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Hegseth issued a memo this past September restricting most service members from having beards.

Scottie Scheffler will have to start over.

Parts of Florida and the rest of the Gulf Coast will see more hazy skies through the weekend, due to a plume of Saharan dust that's spreading across the region. The blanket of African dust, working together with a heat dome that's moving into the Southeast, will combine to bring feels-like temperatures approaching 110 degrees...

Jennifer Lopez sparkles in Paris, Bradley Cooper and Gigi Hadid have a dinner date and more snaps...

Jennifer Lopez sparkles in Paris, Bradley Cooper and Gigi Hadid have a dinner date and more snaps...

Thank God it’s Fry-Day. July 10 is National French Fry Day and deals on fries are happening across chain restaurants to celebrate. Here’s a list of all the places you can snag limited-time deals and freebies: Some deals, like Whataburger require no additional purchase necessary. They’re offering a free medium fry you can snag through their...

Mitsubishi Motors Joins Physical AI Race With Humanoid Robot Production Deal

Mitsubishi Motors shares surged as much as 17% in Tokyo on Friday after the automaker unveiled a deal with the University of Tokyo startup Highlanders to mass-produce humanoid robots, signaling a push beyond its core automotive business and reinforcing a broader trend we have highlighted that could sweep across the global auto industry.

Highlanders signed an MOU with Mitsubishi Motors to develop humanoid robots for automotive factories and mass production at Mitsubishi's Kyoto plant as early as 2027. Early production runs could amount to 1,000 per month. 

The Japanese automaker plans to test the humanoids in its own facilities to address labor shortages and increasingly complex manufacturing, using operational data to guide a broader rollout. Mitsubishi has already invested in Highlanders.

Citi analyst Arifumi Yoshida wrote in his first take that the partnership between Mitsubishi Motors and Highlanders is "positive" for the automaker's stock, as it signals a push into physical AI:

After the July 9 market close, Mitsubishi Motors announced an MOU with Short-Term View: Upside Highlanders, a University of Tokyo startup, for the mass production of Price (09 Jul 26 15:30) ¥330.6 humanoid robots at its Kyoto plant. Production will begin in early 2027, Target price ¥420.0 with monthly production capacity of c1,000 units prepared. Highlanders will handle development and sales, while Mitsubishi Motors will leverage Expected share price return 27.0% its automotive production expertise in quality and other areas to provide Expected dividend yield 3.0% production and development support. Mitsubishi Motors has invested in Expected total return 30.1% Highlanders and is considering additional investment. The company plans Market Cap ¥442,459M to utilize the robots in Mitsubishi Motors factories while marketing them US$2,742M as Japan-originated physical AI products to diverse industries domestically and internationally. Multiple inquiries have already been received. We believe the stock market will welcome this initiative to expand its automotive business expertise into physical AI, which has also been earmarked as a national priority.

Mitsubishi Motors shares in Tokyo closed up 10% on Friday but remain at 2022 lows.

In recent weeks, Bernstein analyst Eunice Lee pointed out, "OEMs are entering humanoid robotics to boost productivity and unlock new revenue streams." Read the note here.

Lee noted, "Automakers have several advantages across hardware, software, and scale. There is significant overlap between vehicle and humanoid components—motors, reducers, sensors —as well as manufacturing."

It appears that Mitsubishi Motors is following other automakers, including Tesla and several Chinese companies, in making a big push into humanoid robotics development and mass production. EVs and humanoid robots share similar component ecosystems, manufacturing processes, and supply chains, giving automakers a potential advantage in scaling up production.

Here is a complete overview of the automakers developing humanoid robots:

Humanoid production ramps globally begin next year. Read report.

Does this suggest that legacy US automakers will eventually partner with humanoid robotics firms? What about Rivian and Lucid? The race for physical AI is underway.

Tyler Durden Fri, 07/10/2026 - 11:05

Investigators announced Thursday they found partial remains of Javeayah Harris in Cedar Creek Reservoir after an exhaustive, multi-agency search effort involving more than 200 first responders.

UAE Oil Output Hits All-Time High, Doubling Pre-Crisis Levels

Confirming reports from earlier this week, the latest estimates from the International Energy Agency signaled that the United Arab Emirates (UAE), which unexpectedly quit OPEC earlier this year in a shock move that threatened the cohesion of OPEC, produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.

The UAE’s crude oil production jumped from 3.3 million bpd in May to 4.1 million bpd in June after the country left OPEC effective May 1, started raising output, and managed to sneak a lot of exports out of the Middle East even as the Strait of Hormuz was mostly blockaded for the first half of June.

The crude oil production in June, at 4.1 million bpd, was the highest ever on record for the UAE, nearly double the output in March 2026 at the start of the Hormuz crisis. The production level also topped the previous record of 4 million bpd from the spring of 2020 when the OPEC+ producers were fighting for market share in a brief price war during peak Covid, according to OilPrice.com

The UAE has sought to adapt to the closure of the Strait of Hormuz by sneaking tankers in dark mode through the Strait and increasingly offering to sell many of its crude grades for loading offshore Fujairah and at Sohar in Oman, outside the Strait.

Moreover, the Abu Dhabi national oil company ADNOC accelerated plans to have a new pipeline operational in 2027 that would double its oil export capacity through Fujairah, which sits outside the Strait of Hormuz.

ADNOC plans to build a new project, the West-East 1 Pipeline, which is expected to become operational next year and double the UAE’s energy giant’s export capacity through the Emirate of Fujairah to meet global demand for energy supplies.

The national oil company also plans to plans to award as much as $55 billion (200 billion UAE dirhams) on upstream and downstream projects over the next two years. The announcement of accelerated growth came days after the UAE said it would quit OPEC effective May 1 to pursue its national interests.

Tyler Durden Fri, 07/10/2026 - 11:03

IEA Warns Escalation In US-Iran Hostilities Could Upend Oil Surplus Forecast

Despite the tentative recovery of oil flows through the Strait of Hormuz and the first build-up in global stocks since the war began, this week’s re-escalation of the U.S.-Iran hostilities could flip the outlook for an oil market surplus for next year, the International Energy Agency said on Friday. 

Oil prices have plunged since the United States and Iran signed the memorandum of understanding (MoU) in the middle of June, with North Sea Dated prices down by $31 per barrel in June to $68 a barrel by early July, their lowest since January and $2 per barrel below pre-war levels, OilPrice reported.

And while the oil market is still expected to move to significant surplus towards the end of the year, IEA said that this is heavily predicated on the assumption that tanker flows through the Strait will gradually recover: “An escalation in hostilities on 7-8 July, however, clouds the outlook and could upend the forecast that sees the market flipping to a surplus next year,” the IEA said in its closely watched Oil Market Report for July. 

Since the reopening of the Strait of Hormuz, tankers have rushed to exit the Persian Gulf, including millions of barrels of Iranian crude that Tehran couldn’t move past the U.S. blockade between mid-April and mid-June. As a result, global oil supply rebounded by a massive 4.1 million barrels per day (bpd) to 98.8 million bpd in June, amid a partial recovery in Gulf production, the IEA said.

However, global oil output remained about 9.4 million bpd below pre-war levels, with supply on track to decline by an average of 3.7 million bpd to 102.6 million bpd in 2026, “contingent on a swift de-escalation of renewed hostilities.” Meanwhile tanker crossings have slowed to a trickle, while insurers are reportedly demanding a pound of flash, with Reuters reported that “war insurance for ships inside the Gulf has already ticked higher towards 3% of a vessel’s value, up from 2% at the end of last week.” Meanwhile, quotes for coverage as high as 5% are still circulating. 

At the same time, global demand - which was hit by demand destruction when crude prices topped $100 early this year - is starting to recover from the lows seen in the second quarter, with annual declines easing from 4.8 million bpd in April-June to an expected yearly drop of 1.7 million bpd in the third quarter, the IEA reckons.

Despite the wave of crude managing to clear the Strait of Hormuz in recent weeks, product supply and deliveries are much slower to rebound, with the markets still tight, the agency noted.

“The disconnect between apparently well supplied crude oil markets and tight product markets underpinned a rally in cracks and refinery margins to four-year highs by early July,” said the IEA.

“While concerns over jet fuel shortages have eased in recent weeks after refiners pushed output to new highs, diesel and gasoline markets have tightened, with gasoline cracks moving sharply higher.”

Here are the key highlights from the report:

• On demand, there has been significant sequential improvement with +1.2mbd YoY growth forecast in 4Q vs. -1.7mbd YoY in 3Q and -4.8mbd YoY in 2Q.  For context, Asia accounted for 2/3 of the peak demand drop. Overall, demand forecast increased slightly vs. last month report with 2026 now -1mbd YoY and 2027 +2mbd YoY (vs. -0.7mbd and +2.1mbd GS Research forecasts).
• On supply, June increased by 4.1mbd MoM to 98.8mbd, although still 9.4mbd below pre-war levels. Focusing on the Gulf, total June exports increased 6.5mbd MoM to 16.1mbd vs. 24mbd pre-war average.  In particular, it is worth noting that UAE (who recently left OPEC+) produced record volumes in June with further growth expected. 
• Inventory data showed 21mb increase in June, the first increase in four months following 360mb decline from March to May.  The IEA said that 69% of the proposed 400mb emergency inventory release has been completed, with uncertainty over the timing of release of the balance. 
• A recovery in world oil demand is underway, with consumption set to rise from its May nadir on seasonal trends and as pent-up demand is released in line with a rebound in product supplies. Annual contractions ease from 4.8 mb/d in 2Q26 to 1.7 mb/d in 3Q26, followed by a rise of 1.2 mb/d in 4Q26, for an overall decline of 1 mb/d this year. Forecast growth of 2 mb/d in 2027 results in a two-year pace of expansion well below historical trends. 
• Global oil supply rebounded by a sharp 4.1 mb/d to 98.8 mb/d in June, as a resumption of flows through the Strait of Hormuz underpinned a partial recovery in Gulf production. World output was nevertheless some 9.4 mb/d below pre-war levels, with supply on track to decline by an average of 3.7 mb/d to 102.6 mb/d in 2026, contingent on a swift de-escalation of renewed hostilities. If transit volumes improve, oil supply will expand by 7.5 mb/d next year. 
• Refined product cracks and margins surged to four-year highs in early July, as increased crude supplies pushed oil prices sharply lower, while product markets remained tight. Global refinery runs rose by 1.5 mb/d in June, down 6 mb/d y-o-y, with Middle East export refineries yet to restart, Russian throughputs curtailed by attacks and Asia still running at reduced rates. Global runs are expected to decline by 2.4 mb/d this year and rebound by 3.1 mb/d in 2027. 
• Global observed oil inventories rose for the first time in four months in June, by 21 mb, as sharply higher oil on water volumes more than offset continued draws in onshore tanks. Following a decline of 73 mb in May, total OECD stocks fell by a further 62 mb in June, of which an estimated 44 mb came from government stock releases. Non-OECD crude stocks eased by 37 mb in June, led by a 41 mb draw in China. 
• Benchmark crude oil prices continued to spiral lower in June, erasing all of their wartime gains, as tanker traffic out of the Gulf picked up and market focus shifted to the prospect of oversupply. North Sea Dated crude plunged by $22/bbl m-o-m, to around $68/bbl, with prompt time spreads reverting to contango. Prices rose after the ceasefire agreement was breached on 7-8 July, with Dated trading around $77/bbl at the time of writing. 

Here is the full visual recap, courtesy of Goldman

Tyler Durden Fri, 07/10/2026 - 11:01

Don’t let Monday’s futile efforts from the United States Men's National Team fool you. 

A “fight or flight” moment, as manager Dave Roberts described it, arose for Roki Sasaki in the fourth inning on Wednesday.

These movies and more are on digital platforms this week.

The case began after a couple reported a 38% rent hike on a property listed by Kobeissi in Altadena.

Spain is still the only team not to have conceded a goal in this World Cup.

Shocking videos of the disaster have emerged on social media, showing the jet up in flames while firefighters use large water hoses to extinguish the fire.

The former lead attorney in the Manhattan hush money prosecution of President Trump had played a larger role in the Biden administration Justice Department's targeting of him than previously known.

Bizarre video shows a pole dancer performing a racy routine at a funeral for the husband-and-wife owners of a red-light club.

A World Health Organization official warned that the true scale of the outbreak could be two to four times larger than official data suggest.

Other participants at the Philly dinger contest include Ben Rice, Junior Caminero and Jordan Walker.