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President Trump Participates In Champion Of Coal Event At The White House
(Anna Moneymaker/Getty Images)

President Trump, the “Undisputed Champion of Beautiful, Clean Coal,” wants the Defense Department to start buying more of it

US total coal consumption, however, has plummeted in the last two decades.

During the inaugural Champion of Coal event held at the White House last week, President Trump — having just been presented with the “Undisputed Champion of Beautiful, Clean Coal” award by the chair of the National Coal Council and CEO of Peabody Energy, Jim Grech — signed an executive order directing the Department of War to approve and prioritize power contracts with the coal industry moving forward.

The move to get the US government’s largest energy consumer to start buying more coal is the latest in a line of public declarations and policies from the president to show his support for the natural resource as he attempts to revive the industry around it.

Ashes to ashes

The latest announcement hasn’t been without its critics, however, with some people arguing against the directive on environmental and fiscal grounds. Energy experts told The New York Times that even if the Defense Department shifted its entire energy demand to be powered by coal exclusively, that would still only amount to about 3% of the nation’s current total capacity. Indeed, it would take quite a lot to turn around America’s coal consumption, which has largely been eschewed in the US energy mix in favor of natural gas and renewables like wind and solar.

Coal consumption chart
Sherwood News

Though coal has helped prop up some of the increasing energy demand from America’s ever-expanding data center landscape — consumption even rose slightly last year to break a 15-year declining streak — the resource has fallen by the wayside more broadly as the nation’s clean energy boom continues. Per the latest monthly figures from the US Energy Information Administration, national coal consumption sat at just above 34 million short tons in October — about 60% of the level it was at 10 years ago and just over a third of what it was during the 2007 summer peak.

The US is hardly the only nation where coal has fallen out of favor, though, with global consumption expected to have peaked last year and forecast to drop by 3% around the world by 2030. Clearly, when America gets too much soot up its nose, much of the rest of the world sneezes.

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Report: White House informed AI companies about plans for government to vet new models

After weeks of uncertainty about what role if any the White House would play in overseeing the release of new foundation models, this week top AI companies have been briefed on its plans, according to a new report from The Information.

The planned executive order describes a voluntary plan in which the National Security Agency, Office of the National Cyber Director, the White House Office of Science and Technology Policy, and Cybersecurity and Infrastructure Security Agency will decide which models to review, per the report.

The plan is reportedly less strict than AI companies had feared, but it does call for a 90-day testing period before release, a window that is substantially longer than the 14-day window that the companies wanted.

The new order could be signed as soon as this week.

The planned executive order describes a voluntary plan in which the National Security Agency, Office of the National Cyber Director, the White House Office of Science and Technology Policy, and Cybersecurity and Infrastructure Security Agency will decide which models to review, per the report.

The plan is reportedly less strict than AI companies had feared, but it does call for a 90-day testing period before release, a window that is substantially longer than the 14-day window that the companies wanted.

The new order could be signed as soon as this week.

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Rani Molla

Pension leaders overseeing more than $1 trillion in assets call SpaceX’s corporate structure “extreme”

SpaceX is gearing up for what is expected to be the biggest IPO in history — a $75 billion raise at a record $1.75 trillion valuation. But some of Wall Street’s biggest whales aren’t happy with the plan.

Leaders from three of the largest US public pension systems — New York State, New York City, and California — sent a letter to CEO Elon Musk on Wednesday, calling out the company’s planned corporate structure as extreme and the “most management-favorable governance structure ever brought to the US public markets at ⁠this scale.”

Among their concerns: Musk’s inviolability since only he can remove himself as CEO, the elimination of class-action lawsuits, and a Texas shield that could require a staggering 3% of outstanding stock just to file a derivative suit.

While the group has requested a meeting with Musk, it’s not clear if the $1 trillion they oversee is enough to force Musk to entertain their demands. These funds may be caught in an index trap.” As passive benchmark trackers, they’ll be forced to buy the stock once it lists, stripping them of any boycott leverage. And with a tiny ~5% float and the expected massive demand from retail and other investors, Musk may be able to ignore a few whales.

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Rani Molla

Nvidia, Tesla, Apple, Micron CEOs head to China with Trump

Executives from some of America’s biggest companies, including Apple, Tesla, and Boeing, are joining President Trump on his trip to China this week to help facilitate trade and investment between the countries. After a last-minute invite, Nvidia CEO Jensen Huang, who was initially snubbed, is also part of a trip aimed, in part, at resolving a prolonged import-export standoff between China and the US regarding AI and semiconductor technology.

Meta President and Vice Chairman Dina Powell McCormick is also going. Recently China blew up one of Meta’s major AI bets by unwinding the company’s acquisition of AI agent startup Manus.

In a post on Truth Social, Trump said the group was journeying to China to ask President Xi to “‘open up’ China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level!”

He added, “I have never seen or heard of any idea that would be more beneficial to our incredible Countries!”

Here’s the full list of company executives, per Reuters:

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Jake Lahut

Iran discussing US proposal to reopen Strait of Hormuz, cease hostilities for 30 days: NYT

Iranian officials told The New York Times Thursday that they are discussing a one-page proposal with the United States to temporarily reopen the Strait of Hormuz for 30 days and cease hostilities for the same period of time.

The reopening would come in exchange for the US lifting its naval blockade and halting all hostilities for that period, per the Times. The strait would be open to commercial traffic if both sides agree to the deal, according to three Iranian officials who spoke with the NYT.

The US has not yet commented on this specific proposal.

Shortly after news broke of Iranian consideration of the proposal, the US struck oil ports on the island of Qeshm and the coastal city of Bandar Abbas, a US military official told Jennifer Griffin of Fox News. The strikes do not constitute a restarting of the war, the official said.

The reopening would come in exchange for the US lifting its naval blockade and halting all hostilities for that period, per the Times. The strait would be open to commercial traffic if both sides agree to the deal, according to three Iranian officials who spoke with the NYT.

The US has not yet commented on this specific proposal.

Shortly after news broke of Iranian consideration of the proposal, the US struck oil ports on the island of Qeshm and the coastal city of Bandar Abbas, a US military official told Jennifer Griffin of Fox News. The strikes do not constitute a restarting of the war, the official said.

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Jake Lahut

Ceasefire holds on Tuesday morning following an “exchange of fire” and shipping clashes

The nearly one-month ceasefire in the Middle East was under threat of being shattered, The New York Times reports, after a series of strikes between the US and Iran escalated on Monday. That fragile ceasefire seems to be holding, however, early on Tuesday.

US warships intercepted Iranian cruise missiles aimed at Navy vessels, according to Admiral Brad Cooper, the leader of US Central Command. The US attacked Iranian speedboats in response, per the NYT, and sank six of them, Cooper reported.

On top of the UAE facing a barrage of Iranian missiles and drones the same day, hostilities appeared to be opening up on multiple fronts in the region. Al Jazeera reported one of the strikes hit a key oil facility in the emirate of Fujairah, setting it ablaze.

The BBC reported early Tuesday that Mohammad Ghalibaf, the speaker of Iran’s parliament and a top negotiator in last month’s talks, had written on X: “We know well that the continuation of the status quo is intolerable for America, while we are just getting started.”

Oil prices, by far the strongest and most immediate signal of investor sentiment about the prospect of future clashes, ticked lower on Tuesday morning as reports of attacks diminished and shipping giant Maersk said that one of its ships passed through the Strait of Hormuz under US protection.

US warships intercepted Iranian cruise missiles aimed at Navy vessels, according to Admiral Brad Cooper, the leader of US Central Command. The US attacked Iranian speedboats in response, per the NYT, and sank six of them, Cooper reported.

On top of the UAE facing a barrage of Iranian missiles and drones the same day, hostilities appeared to be opening up on multiple fronts in the region. Al Jazeera reported one of the strikes hit a key oil facility in the emirate of Fujairah, setting it ablaze.

The BBC reported early Tuesday that Mohammad Ghalibaf, the speaker of Iran’s parliament and a top negotiator in last month’s talks, had written on X: “We know well that the continuation of the status quo is intolerable for America, while we are just getting started.”

Oil prices, by far the strongest and most immediate signal of investor sentiment about the prospect of future clashes, ticked lower on Tuesday morning as reports of attacks diminished and shipping giant Maersk said that one of its ships passed through the Strait of Hormuz under US protection.

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