From the NAR: NAR Pending Home Sales Report Shows 0.4% Decrease in July

Pending home sales decreased by 0.4% in July from the prior month and rose 0.7% year-over-year, according to the National Association of REALTORS® Pending Home Sales report. ...

Month-Over-Month
0.4% decrease in pending home sales
Declines in the Midwest and Northeast; essentially flat in the South; gains in the West

Year-Over-Year
0.7% increase in pending home sales
Increase in Midwest and South; decline in Northeast and West
emphasis added

Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in August and September.

From the BEA: Gross Domestic Product, 2nd Quarter 2025 (Second Estimate) and Corporate Profits (Preliminary)

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the second quarter of 2025 (April, May, and June), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.5 percent.

The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports.

Real GDP was revised up 0.3 percentage point from the advance estimate, primarily reflecting upward revisions to investment and consumer spending that were partly offset by a downward revision to government spending and an upward revision to imports.
emphasis added

Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 1.4% to 1.6%. Residential investment was revised down from -4.6% to -4.7%.

The DOL reported:

In the week ending August 23, the advance figure for seasonally adjusted initial claims was 229,000, a decrease of 5,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 235,000 to 234,000. The 4-week moving average was 228,500, an increase of 2,500 from the previous week's revised average. The previous week's average was revised down by 250 from 226,250 to 226,000.
emphasis added

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 228,500.

The previous week was revised down.

Weekly claims were below the consensus forecast.

The post The EU, Canada, China Grand Alliance appeared first on CEPR.

My morning train WFH reads:

• How America’s 1% came to dominate stock ownership: Market’s tenfold gain since 1990 mostly has gone to the richest part of the population. (Financial Post) •

• The Lisa Cook Case Could Be the Whole Ball Game: If the Supreme Court lets Trump replace Cook with a loyalist, he might soon achieve a full-blown takeover of the Federal Reserve. (The Atlantic) see alsoTrump just did the one thing the Supreme Court said he can’t do: Trump’s decision to fire Federal Reserve governor Lisa Cook is a test of the Republican justices’ submissiveness. (Vox)

• In Which I Return to ETF.com: It’s weird, because ETF.com has been built, sold, remodelled and reconfigured about a half dozen times since then, with pieces of the business ending up everywhere from FactSet Data Systems to CBOE global markets, and yet the brand remains a central pivot-point for the ETF ecosystem. (Nadig.com)

• How People Invested Before The Internet Was A Thing: Let me tell you what investing was like for retail investors before the internet changed everything. (The Onveston Letter)

• Data, Custom Indexing Reshape Public Equity Portfolios: Investors are increasingly seeking to customize their investments to their specific mandates. (Chief Investment Officer)

• Some debts aren’t worth paying back. Ever heard of ‘zombie debt’? (Washington Post)

• Fearing Customs Chaos, DHL Joins Others in Suspending U.S. Shipments: The halt by one of the world’s largest couriers comes after President Trump eliminated an exemption on tariffs levied on imported goods valued under $800. (New York Times) see also The Real Reason Americans Worry About Trade: Behind the pushback to global trade is a deep economic anxiety that a meager social safety net has caused in the United States. (New York Times)

• Invasive Beasts of the Florida Wild. Iguanas and pythons are everywhere in the state. One Instagram-famous hunter is out to stop them. (Businessweek)

• Young Voters Who Swung Right Are Already Regretting It: Trump convinced voters under 35 — especially men — to give him a chance. They are souring on what they see. (Bloomberg)

• Photos show revelers taking part in Tomatina, the tomato-throwing festival in Spain: This year marks the 80th anniversary of the eye-catching Tomatina festival in which people fling overripe tomatoes at each other. Lore says it began in 1945 for local children but these days it draws an international crowd. (AP News)

Be sure to check out our Masters in Business this week with Mark Zandi, chief economist of Moody’s Analytics, a subsidiary of Moody’s Corp. Dr. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005. He currently hosts the “Inside Economics” podcast.

 

The “Sell America” Trade Was Basically Only in April

Source: Apollo

 

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

Ukraine To Allow More Young Men To Leave, Despite Manpower Crisis

Ukraine is poised to lose yet more manpower, as every young man of ability or means will likely seek to flee instead of being forcibly recruited into the military when they become eligible.

Ukrainian media is confirming a major change in the country's wartime martial law policies: "Ukraine’s Cabinet of Ministers has revised travel rules and allowed men aged 18 to 22 to cross the border, Prime Minister Yulia Svyrydenko said on Telegram on Aug. 26."

Source: Unicef

Up until now, men who were aged 18 to 60 have been prohibited from leaving the war-ravaged nation since the start of the full invasion of February 2022, though with some rare exceptions.

While men aged 25 to 60 can be conscripted into the military and sent to the front lines, men 24 and under still cannot. This has been hugely controversial as even US members of Congress have complained that Washington is sinking billions into the war effort against Russia, and Kiev won't even tap into its most eligible fighting-age demographic.

But if men aged 18 to 22 are now permitted to cross the border - they likely will and in droves, especially as they get closer to the age of conscription, and given the grinding war doesn't look to abate anytime soon.

The New York Times has explained some of the reasoning for the change as follows:

Over the last three years, many families sent their teenage sons out of the country before they turned 18, to avoid having them eventually conscripted into what has become a grinding war of attrition with high casualty rates.

Announcing the change on Tuesday, Prime Minister Yulia Svyrydenko said the change would allow young men to travel and study abroad without feeling that they had to leave to avoid the draft. “We want Ukrainians to maintain as many ties with Ukraine as possible,” she said.

Looming heavy in the backdrop is that over in Donetsk and now Dnipropetrovsk region Russian forces have been making steady gains, forcing a slow Ukrainian retreat. Also, recruitment and conscription methods have continued to be harsh.

Recent Western media reports have begun picking up on the increasingly ineffective, wasteful tactics of Ukrainian military commanders.

For example, soldiers interviewed by the The Wall Street Journal earlier this month described large-scale meatgrinder type tactics of blindly being sent on suicidal frontal assaults while officers are being denied permission to withdraw from dangerous positions.

The consistent commentary on the war has long been that while Russia might have the manpower to do these old 'war of attrition' tactics, Ukraine certainly does not.

Tyler Durden Thu, 08/28/2025 - 02:45

Orbán Claims Vindication After Merz Warns German Welfare State Is Unsustainable

Authored by Thomas Brooke via Remix News,

Hungarian Prime Minister Viktor Orbán said he felt vindicated in his economic strategy after German Chancellor Friedrich Merz admitted in a landmark speech that Germany’s welfare state can no longer be financed at current levels.

“The German Chancellor’s speech confirms everything that we Hungarians have done in the economy over the past 15 years,” Orbán wrote in response to Merz’s address in Osnabrück on Saturday.

“The Western welfare state is bankrupt, so it was right for us to switch to a labor-based economy in 2010.”

Orbán argued that while Germany is only now waking up to the crisis, Hungary anticipated it and acted accordingly.

“It was right to stand on more legs and start the Eastern opening. It was right to embrace the most advanced Chinese technology, it was right to lead Europe in electromobility, it was right to maintain economic cooperation with Russia, it was right to stick to cheap Russian energy sources, and it was right to support Donald Trump against migration and for peace,” he said.

He contrasted Hungary’s “nation-building” approach with Germany’s belated “crisis management.”

“Our perspective is nation-building: tax revolution, own home, 10-year development plan. What a difference! We fight for the truth! We fight against lies!” Orbán declared.

In Osnabrück, Merz acknowledged the depth of Germany’s problems.

“The welfare state as we have it today is no longer financially viable with what we are achieving economically,” he said.

The warning follows growing concerns over bankruptcies, rising unemployment, and inflation risks.

Migration has become a central factor. Figures from the Federal Employment Agency last year showed that of the 4 million employable people on social benefits, more than 2.5 million have a migration background, nearly 64 percent.

Bild also reported that almost half of Germany’s €17.68 billion housing support budget for 2024 has gone to foreigners.

Yet despite the mounting strain, Remix News reported earlier this month that Germany’s Federal Employment Agency was continuing to promote the “citizen’s benefit” (Bürgergeld) welfare system to migrants.

A section of its website, written in English for “people from abroad,” featured smiling models — including a woman in a hijab — and promised financial support for migrants unable to cover living expenses.

Read more here...

Tyler Durden Thu, 08/28/2025 - 02:00

Stop Imagining Dystopia: We Can Create A Garden Of Eden Future

Authored by Mollie Engelhart via The Epoch Times,

Look around at the stories we’re told about the future—on television, in movies, in books. Almost all of them are dystopian. Controlled cities, collapsing ecosystems, machines overtaking humans. Positive visions are so rare they feel almost radical. What if that’s not accidental? What if our thoughts, speech, beliefs, and actions—all of which shape the reality we live in—are being coached toward imagining collapse?

When we are constantly fed visions of destruction, it narrows the scope of what we think is possible.

And when we can’t imagine anything beyond dystopia, we stop building toward anything better.

When I first understood the power of regenerative agriculture, something shifted.

For the first time in years, I felt genuine hope.

That hope was strong enough to push me to change my entire life.

I left behind comfort and convenience and stepped into farming. It did not happen overnight, and I had no idea how difficult it would be. But here I am, living a life for a better future for my children—and doing it publicly so others can see it’s possible.

We do not have to allow our food supply to be consolidated into the hands of a few corporations.

We do not have to be corralled into “15-minute cities” or plugged into machines. And we do not have to worship efficiency when it leaves us with less family, higher costs, and no time.

We can choose another path.

But it starts with refusing to accept the stories of inevitable collapse we are being sold.

At my ranch, guests come to spend the night in one of our tiny homes, to enjoy a meal at the restaurant, or to walk the land with me on a farm tour. They look out on fields teeming with life in ways most modern farms are not. They see animals, soil, and people in right relationship. They taste food that was grown a few steps away, and they begin to understand the difference. They carry that vision home with them—the ripple effect of realizing something else is possible.

That is why I invite people to stop rehearsing dystopia and start imagining futures of abundance. A future where the American farm is restored. Where our soil and water are alive and clean. Where our food system nourishes our bodies instead of depleting them.

I see movies like “The Terminator” as a warning—but a warning nobody is heeding. Instead of paying attention, we rush to connect our minds to chips and automate every corner of life, pretending those stories were just fiction. And efficiency, which is constantly sold to us as salvation, has become its own trap. In a world where everything is more efficient than ever before, why are we busier, more stressed, and stretched thinner than ever—like rats in a wheel just trying to pay the bills? Shouldn’t efficiency bring costs down and free up more of our time? Instead, the opposite has happened. As machines and systems become more efficient, human life becomes more expensive. Families have less time together. Children are raised by screens. People are burned out, isolated, and exhausted. Efficiency without wisdom doesn’t free us; it enslaves us.

The question people always ask is, how do we do this? How do we actually build a different future?

There is no single answer.

But every one of us has the opportunity to co-create that future and take steps toward it. And all of those small steps, combined, can create a grand shift. Some will buy land and return to an agrarian lifestyle. Others will commit to buying only from local farms and eating the “small farm diet.” Some will use their influence to shift culture in that direction. Others will use their money to help entrepreneurs start businesses that move the needle. Every action has a reaction. Every reaction has a ripple effect. And we the people have the power—if we wield it with our dollars, with our minds, and with our words.

It is time to remember who we are—not controllers of the Earth, and not cogs in a machine, but caretakers of a garden.

We can choose a future that is abundant, human, and aligned with nature. Not a dystopia, but something more like the Garden of Eden. Let’s stop merely imagining futures of abundance—and start building them together.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Wed, 08/27/2025 - 23:25

Federal Government To Take Over DC's Union Station

Federal officials will take over the management of Washington’s Union Station, which Amtrak now runs.

Amtrak is a federally chartered corporation operating as a for-profit entity, with the U.S. government as its controlling shareholder.

As Jackson Richman reports for The Epoch Times, Transportation Secretary Sean Duffy announced the takeover during an event celebrating the launch of Amtrak’s NextGen Acela trains.

“He wants Union Station to be beautiful again,” Duffy said of President Donald Trump.

“He wants transit to be safe again, and he wants our nation’s capital to be great again.”

Duffy said that the move is not a power play, noting that the Department of Transportation has owned Union Station since the early 1980s.

“We’ve always had it, but we think that we can manage the property better, bring in more tenants, bring in more revenue,” he said.

“And that revenue is going to allow us to make investments in this beautiful building. It needs investments.

“It’s been, I think, neglected for decades, and it’s showing its age. And again, we want to make this place beautiful, and the premier train station, not just in America, but the premier train station in the world. And that takes money.”

Amtrak introduced its new line of Acela trains, which are high-speed and travel across the northeast United States.

“The launch of the new Acela is a critical starting point as we work to improve travel for millions of Americans,” U.S. Deputy Secretary of Transportation Steve Bradbury said in a statement.

“Our nation’s capital should be putting our best foot forward.”

Amtrak President Roger Harris said,:

“Acela is synonymous with American high-speed trains, and today marks a new era of next-generation service,“ adding that ”the future of high-speed rail starts now.”

Likewise, Amtrak Board Chair Tony Coscia said in a statement:

“From the moment our guests step onboard, they’ll feel the difference of a NextGen Acela train thanks to a more modern, premium, and elevated experience.

“We are grateful for Secretary Duffy and Deputy Secretary Bradbury’s support on the project, and for helping it get over the finish line so Northeast Corridor residents and visitors can enjoy a whole new way to travel.”

National Guard troops have been stationed outside Union Station, which is close to the Capitol, as the Trump administration has looked to crack down on crime in the District of Columbia.

This has included a federal takeover of the Metropolitan Police Department.

Duffy said robberies are down 52 percent in the district, while carjackings are down 38 percent. Overall, he said, violent crime has decreased by 40 percent.

Tyler Durden Wed, 08/27/2025 - 23:00

The Endgame Of The Ukraine War: Two Possible Scenarios

Authored by Prof. Ruel F. Pepa via GlobalResearch.ca,

The ongoing conflict in Ukraine has captured the attention of the entire world, drawing concern, debate, and urgency from policymakers, analysts, and citizens alike.

Despite widespread awareness and ongoing efforts to seek a peaceful resolution, the ultimate outcome of this war remains shrouded in uncertainty. As the fighting persists and the stakes continue to rise, it becomes crucial to carefully examine the possible trajectories that could lead to the war’s conclusion.

In doing so, two stark and contrasting scenarios stand out as the most plausible, each representing a radically different path forward.

These scenarios are not merely hypothetical; they carry profound implications not only for Ukraine and its immediate neighbors but also for the broader stability of Europe, the security of NATO countries, and the global geopolitical order. Understanding these divergent possibilities is essential for anticipating future developments and for shaping diplomatic and strategic responses aimed at preventing further escalation or catastrophe.

Scenario One: Acknowledgment of Defeat and Surrender by the West

The first possibility hinges on a sobering and potentially unsettling reality: the Western alliance of the United Kingdom, the European Union, NATO, and the United States should finally recognize the reality that they have tragically lost the fight against Russia in Ukraine. This recognition would not be made lightly; rather, it would be the result of a combination of factors such as prolonged conflict, mounting casualties, significant resource depletion, and diplomatic fatigue that have eroded Western resolve and capacity to sustain their current level of support. Ultimately, this scenario would necessitate a formal acknowledgment of defeat, leading to a strategic and possibly humiliating surrender, signaling an end to their worthless military and political efforts to oppose Russian advances.

Such an outcome implies that the West’s military interventions, economic sanctions, and diplomatic efforts have failed to change the fundamental dynamics on the ground. The prolonged conflict, with its heavy toll on both human lives and national resources, would have culminated in a consensus that further confrontation is futile or counterproductive. Recognizing defeat would most likely lead to negotiations, compromises, and concessions that could reshape the territorial and political landscape of the region. This could include the recognition of Russian-controlled territories as part of Russia, or a negotiated settlement that cedes significant influence to Moscow.

This scenario would also entail a vital shift in regional alliances and borders, marking the end of Ukraine’s aspirations for full integration into Western institutions. It would result in a realignment of security arrangements and a recalibration of Western policies towards Russia, which would finally acknowledge Russia’s renewed regional importance and influence. Ultimately, this outcome would bring an end to active hostilities and redefine the balance of power in Europe and beyond. The global order would see a shift towards a more multipolar world, where Russia’s enhanced position influences international diplomacy and security policies for years to come.

Scenario Two: A Devastating Russian Non-Nuclear Strike

The second more provocative and alarming possibility involves Russia resorting to the use of its advanced non-nuclear weapon systems, specifically the deployment of the non-nuclear version of the Oreshnik missile system, targeting Ukraine and one aggressive NATO member country such as Germany, France, Poland, or the UK, thereby achieving a decisive and devastating victory over western aggression. This aggressive attack would be designed to inflict maximum destruction and psychological shock.

This scenario assumes that barring the possibility of the West’s surrender, Russia’s only remaining option is to escalate the conflict by deploying such a formidable weapon to indiscriminately obliterate Ukrainian infrastructure and military targets. The use of a weapon like the Oreshnik which is indubitably recognized as a highly destructive missile capable of delivering a significant payload over long distances would mark a new and dangerous phase in the conflict, aimed at delivering a crushing blow to Ukraine’s military capacity and civilian infrastructure.

The implications of such an act are profoundly chilling. It would signal a willingness by Russia to cross the threshold into large-scale destruction, possibly as a show of strength or as a means to force Western powers into concessions.

Importantly, Russia’s use of such devastating weaponry is intended not only to break Ukraine’s resistance but also to test the resolve and limits of Western alliances. It will serve as a strategic warning, demonstrating that Russia is willing to unleash destruction on a scale that could also threaten member states or their interests, thereby challenging the post-Cold War security architecture of Europe.

Crucially, such a strike on a NATO country could absolutely trigger a wave of terror and paralysis across Europe. The severity and immediacy of the attack is aimed at inducing extreme fear among European nations, potentially leading to a strategic stalemate where retaliation becomes unthinkable, either due to the devastating consequences or the chaos that ensues.

This scenario hinges on the premise that Russia’s willingness to escalate to such an extent would effectively paralyze NATO and European responses, thereby ending the war through sheer overwhelming force and fear. Simply put, such an ultimate and decisive attack would cancel all the risks of hostility escalation and broader conflict thereby inaugurating and guaranteeing global peace and security once and for all.

Potential Outcomes of the Ukraine Conflict: Pathways Toward Peace or Catastrophe

Both scenarios underscore the deeply complex and perilous nature of the Ukraine conflict, illuminating the wide spectrum of potential outcomes and the profound risks involved.

The first scenario suggests a geopolitical recognition of defeat by the West, i.e., the EU, the UK, the US, and NATO, that leads to negotiations, compromise, and a reconfiguration of regional and global power dynamics. Such an outcome will pave the way for a new geopolitical order based on diplomacy, stability, and the respect of national sovereignty thereby ending the hostilities through a negotiated settlement that preserves some degree of stability and prevents further bloodshed. This scenario emphasizes the importance of diplomatic engagement, patience, and international cooperation in steering the conflict toward a peaceful resolution, even amid ongoing hostilities.

In stark contrast, the second scenario presents a terrifying and catastrophic possibility: that the conflict escalates into extreme destruction through heightened military measures, including the use of devastating conventional or non-nuclear weapons. This path would likely result in widespread demolition and massive civilian casualties. The prospect of such escalation underscores the dangerous brinkmanship and the extremely damaging potential inherent in modern warfare, where the line between conventional and catastrophic action can become dangerously blurred. It highlights the urgent need for restraint, diplomatic dialogue, and international mechanisms to prevent the conflict from spiraling into a devastating, uncontrolled escalation that could have global repercussions.

Conclusion

As the war continues to unfold, the international community must grapple with these stark and contrasting possibilities, each representing a different endgame with profound and far-reaching consequences. The first offers a hopeful vision rooted in diplomacy and the potential for a peaceful resolution, while the second serves as a grim reminder of how escalation can lead to catastrophic destruction. The challenge lies in guiding the conflict toward the most desirable outcome: one that minimizes human suffering and preserves regional and global stability.

Ultimately, the hope remains for a peaceful resolution, ideally achieved through the formal surrender of the obvious losers, i.e., the EU, the UK, the US, and NATO, thereby preventing the horrific outcome envisioned in the second scenario. Such a resolution would require steadfast diplomatic efforts, international cooperation, and a shared commitment to peace. It is essential that all parties prioritize negotiations and constructive engagement to avoid the devastating consequences of escalation, ensuring that the conflict ends not in destruction and chaos, but in a way that safeguards human lives, regional stability, and global security. Only through such concerted efforts can the international community hope to steer the course of this conflict away from catastrophe and toward a sustainable peace.

Tyler Durden Wed, 08/27/2025 - 22:35

Las Vegas Tourism Falters As Prices Explode And Amenities Disappear

Over twenty years ago Las Vegas was still known as a place where you could lose your shirt gambling, but at least all the basic amenities made a weekend vacation cheap and fun.  Low cost hotel rooms, free transportation between casinos, complimentary drinks and cheap buffets are all disappearing; replaced by outrageous markups on even the smallest items.   

In the past, casinos and clubs focused on luring in tourists with subsidized comforts and making most of their profits through the gaming tables and slots.  Today, everything has changed.  Room prices have doubled in the span of five years.  A morning bagel can cost upwards of $12 or higher.  Cokes?  At least $4 per can.  Over $70 for valet parking.  The once legendary $10 all you can eat Vegas buffets?  All gone.  In some hotels a bottle of water at the minibar costs $26. 

Sure there's inflation, but it's also a systematic swindle.  What's the point of going to Vegas to empty your wallet on Black Jack and Roulette when the casinos won't even keep you fed?  The basic model for the city's economy has been turned upside-down and companies are trying to drain tourist cash through a nickel-and-dime model on comforts they can get at home for 10% of the cost.       

The result has been an 11% collapse in tourism year-over-year and Las Vegas officials are worried. 

Visitor volume and consumer spending are tumbling in America’s casino capital, and the local unemployment rate is hovering among the highest in the country for big metro areas.  Democrats in Vegas blame Donald Trump's mass deportation efforts and tariff's for "causing travel anxiety".  There's no tangible data to support these accusations.  As has been the case since the end of 2020, Democrat run cities suffer from exorbitant price increases across the board but somehow it's all Trump's fault. 

Not long ago average Vegas visitors had a wide range of incomes and many lower income tourists came to the area as an affordable alternative to overseas travel.  Today, the median income for tourists is over $93,000 a year; more than twice the national average.

While this might help to keep out the riffraff common to more affordable industries like cruise lines, it also deters the more ideal middle class demographic that was once the driver of the Vegas economy. 

Political leaders are now looking to a new bipartisan bill, the Apex Area Technical Corrections Act, to save the day. Signed into law by President Donald Trump, it could pave the way for economic diversification.  It allows federal land to be transitioned to industrial use, potentially bringing warehousing, manufacturing, and other factories to the North Las Vegas area.  

In any case, the old days of low cost Vegas comfort are gone, replaced by an inflationary fear and loathing that probably won't be undone for many years.  American havens for the middle class are drying up fast.    

Tyler Durden Wed, 08/27/2025 - 22:10

Christian Priests & Nuns Refuse To Leave Gaza City

Authored by Dave DeCamp via AntiWar.com,

Christian priests and nuns based in Gaza City will remain to help displaced people sheltering at two churches despite the Israeli military’s plans to conquer the city, the Latin Patriarchate of Jerusalem and the Greek Orthodox Patriarchate of Jerusalem said in a joint statement on Tuesday.

“At the time of this statement, evacuation orders were already in place for several neighborhoods in Gaza City. Reports of heavy bombardment continue to be received. There is more destruction and death in a situation that was already dramatic before this operation. It seems that the Israeli government’s announcement that ‘the gates of hell will open’ is indeed taking on tragic forms,” the Patriarchates said.

Via Anadolu Agency

Hundreds of civilians have been sheltering at the Holy Family Catholic Church in Gaza City and the nearby Saint Porphyrius Orthodox Church. Both churches have come under Israeli attack, including the recent IDF tank shelling of the Holy Family Church, which killed three Christians and injured Father Gabriel Romanelli, a Catholic priest from Argentina.

Nuns with the Missionaries of Charity, a congregation founded by Mother Teresa, have had a presence in Gaza since the 1970s and have taken care of disabled Palestinians at the church since well before October 7, 2023.

“Like other residents of Gaza City, the refugees living in the facilities will have to decide according to their conscience what they will do. Among those who have sought shelter within the walls of the compounds, many are weakened and malnourished due to the hardships of the last months,” the Patriarchates said.

“Leaving Gaza City and trying to flee to the south would be nothing less than a death sentence. For this reason, the clergy and nuns have decided to remain and continue to care for all those who will be in the compounds,” they added.

Israel’s plans for the takeover of Gaza City involve the forced displacement of more than one million Palestinians sheltering there. The idea is to push them into southern Gaza, and from there, the Israeli government wants to pressure them to leave Gaza altogether, as Israeli Prime Minister Benjamin Netanyahu and other Israeli officials have made clear their ultimate goal is the ethnic cleansing of the Palestinian territory.

According to numbers from the UN, at least 11,600 Palestinians have been displaced from north Gaza to southern Gaza since the Israeli military announced its plans to take over Gaza City and ramped up airstrikes and shelling of the city.

The Christian quarter of Gaza is under heavy attack from the nation state of Israel as of yesterday. The Al-Zaytoun neighborhood holds the last Christians alive in Gaza (almost entirely Orthodox and Catholics) and the last remaining Orthodox Church. Please pray. pic.twitter.com/hMsOp0VdHZ

— Theophan (@uncreated_light) August 25, 2025

“This is not the right way. There is no reason to justify the deliberate and forcible mass displacement of civilians,” the Patriarchates said. “It is time to end this spiral of violence, to put an end to war and to prioritize the common good of the people. There has been enough devastation, in the territories and in people’s lives. There is no reason to justify keeping civilians as prisoners and hostages in dramatic conditions. It is now time for the healing of the long-suffering families on all sides.”

Tyler Durden Wed, 08/27/2025 - 21:45

Florida Weigh Station Immigration Checks Serve As National Blueprint For Addressing Migrant CDL Crisis

About two weeks after an illegal alien truck driver made an illegal U-turn on a Florida highway, killing three Americans, Florida officials - responding to uproar from residents across the state and across the nation - will begin rolling out federal immigration checkpoints at all agricultural inspection stations. The move serves as a blueprint for other states to confront the migrant CDL crisis, which is not only a public safety threat but also a national security threat. Thank the Biden-Harris regime for the migrant CDL crisis that is killing Americans.

"There's no telling how many illegal aliens are in this country driving large commercial vehicles and putting American families in a safety risk every single day," Florida Attorney General James Uthmeier told reporters Monday during a press conference in Live Oak, a city north of Gainesville.

Uthmeier said his team is sending a letter to the U.S. Department of Transportation and the Federal Motor Carrier Safety Administration, urging the Trump administration to revoke the CDL license program authority and strip related federal funding from California and Washington. We have warned for many months that these sanctuary states handed out CDLs to migrants "like candy." 

"States like California and Washington ignored the rules, gave an illegal alien a license to drive a 40-ton truck, and three people are dead as a result," Uthmeier said, adding, "In response, we're supporting our Agricultural Law Enforcement and state police to ramp up inspections at state entry-points for illegal aliens who may be operating large trucks using out-of-state driver's licenses."

Last Thursday, U.S. Secretary of State Marco Rubio took decisive action to address the non-domiciled CDL crisis by "pausing all issuance of worker visas for commercial truck drivers" (read the note here).

Effective immediately we are pausing all issuance of worker visas for commercial truck drivers.

The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers.

— Secretary Marco Rubio (@SecRubio) August 21, 2025

Rubio's action at State comes shortly after DoT Secretary Sean P. Duffy told the nation that the horrific incident involving an alien truck driver in Florida killing three Americans "cannot happen again." 

This cannot happen again.

.@FMCSA is launching an investigation into both the driver and White Hawk Carrier.

Here’s what we know:

1. Washington State improperly issued the driver a full-term CDL. Asylum seekers or illegal aliens are NOT allowed to receive this!

2. New Mexico… pic.twitter.com/Qlf8T68IJz

— Secretary Sean Duffy (@SecDuffy) August 19, 2025

The issue Duffy and the Trump administration are discovering is that, under the Biden-Harris globalist regime's open-borders invasion, the previous administration had boasted about "reducing barriers" for people to obtain CDLs. Figures from the previous administration showed that nearly a million CDLs were handed out like candy in just a short period of time. 

American Truckers United - the leader in exposing this migrant CDL crisis - has previously warned that many of these CDLs issued under the Biden-Harris regime went to migrants, some of whom don't speak English and were employed by major trucking firms that served mega globalist corporations. 

Hence, the signs at Walmart:

And Amazon. 

And other trucking hubs. 

And remember, while traveling this holiday weekend, maintain full situational awareness on the highways for 80,000-pound big rigs operated by migrants who can't read English. It could save your life - and your family's.

Latest reporting on migrant CDL crisis:

• Advocacy Group Calls For U.S. Probe On Non-English Speaking Migrant Truck Drivers After Deadly Austin Crash

• Biden Handed Out CDLs Like Candy... Now U.S. Highways Are A Public Safety & National Security Nightmare

• Rolling Risk: Unvetted Migrants Behind The Wheel Of Big Rigs Threaten U.S. Safety & Security

• From North America To Australia, Migrant Truckers Are Fueling A Highway Safety Crisis

• English Trucking Rule Takes Effect, Federal Probe Begins Of Sanctuary State Migrant CDL Pipeline

• Letter Urges Transportation Sec. Duffy To Ban Foreign CDLs Amid Series Of Highway Crashes

• Highway Mayhem: Trucker From Sanctuary State Illinois Arrested After Baltimore Shooting Spree

• Walmart, Amazon Truck Depots Display Multilingual Signs, Raising Alarms Over Migrant Drivers With No English

• Watch: American Truckers United Issues Dire Warning On 'Unsafe' Highways Amid Flood Of Migrant Drivers, Crashes

• Florida Highway Horror: Migrant Truck Driver Leaves 3 Americans Dead Amid CDL Crisis

• Illegal Alien Behind Fatal Florida Big Rig Crash; Sec. Duffy Signals Major Action On CDL Crisis

• "This Cannot Happen Again": Sec. Duffy Readies Major Action Against Rogue States Amid Migrant CDL Crisis

• US "Pauses Issuance Of Worker Visas For Truckers" To Address Illegal Alien CDL Crisis Killing Americans

Red states will most likely follow Florida's lead by establishing federal immigration checkpoints at all trucking inspection stations.

. . . 

Tyler Durden Wed, 08/27/2025 - 21:20

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Thursday:
• At 8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for initial claims to increase to 236 thousand from 235 thousand last week.

• Also at 8:30 AM: Gross Domestic Product, 2nd Quarter 2025 (Second Estimate) and Corporate Profits (Preliminary). The consensus is that real GDP increased 3.0% annualized in Q1, unchanged from the advance estimate.

• At 10:00 AM: Pending Home Sales Index for July.  The consensus is for a 0.3% increase in this index.

• At 11:00 AM: the Kansas City Fed manufacturing survey for August. This is the last of the regional Fed manufacturing surveys for August.

'Secret Influence Operation' Exposed: Danish Foreign Minister Summons US Diplomat Over Greenland

Authored by Evgenia Filimianova via The Epoch Times,

Denmark’s foreign minister said on Wednesday that foreign interference in the relationship between Greenland and Denmark is unacceptable, after the country’s main broadcaster, DR, citing unnamed government and security officials as well as unidentified sources in Greenland and the United States, reported that at least three Americans with ties to the White House and U.S. President Donald Trump have been conducting secret influence operations in Greenland.

Foreign Minister Lars Løkke Rasmussen said in a statement that Denmark is aware that foreign actors continue to show interest in Greenland and its position within the Kingdom of Denmark.

“It is therefore not surprising if we experience outside attempts to influence the future of the Kingdom in the time ahead,” he said, adding that interference in Denmark’s internal affairs is unacceptable.

“In that light, I have asked the Ministry of Foreign Affairs to summon the U.S. chargé d’affaires for a meeting at the Ministry.”

The Epoch Times contacted the U.S. mission in Copenhagen, currently headed by Chargé d’affaires Mark Stroh, for comment but did not receive a response by publication time.

DR noted in its reporting that it had been unable to determine whether the men allegedly conducting the operations were acting independently or under orders and has not confirmed their names.

Rasmussen added that cooperation between Denmark and Greenland “is close and based on mutual trust.”

Strategic Importance of Greenland

Greenland, a semi-autonomous territory, controls its domestic affairs, while Denmark oversees defense and foreign policy. The island’s location in the Arctic makes it strategically important for monitoring North Pole security.

Trump previously proposed purchasing Greenland, an offer Denmark rejected. The U.S. president has said that U.S. control of the resource-rich island would bolster both national and international security, citing concerns about growing Chinese and Russian naval activity in the Arctic.

In March, U.S. Vice President JD Vance visited a U.S. Space Force base in Greenland, accusing Denmark of having “not done a good job by the people of Greenland.” The remark drew rebukes from officials in both Copenhagen and Nuuk, Greenland’s capital.

U.S. Vice President JD Vance and second lady Usha Vance eat a meal with soldiers at the U.S. military's Pituffik Space Base in Pituffik, Greenland, on March 28, 2025. Jim Watson/Getty Images

Greenland also hosts a key U.S. military installation equipped with space surveillance and missile warning systems. During Trump’s first term, his administration sought to deepen ties with Greenland as part of efforts to counter Chinese and Russian influence in the Arctic.

Security Service Warns of Influence Campaigns

The Danish Security and Intelligence Service (PET) said it believed that Greenland was currently a target for various influence campaigns aimed at creating divisions in the relationship between Denmark and Greenland.

The agency assessed that such efforts could be carried out by exploiting either existing or fabricated disagreements, “for example in connection with well-known individual cases, or by promoting or amplifying certain viewpoints in Greenland regarding the Kingdom, the United States, or other countries with a particular interest in Greenland.”

PET added that in recent years it had continuously strengthened its efforts and presence in Greenland in cooperation with local authorities, and that these measures would continue.

Closer US–Danish Military Ties

In June, Denmark passed legislation allowing the United States to station military bases on Danish soil, expanding a 2023 defense agreement that gave American forces wide access to Danish air bases.

Danish Prime Minister Mette Frederiksen defended the move, saying it was essential to strengthen ties with Washington rather than risk pushing the United States away.

Greenland and Denmark also announced in April that they would move to solidify their alliance amid repeated U.S. statements about Greenland’s future. The display of unity followed talks in Copenhagen between Greenlandic Prime Minister Jens-Frederik Nielsen and Frederiksen.

Tyler Durden Wed, 08/27/2025 - 17:40

FDA Revokes Emergency Authorization For COVID-19 Vaccines

The Department of Health and Human Services under Health Secretary Robert F. Kennedy Jr. revoked emergency authorization for COVID-19 vaccines.

"The emergency use authorizations for Covid vaccines, once used to justify broad mandates on the general public during the Biden administration, are now rescinded," Kennedy posted to X on Wednesday.

I promised 4 things:

1. to end covid vaccine mandates.

2. to keep vaccines available to people who want them, especially the vulnerable.

3. to demand placebo-controlled trials from companies.

4. to end the emergency.

In a series of FDA actions today we accomplished…

— Secretary Kennedy (@SecKennedy) August 27, 2025

The news comes as the FDA, which is part of HHS, announced the approval of the Pfizer-BioNTech COVID-19 vaccine for older adults and children as young as 5-years-old who have at least one condition that puts them at higher risk of severe COVID-19 outcomes, Pfizer said in a Wednesday statement.  

Regulators have issued similar approvals for COVID-19 jabs from Novavax and Moderna. 

HHS revoking emergency approval means that FDA clearance is no longer in place for some 240 million Americans, however "These vaccines are available for all patients who choose them after consulting with their doctors," Kennedy sai. 

As the Epoch Times notes further, per federal law, the FDA approves products it determines are “safe, pure, and potent.” Emergency authorizations, in contrast, can only be offered under certain circumstances, such as during a public health emergency, and are for products that officials believe “may be effective” in treating or preventing a life-threatening disease or condition.

Updated Approvals

Dr. Marty Makary, the FDA’s commissioner, and Dr. Vinay Prasad, its top vaccine official at the time, signaled the change in May, when they said that the FDA would stop approving COVID-19 vaccines for many Americans absent clinical trial data.

“The FDA can only approve products if it concludes, based on scientific evidence, that the benefit-to-harm balance is favorable. And we simply need more data to have that confidence for younger individuals at low-risk of severe disease,” Prasad said at the time.

In the United States, regulators in recent years have been authorizing updated COVID-19 vaccines annually in a bid to counter waning effectiveness and better match circulating variants. The model is based on the historical approach to influenza vaccines.

Regulators in 2024 cleared updated shots from Moderna, Pfizer, and Novavax without human data, citing animal tests and data from trials for previous versions.

Most Americans have not taken one of those COVID-19 vaccines. Just 13 percent of children and 23 percent of adults had received one of them as of April 26, according to the latest statistics available from the CDC.

Makary and Prasad also said they would continue approving updated versions of the COVID-19 vaccines for all individuals 65 and older, as well as younger people with one or more of the risk factors that increase the likelihood of severe COVID-19 outcomes. These approvals would be based solely on immunobridging data, or testing that shows vaccines trigger an antibody response against the disease.

Around that time, the FDA approved Novavax’s vaccine, previously under emergency use authorization, for people 65 and older, and for individuals ages 12 to 64 with at least one risk factor. More recently, the agency approved a new Moderna vaccine for the same populations, and Moderna’s existing vaccine for the elderly and for individuals aged 6 months to 64 years who have at least one risk factor.

The new approval of Pfizer’s vaccine is for the elderly and people aged 5 to 64 who have one or more risk factors, Pfizer said.

That means Moderna’s vaccine is the only one available for infants and toddlers, as had been expected.

Also recently, the CDC stopped recommending COVID-19 vaccination for healthy children and pregnant women while keeping in place recommendations to receive a shot for all other individuals.

The American Academy of Pediatrics recently recommended that all children aged 6 months to 23 months receive a COVID-19 vaccine, while the American College of Obstetricians and Gynecologists advised all pregnant women to get one.

Regulators cited the public health emergency over COVID-19 in their most recent emergency authorizations for the COVID-19 vaccines in 2024. Then-Health Secretary Xavier Becerra on Jan. 1 extended the COVID-19 health emergency to Dec. 31, 2029.

Kennedy said on Wednesday that he promised to end COVID-19 vaccine mandates, to keep vaccines available to people who want them, to require placebo-controlled trials, and to “end the emergency.” The FDA actions “accomplished all four goals,” he said.

 This is a developing story that will be updated.

Tyler Durden Wed, 08/27/2025 - 17:20

The Next Millionaire Class? Why America's Future Depends On Tradespeople

Authored by Mollie Engelhart via The Epoch Times,

Here on the farm, the repair and maintenance list is endless. Some jobs we can handle ourselves, but many others require a tradesman—a mechanic, plumber, HVAC technician, electrician, or contractor.

When I moved to Texas, I was shocked by the cost of hiring them.

Gasoline was half the price of California. Groceries were cheaper.

But when I needed to install an air conditioner at my home in Texas, the bill was higher than when I installed a massive rooftop unit in Echo Park, Los Angeles—an installation that required a crane and even shutting down part of Sunset Boulevard.

How could that be?

The answer became clear as I watched the flow of life around me.

In our restaurant, the customers who seem most financially comfortable—the ones who spend freely on extra desserts or tip generously—are tradespeople. We have a young family who comes in regularly; the husband is an electrician, booked so solid he’s desperate to hire help. Another family comes every Saturday. The husband is a contractor and heavy equipment operator. He works even on Christmas Day, yet they shop and eat generously, week after week. And when I see them spending that way, I see the money flowing right back into our community—into small restaurants, local stores, and family businesses like mine.

Is the next millionaire class going to be plumbers, HVAC techs, septic contractors, and electricians?

I think so.

AI can write code, draft articles, even mimic human speech. But AI cannot install a septic tank. It cannot diagnose why your air conditioner won’t start in the middle of August. It cannot trace a faulty wire through a wall.

And no matter how much technology advances, human beings will always need electricity, plumbing, hot water, and functioning septic systems.

That reality doesn’t change.

The statistics are sobering.

Over half of America’s skilled trade workforce is already over 50 years old, and a massive share are set to retire in the next decade.

For every new tradesperson entering the workforce, there are twenty job openings.

By 2030, nearly 80 million tradespeople will retire, while only about 40 million new workers will enter. Already, HVAC companies report more than 100,000 jobs unfilled, with projections of 225,000 unfilled within five years. Plumbers? A shortage of half a million by 2027. Electricians? The demand is growing at three times the average rate of other jobs.

This crisis mirrors another one I know well: farming. Just as we are losing skilled tradespeople, we are also losing farmers. The average age of the American farmer is nearly 60. Small farms are disappearing every year. And yet food, like electricity, is not optional. Without farmers and tradespeople, the foundation of life collapses.

What is our plan for the future if nobody is growing our food, installing our electricity, fixing our air conditioners, maintaining our plumbing, and running our septic systems?

We must shift back to remembering what is truly important. To someone in an apartment in the city, it might seem that ordering from Amazon, Uber Eats, or Instacart makes life run. But none of that works without the farmer who grows the food and the tradesperson who keeps the electricity flowing, the plumbing running, the air conditioners humming.

The irony is that as our culture pushes young people toward screens and degrees, the greatest opportunities may actually be in the fields and on the job sites.

AI can replace some office jobs, but it cannot replace the physical work of keeping life running.

The wealth of tomorrow may belong not to those writing code in air-conditioned towers, but to those willing to sweat under the sun or climb under a house.

America’s future may well depend on the very people we have undervalued for too long.

The question is whether we will wake up in time to honor and support them—or whether we will only realize their importance when the lights go out, the toilets back up, and the shelves run bare.

Tyler Durden Wed, 08/27/2025 - 17:00

Nvidia Slides After Data Center Revenues Miss, Solid Guidance Fails To Wow Bulls

Earlier today we wrote an extensive preview of what to expect from Nvidia's Q1 earnings (here), but for those who missed it here is the summary: if Nvidia beats and raises, revisions might restart, and high valuation could sustain. However, if the results are just in line or even lower, as what happened in the last two quarters, the market may assume margins have peaked, and the story will become less about hypergrowth and more about stabilization. 

Here are the bogeys: 

• The revenue consensus for fiscal Q3 revenue is $53.46 billion. But there’s a much wider range than usual going into that average.
  • For fiscal Q2 that target is $46.23 billion.
• Adj EPS for fiscal Q2 should be $1.01
• Nvidia’s data center division is expected to post $41.3 billion in fiscal Q2 revenue.

That's the 30,000 foot snapshot. In reality, a lot more has happened, starting at the end of July, when President Trump put American chips and other infrastructure at the heart of his AI plan, even prompting a standing ovation for Jensen Huang during a grand speech in DC. Then news: Nvidia got a quid pro quo deal with the Administration to sell China-specific AI accelerators, if the US gets 15% of the sales. Then the President, quite skillfully, dropped a hint that Huang and Nvidia are pushing for a new China-specific chip based on Blackwell architecture. Still, a lot of questions remain on how much of this is real on Nvidia’s side and whether it has not changed the near term trajectory for Nvidia’s top line. Or is this still far from moving the needle for a company that already dominates the market for AI chips. In any case, one area to keep an eye on is any update around its H20 chips, which is a hot-button issue for investors

China aside, Nvidia - which is the world's largest company and accounts for 8% of the S&P - is growing quickly and Wall Street, which has revenue estimates going as far out as 2030, projects steady increases in that time. The question is at what rate? Any hint of disappointing numbers and investors will once again raise concerns that the massive spending in AI infrastructure has to eventually slow down.

Those concerns will get even louder after the company's earnings which just came out and leave quite a bit to be desired, especially since data centers missed. Here is what the company just reported for Q2:

• Adjusted EPS $1.05, beating estimates of $1.00 (NVIDIA benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.)
• Revenue $46.74 billion, +56% y/y, beating estimates of $46.23 billion 
  • Data center revenue $41.1 billion, +56% y/y, missing estimates of $41.29 billion; this was the second consecutive quarter in which data centers missed.
  • Gaming revenue $4.3 billion, +49% y/y, beating estimates of $3.82 billion
  • Professional Visualization revenue $601 million, +32% y/y, beating estimates of $532 million
  • Automotive revenue $586 million, +69% y/y, missing estimate $592.7 million

Going down the income statement:

• Adjusted gross margin 72.7%; beating est of 72.1%
  • Excluding the $180 million release, non-GAAP gross margin for the quarter would have been 72.3%.
• Adjusted operating expenses $3.80 billion, +36% y/y, below estimates of $4.02 billion
• Adjusted operating income $30.17 billion, +51% y/y, beating estimates of $29.36 billion
• R&D expenses $4.29 billion, +39% y/y, below the estimates of $4.44 billion
• Free cash flow $13.45 billion, -0.2% y/y

Addressing the elephant in the room, NVDA said that there were no H20 sales to China-based customers in the second quarter, and the question whether there will be any sales in the future will likely be discussed on the call. NVIDIA also said that it benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.

Of course, not assuming any H20 shipments to China in the 3Q outlook does leave room for upside. All of the above happened quickly in July and the report for 2Q is for the period ending July 27, exactly a month a go, so let's see what happened in the month of August.

In his comments, tit-signing CEO Jensen Huang said that “Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap — production of Blackwell Ultra is ramping at full speed, and demand is extraordinary." He added that "NVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center.”

NVDA also announced that while it returned $24.3 billion in stock repurchases and cash dividends in Q1, leaving it with $14.7 billion remaining under its share repurchase authorization, on August 26, 2025, the Board of Directors approved an additional $60.0 billion to the Company’s share repurchase authorization.

While the Q2 results were generally ok if not stellar (and data center missed), the company's guidance came slightly on the weak side of the buyside expectations we discussed in our premium preview.

• Revenue is expected to be $54.0 billion, plus or minus 2%; which was above the consensus est of $53.46 billion but keep in mind some had estimates as high as $60 billion. That said, the surge in revenue continues: for Q2, its guidance was $45.0 billion, so a $9 billion sequential increase!.
• Sees adjusted gross margins at 73.5%, plus or minus 50 basis points, just above the 73.4% median estimate. 
• Operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the high-30% range.
• Other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities.
• Tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Of note: the forecast excluded data center revenue from China, a market where it has struggled with US export restrictions and opposing pressure from Beijing. Expect China to buy a lot of NVDA chips as its own domestic AI chips are nowhere near good enough to power its latest LLMs. 

Commenting on the results, CEO Jensen Huang said that “Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate.”

Putting these results and forecasts in visual context, starting with revenue.

The thorn in today's results: data center. It dipped sequentially. This was the second quarter in a row that data center revenues missed. 

Here’s some more detail on what did happen with the data center business and Blackwell products in quarter gone (2Q) from the CFO commentary:

“We continue to ramp our Blackwell architecture, which grew 17% sequentially, including our newest architecture, Blackwell Ultra. We recognized Blackwell revenue across all customer categories, led by large cloud service providers, which represented approximately 50% of Data Center revenue.”

A growth number for the latest generation architecture Nvidia has confirmation the hyperscalers are still half of Nvidia’s data center business and the fact they are packing it all up and selling it through various channels.

Somewhat concerning was the unexpected jump in inventories, although a more benign explanation is that the company is just stockpiling ahead of a Trump green light to sell to China. 

Receivables jumped too:

While NVDA's results were fine, the tepid outlook adds to concern that pace of investment in artificial intelligence systems is unsustainable. Difficulties in China also have clouded Nvidia’s business. Though the Trump administration recently eased restrictions on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue. 

As we noted in our preview, Nvidia has been dealing with the fallout from a growing US-China rivalry, where semiconductor technology has become a major flashpoint. In April, the Trump administration tightened restrictions on exports of data center processors to Chinese customers, effectively shutting Nvidia out of the market. Washington has subsequently rolled that back, saying that the US will allow some shipments in return for a 15% slice of the revenue. 

At the same time, Beijing has encouraged a move away from using US technology in AI systems accessed by the Chinese government. The shifting policies have made it difficult for Wall Street to predict how much revenue Nvidia might be able to recover in the market. Some analysts have made projections in the billions of dollars, while others have refused to predict any China sales until the company makes the situation clearer. 

Nvidia shares fell about 4% in extended trading following the announcement before recovering much of the loss. They had rallied 35% this year through the close, lifting the company’s market capitalization above $4 trillion. Shares of other AI-related hardware stocks are also falling in after-hours trading following Nvidia’s results. CoreWeave shares are down about 3%, SMCI is down about 2%, Palantir is down 0.8% and Dell is also slipping. 

Tyler Durden Wed, 08/27/2025 - 16:47

Victor Davis Hanson: What Is The Democratic Alternative To Trump?

Authored by Victor Davis Hanson,

The Pavlovian Left goes berserk at the mere prospect of each new Trump initiative.

Its escalating reactive venom and hysteria are calibrated to the success of Trump’s latest policy.

Yet the new hard-left Democratic Party offers no counter-agenda to explain its furor.

Still less do Democrats attempt bipartisan efforts to craft shared legislation.

Take foreign policy.

Democratic senators trashed the recent Trump-Putin Alaskan summit as a failure. Then they became depressed when, just days later, an entourage of European leaders and Ukrainian President Volodymyr Zelenskyy suddenly flew to the White House.

The Euros praised Trump for offering some sort of negotiated pathway to peace after over three years of war and some 1.5 million dead, wounded, missing, and captured on both sides — on Europe’s doorstep.

So why did Democrats object to such negotiations by Trump?

Was the reason that no such thing occurred during the Biden administration, when Putin invaded Ukraine, after his earlier invasions during the Obama era?

What is the left’s alternate plan? The old Biden idea of supplying Ukraine with enough money and arms to keep fighting and dying, but with no path to either victory or a negotiated peace?

Would they prefer a fourth, fifth, or sixth year of war, or an additional one million casualties?

The more Trump pressed almost all NATO members to pay their promised two percent of GDP on defense, the more Democrats grew irate over Trump’s overseas influence.

NATO members now want to raise defense spending to 5% of GDP and gush that Trump is “Daddy.”

Democrats steamed at that, since Europeans are supposed to hate Trump, not admire him for rebooting NATO.

Would they prefer the old, disarmed NATO?

Under the Biden administration, over 10 million illegal aliens flooded the country, sometimes 10,000 a day at the southern border. More than half a million criminals swarmed in.

Yet now there is essentially zero illegal immigration and over 100,000 criminal aliens deported. A million who entered illegally have voluntarily gone home.

Yet the left has fought the enforcement of immigration law tooth and nail.

Do they believe that it is lawful and moral to break immigration law but immoral and illegal to enforce it?

What is their solution?

To allow in 20, 30, or 40 million more illegal aliens to distort the census and bring in new voters and constituencies?

Is their plan to protect 400,000 illegal-alien criminals to roam at will? Or to add another 600 sanctuary jurisdictions that will not hand over criminal illegal aliens to immigration authorities?

Democrats used to support reciprocal tariffs to save American jobs and businesses — while warning of Chinese mercantilism.

But now they blast Trump for negotiating tariffs with dozens of nations in efforts to reduce an unsustainable $1 trillion trade deficit.

So far, Washington projects $300 billion in new revenue.

Foreign businesses have promised to invest between $10 and $15 trillion within the United States. Trading partners have lowered tariffs on U.S. goods and services.

So why the left-wing frenzy?

Do they object to too much new federal income? Is there too much new foreign investment?

Are new foreign tariffs too low on U.S. exports? Are Democrats worried that China may lose money?

In 35 minutes of precision bombing, Trump disabled the Iranian nuclear program that was readying nuclear weapons. Few Iranians and no Americans died. No wider war followed.

And the Democrats still cursed the Trump action.

Did they prefer the Obama-era “Iran Deal” that had brought Iran to the threshold of nuclear acquisition? Did they want theocratic Iran to have nuclear weapons to threaten democratic Israel?

Do Democrats complain that Trump tweets too much and sometimes is crude in his postings?

Not really. California Gov. Gavin Newsom tries to out-Trump on social media.

Rep. Jasmine Crockett responds with scatological attacks.

Democrats in Congress let off f-bombs.

What explains the Democrat nihilism?

One, the prior Biden administration was among the most aimless, corrupt, and unpopular in modern history.

So the contrast with Trump’s successes is too hard to bear.

Two, Democrats so hate Trump the messenger that they seek to destroy his entire message, even when it benefits their own country and the world at large.

If Trump conducts peace, they prefer war. If he wages war on crime, they side with the criminal. If he stops illegal immigration, they want more illegal immigrants.

Three, they fear they have no alternatives to the Trump record, because his agenda is common sense and supported by a majority of Americans.

Fourth, the left cannot stop Trump’s success.

Nothing seems to destroy him — not the raid on his home, not 93 lawfare indictments, not efforts to strike him from state ballots, not two impeachments, not even two assassination attempts.

Instead, all that only made him stronger — and thus more hated.

*  *  *

You can support ZeroHedge by picking up a waxed canvas hat!

Click hat... add to cart... check out... receive awesome hat... Tyler Durden Wed, 08/27/2025 - 16:20

NY Times Slammed For Predictable RFK Health Hit-Pieces

Authored by Luis Cornelio via Headline USA,

The New York Times came under fire on Monday for running a hit piece against Health Secretary Robert F. Kennedy Jr. and Defense Secretary Pete Hegseth’s pro-exercise campaign.

The leftist newspaper, as legacy media often does, leaned on so-called experts cautioning “against jumping into a difficult routine suggested by Robert F. Kennedy Jr. and Pete Hegseth.”

Its headline—100 Push-Ups and 50 Pull-Ups in Under 10 Minutes. What Could Go Wrong?—was predictably snarky.

The piece targeted the “Pete and Bobby Challenge,” a social media campaign aimed at raising awareness about fitness and weight loss.

However, according to The Times and their quoted experts, the exercise “may not be for everyone.”

“For the average person, I would definitely recommend building volume in these movements over three to four weeks before giving it a go,” said Utah athlete Dallin Pepper.

The leftist rag then cited Toronto-based personal trainer Chris Smits to say that the regimen proposed by Hegseth and Kennedy is not feasible for most Americans.

Citing experts is a common tactic in legacy media attacks on conservatives.

Self-described journalists pick a topic, guide the experts toward the conclusions they desire and then publish the story.

This cycle allows them to wash their hands by claiming they are simply reporting.

On X, critics piled on The Times, describing the hit piece as predictable as it was laughable.

“The New York Times really hates working out,” wrote Republican communicator Nathan Brand.

the New York Times really hates working out pic.twitter.com/m0lPBMnNnu

— Nathan Brand (@NathanBrandWA) August 26, 2025

Media personality Collin Rugg added: “The @TheBabylonBee couldn’t even come up with something as insane as this.”

The New York Times is warning against RFK Jr. & Pete Hegseth's 100 Push-Ups & 50 Pull-Ups challenge by citing "experts" who say it could be dangerous.

One Canadian 'trainer' cited by the NYT said the challenge could give people "serious muscle strains or tears."

"Pushing for… pic.twitter.com/H54RQhSPAb

— Collin Rugg (@CollinRugg) August 25, 2025

Fitness expert Oliver Anwar quipped, “This is confirmation that The New York Times is run by low-T softies.”

Tyler Durden Wed, 08/27/2025 - 15:45