Zero Hedge

Hunter Biden's LAPTOP Memecoin Crashes 99% In First Hour After Launch...

Hunter Biden's LAPTOP Memecoin Crashes 99% In First Hour After Launch...

Hunter Biden’s LAPTOP memecoin fell 99% in its first hour of trading on Wednesday, as the son of former US President Joe Biden officially entered the market for politically themed cryptocurrencies.

The token, which we previewed here, issued on Ethereum layer-2 network Base, traded below $2.00, after opening at $199.50, according to CoinGecko data.

It recorded more than $3 million in trading volume.

Source: CoinGecko

“The symbol they used to try to end me is now a symbol of resilience, redemption and recovery,” Biden said in an X post on Wednesday, responding to public backlash.

Biden also said he understood the cynicism around memecoins, called President Donald Trump’s token a “grift” and warned buyers not to expect him or anyone else to make LAPTOP more valuable.

The memecoin is promoted as an attempt to reclaim the “laptop narrative,” which centers on a MacBook that Biden reportedly left at a Delaware repair shop in 2019.

The New York Post published emails and other files purported to have come from the device before the 2020 presidential election. Trump allies used the material against Hunter Biden and his father, then-presidential candidate Joe Biden.

On Monday, Biden teased LAPTOP on X with a post showing the token’s ticker, accompanied by a montage of media coverage of the laptop.

As CoinTelegraph reports, the announcement drew criticism from the likes of digital investigator Stephen Findeisen, known as Coffeezilla, who called LAPTOP a “shitcoin” and urged his followers not to buy it.

X account “scupytrooples” told Biden there was “still time to walk this back.”

Base founder Jesse Pollak said in an X post that the project had contacted his team, but Base made a “conscious decision” not to help with the token’s design or promotion.

Biden did not respond to Cointelegraph’s query before publication. 

The project’s disclosures say LAPTOP has no utility, lock founder tokens for six months and reserve 2% for wallets that lost money on TRUMP.

LAPTOP disclosures set 2% of token supply for TRUMP token losers

Biden’s earlier criticism of the Trump family’s crypto ventures also gave traders a ready-made hypocrisy argument. 

In an Aug. 21 post, Biden accused World Liberty Financial of using political influence, centralized controls and leverage to benefit its founders, while saying the crypto industry deserved better. 

He has now launched a memecoin built around his own political identity, with founders allocated a chunk of the supply.

The project’s disclosures describe LAPTOP as a digital collectible with no utility, ownership rights, voting rights, yield or profit-sharing rights. The token has a fixed supply of 1 billion, with 350 million tokens circulating at launch.

Founders, including Biden, are allocated 300 million tokens, or 30% of the supply. Those tokens are locked for six months and then vested monthly over the following 24 months. Another 30% is tied to political, cultural and crypto predictions, with tokens burned when specified outcomes occur and released to charity if they do not.

The disclosures also outline airdrop figures, with the initial round representing 10% of the total supply. Of those, 2% is reserved for wallets that lost money on TRUMP and 8% for eligible subscribers to Biden’s “Where’s Hunter” Substack newsletter.

A separate 10% future airdrop is to be distributed at the foundation’s discretion. That means 20% is allocated to airdrops overall, while the specific TRUMP-loss allocation is capped at 2%.

Tyler Durden Wed, 09/09/2026 - 12:20

'It Could Kill Us All By 2030': AI Researcher Resigns, Warns "Do Not Underestimate The Power Of This Tech"

'It Could Kill Us All By 2030': AI Researcher Resigns, Warns "Do Not Underestimate The Power Of This Tech"

Authored by Zachary Stieber via The Epoch Times,

An artificial intelligence (AI) researcher on Sept. 8 said he had resigned and warned people about the technology's dangers.

Jacob Coxon, who has worked in recent years doing research at the firms OpenAI and Anthropic, said in a series of posts on X that neither company is acting responsibly as they move toward what he described as superintelligent AI that is capable of self-improvement.

"Do not underestimate the power of this technology. These will soon be superhuman systems that can hack anything, revolutionize any field overnight, and acquire real power and resources. We have all witnessed the progress in each of these domains, and progress is not slowing," Coxon said.

"The people building AI earnestly believe that it could kill us all by the end of the decade. This is not a marketing stunt. If anything, many executives and senior researchers will couch their phrasing in the press to sound sensible - but I hear the same people express fear privately. No other human activity poses this level of danger."

Coxon said a common response to such warnings is, if company leaders believe in the dangers, why are they still building the superintelligent AI? He said that at OpenAI, many there "have not deeply internalized the civilizational stakes." At Anthropic, according to Coxon, "the stakes are well-understood, but they are locked in a race to get there first - they believe no one else will act responsibly, so they must do it themselves, despite the risk."

OpenAI and Anthropic did not respond to requests for comment by the time of publication.

Coxon's warning came after OpenAI acknowledged several incidents that involved AI going beyond restrictions imposed by programmers, including remaining isolated from other agents, during attacks on Hugging Face and other websites.

Some lawmakers have taken notice. Sen. Bernie Sanders (I-Vt.) and Rep. Greg Casar (D-Texas) announced recently that they plan on introducing legislation that would ban AI superintelligence and pause development of advanced AI until federal regulators establish safety rules.

Jakub Pachocki, OpenAI's chief scientist, said in a blog post on Sept. 6 that in 2023, he was worried about seeing in his lifetime AI that is smarter than himself and wondering about how to alert people.

"Three years later, reasoning language models are a rapidly growing part of the economy and starting to push the boundaries of science. They are able to operate computers and graphical interfaces, collaborate with people and each other, and carry out research projects. They are also transforming the landscape of computer security, and in that present clear new dangers," Pachocki wrote.

He called for "extreme caution" but said that multiple factors support continuing AI development, including creating systems that can defend against the dangers posed by other AI.

Anthropic executives have issued similar warnings. Over the summer, company leaders called for a global pause in AI development because, they said, models would soon be able to independently improve themselves.

Evan Hubinger, another developer at Anthropic, said in a Sept. 8 post on X that Coxon was correct in his assertion that people building AI believe it could kill all humans, and that he personally pegs the risk at under 10 percent within the next decade.

"I believe Anthropic is trying its best, but we do not yet have a plan to solve alignment for superintelligence and are not clearly on track to," he said, referring to AI following instructions and restrictions.

"To be clear, as we say in our latest Risk Report, I think the risk from present models is low. What I am worried about is superintelligence arising from recursive self-improvement, as we have said is happening faster than we thought."

Samuel Marks, who works on safety research at Anthropic, said in a Sept. 9 post on X that he also agrees that AI could lead to human extinction as soon as the next few years.

"Why do AI developers continue despite the risk? Due to a mixture of commercial incentives and a belief that they are in a race with other, less responsible AI developers that will abuse the technology or develop it less safely," Marks said.

Marks said it's not possible to program AIs to behave how people would like, that AI agents frequently "severely misbehave," and that the current plan is to train AI to align with restrictions to the point the agents can train their successors better than humans can currently train AI. He said he's conducting research "because I hope my work will reduce the chance of these extinction-level bad outcomes."

[ZH: We can't help but feel in the same week we see OpenAI 'solves' Navier-Stokes, we get another glut of existential warnings about just how awesome (in the scary sense) these models are... all sounds like a marketing psy-op... similar to the fence-jumping episodes with Hugging Face etc 'showing off' how great the agents are (and how they need regulating (i.e a path to shutting out open-weight models)... but could just be our skeptical bias emerging...]

Tyler Durden Wed, 09/09/2026 - 12:00

Steve Eisman: What If OpenAI Actually Fails?

Steve Eisman: What If OpenAI Actually Fails?

Steve Eisman has spent most of the years since the financial crisis being asked, in his words, to predict the end of the world. In his latest weekly wrap - recorded Thursday night as the 10-year brushed 4.8%, he says he's still not there on AI, but if he were - he lays out exactly how it would happen.

Eisman is not predicting that OpenAI fails - but it is the weak link in a chain that runs from two money-losing labs, through hyperscaler capex, to roughly half of projected US GDP growth - and arguing that it's "not too early to think about" what happens if the link breaks.

"I predicted the end of the world once, and believe me, it was no fun. I am in no rush to predict the end of the world again, unless I am really convinced that it's going to happen. But I'm not going to make such a prediction just because it will get a lot of press. There is no question in my mind that the entire US economy hinges on the success of AI. The amount being spent is just so large that were it to stop, the economy would go into a recession almost immediately."

The chain: two companies, $700 billion of capex, half of GDP growth

Eisman waves off the two "bubble" arguments echoing through the halls - and that both hyperscalers' vanished free cash flow, and Nvidia's circular financing - are survivable if AI pays off. The real vulnerability, he argues, sits one layer down:

"So where is the Achilles heel? I think that it resides with Anthropic and OpenAI, because they are so central to the entire AI food chain. According to reports from various Wall Street firms, something like 70% of hyperscaler AI revenue comes from Anthropic and OpenAI... I can't confirm those statistics, but they sound right given what we actually know about Oracle."

From there it's arithmetic:

"Hyperscalers are spending about $700 billion in capex this year, and even more next year, and that spend accounts for around half of the 2% GDP growth projected for 2026. So one must conclude that the health of the US economy is extremely dependent on hyperscaler capex, and hyperscaler capex is highly dependent on the health of Anthropic and OpenAI. That's the chain."

OpenAI is... the weakest link

Between the two labs, Eisman says, "OpenAI is the weaker entity" - pointing to a WSJ report on the 2nd quarter. 

"OpenAI's June quarter revenue reached $6.7 billion, up only 18% versus the March quarter. Compare that to Anthropic's revenue of $11 billion-plus in the June quarter, which was up over 100%... OpenAI's costs reached $12.3 billion, up $3 billion versus the March quarter. So, in three months, revenue increased $1 billion, but costs surged $3 billion. Things are not moving in the right direction."

(ZH Note; the $12.3 billion Eisman calls "costs" is OpenAI's operating loss, including stock-based compensation, up from $9.3 billion in the first quarter, per WSJ. On $6.7 billion of revenue, that implies an expense line closer to $19 billion. Revenue rose $1 billion; the loss rose $3 billion.)

Then the departures. Chief revenue officer Denise Dresser left in August after roughly eight months, two days after Brad Lightcap ended an eight-year run. Eisman reads both through the lens of an IPO that keeps sliding:

"Supposedly, OpenAI is getting closer to an IPO. That's the big payday for employees, because it means that eventually they can sell some of their shares. That two such senior employees would leave now is an important data point."

Two fairness notes: Lightcap had already been moved out of the COO role in April, so his exit was telegraphed. And Eisman doesn't mention Fidji Simo, who stepped down in July and was arguably the bigger loss.

The heart of the argument is what unprofitability does to a company's relationship with its funders:

"When you lose billions upon billions, appearances matter a lot. OpenAI is completely dependent on the kindness of strangers funding its cash flow needs. When a company is growing and very profitable, appearances don't matter nearly as much... But when a company is not profitable and has an insatiable need for capital, appearances matter more than anything, because if the narrative turns negative, raising capital becomes much more difficult."

That's why he flags last week's "good news" - OpenAI's ad business hitting a $1 billion annualized run rate - as bad news: earlier this year the company projected $2.4 billion of ad revenue for all of 2026, and $1 billion annualized in September doesn't get there. 

Oracle is the first domino - and the market has already run the drill once

"If OpenAI fails, Oracle is in immediate trouble because of the large increase in Oracle's debt levels. Oracle's debt rating is barely above junk. Oracle's S&P credit rating is triple-B-minus, which is quite weak. Like I said before, it has a $600 billion backlog, and half of that backlog is from OpenAI."

That isn't Eisman's inference; it's S&P's. When the agency cut Oracle to BBB- on July 9, it named OpenAI a "key credit risk," put the lab at roughly half of a $638 billion RPO, and spelled out the failure path: if OpenAI can't pay, Oracle is left holding data center leases it can't exit or must re-lease on worse terms.

Eisman's point is that investors have already seen the preview:

"Prior to the earnings report, the stock was $230 a share. In just a few days, it jumped to $330 a share. Then analysts started publishing reports pointing out that 50% of the RPO was from OpenAI, and the stock gave back all of its gains, plus, in a few months. Today the stock is around $145... From the peak, the stock is down over 50%. That decline is because the market perceives an over-reliance on OpenAI. Imagine what the market would do to Oracle stock if OpenAI fails."

Why it doesn't stop at tech - and what he's doing about it

"The ramifications of an OpenAI failure extend far beyond just Oracle. Remember I said that AI capex accounts for 50% of US GDP growth. While the other hyperscalers are not quite as dependent on Anthropic and OpenAI as Oracle, they are dependent enough. If OpenAI failed, the hyperscalers, I am sure, would cut back on their capex. So I'm starting to think that the demise of OpenAI could push the US into an almost immediate recession."

Affected sectors are all over the place... It isn't just Amazon, Google, Microsoft, Oracle and Nvidia. It's the investment banks, sitting at peak valuations on a financing cycle that AI is feeding. It's GE Vernova and Quanta on power, Eaton and Rockwell on electrification and automation. The uncomfortable implication: a portfolio that "diversifies" across tech, financials and industrials may own three versions of the same trade.

His answer is reallocation, not stock-picking - healthcare, consumer staples, and within financials the property-and-casualty names - and he names three ETFs by ticker: LVHD, SPLV and KBWP. Then the caveat that should anchor this whole piece:

"It's still early, and I want to emphasize that I am not making a major call. Not yet. I'm just preparing."

That Said...

OpenAI has its own numbers. CFO Sarah Friar told employees that July's annualized revenue already exceeded the entire second quarter, and the company says its run rate has topped $40 billion. Worth knowing: that is a latest-month annualization, while recognized Q2 revenue annualizes closer to $27 billion. Second, strangers have been extremely kind. A March round at a valuation above $852 billion reportedly raised more than $122 billion. Runway isn't the near-term issue, it's the next raise - which is Eisman's point.

One more: Nvidia, where "both things can be true"

Eisman's read of Nvidia's $96.2 billion quarter - revenue up 106% year over year - is that the AI story "continues but is displaying potential weakness," and that "both apparently contradictory ideas can be true." His evidence for the weakness is Note 7 of the 10-Q: five direct customers at 22%, 14%, 13%, 11% and 10% of accounts receivable, which he sums to 70% and assumes "must be the hyperscalers."

Careful there. That disclosure is receivables, not revenue, and Nvidia's direct customers include distributors, ODMs and system integrators, not just clouds. The revenue disclosure in the same filing shows one direct customer at 16% of the quarter. The better version of Eisman's point is one sentence lower in the 10-Q: Nvidia estimates that one "AI research and deployment company" - OpenAI's own description of itself - contributed a meaningful amount of revenue by buying cloud services from Nvidia's customers. Same dependency, no arithmetic error.

And the circularity he mentions in passing is in Nvidia's own release: roughly $7.8 billion of gains on equity securities ran through other income this quarter, which is why GAAP net income ($59.7 billion) tops non-GAAP ($54.0 billion). Nvidia invests in the companies that buy its chips, then books the markups.

Eisman's closing line on all of it:

"Once again, it looks like the entire AI ecosystem is dependent on the future health and success of two companies that currently lose billions. Again, if Anthropic or OpenAI ever get into trouble, the whole AI ecosystem will slow to a crawl."

Watch the entire episode below: 

Tyler Durden Wed, 09/09/2026 - 11:00

US Officials Threaten Retaliation Against UK Over Israeli Settlements Sanctions

US Officials Threaten Retaliation Against UK Over Israeli Settlements Sanctions

Via Middle East Eye

US officials have attacked the UK over its new trade sanctions on illegal Israeli settlements, amid speculation that Washington could publicly rebuke the British government.

On Tuesday morning, US Ambassador to Israel Mike Huckabee suggested the Trump administration could retaliate against Britain over its new trade sanctions on illegal Israeli settlements.

US Embassy

Meanwhile, Florida Republican Congressman Randy Fine warned that British companies could be stopped from doing business in Florida, accusing the UK of a "vanity project in support of Muslim terror".

Huckabee told the BBC that the UK's planned ban on Israeli settlement goods would be a "discrimination against the Jewish people". He suggested US states, specifically Florida, could take trade action against Britain.

Over the weekend the ambassador had accused the British government of "Jew hate" in response to criticisms of Israel's actions in Gaza by British Foreign Secretary Ed Miliband, who is himself Jewish. 

Congressman Randy Fine warned on Monday night: "As the British government considers forcing British companies to boycott portions of Israel, it should be aware that a Florida law that I passed as a member of the Legislature would ban any British company forced to comply from doing business with any state or local government in Florida."  

Fine added: "It would also end any British business participating in that boycott from doing any business in Florida if it needed any official interaction with state or local government to operate" (permits, tax collection). 

"Florida is one of Britain’s largest trading partners. They should understand that their vanity project in support of Muslim terror could cost them billions of dollars." 

Fine further said: "Any company – or nation – that boycotts Israel is boycotted by Florida."

Foreign Secretary Ed Miliband is expected to outline a raft of new measures on Israel in parliament in the early afternoon. 

The United States privately urged the British government not to go ahead with the ban on Israeli settlement goods, MEE understands.

UK Prime Minister Andy Burnham reportedly briefed US President Donald Trump on his plans to introduce sanctions on Israel on Monday afternoon. 

On Monday night, Israeli ministers Itamar Ben Gvir and Bezalel Smotrich called for Israel to sanction Britain and expel the UK ambassador over the issue of the Falkland Islands. Argentina and the UK both assert sovereignty over the South Atlantic archipelago, but the vast majority of the territory's 3,600 residents back British rule.

Last week, Trump suggested he would not back the UK if Argentina invaded the territory. The US president has not yet commented publicly on the UK's planned sanctions.

Tyler Durden Wed, 09/09/2026 - 10:45

Iceland Summons US Ambassador After Trump Shares American Flag Post

Iceland Summons US Ambassador After Trump Shares American Flag Post

Authored by Rachel Roberts via The Epoch Times,

Iceland summoned the U.S. ambassador on Monday after U.S. President Donald Trump posted an image on Truth Social showing the north Atlantic island and other countries covered by the American flag, according to local media RUV.

Trump's Labor Day post depicted the United States, Canada, Greenland, Iceland, Mexico, the whole of Central America and the Caribbean covered by the stars and stripes banner, with the entire landmass labeled "United States of America." The image was shared without comment by the president.

Iceland is a founding member of NATO but has no army of its own and has had an agreement with the United States for its defense since 1951.

Icelandic Foreign Minister Thorgerdur Gunnarsdottir called in Billy Long, the U.S. ambassador to Iceland, who is new to the role, having formally taken up the post in August, according to RUV.

"The position was clearly expressed that the post was completely inappropriate," the foreign ministry told RUV.

'The 52nd State'

Former Missouri Congressman Long joked in January that Iceland would become the 52nd U.S. state and that he might be appointed governor.

During his Senate confirmation hearing for the ambassadorial post in February, Long acknowledged this was a mistake, but said he was not being serious.

"It was like a three-way [conversation]. Somebody said something, somebody else said something, and yes, I did add the part about the 52nd state, which was totally inappropriate. But it was not something that I said as a pronouncement that was serious," he said.

"I just hope that the people in Iceland will give me a second chance to make a first impression," he said. "I have a lot of respect for them. They have a beautiful country - 700,000 Americans go there every year. I hope I can get that up to a million by the time my term's up."

Tensions Over Greenland

Trump's repeated assertions that the United States must acquire or control Greenland, a semi-autonomous Danish territory, led to tensions between Washington and Copenhagen.

Denmark has reiterated that the mineral-rich Arctic island is "not for sale," and that the future of Greenland is for the island's people to determine, together with Copenhagen.

The situation sparked a broader diplomatic crisis within Europe and NATO, with both the United States and Denmark founding members of the defense alliance.

Iceland last month narrowly voted in a referendum against reopening EU membership talks, with Trump's ambitions for Greenland featuring in the debate around whether or not the economically prosperous North Atlantic island would benefit from joining the 27-nation bloc.

Supporters of restarting EU accession talks pointed to the changing international security environment, including uncertainty surrounding Iceland's long-standing defense relationship with the United States.

Trump made his post just hours after the EU announced a 200 million euro ($232.5 million) investment package in Greenland during a visit by European Commission President Ursula von der Leyen.

Danish Prime Minister Mette Frederiksen told Danish news agency Ritzau in Nuuk that the Greenlandic government and the Greenlandic people "have said again and again that they do not want to be American."

"I hope no one is in any doubt about that, either in the United States or the rest of the world," she said, while on a visit to Greenland alongside von der Leyen and the Arctic island's prime minister, Jens-Frederik Nielsen.

Trump's 'Verbal Stumble' at Davos

In January, addressing the World Economic Forum in Davos, Switzerland, Trump appeared to mix up Greenland with Iceland several times, saying that Iceland had cost the United States a lot of money due to a drop in the stock market.

Secretary of State Marco Rubio later said that Trump had misspoken and said Iceland when he meant Greenland, saying, "I think we're all familiar with presidents that have verbal stumbles. We've had presidents like that before. Some made a lot more than this one."

In 2016, an addendum was made to the Iceland-U.S. defense agreement which was neither publicly discussed nor published in Iceland when it was signed, according to RUV, which reported on it last year.

The addendum gives the U.S. military and its contractors unrestricted access to Iceland's defense areas for the purposes of defending the island, which is sparsely populated with about 393,000 people.

The U.S. State Department did not immediately respond to a request for comment.

Tyler Durden Wed, 09/09/2026 - 10:15

Who's Winning China's Sportswear Battle? UBS Say It's Not Nike

Who's Winning China's Sportswear Battle? UBS Say It's Not Nike

Greater China accounts for about 13% of Nike's revenue and 15% of Adidas', making the world's second-largest economy a major competitive battleground for both clothing brands. 

A new UBS note highlights a widening divergence, with Adidas gaining market share as Nike's turnaround struggles to gain solid traction.

UBS retail analyst Jay Sole wrote Monday that Adidas continues to outperform Nike in China, citing an industry expert who highlighted Adidas's stronger locally tailored products and marketing. Nike, meanwhile, faces weaker product momentum woes, inventory challenges and disruption from changes to its distribution strategy. 

Sole's conversation with the industry expert and other findings raise further questions about Nike management's execution and its ability to refocus the business on product innovation and consumer demand after years of prioritizing woke cultural wars that only ended up with S&P Dow Jones Indices booting the company out of the S&P100 later this month

Here's more color on Sole's conversation: 

China athletic wear industry market conditions are have softened: 

We hosted a call on September 4th with an industry expert to provide insight around how athletic wear sales are trending in China. The expert believes overall industry conditions have become more challenging over the last several months, with demand slowing versus earlier in the year. While consumer interest in athletic wear remains healthy, shoppers are becoming increasingly value conscious amid broader macroeconomic pressures. Inventory levels across the industry remain manageable, though conditions vary significantly by brand. adidas continues to outperform and gain market share, while Nike remains under pressure due to ongoing channel restructuring, inventory challenges, and weaker product momentum. Domestic brands and emerging running brands are also gaining traction.

Consumers remain engaged but are becoming more value-focused: 

The expert believes Chinese consumers remain interested in sportswear, fitness, and active lifestyles. However, macroeconomic uncertainty continues to influence purchasing behavior. Rather than exiting the category, consumers are becoming more selective and increasingly focused on affordability and value. Many shoppers are trading down to lower-priced products or gravitating toward brands that offer stronger perceived value. This environment appears to favor brands with compelling pricing, strong local relevance, and differentiated product offerings.

Nike: Challenges persist and a full recovery likely takes more time: 

The expert noted Nike and Jordan have been the weakest-performing major global sportswear brands in China recently. The expert believes sales trends deteriorated through the summer, with declines remaining in the -DD% range and further decelerating into September MTD. According to the expert, Nike's challenges are largely idiosyncratic. Nike has less new product innovation in the performance side of this business y/y. At the same time, the company has reduced distributor participation in ecommerce channels, scaled back promotional support, and focused on improving pricing integrity. While these actions may improve the long-term health of the business, they are adding to near-term sales pressure. Inventory levels remain somewhat elevated, though the expert noted conditions improved between July and August. Looking ahead, Nike's recovery is expected to take time and will likely depend on improved product innovation, cleaner inventory levels, and successful execution of Nike's revised distribution strategy, in the expert's view.

Adidas: No signs of a slowdown, confidence in the 2027 outlook remains intact:

After beginning Q3 with high-single-digit growth, trading momentum strengthened considerably in August and September, with growth accelerating into the high teens. According to the expert, this performance has been driven by the success of the company's local-for-local product strategy, supported by effective and locally relevant marketing initiatives. While inventory levels remain somewhat higher, they are viewed as manageable, with no signs of increased discounting or promotional activity. Looking ahead, experts expect demand trends to remain healthy through the end of the year, with no indications of a slowdown. Early indications for 2027 are also constructive, with order books pointing to high-single-digit growth

Looking ahead: Industry growth likely remains modest while share shifts expected to continue:

The outlook for China's athletic wear market remains constructive but increasingly competitive. The expert expects industry growth to remain modest and roughly in line with broader economic growth. Market performance has become more polarized, with stronger brands continuing to gain share while weaker brands face mounting pressure. adidas appears positioned to continue gaining market share, supported by healthy inventories, strong product acceptance, and positive distributor sentiment. Nike is expected to remain under pressure as channel restructuring efforts continue and distributors work through elevated inventory levels. Beyond the major global brands, the expert highlighted continued strength from domestic players such as Anta, as well as international running-focused brands including On, ASICS, and Salomon. Overall, success in the market is increasingly tied to localization, product relevance, and the ability to deliver compelling value to consumers.

Nike shares have plunged nearly 40% this year through Monday's close, leaving the stock deep in a bear market.

Adidas has fallen roughly 12%, outperforming its US peer so far this year. 

Tyler Durden Wed, 09/09/2026 - 10:00

US Sanctions Dozens Of Iranian Airlines As Tehran-Favored Mahan Air Defiant, Expands Flights

US Sanctions Dozens Of Iranian Airlines As Tehran-Favored Mahan Air Defiant, Expands Flights

As part of the latest in the Trump-Bessent "asphyxiation of this regime" approach to Iran after six months of military action failed to accomplish most White House aims, the Trump administration on Tuesday announced it is sanctioning all Iranian airlines in a massive aviation crackdown.

The Treasury statement listed 27 Iranian air carriers and nine entities as part of an effort to deny the Iranian government the ability to move "weapons, personnel, and illicit cargo".

via IRNA

"Let this be a warning to anyone doing business with Iran’s remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system," Bessent said.

On the list is Ava Airlines, Fly Persia, and Mehr Airways - and others, after the US first sanctioned Mahan Air in 2011, which was the first such instance of Washington sanctioning an Iranian commercial airline.

Related secondary sanctions were implemented on top of the direct airline measures.

"The Treasury Department also sanctioned Turkey-based firms that have coordinated shipments, including drone components and industrial equipment destined for Iran, on behalf of Mahan Air, and it sanctioned a Turkey-based entity that has served as a general sales agent for Mahan Air and coordinated shipments on behalf of the blacklisted airline," The Hill details.

"Other sanctioned entities with ties to Mahan are based in Malaysia and Kazakhstan," the report further indicates.

Iranian Foreign Minister Abbas Araghchi mocked the 'Economic D-Day' and 'Operation Epic Outcast' sanctions, saying that the fallout of the war "has been disastrous for America, including its standing worldwide."

"After failing to achieve its aims through sanctions or war, Washington’s 'novel' solution is…more sanctions. Seriously?" Araghchi wrote Tuesday afternoon.

The Wall Street Journal has meanwhile noted that Mahan and others continue defying sanctions and the US pressure campaign, while still clearly struggling:

Out-of-date aircraft: Mahan’s three dozen planes tend to be aging, secondhand Boeing and Airbus aircraft, some in service for as long as 35 years. Passengers who post about their trips on social media say there is no onboard entertainment or alcohol, and tickets have to be purchased in cash instead of international credit or debit cards.

New horizons: Despite the lack of amenities, and the sanctions scrutiny, Mahan has been adding new destinations for passenger and cargo services during the war between the U.S. and Iran.

In recent years the Islamic Republic has suffered some significant aerial disasters, which included the May 19, 2024 death of President Ebrahim Raisi. His military helicopter went down in a rugged, mountainous area of northwestern Iran. Some speculate that lack of airline parts and aging aircraft, due to the long-standing US targeting of the industry, has increased the chances of aviation disasters.

Tyler Durden Wed, 09/09/2026 - 09:20

OpenAI's Claims Of Solving Million-Dollar Math Problem Marred By Allegations From Academic

OpenAI's Claims Of Solving Million-Dollar Math Problem Marred By Allegations From Academic

Authored by Jacob Burg via The Epoch Times,

OpenAI announced on Sept. 8 that one of its internal artificial intelligence (AI) models had found the solution to a generations-long mathematical problem that deals with the natural mechanics of fluids like water and air.

The Navier-Stokes equations govern how humans understand weather, ocean currents, blood flow, and aircraft and vehicle aerodynamics, and have been around for nearly 200 years. Mathematicians have spent decades trying to understand how smooth three-dimensional fluids can break down, and whether all the equations converge into sensible solutions despite their widespread success in various applications.

This question, known as the Navier-Stokes existence and smoothness problem, or Navier-Stokes for short, was selected in 2000 as one of the Clay Mathematics Institute's Millennium Prize Problems - considered the seven most important mathematical problems.

Anyone who solves one of the problems is offered $1 million in prize money.

OpenAI said an internal model "significantly more capable than GPT-6 Astra" solved the Navier-Stokes existence and smoothness problem. If so, it would mark one of the most significant advances in AI technology to date, even after previous AI models had solved other critical math problems.

"This is a Deep Blue-Kasparov moment," New York University (NYU) mathematician Tristan Buckmaster wrote in a statement released on Monday, referring to the moment a supercomputer beat world chess champion Garry Kasparov nearly 30 years ago.

"The community needs to have serious and unhurried discussion about where to go from here," he added.

However, Buckmaster said in the same statement that he had been working on the problem with mathematician and Anthropic employee Levent Alpöge, and had made significant progress last month after using Anthropic's Claude and OpenAI's Codex.

Before they could publish their work, Buckmaster said he contacted a prominent mathematician at OpenAI on Sept. 3 after rumors spread that Anthropic had solved a major open problem, and after Alpöge said he had received tips that information regarding the pair's progress on Navier-Stokes had been given to OpenAI.

OpenAI told Buckmaster that an internal model had produced a proof after the firm gave it a prompt to solve the problem. Buckmaster then asked when the prompt was sent, but said he did not receive an immediate response.

"Eventually it was agreed that it had been sent in the past few days, after information about our work had reached OpenAI," he said.

The NYU mathematician asked OpenAI whether the model had been trained on or had access to his Codex sessions with Alpöge, since the pair had inputted their project drafts into the AI model.

"I was told the model did not look up user data. I asked again, about training, and I did not get an answer," Buckmaster said.

Buckmaster alleges that OpenAI offered him two paths forward: He and Alpöge could post their results about part of the problem, known as Euler, a day before OpenAI published results on Navier-Stokes; or Buckmaster alone could publish a paper on Navier-Stokes, acknowledge that an internal OpenAI model had solved it, and remove Alpöge as an author since he works for the company's competitor, Anthropic. In the first instance, OpenAI would cede the prize to Buckmaster, saying that they would have been the "closest humans to the problem."

OpenAI, Buckmaster, and Alpöge did not respond to requests for comment by publication time.

In its announcement on Tuesday, OpenAI said, "While unlikely, we cannot rule out that de-identified data derived from their usage of our products helped improve our models."

OpenAI mathematician and AI researcher Sébastien Bubeck wrote on X on Tuesday that he did not ask to remove Alpöge from authorship of his own work, but had said "it would be simpler" if he was not an Anthropic employee "because I felt it would be inappropriate for an Anthropic employee to author OpenAI's work."

Sam Altman, CEO of OpenAI, also jumped into the fray on Tuesday, claiming that Alpöge refused to meet with his team, and that the Anthropic mathematician and Buckmaster had taken a different approach in working to solve Navier-Stokes.

"It is true that we tried this because there were rumors on the internet last week that Anthropic's models had solved a millennium problem and we were curious if ours could do it too," Altman said.

The comments did not address whether OpenAI had accessed Buckmaster's Codex logs, but Wired reported that the firm gave a closed press briefing on Tuesday where Bubeck and other OpenAI executives denied inspecting the logs or using them to inform their work.

"We, whether it's the researchers or the agents, did not see any of their work until it was released publicly last night," Bubeck told reporters.

Tyler Durden Wed, 09/09/2026 - 09:00

The Future Of Volkswagen?

The Future Of Volkswagen?

Submitted by Thomas Kolbe

On Thursday evening, Volkswagen’s Supervisory Board unanimously approved the company’s “Future Plan 2030.” The decision had originally been scheduled for Friday. By moving faster, Volkswagen is not only seeking to underline that the situation is genuinely serious, but also that it has recognized the danger and is now taking control of the situation again. Symbolism is everything these days, as the damage caused by the company’s business strategy of recent years has become visible like a gaping wound. Supervisory Board Chairman Hans Dieter Pötsch described the decision as evidence of the Group’s determination to transform itself and work with all its strength toward its long-term future and competitiveness, as Pötsch put it. Nevertheless, the impression remains that the Group’s consolidation course represents less a controlled downsizing than an internal corporate collapse — the twilight of an economic era.

50,000 jobs worldwide are to be eliminated by the middle of the 2030s. Social plans and early-retirement offers will probably account for the lion’s share of the workforce reduction. Volkswagen is said to be facing an overcapacity of 500,000 vehicles in Europe. The restructuring costs for the Group could amount to as much as €10 billion. VW is stumbling over social hurdles that the company itself created during the good times — German labor law prevents a rapid, situation-appropriate adjustment of corporate structures to the conditions of the market and the company’s actual economic strength.

For Germany as an industrial location, the outlook is bleak: VW’s plants in Emden, Hanover and Zwickau, as well as the Audi plant in Neckarsulm, are likely to fall victim to the Group’s downsizing. The decision has not yet been formally made — by the end of June 2027, the company intends to clarify how the individual sites will proceed. From 2031 to 2034 onward, there will no longer be a competitive follow-up allocation of production at these plants, suggesting that VW is preparing to abandon the sites.

Remarkably, only a few days ago, CEO Oliver Blume had emphasized during a visit to the Zwickau plant that the site would, as he put it, receive the same chance as every other plant in Europe. Blume, however, had already pointed to its lack of profitability compared with other locations: Labor costs there were more than twice those of comparable European sites, according to Blume.

This is where the real problem lies: Volkswagen is no longer competitive. Excessive labor costs, excessive energy costs and rampant overregulation are driving not only carmakers but industrial production in general away from Germany.

There is indeed an urgent need for action in Wolfsburg. The China business in particular has virtually collapsed. Overall, revenue in the first half of the current year fell slightly to €158.1 billion. The problem is that operating profit plunged by 11.6 percent to €5.9 billion, leaving an embarrassingly low operating margin of just 3.8 percent. It is the continuing negative trend that is causing concern. Volkswagen therefore does not merely have a sales problem, but above all an immense cost problem. The possibility that liquidity problems may also be becoming visible was demonstrated by the sale of the Group’s large-engine subsidiary Everllence, formerly MAN Energy Solutions: Volkswagen sold a majority stake to U.S. investment firm Bain Capital, generating proceeds of €7.4 billion.

Volkswagen — and with it the entire German automotive sector as well as energy-intensive industries more generally — has its back against the wall. As Bild reports, citing internal Volkswagen Group data, factory costs per vehicle at the Emden plant amount to €4,850, roughly 4.5 times the comparable figure at VW’s Chinese plant in Tianjin, where the figure is €1,078. Direct production labor costs are reportedly €74 per hour in Emden, compared with €12 in Tianjin — a factor of more than six.

The mistakes of the past become particularly apparent when looking at labor productivity. In Emden, the calculation comes to 29 vehicles per employee per year, compared with 51.3 in Tianjin. That corresponds to roughly 77 percent more vehicles per employee. Absenteeism due to illness also differs dramatically in the internal comparison: In Emden, the rate is 10.5 percent, compared with 1.0 percent in Tianjin. This figure is more than merely a personnel-policy issue affecting internal operations. Has the downward spiral into which the Group and the entire industry have fallen perhaps already left its mark on employee morale? In any case, this particular figure requires interpretation, precisely because it is so striking.

The consequences of Germany’s nuclear phase-out and the continued expansion of climate regulation have been discussed often enough here. Taken together, they create the impression of an ideologically driven economic suicide by a satiated society that was convinced of its own success — and must now watch as its industrial substance, the engine of prosperity, is ground down between excessive energy and labor costs, growing regulation and the merciless forces of global competition.

Volkswagen has become a victim of increasing political central planning and the permeation of the corporate landscape with environmental ideology. The lesson now is clear: corporatism and reliance on political steering do not pay off in the long run. In the end, things turn out as they always do: Others pay the bill — namely employees and investors who had placed their trust in the future of the automaker.

* * * 

About the author:  Thomas Kolbe, a German graduate economist, has worked for over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Wed, 09/09/2026 - 03:30

Europe Heads Toward Winter With Too Little NatGas And Skyrocketing Prices

Europe Heads Toward Winter With Too Little NatGas And Skyrocketing Prices

European natural gas prices are trading near their highest level in more than three years as the race to replenish storage puts a bid under prices, while ongoing disruptions through the Strait of Hormuz intensify competition for scarce LNG cargoes ahead of winter.

On Tuesday morning, European natural gas benchmark futures edged up nearly 3% to trade around 75 euros per megawatt-hour, the highest level since early January 2023.

Bloomberg reporter Priscila Azevedo Rocha noted, "Europe needs higher gas prices in order to attract more seaborne cargoes to its shores, but with less than a month left until the heating season, the region’s inventories are still lagging behind."

Rocha's view was very similar to the assessment in Goldman Sachs commodities expert Samantha Dart's note last week, in which she said December 2026 TTF prices may need to exceed 100 euros per megawatt-hour to discourage Asian LNG demand.

"We have argued that, in the absence of an improvement in LNG exports through the Strait of Hormuz (SoH) (Exhibit 1), European gas prices (TTF) would need to rise to discourage Asia LNG demand, thereby freeing incremental cargoes to be sent to Europe to help manage European gas storage levels," Dart explained.

EU natural gas storage facilities were around 67% full at the start of the week, compared with a 15-year average of around 72.5% for this time of year. Readers can see the latest chart pack from MarketEar on EU natural gas here.

Separately, Timera Energy analysts wrote in a note earlier, "As the European gas market heads into winter with unusually low inventories, its flexibility to absorb further supply or demand shocks is limited," adding, "Europe is pricing up to outcompete Asia for marginal LNG."

Beyond tight gas markets, the struggling continent also has to contend with a diesel crisis. As we warned in early August, "winter is coming"...

Tyler Durden Wed, 09/09/2026 - 02:45

Intense SoCal Heatwave Sparks Cooling Demand Surge, Testing Grid Reliability

Intense SoCal Heatwave Sparks Cooling Demand Surge, Testing Grid Reliability

The National Weather Service has issued heat advisories across California's Central Valley and coastal areas, including the Bay Area and Los Angeles, with more severe extreme heat warnings in parts of Southern California. Cooling demand is expected to soar over the next several days, putting pressure on the power grid, particularly in the evening as solar generation declines.

Bloomberg reports that Los Angeles-area temperatures are forecast to reach 85F to 105F, roughly 10 to 15 degrees above normal. San Francisco could hit 86 degrees Wednesday, while Sacramento is expected to reach 100 degrees Thursday.

The California Independent System Operator forecasts that peak power demand will hit 47,379 megawatts Wednesday, below the September 2022 record of 52,061 megawatts.

CAISO, which operates the power grid serving roughly 80% of California and a small part of Nevada, forecasts Thursday's peak at around 45,183 megawatts.

Wholesale power prices are already reflecting the incoming surge in cooling demand. Southern California's SP15 hub saw its day-ahead price for Tuesday's 6 p.m. hour reach $87.69 per megawatt-hour, the highest hourly reading in a little over a week. Grid monitoring company Arcus Power compiled the data on its NRGStream platform.

Forecasts from Bloomberg show that maximum temperatures in California will peak Thursday at around 95F before sliding to about 75F by mid-month.

Tyler Durden Tue, 09/08/2026 - 23:00

NIH Ends Biodefense Focus, Signs Pact With Department Of War

NIH Ends Biodefense Focus, Signs Pact With Department Of War

Authored by Paul D. Thacker via The DisInformation Chronicle,

Senior officials inside the Department of Health and Human Services (HHS) were baffled late last week when Congresswoman Rosa DeLauro issued a statement that Pentagon officials are trying to "raid" NIH funds to cover defense shortfalls. "The administration must provide Congress with a full accounting of how this interagency agreement was developed and exactly how much taxpayer money it is trying to transfer to DOD," wrote DeLauro, who serves as the top Democrat on House Appropriations.

DeLauro's statement spurred a flurry of media reports, including a fact-addled piece by Nature Magazine's Max Koslov, who falsely implied NIH was transferring hundreds of millions of dollars in research monies to the Department of War (DOW). Koslov also erred in misreporting that NIH maintains a biodefense research portfolio, even though NIH Director Jay Bhattacharya announced that he was cutting NIH's biodefense portfolio in an essay last January.

Ironically, Bhattacharya's essay appeared in Nature Medicine, a journal published by Koslov's own employer.

"Koslov is a fiction writer," said an exasperated HHS official. "Absolute fiction. Our comms people at NIH don't respond to him because he lies."

DOW released the interagency agreement with NIH on Friday, which shows no money has been transferred to NIH. The agreement was signed in early August by Bhattacharya and Robert Kadlec, a physician and former CIA officer who wrote most of our biodefense laws while working for several decades as a congressional staffer. Kadlec is now an assistant secretary at DOW in charge of counterterrorism and biodefense.

According to HHS and NIH officials, who have negotiated the agreement with Kadlec since February, Kadlec asked NIH to transfer the $2 billion allocated to NIH for biodefense over to DOW. NIH denied this request, although DOW officials have continued to press the $2 billion matter in private discussions.

The agreement allows two types of cooperation. One is called 7600A which lists the rules and terms for cooperation on a project, while a 7600B allows transfer of funds as payment. NIH has not signed any 7600Bs, and an official negotiating with DOW said NIH doesn't have any dollars to transfer to the Pentagon, because the money is already spent.

"The money on emerging infectious diseases is booked up for years in advance with contracts and grants," said the NIH staffer.

Part of the confusion stems from conflicting definitions and terminology deployed over the last two decades by Tony Fauci while he ran the biodefense program at the National Institute of Allergy and Infectious Diseases (NIAID).

As reported by Ashley Rindsberg in UnHerd, Fauci began the NIH's biodefense program in 2003 with billions of dollars directed to him by Vice President Dick Cheney, following an increase in biodefense spending after 9/11 and the anthrax attacks in 2001. This moved biodefense for the first time out of Pentagon oversight, while providing Fauci direct access to the White House and a $2 billion pot of money each year since.

But over succeeding decades Fauci began mixing the dollars designated for biodefense with programs targeted at other infectious diseases - eroding the distinction between public health research and scientific studies for biodefense. "Fauci spread the bioterrorism money into programs on emerging diseases," said the NIH official. "The reality is there's no $2 billion to give."

A senior Trump appointee who has worked with Bhattacharya and Kadlec to hammer out the agreement said that DeLauro is right to ask hard questions, which NIH needs to answer. But after the COVID pandemic mess, NIH is not the place to run bioterror research. "Look, everyone in this field knows that Kadlec is an operator," said the Trump official. "But Kadlec is an experienced hand and we need aggressive oversight on this research."

Referring to NIH money Fauci directed to the Wuhan Institute of Virology, he added, "What was the point of NIAID funding a BSL-4 lab in a foreign country? Nobody has explained that."

For the last three decades, Kadlec has labored to counter biological weapons for an alphabet soup of various agencies - JSOC, DOD, CIA, DHS, and the UN. Kadlec also wrote the critical legislation that undergirds America's biodefense infrastructure while a staffer for Senator Richard Burr of North Carolina.

Now the country's leading biodefense lobbyist at DLA Piper, Burr represents the University of North Carolina and sits on the board of READDI, a North Carolina biodefense company founded by virologist Ralph Baric.

In a 2023 interview with The DisInformation Chronicle, Kadlec pointed to a 2015 virus study published by Ralph Baric and funded by Fauci as evidence that the virology community had been dishonest with the American public about the scientific evidence that the pandemic started from a lab. Fauci and others, Kadlec said, served as a "cabal" to bury this evidence in an "information operation."

Last April, I reported for RealClearInvestigations that the NIH had yanked all of Baric's grants after determining that his research helped create the COVID virus. UNC put Baric on leave and he retired from the university in June.

"We gave Fauci billions and he burned the house down," said the Trump official working with NIH and DOW. "The world was on fire for two years and millions died. And if Democrats want the NIH to remain in the biodefense business, I wish them luck on selling voters on that."

A senior HHS official said it remains unclear how much money might eventually migrate over to DOW but it won't be anywhere near $2 billion as biodefense research is now gone from NIH's portfolio. Nonetheless, NIH faces an uphill battle convincing Congress that they are no longer in the biodefense game.

After determining it was biodefense research and unsafe for Americans, NIH dissolved an $82 million Fauci initiative last June called the Centers for Research in Emerging Infectious Diseases (CREID). CREID grantees included Peter Daszak of the nonprofit EcoHealth Alliance and Kristian Andersen of Scripps Research. But earlier this year, lobbyists inserted language into an appropriations bill that forces NIH to spend $18.2 million to fund CREID centers once again.

"We're not funding Kristian Andersen and that virologist crew," said the senior HHS official. "We're out of biodefense, and that CREID money will go to people looking at infectious diseases in public health."

Tyler Durden Tue, 09/08/2026 - 22:35

Lindsay Clancy Supporters Threaten The Father Of The Children She Murdered

Lindsay Clancy Supporters Threaten The Father Of The Children She Murdered

Patrick Clancy, the father of three children killed by his former wife, Lindsay Clancy, inside the family's Duxbury, Massachusetts, home in January 2023, is now the target of an online harassment campaign built on the false claim that he was involved in their deaths.

The claim has no foundation. Lindsay Clancy confessed. She never disputed killing her three children. Her defense spent the trial arguing she wasn't criminally responsible because of severe mental illness, including postpartum psychosis, while prosecutors countered that she knew what she was doing. 

Nobody on either side of that courtroom argued Patrick did it or was involved in any way. However, that inconvenient fact hasn't stopped supporters of Lindsay Clancy from claiming otherwise.

On Tuesday, Attorney Howard Cooper of Todd & Weld, who represents Patrick Clancy, issued a statement addressing what he described as a coordinated harassment effort.

"Over the past months, Patrick Clancy and his family have been subjected to a relentless, escalating and destructive defamation campaign," Cooper said.

Cooper placed the blame on a familiar cast of characters.

He pointed to "minor celebrities, so-called influencers and outright conspiracy theorists" who found a payday spreading false claims about a grieving father, seemingly untroubled by the fact that his ex-wife already admitted to the killings.

The harassment hasn't slowed since Friday's mistrial, either. Cooper said it has only intensified, "now fueled by insatiable media coverage" and sitting "at a fever pitch," with real threats to Patrick's reputation, livelihood and life.

Somewhere in the online ecosystem that turned Lindsay Clancy into a folk hero for a certain strain of aggrieved women, a father who buried three children became the villain of his own tragedy, at least according to those sympathetic to his ex-wife.

Cooper said Patrick's aim is stopping the harassment, holding the people spreading it accountable, and getting back to preserving the memory of Cora, Dawson and Callan while supporting other women navigating perinatal mental health crises. The irony belongs to nobody except his accusers.

"Enough is enough—this spread of blatant and baseless falsehoods must stop," Cooper said. "Those responsible should understand that there will be consequences, and every appropriate measure will be pursued to hold them accountable, including legally." Cooper confirmed he has already notified law enforcement.

The mistrial occurred because the jury could not agree on whether Lindsay Clancy was criminally responsible for the deaths after one juror held out for a verdict that would have found Clancy criminally responsible. District Attorney Tim Cruz still has the option to retry the case, and prosecutors have considered a retrial at a later date. However, Cruz has not given any definite timeline after the court announced the mistrial.

Patrick Clancy sat through much of that trial as the prosecution's first witness. He described the day his children were murdered, his former wife's mental collapse in the weeks before, and the moment he came home with food and medicine to find his children gone. None of that has translated into sympathy from the people now targeting him. 

Attorney David Meier, also of Todd & Weld, issued his own statement after the mistrial, striking a different tone than the online mob. "Patrick Clancy is grateful to the Court and to the jurors for their hard work, their commitment, and their perseverance," Meier said. "The loss of Patrick's children is something from which he will never recover and from which there will never be closure. The prospect of reliving this tragedy through another trial is extraordinarily painful."

Patrick has said before that he forgives Lindsay, calling her ill instead of evil, a distinction that seems to matter to no one running the harassment campaign against him. 

Tyler Durden Tue, 09/08/2026 - 22:10

Most US Workers Fear Obsolescence In AI Era, Experts Say Adaptation Goes Beyond Tech

Most US Workers Fear Obsolescence In AI Era, Experts Say Adaptation Goes Beyond Tech

Authored by Mary Prenon via The Epoch Times,

Just as "The Obsolete Man," which aired in 1961, depicted a future society in which technology had rendered certain professions obsolete, a recent survey showed that, as AI reshapes the workplace, most U.S. workers fear becoming obsolete in the future workforce and believe developing new skills is essential to job security.

While many workers attributed their fear of obsolescence to a lack of skill with the latest technologies, some hiring and workforce professionals said building interpersonal skills is increasingly critical, especially at a time when many young people are living in a digital world.

ETS, a global nonprofit educational testing and measurement organization, reported that 54 percent of U.S. workers felt underprepared for the next generation of jobs in the coming decade, compared with 49 percent globally. Meanwhile, 75 percent said they have no clear indication of what those jobs will entail in 2035.

This uncertainty, in turn, is accompanied by fears of obsolescence, with 58 percent of those surveyed saying they fear becoming obsolete in the future workforce. The figure rises to 74 percent among technology workers and 73 percent among those in financial services.

"The reasons workers give are consistent across markets: they lack experience with emerging technologies such as AI, automation or data tools. Many also report limited hands-on exposure to innovative systems that are becoming central to modern work," ETS stated.

Some workers also feared that their newly acquired skills could become obsolete almost as quickly as they learn them, the report said.

Nevertheless, 78 percent of U.S. workers said there will be no job security without constant adaptation, while 85 percent said developing new skills will be necessary.

According to a March report from the International Monetary Fund, demand for new and digital skills is increasing, with one in 10 job postings in advanced economies and one in 20 in emerging markets requiring at least one new skill.

Ireland, Finland, and Denmark ranked as the top three countries in the organization's Skill Readiness Index, combining high shares of tech graduates with strong adult literacy and retraining systems. The United States ranked ninth among the 23 countries analyzed.

Barriers

However, many barriers, including time, cost, access, and employer support, are limiting workers' ability to pursue adaptation, ETS stated.

The report indicated that 71 percent of those surveyed were proactively developing new skills, falling short of the global average of 77 percent.

"U.S. workers are taking stock and waiting for clearer guidance, especially from governments, employers and educators," the report said.

Research from Blu Ivy Group, a Canadian employer brand and recruitment marketing company with offices in Michigan, indicates U.S. businesses spent $102.8 billion on employee training in 2025, but many failed to provide additional time for training, according to Stacy Parker, the company's cofounder and managing director.

"The biggest problem we see is that in many cases, employees are expected to participate in this training on evenings and weekends," she told The Epoch Times. "They are so busy with different projects at work and are not given any time during the day to complete the training."

Parker noted that in other countries, employee training is integrated into the workday.

"While North American companies tend to treat training as an HR [human resources] initiative, other nations see it as part of their competitiveness strategy," she said. "Managers need to have accountability for developing people alongside technology."

Meanwhile, Devin Hornick, cofounder and partner at KORE1, an Irvine, California-based nationwide staffing and workforce management company, said another reason U.S. workers lag behind their global counterparts is that they fail to discuss job expectations with their managers.

"In the U.S., the relationship between the growth of an employee's skills in the workplace, combined with a career and income increase, is not clear, and employees will prioritize simply surviving the work week," he told The Epoch Times.

Hornick added that unless an employer makes the relationship clear with a specific developmental career path, employees will not make the time to invest in developing a new skill. The issue can become more complicated, he said, when a company does not provide paid time off for employees to participate in training. Other companies do not cover the cost of training, and some do not offer training, Hornick said.

"Most professionals I place don't have the bandwidth to take on additional responsibilities and build new skills," he said.

"If there's no budget set aside for employee development, that means there's little to no value placed on training by employers and that results in the disconnect."

Real-Life Skills Over Technology

Stacey Cohen, president and CEO of Co-Communications, a New York-based marketing and public relations agency, believes that job readiness should start as early as high school.

The author of two "Brand Up" books that guide high school and college students in personal branding techniques, Cohen stresses the need to develop interpersonal skills - even more than AI skills - to create career opportunities.

"It's not just about knowing the latest technology," she told The Epoch Times.

"What employers are looking for today are durable skills like communication, critical thinking, collaboration, relationship building, and problem-solving. Employees need to be adaptable, and this is becoming more critical than ever."

Reviewing her own children's high school curriculum, Cohen noticed a void in interpersonal skill development.

"They were teaching things like yoga and photography, but why not interviewing and leadership skills?" she said.

"Textbooks can prepare you for a test, but to succeed in the workplace you need a different set of skills."

One factor affecting today's teens' ability to develop interpersonal skills is that they live in a digital world, she said.

"They text all the time and don't necessarily have to speak to another human," she said. "Even at the grocery store, you can choose the self-check-out lines instead of human cashiers."

Cohen believes it's never too early to teach young people these durable skills, such as using their own judgment, anticipating what people need, and learning the value of customer service.

"Even early part-time jobs like waiting tables require these types of skills," she said.

Cohen noted that the hotel industry devotes considerable time to onboarding new employees. This intense orientation and training program reviews every aspect of guest relations, from initial greetings to problem-solving.

Cohen said businesses should adopt a similar onboarding method to not only create a smooth job transition but prepare employees for how the job may change over the next decade.

Erin DeVito, general manager of North America for Impact, a global learning and development firm, works with both executive leadership and employees to support and improve workplace dynamics.

"Even leadership is scrambling and trying to keep up with changing business strategies today," she told The Epoch Times.

"The key is to help people develop skills of adaptability so they can shift, change, and learn new things. What worked years before may not be working now."

DeVito and her team work with businesses of all types, industries, and sizes, offering customized leadership and team development, as well as coaching and other services. She said sometimes the solution can be as simple as encouraging coworkers to talk with each other instead of emailing.

"When we rely on email and text, we lose human connectedness," she said. "While we're all embracing emerging technologies like AI, sitting underneath those are real-life skills."

DeVito used the example of her daughter, who was spending too much time texting on her phone and began to exhibit changes in her behavior.

"I took the phone away and put in a landline," she said. "After just a day, she was talking with people and started acting like herself again."

She eventually gave the phone back to her daughter, but with time-use restrictions.

Bridging the Gap

Hornick believes American workers can bridge the gap between the skills they bring to the table now and what will be expected in the next decade by setting the stage early enough with their immediate supervisors.

"I tell most of my candidates this: meet with your manager to find out what capabilities the company will need in the next 12 to 18 months and request a stipend, certification program, or protected time to develop those skills," he said.

"If the employer will not invest, look at low-cost, credentialed resources that are recognized in your field. Waiting for the perfect comprehensive program is how people fall further behind."

Parker said there's still a "real paradox" with leadership in their ability to provide clarity when so much transformation is happening.

"Organizations are in continuous change and redirection, and often, employees have less confidence about where the company is headed and what will happen to their jobs," she said. "Sometimes they think their jobs will be eliminated, but the company may actually have retraining in mind."

In her experience, Parker has seen technology, corporate retail, and business-to-business firms undergo the most change and reshuffling.

"Employees often are burdened with heavy workloads, businesses are sometimes understaffed, and promotion pathways can be unclear," she said.

As business leaders strive to find the best solutions, DeVito encourages both leadership and employees to learn as much as they can from everyone around them.

"It's also important that leaders be honest when they don't have all the answers," she said.

Tyler Durden Tue, 09/08/2026 - 21:45

China's "Quasi-Monopolistic" Grip On Critical Materials Ignites Western Supply Race: First To Deliver Wins Big

China's "Quasi-Monopolistic" Grip On Critical Materials Ignites Western Supply Race: First To Deliver Wins Big

The global push toward electrification carries several risks, including replacing dependence on foreign oil and natural gas with reliance on Chinese technology and critical materials, as access to cheap electricity dictates investment flows and where AI and industrial bases thrive.

Christian Keller, Barclays' global head of economics research, co-authored a note Tuesday on how rapidly accelerating geopolitical fragmentation and surging power demand are rewiring the global economy. He argued that countries must secure traditional fuel supplies while investing heavily in electricity generation, grids and storage.

Keller identified China's near-total control of more than 95% of critical material refining in areas such as heavy rare earths as a major vulnerability for countries dependent on those supplies.

Critical materials whose mining or refining China controls are critical inputs for electricity infrastructure, industrial production, the upcoming rearmament cycle, and the AI data center buildout. Replacing Chinese supplies requires far more than discovering new deposits and will take years. 

For the West, building competitive supply chains outside China, from mining critical materials such as tungsten to refining rare earths and manufacturing magnets, will be extraordinarily difficult and time-consuming. China's dominance in the space is expected to persist through at least 2030 despite ongoing Western efforts to diversify.

"China's quasi-monopolistic position provides it with significant geopolitical leverage," Keller warned.

A Reuters report late last week revealed that some Chinese rare-earth suppliers were refusing to ship materials to US customers. The report suggests supply disruptions remain a major issue ahead of the Trump-Xi meeting scheduled for later this month.

Here is Keller's warning for the West: 

Negotiating critical minerals supply chains

Electrification is only likely to advance as a global trend. Especially in energy-importing countries, being key for achieving energy sovereignty (next to lowering carbon emissions). In turn, that transition towards an electricity-dominated system is contingent on critical minerals (Transition minerals: unearthing opportunities from a $500bn supercycle). However, the global reserves of these minerals are often concentrated in certain locations: eg, lithium (over 30% in Chile), cobalt (over 50% in DR of Congo), nickel (over 40% in Indonesia). Moreover, the degree of processing is often crucial, potentially also making small reserves valuable, if fully processed.

In this context, China plays a crucial role, given its tight control over the global critical mineral supply chain and refining capacity, including graphite, gallium and rare earths (Figure 10 & Figure 11). China's quasi-monopolistic position provides it with significant geopolitical leverage. Other countries also use export controls for minerals where they have dominant positions to gain strategic leverage, eg, Indonesia with nickel and bauxite.

Hence, critical minerals will likely play central roles in international negotiations about trade or geopolitical settlements. The US tariff concession to Beijing in order to retain access to rare earths and its plan to build its own rare earth mining and refining capacities are likely only the beginning . Efforts to re-shore minerals mining and refining capacity are also likely to take time, as shown by the persistent concentration of value chains projected out to 2030 (Figure 12). Potential conflicts over critical minerals access in some of the already unstable African regions are also likely. Australia could play an increasingly important role, given its abundance and diversity of reserves in critical minerals and rare earths.

The key complement to resources in the ground are the capital flows to provide the necessary financing. Here, capital-rich advanced economies such as those in Europe could try to increase their role. However, as Figure 13 and Figure 14 show, despite the industrial strategy efforts of governments in the West, building out a comprehensive and cost-effective 'mine to magnet' value chain decoupled from China is extremely difficult and likely to take time.

Overall, economic statecraft involved in securing critical mineral supply chains will become a mix of export controls, foreign investment restrictions, access to foreign capital, and sanctions, possibly project-focused and with changing alliances.

Keller's warning underscores why we've made China decoupling a core investment theme, building on our nuclear theme, AI buildout, and powering up America themes, highlighting companies such as MP Materials and Almonty as the West races to secure alternative critical material supplies.

Breaking Beijing's "quasi-monopolistic" grip will require operating mines, processing capacity, and reliable deliveries. Many junior miners still face years of permitting, financing and construction before producing their first commercial shipments. Companies that can bring supply online sooner could capture a crucial early market advantage, such as Almonty's ex-China tungsten production ramping up in South Korea. 

The SPDR S&P Metals & Mining ETF (XME) has yet to confirm another breakout but certaintly coiling. 

Related:

For readers, the decoupling theme is about identifying miners already producing and able to close the supply gap. The opportunity lies in who can deliver first in size.

Tyler Durden Tue, 09/08/2026 - 21:20

US Navy's New Air-To-Air Missile AIM-424 Malice: Countering China's Growing Airpower

US Navy's New Air-To-Air Missile AIM-424 Malice: Countering China's Growing Airpower

By Rick Fisher, senior fellow at the International Assessment and Strategy Center.

With its revealed range in “excess of 250 nautical miles” (287 miles), the U.S. Navy’s new long-range air-to-air missile (AAM) constitutes a major upgrade in the ability of the United States to arrest China’s quest for superior air power in Asia.

On May 7, 2025, Chinese air combat technology gave Pakistan a historic, beyond-visual-range (BVR) victory, when, during a record aerial engagement between 72 Indian Air Force and 42 Pakistan Air Force combat jets—that did not enter the other’s territory—Pakistan claimed to have shot down five Indian combat aircraft at ranges approaching a record 125 miles, including three French-made 4.5-generation Dassault Rafale fighters.

Pakistan’s victory was enabled by its acquisition of 20 Chengdu Aircraft Corporation 4.5-generation J-10CE fighters, equipped with an estimated 105- to 125-mile-range active electronically scanned array (AESA) radar, and armed with 125-plus-mile-range Luoyang PL-15E (‘E’ for export model) long-range AAMs.

When long-range AAM engagements exceed the range of the fighter’s radar, “off-board cuing,” or guidance, is necessary, such as from Pakistan’s Chinese-made Shaanxi KJ-500 airborne warning and control system (AWACS) with an estimated 300-mile-range AESA radar, but these reportedly were undergoing modifications and were not in the battle.

But Chinese-source rumors at the time credited China with helping Pakistan fight this air battle by providing satellite and perhaps electronic intelligence that helped enable maximum-range interceptions by Pakistan’s PL-15 AAMs.

This performance has also finally encouraged more foreign sales for the J-10CE, with Uzbekistan now taking delivery of about 12 to 24, and Bangladesh and Algeria reportedly close to placing orders for 20 to 30 each.

China’s very large investment in longer-range and self-guided AAMs provides the “tip-of-the-spear” for Beijing’s massive investment in air superiority, starting with the 2000 purchase of 50-mile-range Russian Vympel R-77 self-guided AAM technology to enable the 60-mile-range Luoyang PL-12 by 2005—similar to early versions of the U.S. Raytheon AIM-120 AMRAAM.

By 2011, China was providing the first glimpse of its Luoyang PL-15 being carried in the internal weapons bay—to preserve stealth—of a prototype Chengdu J-20 fifth-generation heavy fighter, with an estimated range of up to 190 miles, far outranging the best U.S. fifth-generation Lockheed Martin F-22A and AIM-120 combination.

Furthermore, in 2016, China’s People’s Liberation Army Air Force (PLAAF) revealed its longer-range Luoyang PL-17, carried externally on a Shenyang Aircraft Corporation J-16 heavy twin-seat strike fighter, reportedly in PLAAF service since 2022.

These advanced Chinese AAMs can now arm 1,838 fourth- and fifth-generation fighters in the PLAAF, according to the latest annual Defense White Paper of the Japanese Ministry of Defense.

These now include: 308 J-20 fifth-generation fighters, whereas the Obama administration halted F-22A production at 187; 350 J-16 fighters compared to only 133 of the similar U.S. Air Force (USAF) Boeing F-15E heavy twin-seat strike fighter; and 608 J-10 fighters, more than 300 of which may be AESA-equipped J-10B and J-10C fighters, compared to about 150-plus USAF Lockheed Martin F-16C AESA-modified fighters.

But long-range BVR engagements by these fighters can be enabled by about 100 PLAAF AWACS platforms, including about 90 KJ-500s, whereas the USAF has had to fight furiously to secure funding for 26 next-generation Boeing E-7 Wedgetail AWACS with new AESA radar.

In addition, the PLAAF is working toward the sixth generation of air combat power, and since late 2024, it has been testing sixth-generation fighter aircraft from the Chengdu and Shenyang corporations, and by September 2025, it had revealed five types of future autonomous unmanned fighters or collaborative combat aircraft (CCAs) that will employ artificial intelligence (AI) to extend the survivability and combat reach of manned fighters.

So it is an understatement to say that the United States, which fought hard to achieve air superiority over the Soviet Union to keep the Cold War from turning hot, is now in a vital race to ensure that U.S. air power can continue to deter global conflict with China and its Russian and North Korean allies.

Central to the U.S. air power investment is the Lockheed Martin fifth-generation F-35 medium-weight fighter, which now has about 800 of a planned purchase of 2,450, to be extended by a networkable virtual “aerial alliance” of 700 to 800 more F-35s ordered by non-U.S. air forces.

The F-35 likely employs the world’s superior AESA radar, along with ultra-long-range optical sensors and perhaps the world’s best offensive/defensive electronic warfare systems, with advanced networking, and is capable of providing off-board cueing for ground-launched missile interceptors.

By the early 2030s, the USAF expects to take delivery of the Boeing F-47 sixth-generation fighter, with technology development prototypes having flown in 2020. The U.S. Navy is expected to select its sixth-generation fighter developer later this year.

To multiply and extend its combat power, the United States plans to acquire up to 1,000 CCAs and is now testing prototypes developed by Anduril and General Atomics.

But central to the American air power investment for more than a decade has been an effort to develop better, longer-range AAMs to keep pace with and overtake the Chinese AAM threat.

In addition to continually improving and extending the range of the AIM-120, the U.S. Navy has led the development of the Raytheon AIM-174B Gunslinger, revealed in July 2024, with a classified range estimated at up to 300 miles, but this large AAM can only be carried externally.

In development since at least 2019, the first images emerged in May this year of the estimated 120-plus-mile-range Raytheon AIM-260 AAM, which is close in size to the AIM-120 and can be carried internally by the F-22A and F-35.

But on Aug. 22, reporting from a Reno, Nevada, symposium of the Tailhook Association, a nongovernmental organization that supports naval aviation, Aviation Week and Space Technology magazine first revealed the U.S. Navy was “flight testing” the AIM-424 Malice.

About a day later on its webpage, the U.S. Navy revealed size and performance data for the AIM-424 Malice, to include a range in “excess of” 287 miles—with unofficial estimates approaching 400 miles—and a size that would allow internal carriage by the F-35 and the F-22A.

Images of the AIM-424 reveal that it is a two-stage AAM, meaning that unlike single-stage long-range AAMs, it has a better chance of sustaining high energy, or speed, to ensure lethality at the end of its engagement.

China’s immediate response has been to throw “shade” at the AIM-424, with Chinese state media Guancha publishing Aug. 28 commentary by Taiwanese expert Lu Shili saying:

“I believe that at this stage [AIM-424] is still more of a concept, and its main function is to respond to the development of China’s long-range air-to-air missiles and prevent the United States from looking too bad in terms of public opinion and equipment comparison.”

For sure, the Chinese Communist Party dearly wants to preserve its promoted image that its new air combat technology is superior to that of the United States, even though it has only been demonstrated in one, albeit large, air battle.

But the reality is that since World War II, the United States has been, and intends to remain, the world’s superior air power, a fact just affirmed by the revelation of the AIM-424 Malice.

Tyler Durden Tue, 09/08/2026 - 20:55

Iran Says Basij Force Commander Killed In Mystery Insurgent 'Terror Attack'

Iran Says Basij Force Commander Killed In Mystery Insurgent 'Terror Attack'

American and Israeli officials have continued to speculate about fomenting some kind of internal rebellion or large-scale street uprising inside Iran, in hopes of toppling the leadership of the Islamic Republic. Bombs have largely fallen silent, for now.

But the longer the Iran war drags on, amid sporadic tit-for-tat action between US and Iranian forces as they clash over who controls the Strait of Hormuz, the more unlikely the kind of groundswell of protests like what was seen last January will be.

The Trump administration is betting that long-term severe economic 'D-Day' sanctions will eventually break Iranian society, but there's also the reality that a wartime and de facto martial law situation now makes large public anti-government demonstrations all the more difficult. It is also the case then when a country is under attack, there is a 'rally around the flag effect' - making it further easier for authorities to stamp out dissent before it spreads. And without doubt, Iran leaders have genuine support across various sectors of the Iranian populace, as they face down the United States.

via Iran state media

Additionally, it has been a longtime claim of Iranian officials that Israeli Mossad has infiltrated and in some cases armed protest groups.

"They have trained some people inside and outside the country; they have brought in some terrorists from outside," President Masoud Pezeshkian had said of Israeli and foreign intelligence back in January, amid the violent economic unrest that served as a precursor to Trump launching Operation Epic Fury.

Fast forward to now more that six months into the US-led war, and there are still instances of ground level deadly confrontations between Iranian security services and mysterious armed 'opposition' entities.

The AFP and Israeli media report of a fresh incident, "A local commander in Iran’s paramilitary Basij force was killed in a 'terrorist attack' in the country’s restive southeast, local media reports." According to more:

Abdolraouf Eshaghi, a commander in the Parud district of Sistan-Baluchistan province, had been “martyred,” the semi-official Tasnim news agency says, without providing details. It is not immediately clear who was behind the attack.

Yesterday, Iranian authorities said three people were killed and nine arrested during a raid in the province on hideouts of Islamist groups it claimed were affiliated with Israel and the United States.

However, armed clashes with ethnic groups which have separatist movements and leanings are nothing new for Iran, particularly in restive Sistan-Baluchistan province. That province has witnessed a long pattern of attacks on IRGC and Basij units by Baloch insurgent groups, going back decades.

While Iranian society is overwhelmingly Shia, most of the border province's large Baloch population is Sunni. But Tehran has long been worried that foreign intelligence could 'weaponized' the impoverished Sunni population, and a similar thing has been at issue with the Iranian Kurdish minority, which tends to be in the mountainous north of the country near Iraq. So this is a plausible scenario and very real possibility.

Trump back in April openly boasts "we sent some guns" to the "people of Iran"...

It should also be noted that similar dynamics were at play during the lengthy Syrian proxy war. Washington and Gulf allies funded, trained, and armed Sunni radical insurgent groups as well as Kurds, which pressured Damascus from the north and east of the country.

Tyler Durden Tue, 09/08/2026 - 20:30

Mamdani's 9/11 Pen: A Socialist's Contempt For The Dead

Mamdani's 9/11 Pen: A Socialist's Contempt For The Dead

Authored by Kyle McClay via American Thinker,

On Friday, New York City Mayor Zohran Mamdani signed two executive orders commemorating the twenty-fifth anniversary of the September 11 attacks. Then he handed the ceremonial pen to his chief counsel, Ramzi Kassem - a man who spent years defending an al-Qaeda terrorist whose brother-in-law helped fly a plane into the Pentagon.

NYPD Commissioner Jessica Tisch hands a ceremonial pen to Ramzi Kassem, who once represented a convicted al Qaeda member tied to a 9/11 hijacker. (NYC Office of the Mayor)

The symbolism was not subtle. It was a middle finger.

Kassem represented Ahmed al-Darbi, a Saudi national who pleaded guilty before a U.S. military commission to conspiring in the 2002 bombing of the French oil tanker MV Limburg off Yemen - an al-Qaeda plot to disrupt global oil supplies in the aftermath of 9/11. One civilian was killed. Al-Darbi's sister was married to Khalid al-Mihdhar, one of the five hijackers aboard American Airlines Flight 77, the plane that struck the Pentagon and killed 184 people. Kassem began representing him in 2008 and served as his civilian defense counsel through sentencing.

This is the man Mamdani chose as the city's top lawyer. And this is the man Mamdani chose to receive the pen that signed the city's official 9/11 remembrance order.

The video is damning. Kassem entered the Blue Room roughly fifteen minutes late, smirked as the pen was passed to him through NYPD Commissioner Jessica Tisch, and slipped out shortly after. The mayor's office insists Kassem's team drafted both orders - as if that excuses handing a 9/11 memento to a man who spent a decade arguing on behalf of the enemy.

It doesn't. It makes it worse.

This is not an isolated gaffe. It is the latest entry in a pattern of defiant, tone-deaf behavior that has defined Mamdani's brief tenure. Families of 9/11 victims launched a petition in July asking him to stay away from the anniversary ceremonies, citing his associations with people who have defended terrorists, minimized the attacks, or suggested America "deserved" them. The petition has now surpassed ninety-nine thousand signatures. Mamdani brushed it off, then doubled down by handing the pen to the very aide the families had flagged.

He skipped the Israel Day parade. He ditched the International Holocaust Remembrance Alliance definition of antisemitism on day one. He refused to condemn "globalize the intifada." He called pro-Israel lobbyists "monsters." He skipped the installation of the new Catholic Archbishop of New York. He tweeted about World Hijab Day. He has governed as though New York's Jewish, Catholic, and first-responder communities are obstacles rather than constituents.

And now this.

The pen is a symbol. It represents the authority of the office, the solemnity of the occasion, the city's commitment to never forget. Handing it to a lawyer who defended a man tied by blood to the hijackers is not a bureaucratic accident. It is a statement - that the grievances of the families, the memory of the dead, and the dignity of the office itself are secondary to Mamdani's ideological signaling.

The American people should not accept this. Not from a mayor of the city that absorbed the worst of the attack. Not from a man who campaigned on "defund" rhetoric and socialist redistribution and now treats the 9/11 memorial as a prop for his base. Not from a politician who has made a career of testing how much contempt he can show before someone finally says enough.

Enough.

The families who lost husbands, wives, sons, and daughters on that day deserve a mayor who honors their grief rather than weaponizes it. The first responders who ran into the towers deserve a mayor who respects their sacrifice rather than handing its symbols to the lawyers of the enemy. And the American people deserve leaders who understand that some lines are not for crossing - that the memory of 9/11 is not a bargaining chip, not a photo op, and not a vehicle for political theater.

Mamdani crossed that line on Friday. The question is whether the rest of us will let him get away with it.

We publish a variety of perspectives. Nothing written here is to be construed as representing the views of ZeroHedge.

Tyler Durden Tue, 09/08/2026 - 20:05

China Halts New Battery Storage Plant Approvals

China Halts New Battery Storage Plant Approvals

By Tsvetana Paraskova of OilPrice.com

China has paused approvals for new battery storage factories amid a review of existing and planned capacity, Chinese financial news outlet Cailianshe reported this weekend, citing industry sources.

The temporary suspension of approvals of plants that have not started construction yet comes amid growing concerns about overcapacity in the sector in the world’s biggest manufacturer of batteries for energy storage.

China is the world’s biggest market for electric vehicles and a top player in battery storage as well. But just like electric vehicles (EVs) and solar panels, these energy transition-linked industries have enjoyed years of generous subsidies that have allowed them to grow without any consideration of overcapacity and its consequences. The Chinese government has already had to clamp down on EVs and solar panels, and now, it seems, it’s the turn of batteries.

In addition, Chinese solar equipment manufacturers have diversified into battery storage to tackle a chronic oversupply in the panel and equipment market that has crashed many sector players’ bottom lines.

The surge in EVs and solar and wind power installations has resulted in excessive manufacturing capacity in these key non-hydrocarbon energy industries, igniting price wars that have hurt most companies in the sector, including the biggest solar panel manufacturers. Chinese authorities realized last year that cutthroat competition, overcapacity, and low-quality manufacturing are hurting enterprises.

The battery storage boom in China is now threatening this industry, too, and China’s authorities have started to take measures to curb unrestrained growth.

In July, China’s Ministry of Finance, the General Administration of Customs, and the State Taxation Administration announced that China would launch consumption taxes on batteries effective September 1, 2026.

Mercury-free primary batteries, nickel-metal hydride batteries, lithium primary batteries, lithium-ion batteries, and all-vanadium redox flow batteries will be taxed at 2% from September 2026 and at 4% from September 2027. Photovoltaic cells will face a 2% tax from April 2027 and 4% from April 2028.

China exempted new-technology batteries from the tax until December 2028. These include sodium-ion batteries, solid-state batteries, fuel cells, and advanced photovoltaic types such as perovskite, tandem and gallium arsenide cells.

Tyler Durden Tue, 09/08/2026 - 19:15

Trump Claims Firefighters Rescued Him From 9/11 Ground Zero: "Got To Get Out Of Here!"

Trump Claims Firefighters Rescued Him From 9/11 Ground Zero: "Got To Get Out Of Here!"

President Trump has already attracted immense controversy when starting last month it became clear he is planning to hold Sept. 11 observances at the Pentagon, which was also struck. He's not planning to attend the more traditional ceremony and venue in Manhattan for the 25th anniversary of 9/11 in part because he wants to deliver a speech, says the NY Times; however, the event organizers have long barred remarks, seeking to keep it non-political and non-partisan.

"The president’s interest in speaking on Sept. 11 was conveyed to memorial planners in recent weeks, three of the people with knowledge of the events said. But since 2012, politicians have been barred from speaking at the site," the report details. "The National September 11 Memorial and Museum, which oversees the site, has worked rigorously to keep the venue nonpartisan and focused on the solemnity of the day."

"Mr. Trump, a native New Yorker who talked often about the Sept. 11 attacks during his 2016 presidential campaign, is now expected to commemorate them at the Pentagon, two of the people with knowledge of the events said," NYT continues. Vice President JD Vance is expected to represent the administration in New York. On Tuesday, President Trump just issued remarks sure to spark fierce controversy once again. Widespread reports have long documented that he was miles away from Ground Zero on that fateful day, but now he's using language as if he was a victim or barely escaped, or as if he was so close to the action and tragedy akin to a first responder. In the below he seems to confusedly switch between settings - as is often his style - going from talking about his own claimed rescue efforts with a crew of responders, to then narrating a dramatic tale of "running" from the site as it was feared a building could come down on them. Watch:

ABC writes of the Tuesday venue where Trump spoke: "The event at the Ellipse was spearheaded by the Tunnel to Towers Foundation and showcased a massive, 21-foot, nearly 17,000-pound steel beam recovered from the South Tower of the World Trade Center in New York, which had traveled for months across the country as part of the Steel Across America tour."

Trump 'recalled'. at the Tuesday ceremony: "The United States Steel Building [the former US Steel building, now known as 1 Liberty Plaza] was creaking, really creaking, and we thought it was going to fall down. The truth is, it creaked a lot. It creaked."

The president continued: "And I'll never forget two firemen. We thought it was coming down on top of us, and two firemen, big, strong guys — and I'm not the smallest guy in the world — they grabbed me under the arm, said, 'Got to get out of here!' And they literally lifted me up."

"This is not easy to do. I'm big. They lifted me up and they started running with me. I said, 'Fellas, I can run myself,' but they were amazing. But they thought it was coming down. It didn't come down," he added. He may have even been talking about his own office and building(?), but the ambiguous account is made to sound like he's 'running' from Ground Zero.

The NY Times has underscored further that he left the impression he had been right at Ground Zero:

On Tuesday, though, Mr. Trump left the impression that he had been at the site in the immediate aftermath. “I’ve never seen such an unbelievable mass of steel and, unfortunately, bodies and everything you can imagine,” Mr. Trump told the crowd, which had gathered to pay tribute to the police officers and firefighters who had been killed in the attack, including a stock trader and volunteer firefighter named Welles Crowther, whom Mr. Trump posthumously awarded with the Presidential Medal of Freedom.

According to more background via the Times:

This was the latest in Mr. Trump’s evolving — and often disputed — account of his actions on Sept. 11 and in its aftermath, when he was working as a real estate developer in New York City.

Mr. Trump was watching television the morning of the attacks, which is verifiable from news coverage of that day, but what he did next has long been a matter of debate. He has repeatedly said that he took a construction crew with him to Lower Manhattan and was deeply involved in cleaning up the site, a claim that has been called into question by at least one former fire official who was involved in the recovery effort.

On Tuesday, Mr. Trump renewed his claim that he had taken a crew to a building near the site where the World Trade Center had stood shortly after the attacks. He said that two large firefighters picked him up and took him to safety when he observed an unstable building.

...Reminds us of Hillary Clinton's infamous 'escape from Bosnia' under fire:

This isn't the first time he has given such a story: "News accounts from that time put Trump about 4 miles from ground zero on Sept. 11, 2001, and footage shows him blocks away on Sept. 13, 2001, and Sept. 18, 2001," one investigation reviewed of prior claims. "None of those images or reports show him amid fire and ashes. And there is no record he was directly involved with first responders at the scene or that he sent hundreds of workers to aid the recovery. When asked, Trump has not provided evidence to corroborate the claims."

People have been chiming in all day, providing their own personal anecdotes contradicting Trump...

That Trump's tale was issued before a solemn 9/11 remembrance event is all the more shocking - and as an aside, is certainly no help to Republicans going into an already tough midterm election in November.

Tyler Durden Tue, 09/08/2026 - 18:50

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