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Bitcoin's 'Last Resort' Quantum-Safe Solution Just Got 79% Cheaper: StarkWare Authored by Felix Ng via Cointelegraph, The estimated computational cost to prepare a quantum-resistant Bitcoin transaction has fallen below $67 after a week of optimization, down from the roughly $320 spent on the first such mainnet transaction in August, according to StarkWare. The results came after participants in the Quantum-Safe Bitcoin Optimization Challenge found ways to push down the GPU computation needed to build a quantum-safe Bitcoin transaction. The reduction could make the experimental defense (which doesn't require changes to the network's consensus rules) against future quantum attacks more practical for Bitcoin holders. However, the latest optimizations have only been demonstrated in benchmark tests. "A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency," StarkWare wrote in its Sept. 23 update. The dashboard now shows the estimated cost has dropped to $66. Quantum-Safe Bitcoin an "emergency" solution StarkWare researcher Avihu Levy published the Quantum-Safe Bitcoin (QSB) design in April, outlining a way to add hash-based protection against quantum attacks without changing Bitcoin's consensus rules. At the time, he described it as a "last resort measure" due to costs, complexity and limited applicability, while continuing to advocate for protocol-level changes. According to StarkWare, the first QSB transaction was mined and confirmed on Aug. 26, with engineering work from Tomer Giladi and direct submission through MARA's Slipstream service. Preparing it required approximately 3,100 GPU-hours across roughly 100 GPUs, at a compute cost of about $320, excluding Bitcoin network fees. To find ways to bring that cost down, StarkWare, Yukon Research and Eigen Labs launched the QSB challenge on Sept. 16, inviting developers, researchers and AI agents to make the transaction-building software faster and more efficient. In its latest update, StarkWare said the challenge produced 62 accepted improvements across two computational tasks needed to prepare a QSB transaction. According to StarkWare, this ended up cutting the estimated computing cost by about 79%, based on benchmark tests. The development comes amid increasing concern that a sufficiently powerful quantum computer could break the elliptic-curve digital signatures used by Bitcoin, potentially allowing attackers to steal coins whose public keys are exposed. Researchers are developing quantum-resistant protections, including QSB. However, StarkWare said it still favors a soft fork - a change to Bitcoin's consensus rules - as a better "long-term answer" for broad quantum protection on Bitcoin. Tyler Durden Fri, 09/25/2026 - 15:25

Iran State Media Denies Technical Talks With US Are Happening Summary Tehran denes reports of 'technical talks' after it proposed 7-day roadmap to end the war and (eventually) restart nuclear talks. Hormuz reopening discussed in exchange for US concessions in NY, including lifting the blockade.  Tehran seeks sanctions relief, declares will hold to conditions, including restored oil exports and access to frozen funds. US-Iran talks reportedly show progress, with Qatar helping bridge differences. Escalation risk remains: Iran threatens a broader response - to 'spread war to Indian Ocean' if attacked again. //--> //--> Strait of Hormuz traffic returns to normal by December 31? Yes 27% · No 74%View full market & trade on Polymarket The Friday Afternoon Denial Via state media Fars: Axios and Al Jazeera's claim about Iran-US talks denied, reports Fars; News regarding another round of talks is false, and claims technical experts from Iran were sent to NY to join the talks, is untrue This was either the result of more premature or false Axios reporting, or else there's a possible in strategy divergence between IRGC vs. presidential delegation in New York. 'Technical Talks' Are we back to headline ping-pong pushing down oil prices? Latest: Iran-US negotiations in New York have moved beyond initial diplomatic contacts into a more detailed technical phase, with sources in Tehran describing the atmosphere as increasingly positive, CBS reports, citing Al Jazeera. And an official Iranian caution, or possibly even brush off, in reaction... Tehran signaling it intends to stick by its original conditions: Senior Iranian official says Strait of Hormuz will remain closed, no nuclear talks with US until Iran's conditions are met, Reuters reports, citing sources; Iran will make no concessions on its nuclear program AJ: A US official told Al Jazeera says Washington is in a strong position and controls the Strait of Hormuz, therefore we are not in a hurry to reach an agreement with Iran For a rehash of what's played out over the last 24 hours on the sidelines of the UN General Assembly meeting: Iran's proposed seven-day plan to reopen the Strait of Hormuz if the US drops its blockade is being discussed as an accelerated version of a previously discussed 60-day process, and would include urgent measures to get both countries back into direct negotiations over Iran's nuclear programme. The key Iranian demands under discussion include sanctions relief, the lifting of restrictions on oil exports and access to frozen Iranian funds. The two sides also continue to discuss arrangements for the Strait of Hormuz, including whether Iran and Oman could return to a form of joint management under an agreed framework involving regional countries and the United States, as well as arrangements governing the passage of US vessels. Despite the outstanding issues, sources in Tehran characterised the negotiations as making some progress, with talks continuing and Qatar working to bridge differences between the two sides. Also, President Trump has just said he discussed the Iran conflict with China's Xi. And crude tumbles... BUT... Independent Iranian Journliast Ghaderi reiterates that the narrative presented by some US media is incomplete A few key points about the latest status of negotiations between #Iran and #America, that show the window for diplomacy is closing. I reiterate that the narrative presented by some US media is incomplete.👇 pic.twitter.com/zWriFfoorf — Mohammad Ghaderi | محمد قادری (@ghaderi62) September 25, 2026 7-Day Roadmap Proposed Iranian Foreign Minister Abbas Aragchi has newly proposed to the US side a seven-day roadmap aimed at ending the war, while the top Iranian delegation is still in New York City engaged in deep diplomacy on the sidelines of the UN General Assembly. Aragchi is said to be planning to stay through the weekend while waiting on a US response to the plan. So far it seems Tehran hasn't backed down from its core conditions, and its roadmap proposal is said to closely parallel the 14-point Memorandum of Understanding that was signed by President Trump back in June, but which has since completely collapsed. The plan is new but is still being largely seen as just repackaged. Q: Will you give up the 60% enriched uranium? Pezeshkian: Yes, within the framework of international law, based on the Nonproliferation Treaty. Whatever we are supposed to adhere to, we will. pic.twitter.com/6v9WqG9AMP — Clash Report (@clashreport) September 24, 2026 "Araghchi stressed that Iran was ready to begin putting the plan into effect as soon as Washington agreed to it," Al Jazeera reports. Interestingly, also last night Iranian President Masoud Pezeshkian told journalists, "We don't want it to get to the midterm elections." He added: "We wish Americans to return to the MoU before the midterms." Here's where things stand in terms of Iran's position being represented in New York: Iran's Foreign Minister Araghchi said the Strait of Hormuz can reopen if certain conditions are met by the US and that it would be better to implement before the Midterms, according to a Sky reporter. IRGC spokesperson warned in the event of another attack, Iran's method of defence will change including geography of the confrontation, the type of equipment and weapons used, and targets in defensive operations in line with new conditions. This contradicted Trump's words given to the UN General Assembly during his speech. He said "They’re waiting to see how I do in the midterm election." White House spokesperson Anna Kelly had in follow-up to Trump's address said, "The President is courageously ensuring that such an evil country never possesses a nuclear weapon, which will make the entire world safer and more stable." Iran has said it will not be 'bullied' - but Pezeshkian appears to be offering something on the nuclear front alongside this seven-day roadmap overture, or at least according to a future timeline assuming a ceasefire is agreed to. He explained in a Fox interview that in accord the framework of international law, Iran could give eventually up highly enriched uranium. But he was also fundamentally using the moment to highlight who is not a signatory to the Nuclear Nonproliferation Treaty - Israel. Packaging is new but what's inside is basically the offer that's been on the table for weeks: It's a return to the MOU, just on a compressed timetable But the message from both Washington and diplomats in the region has been that Trump isn't interested in returning to the MOU… — Gregg Carlstrom (@glcarlstrom) September 25, 2026 Pezeshkian further said it was up to the United States to choose when the war would end. "It's America that must choose whether it wants to end this or not," Pezeshkian said in response to a question by Fox's Bret Baier. Tehran has meanwhile said it is ready to escalate, and even spread the war beyond the Persian Gulf region, into the Indian Ocean for example (where the UK-US have the Diego Garcia base). Further UNGA Highlights Recap of some of the highlights from the UN this week, via Middle East Eye: The US-Israeli war on Iran and the Israel-Palestine conflict continued to occupy prime positions on the fourth day of the UN General Assembly. Somali President Mohamed Hassan Sheikh Mohamud said his country was "suffering" as a result of the US-Israeli war, which has driven up the price of energy and food. Meanwhile, European Union Council president said the EU supports efforts to “find a solution to the conflict". He added that "freedom of navigation in the Strait of Hormuz must be preserved without conditions and without hindrance". Crown Prince of Kuwait Sabah Al Khaled condemned the "illegal Iranian aggression" in his address to the UN Security Council on Thursday. Kuwait was one of the Gulf states hardest hit by Iran in retaliation for the US-Israeli war on the Islamic Republic. Kuwait is home to tens of thousands of US troops and military bases. US facilities in Kuwait were attacked along with civilian sites like Kuwait airport and energy infrastructure. Israeli Prime Minister Benjamin Netanyahu gave a pugnacious speech at the United Nations General Assembly, attacking everyone from New York City Mayor Zohran Mamdani to Turkish President Recep Tayyip Erdogan and the leaders of Western Europe, as he tried to counter Israel’s growing international isolation.  Meanwhile, hundreds of protesters took up positions around the UN headquarters before Netanyahu's arrival and continued protesting while he spoke inside. Support for Palestinian statehood and disappointment over the ongoing attacks on Gaza were repeatedly brought up during the event. Vice President of Yemen Abdullah Abdulkader al-Alimi-Bawzer condemned the Houthis in his address to the UN General Assembly and tried to rally the global community to help fight the group. He said the government of Yemen had supported a peace initiative backed by the governments of Saudi Arabia and Oman, while the Houthis rejected it and "instead escalated their actions in the Red Sea and Bab el-Mandeb to serve an Iranian agenda". via Associated PressOvernight Developments Recap via Newsquawk Iran Foreign Minister Araghchi said Iran presented a proposal to US through mediators this week to reopen the Strait of Hormuz and restart negotiations towards a final deal, while it called for US to meet certain conditions within 7 days, according to CNN. Iranian President Pezeshkian said in Fox News interview that Iran does not want a nuclear bomb. They reached an agreement with the US President that was signed, and are still ready to move forward based on the same principles, adds it wasn't Iran that closed the Strait of Hormuz and it was open. They didn't seek war and that it was imposed on them, while they don't seek war but will defend themselves. They didn't start the war but will respond decisively. Iranian President Pezeshkian said Iran is ready for an agreement with the US and makes demands only within the framework of international law and could give up highly enriched uranium if it reaches an agreement with the US, according to TASS. Iran's President Pezeshkian said Tehran wants to revive its ceasefire memorandum of understanding with the US before the November midterm elections, saying Iran does not want talks delayed until after the vote. said:. Iran is open to inspections of its nuclear facilities and denies that Tehran is seeking to assassinate President Trump or his family. Iran's Foreign Minister Araghchi said the Strait of Hormuz can reopen if certain conditions are met by the US and that it would be better to implement before the Midterms, according to a Sky reporter. IRGC spokesperson warned in the event of another attack, Iran's method of defence will change including geography of the confrontation, the type of equipment and weapons used, and targets in defensive operations in line with new conditions. Iranian Brigadier General Sheikh said "we seek to expand our capabilities and reconsider our tactics and technologies", via Al Mayadeen. Sources say a return to the June 18 memorandum of understanding between Iran and the US is no longer sought by either side, with both seeking amendments to some clauses, further complicating negotiations, Al-Akhbar reported. Pakistan's Defence Minister said intensive efforts are underway to establish a mechanism for ending the conflict as quickly as possible and reopening the Strait of Hormuz, according to Tasnim. * * * Tyler Durden Fri, 09/25/2026 - 14:40

Woke Developer Bungie Apologizes To Gamers...But Not Really The mass conservative boycott against woke companies and far-left content has been wildly successful.  While the political left has repeatedly attempted such boycotts and "cancellations" over the years, not one has ever been as effective as the "Chud" revolution against woke media.   It took a few years (along with a slowdown in outside funding from ESG programs and venture capital), but some of the biggest corporations in the world have been forced to acknowledge that ideological content just isn't working.  The much vaunted "modern audience" that progressive stalwarts bragged about failed to materialize.  It was always a myth.  It never existed.  These businesses killed their own bottom line and alienated long-time customers in the name of a bizarre cult religion representing a small portion of the global population.  And even more embarrassing for companies like Bungie, those weirdos don't spend much money on video games anyway.  The Bungie game studio achieved widespread acclaim with early installments of the Halo series, a direct competitor to Call Of Duty.  But, around 2014-2016, something changed.  The company started listening to the Twitter mob (a leftist echo chamber) and began hiring clucking broods of woke developers.  Bungie integrated LGBT, DEI and feminist propaganda into their games.  Their senior narrative designer publicly defended the notorious Sweet Baby Inc., a woke consultation group known for "terrorizing" gaming companies into injecting woke content into their products.  Though, there is no direct evidence that Sweet Baby Inc. ever consulted for Bungie.  To summarize the attitude of these people: They insist that they be able to "see themselves" in every media product, to the detriment of everyone else.     The homosexual fantasies and trans delusions of developers were forced into character stories and designs.  The women got uglier and more masculine.  The men were more feminine and fruity.  Characters that were never gay were retconned and turned gay.  The minority pie chart was on full display and white straight men were quickly phased out.  Bungie's Destiny 2 ultimately collapsed and Marathon was a disaster for the studio leading to mass player walkouts.  Sony took a $765M impairment on Bungie in FY2025, tied to Destiny 2’s slide and Marathon’s launch quarter (That is the company admitting the portfolio is worth a lot less than they paid).    Finally, this week, the truth came out - Bungie is facing disaster, so much so that they posted a video "apologizing" to their gamer customers.  However, veiled in a flurry of corporate-speak is a refusal to admit what the real problem is; the real reason why they failed.  At no point does Bungie admit that their company was destroyed by woke ideology.  At no point do they admit "Get Woke, Go Broke" was right all along.  Instead, they pretend to offer an olive branch while barrelling ahead with games like Marathon that are already catastrophic failures.  Games that no one wants to play and will never want to play.  They say they want to listen to their customers, but not really.  Their customers are telling them to cleanse the company of wokeness, but they won't even acknowledge that wokeness is the original source of the problem.  We have seen this time and time again with desperate media companies seeking a reprieve from the boycotts; they beg the audience to come back, they might even fire a bunch of their activist employees, but they never admit that progressive cultism poisoned their relationship with their customers.   Until these companies are willing to do this, there is really no reason to give them another chance.  Until they face the truth and renounce the woke cult, it is perhaps better if they are allowed to die so they can be replaced by someone better.    Tyler Durden Fri, 09/25/2026 - 14:05

"Moving The Goalposts": BofA Downgrades Nike, Slashes Target As Turnaround Story Delayed Nike shares fell 2% in New York premarket trading after BofA retail analyst Lorraine Hutchinson downgraded the world's largest athletic footwear and apparel company, warning that its "turnaround is taking longer" than expected. With shares trading at 2014 levels, the downgrade adds new woes to a recovery story that might not materialize until 2028. In the report published earlier today, titled "Moving the goalposts," Hutchinson downgraded Nike to "Underperform" from "Neutral" and cut her price target to $30 from $47, implying 17% downside from Thursday's close of $35.99. Hutchinson now expects a sales decline through 2027, abandoning her earlier call for a 1H27 recovery and pushing the turnaround into 2028. She cut fiscal 2027 and 2028 earnings estimates by 11% and 12%, respectively. Her 2027 forecast of $1.43 a share sits roughly 14% below Visible Alpha consensus. She added color: Risks are rising, downgrading to Underperform We see downside risk to EPS estimates and valuation as Nike's innovation continues to be overshadowed by a pressured classics business, while category and macro pressures build. We are cutting F27E/F28E EPS by 11%/12%; we now expect negative sales growth through F27E versus our prior view of a Spring inflection. Our F27E EPS is 14% below VA consensus. The dividend payout ratio is over 100% and, as a result, we are reducing our income rating to 8 (same/lower) from 7 (same/higher). Our $30 PO (was $47) is based on a 16x P/E (was 22x), now aligned with the peer average. Wholesale momentum should slow as sell-through lags NA wholesale has been an area of strength, growing 14% in F26 vs. flat total sales growth. In some instances, sell-through is lagging sell-in due to declines in classic styles and new launches that are missing expectations. This puts forward order books at risk as retailers become less willing to make a bet on newness until success is proven. We see progress slowing in 2Q as the business laps 24% growth, and remaining challenged in 2H as the current issues pressure Spring orders. We model NA wholesale sales declines beginning in 2Q through the rest of F27. China reset faces a tougher demand backdrop China is in flux, and Nike's reduction in partner online sales will likely cause promotional pressure through 2Q. After that, Nike is expected to present the brand more cohesively online. Competition is intense; the quest for newness is higher than ever, and we see risk that sales decline at least through F27. BofA's Luxury Goods team's China fieldtrip takeaways included weak sports demand, with product newness not resonating, moderation of running outperformance, and excess inventory driven by low demand.  Despite Nike's 44% year-to-date bear market, Hutchinson said it's "unlikely that the stock will hold a premium multiple in the face of further EPS cuts. We see some green shoots on product innovation, but those have been dwarfed by weaker larger casual categories." She added, "We think the multiple could compress as the turn is pushed to F28." According to Bloomberg data, there are 15 "Buy" ratings, 25 "Neutral" ratings and 7 "Sell" ratings on the stock, with a 12-month price target of $46.10. The stock is already down 80% from its 2021 high of $177. Where stabilization occurs and halts the vicious bear market remains to be seen, but it could materialize next year as Wall Street analysts see a turnaround ahead. Yet BofA analysts have pushed that expectation back to 2028.  Tyler Durden Fri, 09/25/2026 - 13:35

Chinese Hacking Groups Used Shared Attack Tool Against US Aerospace Firms, NGOs Authored by Arthur Zhang via The Epoch Times, Chinese cyber-espionage groups used the same sophisticated hacking tool in campaigns targeting U.S. aerospace companies, nongovernmental organizations, mining companies, and commodity traders, according to two cybersecurity firms that separately investigated the activity. A member of a hacking group is using his computer at their office in Dongguan, Guangdong province, China, on Aug. 4, 2020. Nicolas Asfouri/AFP via Getty ImagesVolexity, a Virginia-based cybersecurity firm, said on Sept. 21 its discovery of another Chinese hacking group using the same tool added to evidence of coordinated sharing within China's cyber-espionage community. The company said the widespread adoption "suggests a coordinated effort within the Chinese CNE community," referring to computer network exploitation, and assessed that the core tool was likely shared, customized, and used by multiple groups. Proofpoint, a U.S. cybersecurity company, separately documented on Sept. 9 the same capability in campaigns against a small number of U.S. NGOs, mining companies, commodity-trading firms, and multiple U.S. aerospace companies. It found several espionage groups adopting the tool within days of one another, with most of the observed clusters having a suspected China nexus. Neither company has publicly identified who developed the tool or how it reached the different hacking groups. The Epoch Times asked both companies whether they had identified its developer or distributor and whether they had found additional U.S. targets. Neither responded by publication time. Same Tool, Different Targets The hacking groups pursued different victims and installed different spying software after gaining access, but researchers found that they relied on the same underlying break-in capability. The attacks took advantage of previously unknown weaknesses in Google Chrome and Microsoft Windows. If successful, they could allow hackers to install spying software and maintain access to a victim's computer. Volexity said the additional Chinese operator it identified used the same attack chain on Sept. 3 and 4, when the vulnerabilities were still unpatched. The company cautioned that what Volexity and Proofpoint have observed may represent only part of the activity. "The full scope and impact are likely far broader," Volexity said. Fake Websites Used to Reach Targets The newly identified group also used fake versions of trusted news and policy websites to lure intended targets. In one campaign, Asian government entities received a Chinese-language email centered on imprisoned Hong Kong activist Chow Hang-tung. The link led to a fake site impersonating China Digital Times, a U.S.-based publication covering China, censorship, and politics, according to Volexity. Another fake site impersonated the Center for American Progress (CAP), a Washington-based policy organization. Volexity also identified fake sites mimicking two publications; The Conversation, which publishes articles by academic researchers, and the Borneo Bulletin, an English-language daily newspaper in Brunei. The company said the range of impersonated organizations may offer clues about the intended targets. The Epoch Times has reached out to CAP and China Digital Times for comments. Neither responded by publication time. Separate China-Linked Activity Separately, cybersecurity firm ESET on Sept. 17 identified a China-aligned espionage campaign targeting governments and other organizations across Latin America, including a Panamanian legal entity involved in the dispute over two major ports near the Panama Canal. ESET has not identified a technical link between that activity and the campaigns documented by Volexity. Barbara James, a public relations specialist at ESET, told The Epoch Times on Sept. 23 that malware was deployed on some computers in the Panamanian organization's network in late December 2025 and January 2026, with further attempts between February and June of 2026. James said ESET's assessment of the likely espionage purpose was based on which organization was targeted and when. ESET did not directly observe the hackers accessing or removing materials related to the port dispute. James said the limits of the company's anonymized data meant it also could not rule out that such access occurred. Tyler Durden Fri, 09/25/2026 - 12:45

Efforts To Curb Data Center Speculation Gain Ground Across The US By Brian Martucci of UtilityDive, “A fraction of proposed data centers will get built. Utilities are wising up.” That was the headline on a May 2025 Utility Dive article that explored the conundrum speculative data center requests pose for U.S. electric utilities. More than a year later, it’s unclear how much has changed. Sections of the Stargate Oracle AI data center undergo construction on Aug. 26, 2026, in Abilene, Texas. Community opposition has emerged as a major barrier to data center development as utilities and their regulators introduce new vetting requirements. Brandon Bell via Getty ImagesCommunity opposition has emerged as a major barrier to data center development, with other challenges including construction labor shortages, long lead times for critical electrical equipment, limited power availability in key markets and uncertainty around consumer demand for artificial intelligence tools. More than $170 billion in AI data center capacity has been “blocked, withdrawn, or stalled” by community opposition since January 2024, the energy advisory company Relae, formerly Carbon Direct, said in June.  A person holds a sign at a city council town hall on data centers on Sept. 14, 2026, in Mason, Mich. Public backlash to data centers, based in part on their enermous energy demands, is driving states to pursue stricter development standards or even moratoriums on new facilities. Nic Antaya via Getty ImagesThat’s a sizable chunk of the roughly $581 billion Goldman Sachs expects the big tech companies known as hyperscalers to spend in the U.S. on AI infrastructure, including data center construction, this year. Yet market analysts see no sign that the AI-driven construction boom will disappear anytime soon, despite challenges. Goldman Sachs said in May it sees U.S. data center power demand more than doubling from its 2025 levels to reach 66 GW in 2027. Only about half of data center capacity scheduled for the next one to two years is expected to come online on time amid delays and cancellations, it said.  The Electric Power Research Institute, a research nonprofit, said in February that data centers will represent 9% to 17% of U.S. electricity demand in 2030 and up to 20% by 2035. Questions persist around the scale, timing and location of new data center load. If anything, the uncertainty is growing amid public backlash to data centers that is fueling state-led efforts to impose stricter rules on data center development, up to and including moratoriums on new facilities in some places. Firmer answers would benefit not only the utility planners and regulators ensuring that the electric grid is neither over- nor under-built, but also the millions of other customers who could bear the consequences of a disorderly buildout, industry experts say. Texas hits the brakes on large loads as states assert control Many utilities and their regulators have turned to large-load tariffs to try and weed out speculative load by requiring minimum contract durations, minimum billing demand and collateral requirements, upfront payments for impact studies, exit fees and specific ramp schedules. Some states have also introduced incentives for developers that bring their own capacity, agree to be flexible in their energy use or commit to state clean energy or economic development goals. The question of just how much data center capacity is going to come online, and when, is particularly urgent in Texas, which has paused new data center interconnections pending an audit of its 474-GW queue. That’s more than five times the Texas grid’s recent all-time peak demand record of a little over 90 GW set this summer.  Few experts expect all that load to materialize. Pablo Vegas, president and CEO of the Electric Reliability Council of Texas, is among the skeptics.  “We believe this forecast to be higher than expected future load growth,” Vegas said in an April statement, citing uncertainty around protocols for identifying, verifying and incorporating large load demand into long-range planning. Vegas said ERCOT would work with the Public Utilities Commission of Texas to adjust its forecasting methodology. Thomas Gleeson, the PUCT’s chairman, was more blunt in an appearance on the Energy Capital podcast in June. “The projections are extremely high, and what we know is that a lot of that load will not actually come here. A lot of it is speculative,” Gleeson said in comments made before the interconnection pause. The sheer number of large-load interconnection requests compounds the state’s challenge. Texas’s load growth — not only from large computing and industrial loads, but also garden-variety residential and commercial demand — is leading to congestion in load pockets that previously had capacity to spare, Gleeson said. That creates unwelcome uncertainty for large-load customers eager to put steel in the ground. “That has been the problem we have been trying to solve for the past eight or so months — that when [a customer has] an interconnection agreement and they are ready to move forward, they know that the capacity will be there to serve them so they can make proper business decisions,” Gleeson said. Texas has developed “gating” conditions to discourage speculative interconnection requests, balance load and capacity and “make sure that no one is harmed by these large loads,” Gleeson said.  Last summer, Gov. Greg Abbott, R, signed Senate Bill 6, a sweeping measure requiring prospective large-load customers to demonstrate site control, substantially cover necessary grid upgrades, disclose duplicative interconnection requests elsewhere in Texas and accept curtailment during firm load shed events, among other provisions.  On June 18, the PUCT adopted a cluster study framework for prospective loads larger than 75 MW that officials said would streamline a “lengthy and repetitive” sequential study process as ERCOT stakeholders work to develop a comprehensive transmission planning framework later this year. ERCOT said at the time that it expected to publish a final transmission plan for the first study cluster, known as “Batch Zero,” in late 2027. The Stargate Oracle AI data center campus is seen on Aug. 26, 2026, in Abilene, Texas. The state has paused new large-load interconnections pending an audit of data centers in its 474-GW queue. Brandon Bell via Getty ImagesGleeson said on the podcast that the cluster study and transmission planning frameworks will mitigate uncertainty for large loads, grid operators and generation owners across Texas. Together, they assure loads that “once they interconnect, they will get the electricity they need to fully energize,” and they assure other stakeholders that “all the loads coming here are real and will stay,” he said. But before the state could announce the first study cluster, Abbott in August effectively directed the grid operator to freeze new interconnection approvals until it completes an audit of all data centers in the queue. ERCOT responded by delaying the Batch Zero process. The grid operator has since said that it aims to complete the audit by December. In the meantime, Bloomberg NEF estimated that the interconnection “pause” could delay 20% of the total U.S. data center pipeline, and possibly more if it extends into next year. Uncertainty in regulated markets, too Large-load uncertainty is a headache in regulated utility markets, too. There, it’s up to vertically integrated utilities — with increasing scrutiny from state policymakers and regulators — to sort out speculative requests from those more likely to get built. Brad Viator, president of Power for Tomorrow, a trade association for vertically integrated utilities, insists they are up to the challenge.  In an email, Viator said many utilities are raising load interconnection study fees as request volume increases. They’re also structuring electric service agreements to prevent large loads from ramping power demand “in ways that would strand costs or compromise reliability for other customers,” such as by requiring customers to pay upfront for substation upgrades and other infrastructure. And they’re keeping generation that would be required to support a large new customer out of load forecasts until the contract is “actually executed or near execution,” he said. “The structure is designed to ensure that by the time a customer reaches a contract — and certainly before any new generation is committed — the utility has high confidence they’re dealing with a real project, not a tire-kicker,” Viator said. For legitimate large-load customers, vertically integrated utilities’ ownership of generation, transmission and distribution ensures adequate generation and grid capacity, maintaining reliability as they interconnect, Viator said. He said that’s one factor in regulated utilities’ comparatively short interconnection queues — one to five years compared with eight or more in deregulated portions of the PJM Interconnection, he said. “In markets like PJM, where new generation simply isn’t getting built, you can’t move customers through the queue because there’s no new generation to serve them,” Viator said. Some regulators and consumer advocates have raised concerns, however, that the return on equity in the vertically integrated model incentivizes spending on new infrastructure more than it does scrutiny of potential large loads. Karl Rábago, principal at Rábago Energy and a former commissioner at the Texas Public Utility Commission, said because vertically integrated utilities own power plants, poles and wires across sometimes vast territories, they have more leverage over regulators, and the for-profit companies among them have strong financial incentives to build more.   “I get no sense that utilities are excited about serving this load as much as they are excited about spending the capital necessary to serve the load,” Rábago said. “They are promising big [earnings per share] growth … to shareholders, and the transmission and generation [they build] to serve data centers is the only way to get that.”  Their data center load growth projections — those shared publicly, at least — thus deserve some skepticism, he said. “If they have good estimates of load growth — realistically discounting for the opposition that is gaining traction — it is not in their interest to share,” Rábago said. Some independent grid modelers seem to agree. In November, Grid Strategies, a power sector consulting firm, said the aggregate data center load forecasts that utilities submitted to the Federal Energy Regulatory Commission came in about 40% higher than credible industry projections for data center development through 2030. Rábago said “cross-jurisdictional cooperation” could help state regulators develop more accurate data center load projections, but he’s not aware of any such efforts. Right now, “utilities are playing the tune that makes regulators dance — if you don’t let us do this, the grid could collapse under all that load,” he said. Utilities look to smaller data centers as scrutiny of large loads intensifies Some investor-owned utilities appear to be angling for smaller data centers that can interconnect to the grid more easily, arouse less community opposition and appear likely to become more common as AI use increases.  In late March, for example, NorthWestern Energy filed a large-load tariff proposal with the Montana Public Service Commission that would exempt loads under 50 MW from direct regulatory oversight. And in May, Florida Gov. Ron DeSantis, R, signed a law requiring data centers over 50 MW to cover the full cost of connecting to the grid, aligning with large-load tariffs state regulators approved for Florida Power & Light, a vertically integrated NextEra subsidiary. NorthWestern Energy CEO Brian Bird said in a statement that his company’s proposal would “[position] our state to compete for high-quality economic development.” But Anne Hedges, executive director for the Montana Environmental Information Center, told the Daily Montanan in April that the proposal created a loophole that would — in theory — allow NorthWestern to connect multiple 49-MW data centers without adequate ratepayer protections. Such “vague” large-load tariffs maintain utilities’ leverage without shedding much light on future power demand from computing facilities, Rábago said. “We really have no visibility on the shape of the whole market — what is the mean or mode of size distribution for data centers and where is it heading?” he said. “I feel like it is generally smaller than the large load size thresholds utilities are getting in large load tariffs.” Data center load growth projections also depend on factors outside utilities’ control. One big wild card is customer demand for AI, cloud services and other products of data centers’ computing capacity.  In May, xAI said it would lease already-operating servers at its Memphis data center to Anthropic, the fast-growing company behind the Claude large-language models. Bloomberg reported on July 1 that Meta would launch a cloud computing business — similar to Microsoft’s Azure and Amazon’s AWS — that could help it recoup the many billions of dollars it has spent on computing equipment over the past several years. The developments suggest xAI and Meta have more computing capacity than they need for themselves in the near term, though not necessarily that no one else has use for it. As Bain & Co. put it in October, hyperscalers are moving from an initial “scramble” for AI computing capacity into a more “disciplined, selective and execution-focused phase of growth.” The upshot of this transition from hype to execution is that “the ‘wildcat’ predictions for data centers are dead in the water,” said Advait Arun, senior associate for capital markets at the Center for Public Enterprise. “The only ones that are getting built are ones that are, upfront, supported by hyperscaler cash,” which is “barrelling through a lot of problems” facing the industry, Arun said.  That’s bad news for the speculative neocloud data center operators that lease computing capacity to hyperscalers, Arun said, but it’s not necessarily an indication that evidence-based data center load forecasts are overshooting the mark. The transmission fault that caused 1.5 GW of data center load to trip offline in Virginia in 2024, and the North American Electric Reliability Corp.’s more recent warning that large computing facilities may pose systemic reliability risks, are evidence that the grid needs to expand to accommodate even modest data center growth, he said. “I think utilities shouldn’t be concerned with overbuilding. There’s a baseline level of new investment into interregional transmission and large-scale capacity that’s necessary for resilience,” Arun said. “Now, that’s not to say ratepayers won’t feel the bite,” he added. “And that’s a big problem with the way the system works.” Tyler Durden Fri, 09/25/2026 - 12:05

Senate Narrowly Defeats Iran War Powers Resolution Authored by Dave DeCamp via AntiWar.com The Senate narrowly defeated a War Powers Resolution on Thursday that would have directed President Trump to end the war with Iran, though the vote doesn’t negate the Iran War Powers Resolution that was passed by both the Senate and the House several months ago. The resolution failed Thursday in a 49-50 vote, with four Republicans — Senators Rand Paul (R-KY), Lisa Murkowski (R-AK), Susan Collins (R-ME), and Thom Tillis (R-NC) — supporting the measure. It marked the first time Tillis, who is not running for re-election, voted to end the war. C-Span screengrabJust one Democrat, Senator Jon Fetterman (D-PA), voted against the bill, something he’s consistently done, and Sen. Angela Alsobrooks (D-MD) wasn’t present for the vote. If Alsobrooks did vote in favor of the resolution, Vice President JD Vance could have cast a tie-breaking vote to kill the bill, as he did with a Venezuela War Powers Resolution earlier this year. The resolution previously passed through the House, where seven Republicans voted in favor, the most support from the GOP that a bill to end the Iran war has received. Back in June, both the House and the Senate passed a concurrent War Powers Resolution directing President Trump to end hostilities against Iran, marking the first time Congress has approved a concurrent resolution under the 1973 War Powers Act directing the termination of an unauthorized war. Section 5(c) of the 1973 War Powers Act states that "at any time that United States Armed Forces are engaged in hostilities outside the territory of the United States, its possessions and territories without a declaration of war or specific statutory authorization, such forces shall be removed by the President if the Congress so directs by concurrent resolution." Thursday’s vote, or any of the other recent War Powers bills that have been defeated, does not repeal H. Con. Res. 86, the resolution that was passed in June. Rep. Thomas Massie (R-KY) has said in his articles of impeachment that he introduced for Pete Hegseth that the Pentagon chief is in violation of the 1973 War Powers Act by continuing the war with Iran without congressional authorization. Massie also argues that the war was unlawful from the outset because Congress never declared war on Iran or provided authorization for the hostilities. Tyler Durden Fri, 09/25/2026 - 11:25

Netanyahu Brings Ominous Prop To UN Speech, Blasts 'Moral Cowards' Israeli Prime Minister Benjamin Netanyahu on Thursday issued a fiery address to the UN General Assembly in New York, raging against his international critics and batting down genocide allegations. He slammed widespread accusations that the Israeli army conducted a campaign of ethnic cleansing in Gaza as "the biggest lie of the century" while calling his decision to obliterate Hamas and wage war in the strip "one of the easiest decisions I've ever had to make." He added: "if we hadn't done it, we'd all be dead." via ReutersDozens of UN delegates walked out during the speech, and at times jeers and boos were heard, after which Netanyahu berated them from the podium as "moral cowards". At one point he said that "in the last three years," Israeli soldiers have "fought a war on seven fronts." "Do you know of any other country the size of New Jersey that can fight for three years on seven fronts?" he posed.  The big walkout... Netanyahu with a slight grin: "If there are any other moral cowards who haven’t yet left this hall, please do so now, thank you very much." 🇮🇱 Mark Rutte was apparently surprised delegations would walk out during Netanyahu’s UN speech... That’s like being surprised someone brought cocaine to Miami in the ’80s. Writer: Oliverpic.twitter.com/EQ0AvaVtnY — Mario Nawfal (@MarioNawfal) September 24, 2026 "They organized to erase us from the face of the Earth. Instead of collapsing, we delivered devastating blows to all of them with our great American friends and crushed the Iranian army and its nuclear facilities," Netanyahu also said. Given he was standing at the UN building in New York City, Netanyahu called out Mayor Zohran Mamdani. He chastised him as the "antisemitic mayor" - and added: "Shame on you. Shame on you for distorting the facts. Shame on you for inverting the victim and aggressor. Shame on you for spitting in the face of truth." Netanyahu further asserted that "many Jews no longer feel safe in New York" since Mamdani got elected. The longtime member of the Democratic Socialists of America (DSA) and former NY state assembly member had previously called for Bibi's arrest as a war criminal should he step foot on American soil. Israel is publishing the coordinates, dates and exact local times of public protests in other countries. The J-SOC reports appear on the Ministry for Diaspora Affairs website as part of a wider effort to protect Israel’s international image. Here are 2,000 forecast entries. pic.twitter.com/pcfb38ftdR — S.B.S (@Wallface) September 25, 2026 "Mr. Mamdani, you tried to stop me from coming here. You tried to silence me. Well, you can't silence me, and you can't silence the truth," Netanyahu said in his speech. He also quite provocatively brandished a pager while reminding the UN audience Israel's devastating September 2024 operation against Hezbollah leaders (and in some instances their families). He's been on many occasions touting Israeli intelligence's pager bombs - though this will likely been seen by many on the UNGA floor as a veiled threat to not oppose Israel. Speaking of veiled threats... 🚨🇮🇱 WATCH: A member of the Israeli delegation walking around the UN hall to check which countries had left during Benjamin Netanyahu’s speech pic.twitter.com/MeYXEe6TLc — Politics Global (@PolitlcsGlobal) September 25, 2026 Netanyahu has long been known for somewhat theatrical speeches on the UN floor, and almost every time be brings some kind of prop or visual. Iranian President Pesheshkian also brought some visuals to present before the delegates. Clash of visuals: Iran President vs. PM Netanyahu Starlink snub: Iran and Israel take UNGA clash beyond words pic.twitter.com/l6oOiKvLtg — Viory Video (@vioryvideo) September 25, 2026 In this latest Thursday address, some critics have noted that the overall threatening tone of the speech (with us or against us type rhetoric) reveals some level of desperation on the part of the Israeli government as it finds itself more and more isolated on a global stage. Even the UK has of late announced sanctions on Jewish settler groups in the West Bank, which has been met with anger in Tel Aviv. Tyler Durden Fri, 09/25/2026 - 11:00

Frenemies: "China May Be Exporting Two Pandas, But It Would Much Rather Export Millions Of Cars" By Molly Schwartz, cros-aset macro strategist at Rabobank  Frenemies The US-China summit officially began after Xi arrived in Washington, DC, late on Wednesday. Topics including trade, the Strait of Hormuz, and the AI (AGI?) races are expected to arise, but little tangible progress is anticipated. After all that, Trump and Xi agreed to... rename AI to SI https://t.co/gLaNhLT18I pic.twitter.com/YZ9s2pvGBA — zerohedge (@zerohedge) September 25, 2026 Instead, the goal is to “prevent something very bad from happening.” Frenemies, Xi and Trump, hailed “healthy competition,” rather than competition “in which one wins and one loses.” In a show of friendship (frenemyship?), China is sending two giant pandas, Ping Ping and Fu Shuang, to Zoo Atlanta. According to Politico, “one person close to the White House” said: “Trump likes to be like, ‘oh, we get along great,’ and it’s like, okay, well, at the same time, these guys are a massive threat to us. We’re in an AI race with them. They’re supplying Iranians with intelligence and weapons…He’s missing the message here. No one cares whether you’re friends with the guy or not… are you advancing [the US’] objectives or not?” But a friendly veneer is unlikely to temper the tensions simmering below the surface. Although Trump and Xi may have a “personal rapport”, their respective objectives are diametrically opposed. China may be exporting two pandas, but it would much rather export tens of thousands of Chinese-made electric vehicles. For now, the US-China trade-war truce has been extended to January 10, 2027, but what follows remains unclear. Moreover, the trade-war truce still accommodates a slew of US and Chinese trade barriers, including legacy Section 301 tariffs related to Chinese forced labour from 2018, new Section 301 tariffs, and broad-based Section 232 tariffs. Meanwhile, China continues to enforce its own 10% retaliatory tariff on US goods, alongside barriers affecting American agricultural products. A similar pattern emerged in the AI discussion: both leaders again emphasized cooperation over confrontation, but few are convinced that either will slow the development of their respective AI capabilities. The UN General Assembly is still under way in New York City. Some question the organization’s effectiveness in fulfilling its stated mission, which includes “saving succeeding generations from the scourge of war.” Scourge or not, brent has continued to surge, rising another $5 after gaining $5 the previous day, to close at $107/bbl. After briefly diverging yesterday morning, with the 2-year yield edging lower and the 10-year yield creeping higher, both were again pulled into line with intraday moves in Brent crude. The 2-year yield has struggled to break above resistance at 4.90% but remains near Wednesday’s two-year high, while the 10-year yield continues to reach levels not seen since 2002, most recently at 5.16%. With Brent still climbing and little currently pushing back against inflation expectations, the OIS curve suggests investors are pricing a 68% probability of a hike at the October meeting and more than 93bp of tightening by October next year. By extension, the USD is the best-performing G10 currency for a second consecutive day. The Brent crude à higher yields à stronger USD pipeline was in full swing, sending EUR/USD to 1.13—its lowest level since late July. The 14-day RSI suggests EUR/USD is somewhat oversold, and nearby support at 1.1325 indicates that a reversal may be imminent. Rabobank’s head of FX strategy, Jane Foley, recently revised her EUR/USD forecast and now expects the pair to trade sideways around 1.14 over a one-month horizon before retracing to 1.16–1.17. Read more here. The Danish Defence Intelligence Service published a report yesterday stating that there is a “low but growing risk that Russia will launch a limited military attack against one or several NATO countries bordering Russia,” although it remains “highly unlikely that Russia will launch an invasion.” The report also highlights an intensification of Russian cyber and drone attacks, including “the foiled drone attack on Leipzig/Halle Airport, which…had been planned by Russia over a period of several months.” Meanwhile, reports indicate that an AI agent hacked into an Australian government health-data portal in June. As the AI race continues, the risk of hybrid warfare across both land and fibre-optic networks is growing rapidly. Banxico held the overnight policy rate at 6.50% yesterday but adjusted its statement. Previously, the Bank had indicated that it was satisfied with the reference rate; however, the Fed’s decision to hike a few weeks ago has put Banxico in an uncomfortable position. Banxico has historically followed the Fed to some extent, and diverging policy paths could have significant consequences for USD/MXN, which is quickly approaching 17.8. The peso is particularly sensitive to interest-rate differentials because of its status as an attractive carry currency. Three-month USD/MXN implied volatility has risen from 9% to 10.3%, which is the highest level since April. Elevated volatility, combined with expectations of rapidly narrowing interest-rate differentials between Mexico and both the US and Japan, could point to USD/MXN moving above the 18-handle. However, Rabobank is currently maintaining its forecast of USD/MXN predominantly trading between 17 and 18. Read more here. Tyler Durden Fri, 09/25/2026 - 10:40

New York Audits Utility AI Use, Cites Risk In "Growing Dependency" By Robert Walton of UtilityDive The New York Public Service Commission last week launched an inquiry into public utility use of artificial intelligence, noting that AI systems “create risk for organizations” but are also increasingly used to perform basic tasks. The Sept. 17 order requires electric, gas and water utilities to respond within 60 days with “a written inventory report that describes all use cases of AI systems in their operations.” Consolidated Edison, which serves New York City, said it uses AI for a range of uses, including customer service and system inspections. “As technology evolves, we will continue to evaluate opportunities,” a spokesperson said in an email to Utility Dive. Public utilities are increasingly using AI systems for day-to-day operations, and New York regulators are concerned they are “susceptible to hallucinations, algorithmic biases, transparency issues, data privacy concerns, misconfiguration errors, cybersecurity attacks, and functional brittleness.” “These potential risks may have negative consequences for the safety and reliability of New York’s critical infrastructure,” they said. The PSC’s order directs utilities to file “a complete inventory” of all AI use cases in their operations and “disclose their policies, procedures, and protocols” around the burgeoning technology. The commission said it will “evaluate those procedures and protocols for adequacy and robustness against commonly accepted AI Governance frameworks.” The commission’s order defines an “AI system” as a machine-based system that “can, for a given set of human-defined objectives, make predictions, recommendations, or decisions influencing real or virtual environments.” New York utilities are already utilizing AI systems in various ways, including model outage predictions and electric usage. National Grid has deployed a system known as GridCARE to help free up interconnection capacity for large-load customers, regulators pointed out. The New York Power Authority has used AI to analyze drone-captured data for enhanced vegetation management. Con Edison told Utility Dive the utility is using AI “to improve customer service, proactively identify potential equipment issues before they affect customers or public safety, and to strengthen our inspection and mapping capabilities.” But more broadly, regulators noted “the actual extent and scope of AI systems in New York utility operations remains unclear.” “The rapid evolution of AI is a double-edged sword for utilities,” PSC Chair Rory Christian said in a statement. “While AI can be a powerful tool that can result in cost efficiencies and improved operations, it also presents serious risks that must be evaluated and addressed appropriately.” Tyler Durden Fri, 09/25/2026 - 09:55