hezbollah and Al-Nujaba Movement, have refused.

Iraqi resistance groups demand a full US withdrawal, rather than the “transitional” pullout agreed on between Washington and Baghdad, which will see Washington shift from a “combat” to an “advisory” role, while still retaining a military presence in the country.

Tyler Durden Wed, 07/15/2026 - 13:40

Pennsylvania Data Centers Face Increased Oversight Under New Law

By Diana DiGangi of UtilityDive

Pennsylvania's Democratic Governor Josh Shapiro, signed a budget Sunday which will require data centers to report their exact water and power usage annually to the state. It also requires the PJM Interconnection to give Pennsylvania state regulators additional insight into its demand forecasting.

“The current process by which utilities submit information to PJM lacks transparency for policymakers, regulators and stakeholders,” states House Bill 1924, which was folded into Pennsylvania’s 2026-2027 budget. “There is a need for oversight by the Pennsylvania Public Utility Commission to ensure accuracy and transparency of load-forecast inputs.”

Data centers in the state will now be required to compile an annual report containing information such as their “estimated average amount of energy usage per hour during the data center’s peak load,” the provision states.

The provision in the budget also requires data centers to submit total energy consumption for the previous calendar year, an estimate of the projected total energy demand for the following year, and “any measures undertaken to generate electricity on site or off site to reduce carbon emissions or impacts on the electric grid, including the specific energy source, and any potential future measures to generate electricity or other form of energy on site or off site,” it states. 

Data centers that fail to comply with the new reporting requirements will be fined $10,000 per day until their report is submitted, according to the budget.

The state Department of Environmental Protection will publish an annual report on the “aggregate energy consumption and water consumption trends for data centers operating [in the state], including environmental impacts and recommendations to address identified issues.”

Data center development in Pennsylvania has boomed, with utility PPL Electric reporting in May that its “advanced” stage data center pipeline had jumped 12% in three months, from 25.2 GW to 28.3 GW expected by 2034.

The PJM language in the budget will help state agencies “better understand future electricity needs as demand continues to increase,” said state Sen. Gene Yaw, R, who sponsored the original legislation, in a Monday release.

Shapiro was one of the PJM state governors who in September threatened to pull their states out of PJM’s markets unless they were given a role in governing the organization. “If PJM refuses to change, we will be forced to go in a different direction,” he said. “That is not a path that I am eager to chart, but I am not willing to stand idly by and let PJM dictate our future.”

An October memo about the legislation, circulated by Yaw and Sen. Nick Miller, D, said that “the process by which utilities and load-serving entities submit information to PJM is opaque, and policymakers, regulators, and stakeholders lack confidence in the data’s reliability.”

The Pennsylvania PUC “showed one utility is projecting its load to grow over the next 9 years by over 200% while the next closest utility was at 11% over the same period,” the memo said. “Such a wide disparity raises questions about how Pennsylvania utilities are evaluating requests for new service from large customers and relaying that information to PJM.”

The legislation gives the Pennsylvania PUC the authority to “review and validate load forecasts submitted by Pennsylvania utilities to PJM,” “coordinate with PJM and other state regulators to ensure accuracy and prevent duplicative counting of projects and contracts,” and “access all relevant materials necessary to carry out this oversight,” the memo said.

Tyler Durden Wed, 07/15/2026 - 13:00

SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds

SpaceX has slipped below its much-hyped $135 IPO price, and down 40% from the all time high hit during the June 15th gamma squeeze when the stock surged above $220 if ovenright trading, an "inevitable outcome" according to Bloomberg, which lends some validation to the skepticism surrounding "a valuation that always relied more on imagination than observable fundamentals."

Wall Street’s price target estimates spanned from roughly $60 to $800 (from Raymond James), a forecast that was 5x above the IPO price...

... a remarkable range that underscored just how little conviction existed around intrinsic value, and where all the upside is based on the Musk "story.".

As Bloomberg's Brendan Fagan writes, "when analysts cannot even agree within hundreds of billions of dollars on what a company is worth, valuation becomes an exercise in storytelling rather than finance." Not like that should have been a surprise: after all, this was expected from the journey that Tesla shares have been on.

While the recent price action does not settle the debate over SpaceX’s long-term potential, but it does suggest the market is becoming less willing to pay almost any price for that uncertainty.

But while the SPCX stock price is notable, the real story is not in the stock but rather the company's brand new $25BN bonds due 2056, which have been a one-way street lower since breaking for trade on June 24...

... and which now yield a junkbond-esque 7.5%. 

The issue here, no pun intended, is that the rout of particular bond has pushed the Goldman hyperscaler bond basket to a new record wide as we noted earlier... 

Hyperscaler bond basket: another day, another record wide https://t.co/Ge41UpsaL9 pic.twitter.com/nssT8MoTeH

— zerohedge (@zerohedge) July 15, 2026

... and prompted Bloomberg to paraphrase what we said over the weekend, in its "Before the Bell" this morning, writing that "Signs of Hyperscaler credit stress has reached the highest since Goldman Sachs launched the basket in February. The data-center building boom has sparked an explosion of debt funding, with investors not paying enough attention to the terms of their lending."

For those who missed it, here is our article from this weekend "Carnage" In The Hyperscaler Bond Market: Did Goldman Just Pop The AI Debt Bubble, in which we explained that the bond market is almost at capacity, and will barely be able to digest any more bond issuance. Which, in a world where trillions in future capex have to be funded almost entirely by new debt issuance...

The corporate bond market threw a tantrum at "just" $250bn in IG bonds YTD.

So how do we get to $8 trillion... or $4.https://t.co/pA7aONbtiy https://t.co/8PamQYA6FH

— zerohedge (@zerohedge) July 15, 2026

... is suddenly a very big problem.

Tyler Durden Wed, 07/15/2026 - 12:44

Legionnaires' Cases Rise In Manhattan's Upper East Side As Dozens Of Cooling Towers Test Positive

Authored by Kimberley Hayek via The Epoch Times,

New York Health officials have identified dozens of cooling towers in Manhattan’s Upper East Side that tested positive for traces of Legionella bacteria, as Legionnaires’ disease cases reached 63 as of Tuesday. So far, 12 people are currently hospitalized, and 40 have been discharged from the hospital.

The New York City Department of Health and Mental Hygiene published a list this week detailing building cooling towers where initial PCR tests were positive for the bacteria.

Owners must drain, clean, and disinfect those cooling towers immediately. Many have already completed the work, with a few pending, according to numbers published by officials.

The towers with positive PCR results, according to the health department’s July 14 update, include 60 East End Avenue, 100 East End Avenue, 180 East End Avenue, and a long string along Madison, Park, York, and Fifth avenues, plus blocks of East 78th through 95th streets.

A handful still show cleaning pending, including 80 East End Avenue and 90 East End Avenue. The department posted exact addresses and street numbers, down to 300 East 83rd Street, which had an unregistered tower.

Confirmed cases climbed to 18 by July 5, an increase from 10 just days prior. They are clustered in ZIP codes 10028, 10128, and 10075, which are located in Yorkville and Carnegie Hill, as well as a stretch east of Central Park.

No deaths have been reported thus far.

Symptoms for legionnaires’ disease include fever, chills, cough, and muscle aches, and it spreads when people inhale mist from contaminated water, not from person-to-person contact. The symptoms usually appear 2–10 days after exposure, according to the U.S. Centers for Disease Control and Prevention.

The disease is treatable with antibiotics. Nonetheless, approximately 1 in 10 cases can be fatal, especially in older adults, smokers, and those with weakened immune systems or chronic lung disease. Cooling towers on rooftops are often the source of these outbreaks through warm, stagnant water.

Health Commissioner Dr. Alister Martin urged people to be on the lookout for symptoms.

“Any New Yorkers who currently live or work in this area or people who have visited the area since late June and are experiencing flu-like symptoms, such as cough, fever, or difficulty breathing, should contact a health care provider immediately,” the department said in an earlier statement.

“This is not an issue with any building’s plumbing system,” the health department noted.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which thrive in warm water. It produces flu-like symptoms, and if left untreated, complications can become serious or even fatal.

When multiple cases emerge within a neighborhood—known as a community cluster—the exposure often traces back to sources such as cooling towers, hot tubs, or spray fountains. When cases cluster within a single building instead, the source is usually the building’s plumbing system, particularly its hot water system. In these situations, residents can be exposed to the bacteria through water mist while showering.

Last summer, a cluster in Central Harlem made 114 people sick and killed seven. That one was also connected to cooling towers.

Tyler Durden Wed, 07/15/2026 - 12:40

Alibaba's Qwen AI Will Be Integrated Into Apple Phones In China Amid Push For Local Models

Apple is starting to take cost-cutting (and Chinese supply chains) very seriously.

Just days after reports that the smartphone giant will use China's DRAM pioneer CXMT (which just priced its IPO) for local memory as a cheaper alternative source to ridiculously overpriced DRAM sourced from the memory cartel triad of Samsung, SK Hynix and Micron, this morning Reuters reported that BABA Qwen AI - much cheaper but just as efficient as most US frontier models - will be integrated into Apple Intelligence in China.

US-listed shares in of Alibaba rose 6% on Wednesday after the company confirmed to CNBC that the Qwen AI model will be integrated into Apple systems in China. 

“Qwen will be integrated into Apple Intelligence experiences within iOS, iPadOS, macOS, and visionOS for users in China,” an Alibaba spokesperson told CNBC. 

The Cyberspace Administration of China included Apple AI services on a list of approved providers, which included products from homegrown companies like Huawei.

The decision follows a long route to a Beijing greenlight for Apple’s AI service since the offering was first announced in 2024. In that time, the technological rivalry between the US and China has intensified as both countries race for dominance in AI.

The Apple-Qwen integration gives users the ability to access the model’s capabilities, “like text and image understanding and generation, without needing to jump between tools,” the Alibaba spokesperson added.

It comes after CNBC reported that Apple is in talks with a small Silicon Valley company that says it can shrink powerful artificial intelligence models enough to run directly on an iPhone, the startup’s CEO told CNBC on Tuesday. PrismML, a Khosla Ventures-backed spinout from the California Institute of Technology, publicly released compressed versions of Alibaba’s open-source Qwen model on Tuesday. The company said it reduced the model from roughly 54 GB to less than 4 GB, allowing all 27 billion of its parameters to run on an iPhone 15 or newer.

Meanwhile, in a stealthy push for local (i.e., "on your cell phone") models, earlier this week Bloomberg reported that Apple's planned M7 Ultra chip is being designed to support up to 1.5 TB of unified memory and to push AI performance toward the class of Nvidia's Blackwell accelerators. Why? To give the company's upcoming local LLMs access to as much DRAM as possible so the company is not confined to the cloud.

Apple's M7 Ultra chip coming in 2029 is rumored to support 1.5TB of RAM.

This would make the processor much more capable for on-device AI. pic.twitter.com/7162RWZjpN

— AppleTrack (@appltrack) July 12, 2026

We previously looked at the Chinese LLM scene in two extended articles recently, the first one showing how rapidly China's open models are catching up to the latest frontier offerings in the US (see "Are Chinese AI models a better value than US models")...

... and the second one drilling down into each and every AI model in what we called the "definitive Chinese LLM primer."

Source: Goldman

We also did an extended overview of the Alibaba offering which increasingly appears primed to take on the leading US frontier models; the schematic is summarized below.

Source: Goldman

Much more in the full reports (here and here).

Tyler Durden Wed, 07/15/2026 - 12:20

 

 

At The Money: When Should Do-It-Yourself Investors Fire Themselves? (July 15, 2026)

DIY investors have been a force in the market, pouring trillions into indexing and remaking asset management. But at a certain point in their lives, their needs become more complex and may require help. How can they tell when it’s time to bring in some professional assistance?

Full transcript below.

~~~

About this week’s guest:

Dr. Jordan Grumet is a physician who works at the intersection of money, mortality, purpose, and regret. His work focuses on internal medicine and hospice care. His recent book is “Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life.”

For more info, see:

Personal Bio

Professional website

LinkedIn

Podcast

~~~

Find all of the previous At the Money episodes here, and in the MiB feed on Apple Podcasts, YouTube, Spotify, and Bloomberg. And find the entire musical playlist of all the songs I have used on At the Money on Spotify

 



 

 

TRANSCRIPT:

 

Doctor, my eyes have seen the years
And the slow parade of fears, without crying
Now I want to understand

Barry Ritholtz: Are you a do-it-yourself investor whose needs have become more complex? Is the world making you concerned about your portfolio? How do you know when it’s time to bring in some professional help?

To help us unpack all of this and what it might mean for your portfolio, let’s bring in Dr. Jordan Grumet, a physician whose specialty is the intersection of money, mortality, purpose, and regret. He’s trained and worked in both internal medicine and hospice care. His prior books include Taking Stock: A Hospice Doctor’s Advice on Financial Independence and Living a Regret-Free Life, and The Purpose Code.

So, Doc G, let’s start very basically: what does it mean to fire yourself as a DIY investor?

Jordan Grumet: I grew up in the financial independence, retire early movement. These are the young, scrappy people who are trying to save enough so that they never have to work again. And so we were kind of cheap back in the day, right? This idea of, why pay someone else to do what you can do for yourself? That was good sense, because it made us deeply understand our investments. But as I get older, I realize that sometimes it makes sense to fire yourself. In other words, bring in the help when you need it, because you can’t know everything.

Barry Ritholtz: I know you’ve worked with other financial advisors. What has your own experience taught you about what financial advice should and should not address?

Jordan Grumet: I had Roger Whitney on my podcast, and he is one of the financial advisors I really respect. And we were talking about this idea of the balcony of your life — this idea that you want to stand on that balcony with your financial advisor, look out at your future, and start to plan.

This doesn’t look like, “Boy, I want my net worth to be this many millions of dollars.” It’s more a question of, how do I see the landscape of my life appearing in the future? That has to do with money, but that also has to do with family. It has to do with travel. It has to do with career. And so it’s really this holistic approach. As a doctor, we used to see people and we talked about the biopsychosocial model — the idea of not just seeing what’s hurting a patient, but how they fit in their environment and their needs. And I think with the financial advisor, it’s actually very similar.

Barry Ritholtz: What are the tasks that a smart do-it-yourself investor can probably handle by themselves – and what areas do they tend to run into trouble?

Jordan Grumet: So the truth of the matter is, when you’re young and you’re in the accumulation phase, it’s almost hard to mess up, right? You have to do it. Nick Maggiulli says, “Just keep buying.”

So when we’re young, there’s lots of room for error. Starting to understand the stock market, starting to understand index investing, writing out your investor statement or plan — basically, accumulation is really something that most people can manage.

The caveat is that you have to be able to control your emotions. Anyone who’s going to sell the minute the stock market drops on any given day probably needs financial advice right away. But assuming that you have the solidity of your character enough to be able to realize, okay, the market dropped, but I’m going to stay where I am and leave my money where it is — as long as you can pass that hurdle, a lot of accumulation and being young is quite possible to do it yourself.

Barry Ritholtz: How can a do-it-yourself investor recognize the difference between being reasonably capable and becoming overconfident? What are the red flags that they should pay attention to?

Jordan Grumet: Well, here’s something I think we don’t normally think about. When we’re talking about building wealth, what we’re really talking about is concentrating risk. For your average person, you’re going to be concentrating risk in your career, right? You’re going to be building and getting promotions and making more. You’re going to be concentrating risk in your business if you’re a founder or have a side hustle.

What you don’t want to be doing, unless you’re a professional, is concentrating risk in the stock market. Overconfident people seek alpha. They’re saying, boy, I don’t want to just take what the market has to give me — beta — but I’m going to seek alpha. And that’s exceedingly hard.

Some of the signs are: you’re zooming in and out of positions, you’re looking at lots of multiple stocks instead of thinking about index funds, you’re falling into the trap of FOMO, right? You’re starting to fear missing out. And so you’re making very reactive decisions.

If you’re setting it and forgetting it and maybe evaluating every six to 12 months, you’re probably on the right track. But if you’re looking at that stock market every day and buying and selling on a regular basis, you’re probably overconfident.

Barry Ritholtz: So this conversation is a giant exercise in confirmation bias for me. I’ve spent, I don’t know, three decades telling people you can do it yourself — but there’s an important caveat. You have to have a plan. You have to be disciplined. And when things start to head south, you must manage your own behavior.

Is that oversimplifying advice for do-it-yourselfers, or is it more or less a path to success you’ve seen in your career?

Jordan Grumet: No, I think it’s a beautiful assessment of how things should be.

Really, there are two things you need to watch out for as a young person. The first is your own behavior, which we just talked about. And the other is when you go from accumulation to decumulation — that’s a hard stop in my brain. That’s when you should really say, okay, do I need some professional help?

But when you’re a young person, those are really the two red flags. I think if you can keep those under control, doing it yourself is very reasonable.

Barry Ritholtz: We’ve built a firm over the past 13 years, and perhaps the biggest surprise to me has been how difficult it’s been to get people with plenty of money — lots of runway, they’ll never outlive their cash — to actually turn around and spend the money when they want. Whether it’s taking the whole family back to the old country to see where they came from, or buying a vacation property, or a boat. I got a phone call from somebody who wanted to buy a Ferrari, and I’m not exaggerating: he could buy a Ferrari every month for the rest of his life and never run out of money.

It’s shocking to me how challenging that is. Why is that decumulation phase — why is that spending the money that’s there to spend, even if it’s setting up a trust for your kids and grandkids, or giving it to philanthropy — why is that so challenging?

 Jordan Grumet:  I have this theory, and I call it escape velocity. If you listen to personal finance gurus, if you sit there and debate the 4% rule and talk about safe withdrawal rates and all those kinds of things, you’re under the assumption that the whole idea behind building a net worth is to have enough money so that you can decumulate during retirement.

I think that’s all false. Actually, all of our talk of safe withdrawal rates and net worth — all it is is the amount of money that gives you enough courage to walk away from the life you don’t want and start living the life you do want.  Believe it or not, I don’t even think that amount of money has anything to do with what you’re going to spend. It’s the amount of money that gives you the courage.

What we tend to find is, when people finally get the courage to leave the life that they’re living, that they don’t like, and then live the life they want to live, it’s actually just not that expensive. You can do a lot of the things you love without spending much money.

One thing is, it’s just not that expensive. The other thing is, we actually like having a safety net. People like having a lot of money in the bank — even to the extent that they’ll pass up on things they say they want to do — because that security and that good feeling, that identity of having a lot of money in the bank, actually serves them.

A lot of people see this as negative. And I agree, in a sense: this idea of working so hard and accumulating this much money and not spending it sounds bad at the forefront. But I’ll tell you, I know lots of happy people who are underspending, and yet they’re still happy. They’re still giving to charities. They’re still going on great vacations. They’re just not spending everything down. And one thing I think we need to come to peace with is, maybe that’s okay; maybe it’s fine if you die and you bequeath tons to either your kids or charity. And that just is what it is.

Barry Ritholtz: So I have a family member — I won’t mention their name, but they’re in their 50s, and, I don’t know, maybe the portfolio is $10 million. And I can’t get him — he’s constantly asking me about convertibles, and he sees the cars I drive, which are not crazy expensive but a lot of fun. I can’t get him to spend $25,000 or $50,000 on a convertible that he’s jonesing for and that will have no impact on his net worth. How do you advise a person like that?

Jordan Grumet: I just had a conversation with Jean Chatzky, who wrote a book that’s forthcoming soon called “The Forever Paycheck.” She makes a brilliant point with some of these people. What you have to do is set up a paycheck, so they feel like they have money that they either can spend or have to spend. You take someone with a net worth of $10 million or $11 million. The idea is to structure their assets in such a way that they feel like they’re getting a paycheck every year, and they have the freedom to spend that paycheck till it’s at zero.

Barry Ritholtz:  A muni bond portfolio or something like that, that just kicks out regular yield?

Jordan Grumet: You can do it in so many different ways. You can do it with annuities. You can do it with a mix of annuities, their Social Security, muni bonds, what have you.

Or you can even go the other way, which is have your adviser say, I’m just going to liquidate this much in equities every year, regardless of where the market is, and we’re going to call that your paycheck. It’s funny — this is not a math problem, this is a brain problem. And so the question is, how can you set these things up?

A good friend of mine made the joke. He said, well, I have something called the fun bucket, and I put as much money as I think I can spend every year in the fun bucket, and whatever is left, I either spend it or I have to donate it to a political candidate I hate. And that is the trick he plays on himself to make sure he spends it.

Barry Ritholtz: The fun bucket – I love that idea. So you mentioned the transition from accumulation to decumulation. What are the other big transitions — retirement, inheritance, selling a business, divorce — where the people who are doing it themselves might be most vulnerable?

Jordan Grumet: I think there are really two situations. One is where emotions play a big role. For some people, retirement — they just get very emotional, they don’t make great decisions. A family member dies and they get an inheritance, and you tend to make emotional decisions, especially at the beginning.

One is any place — whether it’s a divorce or a death or even retirement — where you feel exceedingly emotional. This is going to be different for each person.

The other time where I think it’s really important is when the room for error is small. And so, for instance — and this is why I always say, when we go from accumulation to decumulation, we have to be really thoughtful — because you might be depending on health care subsidies. If you decumulate incorrectly, you may find that those subsidies are no longer there.

Or you might be making complex Roth conversions, and if you do that wrong, it can really mess you up and put you in different tax brackets. Or if you have a disabled child, you’re starting to plan for the fact that you’re not going to have any income anymore. The room for error can be very small in those situations. And so that’s an indicator that a financial advisor, a professional — even if all they do is look over your work — is important.

We tend to forget: hiring a financial advisor doesn’t mean you hire them and they do everything for the rest of your life. It’s a continuum. You can hire a financial advisor to look over your work. You could pay them hourly. They can give you some recommendations, and then you can carry it all out yourself. There’s really a continuum of how we use a financial advisor in the first place.

Barry Ritholtz: You mentioned several behavioral mistakes. I’m curious: what do you see as the most common behavioral mistakes from young DIY investors? And what do you see amongst the more financially sophisticated investors?

Jordan Grumet: In the young investors, it’s definitely an overconfidence issue. We talked about this a little bit — it’s the seeking alpha when they should be concentrating on beta. It’s this idea that I know better than everyone else. And maybe they haven’t been around the block enough times to see a stock go to zero.

You see this all the time in alternative assets, too. We’re experiencing this right now with multifamily syndications. For years, people were telling me and everyone else, multifamily syndications are the way to go — very little work, very little risk. And what are we seeing now? We’re seeing some of these go to zero. Literally, people are losing everything. It’s overconfidence, and a lot of times it’s seeking alpha.

As you get older, believe it or not, I think the bigger problem in really mature DIY investors, is you get complacent. The world changes. For instance, I am a big believer in index funds, and I want to believe that index funds will be able to ride that wave for the next 50 or 75 years.

But I’m also open to the idea that we can become complacent, and we have to keep our eyes open, and we have to look for how the world is changing. Will index funds be the way to go in 50 years? I don’t know. I’m going to keep paying attention.

That doesn’t mean I’m changing things. That doesn’t mean reacting to little changes in the market. But I’m keeping my eyes open — especially as I get older and I’m in decumulation, we’re really talking about risk modification. So I’m not as worried about returns as I used to be; I’m worried about losses. I want to modify my risk in such a way that I don’t have those really deep losses anymore. Whereas if my money returns 4% one year, 8% one year, 6%, but the market does 7 or 7.5%, I might be okay with that.

Barry Ritholtz:  Last question. As a physician, you compare good advice to a diagnosis. What should the diagnostic process look like before someone either recommends a portfolio or recommends a change in course of financial behavior? Tell us what that looks like.

Jordan Grumet: So when a person comes into the office and has a medical problem, I can assess that medical problem, give them a quick treatment, and send them off. And that’s very transactional — it solves the problem for the moment, but doesn’t solve the greater problem.

I talked about this idea of the biopsychosocial model. We need to put a person in the context of who they are, who their family is, what their stressors are, and what their goals are.

When you walk into a financial advisor’s office and you’re trying to assess, is this the right financial advisor for you or not . . . One of the first questions they should be asking you is, “Tell me about your goals. What are your dreams?”

It shouldn’t be, “What is your goal net worth? It shouldn’t be, how many millions do you want to have by the age of 50 or 55?” Because that’s only one of many questions. The bigger questions are “What do you want to accomplish? What’s important to you? Who are the important people in your life? And what are the must-haves?”

Once you get past that, that’s when we can start looking at your specific financial goals. What are the trade-offs? Is retirement important to you? Or maybe you’re willing to work longer to enjoy life more now. All of those are bigger questions. It’s equivalent to the biopsychosocial model.

We really have to put people in context, and any good advisor is going to put you in the context of your life and try to stand on that balcony with you, look across the fields of your future, and try to help you plot out that best life — not just financially, but generally.

Barry Ritholtz: To wrap up: if you’re a do-it-yourself investor, there are a handful of mistakes you need to avoid. When you’re younger, you have to be aware of overconfidence and alpha chasing. When you’re older, complexity — changes in life, changes in the world — might lead you to seek additional help.

You can do it yourself if you’re disciplined, have a plan, and manage your own behavior. But there are times when you might need various types of help, and lots of it is available across all sorts of different price points. If you need assistance, go find it.

I’m Barry Ritholtz, and you’re listening to Bloomberg’s At The Money.

~~~

Find our entire music playlist for At the Money on Spotify.

 

The post At The Money: When Should Do-It-Yourself Investors Fire Themselves? appeared first on The Big Picture.

Standard Nuclear Slashes IPO Size As Nuclear Comps Collapse

Standard Nuclear reset its IPO terms sharply lower as recent nuclear peers have watched their stock price crater after debuting on the public market. 

The TRISO fuel manufacturing company originally targeted 18.25 million shares at $18-$21, for up to $383 million in proceeds and an implied valuation as high as $3.55 billion. It has now filed to sell 10 million shares at $15, raising $150 million with a fully diluted market value around $2.4-2.7 billion.

The adjustment reflects cooling sentiment toward newer nuclear public vehicles. While some established or better-capitalized names have held up, others that listed via SPAC or IPO have had their stock prices obliterated.

Terrestrial Energy (IMSR), which went public in late 2025, trades under $6 after falling more than 70% from its highs. 

Hadron Energy (HDRN), a micro-modular reactor play that listed earlier this year, has dropped roughly 80% from its post-deal peaks and now trades around $2 with a market cap near $140 million.

Standard Nuclear reported just $3 million in revenue for the twelve months ended March 31, 2026, against a net loss of approximately $15 million. At the original top-end valuation of $3.55 billion, that implied a price-to-sales multiple over 1000x. The revised valuation doesn't improve the multiple very much, but it's worth noting that the company at least has revenue compared to some of its other nuclear peers.

The company produces TRISO fuel for advanced reactors and claims the only privately funded industrial-scale line in the US after acquiring assets from the Ultra Safe Nuclear bankruptcy. 

BWXT already manufactures and has delivered TRISO fuel for Department of Defense programs such as Project Pele and continues expanding capacity. 

Newer players include Kairos Power, which uses TRISO in annular pebbles for its fluoride salt-cooled design and is collaborating with BWXT on commercial production scaling, and X-Energy with its TRISO-X fuel for the Xe-100.

Markets are applying greater scrutiny to nuclear valuation and timelines even as long-term demand tailwinds from AI power needs remain intact. Capital is clearly no longer flowing indiscriminately to every nuclear story that reaches the public tape.
 

Tyler Durden Wed, 07/15/2026 - 12:00

Trump Says FBI Wasting Time If It Probes Conspiracy Theories About Graham's Death

Authored by Aldgra Fredly via The Epoch Times,

President Donald Trump said on July 14 that he was aware of the conspiracy theories surrounding Sen. Lindsey Graham’s (R-S.C) sudden death but said that any FBI investigation into them would be a waste of time.

Trump was responding to a reporter’s question at the Oval Office about why FBI agents were at the senator’s residence and whether there were any updates on the possible probe into his death.

“Well, I don’t know why because I think he had a problem. His father had a very similar problem, as you know. It’s very unique,” the president said, referring to Graham’s health issues.

“I don’t see a lot of evil there. I know there’s all sorts of conspiracy theories going on and I think the FBI is wasting their time if they’re doing that.”

Graham passed away on July 11 after what his office described as a “brief and sudden illness.”

Preliminary findings by the medical examiner suggest that Graham died from an aortic dissection due to arteriosclerotic cardiovascular disease, which is considered an aorta rupture stemming from hardening of his arteries, according to his office.

Trump said that Graham’s condition was difficult to detect, although he noted that the late senator had previously complained about having a “bad back.”

“I wish he took better care of himself,” the president told reporters.

“What happened is actually something that’s very hard to detect. It was not related to any blockage. It was a totally different thing.

“I’ve watched all the medical reports. I’ve had the doctors from the White House come in and explain what happened. And this is something that is very, almost undetectable. And if it happens, there’s not much you can do about it.”

Trump: 'A part of Lindsey's body literally BLEW up' pic.twitter.com/5uwHasvYWQ

— RT (@RT_com) July 14, 2026

The Epoch Times reached out to the FBI for comment but did not receive a response by publication time.

FBI Director Kash Patel speaks during a press conference in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

FBI Director Kash Patel said in a July 12 post on X that the FBI was “assisting local authorities and has made every necessary resource available,” but did not elaborate.

Graham had just returned from a trip to Kyiv, Ukraine, where he announced on July 10 that he and other senators had reached ​an agreement with the Trump administration to move forward with updated legislation on Russia sanctions.

The legislation, which Graham had been ​working on with fellow Republicans and Democrats for months, would impose sanctions on countries doing business with Russia, including buyers of its ‌energy exports.

Graham, who met with Ukrainian President Volodymyr Zelenskiy in Kyiv on the same day, said the ​agreement meant the legislation could move forward, giving Trump fresh tools to help end the Ukraine–Russia war, which is now in its fifth year.

“We’ve reached an agreement with the White House on a version of the Russian sanctions bill that they will support. It means it’s ​going to become law,” he told reporters, wrapping up his 10th visit to Kyiv.

Following Graham’s passing, South Carolina Gov. Henry McMaster announced on July 13 that he had appointed Graham’s sister, Darline Graham Nordone, to serve the remainder of the late senator’s term, which is set to expire in January 2027.

Tyler Durden Wed, 07/15/2026 - 11:40