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Latest reporting from Business.

01

Empty wheeled hypersonic missile launch canister pod on a wet tarmac at dawn with fog behind the treeline

Leidos Signed a $2.7B Contract the Budget Would Defund

Admiral Brad Cooper formally requested Dark Eagle for deployment against Iran in April. The White House FY2027 budget proposes ending Army production and handing the program to the Navy; the $2.7 billion Leidos contract makes that exit expensive.

By Signal Desk

02

A quiet Austin street intersection at dusk with a white sedan parked near a traffic signal, live oak canopies framing an amber sky.

Tesla Cited the NHTSA File That Records 17 Crashes

Ashok Elluswamy named the NHTSA database to confirm zero Robotaxi incidents at the April 22 earnings call. It recorded 15; the 10-Q signed that day discloses a pending lawsuit over whether those claims are materially misleading.

By Signal Desk

03

Aerial view of an empty industrial construction site with bare concrete foundations and idle cranes in desert terrain, shot in late afternoon light.

Manufacturing Investment Tripled. Factory Jobs Fell 82,000.

IndustrialSage's tracker counts $1.668 trillion in U.S. manufacturing commitments as of May 14, but 69% is semiconductors and AI infrastructure. The electronics construction wave behind those figures peaked in July 2024 and has since fallen 44%.

By Signal Desk

04

Empty bond trading floor with dark screens and late afternoon sunlight streaming through windows onto scattered documents

CPI Ran Hot. Equities Made Records. Bonds Ran Hotter.

Equity markets cleared the 3.8% CPI beat by reading the tariff truce as a temporary inflation ceiling. The 30-year auction cleared at 5.046% on weak demand, with supply pressure doing work the inflation read alone cannot explain.

By Signal Desk

05

Stack of bond documents on a conference table, late-afternoon light raking across printed yield tables

279 Basis Points Priced In a Truce That Expires

The ICE BofA High Yield OAS compressed to 279 basis points after the May 2026 US-China summit, its tightest reading since June 2007. In each of the two prior credit-driven episodes at this percentile, the index widened by more than 500 basis points.

By Signal Desk

06

Data center corridor with server racks, blue LED lights, and one open rack panel showing cabling

A 98.95 Confidence Score Cannot Issue a Warrant

Palantir wrote in January 2026 that ELITE targets 'specific individuals with final orders of removal.' Court testimony placed the tool at the center of quota-driven neighborhood sweeps that a federal judge ruled unconstitutional two months later.

By Signal Desk

07

Power transmission towers silhouetted against a pale dusk sky, with an unfinished data center skeleton visible in the middle distance beneath them

PJM Capacity Costs Rose 262%. The Tab Runs to May 2028.

PJM's market monitor confirmed Q1 2026 wholesale prices at $136.53/MWh, up 75.5% from a year earlier. Capacity costs rose 262% in 2025; the $23.1 billion data-center tab across three auctions includes $6.2 billion from the latest auction against facilities with no commercial operation date.

By Signal Desk

08

Empty tanker berth at dawn with mooring lines and a distant vessel on a grey horizon

$40 Billion in DFC Cover Won't Move Hormuz Traffic

Five P&I clubs cancelled Persian Gulf war-risk cover on March 5; Washington answered with $40 billion in reinsurance. The cost is landing at a plant in Uttar Pradesh that needed gas, not a voyage guarantee.

By Signal Desk

09

A sealed amber bottle of photoresist chemistry on a steel shelf in an industrial facility, lit by a shaft of natural light from above.

Japan's Photoresist Champion Picks Samsung Before TSMC

JSR, government-owned since Tokyo's $6.4 billion acquisition completed April 2024, is beginning metal oxide resist production for Samsung in 2026. The equivalent plant for TSMC opens no earlier than 2028, in a different chemistry tier.

By Signal Desk

10

An oil supertanker crossing grey water near the Strait of Hormuz at dawn, viewed from shore against a pale horizon

Before Araghchi Posted, $2 Billion Sold Oil Short

Reuters documented $7 billion across four windows of oil-complex trades, each placed minutes before an Iran announcement. The DOJ opened an examination May 7; Craig Holman of Public Citizen says the CFTC's Chicago enforcement desk is down to zero active cases.

By Signal Desk

11

Empty industrial production floor with large cylindrical aerospace components arranged on steel assembly workbenches in low light

Dark Eagle's $2.7B Production Award Was Never Put to Bid

The Army's sole-source hypersonic contract folds the Navy's production buy into Army accounts, obscuring a per-service commitment that no single budget document captures.

By Signal Desk

12

Open cardboard boxes on a warehouse pallet, several visibly empty inside a bare industrial space

Supermicro's 'No Evidence' Finding Never Checked a Warehouse

Supermicro's December 2024 special committee found no evidence that anyone at the company circumvented export controls. The co-founder those words implicitly cleared was already routing $2.5 billion in AI servers to China.

By Signal Desk

13

Empty office floor mid-conversion with exposed concrete structure, stacked lumber, and city skyline visible through bare window frames.

The Office Maturity Wall Is Being Solved at $3,695 a Month

The 90,300-unit office-to-residential pipeline is the preferred resolution for $148 billion in maturing CMBS debt. From Lower Manhattan to downtown Washington, the units it produces land at rents that do not touch the affordability crisis they are credited with solving.

By Signal Desk

14

Stacked shipping containers on a port dock at dawn, with a cargo ship visible in the distant harbor haze

Nasdaq Set a Record on the Day PPI Hit 6%

April's back-to-back CPI and PPI prints tripled December 2026 rate-hike odds in 48 hours. On both days, equities closed at records.

By Signal Desk

15

A glowing monitor displaying a yield chart spike and recovery on a dim trading desk surrounded by stacked financial documents in amber lamplight.

HY Credit Tighter Now Than Before the March Shock

US high-yield spreads compressed to 279 basis points in May after a 56-point tariff-and-Iran shock was reversed and undercut in three weeks. The OAS is 38 points above the June 2007 pre-crisis floor, while Moody's pessimistic default scenario for October 2026 sits at 8.3%.

By Signal Desk

16

Government desk with smartphone displaying a pinned city map beside open case files under fluorescent light

How Palantir's Confidence Score Became ICE's Warrant

Palantir's ELITE converts federal health records into address-confidence scores, and ICE raids on those numbers as if they were facts. The 27-to-80 percent improvement ICE's own data official cites has no named baseline and no audit.

By Signal Desk

17

Low-angle view of high-voltage transmission tower at dusk, power lines stretching to horizon with substation in background

What PJM's Monitor Called Irreversible Is Now on Customer Bills

PJM's market monitor said May 15 the grid's 76% price surge will not reverse. The December 2025 capacity auction committed $16.4 billion in annual ratepayer obligations and missed the reliability target for the first time, by 6,625 megawatts.

By Signal Desk

18

Container ships at anchor in a haze-flattened harbor at dawn, anchor chain in the foreground, hulls diminishing into the distance

The $3,000 Surcharge Arrived After CMA CGM's Ships Did

CMA CGM posted a $3,000-per-FEU conflict levy on March 1, effective March 2. The 12 ships still anchored inside the Gulf were loaded before that date.

By Signal Desk

19

Sealed glass chemistry containers on clean room shelving in a semiconductor materials facility.

JSR, Now Government Property, Embeds in TSMC's Backyard

JSR's Inpria unit holds the only publicly disclosed commercial qualification for high-NA EUV metal oxide resist. A joint venture formed in April embeds that chemistry inside TSMC's development cycle; the ministry that paid ¥909 billion for JSR in 2024 controls when it arrives.

By Signal Desk

20

Wall-mounted surveillance monitor in a dim industrial room displaying its own camera feed, morning light slanting across the screen from a high window.

CME Wants Hyperliquid Registered. CFTC Is Asking CME for Data.

CME and ICE pressed the CFTC to require Hyperliquid's registration over manipulation and sanctions fears. The same commission is demanding Tag 50 trader identifiers from CME and ICE's own platforms in a $2.65 billion oil-trade probe.

By Signal Desk

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