Artificial Intelligence
Intuit plans to cut 17 percent of its workforce to reduce complexity and focus on AI integration through partnerships with Anthropic and OpenAI. Meanwhile, today marks Meta’s elimination of 8,000 roles globally while reassigning thousands more to AI teams. Observers have described the proposed framework as a relatively non-mandatory approach that seeks to balance security reviews with industry competitiveness.
In other news, President Trump is preparing an executive order that would establish a voluntary framework for AI companies to share frontier models with the government at least 90 days before public release.
Economy
Trump has ordered a Federal Reserve review of rules limiting cryptocurrency and fintech access to U.S. payment systems, including master accounts. Regulators must complete an initial assessment within three months and act within six months. The review covers eligibility for non-bank firms and the authority of regional Federal Reserve banks. Some commentary has flagged potential liquidity risks or volatility associated with expanded access for non-bank firms.
In other news, Lowe’s chief executive Marvin Ellison described the current housing market as the most difficult since the financial crisis, citing weak demand for big-ticket DIY projects amid high mortgage rates and low housing turnover. The company maintained its full-year forecasts despite the softness.
Energy
Central Russian oil refineries have halted or scaled back production following Ukrainian drone strikes. Facilities, including the Kirishi plant in Leningrad Oblast and sites in Nizhny Novgorod, Ryazan, Yaroslavl, and Moscow, have stopped or reduced output, reportedly affecting 30 percent of Russia’s gasoline production and 25 percent of its diesel output. The Kstovo refinery was struck on May 20.
Meanwhile, record withdrawals from the U.S. Strategic Petroleum Reserve reduced inventories by 9.9 million barrels in the week ended May 15, bringing total volumes to 374 million barrels. Analysts at Standard Chartered have stated that physical oil prices could rise once releases end.
Lastly, commercial electricity consumption is forecast to exceed residential use for the first time in 2027, with commercial sales expected to grow 5.3 percent that year while residential demand stays nearly flat. Residential electricity prices are projected to rise 2 percent next year after a nearly 5 percent increase this year.
Geopolitics
The United States is projected to remain dependent on China for heavy rare earth elements such as dysprosium and terbium until at least the mid-2030s. Outside China, supply is expected to meet less than one-fifth of demand by 2035, according to McKinsey, CRU Group, and Benchmark Mineral Intelligence. Current efforts include a Pentagon supply agreement with Australia’s Lynas Rare Earths and new projects in Brazil and elsewhere, yet refining capacity outside China remains limited. Industries using rare earths account for roughly 4 percent of U.S. GDP. Reports have also noted incremental progress through international supply-chain partnerships and select U.S. policy measures aimed at diversification.
Health
The Supreme Court declined to hear an appeal challenging the Los Angeles Unified School District’s COVID-19 vaccine mandate for employees. The decision leaves in place a 2025 Ninth Circuit ruling that upheld the policy under Jacobson v. Massachusetts precedent. The mandate, later rescinded, resulted in more than 1,000 job losses. Plaintiffs argued the shots did not prevent transmission and therefore differed from traditional vaccines. The ruling is limited to public-employer policies within the Ninth Circuit and does not establish broader nationwide authority for such mandates.
European Politics
Germany is considering payments of up to 8,000 euros to encourage voluntary returns by Syrian refugees. The proposal would increase current average payments eightfold and comes as the Alternative for Germany party reaches record levels of support. More than 951,000 Syrians live in the country, with over 500,000 holding temporary protection status. Hesse’s interior minister, Roman Poseck, stated that even higher sums would save money compared with long-term accommodation costs. Berlin now rejects 95 percent of new Syrian asylum applications.
US Politics
Texas Democratic congressional candidate Maureen Galindo has proposed converting the Karnes ICE Detention Center into a facility for “American Zionists” and former officers. She has also accused her runoff opponent of involvement in a human trafficking conspiracy linked to “billionaire Zionist Jews.” The San Antonio Jewish Federation condemned the statements. Former primary opponent John Lira withdrew his endorsement, and state representative James Talarico said he would not share a stage with her. Some online commentary has noted that a PAC supporting the candidate has ties to Republican interests.
Sources
Central Russian Oil Refineries Halt Output After Ukrainian Drone Strikes
All of central Russia’s major oil refineries have completely halted or rolled back production following recent Ukrainian drone strikes, Reuters reported May 20.
Source | Submitted by Walberga
StanChart: Record U.S. SPR Withdrawals Tighten Oil Buffers Amid Iran Tensions
the pace of withdrawals from the U.S. Strategic Petroleum Reserve has accelerated sharply, with the latest data revealing the largest weekly decline on record.
Source | Submitted by PhilH
Germany Weighs $9,300 Payouts to Spur Syrian Refugee Returns Amid AfD Rise
The German Interior Ministry is considering offering Syrian refugees up to €8,000 ($9,300) to return home voluntarily, Focus magazine reports, citing government sources.
Source | Submitted by PhilH
Trump Orders Fed Review of Crypto Access to US Payment Rails
President Donald Trump has signed an executive order directing U.S. financial regulators and the Federal Reserve to review long-standing restrictions that limit cryptocurrency and fintech firms’ access to core U.S. payment systems, including Federal Reserve settlement infrastructure.
Source | Submitted by Redneck Engineer
US Needs Another Decade to Escape China’s Heavy Rare Earth Grip
Meaningful diversification will take longer than many anticipate,
Source (Paywalled)
Texas Democrat’s ‘Zionist’ Internment Camp Plan Exposes Party Fault Lines
Galindo is not an anomaly; she is a symptom.
Lowe’s CEO: Housing Market ‘Most Difficult’ Since Financial Crisis as DIY Demand Crumbles
I think overall this has been the most difficult housing market that I’ve faced in this business since the financial crisis.
Trump’s AI Order Seeks Early Access to Frontier Models
The Trump administration is reportedly on the cusp of issuing a much-discussed executive order that would encourage AI companies to provide information on their advanced models to the government before public release.
Commercial Electricity Use to Surpass Residential in 2027 as Prices Keep Rising: EIA
Commercial electricity consumption is likely to surpass residential use for the first time on record in 2027
Intuit to Cut 17% of Staff to Streamline AI Push
Reducing complexity and simplifying the structure would help it deliver better products, to streamline operations and sharpen focus on its key bets including its AI efforts.
Meta Cuts 8,000 Jobs to Fund AI Push and Efficiency Drive
Meta Platforms Inc. is laying off thousands of employees as part of a restructuring aimed at reducing costs while investing in artificial intelligence.
Source (Paywalled)
Supreme Court Declines LAUSD Vaccine Mandate Appeal
The U.S. Supreme Court on Monday declined to hear an appeal challenging the constitutionality of the Los Angeles Unified School District’s (LAUSD) COVID-19 vaccine mandate.
