Clandestine Campaign To Defund ZeroHedge, The Federalist & Breitbart Traced To Kier Starmer Operation Clandestine Campaign To Defund ZeroHedge, The Federalist & Breitbart Traced To Kier Starmer Operation Very early into the COVID-19 pandemic, ZeroHedge suggested that a little-known Chinese lab in Wuhan might know something about the novel coronavirus sweeping the globe. As a result, and as you know, we were subject to an intense demonetization / deplatforming campaign that included getting kicked off of Twitter, PayPal, Facebook and other platforms, dropped by our advertisers, and targeted by MSM hit pieces which colluded with foreign 'watchdogs' to inflict maximum damage.  These same groups also targeted outlets including The Federalist and Breitbart over various reporting, which suffered similar fates.  Now, thanks to a by investigative journalist Paul Holden that builds on reporting by Matt Taibbi, Paul Thacker and others, we learn that the origin of these campaigns, launched years before the pandemic, was none other than UK Prime Minister Kier Starmer's political machine, which began targeting left-wing outlets speaking critically of Starmer such as The Canary, and then went after conservative outlets in America - just in time for the 2020 US election. image Documents and internal accounts, many drawn from newly disclosed materials, reveal a coordinated project that operated behind a veil of anonymity, misdirection, and unreported political financing. This murky operation known as the Stop Funding Fake News (SFFN) was launched and resourced through a think tank, Labour Together, that would later be fined for failing to declare £739,000 in donations between 2018 and 2020. Said funds helped underpin this clandestine anti-media strategy which affected news outlets from the UK to the United States. At the center of the effort was Morgan McSweeney, a political strategist who has since become Starmer’s chief of staff and, according to public commentary by prominent journalists, one of the most powerful unelected figures in the modern Labour Party. image The newly disclosed materials reveal that SFFN was not in fact some grassroots, anonymous activist collective it claimed to be, but a political weapon forged by senior Labour figures and funded by millionaire donors, including individuals active in pro-Israel political advocacy. The goal: destabilize independent media ecosystems aligned with Labour’s left under Jeremy Corbyn, elevate Starmer’s leadership bid, and delegitimize outlets - domestic and foreign - that threatened the faction’s consolidation of power. Publicly, SFFN claimed to be run by anonymous activists. Privately, it was shaped by McSweeney and operated from the same small office suite in South London that housed Labour Together. SFFN ultimately migrated under the umbrella of the Center for Countering Digital Hate (CCDH), an organization that grew out of a corporate shell once controlled solely by McSweeney.  image CCDH would later present SFFN as one of its signature initiatives. Three Fronts of a Political Offensive The documents reported by Holden reveal a three-part strategy that reshaped the British political landscape - and reverberated into U.S. media and politics. In a nutshell, this is how the sausage was made: 1. Destabilizing Jeremy Corbyn’s Leadership SFFN’s narrative interventions were designed to amplify an “antisemitism crisis” that dogged Corbyn, boosting controversies and legitimizing a media ecosystem hostile to Labour’s left. This influence work aligned directly with the political interests of the centrist faction preparing for a post-Corbyn future. 2. Engineering Starmer’s Rise Labour Together later claimed credit for helping deliver Starmer’s 2020 leadership victory, with McSweeney acting as his campaign chief. After Starmer won the July 2024 general election, McSweeney formally became chief of staff, solidifying the faction’s institutional dominance. 3. Silencing Dissenting Media SFFN’s most aggressive project was an astroturf campaign against media outlets perceived as ideological threats. Targets spanned both the left (such as The Canary and Evolve Politics) and the right, as noted above.  In each case, the tactic was the same: identify advertisers appearing on targeted sites, publicly shame them through social media threads, and provide tools - including downloadable blocklists - to automatically exclude those outlets from programmatic advertising networks. The effort succeeded in devastating the business model of some targets; others survived but saw sustained pressure. We took matters into our own hands, launching our   in order to keep the lights on (thank you).  The Breitbart Offensive Holden reports that SFFN then set their sights on Breitbart in October 2019 - after an anonymous X account tagged the UK Parliament and likened its ads on Breitbart to funding extremism. SFFN ran hard with this - promoting the allegation and labeling Breitbart a "bigoted, conspiracist fake news site." Later that day, the Press Association contacted Parliament for comment. Within hours, Parliament suspended the ads. To further legitimize the operation, anti-Corbyn MP Mary Creagh publicly leaned on the Conservative leadership to formalize the ban, citing a list of SFFN-identified sites. Two weeks later, SFFN announced another victory: the UK Cabinet Office had implemented a “whitelist” that barred Breitbart, The Canary, and a long roster of other outlets from receiving government advertising. On the 18th of October 2019, SFFN posted that they had contacted an unnamed journalist about how the UK’s Cabinet Office was advertising on its target websites. The journalist found out that the Cabinet Office “now implemented a ‘whitelist’ meaning the government now only advertises on pre-approved websites. The Canary, Evolve, Rebel, Politicalite, Breitbart etc no longer receive government advertising.” The post ended with three handclap emojis. “Good to see government use its authority to set an example against these dishonest & hateful websites.” - The campaign extended into the private sector. In 2020, Ford UK publicly stated it was investigating ad placements on Breitbart. By 2021, SFFN was targeting Breitbart’s YouTube monetization and urging advertisers to block the site across Google’s ad infrastructure. The group’s blocklist eventually included 28 domestic and international sites, among them U.S. outlets aligned with the alt-right and the British far-right figure Tommy Robinson. Weaponizing the Image of Grassroots Activism Throughout 2019, SFFN steadfastly refused to disclose who ran the operation, claiming its activists faced undefined risks. Interviews and profiles repeated the fiction that it was just a small band of concerned citizens. Yet from its inception, SFFN was powered by political professionals. It was launched only after McSweeney and CCDH’s Imran Ahmed recruited television personality Rachel Riley to front the campaign. Labour Together’s funds and office space supported its rollout. The project was effectively shielded from legal accountability by its anonymity, even as it issued sweeping defamatory accusations against its targets. McSweeney and Ahmed asked if Riley would front a campaign to tackle The Canary. She agreed “with alacrity,” according to an account by two Sunday Times journalists. Her celebrity endorsement lifted SFFN out of obscurity and powered its success. She would later become a patron of CCDH and now lists herself on X as an “ambassador” of the organization. - One of SFFN’s earliest and most consequential victims was The Canary. Though independently regulated and later cleared of allegations of racism or incitement, the outlet lost crucial advertising revenue and shed staff. Former employees described a chilling effect across the left media ecosystem as prominent commentators distanced themselves from a now-toxic brand. The attack’s success was openly celebrated within liberal circles; commentators hailed SFFN for restoring “objective reality in politics,” even as its covert origins remained concealed. CCDH, Twitter Files, and the Attempt to Rewrite History The political sensitivity surrounding SFFN resurfaced in 2024, when leaked emails from CCDH showed repeated internal discussions about targeting Elon Musk’s Twitter. Amid the backlash, CCDH sources insisted McSweeney had played no operational role in the organization - a claim contradicted by company records showing he was the sole director of its precursor entity for more than a year and remained formally involved until April 2020. In 2024, Matt Taibbi and Paul Thacker reported on emails leaked from within CCDH. They showed that, for over a year, CCDH’s internal team meetings included the action item: ‘ CCDH’s later retellings cast SFFN as an example of its “global” anti-hate strategies. One of its leaders described the financial approach explicitly: if news sites rely on advertising, “within a couple of months, you can completely eviscerate the economic base of a website.” SFFN had been the proving ground. In 2023, Paul Thacker wrote in https://www.tabletmag.com/sections/news/articles/censorship-center-guise-combating-hate-covid-elon-musk : In March of 2021 a nonprofit group called the Center for Countering Digital Hate (CCDH) released a report about online misinformation. Founded in the U.K. by a former Labour Party political figure named Imran Ahmed, the CCDH was virtually unknown at the time in the U.S., but that was about to change. The report quickly reached the hands of executives at Twitter. “COVID-19 misinfo enforcement team is planning on taking action on a handful of accounts surfaced by the CCDH report,” on March 31. One account they eventually took action against belonged to Robert F. Kennedy Jr., who was then running against Joe Biden for the Democratic Party’s nomination for president. A few months later, the same report was being cited by the Biden administration. At a press briefing in July 2021, White House Press Secretary Jen Psaki quoted from the CCDH report in a briefing where she accused Facebook of undermining federal vaccine policies. “There’s about 12 people who are producing 65% of anti-vaccine misinformation on social media platforms,” Psaki claimed, citing the CCDH’s work, while warning social media companies to shut down these “misinformation” accounts. “They’re killing people,” President Biden told a reporter a short time later, leveling the charge of murder against Facebook for its alleged role in providing a platform for “vaccine misinformation.” Facebook’s Vice President Monika Bickert for being free of evidence—failing to define the term “anti-vaxx,” for example—and neglecting to explain how they came up with their numbers and conclusions. But it had little effect. By then the report had popularized the idea of a “disinformation dozen,” a narrative that hardened as it was promoted by countless news outlets, fact checkers, and social media accounts devoted to round-the-clock attacks on “disinformation.” More recently, the CCDH has popped up again, leading the battle against Twitter’s new owner, Elon Musk, who has been cast as a champion of racists and antisemites. “The CCDH has been at the forefront of reporting on the hate proliferating on X/Twitter since Musk completed his takeover in late October 2022,” from House Democrats that reiterates Ahmed’s claims, and cites him and CCDH. Meanwhile, last month it was reported that the Trump White House plans to deport Imran Ahmed - who Thacker says  Drop Site News, even though Ryan Grimm (formerly of HuffPost and The Intercept) is a massive dick who hates us for some reason. 💥NEW: How PM Keir Starmer’s Machine Quietly Moved to Cripple Breitbart, The Federalist, ZeroHedge, and Left Independent Outlets On Breaking Points, Ryan introduces Drop Site’s latest investigation, adapted from Paul Holden’s book, exposing how Keir Starmer and his chief of… — Drop Site (@DropSiteNews) Thu, 12/04/2025 - 13:25
Police 'Will Not Cooperate With ICE Agents': Minneapolis Mayor Police 'Will Not Cooperate With ICE Agents': Minneapolis Mayor As Minnesota anticipates more U.S. Immigration and Customs Enforcement (ICE) action in Minnesota—a state where many Somali immigrants are accused of defrauding welfare programs—Minneapolis Mayor Jacob Frey said the city’s law enforcement will not work with federal agents. “Our police officers are not ICE agents; they will not cooperate with ICE agents,” Frey said at a Dec. 2 . ICE has been conducting large-scale immigration enforcement operations in a number of cities, sometimes drawing opposition from protesters and from Democratic leaders. image   At the news conference, Minneapolis Police Chief Brian O‘Hara and St. Paul Mayor Melvin Carter III emphasized support for law-abiding Somalis and other immigrants who hold jobs and run businesses. People who are fearful of ICE action should inform themselves about their rights, the officials said. O’Hara also said that his officers “absolutely have a duty to intervene” if people’s rights are being violated.   O‘Hara said his officers “do work with federal law enforcement literally every day around violent crime, around people smuggling fentanyl into the country, gang violence, those types of things.” However, O’Hara said, “Federal law enforcement is aware that we absolutely will have nothing to do with anything related to immigration enforcement.” That has been true for years in the Twin Cities, which are among more than a half-dozen so-called sanctuary cities that the Justice Department has https://www.theepochtimes.com/us/sanctuary%20city%20policies%20that%20interfere%20with%20the%20federal%20government%E2%80%99s%20enforcement%20of%20its%20immigration%20laws.  over policies that shield illegal immigrants. The pending lawsuit, coupled with the new public remarks from the Twin Cities’ leaders, reflects increasing tensions between Minnesota and the federal government. After recent publicity over massive Minnesota welfare-fraud schemes that mostly involve suspects of Somali origin, President Donald Trump announced plans to end “temporary protected status” for Somalis in the North Star State. Minnesota Democrats, including Rep. Ilhan Omar (D-Minn.), Gov. Tim Walz, and Attorney General Keith Ellison, have criticized the president’s actions. At Trump’s direction, Homeland Security Secretary Kristi Noem said she investigated immigration programs in Minnesota; she reported finding that “50 percent of visa applications” and other immigration-related programs were fraudulent. Noem, speaking during the president’s Dec. 2 did not specify which immigrant groups were allegedly submitting false immigration applications. During , calling it a first-of-its-kind operation to detect and deter immigration fraud. Mayors Defending Somalis Amid Fraud Cases The two mayors, Frey and Carter, said that the entire Somali community is being unfairly targeted and wrongfully vilified over the actions of a few. Since 2022, charges have been brought against 78 people, and dozens have been convicted or await trial in the Minnesota-based Feeding Our Future scandal, which involved a nonprofit and its affiliates falsely claiming they provided meals to needy children. A pair of other welfare-fraud scandals emerging from the region are still developing. Altogether, the fraudulent claims amount to billions of dollars, authorities have said. The fraud was allegedly committed mostly by Somalis who sent much of the stolen money back to their homeland. The Treasury Department is investigating claims that Somalia-based terrorist group al-Shabaab took a percentage of those financial transfers. Frey and Carter emphasized that most of the estimated 80,000 Somalis living in Minnesota are U.S. citizens. Seventy-eight percent of them live in the Twin Cities, according to  , making Minneapolis home to America’s largest Somali community. Frey said he is proud of that fact. On Dec. 3, the day after the Minnesota news conference, a reporter asked Trump to react to Frey’s expression of pride in the Somali community. The president criticized Frey’s comments, adding that Somalis “have taken billions of dollars out of our country” and hail from a crime-ridden nation. Trump has also stated that Somalis who complain about America are unwanted. The Epoch Times sought a comment from Frey, who did not immediately respond. Frey criticized Trump’s stance at the news conference. “He’s wrong, and we want them here,” Frey said. “Somali people have been an extraordinary benefit ... They have started businesses and created jobs. They have added to the cultural fabric of what Minneapolis is. They were welcoming to me when I first came out to Minneapolis.” ‘Zero Tolerance’ for Impeding ICE Both mayors expressed concern that ICE will make mistakes and snare lawful Somali American citizens once the illegal-immigrant dragnet hits the Twin Cities. In response to the comments from the Twin Cities’ officials, border czar Tom Homan said, “We’re going to enforce the law, without apology.” Homan, in a with Fox News, said Noem’s findings and the welfare-fraud crimes are making the Twin Cities a higher priority for ICE. He didn’t say when increased enforcement operations might begin, or how many agents might be sent there. Homan said he has told police in other sanctuary cities that it is their duty to make their communities safer—and that communities do become safer after ICE removes criminal illegal immigrants and legal immigrants who commit deportable offenses. Homan said it was “shameful” for local law enforcement not to partner with ICE to achieve that common goal. He urged non-cooperative police to “stand aside” and allow ICE to operate. Otherwise, the Justice Department will show “zero tolerance” and will prosecute anyone who impedes ICE. O'Hara, the police chief, said his officers stay out of immigration issues. “We don’t provide information to federal immigration authorities; we don’t ask people about their immigration status,” he said at the news conference. Those actions align with a city ordinance that forbids city employees from asking people about their citizenship or immigration status. The local law also prohibits city workers from using “any knowledge of [a resident’s] status to enforce immigration laws,” the Minneapolis government states. Within days, Minneapolis officers will be receiving updated guidance for handling immigration-related matters, the police chief said, incorporating “feedback from community and community-based organizations.” Thu, 12/04/2025 - 13:05
Jensen To Rogan: "Next 6-7 Years You Will See A Bunch Of Small Nuclear Reactors" Jensen To Rogan: "Next 6-7 Years You Will See A Bunch Of Small Nuclear Reactors" Jensen "https://www.reddit.com/r/pics/comments/1d807fz/nvidia_presidentceo_jensen_huang_signing_a_shirt/ discussing a wide range of topics, when he gave the nuclear sector the ultimate tailwind: the AI revolution needs small modular reactors (SMRs), something we have been saying for over a year.  When the conversation turned to energy, and particularly new nuclear power, Huang spoke about the immense and growing power demands of AI data centers, which he dubbed as "gigawatt factories", and echoed what we just said, namely that that these power needs cannot be integrated into the existing public grid without risking instability and soaring power prices... To prevent skyrocketing electric bills, every state has to follow the Texas example: each data center must have its own "behind the meter" onsite power generation. “We believe data centers should pay for the full cost of their power,” Dominion Energy spokesperson Aaron Ruby… — zerohedge (@zerohedge) ... and should instead remain "behind the meter", with data centers using dedicated or off-grid power generators - such as SMRs - necessary for the continued growth of AI. As a result, Jensen sees "a whole bunch of small nuclear reactors in the next six or seven years" Rogan: By small, like how big are you talking about? Huang: Hundreds of megawatts. Rogan: Okay. And that these will be local to whatever specific company they have. Huang: That's right. Will all be power generators. Reactors such as those currently being built by . No wonder their stocks are soaring today. Here is the exchange: JR-"Currently that is a big bottleneck right, it's energy? JH-It is The Bottleneck...The next 6-7 years I think your going to see a whole bunch of small nuclear reactors JR- probably the smartest way to do it JH-It takes the burn off the grid" https://twitter.com/search?q=%24NVDA&src=ctag&ref_src=twsrc%5Etfw — NANO Nuclear Energy (NASDAQ: NNE) (@nano_nuclear) Of course, we have been pounding the table on modular nuclear reactors as the only real solution to the data center power drain for nearly two years, focusing on the just a few days ago, when the Department of Energy said it was assisting the Tennessee Valley Authority and Holtec International with the development and deployment of 300 MW small reactors in the 2030s, all small but critical initial steps in the rollout of small modular reactors.  image There was also a significant development from the Nuclear Regulatory Commission when they for the construction permit application for Bill Gates’ sodium reactor project in Wyoming. This was the last stage of reactor developer TerraPower’s construction permit review for their 345 MW reactor, and they now expect to have the construction license in hand early next year. Commercial operations are targeted for 2031. Anyway, back to the podcast where, to the surprise of none of our readers, it took only 5 minutes of them talking to come to the topic of how dependent new AI is on the development of new energy. Jensen went on a short run about how critical it was to the AI industry that Trump started his latest term by beating the table on new energy development: “[Trump] came into office and the first thing that he said was ‘drill baby drill’. His point is we need energy growth. Without energy growth, we can have no industrial growth. It saved the AI industry. I got to tell you, flat out, if not for his progrowth energy policy we would not be able to build factories for AI, not be able to build chip factories, we surely won't be able to build supercomputer factories, none of that stuff would be possible without all of that. Construction jobs would be challenged, right? Electrician jobs, all of these jobs that are now flourishing would be challenged. And so I think he's got it right, we need energy growth. We want to re-industrialize the United States. We need to be back in manufacturing.” As we recently covered in our summary of , we highlighted how the availability of cheap energy is enabling the growth of the AI industry in the US. Had the US followed in the footsteps of our peers across the water, we could have been facing energy prices as much as three times higher for industrial customers. image With the U.S. taking the more productive “and” approach to renewable energy, the country has added GW of power across a range of energy varieties, including both green sources like wind and solar, and traditional sources like coal, gas, and nuclear. Then again, as we discussed yesterday, the US will need to add over 100+ GW by 2032 to maintain the AI cycle, a staggering amount of power generation. image Jensen elaborated a little bit further on the energy-AI relationship, noting that energy is “the” bottleneck with developing new AI factories: Rogan: So currently that is a big bottleneck, right? [It] is energy. Huang: Yeah, it is the bottleneck. The bottleneck Because you can print money, you can't print energy. The money is not the problem: AI is the new global arms race, and capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it's the "debasement" to fund the AI arms race. But you can't print energy — zerohedge (@zerohedge) Thu, 12/04/2025 - 12:45
Maduro Describes 'Cordial' Trump Call As Senators Reintroduce War Powers Bill Maduro Describes 'Cordial' Trump Call As Senators Reintroduce War Powers Bill Venezuelan President Nicolas Maduro has very belatedly confirmed speaking with US President Donald Trump by phone late last month amid a huge US military buildup accompanied by Washington threatening war. The phone call was ten days prior, but Maduro on Wednesday said he decided to speak about his "cordial" call with Trump as he wished to avoid "microphone diplomacy" at a moment international reports are ripe with speculation over the contents of the call. image US media, for example, has widely reported that Maduro and Trump talked amnesty, but this was ultimately rejected by the US side after Maduro attacked certain conditions to the transfer of power in Caracas. Speaking to state-run Venezolana de Television, Maduro described, "I don’t like diplomacy with microphones; when there are important matters, they must be handled quietly until they are resolved!" He further welcomed that the call may have been a step towards "respectful dialogue" and that Venezuela would always seek peace. But out of "prudence" and "respect" Maduro said he would not divulge further details of the call. "With the favor of God and our Commander of Commanders, Our Lord Jesus Christ, everything will go well for the peace, independence, dignity, and future of Venezuela," he said. Notably he did not confirm whether he was offered a safe exit by Trump or some kind of amnesty if he would relinquish rule of the country. Meanwhile in Washington a bipartisan group of senators have reintroduced a War Powers Resolution designed to prevent Trump as commander-in-chief from unilaterally initiating military action against Venezuela without approval from Congress.  By and large lawmakers have been missing in action, though there has been rising anger and questions on the over 20 deadly strikes on suspected drug boats. However, this has mostly focused on details of which precise orders Pentagon chief Pete Hegseth did or didn't give. The measure was by Senators Tim Kaine (D-VA), Rand Paul (R-KY), and Adam Schiff (D-CA), the latter who also sponsored the earlier version. There was a new name added - Senate Minority Leader Chuck Schumer (D-NY) - as a co-sponsor. There's obviously some degree of urgency given Trump recently said land operations against cartels in Venezuela could start 'very soon'. Kaine's office said in a press release that the renewed resolution is privileged, meaning it can be brought to the Senate floor for a vote within 10 days. Hope for last-minute diplomacy to avoid all-out military action to accomplish regime change? President Maduro on his call with Trump: “I received, I had a call and spoke with the President of the United States, Donald Trump. I can say that the conversation was respectful in tone. I can even say it was cordial between the President of the United States and the… — Camila (@camilapress) The previous resolution was narrowly defeated last month in a 49–51 vote. It was only two Republicans - Paul and Lisa Murkowski of Alaska - who voted in favor.  "The American people do not want to be dragged into endless war with Venezuela without public debate or a vote," says Sen. Paul. "We ought to defend what the Constitution demands: deliberation before war." Thu, 12/04/2025 - 12:05
Dollar General Soars Most In Six Months As Cash-Strapped Consumers Flock To Value Dollar General Soars Most In Six Months As Cash-Strapped Consumers Flock To Value Dollar General shares jumped the most in six months following a quarterly earnings beat and an upward revision to full-year guidance, reflecting continued momentum from value-seeking, cash-strapped consumers. image Dollar General posted a strong quarter, with third-quarter EPS of $1.28, beating last year's .89 cents and coming in well above the Bloomberg consensus estimate of .94 cents. Same-store sales rose 2.5%, also ahead of BBG expectations, driven entirely by higher traffic (+2.5%) while average ticket remained flat. Gains were broad-based across consumables, seasonal, home, and apparel. Here's a snapshot of the third quarter (courtesy of Bloomberg): EPS: $1.28 vs. $0.89 y/y, estimate $0.94 Net sales: $10.65 billion, +4.6% y/y, estimate $10.62 billion Comparable sales: +2.5% vs. +1.3% y/y, estimate +2.47% Gross margin: 29.9% vs. 28.8% y/y, estimate 29.5% SG&A as % of revenue: 25.9% vs. 25.7% y/y, estimate 26.4% Operating profit: $425.9 million, +32% y/y, estimate $328.1 million Dollar General also lifted its FY25 outlook: Sees comparable sales +2.5% to +2.7%, prior +2.1% to +2.6%, estimate +2.5% (Bloomberg consensus) Sees EPS $6.30 to $6.50, prior $5.80 to $6.30, estimate $6.12 Sees net sales +4.7% to +4.9%, prior +4.3% to +4.8% Sees capital expenditure at the low end of $1.3 billion to $1.4 billion, unchanged, estimate $1.39 billion Still sees an effective tax rate of about 23.5% In markets, DG shares surged nearly 11% - the biggest jump since early June. The stock had been down as much as 73% from its 2022 highs as high interest rates crushed lower-income consumer activity, but the rebound is now well underway. DG suddenly looks like a name to watch heading into next year.  image Goldman Sachs Managing Director Kate McShane is "Buy" rated on Dollar General with a 12-month price target of $126 ...  Here's what other Wall Street analysts are saying:  Bernstein, outperform (Zhihan Ma) This is another "strong beat and raise" from Dollar General, with gross margin outperformance (up 110bps y/y) the key driver amid shrink recovery, higher inventory markups, partly offset by LIFO charges  NOTE: "Shrink" in retail refers reduced inventory due to theft, damage or other causes of product loss before it is sold to the consumer Ma notes that comp. sales were "entirely led by traffic growth while ticket was flat" "We don't expect outsized comp sales growth from DG, like what Five Below reported yesterday, as DG doesn't benefit nearly as much from tariff-driven price increases or Temu's pullback," she says  For DG, she sees further gross margin recovery potential into FY26 "Jury is still out on the retail media growth potential," which she hasn't assigned any value to Bloomberg Intelligence, Jennifer Bartashus "Dollar General's efforts to improve operations by executing well on retail basics like clean stores, in-stock levels and sufficient labor are gaining traction with core and higher- income trade-down shoppers," though it remains to be seen whether those new customers will stick, Bartashus writes Gains in both consumable and discretionary categories in 3Q enabled the retailer to boost annual sales and profit forecasts Jefferies (buy), Corey Tarlowe This is a "clean beat" on both top- and bottom-line, driven by better‑than‑expected margins and "steady traffic gains" Boosted guidance signals "confidence in holiday execution and continued market share gains across both departments" Inventory discipline is "notable" "Near term, the story strengthens on operational leverage and improved cost efficiency," while longer term, "store growth and remodel productivity provide visibility into sustained EPS growth" "The Company is raising its financial expectations for the year, primarily to reflect its outperformance in the third quarter, as well as its improved outlook for the remainder of the year, while also taking into consideration the potential for uncertainty related to consumer behavior," Dollar General wrote in a press release. Important to note: Dollar General's customer base is primarily lower- to middle-income households that have been trapped in the so far this year, still dealing with lingering woes from the Biden-Harris regime years. The third-quarter beat and rosier outlook suggest improvement within these cohorts as value-seeking consumers continue to trade down. This previous earnings season revealed that consumers are aggressively hunting for deals: And there is good news for working-poor households heading into next year: And Walmart remains the discount retailer consumers  Thu, 12/04/2025 - 11:25
Why Tether Is Buying More Gold Than Many Central Banks, And What It Signals Why Tether Is Buying More Gold Than Many Central Banks, And What It Signals Tether purchased 26 tons of gold in Q3 2025, a larger quarterly acquisition than any reporting central bank. Its total holdings reached 116 tons, placing it among the world’s top 30 gold holders. Stablecoin issuers, sovereign wealth funds, corporations and tech firms are increasingly active in gold markets. This trend marks a structural shift in global demand once dominated by central banks. Central banks added 220 tons of gold in Q3 2025, up 28% from Q2. Countries such as Kazakhstan, Brazil, Turkey and Guatemala made notable additions despite record prices. While central banks buy gold for national monetary policy, Tether’s purchases come from profits and support diversification, resilience and collateralization for USDT. The global financial system is witnessing a period when non-state entities are competing with central banks to build gold reserves. Tether, the issuer of Tether USDt - the   - is now one of the largest buyers of gold. In a single quarter, the company purchased more gold than most central banks did in the same period. image This article explores how an enterprise moved ahead of central banks in purchasing gold for its reserves and discusses independent attestations of the purchase. It also examines the rise of non-state gold buyers and what Tether’s gold buying does not indicate. A private company outpacing central banks in buying gold During the third quarter of 2025, Tether added 26 metric tons of gold to its holdings. According to   at Jefferies, this made Tether the single-largest gold buyer in that quarter, larger than the combined purchases of all reporting central banks. By the end of September 2025, Tether’s total reported gold holdings stood at about 116 tons. If ranked alongside countries on the International Monetary Fund (IMF) official gold reserves list, this would place Tether among the top 30 holders worldwide, ahead of nations such as Greece, Qatar and Australia. Per analysis from the investment bank Jefferies, Tether’s 26-ton purchase in Q3 2025 exceeded the official gold purchases of many mid-sized central banks during the same period. This reflects a wider trend. Large private players, including stablecoin issuers, sovereign wealth funds and multinational corporations, are becoming significant participants in markets once dominated by governments. Research from the World Gold Council has also   to rising non-sovereign demand for gold. Tether CEO Paolo Ardoino   on X, “While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.” The company has emphasized that these gold purchases are made from profits, not from customer reserves that back USDT. It holds that diversification into real assets strengthens long-term resilience. image Independent attestations: The verified gold breakdowns Tether publishes quarterly independent attestations prepared by major accounting firms. These reports provide insight into the company’s reserves: As of Sept. 30, 2025, gold and precious metals represent about 📄.pdf  of Tether’s total consolidated reserves. This figure includes both gold-backed USDT and gold allocated to Tether Gold, Tether’s tokenized gold product. XAUT has a market value of roughly $1.6 billion, which corresponds to less than 12 tons of gold. More than 100 tons of the reported gold is not tied to XAUT and forms part of Tether’s broader corporate reserves and investments. How Tether compares with central banks The WGC “Gold Demand Trends – Q3 2025” report shows that central banks globally added a net 220 tons of gold in Q3 2025. For context, this was 📄.pdf  higher than the Q2 figure and 6% more than the five-year quarterly average. In 2025, the price of gold rose about 50% year-to-date. Record-high prices likely constrained the scale of initial purchases. However, the renewed increase in central bank demand during the latest quarter indicates that these institutions are continuing to add gold strategically. They are doing so even in the face of significantly higher prices. To help you compare Tether’s gold purchase in Q3 2025, here is information about similar activity by central banks: The National Bank of Kazakhstan was the most significant purchaser in the quarter, boosting its gold reserves by 18 tons to a total of 324 tons. The Central Bank of Brazil, making its first gold purchase since July 2021, reported a 15-ton rise in its gold reserves in September 2025, bringing its total gold holdings to 145 tons. The Central Bank of Turkey maintained its continuous gold accumulation, with its official central bank and Treasury gold reserves growing by seven tons in Q3 to 641 tons. The Bank of Guatemala increased its gold reserves by six tons during the quarter, a substantial 91% jump. The bank now holds a total of 13 tons of gold, accounting for 5% of its total reserves. While making such comparisons, it is important to remember that central banks have different objectives when purchasing gold. Central banks acquire gold as part of their national monetary strategy, whereas Tether holds gold as part of its corporate reserves. The acquired gold serves as collateral for its stablecoin and as an asset diversification tactic. The rise of non-state gold buyers Before the rise of non-state gold buyers like Tether, demand for gold was driven mainly by central banks, the jewelry sector and commodity investors. In recent years, however, a growing share of gold purchases has come from private institutions, sovereign wealth funds, stablecoin issuers and corporate treasuries. This shift is being driven by geopolitical uncertainty and fluctuations in currency values. Stablecoin issuers, in particular, have become significant participants. They are acquiring gold in quantities once associated with medium-sized national central banks. Major technology companies and investment funds are also adding gold to their portfolios as part of broader strategies. The rapid expansion of non-state gold buyers makes them a noticeable part of overall gold demand. They now form a steadily growing segment that is reshaping the pattern of global gold demand. What Tether’s gold buying does not indicate To prevent any misunderstanding, it is important to be clear about what this gold accumulation does not mean: It does not indicate liquidity problems or a risk of insolvency. Independent attestations confirm the relationship between assets and liabilities. A private entity buying gold does not, on its own, indicate financial difficulty unless such concerns are disclosed by the entity. It does not signal upcoming gold price moves. Gold buying by a non-state actor does not imply any market forecast or directional view. It is not a monetary decision in the way central banks operate. Private companies manage their reserves under different objectives and rules, and their gold holdings serve corporate and operational purposes rather than national monetary policy. This helps place Tether’s gold buying in its proper context and supports a better understanding of what the move represents. Thu, 12/04/2025 - 10:30
FBI Arrests Virginia Man In Jan. 6 Pipe Bomb Case FBI Arrests Virginia Man In Jan. 6 Pipe Bomb Case The FBI has arrested a Virginia man nearly five years after pipe bombs were placed at both the Republican and Democratic National Committee headquarters on Jan. 5, 2021 - the day before the events of Jan. 6.  image The suspect is expected to face charges for allegedly planting the devices, which were later deemed to be viable explosives that could have caused "serious injury or death."  The FBI did not share additional information about the suspect, however MS Now reports that the suspect has been linked to statements that show support for an anarchist ideology. The bureau has conducted more than 1,000 interviews, reviewed over 39,000 video files, and fielded over 600 tips from the public - yet what led to the arrest was "the same trove of material that had mostly been gathered in 2021 and 2022," two sources told the outlet - meaning that the Biden administration had the evidence over three years ago. Video footage and photos of the suspect showed a figure walking around in a hoodie and a face mask. The bombs were quickly disarmed shortly after they were discovered. "There is a massive cover-up, because the person who planted those pipe bombs -- they don't want you to know who it was, because it's either a connected anti-Trump insider, or this was an inside job," Dan Bongino, now the deputy FBI Director, said in November 2024 on his show. "Those bombs were planted there. This was a setup. I have zero doubt." Last month a forensic analysis  reported. image Former FBI Special Agent Kyle Seraphin told Blaze News that, in the days immediately after Jan. 6, he and his team conducted surveillance “one door away” from the residence tied to the female suspect. He says the team was pulled off the assignment without explanation, and requests to interview a person linked to the suspect’s movements were denied. So the fact that a man was just arrested suggests that while the FBI may have been looking into her, it may have been a dead end - or they've arrested the wrong person.  The Blaze report was disputed by Headline USA and journalist .  The mysterious handling of the bombs drew scrutiny from Congress and the Department of Homeland Security’s inspector general. Surveillance footage later released by Rep. Thomas Massie (R-KY) showed Secret Service agents responding slowly after being told a device was found at the DNC. Agents remained in their vehicle eating lunch for roughly two minutes before investigating and allowed pedestrians and cars to pass near the device. Earlier this year, a House committee 📄.pdf provided new insight into the investigation, highlighting multiple failures by law enforcement to detect the devices and properly secure the scene after their discovery.  Thu, 12/04/2025 - 10:10
US Durable Goods Orders Solid In September US Durable Goods Orders Solid In September While 'soft' survey data has been a shitshow, 'hard' data has been stable (what little we actually had during the shutdown)... image Source: Bloomberg Today we get more 'catch-up' data with Factory Orders and Durable Goods data for September. US Factory Orders disappointed, rising just 0.2% MoM (+0.3% exp) and slowing notably from the +1.3% MoM jump in August (and up 3.6% YoY)... image Source: Bloomberg Core Factory Orders (ex-Transports) also rose 0.2% MoM, up notably from the downwardly revised 0.1% MoM decline in August (but remains up over 1% YoY)... image Source: Bloomberg The final print for Durable Goods Orders were all in line with the flash prints, with the headline rising 0.5% MoMm which helped push Orders up a solid 9.6% YoY... image Source: Bloomberg Core Durable Goods orders rose for the 6th straight month and are up over 3% YoY... image Source: Bloomberg Of course, this data is extremely stale now, but still it's positive overall (despite job losses in the goods-producing sector). Thu, 12/04/2025 - 10:08
Meta Shares Jump After Zuckerberg Prepares Deep Cuts To Metaverse Following Epic Flop Meta Shares Jump After Zuckerberg Prepares Deep Cuts To Metaverse Following Epic Flop Meta shares jumped the most in months after a Bloomberg report said Mark Zuckerberg is preparing deep cuts to the company's metaverse ambitions. The metaverse, once pitched by Zuckerberg as the "next chapter of the internet," has been nothing more than a colossal failure. According to , Meta executives have discussed slashing the metaverse budget by up to 30% for 2026, which includes the virtual-worlds product Meta Horizon Worlds and its Quest virtual-reality unit. These upcoming cuts to Reality Labs' VR operations will likely result in layoffs as early as January. Zuckerberg has reportedly asked all divisions to find 10% savings, but the metaverse unit was asked for much deeper cuts because it has been a total flop since its introduction early in the pandemic. <a href="/s3/files/inline-images/G7VLLetXIAEjTUm.png?itok=AeaOaa0P" rel="nofollow"><img height="340" width="500" src="image alt=""/></a> Here's more from the report: The proposed metaverse cuts are part of the company's annual budget planning for 2026, which included meetings at Zuckerberg's compound in Hawaii last month, the people said. Zuckerberg has asked Meta executives to look for 10% cuts across the board, which has been the standard request during similar budget cycles the past few years, they added. In 2021, Zuckerberg told investors in a founder's letter that the metaverse marked "the beginning of the next chapter for the internet — and the next chapter for our company." <a href="/s3/files/inline-images/2025-12-04_09-29-47.png?itok=ag4WVYA0" rel="nofollow"><img height="176" width="500" src="image alt=""/></a> Zuckerberg's failures continue piling up. Meta AI - fail Metaverse - fail Meta glasses - fail Meta Portal Services- fail Meta Clubhouse - fail Meta Threads - fail Time to retire Zuckerberg. — Ewan Morrison (@MrEwanMorrison) News of the metaverse cuts sent Meta shares up more than 5% in premarket trading in New York... <a href="/s3/files/inline-images/2025-12-04_06-45-35.jpg?itok=iQhoezvs" rel="nofollow"><img height="293" width="500" src="image alt=""/></a> If the gains hold during the cash session, this would be the largest intraday jump since the 11% spike in late July. Year-to-date, shares are up 9.3% as of Wednesday's close. <a href="/s3/files/inline-images/Snag_7350442b.png?itok=cRmVhRe8" rel="nofollow"><img height="498" width="500" src="image alt=""/></a> In 2023... Meta Hit With Trifecta Of Fails: Metaverse, Smart Glasses, Threads — zerohedge (@zerohedge) However, one area that hasn't been a failure is . <a href="/users/tyler-durden" rel="nofollow">Tyler Durden</a> Thu, 12/04/2025 - 09:55
Sam Altman Quietly Tried To Buy A Rocket Startup To Compete With Musk's SpaceX Sam Altman Quietly Tried To Buy A Rocket Startup To Compete With Musk's SpaceX The relationship between the OpenAI cofounders, Sam Altman and Elon Musk, has devolved into X sparring and legal battles. As the conversation surrounding data center shifts to space, a new report specifies that Altman attempted to acquire a rocket company to compete with Musk's SpaceX. https://www.wsj.com/tech/ai/sam-altman-has-explored-deal-to-build-competitor-to-elon-musks-spacex-01574ff7?gaa_at=eafs&gaa_n=AWEtsqcLXcblspZuLpBaB-Km0b8KD_WqBSj-1bhBVUKZuff5kYjs5wstuuoDGhb16Og%3D&gaa_ts=693188ce&gaa_sig=ga6_jF1gNp9PRIp3ybQz0eP7IpPYXVp4dXf5V_-dligJ4D8afrjv6VPJKXsozoRf_TZ6HaFKjQ1AmYRvGgnQGg%3D%3D reports that Altman explored acquiring or partnering with rocket startup Stoke Space. This move would've put him in direct competition with SpaceX, only suggesting the rivalry between the two billionaires has no limits. image Those familiar with the Altman-Stoke Space talks said those discussions to invest billions and take a controlling stake were over the summer and have since ended. WSJ's report comes days after OpenAI declared " ," telling employees that ChatGPT needs significant improvement in user experience, including personalization, speed, reliability, and the ability to answer a broader range of questions. In the companywide memo, Altman also said that OpenAI would be pushing back work on other initiatives, including advertising, AI agents for health and shopping, and a personal assistant called Pulse. A separate report from Financial Times that OpenAI rivals from Google and Anthropic are quickly catching up in terms of features and popularity... image Altman's space ambitions come as Musk recently laid out his vision of humanoid robots, as well as AI data centers in low Earth orbit. The lowest cost place for data centers is space when 300 GW of computer data center you can power and cool in space when you have continuous solar and no batteries needed. — Marc Benioff (@Benioff) Jeff Bezos has also recognized the need for data centers in space. Also, Bezos has the rocket company Blue Origin Jeff Bezos plans to build a data center in space within the next 10+ years. Unlimited solar energy available 24/7, space is an ideal location for data centers.https://twitter.com/search?q=%24AMZN&src=ctag&ref_src=twsrc%5Etfw — Bourbon Capital (@BourbonCap) Given the "code red" memo Altman sent to staff earlier this week, perhaps the ChatGPT billionaire should focus on achieving AGI and keeping the AI bubble alive ( ) into next year, rather than overextending, and let Musk and Bezos figure out data centers in space with their rocket companies doing the heavy lifting. Thu, 12/04/2025 - 09:25