Strong Asian demand and West Texas Intermediate's discount to Middle...
Strong Asian demand and West Texas Intermediate's discount to Middle Eastern grades are fueling a rebound in US crude exports, which are on track to exceed 4 million barrels per day in August and September, the most since the beginning of the year. After a summer of heavy refinery runs, maintenance downtime and efforts to avoid Texas' year-end ad valorem tax are expected to keep shipments to Asia firm through October.
Texas AI Data Center Could House Largest US Nuclear Site
A massive AI data center project in the Texas Panhandle could house the...
A massive AI data center project in the Texas Panhandle could house the nation’s largest nuclear power site.
Data center developer Fermi America and Westinghouse are finalizing a license application to install four nuclear reactors at a project near Amarillo, Texas. The companies plan to build four AP1000 units on the campus, Fermi announced on Aug. 21.
If built, the project would be the largest nuclear power site in the U.S.
Fermi’s announcement did not include a timeline or cost estimate. A recent installation of two AP1000 units near Augusta, Georgia, spent more than 10 years in development and cost more than $30 billion.
Jay Powell won’t have to tap a glass with a knife to get everyone’s...
Jay Powell won’t have to tap a glass with a knife to get everyone’s attention before his highly anticipated speech at the Fed’s annual economic symposium today in Jackson Hole, Wyoming.
Wall Street will dissect every sound bite and eyebrow twitch for hints about whether the Fed intends to slash interest rates next month. But that’s far from the only reason why his wonkfest address will hit different this year. It’s all but certain to be Powell’s last Jackson Hole speech as Fed chair, since his term ends next spring.
Powell takes the podium amid internal divisions at the Fed over interest rates as a cooling job market and the threat of inflation induced by President Trump’s tariffs complicate the central bank’s decision on rates.
The odds of a rate cut currently stand at 74% ahead of Powell’s speech, down from 92% last week, per the FedWatch tool that investors use to bet on interest rate moves.
NY appeals court throws out $500 million fraud penalty against Trump
President Trump will no longer have to pay the half-billion-dollar judgment...
President Trump will no longer have to pay the half-billion-dollar judgment from his civil business fraud trial after a New York court tossed the massive fine. “While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half-billion-dollar award to the State,” Justice Peter Moulton wrote in a decision that sharply divided the court. Trump immediately took to social media to declare “TOTAL VICTORY.” Though it threw out the huge financial penalty, the court upheld the fraud ruling, which found last year that the president had inflated his net worth in order to secure better loan terms.
Meta reportedly freezes its AI hiring. According to...
Meta reportedly freezes its AI hiring. According to the Wall Street Journal, the Facebook and Instagram parent company is ending its AI spending spree (for now) and putting a hold on hiring for its artificial intelligence division. Meta has invested untold billions in waging a talent war over the industry’s top AI minds as part of CEO Mark Zuckerberg’s quest to develop “superintelligence,” or smarter-than-human intelligence. Earlier this year, Meta spent $14 billion for a stake in Scale AI to secure the services of its co-founder, Alexandr Wang. But analysts and investors are beginning to worry about the sky-high spending. Meta downplayed the hiring freeze as “basic organizational planning.”
Apple raised the price of an Apple TV+ subscription in the US from $10 a month to $13 yesterday.
Starbucks is expanding its test of coconut water drinks to hundreds more locations, probably because we need something besides pumpkin spice lattes to talk about.
Sony is hiking prices of PlayStation 5 consoles by about $50 due to tariffs, the company announced yesterday.
Elon Musk was ordered to face a lawsuit accusing him of running an illegal $1 million giveaway during the 2024 presidential election.
Netflix is launching an astrology hub that will recommend content based on your zodiac sign, so now Leos and Scorpios can find something to bond over (Love Is Blind).
