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May 8 Morning Brief
In U.S. politics and courts
President Trump is warning Iran it will face “a lot of pain” if there is no nuclear deal, while also taking heat at home for a tense exchange with an ABC reporter over gas prices and Iran. He then turned up at the Lincoln Memorial area to inspect a newly blue Reflecting Pool, because apparently no patch of water is safe from presidential oversight.
On the legal front, a federal trade court blocked Trump’s 10 percent global tariffs, saying he exceeded his authority under the Trade Act of 1974. In a separate ruling, a federal judge stopped Elon Musk’s DOGE from canceling more than $100 million in humanities grants, finding the process unconstitutional.
In markets and consumer tech
Michael Burry says today’s tech stock rally looks even more overextended than the dot-com bubble, with Tesla among the names he sees as especially stretched. He has also been betting against Nvidia and Palantir, and says some megacap tech companies are using aggressive accounting to support their valuations.
Nintendo is raising the U.S. price of the Switch 2 to $499.99 on Sept. 1, blaming higher memory and storage costs. Consumers, naturally, get to pay the invoice for supply chain reality.
In Britain and Russia
British Prime Minister Keir Starmer says he will not step aside after Labour’s poor local election results in England, Wales, and Scotland. The message is clear, the voters were less impressed than he was.
In Moscow, Putin’s Victory Day parade is looking smaller and more isolated than usual, with some former allies staying away from the Kremlin’s main showpiece event.
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By IniaesIn U.S. politics and courts
President Trump is warning Iran it will face “a lot of pain” if there is no nuclear deal, while also taking heat at home for a tense exchange with an ABC reporter over gas prices and Iran. He then turned up at the Lincoln Memorial area to inspect a newly blue Reflecting Pool, because apparently no patch of water is safe from presidential oversight.
On the legal front, a federal trade court blocked Trump’s 10 percent global tariffs, saying he exceeded his authority under the Trade Act of 1974. In a separate ruling, a federal judge stopped Elon Musk’s DOGE from canceling more than $100 million in humanities grants, finding the process unconstitutional.
In markets and consumer tech
Michael Burry says today’s tech stock rally looks even more overextended than the dot-com bubble, with Tesla among the names he sees as especially stretched. He has also been betting against Nvidia and Palantir, and says some megacap tech companies are using aggressive accounting to support their valuations.
Nintendo is raising the U.S. price of the Switch 2 to $499.99 on Sept. 1, blaming higher memory and storage costs. Consumers, naturally, get to pay the invoice for supply chain reality.
In Britain and Russia
British Prime Minister Keir Starmer says he will not step aside after Labour’s poor local election results in England, Wales, and Scotland. The message is clear, the voters were less impressed than he was.
In Moscow, Putin’s Victory Day parade is looking smaller and more isolated than usual, with some former allies staying away from the Kremlin’s main showpiece event.