
Welcome to America's Fourth Great Constitutional Rupture
But American constitutional history is far more fraught, its evolution a kind of punctuated equilibrium marked by mass extinction of prior forms and precedents. Each of these moments has reshaped the way our Constitution works in fundamental ways, providing a new framework for normal politics for a new era.
The scope of President Trump's challenge to the existing constitutional order — largely through a blitzkrieg of executive orders, many of them in blatant disregard of established precedent and legislation — suggests we may be in the process of another such discontinuous and disruptive moment.
The question is whether it will transform our constitutional order fruitfully yet again, or accelerate a final degeneration into Caesarism.
The answer cannot be determined simply by looking at the scope of Mr. Trump's actions or the ways in which they violate the law as currently understood. As the legal scholar Bruce Ackerman delineated in his classic trilogy on popular constitutionalism, 'We the People,' previous moments of radical transformation often violated the rules that governed normal politics.
The first such moment was the founding itself. Delegates to the Constitutional Convention were sent to revise the Articles of Confederation; instead, they proposed an entirely new form of government chartered by 'we the people of the United States,' sitting both above and alongside states that had previously been the only sovereign entities.
Persistent tension between federal and state sovereignty ultimately resulted in the Civil War. Union victory led to a second constitutional moment with the Reconstruction amendments, which could be passed only because the former rebel states were under military occupation. The 13th through 15th Amendments were intended to end slavery and establish equal citizenship for those freed and their descendants, but the 14th Amendment's Due Process Clause was interpreted to protect a robust right to form contracts, which limited the government's ability to regulate business or enact labor protections. It helped to empower the emerging titans of industry and finance as they transformed the national economy into an industrial powerhouse.
When America's economy collapsed in the Great Depression, a third constitutional moment was initiated by the New Deal. The administration of Franklin Delano Roosevelt and a Democratic Congress passed legislation dramatically expanding the federal government's intervention in the economy and establishing much of the administrative state. This violated the established understanding of various constitutional provisions, including the Interstate Commerce Clause, but after initially resisting, the Supreme Court reversed decades of precedent to allow this fundamental transformation to take place.
None of the intervening eras between these moments were tranquil. The antebellum period was marked by profound fights over slavery, tariffs, territorial expansion and the role of a central bank. The latter half of the 19th and early 20th centuries were wracked by conflict between labor and capital and between indebted farmers and lending banks. And the post-New Deal order has been marked by backlash over the court's role in desegregation, abortion rights and other areas, along with continued battles over the scope of the New Deal transformation itself.
But these conflicts, even when expressed through battles over the Constitution, did not result in new constitutional moments. They did not represent fundamental ruptures in the nature and balance of the Constitution that could be enacted only by violating pre-existing norms and processes.
Mr. Trump's challenge is strikingly different. He aims to unbind the executive from constraints imposed by the other branches and the normal process of administrative lawmaking. To stand, these changes will require the other players in our constitutional order to accept that the president by himself can make changes of such magnitude. That would be a fourth constitutional revolution.
President Trump has already taken numerous steps to seize direct control of the federal bureaucracy in ways that violate norms of independence. He has fired career prosecutors and appointed a head of the F.B.I. determined to bring the bureau under direct presidential authority. Elon Musk's initiative, called the Department of Government Efficiency, has installed itself in the Office of Personnel Management with a view to purging the bureaucracy of anyone who opposes the president's plans for transformation. Finally, in direct violation of the law, Mr. Trump has fired inspectors general without notice across a wide array of federal agencies.
These actions may arguably be defended under the doctrine of the unitary executive, which the current Supreme Court sometimes views favorably. An aggressive formulation of this doctrine would hold that any division within the executive branch, and any intrusion of the legislature into its inner operation, is a violation of the Constitution's separation of powers. The court has never taken quite that strong a stance, but the Trump administration's actions may require it either to do so or to draw a line short of that point, and hold to it in the face of possible defiance.
A more fundamental challenge to the constitutional order comes from Mr. Trump's assertion of a broad right to impound, or refuse to spend, funds appropriated by Congress. The president's ability to do this is limited by a 1974 law, the Impoundment Control Act, but some conservative legal scholars associated with the administration have long viewed this law as unconstitutional.
The court may agree that the 1974 law is unconstitutional, again citing the doctrine of the unitary executive. But before 1974, the actual use of the impoundment power was limited. If the court blesses the sweeping right to impound asserted by the administration, it would effectively grant the presidency a veto over all spending, rendering much of Congress's budgetary process advisory. Combine this with the president's acknowledged wide latitude to impose and remove tariffs, giving the executive partial control of the revenue side of the budget as well, and the scope of Congress's power of the purse will have been narrowed dramatically.
Most sweeping of all, President Trump's executive order on birthright citizenship effectively asserts the right to reinterpret the Constitution itself. Birthright citizenship has been the rule in America since long before the passage of the Constitution, derived as it was from precedent in English common law. But it was enshrined in the constitutional text via the 14th Amendment's citizenship clause and has been affirmed repeatedly in subsequent case law.
Defenders of the executive order limiting this right point out that, at the time of the ratification of the 14th Amendment, the concept of unauthorized immigration had not yet been enacted in law. They say that the ratifiers could not have imagined that millions of people would enter the country illegally, or that any would come temporarily just to claim citizenship for their children, so the amendment's language should be reinterpreted in light of new conditions. They point out further that other countries with the same common law inheritance as the United States, like Britain, Australia and India, have over the past 40 years enacted limits on birthright citizenship.
What is extraordinary about the president's order, though, is not merely that it flagrantly violates established precedent, but that it contradicts Congress's own authorizing legislation related to immigration, which relies on the established interpretation of the Constitution. If the court allows Mr. Trump's order to stand, it will not only be revising its understanding of the text to accommodate the elected branches, it will also be privileging the executive over Congress as the voice of the people in interpreting our most fundamental law.
The central justification for all of these moves is the view that the American constitutional order has become sclerotic. The bureaucracy, it is claimed, operates with a mind of its own, unresponsive to either the people's will or the nation's interests. Congress is too divided and hesitant to make fundamental changes; it prefers to delegate interpreting the Constitution to the courts and regulatory rule-making to the executive whenever possible. In this view, if anyone — especially the court — stands in the way of an energetic executive, it will only be standing for stasis and failure, and should be ignored.
That view can be rebutted in any number of ways. Congress, the executive and the federal bureaucracy worked together very effectively under the first Trump administration, for example, to respond to the economic consequences of Covid (though the fraud that resulted is now being cited as another justification for attacks on the bureaucracy that was faithfully executing the orders it was given). But even if the grim diagnosis is correct, the deeper question is what will remain of our constitutional order after such radical surgery.
The American presidency has often been called imperial. The executive was liberated long ago from most constitutional restraints on its war-making power, and the court in Trump v. United States has already largely exempted it from criminal prosecution. Recent presidents have pushed the envelope of executive power, including that of President Barack Obama in providing protection for unauthorized immigrants who arrived as children and President Joe Biden in ordering the forgiveness of some student loans.
Mr. Trump would take these exceptions and make them the new norm. He would give an already quasi-imperial executive unfettered control of a bureaucracy with far-reaching regulatory powers, unbind its prosecutorial function from the norm of political independence, allow it to defy the legislature on spending and demand deference to it in its interpretations of the Constitution. It does not strike me as unreasonable to call the resultant order Caesarian in character.
Where would that leave America's Constitution? In a subsequent book, 'Revolutionary Constitutions,' Mr. Ackerman notes that revolutionary movements that have produced enduring democratic constitutions have often depended on charismatic populist leaders willing and able to push through radical change. What distinguished them from leaders whose rule degenerated into dictatorship was precisely their determination to leave enduring institutions behind, ones that made power responsive to the people, rather than merely consolidating it in their own hands.
Many supporters of one or another aspect of the Trump agenda see themselves as saving or restoring a Constitution that has long been violated, and those who disagree about the substance should not dismiss those motives out of hand. But a constitutional Caesarism is a contradiction in terms. If their aim is constitutional renewal, it behooves them to delineate the contours of the developing new order, to describe what they would build before they tear down.
Most important, if we are facing another constitutional moment, we — the people's defenders in the court, their representatives in Congress and the people themselves — need to attend as carefully to what is being established as we do to what may pass away. Constitutional forms may change, but government of the people, by the people and for the people must not perish from the earth.
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Gold at session lows as Trump says precious metal will be not be tariffed Gold (GC=F) futures traded near session lows on Monday afternoon after President Trump said imports of the precious metal will not be tariffed. "Gold will not be Tariffed!" said a statement posted on social media. The precious metal declined more than 2% to trade near $3,404 per ounce. Last Friday gold futures touched intraday record highs amid reports that imports of Swiss gold bars would not be exempt from tariffs. Later in the session the metal trimmed gains after the White House indicated it would clarify "misinformation about the tariffing of gold bars and other specialty products." Gold (GC=F) futures traded near session lows on Monday afternoon after President Trump said imports of the precious metal will not be tariffed. "Gold will not be Tariffed!" said a statement posted on social media. The precious metal declined more than 2% to trade near $3,404 per ounce. Last Friday gold futures touched intraday record highs amid reports that imports of Swiss gold bars would not be exempt from tariffs. Later in the session the metal trimmed gains after the White House indicated it would clarify "misinformation about the tariffing of gold bars and other specialty products." stock falls 23% after lowering revenue guidance Inc. (AI) stock tumbled as much as 30% on Monday morning after the software company reported a steep sales miss and as its founder's health issues are spurring a search for a successor. Shares were down 23% in afternoon trading. The company released preliminary results late Friday showing revenue well below analysts' estimates as it undergoes a reorganization of its sales operation. Guidance for the fiscal first quarter also came in lighter than expected. Bloomberg reported that CEO Tom Siebel attributed what he called "completely unacceptable" results to recent health issues that prevented him from actively helping to sell the company's software. Several weeks ago, he said the company would begin to search for a successor. As Yahoo Finance's Brian Sozzi noted today, problems appear to be company-specific — not an indicator of the overall AI trade. "But I think now is probably the time to pivot away from some of the pure plays and go to more of bank shots on AI, and names like that would be in the industrials that, you know, aren't even tech stocks, but are benefiting from all of the infrastructure spending," John Campbell of Allsprings Global Investments said on Opening Bid. Read more here. Inc. (AI) stock tumbled as much as 30% on Monday morning after the software company reported a steep sales miss and as its founder's health issues are spurring a search for a successor. Shares were down 23% in afternoon trading. The company released preliminary results late Friday showing revenue well below analysts' estimates as it undergoes a reorganization of its sales operation. Guidance for the fiscal first quarter also came in lighter than expected. Bloomberg reported that CEO Tom Siebel attributed what he called "completely unacceptable" results to recent health issues that prevented him from actively helping to sell the company's software. Several weeks ago, he said the company would begin to search for a successor. As Yahoo Finance's Brian Sozzi noted today, problems appear to be company-specific — not an indicator of the overall AI trade. "But I think now is probably the time to pivot away from some of the pure plays and go to more of bank shots on AI, and names like that would be in the industrials that, you know, aren't even tech stocks, but are benefiting from all of the infrastructure spending," John Campbell of Allsprings Global Investments said on Opening Bid. Read more here. Bitcoin surges above $120,000, ethereum rises as investors pile into crypto Bitcoin (BTC-USD) surged on Monday to trade near record highs as investor enthusiasm and momentum around crypto grew. The digital token reached $122,000 on Monday before easing to around $120,000. The gains come as inflows into exchange-traded funds (ETFs) have grown and public companies have been adding bitcoin to their balance sheets. Bitcoin wasn't the only cryptocurrency getting a bid; ethereum (ETH-USD) touched 2021 levels on Monday. The second-largest cryptocurrency by market cap has surged roughly 190% since the April market lows. Companies have been adding ethereum to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins. The move higher in crypto also comes as stocks hover near record highs on expectations that the Federal Reserve will cut rates in September and President Trump's next Fed chair pick will likely bring looser monetary policy. Bitcoin (BTC-USD) surged on Monday to trade near record highs as investor enthusiasm and momentum around crypto grew. The digital token reached $122,000 on Monday before easing to around $120,000. The gains come as inflows into exchange-traded funds (ETFs) have grown and public companies have been adding bitcoin to their balance sheets. Bitcoin wasn't the only cryptocurrency getting a bid; ethereum (ETH-USD) touched 2021 levels on Monday. The second-largest cryptocurrency by market cap has surged roughly 190% since the April market lows. Companies have been adding ethereum to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins. The move higher in crypto also comes as stocks hover near record highs on expectations that the Federal Reserve will cut rates in September and President Trump's next Fed chair pick will likely bring looser monetary policy. Intel stock jumps with CEO Lip-Bu Tan reportedly set to meet with President Trump Intel (INTC) stock jumped more than 4% ahead of CEO Lip-Bu Tan's reported visit to the White House after President Trump called for his resignation. Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan is set to meet with Trump Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate. Intel did not immediately respond to Yahoo Finance's questions regarding the reported meeting. Read the full story here. Intel (INTC) stock jumped more than 4% ahead of CEO Lip-Bu Tan's reported visit to the White House after President Trump called for his resignation. Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan is set to meet with Trump Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate. Intel did not immediately respond to Yahoo Finance's questions regarding the reported meeting. Read the full story here. Tesla stock rises as EV maker applies for electricity supply license in UK Tesla (TSLA) stock surged 3% on Monday after the EV maker applied for a license to provide electricity to UK households and businesses. Apart from making electric vehicles and robotaxis, Tesla also provides Megapack batteries. The company's energy business grew 30% year over year last quarter, accounting for its largest margins. If the electricity supply license application submitted to the UK energy regulator Ofgem is approved, Tesla would be allowed to compete with other energy firms in the region. Tesla (TSLA) stock surged 3% on Monday after the EV maker applied for a license to provide electricity to UK households and businesses. Apart from making electric vehicles and robotaxis, Tesla also provides Megapack batteries. The company's energy business grew 30% year over year last quarter, accounting for its largest margins. If the electricity supply license application submitted to the UK energy regulator Ofgem is approved, Tesla would be allowed to compete with other energy firms in the region. Micron jumps after memory chipmaker raises Q4 financial guidance Memory chipmaker Micron (MU) — which supplies its semiconductors to Nvidia (NVDA) to use in its products — saw its stock jump more than 4% Monday after raising its financial outlook for its fourth quarter, which ends Aug. 28. The company said it expects to see adjusted revenue of $11.1 billion to $11.3 billion, up from its prior projected range of $10.4 billion to $11 billion. Micron expects to report quarterly adjusted earnings per share of $2.78 to $2.92, more than its previous range of $2.35 to $2.65. "This revised guidance reflects improved pricing, particularly in DRAM, and strong execution," the company said in a statement. Micron's DRAM chips are one type of memory chip used in devices like personal computers and smartphones. Memory chipmaker Micron (MU) — which supplies its semiconductors to Nvidia (NVDA) to use in its products — saw its stock jump more than 4% Monday after raising its financial outlook for its fourth quarter, which ends Aug. 28. The company said it expects to see adjusted revenue of $11.1 billion to $11.3 billion, up from its prior projected range of $10.4 billion to $11 billion. Micron expects to report quarterly adjusted earnings per share of $2.78 to $2.92, more than its previous range of $2.35 to $2.65. "This revised guidance reflects improved pricing, particularly in DRAM, and strong execution," the company said in a statement. Micron's DRAM chips are one type of memory chip used in devices like personal computers and smartphones. Stocks steady at the open US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. US stocks were steady at the open on Monday after the Nasdaq Composite (^IXIC) notched two consecutive records last week. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC) hovered above the flat line. Chip stocks were in focus Monday after Nvidia (NVDA) and AMD (AMD) reportedly inked deals with the US government to sell their chips to China in exchange for sharing 15% of their revenues from the country. Nvidia shares fell less than 1% on Monday, while AMD shares lost over 1.5%. Looking ahead this week, investors are awaiting a key inflation reading and the upcoming summit between President Trump and Russian President Putin. Paramount seals $7.7 billion exclusive US rights deal with UFC Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). Paramount has agreed to a seven-year, $7.7 billion deal to become the exclusive US broadcaster of the Ultimate Fighting Championship (UFC). The agreement is Paramount's largest since David Ellison took over as chair and CEO last week, following the completion of Skydance's takeover of the company. Under the contract, Paramount will stream all 13 of UFC's marquee events and 30 Fight Nights annually on its streaming platform from 2026, with selected events also broadcast on CBS, the Financial Times reported. The FT reports: Read more here (subscription required). AMC tops revenue estimates as blockbuster titles boost theater attendance AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. AMC (AMC) stock jumped 8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. Reuters reports: Read more here. Nvidia, AMD stocks decline after chipmakers agree to pay US 15% cut of China chip sales Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Shares of Nvidia (NVDA) and AMD (AMD) fell on Monday after the two companies agreed to pay the US government 15% of the revenue for certain chip sales to China. Nvidia stock was off by 0.4% premarket, while AMD stock dropped 1.4% as investors digested the unusual deal in which the chipmakers will essentially pay for export licenses. While the details are still being worked out, the chips in question reportedly include Nvidia's H20 AI chip and AMD's MI308 chips, which previously faced export controls from the Trump administration. Nvidia CEO Jensen Huang made the deal at the White House last Wednesday, the same day Apple (AAPL) agreed to increase its US investment to $600 billion, ostensibly to help the company avoid tariffs, as the Trump administration looks to monetize trade policy. An Nvidia spokesperson told Yahoo Finance: 'We follow rules the U.S. government sets for our participation in worldwide markets. While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." As for other chip stocks, Intel (INTC) and Qualcomm (QCOM) shares rose, while Taiwan Semiconductor (TSM) fell modestly. Read more here. Good morning. Here's what's happening today. Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines Earnings: (BBAI), (MNDY), Oklo (OKLO), Plug Power (PLUG) Economic calendar: No notable releases. Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia, AMD revenue deal brings 'monetization of US trade policy' Yahoo Finance poll: Americans face new, complex financial challenges Earnings live: stock tanks, AMC to report Debate over Fed rate cuts heats up: What to watch this week Fed's Bowman makes case for 3 interest rate cuts in 2025 Intel CEO to visit White House on Monday Citi strategists raise S&P 500 target on resilient earnings Bitcoin Nears Record as Treasury Investors Boost Crypto Market BofA poll shows record number of investors say stocks overvalued Lithium market soars as CATL shuts one of world's biggest mines stock tanks after the company reports earnings stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here stock plunged aorund 20% in premarket trading on Monday after the Israeli-based software company reported earnings. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. Read more live coverage of corporate earnings here US gold futures fall as traders await clarification on tariffs US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. US gold futures (GC=F) in New York fell 2% as traders waited for the White House to clarify its tariff policy. Last week, the US Customs and Border agency surprised the market by ruling that 100oz and 1kg gold bars would face tariffs. Bloomberg News reports: Read more here. Target still in the bear camp Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Good WSJ story this morning on Target (TGT) and its many challenges, one of them finding its next CEO. I wrote more on this a couple months ago. I would expect an abysmal quarter (another one) from Target when it reports second quarter earnings on August 20. The company is not only dealing with operational challenges, but it has totally lost the value perception battle with Walmart. I don't see these dynamics changing this year, and maybe not until deep into 2026 provided an outside CEO is brought in to run a full assessment of the business. Bitcoin near a fresh record Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. Bitcoin looks to be breaking out of its recent trading range, nearing a fresh record this morning. There doesn't appear to be a clear catalyst for the pop today, though this Sunday X post from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer of bitcoin — perhaps no surprise, but the crypto market likes to be coddled. "If you don't stop buying Bitcoin, you won't stop making Money," Saylor wrote. crashing Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. Shares of (AI) are getting crushed pre-market to the tune of 30%. And the rout is 100% deserved. Late Friday the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the mid-point of its prior guidance for $100 million to $109 million. Sales would be down 19% from the prior year. The adjusted operating loss will be $57.7 million to $59.9 million, roughly twice the $23.5 million to $33.5 million loss that it had expected. I don't think there is anything to read into the AI trade here — this seems very company-specific, and tied to a sales reorg. Sign in to access your portfolio
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Trump places D.C. police under federal control and deploys National Guard in nation's capital: What to know
The president cited "rising violence" and a "crime emergency" for the takeover, but according to police data, crime rates in Washington, D.C., are down this year. President Trump announced Monday that he is placing police in Washington, D.C., under federal control and deploying National Guard troops as part of what the president described as a crackdown on violent crime and blight in the nation's capital. 'This is liberation day in D.C. We're gonna take our capital back,' Trump told reporters at a press conference at the White House, flanked by members of his administration. 'Our capital city has been overtaken by violent gangs and bloodthirsty criminals, roving mobs of wild youth, drugged-out maniacs and homeless people. And we're not going to let it happen anymore.' The president said he was taking over the Washington, D.C., Metropolitan Police and deploying about 800 National Guard troops to 'reestablish law, order and public safety' in the city. Does Trump have the power to do that? Broadly speaking, yes. Trump signed an executive order Monday invoking his powers under Section 40 of the district's Home Rule Act, which gives him the ability to temporarily take federal control of the Metropolitan Police Department. The president said he is enlisting Attorney General Pam Bondi to oversee the takeover of the MPD. 'Crime in D.C. is ending, and it's ending today,' Bondi declared. The president did not say how long the takeover would last. A White House official later said that the federal takeover of the Metropolitan Police Department is intended to last for 30 days. Related: Trump invokes the Home Rule Act. What it says he can and can't do. Trump also issued an executive memorandum authorizing the deployment of the National Guard to address what he described as 'emergency' conditions in the capital. Unlike in U.S. states, where the governor holds the authority to deploy the National Guard, the president has the power to do so in Washington without the consent of the local government. And Trump confirmed reports that the FBI is deploying agents to assist local police across the city. 'We will bring in the military if needed,' Trump added. What is the crime rate in D.C.? According to preliminary data from the Metropolitan Police Department, crime rates in Washington, D.C., are down. Violent crime is down 26% this year compared to the same period in 2024. Property crime is down 4%. And overall crime is down 7% since last year. In an interview with MSNBC on Sunday, Washington, D.C., Mayor Muriel Bowser pointed to those figures, noting that the violent crime rate is currently at a 30-year low. "We are not experiencing spikes in crime," Bowser said. 'In fact, we're watching our crime numbers go down.' The mayor also responded to a recent comment from White House deputy chief of staff Stephen Miller, who said that Washington is 'more violent than Baghdad.' "Any comparison to a war-torn country is hyperbolic and false," she said. At her own press conference on Monday afternoon, Bowser called Trump's moves "unsettling and unprecedented," but not surprising. "While this action today is unsettling and unprecedented, I can't say that given some of the rhetoric of the past that we're totally surprised," Bowser said. How we got here The announcement comes after the president threatened to take federal control of the capital following the Aug. 3 beating of a member of the Department of Government Efficiency by a group of teenagers during an attempted carjacking. According to police, the victim, identified as Edward Coristine, a 19-year-old software engineer, was treated for injuries at the scene. Officers arrested two 15-year-old suspects from Maryland who were charged with attempted carjacking. At Monday's press conference, Trump said the staffer suffered a broken nose and thought he was going to die. 'He was left dripping in blood,' the president said. 'He thought he was dead.' Taking the lectern at Trump's request, U.S. Attorney for Washington, D.C., Jeanine Pirro lamented 'weak' laws preventing the federal government from prosecuting minors. 'I see too much violent crime being committed by young punks,' Pirro said. Trump's crackdown on D.C.'s homeless encampments In a Truth Social post on Sunday, Trump said the city's homeless should leave D.C. "The Homeless have to move out, IMMEDIATELY,' Trump wrote in the post, which included photos of homeless encampments taken from his motorcade along the route between the White House and his golf club in Sterling, Va. 'We will give you places to stay, but FAR from the Capital." Trump told reporters Monday that authorities were already in the process of removing the encampments. 'We're getting rid of the slums too,' Trump added. "If our capital is dirty, our whole country is dirty." Outside the White House, a group of demonstrators held a rally against Trump's plans to take federal control of the police department. During the press conference, Trump issued an indirect warning to protesters that he said "love to spit in the face of the police." "They're standing and they're screaming at them an inch away from their face, and then they start spitting in their face," the president said. "And I said you tell them, 'You spit and we hit.' And they can hit real hard."