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Thursday, May 21, 2026

Good Thursday — Meta cut 8,000 jobs and will spend $145 billion on AI instead, the Pope has written an encyclical about artificial intelligence and is co-presenting it with an Anthropic co-founder, and The Mandalorian and Grogu opens tonight for anyone who needs a break from all of the above. Here's what happened.

AI & Tech

Meta Has Cut 8,000 Employees and Will Now Use the Savings to Build More AI

Meta announced this week the commencement of the first round of a planned ten per cent workforce reduction — some 8,000 employees receiving the sort of notification one does not read twice before understanding — while simultaneously confirming it will spend between $125 and $145 billion on artificial intelligence infrastructure in 2026, a figure that is approximately double what it spent last year and roughly eighteen times what it will save from the layoffs. The efficiencies created by removing humans will, it transpires, be directed toward building the systems intended to replace more of them; one admires the circularity. Additional rounds of cuts are expected in August and the autumn, which the company has presumably described to the remaining staff as an exciting opportunity to witness the process from an improved vantage point.

TL;DR

Meta cut roughly 8,000 jobs (10% of global workforce); also cancelled 6,000 open requisitions
First of three planned rounds; more coming in August and fall
2026 AI capex: $125–145B — nearly double 2025's $72.2B spend
Annual savings from layoffs: ~$7–8B — directed toward AI infrastructure
Company reorganizing into AI-focused "pods"

Source: The Next Web

The Pope Has Written an Encyclical About AI. An Anthropic Co-Founder Will Be There When He Releases It.

Pope Leo XIV will publish his first encyclical, Magnifica Humanitas, on May 25 — a document on the ethical challenges of artificial intelligence that the Vatican signed on the 135th anniversary of Rerum Novarum, the foundational Catholic social encyclical of 1891, a piece of timing that suggests the pontiff has read the room as well as the calendar. The launch event at the Vatican's Synod Hall will be attended by Christopher Olah, co-founder of Anthropic, representing what is almost certainly the only press conference in history at which a reigning pope and a neural network interpretability researcher have appeared on the same stage. Whether this constitutes the beginning of a productive dialogue between Silicon Valley and the Holy See, or merely a very unusual morning, remains to be established — though the symbolism, at minimum, is immaculate.

TL;DR

Pope Leo XIV's encyclical "Magnifica Humanitas" releases May 25; focuses on AI and human dignity
Signed May 15, the 135th anniversary of Rerum Novarum — the symbolism is deliberate
Anthropic co-founder Christopher Olah will co-present at the Vatican launch event
Church's most explicit statement placing human dignity at the center of the AI race
Document addresses labor rights, ethics, and the pace of technological change

Source: Bloomberg

US Politics

The Pentagon Is Projected to Run Out of Iran War Money This Summer

House Appropriations Committee Chair Tom Cole delivered what one might charitably call an inconvenient budgetary observation this week: the Defense Department, having spent approximately $29 billion on the Iran war since February, is on course to exhaust its available funds by summer without a Congressional supplemental. The Chief of Naval Operations has been rather more specific, advising that training cuts and operational reductions will begin as early as July — the sort of announcement that has a way of concentrating legislative minds, particularly among those who voted against the war without being consulted about it. The situation is usefully complicated by the President's assertion that the hostilities have "terminated," a claim that sits in some tension with the ongoing naval blockade of Iran, and which Congress has so far regarded with the studied diplomatic silence of people who are not entirely sure they want to ask.

TL;DR

Iran war has cost ~$29B since February; rising fast
Pentagon projected to run out of funding this summer without Congressional supplemental
Chief of Naval Operations: training and operational cuts begin as early as July without new funds
Trump claimed hostilities "terminated" — but naval blockade of Iran continues
A May 1 war authorization deadline passed without Congressional action

Source: The Hill

A Former Federal Prosecutor Has Been Charged with Leaking the Jack Smith Report on Trump

Federal charges have been brought against a former prosecutor over allegations that she forwarded a copy of Jack Smith's investigation report on President Trump's handling of classified documents to her personal email account — a development that the administration will presumably find gratifying, the legal community will find cautionary, and historians will eventually file under the general heading of "2026, continued." The report concerns events at Mar-a-Lago that the President has described in various ways at various times, and its unauthorized transmission to a personal inbox is, on any reading of federal records law, something of an oversight. The charges carry the additional irony, which seasoned observers will have no difficulty locating, that this individual is being prosecuted for the mishandling of documents about a person who was himself, until recently, facing prosecution for the mishandling of documents.

TL;DR

Former federal prosecutor faces charges for leaking the Jack Smith classified documents report
Alleged conduct: forwarding the Trump/Mar-a-Lago investigation report to a personal email
Charges under federal records and unauthorized disclosure statutes
Report covers Trump's handling of classified materials at Mar-a-Lago
Case is separate from the current status of any proceedings against Trump himself

Source: NPR

Geopolitics

Vance Says the U.S. Is "Locked and Loaded" on Iran. The Talks Are Progressing Nonetheless.

Vice President JD Vance delivered what diplomatic historians might classify as a carefully calibrated message on Tuesday: the United States has made "a lot of progress" in its nuclear talks with Iran, he said, while confirming that the military option remains "locked and loaded" should those talks fail — a formulation that is, in essence, a velvet glove draped over an armored fist, with both items described at considerable length. The administration had canceled a planned airstrike the previous week after Gulf states — Qatar, Saudi Arabia, and the UAE — requested a pause, citing signs that a deal was imminent; the restraint is apparently being interpreted by all parties as an encouraging signal rather than a concession. Iran has acknowledged that nuclear weapons represent an American red line; Washington appears to believe this sincerely, while remaining in the preparatory posture of someone who has heard that sort of thing before.

TL;DR

Vance: U.S. "locked and loaded" to resume military campaign if Iran nuclear talks collapse
Talks described as making "a lot of progress"; neither side wants to restart the war
Trump canceled planned airstrikes last week at the request of Qatar, Saudi Arabia, and UAE
Iran has acknowledged nuclear weapons are a U.S. red line; negotiations ongoing via Oman
Ceasefire in place since early April; Trump's patience described as wearing thin

Source: Al Jazeera

Putin Arrived in Beijing 48 Hours After Trump Left. Xi Had Apparently Kept His Schedule Clear.

Russian President Vladimir Putin arrived in Beijing on May 19, concluding a two-day state visit that commenced approximately forty-eight hours after Donald Trump's own summit with President Xi — a piece of scheduling that was either a diplomatic coincidence of the most extraordinary variety, or a deliberate signal delivered to Washington with all the subtlety of a freight train arriving on time. Xi and Putin signed more than forty cooperation agreements covering trade, technology, and energy, and jointly issued a warning against a return to the "law of the jungle" in international affairs — a phrase that, given the intended audience, functions less as an abstract philosophical position and more as a forwarding address. Putin called energy the "driving force" of the relationship; Xi described China-Russia ties as at "the highest level in history," a superlative he appears to be updating annually.

TL;DR

Putin visited Beijing May 19–20, just 48 hours after Trump's departure from the same city
Xi and Putin signed 40+ cooperation agreements: trade, technology, energy, media
Both leaders warned against a return to the "law of the jungle" — directed at Washington
Xi declared China-Russia ties at "the highest level in history"
Energy cooperation described as the central driver; Russia-China economic integration deepens

Source: CNN

Economy

Walmart Beat on Earnings This Morning. Revenue Was a Slight Miss. The Consumer Is Doing Its Best.

Walmart reported first-quarter results Thursday morning with the politely mixed quality of a student who aced the essay but fumbled the multiple choice: adjusted EPS of $0.61 beat the consensus estimate of $0.58 by a margin Wall Street found agreeable, while revenue of $163.98 billion arrived some $450 million below expectations — a miss of roughly 0.3% that the market received without audible distress. The more illuminating figures were structural: global ecommerce up 22%, the advertising business up 50% (aided by the VIZIO acquisition), and membership income up 14.8% — a portrait of a retailer that is becoming significantly more like a technology platform while its customers trade kitchen renovations for store-brand soup. The results suggest that in an economy where petrol costs $4.50 a gallon and inflation sits at 3.8%, Americans are coming to Walmart; they are simply spending somewhat less than anticipated once they arrive, which is at this point a condition affecting most of the economy.

TL;DR

Walmart Q1 FY2027: EPS $0.61 (beat $0.58 estimate); revenue $163.98B (slight miss vs $164.43B)
Global ecommerce up 22%; advertising business up 50% (VIZIO contribution); membership income +14.8%
Earnings call held this morning at 7 a.m. CDT with CEO John Furner and CFO John David Rainey
Trade-down consumer dynamic playing out: Walmart gaining as shoppers seek lower prices
Revenue growth year-over-year: 1.5% — positive but modest

Source: 24/7 Wall St.

Markets Rallied Sharply on Thursday. Oil Remains Stubbornly Above $100 a Barrel.

U.S. equities delivered a notably enthusiastic session Thursday — the S&P 500 up 1.08%, the Dow up 1.31%, the Nasdaq up 1.54%, and the Russell 2000 up a spritely 2.56% — in a display of collective optimism that sat in cheerful proximity to the underlying conditions that have been driving those same markets' anxiety on other days. Brent crude remains above $100 per barrel and is expected, per S&P Global, to stay there through the remainder of 2026, a projection that contains within it the seeds of sustained inflation, continued monetary pressure, and a new Fed Chair, Kevin Warsh, who has spent his first week inheriting what one would describe, with some delicacy, as a very full inbox. Flash PMI data released today offers the first real-time read on whether the economy's manufacturing and services sectors are managing the energy costs with equanimity or merely putting on a brave face, the latter of which describes, at this point, a reasonably large constituency.

TL;DR

S&P 500 +1.08%, Dow +1.31%, Nasdaq +1.54%, Russell 2000 +2.56% on Thursday
Brent crude above $100/barrel; S&P Global forecasts it stays there through end of 2026
Flash PMI data released today — first real-time read on manufacturing and services
New Fed Chair Kevin Warsh inheriting the most turbulent macro environment in decades
Higher-for-longer energy = higher-for-longer inflation risk; rate hike odds still elevated

Source: Crestwood Advisors

Science

Astronomers Have Confirmed a Temperate Super-Earth in the Habitable Zone of a Star 30 Light-Years Away

A research team has confirmed the existence of Ross 318 b, a super-Earth orbiting within the conservative habitable zone of a red dwarf star approximately thirty light-years from Earth — a discovery notable both for the planet's properties and for the duration of the detective work involved, as the finding was confirmed using fifteen years of radial velocity data collected by instruments that, in the interim, presumably observed a great many other things of interest. The planet has a minimum mass of 6.21 times Earth's, receives approximately 58% of the solar energy Earth receives, and completes an orbit every 39.6 days; it is, in the carefully restrained language of the field, "one of the most interesting temperate super-Earths orbiting an M-dwarf," which in planetary science functions as the equivalent of "very promising indeed, though one declines to say more without further data." It does not transit its star from Earth's perspective, which limits atmospheric characterization, but does not prevent astronomers from regarding it with the sustained, hopeful attention one reserves for things that might eventually yield an answer.

TL;DR

Ross 318 b confirmed: a temperate super-Earth orbiting red dwarf Ross 318, ~30 light-years away
Minimum mass: 6.21 Earth masses; orbital period: 39.6 days; ~58% of Earth's solar flux
Located within the conservative habitable zone — among the more compelling candidates known
Discovery confirmed using 15 years of CARMENES and HIRES radial velocity data plus TESS
Does not transit its star from Earth's angle — limits atmospheric characterization options

Source: Astrobiology.com

An Enzyme Called IDOL Has Been Identified as a Potentially Major New Target for Alzheimer's Treatment

Scientists have identified an enzyme called IDOL as a potentially significant new target in the treatment of Alzheimer's disease, finding that its removal from neurons produced a sharp reduction in amyloid plaques — the protein accumulations that remain, after considerable scientific debate, the disease's leading suspect. The discovery is the kind of finding that arrives in the research literature accompanied by genuine excitement and the ritualized caution of a field that has been promised breakthrough targets before, with results that have ranged historically from encouraging to instructive. IDOL appears to function in lipid metabolism within neurons; its inhibition could, in principle, reduce the plaque burden without the side effects that have complicated previous approaches, which is the sort of sentence that is easy to type and rather more difficult to validate in a clinical trial, the latter being some distance away.

TL;DR

IDOL enzyme identified as a potentially major new drug target for Alzheimer's disease
Removing IDOL from neurons sharply reduced amyloid plaque accumulation in the study
IDOL appears to function in lipid metabolism within neurons
Could enable therapeutic approaches targeting plaque buildup with fewer side effects
Finding is preclinical; human trials remain some distance away

Source: ScienceDaily

Culture

The First Star Wars Movie in Seven Years Opens Tonight. Grogu Is Involved.

Star Wars returns to theatrical release tonight with The Mandalorian and Grogu, bringing Din Djarin and his extraordinarily photogenic green ward to the format they were arguably always suited for — the large screen, the full orchestral treatment, and an audience that has waited, in certain cases since 2019's The Rise of Skywalker, to be reminded why they began purchasing action figures in the first place. The film is tracking at $80 to $100 million for its domestic Memorial Day opening weekend, with global projections reaching $160 million — numbers that represent both the weight of franchise expectation and the studio's calculated confidence that a small green creature with large ears can, after seven years of absence, still move the needle. Whether the film itself justifies the affection that roughly a decade of internet sentiment has generated on behalf of said creature is now, as of this evening, a matter of public record.

TL;DR

The Mandalorian and Grogu opens in theaters tonight; Memorial Day weekend release (opens May 22)
First Star Wars theatrical film since The Rise of Skywalker (2019) — a seven-year gap
Domestic opening weekend tracking: $80–100M; global projection: ~$160M
Stars Pedro Pascal as Din Djarin; expands the Disney+ series to the theatrical format
Reviews described as mixed but broadly positive; strong family audience appeal

Source: Deadline

Cannes Closes Saturday. The Palme d'Or Race Has Narrowed to Two Films, Per Prediction Markets.

The 79th Cannes Film Festival enters its final weekend with the Palme d'Or race crystallized, at least according to prediction markets, around two films: Fatherland, directed by Paweł Pawlikowski, and Minotaur, directed by Andrey Zvyagintsev, who are trading positions at roughly 27% and 28% respectively — figures that, in a jury process presided over by Park Chan-wook, should be read as illuminating rather than predictive. Barbra Streisand will receive an Honorary Palme d'Or this week, joining Peter Jackson and John Travolta in a programme of cinematic recognition that the festival appears to be distributing with unusual generosity; whether the assembled critics regard this as a dignified tribute or a rather extended warm-up act is not, one imagines, a question that is being raised within earshot of the honorees. The official verdict arrives Saturday, at which point the markets will discover what they are always, eventually, forced to concede: that Park Chan-wook is not a probability.

TL;DR

79th Cannes Film Festival closes Saturday May 23 with the Palme d'Or ceremony
Prediction market frontrunners: Minotaur (Zvyagintsev) ~28%, Fatherland (Pawlikowski) ~27%
Jury president: Park Chan-wook (Oldboy, Decision to Leave) — outcome appropriately unpredictable
Barbra Streisand to receive Honorary Palme d'Or this week; Jackson and Travolta already honored
Full awards ceremony Saturday — the official answer to what prediction markets have been arguing about

Source: Coming Soon

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Meta cuts 8,000 jobs, the Pope writes about AI, and Grogu opens tonight