The ‘Nuclear Nightmare’ That Was Manufactured by the Media


John Stossel is seen in front of a nuclear power plant | Stossel TV

A few years ago, nuclear power looked doomed.

Plants were shutting down.

Former New York Gov. Andrew Cuomo won applause bragging about closing a nuclear plant “14 years ahead of schedule.”

“Why would they applaud?” asks former nuclear engineer Ray Rothrock in my new video. “They shut down New York’s finest source of clean energy.”

Rothrock has met with presidents, trying to persuade them to embrace nuclear power, but “nothing was ever addressed.”

Until now.

President Donald Trump ordered the Nuclear Regulatory Commission (NRC) to speed up licensing of new plants.

Sen. Sheldon Whitehouse (D–R.I.) called that a “flagrant disregard for nuclear safety.”

“Not conducive to nuclear safety,” complained Sen. Adam Schiff (D–Calif.).

“That’s just a bunch of crap,” says Rothrock. “They’re afraid of something that they don’t need to be afraid of.”

We don’t? What about that meltdown at Three Mile Island?

Time magazine called it a “nuclear nightmare.” The Washington Post: “nuclear crisis.”

“The result…should be the abandonment of nuclear power!” said a widely quoted “analyst.”

It was the usual media hysteria.

“Nobody was hurt!” Rothrock points out.

It didn’t matter. Media still called nuclear energy an unacceptable risk.

Then there was another accident in Fukushima, Japan.

People did die there, but not from radiation. Not one. People died because the government’s required evacuation disrupted their medical care.

The United Nations reported “no discernible increased incidence of radiation-related health effects.”

But my media colleagues, as usual, made radiation the villain. Nuclear power was set back further.

It’s why more countries didn’t do what France does: get most of its power from nuclear reactors.

People in France are OK with that, but in most of the rest of the world, anti-nuclear protesters persuaded people to be frightened about “radiation leaks.”

The scare works because most people don’t realize that radiation is everywhere.

Just flying in a plane exposes you to it. So does living in Denver.

A beach in Brazil has natural radiation levels much higher than our government’s safety standards.

“Thirty times the safety standard!” says Rothrock.

People who use that beach don’t get more cancer. Our bodies can handle low levels of radiation.

“Why take any risks?” I ask Rothrock. “Why don’t we just use solar and wind?”

“Wind stops blowing sometimes….You need a lot of land for solar and wind. Throw in all those costs and it’s pretty darn expensive.”

In America, new nuclear plants are pretty darn expensive, too. But that’s mainly because of the NRC’s cumbersome rules.

“‘Thou shall do it this way,'” complains Rothrock. “Thou all shall have that. Thou shall have this.’ The regulators said, ‘If it takes a 3-foot, 6-inch wall to protect from the radiation…why don’t you make it 4? Better still, why don’t you make it 10?'”

Regulators rarely adjust rules to account for new technology.

The NRC required plants to be covered by a dome. But some new reactors, says Rothrock, are “not pressurized! There’s no need for a dome. But the rules say you have to build a dome!”

Just to get approval for a new plant “got to be five, six, seven years. Then people stopped completely. For literally 30 years, the NRC has not seen a new reactor proposal.”

Only now have the rules been changed, and for the first time in 10 years, a new reactor has been approved.

So protestors shout: “This nuclear nightmare is back!…You can have a full-blown reactor core meltdown!”

This time, they are losing.

Eighteen reactors have had operating licenses extended. Many new reactors are in development.

Private entrepreneurs are making better fuels and reactors that are easier to install.

If bureaucrats get out of the way, we should soon have cheap, clean energy.

COPYRIGHT 2026 BY JFS PRODUCTIONS INC.

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D.C. Wants To Charge Robotaxis $6 Million. Unions Still Say No.


A Waymo driverless vehicle drives through a tunnel | Tom Williams/CQ Roll Call/Newscom

The District of Columbia is considering a bill that would permit the commercial use of autonomous vehicles (A.V.s), such as Waymo, so long as operators pay a multimillion-dollar fee.

The Autonomous Vehicle Deployment Authorization Amendment Act of 2026, introduced in May by Democratic Councilmember Charles Allen, would create the first legal pathway for companies to operate driverless taxis and delivery vehicles in the district. “People want AVs as an option to get around, and I want DC to be a city that embraces innovation,” Allen said in a press release.

Legalizing these vehicles would be a positive not only for D.C.’s residents but also for safety. Where autonomous vehicles have been allowed, initial evidence suggests that they are far better than human drivers at avoiding crashes that result in injuries. According to Waymo’s analysis of over 220 million driverless miles, A.V.s were involved in 94 percent fewer serious-injury crashes, 93 percent fewer pedestrian crashes with injuries, and 84 percent fewer cyclist crashes with injuries than human drivers covering comparable roads.

The proposed bill would, however, introduce a tight and costly regulatory framework that will cause the city to forgo some of the crashes, injuries, and deaths A.V.s could prevent. Some of the restrictions include the requirement for operators to complete 250,000 miles of testing, pay $6 million for a three-year permit, carry $5 million in insurance, accept an initial 200-vehicle cap, file extensive reports, and pay an additional 15-cent tax on every mile driven. The multimillion-dollar fees would partly fund training programs for ride-share drivers deemed vulnerable to automation.

However, this extraordinarily expensive framework is not enough for union campaigners. Before a hearing on the bill on Monday, protesters and members of the Teamsters Union, 32BJ SEIU, the Amalgamated Transit Union (ATU), and the International Association of Machinists and Aerospace Workers gathered outside as the D.C. Council heard testimony, arguing that legalizing A.V.s would cost jobs.

“We support innovation 100% when it strengthens public services and creates good union jobs,” Jaime Contreras, executive vice president of 32BJ SEIU, the nation’s largest property service union, tells Reason. “As it stands now, the bill would funnel money to Waymo executives in Silicon Valley that could otherwise go into the pockets of DC residents and [the] economy.”

Perhaps some drivers will be displaced by the introduction of autonomous vehicles, but protecting jobs today should surely not be the basis on which we create laws for the future. If it were, farming machinery would have been outlawed because it would result in fewer farmers, ATMs would have been rejected on the basis that they would result in fewer bank tellers, and the car itself would have been opposed on the basis that it would displace horse-drawn carriage drivers.

Indeed, this was the argument made by Marissa Tuell, senior manager of autonomous vehicle policy at Lyft. At the hearing on Monday, Tool argued that “the disruption drivers feel from automation isn’t new,” and that “ATMs” and “self-checkouts” did not “eliminate tellers and cashiers,” but “gave customers more ways to bank and shop, with both options continuing to operate side by side.” Tuell said that she expected the same to be the case with automated vehicles, resulting in “A.V.s and human drivers coexisting and complementing each other to meet more rider needs than either could alone.”

Union representatives did not share Tuell’s optimism. Brian Wivell of Amalgamated Transit Union Local 689 argued before the council that adopting A.V.s would push people to live farther from their workplaces by allowing them to work from these vehicles. He seemed to suggest that the convenience afforded by Waymos and other A.V.s is something that should be fought: “As we consider allowing a technology that will allow someone to do a 30- to 45- minute drive without having to talk to a single human being and they can work the entire time, we are going to watch sprawl on a level we have never seen before.”

“One of the things that stood out to me the most was how many people seemed to say that delivery or driving jobs required a human touch,” Lucas Pombo, a research fellow at the Foundation for American Innovation who testified in person at the hearing, tells Reason. “One witness claimed that part of being an Uber driver is talking to people who weren’t being talked to at other points in the day,” effectively serving as “a kind of mental health/person-to-talk-to service in addition to being drivers,” which Pombo calls “plainly ridiculous.” He adds that one union representative “went so far as to say that having drivers in delivery trucks led to more efficient routing,” which Pombo says is “just a factually incorrect statement about how delivery routes get planned.”

Pombo argues that in the future, as A.V.s become more affordable, the opportunities to increase convenience are endless: “Kids could visit their friends’ houses without dragging their parents along, Amazon could dispatch a car with just your package directly from the warehouse when you order it,” and “you could order food from a far away restaurant you really like.”

The opportunities are truly endless. Unfortunately, across all levels of government, there exists a pervasive idea that technological change, which may affect jobs, must be treated with disdain. While it is unclear how the bill will fare in the D.C. Council, the stringent regulations and steep costs tied to potential A.V. legalization are likely to prevent D.C. from realizing the full potential of self-driving vehicles.

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The ‘Nuclear Nightmare’ That Was Manufactured by the Media


John Stossel is seen in front of a nuclear power plant | Stossel TV

A few years ago, nuclear power looked doomed.

Plants were shutting down.

Former New York Gov. Andrew Cuomo won applause bragging about closing a nuclear plant “14 years ahead of schedule.”

“Why would they applaud?” asks former nuclear engineer Ray Rothrock in my new video. “They shut down New York’s finest source of clean energy.”

Rothrock has met with presidents, trying to persuade them to embrace nuclear power, but “nothing was ever addressed.”

Until now.

President Donald Trump ordered the Nuclear Regulatory Commission (NRC) to speed up licensing of new plants.

Sen. Sheldon Whitehouse (D–R.I.) called that a “flagrant disregard for nuclear safety.”

“Not conducive to nuclear safety,” complained Sen. Adam Schiff (D–Calif.).

“That’s just a bunch of crap,” says Rothrock. “They’re afraid of something that they don’t need to be afraid of.”

We don’t? What about that meltdown at Three Mile Island?

Time magazine called it a “nuclear nightmare.” The Washington Post: “nuclear crisis.”

“The result…should be the abandonment of nuclear power!” said a widely quoted “analyst.”

It was the usual media hysteria.

“Nobody was hurt!” Rothrock points out.

It didn’t matter. Media still called nuclear energy an unacceptable risk.

Then there was another accident in Fukushima, Japan.

People did die there, but not from radiation. Not one. People died because the government’s required evacuation disrupted their medical care.

The United Nations reported “no discernible increased incidence of radiation-related health effects.”

But my media colleagues, as usual, made radiation the villain. Nuclear power was set back further.

It’s why more countries didn’t do what France does: get most of its power from nuclear reactors.

People in France are OK with that, but in most of the rest of the world, anti-nuclear protesters persuaded people to be frightened about “radiation leaks.”

The scare works because most people don’t realize that radiation is everywhere.

Just flying in a plane exposes you to it. So does living in Denver.

A beach in Brazil has natural radiation levels much higher than our government’s safety standards.

“Thirty times the safety standard!” says Rothrock.

People who use that beach don’t get more cancer. Our bodies can handle low levels of radiation.

“Why take any risks?” I ask Rothrock. “Why don’t we just use solar and wind?”

“Wind stops blowing sometimes….You need a lot of land for solar and wind. Throw in all those costs and it’s pretty darn expensive.”

In America, new nuclear plants are pretty darn expensive, too. But that’s mainly because of the NRC’s cumbersome rules.

“‘Thou shall do it this way,'” complains Rothrock. “Thou all shall have that. Thou shall have this.’ The regulators said, ‘If it takes a 3-foot, 6-inch wall to protect from the radiation…why don’t you make it 4? Better still, why don’t you make it 10?'”

Regulators rarely adjust rules to account for new technology.

The NRC required plants to be covered by a dome. But some new reactors, says Rothrock, are “not pressurized! There’s no need for a dome. But the rules say you have to build a dome!”

Just to get approval for a new plant “got to be five, six, seven years. Then people stopped completely. For literally 30 years, the NRC has not seen a new reactor proposal.”

Only now have the rules been changed, and for the first time in 10 years, a new reactor has been approved.

So protestors shout: “This nuclear nightmare is back!…You can have a full-blown reactor core meltdown!”

This time, they are losing.

Eighteen reactors have had operating licenses extended. Many new reactors are in development.

Private entrepreneurs are making better fuels and reactors that are easier to install.

If bureaucrats get out of the way, we should soon have cheap, clean energy.

COPYRIGHT 2026 BY JFS PRODUCTIONS INC.

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D.C. Wants To Charge Robotaxis $6 Million. Unions Still Say No.


A Waymo driverless vehicle drives through a tunnel | Tom Williams/CQ Roll Call/Newscom

The District of Columbia is considering a bill that would permit the commercial use of autonomous vehicles (A.V.s), such as Waymo, so long as operators pay a multimillion-dollar fee.

The Autonomous Vehicle Deployment Authorization Amendment Act of 2026, introduced in May by Democratic Councilmember Charles Allen, would create the first legal pathway for companies to operate driverless taxis and delivery vehicles in the district. “People want AVs as an option to get around, and I want DC to be a city that embraces innovation,” Allen said in a press release.

Legalizing these vehicles would be a positive not only for D.C.’s residents but also for safety. Where autonomous vehicles have been allowed, initial evidence suggests that they are far better than human drivers at avoiding crashes that result in injuries. According to Waymo’s analysis of over 220 million driverless miles, A.V.s were involved in 94 percent fewer serious-injury crashes, 93 percent fewer pedestrian crashes with injuries, and 84 percent fewer cyclist crashes with injuries than human drivers covering comparable roads.

The proposed bill would, however, introduce a tight and costly regulatory framework that will cause the city to forgo some of the crashes, injuries, and deaths A.V.s could prevent. Some of the restrictions include the requirement for operators to complete 250,000 miles of testing, pay $6 million for a three-year permit, carry $5 million in insurance, accept an initial 200-vehicle cap, file extensive reports, and pay an additional 15-cent tax on every mile driven. The multimillion-dollar fees would partly fund training programs for ride-share drivers deemed vulnerable to automation.

However, this extraordinarily expensive framework is not enough for union campaigners. Before a hearing on the bill on Monday, protesters and members of the Teamsters Union, 32BJ SEIU, the Amalgamated Transit Union (ATU), and the International Association of Machinists and Aerospace Workers gathered outside as the D.C. Council heard testimony, arguing that legalizing A.V.s would cost jobs.

“We support innovation 100% when it strengthens public services and creates good union jobs,” Jaime Contreras, executive vice president of 32BJ SEIU, the nation’s largest property service union, tells Reason. “As it stands now, the bill would funnel money to Waymo executives in Silicon Valley that could otherwise go into the pockets of DC residents and [the] economy.”

Perhaps some drivers will be displaced by the introduction of autonomous vehicles, but protecting jobs today should surely not be the basis on which we create laws for the future. If it were, farming machinery would have been outlawed because it would result in fewer farmers, ATMs would have been rejected on the basis that they would result in fewer bank tellers, and the car itself would have been opposed on the basis that it would displace horse-drawn carriage drivers.

Indeed, this was the argument made by Marissa Tuell, senior manager of autonomous vehicle policy at Lyft. At the hearing on Monday, Tool argued that “the disruption drivers feel from automation isn’t new,” and that “ATMs” and “self-checkouts” did not “eliminate tellers and cashiers,” but “gave customers more ways to bank and shop, with both options continuing to operate side by side.” Tuell said that she expected the same to be the case with automated vehicles, resulting in “A.V.s and human drivers coexisting and complementing each other to meet more rider needs than either could alone.”

Union representatives did not share Tuell’s optimism. Brian Wivell of Amalgamated Transit Union Local 689 argued before the council that adopting A.V.s would push people to live farther from their workplaces by allowing them to work from these vehicles. He seemed to suggest that the convenience afforded by Waymos and other A.V.s is something that should be fought: “As we consider allowing a technology that will allow someone to do a 30- to 45- minute drive without having to talk to a single human being and they can work the entire time, we are going to watch sprawl on a level we have never seen before.”

“One of the things that stood out to me the most was how many people seemed to say that delivery or driving jobs required a human touch,” Lucas Pombo, a research fellow at the Foundation for American Innovation who testified in person at the hearing, tells Reason. “One witness claimed that part of being an Uber driver is talking to people who weren’t being talked to at other points in the day,” effectively serving as “a kind of mental health/person-to-talk-to service in addition to being drivers,” which Pombo calls “plainly ridiculous.” He adds that one union representative “went so far as to say that having drivers in delivery trucks led to more efficient routing,” which Pombo says is “just a factually incorrect statement about how delivery routes get planned.”

Pombo argues that in the future, as A.V.s become more affordable, the opportunities to increase convenience are endless: “Kids could visit their friends’ houses without dragging their parents along, Amazon could dispatch a car with just your package directly from the warehouse when you order it,” and “you could order food from a far away restaurant you really like.”

The opportunities are truly endless. Unfortunately, across all levels of government, there exists a pervasive idea that technological change, which may affect jobs, must be treated with disdain. While it is unclear how the bill will fare in the D.C. Council, the stringent regulations and steep costs tied to potential A.V. legalization are likely to prevent D.C. from realizing the full potential of self-driving vehicles.

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UN Maritime Boss Warns Ships To Avoid Hormuz As Transits Continue

UN Maritime Boss Warns Ships To Avoid Hormuz As Transits Continue

The International Maritime Organization warned Wednesday that the Strait of Hormuz remains too dangerous for commercial shipping, even as vessels continue to transit the narrow waterway.

US Central Command said its latest round of strikes against Iranian coastal military targets concluded early Wednesday. Tehran retaliated with missile and drone attacks against US-allied Gulf states while continuing to disrupt some maritime traffic through the strait.

Yet commercial ships are still transiting, suggesting Iran’s ability to fully weaponize the maritime chokepoint is gradually eroding under sustained US air and naval superiority.

Speaking on Bloomberg Radio, Arsenio Dominguez, the secretary general of the IMO, said the waterway remains dangerous and unsafe for tankers and bulk cargo ships.

“I will maintain the message of upholding international law, for countries to do the same thing, and for companies — at this stage, particularly with the volatility — not to take risk to transit through the strait of Hormuz,” Dominguez said.

Dominguez’s warning appears to be ignored by some ships.

Bloomberg data show that vessel traffic continues in the narrow waterway, at lower volumes than last week, even as fighting between the US and Iran intensified overnight.

With or without Tehran’s cooperation, US-allied Gulf countries are in the beginning innings of what we’ve described as a “great energy rewiring”…

Latest:

We compiled evidence for readers showing that US-allied Gulf countries are poised to undertake a generational rewiring of regional energy flows to bypass the Hormuz chokepoint. Over time, that infrastructure buildout – from pipelines to ports – could render Tehran’s leverage over the critical waterway increasingly irrelevant.

Tyler Durden
Wed, 07/15/2026 – 14:00

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Iraqi Militia Vows To Disrupt Any Future Iraq-Syria Oil Pipeline: US ‘Stealing Our Oil’

Iraqi Militia Vows To Disrupt Any Future Iraq-Syria Oil Pipeline: US ‘Stealing Our Oil’

Via The Cradle

US and Iraqi officials are set to conclude a major energy deal as part of Prime Minister Ali al-Zaidi’s visit to Washington this week, according to Iraqi officials cited by AP Wednesday.

“An agreement is slated to be signed Friday between Iraq, US companies Chevron and TI Capital, and Qatar’s UCC for construction of an oil pipeline that will connect southern Iraq’s Basra to western Iraq’s Haditha,” the officials said.

via Reuters

The pipeline is meant to extend from Haditha to Turkiye’s Ceyhan port and the port of Baniyas in Syria. 

The details of the reported agreement were not discussed publicly during meetings between Zaidi and US President Donald Trump in the Oval Office on Tuesday. Neither the US president nor the Iraqi premier mentioned the deal. AP referred to it as a “significant energy deal.”

A senior Trump administration official said later on 14 July that Washington is “facilitating conversation” between Iraq and Syria regarding potential future energy projects.

Meanwhile, Iraqi pro-Iran resistance faction Al-Nujaba Movement warned against making deals with Washington in Iraq.

“[Trump] will not continue living under the illusion of stealing Iraq’s oil and wealth, whether through direct theft or under the cover of suspicious investments. The Islamic resistance will continue confronting US forces and drive them from Iraq’s land and skies,” the movement’s leader Akram al-Kaabi said in a statement on Wednesday.

The new Iraqi prime minister’s visit to Washington is expected to last until Saturday. 

On Tuesday, the premier said that Iraq deserved an equitable allocation within OPEC, coming during discussions with Trump in the Oval Office. His comments were a response to questions on whether Iraq was considering withdrawing from the oil producers’ alliance.

“Iraq is one of the founding members of OPEC … Our right is to receive a fair share for Iraq,” Zaidi said to reporters during the meeting with Trump. 

“The damage suffered by Iraq exceeds $400 billion, and to this ⁠day some Iraqis still have destroyed homes and are living in camps. I have a plan to return them to ⁠their homes, and that is why I want a fair share for Iraq in OPEC,” the Iraqi premier went on to say. 

During the meeting at the Oval Office, Trump called Zaidi “young” and “handsome,”  and that he had “tremendous chemistry” with the new Iraqi prime minister. 

In a press briefing between the two leaders, Baghdad and Washington announced that US combat troops would withdraw from Iraq by September 30

Zaidi was sworn in as premier in May this year, succeeding former prime minister Mohammed Shia al-Sudani. This came after the president had threatened to “cut off” Iraq completely if Nouri al-Maliki – a former Iraqi premier with ties to Iran – was re-elected. 

Despite initially vowing to continue running, Maliki ended up withdrawing his candidacy. “Mark my words, I knew what I was doing,” Trump said as he sat near Zaidi in the Oval Office on Tuesday.

“This man is going to be a great leader … beyond Iraq. His influence is going to spread all throughout the [region],” he said, referring to Zaidi. Zaidi’s visit coincided with reports of a major escalation of US pressure tactics, aimed at forcing the Iraqi resistance to surrender its arms.  Sources told the New Arab on Wednesday that Washington has “hardened its stance” against resistance factions in the country. 

The Trump administration has adopted a significantly more coercive approach than its predecessors to disarming the Iraqi resistance, stepping up pressure on Baghdad in recent months to dismantle the resistance factions swiftly.

Washington reportedly froze security programs with Baghdad and blocked dollar shipments to the country earlier this year to pressure Iraq into dismantling Iran-backed resistance groups.

Late last month, Baghdad issued a 30 September deadline for the disarmament of all armed factions in Iraq, including resistance movements.

After months of heavy US pressure, some armed organizations have agreed to turn over weapons to the state. Many others, including resistance groups Kataib Hezbollah and Al-Nujaba Movement, have refused.

Iraqi resistance groups demand a full US withdrawal, rather than the “transitional” pullout agreed on between Washington and Baghdad, which will see Washington shift from a “combat” to an “advisory” role, while still retaining a military presence in the country.

Tyler Durden
Wed, 07/15/2026 – 13:40

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Pennsylvania Data Centers Face Increased Oversight Under New Law

Pennsylvania Data Centers Face Increased Oversight Under New Law

By Diana DiGangi of UtilityDive

Pennsylvania’s Democratic Governor Josh Shapiro, signed a budget Sunday which will require data centers to report their exact water and power usage annually to the state. It also requires the PJM Interconnection to give Pennsylvania state regulators additional insight into its demand forecasting.

“The current process by which utilities submit information to PJM lacks transparency for policymakers, regulators and stakeholders,” states House Bill 1924, which was folded into Pennsylvania’s 2026-2027 budget. “There is a need for oversight by the Pennsylvania Public Utility Commission to ensure accuracy and transparency of load-forecast inputs.”

Data centers in the state will now be required to compile an annual report containing information such as their “estimated average amount of energy usage per hour during the data center’s peak load,” the provision states.

The provision in the budget also requires data centers to submit total energy consumption for the previous calendar year, an estimate of the projected total energy demand for the following year, and “any measures undertaken to generate electricity on site or off site to reduce carbon emissions or impacts on the electric grid, including the specific energy source, and any potential future measures to generate electricity or other form of energy on site or off site,” it states. 

Data centers that fail to comply with the new reporting requirements will be fined $10,000 per day until their report is submitted, according to the budget.

The state Department of Environmental Protection will publish an annual report on the “aggregate energy consumption and water consumption trends for data centers operating [in the state], including environmental impacts and recommendations to address identified issues.”

Data center development in Pennsylvania has boomed, with utility PPL Electric reporting in May that its “advanced” stage data center pipeline had jumped 12% in three months, from 25.2 GW to 28.3 GW expected by 2034.

The PJM language in the budget will help state agencies “better understand future electricity needs as demand continues to increase,” said state Sen. Gene Yaw, R, who sponsored the original legislation, in a Monday release.

Shapiro was one of the PJM state governors who in September threatened to pull their states out of PJM’s markets unless they were given a role in governing the organization. “If PJM refuses to change, we will be forced to go in a different direction,” he said. “That is not a path that I am eager to chart, but I am not willing to stand idly by and let PJM dictate our future.”

An October memo about the legislation, circulated by Yaw and Sen. Nick Miller, D, said that “the process by which utilities and load-serving entities submit information to PJM is opaque, and policymakers, regulators, and stakeholders lack confidence in the data’s reliability.”

The Pennsylvania PUC “showed one utility is projecting its load to grow over the next 9 years by over 200% while the next closest utility was at 11% over the same period,” the memo said. “Such a wide disparity raises questions about how Pennsylvania utilities are evaluating requests for new service from large customers and relaying that information to PJM.”

The legislation gives the Pennsylvania PUC the authority to “review and validate load forecasts submitted by Pennsylvania utilities to PJM,” “coordinate with PJM and other state regulators to ensure accuracy and prevent duplicative counting of projects and contracts,” and “access all relevant materials necessary to carry out this oversight,” the memo said.

Tyler Durden
Wed, 07/15/2026 – 13:00

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SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds

SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds

SpaceX has slipped below its much-hyped $135 IPO price, and down 40% from the all time high hit during the June 15th gamma squeeze when the stock surged above $220 if ovenright trading, an “inevitable outcome” according to Bloomberg, which lends some validation to the skepticism surrounding “a valuation that always relied more on imagination than observable fundamentals.”

Wall Street’s price target estimates spanned from roughly $60 to $800 (from Raymond James), a forecast that was 5x above the IPO price…

… a remarkable range that underscored just how little conviction existed around intrinsic value, and where all the upside is based on the Musk “story.”.

As Bloomberg’s Brendan Fagan writes, “when analysts cannot even agree within hundreds of billions of dollars on what a company is worth, valuation becomes an exercise in storytelling rather than finance.” Not like that should have been a surprise: after all, this was expected from the journey that Tesla shares have been on.

While the recent price action does not settle the debate over SpaceX’s long-term potential, but it does suggest the market is becoming less willing to pay almost any price for that uncertainty.

But while the SPCX stock price is notable, the real story is not in the stock but rather the company’s brand new $25BN bonds due 2056, which have been a one-way street lower since breaking for trade on June 24…

… and which now yield a junkbond-esque 7.5%. 

The issue here, no pun intended, is that the rout of particular bond has pushed the Goldman hyperscaler bond basket to a new record wide as we noted earlier… 

… and prompted Bloomberg to paraphrase what we said over the weekend, in its “Before the Bell” this morning, writing that “Signs of Hyperscaler credit stress has reached the highest since Goldman Sachs launched the basket in February. The data-center building boom has sparked an explosion of debt funding, with investors not paying enough attention to the terms of their lending.”

For those who missed it, here is our article from this weekend “Carnage” In The Hyperscaler Bond Market: Did Goldman Just Pop The AI Debt Bubble, in which we explained that the bond market is almost at capacity, and will barely be able to digest any more bond issuance. Which, in a world where trillions in future capex have to be funded almost entirely by new debt issuance…

… is suddenly a very big problem.

Tyler Durden
Wed, 07/15/2026 – 12:44

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Legionnaires’ Cases Rise In Manhattan’s Upper East Side As Dozens Of Cooling Towers Test Positive

Legionnaires’ Cases Rise In Manhattan’s Upper East Side As Dozens Of Cooling Towers Test Positive

Authored by Kimberley Hayek via The Epoch Times,

New York Health officials have identified dozens of cooling towers in Manhattan’s Upper East Side that tested positive for traces of Legionella bacteria, as Legionnaires’ disease cases reached 63 as of Tuesday. So far, 12 people are currently hospitalized, and 40 have been discharged from the hospital.

The New York City Department of Health and Mental Hygiene published a list this week detailing building cooling towers where initial PCR tests were positive for the bacteria.

Owners must drain, clean, and disinfect those cooling towers immediately. Many have already completed the work, with a few pending, according to numbers published by officials.

The towers with positive PCR results, according to the health department’s July 14 update, include 60 East End Avenue, 100 East End Avenue, 180 East End Avenue, and a long string along Madison, Park, York, and Fifth avenues, plus blocks of East 78th through 95th streets.

A handful still show cleaning pending, including 80 East End Avenue and 90 East End Avenue. The department posted exact addresses and street numbers, down to 300 East 83rd Street, which had an unregistered tower.

Confirmed cases climbed to 18 by July 5, an increase from 10 just days prior. They are clustered in ZIP codes 10028, 10128, and 10075, which are located in Yorkville and Carnegie Hill, as well as a stretch east of Central Park.

No deaths have been reported thus far.

Symptoms for legionnaires’ disease include fever, chills, cough, and muscle aches, and it spreads when people inhale mist from contaminated water, not from person-to-person contact. The symptoms usually appear 2–10 days after exposure, according to the U.S. Centers for Disease Control and Prevention.

The disease is treatable with antibiotics. Nonetheless, approximately 1 in 10 cases can be fatal, especially in older adults, smokers, and those with weakened immune systems or chronic lung disease. Cooling towers on rooftops are often the source of these outbreaks through warm, stagnant water.

Health Commissioner Dr. Alister Martin urged people to be on the lookout for symptoms.

“Any New Yorkers who currently live or work in this area or people who have visited the area since late June and are experiencing flu-like symptoms, such as cough, fever, or difficulty breathing, should contact a health care provider immediately,” the department said in an earlier statement.

“This is not an issue with any building’s plumbing system,” the health department noted.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which thrive in warm water. It produces flu-like symptoms, and if left untreated, complications can become serious or even fatal.

When multiple cases emerge within a neighborhood—known as a community cluster—the exposure often traces back to sources such as cooling towers, hot tubs, or spray fountains. When cases cluster within a single building instead, the source is usually the building’s plumbing system, particularly its hot water system. In these situations, residents can be exposed to the bacteria through water mist while showering.

Last summer, a cluster in Central Harlem made 114 people sick and killed seven. That one was also connected to cooling towers.

Tyler Durden
Wed, 07/15/2026 – 12:40

via ZeroHedge News https://ift.tt/XF21GDk Tyler Durden

Alibaba’s Qwen AI Will Be Integrated Into Apple Phones In China Amid Push For Local Models

Alibaba’s Qwen AI Will Be Integrated Into Apple Phones In China Amid Push For Local Models

Apple is starting to take cost-cutting (and Chinese supply chains) very seriously.

Just days after reports that the smartphone giant will use China’s DRAM pioneer CXMT (which just priced its IPO) for local memory as a cheaper alternative source to ridiculously overpriced DRAM sourced from the memory cartel triad of Samsung, SK Hynix and Micron, this morning Reuters reported that BABA Qwen AI – much cheaper but just as efficient as most US frontier models – will be integrated into Apple Intelligence in China.

US-listed shares in of Alibaba rose 6% on Wednesday after the company confirmed to CNBC that the Qwen AI model will be integrated into Apple systems in China. 

“Qwen will be integrated into Apple Intelligence experiences within iOS, iPadOS, macOS, and visionOS for users in China,” an Alibaba spokesperson told CNBC. 

The Cyberspace Administration of China included Apple AI services on a list of approved providers, which included products from homegrown companies like Huawei.

The decision follows a long route to a Beijing greenlight for Apple’s AI service since the offering was first announced in 2024. In that time, the technological rivalry between the US and China has intensified as both countries race for dominance in AI.

The Apple-Qwen integration gives users the ability to access the model’s capabilities, “like text and image understanding and generation, without needing to jump between tools,” the Alibaba spokesperson added.

It comes after CNBC reported that Apple is in talks with a small Silicon Valley company that says it can shrink powerful artificial intelligence models enough to run directly on an iPhone, the startup’s CEO told CNBC on Tuesday. PrismML, a Khosla Ventures-backed spinout from the California Institute of Technology, publicly released compressed versions of Alibaba’s open-source Qwen model on Tuesday. The company said it reduced the model from roughly 54 GB to less than 4 GB, allowing all 27 billion of its parameters to run on an iPhone 15 or newer.

Meanwhile, in a stealthy push for local (i.e., “on your cell phone”) models, earlier this week Bloomberg reported that Apple’s planned M7 Ultra chip is being designed to support up to 1.5 TB of unified memory and to push AI performance toward the class of Nvidia’s Blackwell accelerators. Why? To give the company’s upcoming local LLMs access to as much DRAM as possible so the company is not confined to the cloud.

We previously looked at the Chinese LLM scene in two extended articles recently, the first one showing how rapidly China’s open models are catching up to the latest frontier offerings in the US (see “Are Chinese AI models a better value than US models“)

… and the second one drilling down into each and every AI model in what we called the “definitive Chinese LLM primer.”

Source: Goldman

We also did an extended overview of the Alibaba offering which increasingly appears primed to take on the leading US frontier models; the schematic is summarized below.

Source: Goldman

Much more in the full reports (here and here).

Tyler Durden
Wed, 07/15/2026 – 12:20

via ZeroHedge News https://ift.tt/itDkYuE Tyler Durden