Zero Hedge

IRS Data Show Average Tax Refund Up Over 10% This Year

IRS Data Show Average Tax Refund Up Over 10% This Year

Authored by Jack Phillips via The Epoch Times,

The average tax refund is 10.8 percent higher this year when compared with the same time period in 2025, according to data released by the Internal Revenue Service (IRS) on March 20.

The figures show that as of March 13, the average refund for individual filers for 2026 was $3,623, up from $3,271 from 2025.

Around 69.7 million individual tax returns have been received by the IRS so far, the agency said, around 1 percent down from the same time period last year. An estimated 164 million taxpayers are expected to file this season, which started on Jan. 26 and will run through April 15.

The release suggests that the average refund size has gradually declined over the past several weeks of filing updates released by the IRS. On Feb. 20, according to the figures, tax refunds increased more than 14 percent over the previous year.

Treasury Secretary Scott Bessent in January touted new tax cuts that were included under the One Big Beautiful Bill Act last year by saying they would lead to “substantial refunds” for families.

“They’re [going to] change their withholding and have bigger take-home pay every two weeks, every month. So, it’s really an exciting time,” he said in a Fox News interview at the time.

The tax refunds come as gasoline prices have surged to nearly $4 per gallon on average nationwide as the price for a barrel of oil has increased amid the U.S. war with Iran that started in late February.

The average price of gasoline ​in America has risen by around $1 per gallon following the strikes on Iran, which prompted Iranian attacks on energy installations around the Middle East and the effective closure of the Strait of Hormuz, which carries one-fifth of the global oil supply.

The release of IRS data last week comes as the agency announced there is still around $1.2 billion in unclaimed tax refunds for the year 2022, while it also estimated that the median refund for that year is around $686. Taxpayers who haven’t filed a Form 1040 return for the 2022 tax year have until April 15 to submit their returns.

On March 10, officials said that nearly 45 percent of the returns used Schedule 1-A, the form for the new deductions, including approximately 15.5 million that took advantage of tax breaks on overtime and 3.5 million that avoided paying taxes on tips.

“Halfway through this filing season, the Working Families Tax Cuts are already delivering meaningful relief to middle- and low-income taxpayers, increasing after-tax income and putting more money back into the pockets of American families, workers, and small business owners,” Treasury Secretary Scott Bessent said in a statement.

The IRS added that taxpayers who may be seeking their 2022 tax refund could see those returns held if they haven’t filed returns for either 2023 or 2024, according to a March 20 news release.

The One Big Beautiful Bill Act, backed by Republicans and signed by President Donald Trump in July 2025, included $4.5 trillion in tax cuts, including making his 2017 tax rates permanent.

It also added tax deductions on tips, overtime, and auto loans. There’s a $6,000 deduction for older adults who earn no more than $75,000 a year, while the measure also boosted the $2,000 child tax credit to $2,200.

Tyler Durden Tue, 03/24/2026 - 20:35

Bud Light & Budweiser Continue To Struggle As Dylan Mulvaney Ad Disaster Nears Three-Year Mark

Bud Light & Budweiser Continue To Struggle As Dylan Mulvaney Ad Disaster Nears Three-Year Mark

Ahead of next week's three-year anniversary of Anheuser-Busch's most epic marketing ad blunder ever, the Bud Light backlash remains intact and should serve as a case study for generations in how far-left wokeism in corporate America can destroy decades of brand-building overnight.

What began as a viral TikTok promotion featuring Dylan Mulvaney, a man pretending to be a woman, has since become one of the clearest examples of self-inflicted brand suicide in recent consumer history. The latest beer trends from Goldman suggest the brand has yet to fully recover nearly three years later. 

In the latest beer trends report, a team of Goldman analysts led by senior consumer analyst Bonnie Herzog tapped its beer distributor contacts, representing around 60 distributors - or roughly 170,000 retail outlets and about 28% of total U.S. outlets that sell alcohol - and found continued dismal Bud Light consumption trends among Americans.

"Bud Light's performance continues to level off, even with additional resources being put behind the brand," Herzog wrote in the note published to clients on Tuesday morning.

Herzog continued, "In terms of specific brands, a distributor noted Michelob Ultra is growing, while Bud Light and Budweiser are struggling."

To be fair, beer trends have been declining overall in recent years as consumers shift away from alcohol, either due to health trends or because some are gravitating toward marijuana.

The good news for the industry is that 54% of beer distributors expect "a stronger summer selling season," according to Herzog, who added that volumes are expected to decline by about 1% this year, while noting that Constellation Brands is set to be the "clear outperformer."

Herzog reiterated a "Buy" rating on Constellation Brands. More details are available in the full Goldman note for professional subscribers.

Tyler Durden Tue, 03/24/2026 - 20:10

"Emergencies" Requiring Coal Plants To Stay Open Need Not Be Imminent, DOE Tells Court

"Emergencies" Requiring Coal Plants To Stay Open Need Not Be Imminent, DOE Tells Court

By Ethan Howland of UtilityDive

The U.S. Department of Energy’s secretary has broad authority under the Federal Power Act to declare emergencies to keep power plants from retiring, and those emergencies don’t have to be imminent, DOE told a federal appeals court last week in response to challenges over its orders keeping a Michigan coal plant online.

“The statute’s text grants the Secretary discretion to determine that an emergency exists,” DOE said in a March 17 brief with the U.S. Court of Appeals for the District of Columbia Circuit. “This expressly includes a sudden increase in demand, a shortage of generation facilities, or other causes.”

U.S. Secretary of Energy Chris Wright speaks during a meeting with oil and gas executives in the East Room of the White House on Jan. 9, 2026, in Washington, D.C. DOE’s secretary has broad authority under the Federal Power Act to declare emergencies to keep power plants from retiring, the department told a federal appeals court on March 17, 2026

The brief is the DOE’s first defense in court of the 90-day emergency orders it began issuing last year to prevent fossil-fueled power plants from retiring. So far, the orders have targeted six power plants — all but one coal-fired — totaling about 4,300 MW.

Generally, in those orders, DOE said the power plants need to keep running to prevent blackouts in the face of rising electric demand. The DOE has not allowed any of those orders to lapse, using its authority under the Federal Power Act’s section 202(c) to issue new 90-day orders when the old ones expire.

The brief was in response to challenges brought against the DOE over its May 23 order directing Consumers Energy to continue running the 1,407-MW, coal-fired J.H. Campbell power plant in West Olive, Michigan, past its May 31 retirement date. The department has renewed that order three times since.

Piles of coal can be seen at Consumers Energy's J.H. Campbell Generating Plant in West Olive,Mich. on January10, 2026.

Michigan, Minnesota and Illinois as well as the Sierra Club and other groups have challenged the emergency order. In part, they contend that DOE failed to show the Midcontinent region around the Campbell power plant faces an energy emergency.

In its brief, DOE said the Federal Power Act defines emergency broadly.

“It does not require imminence or an unexpected development,” DOE said. “The Secretary is also granted broad discretion to use his ‘judgment’ on what ‘will best meet the emergency and serve the public interest.’”

Moreover, the statute lacks strict procedural requirements, according to DOE.

“Contrary to Petitioners’ contentions, the Secretary was not required to prepare any particular analysis, weigh alternatives, or to select the best theoretically possible emergency response,” the department said.

When DOE considered issuing an emergency order for the Campbell power plant, the department found that electricity demand was rising, major power plants were retiring and new power sources weren’t coming online fast enough, it said. The Midcontinent Independent System Operator was at “elevated risk” for reliability problems and higher than normal temperatures were expected, DOE told the court.

“The Secretary interpreted the totality of this evidence and applied his expertise to find that an emergency exists,” DOE said.

DOE noted that Secretary Chris Wright ordered the Campbell plant to operate under “economic dispatch” to reduce ratepayer costs.

If the court finds a legal flaw in the 202(c) order, it should send the issue back to DOE instead of vacating the order and limiting its ability to issue similar orders, government lawyers argued.

“The Secretary must be able to use section 202(c) to protect public health and safety, particularly in anticipation of extreme weather events like the recent Winter Storm Fern and the ensuing, prolonged cold snap,” the DOE said.

In the seven months after DOE ordered the Campbell plant to stay online, it produced 3.6 million MWh, down 39% from 5.9 million MWh generated over the same period in 2024, according to the latest U.S. Energy Information Administration data. 

Consumers Energy spent about $254 million keeping the Campbell plant operating per the DOE orders through December, according to a Feb. 10 filing at the U.S. Securities and Exchange Commission. It received $119 million in revenue from running the plant in the second half of last year and has asked the Federal Energy Regulatory Commission for permission to recoup $135 million in costs from MISO ratepayers, said CMS Energy Corp., which owns Consumers.

Consumers urged the appeals court in a brief to not weigh in on the cost-recovery issue, which is being handled by FERC.

The utility asked the court to “avoid unintended consequences for those separate proceedings, including making clear that any decision here does not assume the availability of refunds or otherwise affect FERC’s decision-making in those separate proceedings.”

DOE continues to issue emergency orders to keep other fossil-fueled power plants running. On March 16 it issued its second emergency order for TransAlta’s 730-MW, coal-fired Centralia power plant in Washington. The company must make the plant available to run until mid-June under the order. The company had planned to shut it down at the end of 2025.

TransAlta’s president and CEO, John Kousinioris, said during an earnings call in February that the company was complying with the orders, but he did not expect the plant to run given “how flush” the state was with hydropower.

“Our primary focus is more on getting clarity on the existing order,” including how TransAlta will recoup its expenses from keeping the unit online, Kousinioris said.

Other generators under 202(c) orders are in Colorado, Indiana and Pennsylvania.

Tyler Durden Tue, 03/24/2026 - 19:45

California Schools Try Rap While Scores Keep Falling

California Schools Try Rap While Scores Keep Falling

Authored by David Manney via PJ Media,

California's education system continues to search for answers while student performance struggles to recover. In one case, the Merced City School District approved a contract worth about $270,000 to bring a rap-based curriculum into classrooms, even as academic performance remains weak.

AP Photo/Rich Pedroncelli, file

The district serves over 11,000 students, yet only 13% meet math proficiency standards. The program includes a summer “Rap Camp” and specialized programming tied to cultural themes, all framed to boost student engagement.

The curriculum comes from School Yard Rap, founded by Brandon Brown, a former teacher who promotes music-driven instruction. Lessons include songwriting, DJ work, and performances that connect history and culture through rhythm and storytelling.

“The School Yard Rap curriculum transforms history lessons into relatable characters presented through songs and storytelling—resulting in emotional connection,” the School Yard Rap website states. 

Established in 2016, School Yard Rap, which operates in 28 states, presents “a world where learning meets rhythm, exploring diverse cultures and subjects through interactive music-infused modules.”

Merced has handed out $610,000 worth of contracts to School Yard Rap, the Post reported. Fox News Digital has reached out to the school district and School Yard Rap. 

Supporters believe that approach helps students stay interested in school, an argument that sounds appealing, yet it doesn't resolve a basic concern. Students struggling with reading and math need direct, structured teaching that builds skills step by step, while a program centered on performance and expression risks shifting attention away from those core needs.

The financial side raises its own concerns; the district has already committed over $600,000 in total contracts tied to the program, a level of spending that stands out in a district already dealing with low performance and limited resources. 

When outcomes remain weak, large investments in unproven strategies invite scrutiny, making leaders accountable for whether those dollars would deliver more value if directed toward tutoring, teacher support, or curriculum improvement that's focused on the fundamentals.

Federal officials have also taken notice. Harmeet Dhillion, assistant attorney general for civil rights at the DOJ, has warned that race-based programming raises legal concerns, stating that offering benefits based solely on race would violate federal law if proven true.

The Merced program includes an “African American Affinity Group,” which has drawn attention because of how it organizes students. Those details place the district in a position where innovation intersects with legal boundaries.

That's a concern that doesn't exist in isolation. Attorney General Pam Bondi and federal civil rights officials have recently taken action in other California districts over programs that classify or treat students differently based on race.

Federal filings have challenged policies that assign benefits or resources using racial categories, arguing that such practices conflict with equal protection principles. These actions signal a broader push to examine how districts design programs and whether they comply with federal law.

California's education leadership continues to face pressure amid lagging results. State Superintendent Tony Thurmond oversees a system where many students remain below grade level in reading and math. Years of declining performance have created urgency, yet urgency alone doesn't guarantee sound decisions.

Districts often reach for new ideas in hopes of turning things quickly around. Some ideas may help in limited cases, yet large-scale adoption without clear evidence can deepen existing problems rather than solve them.

Local school boards and administrators are responsible for these choices, deciding how to allocate funding, which programs to adopt, and how to measure success. When a district with low performance heavily invests in a music-based curriculum, it signals a shift in priorities.

Families watching those decisions want reassurance that leaders remain focused on academic growth, not just student engagement. Engagement matters, but it doesn't replace the need for measurable progress in reading, writing, and math.

Merced's situation reflects a larger issue across parts of the country, where education systems under pressure turn to bold or unconventional strategies. Some of those strategies generate attention and short-term excitement, while long-term improvement depends on whether students gain the skills they need to succeed beyond the classroom. Without that foundation, new programs risk becoming distractions rather than solutions.

California schools don't lack funding or attention; they face a deeper challenge rooted in priorities and execution. A rap-based curriculum may draw interest, but interest alone doesn't raise test scores or close learning gaps.

Leaders must decide whether to continue experimenting or return to methods that have proven results over time. Students deserve clarity, consistency, and a focus on skills that prepare them for the future.

Get more in-depth analysis and unfiltered insight by joining PJ Media VIP today. Right now, save 60% with promo code FIGHT when you sign up. Support independent writing and unlock exclusive content that stays focused on what matters.

Tyler Durden Tue, 03/24/2026 - 18:55

Grounding Planes 'A Distinct Possibility': Tightened Global Fuel Supply Hitting Asian Nations Hardest

Grounding Planes 'A Distinct Possibility': Tightened Global Fuel Supply Hitting Asian Nations Hardest

European Commission President Ursula von der Leyen has again warned of a "critical energy situation" as oil and gas markets convulse, underscoring growing fears of supply shocks, at a moment President Trump early this week claimed the Strait of Hormuz could "reopen very soon" if talks with Iran succeed - though Tehran has flatly denied any negotiations are underway as confusion reigns over the status of backchannel dialogue. 

Already one country says it is suffering a fuel shortage crisis, amid broader reports of some demand destruction problems coming in from various parts of the globe. Philippine President Ferdinand Marcos on Tuesday said there's a "distinct possibility" planes may be grounded due to a jet fuel shortage, connected to the war on Iran and de facto closure of the Strait of Hormuz.

"Several countries have already told our airlines they cannot fuel their aircraft, so they have to carry fuel there and back," he told Bloomberg News in an interview.

via Anadolu Agency

He additionally warned that long-haul flights could become "a much more serious problem" due to the fuel crisis and restrictions. He was specifically asked whether planes might inevitably be grounded, to which he responded: "We’re hoping not, but it’s a distinct possibility."

Now in its fourth week, the US-Israel-Iran war had already disrupted commercial flights across the Gulf and Mideast region, especially impacting key regional hubs of Dubai, Doha, Abu Dhabi, and Tel Aviv - due to the ongoing missile and drone danger in the skies. Another significant development reported by Bloomberg Tuesday:

Vietnam Airlines will temporarily suspend flights on some domestic routes as jet fuel shortages and rising fuel prices caused by the conflict in the Middle East start to impact the nation’s air travel.

The national flag carrier will cut around 23 flights per week from April 1 over tightened supplies of jet fuel, according to a statement from the Civil Aviation Authority of Vietnam. VietJet Aviation JSC is also reducing flights on some routes, according to schedules on its booking website.

But as far as oil and fuel flows disruptions, Asia in particular has been the first region to feel the supply crunch most acutely. Below is a round-up of some of the latest examples:

Flight surcharges: Some Asian countries, including Vietnam, say airlines are planning to role out fuel surcharges ​on ​international routes ⁠from early April.

Diesel shortages in Thailand: The abbot of Wat Saman Rattanaram in Chachoengsao province, about 50 miles east of Bangkok, warned that cremation services may have to be suspended. “In more than 50 years, I’ve never seen anything like this,” he said.

More drastic power-saving measures... Last week, the Thai government ordered civil servants to take the stairs rather than the lift, and it’s increased the air-conditioning temperature to 27C. It will tell government employees to wear short-sleeved shirts rather than suits.

Bangladesh electricity rationing:  Lectures at the country’s main universities have been cancelled until later this month as the government closed the campuses to save electricity.

India panic-buying gas supplies: India has been dealing with a squeeze in cooking gas supplies over the past few days, leading to panic-buying by domestic users.

Scrambling for cheap local alternatives: There are reports that suggest some regions in India are witnessing a spike in timber sales, while others see increased sales of cow dung cakes - both biomass fuels.

...and there are widespread images and examples of huge lines at gas pumps across various countries.

We also detailed earlier that hundreds of service stations across Australia have run out of fuel. 

Energy Minister Chris Bowen warned federal parliament on Monday that more than 109 gas stations in Victoria had run out of at least one grade of gas. He said 47 outlets in Queensland had no diesel, 32 had no regular unleaded, and 37 stations in New South Wales had completely run out of fuel.

The below data from Goldman Sachs charts an array of examples over the past couple weeks:

"The flow of oil to Asian refineries has slowed, and that has downward impacts on us," Bowen said, adding, "We're in an uncertain environment, so that's why we're doing all the preparatory work." 

Bowen warned that fuel supplies were at about 38 days for gasoline. He said only 30 days of diesel and jet fuel remained. There's the potential that the crisis could be coming to fuel pumps near you.

Tyler Durden Tue, 03/24/2026 - 18:30

Pentagon Removes Press Offices After Federal Judge Blocks Trump Restrictions

Pentagon Removes Press Offices After Federal Judge Blocks Trump Restrictions

The Defense Department has announced plans to remove media offices from the Pentagon after a Clinton-appointed federal judge sided with The New York Times in a lawsuit challenging limits on reporters' access to the building.  The action is seen as a "loophole" strategy to bypass the ruling against restrictions which the Trump Administration has struggled to enforce in the wake of a hailstorm of national security leaks.

The press area of the Pentagon, known as "Correspondents' Corridor", has been used for decades to cover U.S. military operations.  Journalists stationed at the Pentagon offices often enjoyed extensive freedom of movement and access to officials.  However, heightened hostilities involving leftist activists and the progressive media have brought operational security into question. 

Not since the Civil War has the political divide in the US been so deep, to the point that left-wing journalists might represent a clear and present danger to national security.  As a result, the Correspondent's Corridor will be closed immediately according department spokesperson Sean Parnell.

Journalists will eventually be able to work from an "annex" outside the primary Pentagon building, which Parnell says "will be available when ready." He did not offer details on how long that will take.  The Pentagon Press Association said the announcement "is a clear violation of the letter and spirit of last week's ruling."  But, it does not necessarily go against the ruling.  The Pentagon will still issue press credentials, but journalists won't be allowed access to the corridor or move freely inside the building. 

In the lawsuit brought by The New York Times (filed in December 2025), Judge Paul Friedman ruled that portions of the October 2025 press policy, imposed under Defense Secretary Pete Hegseth, violated the First Amendment and the Fifth Amendment. He argued that the rules were vague and "viewpoint-discriminatory", as they allowed the Pentagon to revoke credentials for journalists who solicited or reported information not officially pre-approved.

The judge ordered the restoration of press passes for seven Times reporters and vacated the challenged provisions for all affected journalists.  The most recent Pentagon office closures, though, are not targeted at any specific reporters for non-compliance with the new rules.  Rather, they are targeted to all reporters regardless.

Secretary of War Pete Hegseth's restrictions called for tighter oversight on approvals for information sharing, journalists had to be escorted through the Pentagon, and increased security screenings for any media employees working at the Pentagon.  The restrictions also made it easier for the Defense Department to revoke press badges if a journalist was “reasonably determined” to pose a security risk through unauthorized access, attempted access, or disclosure of sensitive information.

The Trump Administration has dealt with a flood of information leaks to the press in the past year, often in relation to military operations.  In April 2025, the Pentagon launched a large scale investigation (including polygraphs) into “recent unauthorized disclosures” of national security information.  The danger of Obama and Biden appointed officials working against Trump from the inside, even if this harms the US, is an unfortunate reality of the current political climate.

Specific leaks under probe included military operational plans for the Panama Canal, deployment of a second carrier to the Red Sea, Elon Musk’s Pentagon visit/briefing on China war plans (which was canceled after the leak), and a pause in intelligence collection for Ukraine.

Three senior political appointees were suspended/placed on leave (Dan Caldwell, senior adviser to Hegseth; Darin Selnick, deputy chief of staff; and Colin Carroll, chief of staff to the deputy defense secretary). Democrats used the scandals to demand Hegseth’s resignation, calling them breaches that threatened national security.

While the decision does challenge traditional courtesies given to the press, and perhaps even disrupts access that some would consider a First Amendment obligation, it cannot be denied that the establishment media as it exists today has proven time and time again to be dangerously biased against Trump and conservatives.  This bias has, in the recent past, bordered on treason (the Russiagate hoax being a clear example).  

It is not surprising that Trump would seek to distance the press from Pentagon access.  Why would he invite the enemy inside the wire?

*  *  * Better hurry... 

Tyler Durden Tue, 03/24/2026 - 17:40

Drone-Attack Simulation Exposed A Grid Vulnerability

Drone-Attack Simulation Exposed A Grid Vulnerability

By Robert Walton of UtilityDive

U.S. electric utilities need new tools and regulatory authorizations to protect the power grid from drone attacks, experts and industry groups say.

The issue has taken on new urgency recently. The Department of Homeland Security reportedly urged U.S. energy companies to increase security in response to potential threats from Iran, which has successfully used drones to target American military personnel and assets since the U.S. and Israel launched a war against Iran on Feb. 28.

But power grid asset owners and operators have “growing concern” around “unmanned aircraft systems,” or UAS, attacks and their “ability to protect critical assets and infrastructure,” the North American Electric Reliability Corp. said in a report this week. 

Anti-drone netting is installed on the roads in Druzhkivka, Ukraine, in March 2026. In the U.S., power grid stakeholders say they need additional technology and authorizations to counter the threat drone attacks pose to electric reliability. Chris McGrath/Getty Images via Getty Images

The report was an assessment of NERC’s 8th biennial electric grid security exercise — GridEx VIII — held in November to evaluate grid security, including the resilience of the North American electric system in the face of a coordinated attack from a nation-state adversary.

Hundreds of organizations stress-tested emergency preparedness protocols and game-planned responses to hypothetical scenarios. In one of those scenarios, multiple UAS targeted a switchyard at a nuclear generating station and a transformer station.

The report said participants noted that there is a “variety of guidance” from different government agencies on drones regarding what laws and regulations apply to detection, and what technologies can be legally deployed.

“Collaboration between industry and government partners would allow for a better understanding of the concerns that [asset owner or operators] maintain related to [drones] and how the government can support [asset owner or operators] during impending and active threats,” it said. 

“Currently, utilities leverage detection capabilities to establish baseline traffic near critical assets but are limited to engaging with [drones] only after they are safely on the ground, which is often too late.”

- Kimberly Mielcarek, Vice President of Corporate and External Communications at the North American Electric Reliability Corporation

Drones have become ubiquitous in modern warfare, from Ukraine to the Middle East. The United States military is finding drones a difficult threat to counter — and even well-funded electric utilities do not have the budget of the U.S. military.

“The electric grid was never designed with aerial threats in mind,” said Charlie O’Connell, chief business officer of Fortem Technologies, an airspace security firm.

There have been drone attacks on the U.S. electric grid, but the threat is relatively new. In 2021, federal law enforcement issued a warning to state and local officials about an incident the year before where a crashed drone appeared to have been modified to “specifically target energy infrastructure.”

Since then, the threat has grown as the technology evolves. Small drones are “inexpensive, widely available, and increasingly capable, which means utilities now have to think about security not just at the fence line, but in the airspace above critical infrastructure,” O’Connell said.

Federal airspace regulation limits utility options

Power grid asset owners and operators said efforts should be made to consolidate federal guidance for consistency and clarity, NERC’s report noted.

U.S. airspace is regulated by the Federal Aviation Administration, which “grants very few exceptions to interdicting unmanned aircraft systems, which are treated the same as any aircraft,” NERC Vice President, Corporate and External Communications Kimberly Mielcarek, said in an email.

Utilities “are reluctant to engage UAS in flight because of these restrictions and penalties,” Mielcarek said. “The GridEx discussions highlighted this concern across the industry and the need for our government partners to decide the safest and best way to interdict drones over utility assets.”

U.S. Speaker of the House Mike Johnson, R-La., delivered remarks next to an Iranian Shahed 136 military drone during a press conference on Capitol Hill May 8, 2025, in Washington, D.C. Drones have become a feature of modern warfare, with the Department of Homeland Security reportedly warning energy companies to beef up security amid the war with Iran.​​​​
Win McNamee via Getty Images

Meanwhile, the drone challenge facing utilities is “evolving quickly,” said Melissa Swisher, chief revenue officer at SkySafe, an airspace intelligence company with a focus on drone visibility.

Currently, most drone incidents near critical infrastructure appear to involve surveillance or reconnaissance rather than direct attacks, Swisher said. But that reconnaissance can enable more coordinated cyber or physical assaults.

“Drones represent a new domain of exposure for utilities,” she said in an email. “The challenge is less about reacting to a single drone sighting and more about understanding patterns of activity and having visibility into what is happening in the airspace around critical infrastructure.”

Utilities prepare while pursuing policy changes

Many utilities are exploring ways to incorporate airspace monitoring and drone detection capabilities into broader physical security strategies, Swisher said, “alongside traditional protections like perimeter security, surveillance systems, and coordination with law enforcement.”

Utilities track many threats to the grid, the Edison Electric Institute, which represents investor-owned utilities, said in an emailed statement.

“While physical threats to the grid are not new, drones do present unique challenges,” it said.

Grid operators currently use a “defense-in-depth approach to secure critical grid assets” from drones, EEI said, including “counter-drone measures, limiting single-points of failure, and responding and repairing systems should assets be impacted.”

EEI also said it is pursuing “technology and policy changes” that would allow utilities to limit drone use near critical facilities, and allow companies to interdict drones that enter their airspace.

According to Fortem’s O’Connell, the first thing utilities need is “airspace awareness” — the ability to detect and track drones operating near their facilities. Technologies such as compact radar and integrated command-and-control platforms can allow utilities to monitor low-altitude airspace around substations and generation sites, he said. When suspicious activity is detected, utilities can then coordinate with law enforcement and federal partners.

“The electric grid was never designed with aerial threats in mind.”

- Charlie O’Connell, Chief Business Officer of Fortem Technologies, an airspace security firm.

O’Connell also said that the FY2026 National Defense Authorization Act, signed into law in December, expanded domestic counter-UAS authorities and created a framework for state and local law enforcement agencies to “detect, track, and mitigate” credible drone threats.

“That change should make coordination between utilities and local authorities more practical going forward,” he said.

NERC’s primary UAS recommendation resulting from GridEx was for U.S. and Canadian federal government partners to “work with industry partners to identify legally accessible technology to address threats from UAS and clarify available government support.”

Additionally, the reliability watchdog called for government agencies to clarify guidance regarding UAS and the methods available or drone detection, and for more clarity around governmental support available to industry in the event of an incident or attack.

“Currently, utilities leverage detection capabilities to establish baseline traffic near critical assets but are limited to engaging with UAS only after they are safely on the ground, which is often too late,” NERC’s Mielcarek said.

* * *

Tyler Durden Tue, 03/24/2026 - 17:15

Senate Democrats Blink: DHS Deal Emerges After Weeks Of Gridlock

Senate Democrats Blink: DHS Deal Emerges After Weeks Of Gridlock

After more than a month of political stalemate, the Senate Democrats are finally flinching, and a deal to reopen the Department of Homeland Security seems within reach - even if the path looks like a compromise designed to please no one. 

Key Senate Republicans left the White House late Monday in a noticeably upbeat mood, telling colleagues that there is now a realistic framework to get DHS running again, even as President Donald Trump continues to demand that the SAVE America Act be “welded in” to any funding package. 

According to a report from Punchbowl News, the outlines of the emerging agreement would fund nearly all of DHS while carving out ICE’s migrant removal operations, then use a separate reconciliation bill to backfill ICE and press ahead with the two key provisions of the SAVE America Act (proof of citizenship to register to vote and a photo ID to cast a ballot in federal election) that Trump has made very clear is his top legislative priority.

“This framework is similar to the outlines of an agreement that Senate Majority Leader John Thune discussed with Trump on Sunday - a strategy that the president rejected. Trump has insisted on tying the SAVE America Act to DHS funding, complicating matters even further. Thune said this was ‘not realistic,” explains Punchbowl. “It’s too early to say whether this DHS framework will satisfy Senate Democrats. There are several key details that still need to be ironed out. But many Democrats pointed to what they see as a sense of urgency to get something done, especially as nightmarish TSA security lines cause chaos for millions of air travellers.”

Republican leaders, including Sen. John Kennedy (R-La.), are openly talking about a two‑step reconciliation strategy: first, fund the rest of ICE using budget‑reconciliation so Democrats do not have to vote “yes,” and second, attach pieces of the SAVE America Act to a broader reconciliation package that could also include a $200 billion defense‑spending push and random pet priorities from the GOP base. Kennedy has framed reconciliation as the only way to get policies through amid Democratic obstruction, but he acknowledges there is a question as to whether the votes are there.

“It’ll take a little longer,” Kennedy said. “But we could do it. If you want to throw in the SAVE Act, I’m fine with that. I don’t know how feasible that is in terms of the whip count.”

Sen. James Lankford (R-Okla.) noted that the reconciliation process itself takes “about a month,” meaning even if leadership wanted to rush a deal, the machinery of the Senate would impose a natural delay.

Behind the closed‑door negotiations is another quiet calculation: the Senate parliamentarian. Republicans know that using reconciliation to pass the SAVE America Act’s citizenship‑verification and voter‑ID provisions is no sure thing, and many privately doubt the parliamentarian will bless such a move. 

That raises the possibility of a vote to overrule Elizabeth MacDonough, a nuclear‑option maneuver that would infuriate Democrats and probably trigger a fresh round of partisan recriminations. Thune has previously cast doubt on that idea, suggesting he would rather avoid the backlash than force the vote. However, there is precedent, since Democrats used reconciliation to pass Obamacare back in 2010.

Both sides also know that the DHS shutdown cannot go on indefinitely, and both want to emerge from this standoff claiming victory. But, with Democrats appearing eager to do something, it’s clearly progress.

* * *

Tyler Durden Tue, 03/24/2026 - 16:50

Oil Tumbles, Stocks Surges As Israeli TV Reports US Seeks 'One Month Ceasefire'

Oil Tumbles, Stocks Surges As Israeli TV Reports US Seeks 'One Month Ceasefire' Summary

  • US seeks a one-month ceasefire with a framework to end the war, according to Israel Channel 12 reports

  • WSJ, Fox reporting 3,000 elite Army Airborne soldiers to be ordered to Middle East. Axios says US awaits Iran response to proposed Thursday peace talks. Trump says Iran has been destroyed "militarily". 

  • Backchannel diplomacy vs skepticism: Abbas Araghchi reportedly signaled openness to negotiations with the US via envoy Steve Witkoff, but Israel has appeared cool on deal prospects or offramp.

  • Heavy exchange of fire and testing red lines: Iran continues missile and drone waves targeting Israel and US bases, amid reports of overnight airstrikes on military and gas infrastructure near Isfahan.

  • Iran reshuffles its security leadership, appointing Mohammad Bagher Zolghadr: he's a former IRGC commander and replaces the assassinated Ali Larijani.

  • Iran halts natural gas exports to Turkey: follows last week's Israeli strike on the massive South Pars gas field; QatarEnergy declares force majeure on some LNG contracts due war.

*  *  *

US Seeks One-Month Ceasefire, Sent Iran Plan To End War; Israeli TV

Israel's Channel 12 TV is reporting that the US is seeking a ceasefire period of one month, to be announced shortly, to work on a framework that Witkoff and Kushner are working on.

Despite many skeptics' claims, President Trump had earlier confirmed that talks were taking place "right now", claiming that U.S. envoy Steve Witkoff and Trump’s son-in-law Jared Kushner held talks Sunday with an Iranian leader.

He did not say who that was.

Trump earlier signaled that Iran had offered a “present” as a show of good faith in negotiations the US leader has claimed are ongoing to end a 25-day conflict that’s upended global markets, even as he deploys more troops to the Middle East.

Trump wouldn’t detail the gift, “worth a tremendous amount of money,” but confirmed it was related to energy flows through the Strait of Hormuz.

The New York Times reports that the plan was delivered via Pakistan, whose army chief has emerged as the key interlocutor between the United States and Iran, officials say.

Pakistan’s army chief, Field Marshal Syed Asim Munir, has emerged as the key interlocutor between the United States and Iran, with Egypt and Turkey encouraging the Iranians to engage constructively, the officials added. Field Marshal Munir is believed to maintain close ties to Iran’s Islamic Revolution Guards Corps, putting him in a position to pass messages between the warring sides, they said.

He recently reached out to Mohammad Bagher Ghalibaf, the speaker of Iran’s Parliament and a former Revolutionary Guards commander, proposing that Pakistan host talks between Iran and the United States, said an Iranian official and a Pakistani official, who spoke on condition of anonymity to discuss the sensitive communications.

Field Marshal Munir met twice in 2025 with President Trump, who has showered praise on him, saying he was his “favorite field marshal.”

It was unclear how widely the plan had been shared among Iranian officials and whether Iran was likely to accept it as a basis for negotiations.

Nor was it clear whether Israel was on board with the proposal.

Nevertheless, the delivery of the plan showed that the administration was ramping up efforts to conclude a war, now in its fourth week, that has drawn in several other countries.

The ceasefire period will be used to negotiate an agreement based on the following points: (emphasis ours):

What does the US want from Iran?

  1. Dismantling existing nuclear capabilities that have already been accumulated

  2. A commitment that Iran will never pursue nuclear weapons

  3. No material will be enriched on Iranian soil.

  4. All enriched material will be delivered to Saba on a schedule to be determined by the parties.

  5. Natanz, Isfahan and Fordow will be decommissioned - destroyed

  6. The Atomic Energy Agency will be exposed to all information within Iran's borders.

  7. Iran will abandon the proxy paradigm

  8. Stop actually funding and arming the proxies in the region.

  9. The Strait of Hormuz will remain open, will be a free maritime zone - and no one will block it

  10. Postponement of decision on ballistic missile program

  11. Ballistic missiles are only used for defense

What will Iran get in return?

  1. Lifting all sanctions

  2. Will assist them in promoting and developing a civil nuclear project in Bushehr (electricity generation)

  3. The snapback threat of sanctions will be removed

According to Channel 12's report, Israel is concerned about proposal and thinks it is unlikely Iran will accept the terms.

The immediate reaction was a drop in crude oil prices...

...and the mirror image rise in US equity futures...

The Hill reports that President Trump said Tuesday that Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chair Gen. Dan Caine were “disappointed” by the idea of a U.S.-negotiated ceasefire with Iran.

Hegseth and Caine were “the only two people that were quite disappointed” the U.S.-Israeli war against Tehran may soon come to an end, Trump said in the Oval Office following the swearing in of Homeland Security Secretary Markwayne Mullin.

“I think this thing’s going to be settled very soon and they go, ‘Oh, that’s too bad.’ Pete didn’t want it to be settled,” Trump said. 

“They were not interested in settlement. They were interested in just winning this thing,” he added. 

How long before we get a denial (or a rejection from Iran)? And let's just all forget about the imminent 'boots on the ground'?

No Change in Trump Iran Rhetoric in latest from WH

Trump in the oval once again addressed the Iran conflict, saying "this is a change in the Iranian regime," and went further, stating, “I think we can say this is regime change."

Trump expressed confidence that negotiations would conclude successfully, saying, "they are going to make a deal; they gave us a significant prize worth tremendous amount of money," later reiterating that Iran had "gave us a very big present" worth "a very big amount of money" - supposedly the Strait of Hormuz. He asserted "we'll have control of anything we want."

He also hailed that Iran has been completely destroyed "militarily" - but without addressing the fact that Iranian forces continue to fire rockets on targets across the region. He at one point proclaimed once again: "we won" - but blamed the "fake news media" for not acknowledging that.

Reports of US-Iran Peace Talks for Thursday

Axios reports another 'maybe' planned peace talks: "The U.S. and a group of regional mediators are discussing the possibility of holding high-level peace talks with Iran as soon as Thursday, but are still waiting for a response from Tehran, two sources with knowledge of the discussions" were cited as saying.

As has been the case for days, Tehran is denying that it is in dialogue with Washington, also as the White House has talked about "escalating to de-escalate" - and now amid reports of elite 82nd Airborne troops about to deploy to the region. Trump is reportedly interested in "winding down" the war, but is there an actual plan to do this? More from Axios:

  • Israeli Prime Minister Benjamin Netanyahu is concerned Trump might strike a deal that falls well short of Israel's objectives, includes significant concessions, and limits Israel's ability to conduct strikes against Iran, two Israeli sources say.
  • A third source said Israeli leaders were skeptical Iran had actually offered the concessions the U.S. claimed.

Trump confirms efforts, which may still be unreciprocated:

TRUMP: WE'RE IN NEGOTIATIONS WITH IRAN RIGHT NOW

TRUMP: RUBIO, VANCE, OTHER PEOPLE ARE NEGOTIATING WITH IRAN

TRUMP SAYS IRAN IS 'TALKING SENSE'

TRUMP: IRAN AGREED THEY'LL NEVER HAVE A NUCLEAR WEAPON

82nd Airborne Division Deploying to Middle East

Amid speculation that President Trump could seek to force open the Strait of Hormuz by some kind of ultra high risk Kharg Island takeover operation, Fox chief national security correspondent Jennifer Griffin has posted the following:

Fox News has learned that the Commander of the 82nd Airborne Division Maj Gen Brandon Tegtmeier and his “command element,” members of his headquarters staff, have been ordered to deploy to the Middle East as the Pentagon and White House weigh whether to send the 82nd Airborne Division to the Middle East for possible land operations.

It was only on Monday that the NYT began reporting Pentagon was seriously weighing whether to send the elite 82nd Airborne. This would be a sure sign of escalation into potential 'ground operations'.

Here's more from WSJ:

The Pentagon is planning to deploy about 3,000 soldiers from the Army’s elite 82nd Airborne Division to the Middle East to support operations against Iran, according to two U.S. officials, with a written order expected in the coming hours.

Officials cautioned that a decision to put boots on the ground in Iran hasn’t been made. But deploying the 82nd opens the door to President Trump for several strategic options.

Iran & Israel Trade Blows Despite US Promoting Backchannel Talks

Despite the White House touting backchannel interactions with the Iranians as basis for some kind of peaceful offramp, Israel and Iran intensified direct and regional strikes, in continued escalation of the war. The Israeli military said it had "completed a wave of extensive strikes targeting production sites" across Iran, including in Isfahan, following overnight reports that gas facilities were hit, triggering fears of potential Iranian retaliation on Gulf energy and infrastructure sites - which doesn't appear to have happened yet.

Iran has kept up its attacks on Israel, launching at least eight overnight missile waves, including reports of cluster munitions as well as new cutting-edge warheads and projectiles. Impacts were reported across Tel Aviv, causing heavy building damage and multiple casualties, as well as with sirens sounding from the Judean Foothills to Eilat. One strike marked a shift in capability, per the NY Times: "One of the Iranian missiles that hit Tel Aviv carried a warhead of around 100 kilograms… This missile was 'something we have not yet encountered in the war,'" said Col. Miki David.

Iran Halts NatGas Exports to Turkey

More energy flows impact and blowback as Iran has halted natural gas exports to Turkey following last week's Israeli strike on the massive South Pars gas field, according to regional sources and Bloomberg. Turkey sourced roughly 14% of its gas from Iran last year, per industry data, but continues to rely on Russia and Azerbaijan as primary suppliers while drawing on existing reserves. Ankara has not initially confirmed or commented.

The South Pars field, part of the world’s largest natural gas reserve, sits at the core of Iran's energy system, underpinning both domestic supply and export flows. Per Middle East Eye: "Data from Turkey’s Energy Market Regulatory Authority suggests that the country imports around 13 percent of its gas needs annually, roughly 7 billion cubic metres (bcm), from Iran."

The report concludes that "A sharp drop in Iranian gas flows to Turkey following Israel's strike on the South Pars gas field and Tehran's retaliatory attacks across the Gulf has raised energy security concerns. But analysts say Ankara will likely be able to cushion the blow.

New National Security Chief (former IRGC), Ongoing Retaliation on Gulf

Iran has continued to signal resilience, downplaying threats to its grid and stating damaged infrastructure could be quickly rebuilt, even as a gas pipeline at Khorramshahr was hit apparently without disruption. Saudi Arabia said it "intercepted and destroyed" more than a dozen drones in its east, while the UAE reported intercepting five ballistic missiles and 17 drones in a single day, bringing totals since the war began to hundreds of missiles and more than 1,800 drones. Bahrain said another facility was set ablaze "as a result of Iranian aggression."

Tehran has reportedly simultaneously struck US bases, and Gulf states including Kuwait and Saudi Arabia, while warning any attack on its energy network will trigger region-wide blackouts. Northern Iraq has continued to see drone threats. "The entire region will go dark" - Iranian leadership has threatened. Meanwhile, Iran has reshuffled its security leadership, appointing Mohammad Bagher Zolghadr to replace the assassinated Ali Larijani, underscoring wartime consolidation at the top. Zolghadr is a former Revolutionary Guards commander.

Mohammad Bagher Zolghadr in 2013, via Wiki Commons Status of Diplomacy

Lebanon has declared the Iranian ambassador persona non grata and ordered him to leave the country by Sunday, after an Iranian ballistic missile fell on Lebanese territory. This appears also a way to pressure Hezbollah, given the Lebanese state has long wanted the Tehran-linked group to lay down is arms so war doesn't engulf the whole country.

Both Pakistan and Qatar have stepped up mediation efforts, with chatter that Islamabad could play host to future Iranian and US talks. Despite the rumors of ongoing backchannel communications, and President Trump himself insisting Sunday into Monday this is happening, there's as yet no clear evidence that Tehran and Washington are actually dialoguing. Pakistan’s Foreign Ministry has told Al Jazeera that Islamabad is ready to host talks between the US and Iran: "If the parties desire, Islamabad is always willing to host talks," Foreign Ministry spokesman Tahir Andrabi said. Andrabi’s comment came a day after Trump put on hold, for a period five days, his threat to bomb Iranian power plants.

WSJ meanwhile writes, "Foreign ministers from Egypt, Turkey, Saudi Arabia and Pakistan gathered before dawn Thursday in Riyadh for talks aimed at finding a diplomatic off-ramp to the war in Iran." The report continues, "But there was one big problem, according to Arab officials involved in the discussions: finding a counterpart in Iran to negotiate with. Earlier that week, Israel killed Iran’s national security chief, Ali Larijani, who had been considered a viable partner who could engage with the West."

And Bloomberg's assessment: "Fighting between the US-Israeli alliance and Iran raged unabated, even as President Donald Trump claimed talks are under way to end the conflict." The report then notes no observable cooling or offramp in the tit-for-tat exchanges of fire:

Iran carried out overnight missile and drone attacks on the Israeli cities of Tel Aviv, Eilat and Dimona, as well as on US bases in the Middle East. Israel launched a wave of strikes in western and central Iran, including Tehran, with Defense Minister Israel Katz saying the campaign would continue “at full intensity.”

Israel is Cool on Prospect of a Deal

Reports out of regional and Israeli media claim Iranian Foreign Minister Abbas Araghchi quietly signaled to US envoy Steve Witkoff that Supreme Leader Mojtaba Khamenei has agreed to negotiations, while Iranian officials said they have received US proposals via intermediaries and are reviewing them. However, Tehran keeps threatening and delivering more 'retaliatory' action, perceiving that it has the long-term strategic leverage given the Strait of Hormuz crisis and Trump seeming to issue forth dictates on a back foot.

Israeli officials have by and large dismissed the prospects of a deal, warning the chances of agreement are "very small" and stressing that US force deployments and joint operational planning remain unchanged. 

More Regional Spillover: Caspian & Lebanon

The Kremlin has newly warned that any expansion into the Caspian Sea would be viewed "extremely negatively" after Israeli strikes reportedly targeted Iranian naval assets there. Meanwhile, a parallel ground war in Lebanon is accelerating. Israeli Defense Minister Israel Katz signaled a long-term buffer zone and mass displacement, stating, "Hundreds of thousands… will not return south of the Litani River until security is guaranteed."

Video purports to show large Israeli strike on Southern Lebanon overnight - an apparent hit on a gas station:

Israel has already destroyed key infrastructure, with Katz confirming, "All five bridges over the Litani… have been blown up," as forces move to control the area. There are over 1,000 dead and more than a million displaced in Lebanon, with much of Israel's north also still under emergency evacuation orders, given Hezbollah rocket fire there. At least two Lebanese died in the last day due to Israeli strikes Bshamoun.

*  *  * ARE YOU PREPARED?

Tyler Durden Tue, 03/24/2026 - 16:30

Biden-Era Intel Assessment Targeted White Moms And Homemakers As Potential Domestic Terrorists

Biden-Era Intel Assessment Targeted White Moms And Homemakers As Potential Domestic Terrorists

Authored by Debra Heine via American Greatness,

Newly released CIA documents reveal that the Biden regime identified “motherhood,” and “homemaking”  as indicators of so-called “white racially and ethnically motivated violent extremism” (REMVE).

The Trump administration recently retracted an October 2021 intelligence assessment, titled “Women Advancing White Racially and Ethnically Motivated Violent Extremist Radicalization and Recruitment” that branded average women as domestic terrorists.

America First Legal (AFL), a conservative nonprofit law firm, shared the now-retracted assessment on X, saying it reveals “top-to-bottom bias at Biden’s CIA.”

The Biden CIA invented the term “white REMVEs” to describe people they claimed “incite, facilitate or conduct violence because they believe their perception of an idealized white European ethnic identity is under attack from people who embody and support multiculturalism and globalism.”

“White REMVE-sympathetic” actors are defined in the documents as those who “may not openly advocate violence” but instead amplify “narratives” about “perceived threats” from multiculturalism and globalization.

“Narratives” deemed by the Biden regime as threats included pro-life activism and promoting traditional motherhood and homemaking as “women’s most important responsibility.”

“An agency with critical intelligence responsibilities was spending its resources targeting women promoting motherhood,” AFL noted.

The assessment reveals how the Biden regime used the full force of the federal government to target traditional-minded, law-abiding Americans.

An internal memo from January 29, 2021, just 8 days after Joe Biden was sworn in, features  a “Choose Your Own Adventure” game for fellow travelers to make “real-life decisions” based on “radicalization” scenarios with various fictitious characters.

For example, one of these characters is “Ann,” who is described as a “middle-aged pro-life advocate” one would associate as “a suburban mom” who does laundry and drives a minivan.

Ann is seen as a threat because she became “increasingly devout” and “increasingly more fervent about her pro-life stance” after the death of her mother. After she is overheard asking a question about the bible’s stance on “violence in defense of life,” an intervention is recommended.  The memo encourages her  “preacher”  to schedule counseling for Ann, talk to her husband and query other members of her “church group” about her behavior.

The Biden regime went on to crack down hard on elderly pro-life protesters who demonstrated in front of a late term abortion clinic, sending them to jail for 11 years for alleged FACE Act violations. President Trump paroled all the pro-lifers (23 people) who were jailed during the Biden years in one of his first acts upon taking office. “This is a great honor to sign this,” Trump said on January 23, 2025.

The Biden Justice Department also maliciously prosecuted Mark Houck, a Catholic pro-life father of seven, who got into a scuffle with a violent pro-abortion activist who had threatened his son in October 2021. A Pennsylvania jury acquitted Houck in January 2023.

None of the pro-lifers targeted by the Biden regime had criminal records or any history of violence.

“Courtney,” a divorced mom in her mid-30s, is described in the memo as a “budding conspiracy theorist” because she believed the government was involved in child abuse and child-trafficking.

[Note: Her “fictitious” concerns were well-founded. CBP and HHS data show over 500,000 unaccompanied minors were trafficked across the southern border and tens of thousands placed with unvetted sponsors during the Biden years. A 2024 DHS Inspector General report found 291,000 of these children were missing or unaccounted for.]

“Bystanders” were encouraged to “monitor” Courtney’s social media posts, “check in with her ex-husband,” and send her a private message about how things were going.

“The Department of Homeland Security’s transformation into a domestic intelligence organization and a Stasi-like Deep State internal security apparatus is alarming,” commented Reed D. Rubinstein, America First Legal Senior Counselor and Director of Investigations.

The Department of Homeland Security (DHS), according to the documents, had also planned a “Family First” photoshoot to “show every day people doing every day tasks …  to emphasize that domestic terrorism can happen to anyone, but that anyone can also help prevent it.”

The Biden administration’s concern with how alleged “disinformation” was linked to the so-called “white REMVE” “domestic terrorism threat,” led to a vast, government-wide censorship program that pressured social media companies and coordinated with foreign governments to silence unapproved views on a host of topics, including abortion, the 2020 election, the origin of COVID-19, and the COVID shots.

“President Trump has rightfully retracted this Biden-era CIA intelligence assessment,” AFL stated on X. “U.S. intelligence agencies exist to protect Americans — not target them.”

Tyler Durden Tue, 03/24/2026 - 16:25

Two Republicans Currently Lead California Governor's Race And Could Lock Out Dems In General Election

Two Republicans Currently Lead California Governor's Race And Could Lock Out Dems In General Election

Authored by Debra Heine via American Greatness,

Two Republicans currently lead in the California governor’s race according to recent polls, making a Democrat lockout in the November general election a distinct possibility.

Photo: Huntington Beach, CA - April 22: Conservative commentator and Silicon Valley entrepreneur Steve Hilton, greets supporters as he announces his campaign for California governor at the Pier Plaza in Huntington Beach Tuesday, April 22, 2025. (Allen J. Schaben / Los Angeles Times via Getty Images)

California’s top-two primary system allows the two highest vote-getters to advance, regardless of party, and Republicans Steve Hilton and Sheriff Chad Bianco have emerged as the top contenders in the race. Unless one of the Democrat candidates break out, the two Republicans could face each other in the final runoff in November.

Hilton, 56, is a conservative commentator who formerly served as a political advisor in Great Britain. Bianco, 58, is a “law and order” sheriff and coroner of Riverside County.

Polls have consistently showed the two Republicans leading the pack.

The most recent Berkeley IGS Poll, conducted March 9–15, 2026,  showed Hilton leading with 17 percent support among likely voters, followed closely by  Bianco at 16 percent. Among Democrats, the deeply unpopular and controversial Rep. Eric Swalwell and former Rep. Katie Porter were tied at 13 percent, with left-wing billionaire Tom Steyer lagging at 10 percent.

 (Carlin Stiehl / Los Angeles Times via Getty Images)

A full 16 percent of likely voters were undecided or backing other candidates.

Poll director Mark DiCamillo said that voters are “largely unenthusiastic,” and pointed out that nearly all the Democrat candidates have higher unfavorable than favorable ratings. Porter and Steyer had the highest unfavorable ratings at 37 percent.

California hasn’t elected a Republican to a statewide office since Arnold Schwarzenegger left the governors’ office in 2008. However, voter dissatisfaction with current leadership, high costs of living, and a desire for outsiders in politics are reportedly contributing to the competitive landscape.

With 16 percent of voters still undecided and the possibility of some Democrats dropping out, the race remains fluid ahead of the June primary.

Nevertheless, political commentator Mark Halperin recently opined that the California Democrats are “flailing.”

“The Democrats are in real danger of not getting a candidate in the final two,” Halperin noted on his video platform Two-Way, last week. He added that Democrat strategists have admitted to him privately that their “field is not great.”

“There’s no one people are excited about, no one that people see as breaking away from the pack,” he said. “They’re all weak and they’re all susceptible to opposition research.”

Halperin predicted that the Dem candidates will eventually “start hitting each other,” and it will be “very brutal.”

Tyler Durden Tue, 03/24/2026 - 15:45

Circle Plunges Most Ever On Stablecoin Legislation, As Tether Prepares Full Audit

Circle Plunges Most Ever On Stablecoin Legislation, As Tether Prepares Full Audit

Circle Internet Group, the issuer of the USDC stablecoin, plunged the most on record as investors reacted to potential stablecoin regulation changes that could make the firm’s cryptocurrency less attractive to large holders, as it would be stripped of interest payments. Concerns that a competitor is readying a move into the US market also hurt Circle’s share price.

The stock declined as much as 22%, its steepest intraday drop ever, and leading losses across crypto-linked equities. Coinbase fell as much as 11%, while MARA Holdings, Bullish, Galaxy Digital Holdings and Robinhood Markets also moved lower.

Bitcoin also dropped as much as 2.8% to $68,906.31, breaking below $70,000 after rising above it yesterday. 

Circle’s decline comes as investors grappled with the implications on the economics of stablecoins of proposed US legislation. Draft language of the so-called Clarity Act could prevent exchanges like Coinbase from offering rewards on holdings of stablecoins such as USDC, Circle’s US dollar-pegged token.

While the Clarity Act seeks to establish a comprehensive regulatory regime for cryptocurrencies and other forms of tokens, the proposed legislation has faced delays largely due to disagreements between the crypto industry and the banking sector over whether stablecoins can offer rewards similar to interest rates on bank accounts.

The proposed changes to the Clarity Act circulating in Washington could reduce incentives for holders to maintain balances in tokens rather than bank deposits, said analysts.

“We believe it is almost entirely related to the Clarity Act language out today,” John Todaro, an analyst at Needham & Co. said. His firm expects that if the draft language is adopted, it would curtail Coinbase’s program offering certain customers 3.5% rewards on their USDC balances.

Meanwhile, competition among stablecoin issuers is drawing renewed attention. On Tuesday, Tether said it has entered into a formal agreement with a big four accounting firm to complete its first full audit, creating speculation that the El Salvador-based firm could be preparing to move into the US, said Gus Gala, senior equity research analyst at Monness, Crespi.

“That’s what’s hitting the stock more so today,” he said.

Circle shares surged as much as 750% above its initial public offering price last year in anticipation of the US Genius Act stablecoin legislation that passed in July. But the euphoria has since faded as crypto prices have plummeted, competition has increased and the Clarity Act has stalled in Washington. Circle’s shares are now down more than 60% from their peak.

Tyler Durden Tue, 03/24/2026 - 15:20

Ozempic Slims America... And It's Lightening Truckers' Loads!

Ozempic Slims America... And It's Lightening Truckers' Loads!

Via Freightwaves.com,

The freight market is no stranger to disruptive forces - tariffs, recessions, weather, economic fluctuations, and capacity crunches have all reshaped freight demand over the years.

But a new contender is emerging from an unexpected corner: the widespread adoption of GLP-1 medications (think Ozempic, Wegovy, Mounjaro, and similar GLP-1 receptor agonists).

These drugs, originally developed for diabetes management and now massively popular for weight loss, suppress appetite and reduce overall caloric intake. Early estimates suggest that even at current penetration levels — roughly 12% of U.S. adults — the downstream effect on food and beverage demand could be substantial.

Recent analyses, drawing from academic studies out of Purdue, Cornell, and others (including 2025 updates), point to an approximate 3% drop in total caloric food demand due to appetite suppression. That may sound modest, but in the context of America’s food supply chain, the numbers scale quickly.

U.S. trucks move more than 2 billion tons of food and beverages annually. At an average payload of around 20 tons per truckload, that’s roughly 100 million+ truckloads per year dedicated to food and bev freight.

Apply a 3% reduction across that volume, and you’re looking at approximately 3 million fewer truckloads annually.

To put that in perspective: the proposed Union Pacific–Norfolk Southern merger — one of the most significant potential rail consolidations in recent memory — is projected by some analysts to divert around 2 million truckloads off the road over time through improved intermodal efficiency and rail capture.

In other words, GLP-1 adoption, at its current (and still growing) level, could already eclipse that rail merger’s expected impact on truckload volumes — and we’re only in the early innings of penetration.

The categories hit hardest align with classic “snack-and-beverage” freight lanes:

  • Processed snacks and beverages: user spending down 7-11% among adopters

  • Alcohol: significant volume reductions

  • Refined grains and similar carb-heavy products

Fresh produce and proteins appear more resilient, with some evidence of slight upticks in mix as consumers prioritize nutrient-dense foods even while eating less overall. Beer, as one slice of the broader beverage decline, fits squarely in the crosshairs.

This isn’t just theoretical. Real-world freight signals are beginning to whisper the trend: softer reefer and dry van demand in certain consumer packaged goods (CPG) segments, anecdotal reports from brokers of lighter loads in snack-heavy lanes, and early category-specific volume softness that doesn’t fully align with broader economic headwinds.

Of course, counterbalancing forces exist. Construction of new pharmaceutical manufacturing facilities (for GLP-1 production itself) is generating significant truckloads today. Food conglomerates may reformulate products to better appeal to GLP-1 users, potentially offsetting some losses. And broader demographic trends — including slower population growth — exert their own downward pressure on total consumption.

But the core math is hard to ignore: a structural reduction in caloric intake at scale translates directly into fewer pallets, fewer loads, and ultimately fewer miles for truckers hauling America’s food supply.

For carriers, brokers, and shippers, this represents both risk and opportunity. The biggest losers may be those heavily exposed to discretionary, high-calorie categories. Winners could include haulers of fresh/perishable goods, health-focused CPG, and — ironically — the specialized logistics supporting the pharmaceutical boom.

The freight market has always been shaped by macroeconomic forces, policy shifts, and technology. Now add public health trends to the list. GLP-1s aren’t just rewriting waistlines, they’re changing freight demand.

*  *  * SPEAKING OF LOADS

Tyler Durden Tue, 03/24/2026 - 15:05

Bitcoin's Quantum Risk May Be Real, But the Network Is Preparing: Report

Bitcoin's Quantum Risk May Be Real, But the Network Is Preparing: Report

Authored by Micah Zimmerman via BitcoinMagazine.com,

Galaxy Digital’s latest report says the risk that quantum computing could compromise Bitcoin is real, but so is the work underway to protect the network.

The firm’s research frames the issue as a long-term engineering and governance challenge rather than an imminent crisis, with developers already building tools that could reshape how the network secures trillions in value.

At the center of the concern is a simple premise. Bitcoin relies on cryptographic signatures to prove ownership of coins. Those signatures, based on elliptic curve cryptography, are considered secure against classical computers. 

How Quantum Computing could break Bitcoin

A sufficiently advanced quantum machine could break that assumption, allowing an attacker to derive a private key from a public one and spend funds without authorization.

The scenario has a name within the industry: “Q-day,” the moment a cryptographically relevant quantum computer becomes viable.

The timeline remains uncertain. Estimates range from years to decades, and no consensus exists among experts. The report stresses that uncertainty itself is the problem. Bitcoin’s decentralized structure means upgrades take time, often measured in years, not months.

Still, the risk is uneven. Most Bitcoin is not exposed today. 

Wallets only reveal their public keys when funds are spent, meaning coins sitting untouched behind hashed addresses remain shielded. 

Vulnerability emerges in two main cases: coins whose public keys are already visible onchain, and coins in transit during a transaction.

Which Bitcoin is actually at risk

Galaxy cites estimates suggesting that millions of bitcoin could fall into the first category, including funds tied to early network activity and long-dormant wallets. 

These coins, often associated with early adopters and even the pseudonymous creator Satoshi Nakamoto, present a unique challenge. If quantum capabilities arrive before protective measures are deployed, such holdings could become prime targets.

The implications extend beyond individual losses. A sudden unlocking of dormant supply could ripple through markets, placing pressure on price and, by extension, on mining incentives that underpin Bitcoin’s security. The report frames this as a systemic risk, not just a technical flaw.

Yet the tone of the research is measured.

Rather than signaling alarm, it points to a growing body of work aimed at preparing the network.

Among the most prominent proposals is a new transaction structure known as Pay-to-Merkle-Root, outlined in Bitcoin Improvement Proposal 360. 

The design removes a key exposure point by eliminating always-visible public keys, reducing the attack surface for long-term threats.

Other ideas take a broader approach. One proposal, known as “Hourglass,” attempts to manage the fallout from vulnerable coins by limiting how quickly they can be spent in a worst-case scenario. The goal is not to prevent access, but to slow it, giving markets time to absorb potential shocks.

There is also movement toward new forms of cryptography. Hash-based signature schemes, such as SPHINCS+, have emerged as candidates for a post-quantum future. These systems rely on mathematical assumptions different from those used today and are viewed by some researchers as a more conservative foundation. 

Post-Quantum cryptography brings tradeoffs

The tradeoff is efficiency. Larger signatures could increase transaction sizes and strain network resources.

In parallel, developers are exploring contingency plans. One proposal introduces a commit-and-reveal process that could protect transactions even if a quantum breakthrough occurs before new cryptography is deployed. Another line of research looks at zero-knowledge proofs to allow users to verify ownership of funds without exposing sensitive data.

Taken together, these efforts suggest a layered defense. No single fix solves the problem. Instead, the strategy resembles a toolkit, with protections aimed at different stages of exposure and different levels of urgency.

The harder question may not be technical. Bitcoin has no central authority to mandate changes. Every upgrade requires coordination among developers, miners, exchanges, and users. Past changes, including major upgrades like SegWit and Taproot, took years to activate and often sparked intense debate.

Quantum preparedness could prove even more complex. Some proposals touch on sensitive issues, including whether coins that fail to migrate to safer formats should lose spendability. Such ideas raise philosophical questions about property rights and the social contract embedded in the network.

Even so, the report points to a key difference from past conflicts. Quantum risk is external. It does not divide the community along economic lines or competing visions for Bitcoin’s future. Instead, it presents a shared threat. 

Every participant, from long-term holders to infrastructure providers, has an incentive to maintain the network’s security.

In the end, the report suggests that the outcome will hinge less on whether quantum computers arrive and more on whether a decentralized network can coordinate in time. 

The answer, as with much of Bitcoin’s history, will emerge through slow consensus rather than sudden change.

Tyler Durden Tue, 03/24/2026 - 14:45

IRGC Navy Turns Back Containership Seeking Hormuz Passage As Iran Starts Charging $2 Million Toll

IRGC Navy Turns Back Containership Seeking Hormuz Passage As Iran Starts Charging $2 Million Toll

Amid reports of increasing traffic through the Strait of Hormuz, Alireza Tangsiri, a commander of the Islamic Revolutionary Guard Corps Navy, said on X that the containership Selen was turned back by the IRGC Navy for "failing to comply with legal protocols and lacking permission to transit the Strait of Hormuz." Needless to say, that is an upgrade from firing missiles at it.

Tangsiri said passage through the waterway requires full coordination with Iran’s maritime authorities. His comments echo what he said a week ago when he told local media that has not yet closed the Strait of Hormuz and the vital waterway is “only being controlled.”

Tangsiri, who almost certainly is toward the top of the Pentagon's most wanted list, warned a week ago after the Israeli attack on the South Pars gas field that "oil facilities associated with America are now on par with American bases and will come under fire with full force" and "warned citizens and workers to stay away from these facilities."

While the reason why the Selen was turned back is unclear, it probably is because the captain refused to pay the toll Iran has started charging on some commercial vessels passing through the Strait of Hormuz, in yet another sign of Tehran’s control over the world’s most important maritime energy channel.

Payments of as much as $2 million per voyage are being sought on an adhoc basis, effectively creating an informal toll on the waterway, according to Bloomberg. Some vessels have made the payment, though the mechanism wasn’t immediately clear - including the currency used - and it doesn’t appear to be systematic. 

The fact that increasingly more ships are crossing the strait confirms our previous report (see "Chinese Containership Is First To Pay Iran For "Safe Passage" Through Strait As Iraqi Tanker Crosses With Signal Off" and "Iran Ready To Let Japanese Ships Use Hormuz As Chinese, Indian Tankers Already Allowed Passage") indicates that Iran's hardline stance on blockading any/all non-Chinese ships crossing the strait is fraying. 

Stil, the payments show Iran’s influence over Hormuz, through which normally about a fifth of the world’s oil and gas, and vast amounts of food, metals and other materials are shipped every day. With the war in the Middle East now in its fourth week, it also highlights the desperate need for some consumers to ensure continued energy flows.

Bloomberg sources said the payments have been handled quietly. The lack of transparency and uncertainty over who might be targeted next is adding a fresh layer of friction to the shipping lane. Only a trickle of vessels have crossed the waterway since the war, many of them Iranian-linked. Some of the few others appear to have taken similar routes close to Iran’s coastline.

According to Lloyds List,. "at least two vessels transiting through the strait are understood to have paid in exchange for safe passage, with one fee reported to have been around $2 million.” As some quickly calculated, this actually is not that much if it means removing the Hormuz energy bottleneck: "$2 million on a VLCC carrying 2 million barrels = $1/barrel premium. Quite a bargain in this market. Expect more to follow suit."

Yesterday we reported that India, which got four vessels carrying liquefied petroleum gas to exit the Persian Gulf through Hormuz, said Tuesday that international laws guarantee the right of freedom for navigation through the strait and no one can levy any fee for use of the channel even though the four ships almost certainly paid the fee. Prime Minister Narendra Modi said that he discussed the Iran war on a call with President Donald Trump, including the conflict’s impact on the maritime corridor.

“Ensuring that the Strait of Hormuz remains open, secure and accessible is essential for the whole world,” Modi wrote in a social media post.

While Iran is demanding the transit fee on a case-by-case basis, the Islamic Republic has floated the idea of formalizing the charges as part of a broader postwar settlement, one person said. Last week, an Iranian lawmaker said that parliament was advancing a proposal to require nations to pay Iran for using the Strait of Hormuz as a secure shipping route.

For Arab producers in the Gulf, even an informal toll is unacceptable, people familiar said, as it raises the issues of sovereignty, precedent and the potential weaponization of a vital trade route for their energy exports. Saudi Arabia and the United Arab Emirates depend on the route to ship their oil to global markets, but are now relying on alternative pipelines bypassing Hormuz to get crude to their customers. 

*  *  *

Tyler Durden Tue, 03/24/2026 - 14:25

Celsius, Monster Shares Slide As Costco Unveils 70-Cent Kirkland Energy Drink

Celsius, Monster Shares Slide As Costco Unveils 70-Cent Kirkland Energy Drink

The supplement industry news website Stack3d reports that Costco has expanded its Kirkland Signature brand into energy drinks, a move likely to catch the attention of anyone who consumes these amped-up drinks throughout the day, given the sub-$1-per-can price point. Energy drink stocks are trading lower mid-session on Tuesday, though it is unclear whether this is due to Kirkland's entry into the space.

"Kirkland Signature Sparkling Energy Drink is now showing up in Costco warehouses in a variety pack of 24 cans, with eight cans each of three different flavors: Tropical, Peach, and Orange," Stack3d wrote in a note on Monday afternoon.

Stack3d noted that each of these Kirkland cans includes "some taurine, glucuronolactone, and, of course, caffeine at 200mg, similar to Ghost and Celsius."

A 24-pack of energy drinks retails for $16.99 at Costco. The math works out to about 70 cents per can, a massive savings that will really add up for the daily user who spends roughly $2 to $3, if not more, per can.

Based on current prices, Celsius 12-oz. singles are around $2.49 at Target, Alani Nu 12-oz. singles are about $2.57 at Walmart, and Red Bull 12-oz. cans are approximately $2.99 at Target.

At Walmart, Celsius 12-packs are listed at $17.98, and at Target, they are $18.59, which works out to roughly $1.50 to $1.55 per can. Red Bull Sugarfree 8.4-oz. 12-packs at Walmart are listed at $19.48, or about $1.62 per can. Costco is unmatched, offering its Kirkland energy drink at just 70 cents per can in bulk.

Google Search trends show that searches for Kirkland energy drink began to rise over the weekend. We suspect this trend is early in the cycle and will surge. 

Around noon in New York, Celsius shares are trading down about 6.5%, while Monster shares are down about 1%.

There is no confirmation yet as to whether the pressure on shares is due to the debut of Kirkland energy drinks.

Tyler Durden Tue, 03/24/2026 - 14:05

"Will You Help Me Repair My Door?": Rapper Afroman Wins Major Free Speech Verdict

"Will You Help Me Repair My Door?": Rapper Afroman Wins Major Free Speech Verdict

Authored by Jonathan Turley via jonathanturley.org,

When singer Joseph E. Foreman took the stand recently in Ohio, his message, like his lyrics, was hardly subtle. Indeed, counsel may have been unsure whether to examine or to hoist him. The rapper, known as “Afroman,” appeared in a suit modeled after an American flag with matching flag-patterned sunglasses. He lashed out at the seven police officers who raided his home and then sued him for publicly mocking them. He insisted that he was the virtual embodiment of the First Amendment in all of its glory.

A jury agreed, at least insofar as finding him protected in his parody and public portrayal of the officers.

Almost three years ago, I wrote about the case and expressed deep skepticism about the legal viability of the case in light of free speech protections for filming and criticizing public officials.

Foreman, 51, became famous for a humorous rap song, “Because I Got High.” Later, he became even more famous after the released security camera footage of officers breaking down the door to his home and holding him and his family at bay with drawn weapons.  While the warrant was granted to look for evidence of kidnapping, marijuana, and drug paraphernalia, they found nothing.

Foreman then decided to go on the offensive with videos showing the raid and rap songs using his signature style to mock the officers (including one who seemed to stop in the midst of the raid to look at a fresh lemon pound cake on the counter. He told NPR, “I asked myself, as a powerless Black man in America, what can I do to the cops that kicked my door in, tried to kill me in front of my kids, stole my money, and disconnected my cameras? And the only thing I could come up with was make a funny rap song about them … use the money to pay for the damages they did and move on.”

In “Will You Help Me Repair My Door?” he taunted the officers: “Did you find what you were looking for?/Will you help me repair my gate and door/Would you like a slice of my lemon pound cake?/You can take as much as you want to take/There must be a big mistake.”

The humor highlighted what he viewed as an absurdly broad warrant: “The warrant said ‘Narcotics and kidnapping’/The warrant said “Narcotics and kidnapping”/Are you kidding? I make my money, rapping/Why does the warrant say ‘Narcotics?’ (Well, I know narcotics)/But why kidnapping?”

That was followed up by an even more popular video titled “Lemon Pound Cake”: “The Adams County Sheriff kicked down my door/Then I heard the glass break/They found no kidnapping victims/Just some lemon pound cake…Mama’s lemon pound cake/It tastes so nice/It made the sheriff wanna put down his gun/And cut him a slice (of what? Of what?).”

It became an instant hit.

Some of the images from Foreman’s security cameras were also used to sell commercial products, including promotional videos.  In an Instagram post, he wore a shirt with the surveillance images and thanked one of the officers for helping him get 5.4 million views on TikTok.

In a social media posting, he wrote, “Congratulations again you’re famous for all the wrong reasons.”

The six officers and one detective were obviously irate at the public abuse and ridicule that followed. In their complaint, they alleged that their families were traumatized and harmed.

The mockery continued during the trial.

Foreman’s appearance in his flag suit captured his style and his strategy. He was there to make an unmistakable point and the flag outfit was part of the effort to attract maximal attention.

While controversial for some, his fashion choice followed other famous free speech advocates.  Hustler Magazine publisher Larry Flint in 1983 wore a flag diaper to court. (He was then charged with desecrating the flag– a charge later dropped by prosecutors).

Likewise, in 1968, activist Abbie Hoffman wore a shirt resembling an American flag to a House Un-American Activities Committee (HUAC) hearing, protesting the Vietnam War. When he was arrested, he declared, “I regret that I have but one shirt to give for my country.” (His conviction was later overturned).

Foreman attacked Adams County Deputy Sheriff Lisa Phillips in an expletive-laden music clip posted on Instagram just hours after she gave tearful testimony in court: “Where was these tears when she was standing in my yard with a loaded AR-15 ready to Swiss cheese me?”

Foreman was equally unapologetic on the stand: “All of this is their fault, If they hadn’t wrongly raided my house, there would be no lawsuit, I would not know their names, they wouldn’t be on my home surveillance system and there would be no songs.”

My skepticism about the lawsuit stemmed from the obvious opinion and political content of his posting. Courts have also ruled that citizens may film officers in public despite repeated efforts to criminalize such filming.

The claims of defamation, misappropriation of names or likeness, and false light all ran into the same First Amendment protections.

Foreman is an artist expressing his criticism of the police in the raid on his home. Foreman had a right to object to the raid that he viewed as unjustified and even racially motivated.

Foreman clearly used his celebrity status to exact a measure of revenge. However, any liability for showing officers during a raid would have had a chilling effect on political speech, including when such speech is part of creative work.

Since the founding of the Republic, parody and songs have been used to criticize government officials and policies.

Foreman celebrated after the verdict, proclaiming, “It’s not only for artists. It’s for Americans. “We have freedom of speech. They … did me wrong and sued me because I was talking about it.”

Yes, Foreman is over-the-top in every respect. Yet, there was a method to the madness. Strip away the flag suit, the over-the-top lyrics, he had a point. Add the suit and the rap, he had an audience.

Jonathan Turley is a law professor and the best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.”

*  *  * ARE YOU PREPARED?

Tyler Durden Tue, 03/24/2026 - 13:45

Terrible 2Y Auction: Biggest Tail In 3 Years, Dealers Highest Since 2022

Terrible 2Y Auction: Biggest Tail In 3 Years, Dealers Highest Since 2022

With both foreign and domestic investors dumping gold (and anything else not nailed down) to fund oil, at its brand sparkling new price of $170 (in Asia), we were wondering how long before the lack of disposable cash hits US debt. We got the answer today at just after 1pm when we got the results of today's $69 billion 2Year bond auction. In a nutshell, it was terrible.

The auction priced at a high yield of 3.936%, up from 3.455% last month and the highest since May 2025. It also tailed the When Issued by a whopping 1.8bps, the highest tail since March 2023.

The bid to cover was a piss poor 2.440, down sharply from 2.630 and the lowest since May 2024. 

The internals were also ugly, with Indirects taking 59.98%, an improvement from 55.91% in February, but it was the Direct bidders that unexpectedly tumbled from 42.3% to 16.50%, the lowest since March 2025. This left Dealers holding 24.12% of the auction, up sharply from 9.81% and the highest since October 2022. 

Overall, this was a very ugly auction, and the only thing that could have made it catastrophic was if Indirects had also refused to participate. For now they haven't but at this rate it's just a matter of time before Indirects go limit down and Dealers are forced to carry the entire auction. 

Tyler Durden Tue, 03/24/2026 - 13:25

Mark Zuckerberg Is Building An AI Version Of A CEO To Help Him Run Meta

Mark Zuckerberg Is Building An AI Version Of A CEO To Help Him Run Meta

This isn't going to help the speculation that Zuckerberg, himself is a robot. I mean, it's only a joke...right?

Mark Zuckerberg is pushing a future where everyone—inside and outside Meta Platforms—has a personal AI agent. He’s beginning with his own, according to a new report from the Wall Street Journal.

The CEO is building an internal “CEO agent,” still in development, that helps him quickly access information he’d normally get through layers of staff. The goal reflects a broader company shift: speed up work, reduce hierarchy, and compete with lean, AI-first startups.

AI adoption has become central to Meta’s strategy. Zuckerberg recently emphasized this direction, saying, “We’re investing in AI-native tooling so individuals at Meta can get more done,” adding that the company is “elevating individual contributors and flattening teams.” Employees are now expected to use AI regularly, and it even factors into performance reviews.

Across the company, staff are experimenting heavily. Internal forums are full of AI tools and ideas, with some employees describing the environment as similar to Meta’s early “move fast and break things” era—now updated to a more stable, AI-driven version of rapid innovation.

New tools are emerging internally. Personal agents can access files, communicate with coworkers—or even other agents—on a user’s behalf. Another tool, Second Brain, acts like an “AI chief of staff,” helping organize and retrieve project information. There are even spaces where employees’ AI agents interact with each other.

WSJ writes that Meta is also investing externally, acquiring startups like Moltbook and Manus to expand its capabilities.

To support this shift, Meta created a new applied AI engineering group designed to be “AI native from day one,” focused on accelerating development of its AI models. Employees are encouraged to attend frequent AI trainings, hackathons, and build their own tools.

Still, the rapid transformation brings mixed feelings. While some employees find it energizing, others worry about job security—especially after major layoffs in 2022 and 2023 as the company restructured for efficiency.

Meta’s leadership sees this transition as essential. As CFO Susan Li put it, staying competitive means ensuring a company of Meta’s scale can operate just as efficiently as smaller, AI-native firms.

Tyler Durden Tue, 03/24/2026 - 13:25

Protesters Rally Outside OpenAI, Anthropic, And xAI Offices Over Industry Concerns

Protesters Rally Outside OpenAI, Anthropic, And xAI Offices Over Industry Concerns

Authored by Jason Nelson via decrypt.co,

In brief

  • 200 protesters marched from Anthropic to OpenAI and xAI offices in San Francisco.

  • Activists called on AI companies to pause development of new frontier AI models.

  • Organizer Michael Trazzi previously staged a multi-week hunger strike outside Google DeepMind.

Protesters took to the streets of San Francisco on Saturday, stopping outside the offices of Anthropic, OpenAI, and xAI to call for a conditional pause in the development of increasingly powerful artificial intelligence.

According to Stop the AI Race founder and documentarian Michael Trazzi, roughly 200 protesters participated in the demonstration.

Participants included researchers, academics, and members of advocacy groups such as the Machine Intelligence Research Institute, PauseAI, QuitGPT, StopAI, and Evitable.

“There are a lot of people who care about this risk from advanced AI systems,” Trazzi told Decrypt. “Having everyone marching together shows people are not isolated in thinking about this by themselves. There are a lot of people who care about this.”

The march began at noon outside Anthropic’s offices, then moved to OpenAI and then to xAI. At each stop, activists and speakers from the participating organizations addressed protesters.

According to Trazzi, the protest aimed to push AI companies to agree to a coordinated pause in building more powerful AI models and create treaties with AI developers in other countries to do the same.

“If China and the U.S. agreed to stop building more dangerous models, they could focus on making the systems better for us, like medical AI,” he said. “Everyone would be better off.”

Stop the AI Race’s proposal calls for companies to stop building new frontier models and shift work toward safety, if other major labs "credibly do the same," which Trazzi said makes protesting in front of AI labs’ offices more important.

Steady opposition

The protest is the latest in a series of efforts to disrupt AI development.

In March 2023, the Future of Life Institute published an open letter demanding a moratorium on further enhancements to the leading AI tool following the public launch of ChatGPT the year before.

Signers included xAI founder Elon Musk, Apple co-founder Steve Wozniak, and Ripple co-founder Chris Larsen. Since then, the “Pause Giant AI Experiments” open letter has garnered over 33,000 signatures.

In September, Trazzi staged a week-long hunger strike outside Google DeepMind’s London offices, while Guido Reichstadter held a parallel hunger strike outside Anthropic’s San Francisco offices.

Government officials and supporters of continued AI development argue that slowing research in the U.S. could give competitors abroad an advantage.

Last week, the Trump Administration published its AI framework to establish a national standard for laws governing AI development. The White House framed it as a commitment to “winning the AI race.”

“Even if you’re in China or any country in the world, nobody wants systems they cannot control,” Trazzi said. “Because we’re in this race between companies and countries to build the systems as fast as possible, we’re taking shortcuts and cutting corners on safety. There is a race that has no winners. What we have is a system we cannot control, and that’s why it’s called a suicide race.”

But even if AI developers agreed to pause development, verifying it may be easier said than done. Trazzi suggested one way to verify a pause would be to limit the computing power used to train new models.

“If you limit how much compute a company can use to build these systems, then you’re pretty much limiting developing new models,” he said.

Following the San Francisco protest, Trazzi said additional demonstrations could take place in other locations where major AI companies operate.

“We want to show up where the employees are,” he said. “We want to talk to them, and we want them to talk to their leadership and have things moving from inside,” adding that whistleblowers will have some amount of power because “they’re the ones building it.”

OpenAI, Anthropic, and xAI did not immediately respond to Decrypt's requests for comment.

* * *ACT FAST!

Tyler Durden Tue, 03/24/2026 - 13:05

Pages