Via American Greatness,

The Department of Homeland Security (DHS) is continuing efforts to transform warehouses into large-scale immigration detention centers despite a growing number of politically motivated lawsuits.

Officials with US Immigration and Customs Enforcement (ICE) recently discussed plans to award contracts for construction and operations at warehouse sites in San Antonio and near El Paso, according to people briefed on the internal meetings. The administration is also examining how to continue work at a site near Hagerstown, Maryland, while complying with a court order limiting construction activity there.

The warehouse initiative has become a central part of the Trump administration’s broader deportation agenda, with officials arguing the facilities will allow ICE to process and detain illegal immigrants more efficiently through centralized hubs capable of housing large numbers of detainees.

Critics from both political parties have attacked the proposal, while several states have filed lawsuits claiming the administration failed to complete environmental reviews required under federal law.

Homeland Security Secretary Markwayne Mullin ordered a review of the estimated $38 billion project after taking office earlier this year. The plan was originally launched under former DHS Secretary Kristi Noem.

The administration appears determined to move forward with the project despite the legal challenges. ICE is reportedly preparing environmental assessments for the two Texas sites, with the goal of having both facilities operational by early 2027.

A DHS spokesperson said the department is reviewing policies and proposals adopted before Mullin assumed leadership and intends to work with local communities, including some in areas that strongly supported President Donald Trump.

Elon Musk’s rocket company, SpaceX, has reportedly selected Nasdaq for its long-awaited IPO and is targeting a June 11 pricing, followed by a June 12 debut under the ticker “SPCX,” according to a Reuters report released late in Friday’s U.S. cash session.

Immediately after the report, odds for “SPCX” on the Polymarket bet, “What will SpaceX’s public ticker be?” soared to nearly 100%.

Will SpaceX’s public ticker be another ticker?
Yes 97% · No 3%
View full market & trade on Polymarket

In April, SpaceX confidentially filed for an IPO with the SEC and is planning to disclose its prospectus as soon as next week, according to CNBC.

SpaceX’s IPO could raise upwards of $75 billion for the rocket company and dwarf Saudi Aramco’s $29 billion debut in 2019. The money raised would be used to fund an “insane flight rate” for the Starship rocket and to push ahead with deploying orbital data centers in low Earth orbit. The company’s valuation stands at around $1.75 trillion.

The timing comes amid a broader reopening of the IPO window for AI firms, with major chatbot startups such as OpenAI and Anthropic increasingly viewed as potential second-half candidates.

Goldman’s Tony Pasquariello offered additional insight on the upcoming SpaceX IPO:

In most every single client meeting that I have, the question of how the tape will absorb a series of mega IPOs comes up.

While understanding that potentially adding trillions of dollars of market cap is worth discussion, as mentioned a few times recently, I’d argue there’s good reason to be optimistic here (I’m a taker of opposing views).

I’ll add a few points to the running conversation here:

i. to level set, at $77tr of market cap, the US equity asset class is immense (the next closest country is China at $12tr).

ii. in 1999, 380 IPOs rolled off the assembly line; for 2026, GIR currently expects 100.

iii. asset size is one consideration, yet asset quality is another — I remember 1999, and let’s just say comprehensive asset quality didn’t stand the test of time.

Wall Street is certainly hungry for IPOs after a prolonged drought. This week, we saw AI chipmaker Cerebras surge nearly 70% in its debut.

SpaceX’s IPO filing could come around the 12th test flight of the Starship rocket, expected as early as next Tuesday.

Goldman analyst Brian Lee reviews headlines across the nuclear industry for March (full note here).  

New reactor progress and announcements

North America

4/16/2026 – Canada: Bruce Power has signed an MoU with SaskPower to share its experience in large-scale nuclear reactors, including project development and long-term operations, as Saskatchewan evaluates large reactor technologies alongside its SMR program. The agreement formalizes information-sharing and aligns provincial and federal nuclear strategies.
4/24/2026 – United States: Duke Energy’s Robinson nuclear power plant has been cleared for extended operation to 80 years, after the US Nuclear Regulatory Commission completed its fastest-ever subsequent license renewal review. The approval allows the 759 MW Robinson Unit 2 in South Carolina to operate until 2050, under new accelerated federal timelines.
4/29/2026 – United States: The US NRC has approved subsequent license renewals for St Lucie Units 1 and 2, clearing the Florida Power & Light plant to operate for up to 80 years, with Unit 1 licensed to 2056 and Unit 2 to 2063. The decision follows ageing-management reviews for the extended operating period and secures long-term operation of the two pressurized water reactors.
5/5/2026 – United States: Brookfield and The Nuclear Company have formed a JV to manage the potential completion of the two VC Summer AP1000 units in South Carolina, supporting due diligence and execution if the project proceeds, subject to approvals and a final investment decision.

Europe

4/10/2026 – Czechia: ČEZ is exploring extending the operating life of its four Dukovany reactors to up to 80 years, having launched a preparatory process for long-term operation beyond the current 60-year plan, while also assessing potential life extensions at Temelín, subject to ongoing safety and economic evaluations.
4/10/2026 – Lithuania: Lithuania has received regulatory approval to begin dismantling reactor channels at Ignalina Unit 2, after completing the same work at Unit 1, with dismantling and decontamination scheduled to start at end-2026 following preparatory activities by state-owned decommissioning company Altra.
4/16/2026 – Bulgaria: Bulgaria’s energy minister has said the new Kozloduy Units 7 and 8 should be built at fixed prices, citing past nuclear projects where cost overruns derailed delivery, as the government seeks tighter cost control while advancing plans for two Westinghouse AP1000 reactors at the site.
4/30/2026 – Belgium: Belgium is in talks with Engie to take over its full nuclear fleet, covering all seven reactors, with decommissioning work paused while negotiations continue. The move would allow the state to keep options open on life extensions and future nuclear capacity.

Asia and other

4/9/2026 – India: EDF and NTPC have signed a non-binding MoU to explore cooperation on new nuclear projects in India, including assessing EDF’s EPR technology, localisation opportunities, project economics, training, and potential sites, following approvals from Indian government ministries.
4/13/2026 – South Korea: Saeul Unit 3 has started up after achieving first criticality on 12 April, with KHNP confirming the APR-1400 reactor entered its initial start-up phase following completion of all required pre-operational inspections; output will be ramped up through testing ahead of commercial operation in the second half of 2026.
4/16/2026 – Japan: Kashiwazaki-Kariwa 6 has resumed commercial operation, becoming the first TEPCO-owned reactor to return to service since Fukushima, after Japan’s regulator completed final pre-operational inspections. The 1,356 MWe ABWR, offline since 2012, re-entered commercial operation on 16 April following resolution of technical issues encountered during restart testing.
4/20/2026 – Kazakhstan: Kazakhstan has adopted a nuclear strategy targeting at least three plants by 2050, with a fourth under consideration to meet rising power demand; the plan also includes assessing SMRs and replacing coal capacity with nuclear to bolster energy security and meet climate goals.
4/20/2026 – China: Taipingling Unit 1 has entered commercial operation, with CGN confirming the 1,116 MWe Hualong One (HPR1000) reactor began service on 19 April after completing commissioning tests. It is the first of six units planned at the Taipingling site in Guangdong province.
4/28/2026 – Bangladesh: Fuel loading has begun at Bangladesh’s first nuclear power plant, with 163 fuel assemblies being loaded into Rooppur Unit 1, marking the start of the reactor’s start-up and commissioning phase following issuance of its operating licence earlier in April.
4/29/2026 – Russia: Russia’s nuclear regulator Rostekhnadzor has approved the readiness of Kursk II Unit 1, issuing a certificate of compliance that confirms the 1,250 MWe VVER-TOI reactor meets safety and design requirements and is fully ready for commissioning and market entry.
4/29/2026 – China: San’ao Unit 1 has entered commercial operation, with CGN confirming the 1,116 MWe Hualong One reactor completed commissioning on 29 April 2026. It is the first of six units planned at the Zhejiang site.
5/6/2026 – China: Fuel loading has been completed at two new Chinese reactors, with 177 fuel assemblies inserted at Taipingling Unit 2 and Changjiang Unit 3, both Hualong One units, marking their transition into the nuclear commissioning phase ahead of start-up.
5/7/2026 – Turkey: Turkey’s nuclear regulator has approved commissioning work at Akkuyu Unit 2, allowing pre-fuel-loading tests to begin at the second VVER-1200 unit of the Akkuyu plant.

SMR announcement tracker

4/8/2026 – Sweden: GE Vernova Hitachi Nuclear Energy and AFRY have agreed a non-exclusive collaboration to support deployment of the BWRX-300 SMR, with AFRY providing engineering, advisory and licensing support to enable scalable SMR projects across Europe, including support for licensing in Sweden.
4/13/2026 – UK: The UK has signed a contract to deliver its first SMRs, with Great British Energy – Nuclear and Rolls-Royce SMR agreeing to begin work on three units at Wylfa (Anglesey), enabling site design and early procurement ahead of a final investment decision.
4/14/2026 – Netherlands: A Dutch nuclear new-build partnership has been announced, with Mammoet and ULC-Energy signing a cooperation agreement to streamline construction of new nuclear facilities in the Netherlands. The collaboration focuses on modular construction and heavy-lifting expertise, and is aligned with government plans for new large reactors and future SMR deployment.
4/14/2026 – United States: The US Air Force has named Buckley (Colorado) and Malmstrom (Montana) as potential microreactor sites, with deployment under the ANPI programme targeted for 2030 or earlier.
4/16/2026 – United States: The NRC has received an application to build a KRONOS microreactor at the University of Illinois, with the construction permit application filed on 31 March in partnership with NANO Nuclear Energy.
4/17/2026 – Netherlands: A Dutch consortium has signed an MoU to advance construction of Europe’s first commercial molten salt reactor, covering a non-nuclear test facility and pilot programme, a nuclear demonstrator at Petten, and a 100 MWe commercial MSR in Zeeland, targeted for operation by 2034.
4/20/2026 – Poland: OSGE has signed a letter of intent with Poland’s Industrial Development Agency to prepare a BWRX-300 SMR project at Stalowa Wola, setting the framework for a future investment agreement.
4/20/2026 – United States: Kairos Power has broken ground on the Hermes 2 demonstration reactor in Oak Ridge, Tennessee, the company’s first commercial-scale and power-producing Generation IV reactor. The project will supply up to 50 MW to the Tennessee Valley Authority grid under Kairos’s agreement with Google, and builds on lessons from the non-power Hermes 1 reactor now under construction.
4/24/2026 – United States: The US Air Force has selected Radiant, Westinghouse Government Services, and Antares as microreactor developers under the ANPI programme, pairing them with Buckley (Colorado), Malmstrom (Montana), and Joint Base San Antonio (Texas), respectively, with a goal of deploying at least one reactor by 2030 or earlier.
4/27/2026 – Czechia: ČEZ has signed an early-works contract with Rolls-Royce SMR for a proposed SMR at the Temelín nuclear site, enabling site-specific design, licensing and permitting preparation. The agreement covers early engineering only and is not a final investment decision or start of construction.
4/27/2026 – France: Stellaria and France’s CEA have signed a letter of intent to study building an experimental molten salt reactor at Cadarache, covering the 100 kW Alvin experimental MSR and a future 10 MWe prototype (MegAlvin) as part of a feasibility study for an Alpha basic nuclear installation at the site.
4/30/2026 – Canada: Canada plans to release a new Nuclear Energy Strategy by end-2026, alongside funding to assess Canadian-controlled microreactors for remote and northern defence sites, with the strategy focused on new builds, exports, fuel supply, and nuclear innovation.
5/1/2026 – Canada: OPG has installed the basemat foundation module at the Darlington SMR site, marking a key construction milestone for the G7’s first SMR. The 953-tonne modular basemat was placed 35 metres below ground, advancing construction of the first BWRX-300 unit.
5/5/2026 – Sweden: Blykalla and ABB have signed a Joint Development Agreement to deepen cooperation on lead-cooled SMRs, covering joint development of SEALER reactor elements with ABB as a key partner for automation and control systems.
5/7/2026 – United States: US pilot SMR licensing has advanced on two fronts, with the DOE approving the Documented Safety Analysis for Aalo Atomics’ Aalo-X experimental reactor, and the NRC approving the Principal Design Criteria topical report for Oklo’s Aurora powerhouse, marking key regulatory milestones for both projects.

Global reactor critical updates

In the month of April, there have been few changes to new reactor construction starts, grid connections, shutdowns, or restarts.

Global reactor construction tracker

Fuel announcements

4/8/2026 – Russia: Testing of innovative VVER fuel has begun at Russia’s Balakovo 1, where three pilot fuel assemblies with chromium-coated cladding and MOX fuel rods were loaded into a VVER-1000 reactor.
4/9/2026 – France: Framatome has signed an agreement with four EU utilities (ČEZ, Fortum, MVM Paks NPP, and Slovenské elektrárne) to develop a fully European VVER-440 fuel design, supporting fuel-supply diversification and reduced reliance on Russian fuel. First deliveries targeted for the early 2030s.
4/14/2026 – Poland: Poland’s SGE has signed cooperation agreements with Spain’s Enusa and GNF Enusa to strengthen nuclear fuel strategy, procurement, and supply-chain development in support of BWRX-300 SMR deployment across Europe.
4/17/2026 – United States: ConverDyn is studying a second US uranium conversion plant (“Metropolis 2.0”), alongside an expansion of its existing Metropolis Works facility, with feasibility work under way.
4/28/2026 – United States: Ur-Energy has begun ISR uranium mining at its Shirley Basin project in Wyoming, with production under way at Mine Unit 1.
5/1/2026 – India: India’s Atomic Energy Regulatory Board has granted an operating licence to the NFC-Kota fuel plant in Rajasthan, enabling production of ~500 tpa of natural UO₂ fuel to support indigenous 700 MWe PHWRs.
5/6/2026 – UK: Urenco has completed its first LEU+ trial run at the Capenhurst site, producing uranium enriched to ~7% U-235, confirming capability to supply LEU+ (5–10%) with commercial availability planned soon.
5/8/2026 – Japan: Japan shipped ~1.7 tonnes of HALEU to the United States, marking the largest international uranium transfer handled by the NNSA, to support the US HALEU Availability Program and advanced reactor fuel supply.

Uranium pricing and volume trackers

Spot pricing steadies, supported by Sprott activity. Spot U₃O₈ prices rebounded through mid April following late March softness, rising from the low $80s to the mid and high $80s, briefly touching ~$87/lb around WNFC Monaco. Momentum faded toward late April and early May, with prices drifting modestly lower into the mid $80s.

Term pricing stable. Term uranium pricing remained firm through April and into early May, holding around ~$90/lb. Market engagement stayed active, supported by ongoing utility discussions around mid and long term coverage. Floors largely holding in the mid $70s and ceilings extending into the low $130s for long dated deliveries.

Key supply/demand and pricing charts

Updating supply-demand model: We update our uranium supply/demand model to include updated forecasts for SMR deployments. We are conservatively anticipating SMR deployments reach nearly 2GW in 2030, and grow at 2GW-3GW per year through 2045, representing cumulative deployments of ~46GW in 2045. This represents a 6% uplift to our 2045 nuclear power generation forecast. Based on our fuel burn assumptions, we estimate these deployments will create a uranium demand need of ~62mn lbs in 2045, or 17% upside to our 2045 forecast.

Revisions to power generation forecast. We have maintained our large reactor forecast, but now include estimates for global SMR deployments between 2026-2045. We believe these estimates are relatively conservative. As a result of our changes, we see an expanding deficit over the medium-term. Our forecast does not include nuclear uprates to existing facilities, which provides further upside.

More in the full note available to pro subs.

Authored by Jonathan Turley,

We previously discussed a disturbing account of how medical students at the David Geffen School of Medicine at the University of California, Los Angeles (UCLA) were subjected to a bizarre class where one of the university’s “activists-in-residence” showered them with anti-Semitic postings and racist rhetoric. Now, the Justice Department has found that the university engaged in systemic racial discrimination in the admission of medical students. Given the university’s history, it is hardly surprising, but it remains unclear how the university will respond to the findings.

The DOJ’s Civil Rights Division announced that the medical school violated Title VI of the 1964 Civil Rights Act by giving preferential treatment to black and Hispanic applicants.

The investigation followed the Supreme Court’s 2023 ruling in Students for Fair Admissions v. Harvard, which barred race-based admissions.

In the DOJ’s “Findings” letter, black and Hispanic admits in some years averaged MCAT scores in the 66th to 72nd percentile, while Asian and white students averaged scores in the mid-to-high 80th percentiles.

Assistant Attorney General Harmeet Dhillon indicated that the Justice Department found that UCLA medical school leadership discussed how to achieve “diversity goals” and other strategies after the Supreme Court ruling.

After the historic ruling in the Harvard and North Carolina cases barring the use of racial criteria in admissions, administrators and academics admitted what they had long denied: that race was having a major role in admissions.

In anticipation of the rulings, many schools, including the California system, eliminated standardized testing. Without objective scores, there is less ability to identify the use of non-scholastic criteria for admissions. By eliminating or devaluing standardized testing, admissions offices can use the more subjective essays to achieve the same race-based results.

I wrote about how administrators were already preparing to use essays as an indirect way to achieve the same identifications and preferences in admissions.

The essay “prompts” encourage students to effectively self-identify by discussing incidents where they faced discrimination.

The shift to the essays would allow the removal of high-scoring students while elevating those with lower scores. That prediction was quickly confirmed, as top candidates were rejected based on their essays, while schools used essays to flag their backgrounds.

Faculty and administrators at UCLA and other schools remain adamant in using race-based admissions. They simply justify discrimination as equity and diversity. 

This is the same school that required medical students to sit through a raving lecture from “a formerly unhoused and incarcerated poverty scholar who prefers to keep their face covered in public.”

In her two-hour lecture, Gray-Garcia dismissed modern medicine as “white science” and told the medical students to engage in a prayer to “mama Earth.” Students were expected to pray and affirm that “Mama Earth was never meant to be bought, sold, pimped or played.”

The scene captured the erosion of academic integrity at schools like UCLA as woke agendas overwhelm the curriculum. After yielding to that agenda for years and allegedly struggling to evade the Supreme Court decision, UCLA remains a hardened silo of woke priorities and policies. It will take the threat of the most serious consequences to dislodge this academic administration. In the end, they may yield or draw out the conflict in the hope that a new Democratic administration will allow them to return to racially discriminatory admissions.

Ananym Capital is urging BWXT to commercialize its reactor production capabilities. The investor is looking for BWXT to bring back one of their old small modular reactor (SMR) design, mPower, that was abandoned in 2017. 

BWXT already produces one to three reactors each year for U.S. aircraft carriers and submarines. That steady cadence gives it unmatched experience turning complex nuclear hardware into delivered hardware on a predictable basis. 

With only a handful of AP1000 units built worldwide, no other American players can claim comparable low technology risk when it comes to actual reactor production. 

This stands in contrast to the wave of microreactor developers pitching novel concepts. Many remain years from full-scale deployment, still navigating licensing for core designs and advanced materials with minimum operating history. 

BWXT does not need to invent a new reactor architecture to matter. It can adapt existing pressurized water technology it has built and serviced for decades, then apply it where demand is clearest: data centers and industrial users seeking reliable, always-on power.

Ananym is pushing the revival of an old SMR design BWXT was working on with Bechtel in the early 2000s. The project was closed down after the program struggled to bring off-takers on board. 

While the idea makes sense with BWXT being one of the more experienced reactor developers in the world, it would be a far less complicated effort to simply do more of what they’re already good at. 

Instead of having to design a new reactor that has not seen operations yet, the company could instead increase the production rate of their naval reactor line for use in other government applications or in the commercial industry. 

The concept is not without its headaches, as we discussed previously with a similar idea from HGP Intelligent Energy. The reactors will likely require some amount of redesign to work at lower uranium enrichment levels. 

Whether BWXT decides to revive the shelved SMR project or simply do more of what they already are good at, the general idea just makes too much sense: stop trying to reinvent the [nuclear] wheel.

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

The median home sales price in the United States jumped 2.4 percent in April from a year ago, the largest increase since March 2025, real estate brokerage Redfin said in a May 12 statement.

A home for sale in Austin, Texas, on April 24, 2025. Brandon Bell/Getty Images

The company attributed the price increase to more buyers entering the housing market amid a stabilizing job market. In April, the United States added 115,000 jobs, well above the expected 62,000.

“The April jobs report showed stronger-than-expected hiring, reducing recession risk. This likely helped fuel a pop in housing demand. Pending home sales hit the highest level since February 2023 last month, rising 2 percent from the month before—the largest increase since March 2025,” Redfin said.

In addition to buyers coming off the sidelines, sellers are also doing the same, with active listings of homes for sale in April hitting the highest level since March 2020.

Lower mortgage rates are incentivizing prospective buyers to consider purchases. Last year, the weekly average rate of the 30-year fixed-rate mortgage had hit an annual peak of 7.04 percent in mid-January, according to data from Freddie Mac.

The rate has come down to 6.37 percent for the week ending May 6. It had declined below the 6 percent level in February, the first time this has happened since September 2022.

Amid the jump in home sale prices in April, discounts offered on home purchases are tapering, Redfin said.

Last month, the share of homes sold for less than their original listed price was 60.5 percent—the sixth straight month of decline. According to the brokerage, securing discounts is getting harder as demand grows and sellers price homes more competitively.

“Homebuyer demand increased significantly at the end of March following a relatively quiet period in January and February. This is the first time post-pandemic I’ve felt the frenzy and comeback of a true spring market,” said Dawn Kane, a Redfin Premier real estate agent.

“Still, sellers must maintain realistic pricing strategies. Market data and buyer activity indicate that overpriced homes remain on the market longer, while competitively priced properties sell more quickly and efficiently, often receiving multiple offers.”

In a May 6 post, real estate marketplace Zillow suggested that if mortgage rates were to fall back to the 6 percent range seen earlier this year, home sales figures could improve.

Prospective buyers who saw through last year’s markets now have more options and improved affordability while choosing their homes. Last month, the monthly mortgage payment on a typical U.S. home declined 3.4 percent year over year to $1,829, Zillow said.

Housing Construction, Improving Affordability

On the construction side, housing construction “bounced back” in March, with builders ramping up production, the National Association of Home Builders (NAHB) said in an April 29 statement.

NAHB Chairman Bill Owens said that the rebound suggests builders are responding to regional improvements in housing demand despite affordability challenges.

Privately owned housing construction starts had risen by 10.8 percent in March from a year back, according to April 29 data from the Census Bureau. This uptick in housing starts could be a positive signal that the sector may be stabilizing, Owens said.

“Single-family starts drove much of the monthly increase, indicating that builders are cautiously ramping up production to meet persistent inventory shortages in the resale market,” said Danushka Nanayakkara-Skillington, NAHB’s assistant vice president for forecasting and analysis.

“While this is an encouraging sign, the pace of construction is likely to remain measured as builders continue to navigate elevated financing costs and labor availability.”

The Trump administration has taken various measures to improve housing affordability.

In late April, the Department of Housing and Urban Development (HUD) and the Department of Agriculture revoked a policy on energy standards for newly built single-family and multifamily homes.

If the standards were enforced, home construction costs would have risen by $20,000 to $31,000, HUD said. This could have pushed many first-time buyers out of the housing market.

Last month, HUD announced that the Federal Housing Administration has joined with Fannie Mae and Freddie Mac to implement new mortgage credit score models that seek to make home buying more affordable.

“This historic move is intended to lower costs for the American people after years of rising prices under the status quo credit score system,” the department said.

Supposed monetary hawk Kevin Warsh, who was officially sworn in as the 17th Fed Chair earlier this week, will now face the dilemma of staying true to his hawkish roots or caving to his unabashed high-rate hating President. That is, of course, unless there’s a deeper plan at play…

Last night, Cornell professor Dave Collum hosted Michael Lebowitz and Stephanie Pomboy for a deep dived into ‘How F***ed Markets Are’ where Dave posited the theory that Warsh man be a demolition man for a managed crash.

Collum and co. also talked about the insane disconnect between the economy and financial markets… and why Pomboy has increasingly abandoned financial assets altogether in favor of gold and hard assets.

Dave’s Fed truther theory and other highlights from last night below:

Retail Retards

Collum warned that modern markets have become completely detached from traditional valuation discipline… but that reality will eventually set in.

“It’s my assertion that probably greater than 50% of the investors in the world don’t understand what valuation means… Everything’s a Bitcoin price now.”

Standard valuation metrics have compounded roughly 4% annually for 45 years and are now firmly in “the nosebleed section,” yet “nobody cares,” per Collum.

Classic warning indicators are now near historic extremes. Lebowitz noted that “CAPE is near its all-time high. It’s above the 1929 level and just short of the dot-com level.” He argued the bigger danger may actually be hiding in supposedly “safe” stocks like Walmart and Costco.

Pomboy has opted out of the mania altogether. How? Real assets.

“Markets can go on longer than you can remain solvent betting against it…. I finally just sort of resigned myself to buying gold… At the end of the day I have been outperforming those markets by only gold.”

pic.twitter.com/BZb2DCgWxn

— ZeroHedge Debates (@zerohedgeDebate) May 15, 2026

Why Warsh?

Collum posed the question of Kevin Warsh as Trump’s Fed Chair pick. Trump regularly announces that interest rates are too high and yet picks the ostensible hawk of the bunch to lead the Fed? But that may be a facade, according to Lebowitz:

“I think Kevin Warsh and Jerome Powell are the same guy.” 

Lebowitz argued that the market may be projecting qualities onto Warsh that simply are not real. He acknowledged that Warsh currently sounds tougher, but there’s no way he’s gonna cut rates. “I thought he may come in and try to do 25 just to appease the president. There’s no way he could do that after the CPI and PPI data we had this week.”

Every Fed chair talks tough before markets crack (Greenspan was an Austrian/Ayn Rand-adjacent philosopher prior to his reign of easy money).

“Warsh was there in 2008, ’09 when they were introducing QE,” Lebowitz added. “Powell came off as very austere until the COVID hit the fan.”

Collum floated the darker theory that Warsh may have been chosen precisely because he is viewed as credible enough to oversee a painful reckoning. “What if Warsh’s assignment is ‘we need someone with the guts to usher this sucker down?’”

pic.twitter.com/EPHK6jCTEL

— ZeroHedge Debates (@zerohedgeDebate) May 15, 2026

Check out the full debate for their deep dive into the ticking timebomb that are private credit markets and more. Also available on YouTube and Spotify.

https://t.co/VzsW6va0Px

— zerohedge (@zerohedge) May 14, 2026

Authored by Mary Prenon via The Epoch Times (emphasis ours),

As artificial intelligence continues to permeate everyday life, the data centers needed to support the burgeoning technology are popping up across America – many close to residential areas. More than one-third of Americans now live within a few miles of at least one data center.

That proximity means many development projects are not going smoothly, as residents raise questions about the unknown effects on their resources. Both residents and developers who spoke to The Epoch Times pointed to transparency as a key issue.

The developers also said they are working to address residents’ concerns at the planning stage, adding safeguards to reduce water and energy requirements.

Meanwhile, grassroots opposition to data centers is gaining momentum going into the 2026 elections.

Built in Clusters

The United States currently has more than 3,100 data centers in operation and more than 1,800 in various stages of development, according to data provided by infrastructure intelligence and mapping platform Data Center Map.

Virginia, Texas, and California lead the nation in the number of data centers, according to the data. Virginia alone has a combined total of 711 currently operational, under-construction, and planned centers. Texas has a combined total of 544, and California, 333.

These data facilities are typically massive buildings housing information technology infrastructure, data-storage systems, and networking and processing equipment. They also require power subsystems, backup generators, and HVAC and cooling systems to prevent hardware from overheating.

According to a recent Pew Research Center analysis, 87 percent of existing data centers are located in urban regions, while 67 percent of planned data centers are targeted for construction in rural areas.

The analysis also reveals that 38 percent of Americans currently live within five miles of at least one operating data center.

“These structures tend to be built in clusters: Nine in 10 data centers are within five miles of another one,” the report notes. “As a result, a majority of Americans who live near one data center also live near at least one more.”

‘Wait a Minute’

According to Data Center Watch, community opposition to data centers is surging nationwide, shifting from individual zoning disputes into a national political force.

An estimated $152 billion in potential investment was blocked or delayed in 2025, including $98 billion in the second quarter alone—more than all disruptions combined since 2023 and affecting 20 projects, the research organization’s data show.

The activity accelerated sharply in the third and fourth quarters, with hundreds of activist groups across 42 states organizing to block the construction or expansion of data centers toward the end of the year.

“We came together and said no, and I’m very proud of the outcry of average citizens to say ‘wait a minute’ before going ahead with this,” Danei Edelen, who heads up the grassroots group Southern Ohio Responsible Development (SORD), located in Brown County, told The Epoch Times. Her hometown of Mount Orab, about 40 miles east of Cincinnati, is the latest target for a hyperscale data center.

Members of Southern Ohio Responsible Development pose with a sign opposing a planned data center in Mount Orab, Ohio, in March 2026. Mount Orab, about 40 miles east of Cincinnati, is the latest target for a hyperscale data center. Courtesy of Danei Edelen/Southern Ohio Responsible Development

“Some of these centers can use up to 5 million gallons of water, which is equivalent to a small town,” Edelen said. “As for the noise, it can be like having a motorcycle running 24/7.”

The group also has concerns about health hazards that could result from possible air pollution, water contamination, or exposure to high-voltage electricity.

With influence from SORD and other Brown County residents, the local government recently issued a six-month moratorium on the project, which could potentially encompass nearly 1,200 acres.

In an aerial view, the Elemental Critical Data Center facility is seen in Austin, Texas, on April 8, 2026. Virginia, Texas, and California lead the nation in the number of data centers, according to data provided by infrastructure intelligence and mapping platform Data Center Map. Brandon Bell/Getty Images

Clayton Tucker, secretary of the Texas Farmers Union and Democratic candidate for Texas agriculture minister, said he’s concerned about insufficient water for irrigation.

“It can cost up to $40,000 to drill for a new well, and some of these centers are water hogs, using incredible amounts of water here in the Dust Bowl,” he told The Epoch Times.

He said water levels in some wells in the state have already dropped by 25 feet.

Tucker also worries about the escalation of utility bills.

“Some of these centers are like building an entire new city, and power usage is expected to triple or quadruple by 2032,” he said.

Tucker has spoken with farmers in other states who have seen a recent influx of data centers.

He noted that although state and federal governments have had little involvement, local governments have been sensitive to their concerns. Action by several bipartisan city councils has managed to pause plans for data centers in Athens and San Marcos, Texas.

“Our main goal is to delay these projects and wait for better technology,” Tucker said. “Having centers that use no water and computer chips that use a fraction of the power with little or no noise would resolve a lot of resource issues.”

SORD is ready to go one step further by proposing a state constitutional amendment that would ban hyperscale data centers. The group is working to gather 413,000 valid signatures to qualify for a ballot measure in the next election.

The Biggest Problem

Jennifer Dunphy, public health consultant and author of “The Toxin Handbook,” told The Epoch Times that plans are already on the books for a new large data center within five miles of her home in Orange County, California. Her concern is more about what these centers could transform into for the future.

“The big question is about where these centers are headed,” she said. “As they need more and more power and resources, they’ll grow and become more complex, possibly adding health effects in the future.”

Currently, she noted, there’s no evidence directly linking data centers to any specific health effect, but there are concerns about electromagnetic fields and air pollution affecting people with co-morbidities such as chronic obstructive pulmonary disease, asthma, and certain heart conditions, or the elderly.

Dunphy also believes the likelihood of water contamination from data centers is slim.

“I would be more worried about petrochemical or manufacturing centers producing chemical runoffs,” she said. “Then it becomes more of a concern.”

The biggest problem, she noted, is that there have been no large-scale studies about data centers and their impacts on local communities.

“We don’t know enough about these to have them in our backyard,” she said. “And no, I am not in favor of a data center near my home.”

Edelen said her group is not against responsible development.

“We just want more time to study the impact this may have on the community,” she said.

Emma Cox is the chief commercial officer for ClimeCo, a Houston-based global environmental advisory and decarbonization firm helping builders develop more responsibly by reducing carbon emissions and greenhouse gases.

“Data centers are going up incredibly quickly, and my caution is that some developers are not considering responsible growth,” she told The Epoch Times. “As a result, I believe both the environment and human health could suffer.”

The Texas Farmers Union seeks more openness and honesty when data centers are proposed.

“A lot of times, developers don’t tell you the whole truth,” Tucker said.

A local resident holds a sign during a public meeting in Canaan Valley, W. Va., on June 30, 2025. Data centers’ large power consumption and water use remain top concerns for residents when new projects are considered. Ulysse Bellier/AFP via Getty Images

A Redfin-commissioned, Ipsos-conducted survey found that 47 percent of residents object to the construction of AI data centers in their neighborhoods, while 38 percent support the projects.

The survey also showed that younger Americans are more likely to support building data centers in their “backyard.” Politically, 49 percent of Republicans and 36 percent of Democrats support the construction of data centers.

‘A Convenient Scapegoat’

Daren Shumate, CEO of Shumate Engineering in Tysons, Virginia, has been involved in data center construction since 1998.

“From a developer’s viewpoint, there are two major requirements for site selection of data centers: ample power availability and the local jurisdiction that will allow you to build,” he told The Epoch Times.

While he acknowledged that these mega centers are water- and energy-intensive, he said safeguards are being built into plans for new facilities.

“Data centers are a convenient scapegoat when it comes to issues concerning water and power,” he said. “Many of the newer centers are now relying on air-cooled chillers or refrigeration as opposed to evaporative water systems and cooling towers. Those designs call for very low water usage.”

Substations and transformers are seen at a Digital Realty data center in Ashburn, Va., on Nov. 12, 2025. Daren Shumate, whose company has worked in data center construction for decades, said new facilities are being built with water-saving designs and energy safeguards. Andrew Caballero-Reynolds/AFP via Getty Images

As a result, he said, a data center should have little effect on a community’s water supply or water rates.

Regarding power supply, Shumate said electricity usage varies depending on the size of the data center. It can range from 10 megawatts for smaller facilities to 200 megawatts for hyperscale centers, typically operated by Big Tech firms such as Microsoft, Amazon, Apple, and Oracle.

In some cases, these centers require additional buildings for cooling and other operations, often requiring another 100 megawatts per building, Shumate said.

“Unlike a regular office building that usually runs from 8 a.m. to 5 p.m., a data center operates 24 hours a day and seven days a week. You turn it on and never turn it off,” he said.

While acknowledging concerns about power grid failures, Shumate said developers are taking steps to mitigate them.

“Most large data centers are now required to have back-up battery systems that will provide an uninterrupted power supply, and these batteries are constantly charging,” he said. “That means the centers won’t be putting any extra strain on the power companies when an outage occurs.”

Shumate also believes the expansion of data centers will have minimal effect on utility rates for local consumers.

“Local utility firms will be earning a huge amount of money from these centers, which they can use to improve their infrastructure without adding to consumer bills,” he said. “Better design techniques using LED lighting, insulation, windows, and other materials are designed to stabilize data center electricity usage.”

He also noted that many developers are establishing building criteria to ensure data centers are not located adjacent to schools or residential properties.

“While mechanical units can produce noise, developers can design systems to mitigate the data center noise,” he said.

Harry Sudock, chief business officer of CleanSpark, a Las Vegas-based data-center developer, has handled land acquisition and data center construction for nearly 40 years.

“Power availability and speed to delivery are actually more important than land prices when choosing a location,” he told The Epoch Times. “We also look for areas where there’s already a significant amount of electrical infrastructure in place, including former manufacturing hubs.”

Read the rest here…

Prompt Brent/WTI crude nearby futures increased by 5/7% week-over-week to $105/101 as flows through the Strait of Hormuz remained very low and on limited signs of progress on a US-Iran deal.

Meanwhile, as global oil inventories collapse at a record pace yet sliding Chinese demand and strategic releases from Beijing keep crude prices relatively stable, Goldman writes that the US gasoline market has become very tight, with inventories drawing at a rapid average pace of 0.7mb/d since April 1st to 5% below their historical seasonal median this week.

This has been driven by a combination of:

Surging net exports demand. US gasoline net exports are up 0.34mb/d year-over-year (4-week average) 

Resilient domestic demand. Gasoline demand is resilient at just 0.2mb/d below its year-ago level (no demand destruction yet) and we are now entering the summer driving season.

Price incentives to shift production to distillates. Strong jet fuel and diesel margins are incentivizing refineries to increase yields of those products. 

On the pricing side, wholesale gasoline prices in the US are approximately 15% ($21/bbl) higher than in Asia and Europe (Exhibit 1 above), and US retail prices are just $0.5/gal below their all-time high.

Goldman says that while it’s not the bank’s base case, the probability of US oil export restrictions likely rises with US retail gasoline prices. 

Turning to oil, the IEA estimates in its latest Oil Market Report (OMR) an April deficit of 5.3mb/d, suggesting that the deficit may be less large than most had estimated last month, driven by:

Slightly lower IEA demand. Since the beginning of the crisis, the IEA has cumulatively (May – Feb OMR) downgraded its estimate of April demand by 3.1mb/d to 100.4mb/d (vs. a slightly smaller downgrade of 2.9mb/d in Goldman’s balance).

By product: Net cumulative downgrades by the IEA were largest (in mb/d terms) for LPG and ethane (11%), naphtha (13%), and jet and kerosene (7%) for which Goldman has also been seeing the highest risks of scarcity of supply. 
By region: Net cumulative downgrades were largest for the Middle East (11%), China (5%), EM Asia ex China ex India (5%), and OECD Asia Oceania (7%). Notably, the IEA upgraded US demand from last month’s OMR by 0.5mb/d on resilient diesel and gasoline demand.

Less large IEA drop in Middle East Supply. The IEA estimates Gulf (defined as Iran, Iraq, Kuwait, Qatar, Saudi Arabia, UAE) crude supply in April at 15.0mb/d, which is 4.0mb/d higher than the previous Goldman balance estimate (11.0mb/d) and 1.2mb/d higher than OPEC secondary sources (13.8mb/d).

The IEA supply beat was driven primarily by Iran and the UAE, likely reflecting less binding storage constraints than expected due to untrackable storage capacity.

The IEA reports that SPR releases from IEA countries averaged 2.1mb/d in April (but picked up significantly in the second half of the month). This has been a significantly larger offset for crude than for refined products — of the 90mb of total government inventories released since March 11th, 82mb are crude oil, while only 8mb are refined products.

US production in 2026 Q1 also surprised to the upside, with the modest beats concentrated in oil production by E&Ps (+2.1%) and liquids production by majors (+1.3%).

More in the full Goldman oil tracker note available to pro subs.