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The actresses have been best friends since 1974.

The actresses have been best friends since 1974.

US gasoline prices sank for the sixth consecutive week after President Trump signed a tentative peace deal with Iran – even as negotiations over a nuclear arrangement remained heated. 

Adam Schein welcomes USMNT legend Eric Wynalda to the show for an in-depth conversation about the state of American soccer, the U.S. Men’s National Team, and the 2026 FIFA World Cup. Wynalda shares his thoughts on the team’s performances, key players to watch, and what it will take for the United States to make a...

A $100,000 home transformation will be given to the shopper who turns in the oldest Bed Bath & Beyond coupon alive.

From Paris Hilton to Oprah Winfrey, scroll through to see all the best photos from the star-studded panels and glitzy parties.

From Paris Hilton to Oprah Winfrey, scroll through to see all the best photos from the star-studded panels and glitzy parties.

Jennifer Aniston has been raving about them for years.

Jennifer Aniston has been raving about them for years.

Molly Shannon gets her Hollywood star, Reese Witherspoon channels Elle Woods and more snaps...

Molly Shannon gets her Hollywood star, Reese Witherspoon channels Elle Woods and more snaps...

MGM+? Really?

Your kid’s next obsession? It might just be the Nex Playground, now on sale for Prime Day.

US Manufacturing Hits 49-Month High As 'Input Costs Show Signs Of Cooling'

This morning we found out that Euro-area business activity shrank less than anticipated in June (Services up/beat, Manufacturing down/miss).

S&P Global’s Composite PMI rose to 49.5 from 48.5, topping estimates but remaining below the 50 mark that indicates growth.

"The eurozone economy is showing enough resilience to just about stay out of recession. "

However, the UK’s economy contracted for a second consecutive month (both Services and Manufacturing lower), with its PMI slipping to a 14-month low.

"A disappointing June ‘flash’ PMI indicates that the economy contracted for a second successive month, albeit at only a 0.1% rate and merely flat-lining over the second quarter as a whole."

And despite the recent weakness in 'hard' data, expectations were for an incrementally positive rise in the US Composite PMI in preliminary June data (with Services up and Manufacturing down).

Forecasters under-estimated the US economic resilience with both Manufacturing (55.7 vs 54.6 exp vs 55.1 prior) and Services (51.3 vs 51.1 exp vs 50.3 prior) both rising and beating expectations.

Manufacturing is at a 49-month high and Services at a 4-month high with a positive trend over the past 3 months...

Source: Bloomberg

“Brighter news out of the Middle East has helped restore some confidence among US businesses in June", said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, "though the overall rate of economic growth signalled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict."

The survey signals that current output levels are consistent with the economy struggling to grow much faster than a 1% annualized rate in the second quarter.

The service sector continues to grow at an especially subdued pace, reflecting push-back from customers over high prices amid low levels of consumer confidence in particular.

While there is better news from the manufacturing sector, Williamson remains concerned that factory growth continues to be temporarily buoyed by inventory building amid supply fears.

Supply delays grew more widespread in June.

Williamson says that “most worrying was the further fall in employment, notably in the manufacturing sector."

Factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn in demand alongside worries over the escalating cost of raw materials.

However, while still running at one of the highest rates seen over the past four years, input cost inflation has shown sign of cooling in June thanks in part to the lower energy prices seen at the tail end of the survey data collection period.

Tyler Durden Tue, 06/23/2026 - 09:56

A federal judge quashed an attempt by the Justice Department to subpoena Minnesota Gov. Tim Walz and other top officials in the state, alleging that it was an attempt to harass political rivals.

Here Is The Korean Article That Sent Memory Stocks Tumbling And Sparked A Global Selloff

Early last night, just around the time Korean stocks opened at a new all time high, we highlighted an article in Korea's Chosun Biz, which eventually became the catalyst for the sharp repricing lower of memory stocks - and since memory stocks account for about 60% of the Kospi, sparked the 10% crash in the South Korean market which culminated with a mandatory halt of trading - and sparked a risk off wave around the globe. 

"Since production forecasts for NVIDIA's next-generation chip 'Rubin,' which will be equipped with HBM4, are trending downwards, there is no reason to accelerate the transition to HBM." - Chosunhttps://t.co/tOYfVXObQw

— zerohedge (@zerohedge) June 23, 2026

As both CNBC and Bloomberg write this morning, "traders are pointing to a South Korean media report saying SK Hynix is slowing expansion of AI memory chip production and shifting emphasis to commodity DRAM."

What exactly is the article saying? The punchline was the following:

"An official familiar with SK Hynix stated, 'SK Hynix management cannot help but be mindful that their competitor (Samsung Electronics) is already generating massive profits from general-purpose DRAM rather than HBM.'" The official explained, "Since production forecasts for Nvidia's next-generation chip 'Rubin,' which will be equipped with HBM4, are also trending downward, there is no reason to accelerate the transition to HBM."

The slowdown in HBM4 (or high bandwidth memory) rollout which is critical for high end AI racks, was - naturally - spun as a positive event and was justified as SK Hynix moving back to DDR memory production, which somehow is now higher margin, but the bottom line is simple: supply for high end HBM is slowing which in turn has prompted questions whether this is due to a cartel-like attempt to control pricing (probably not very smart to admit this), or more likely, in response to problems with the rollout of high end Nvidia systems, and especially the Vera Rubin racks which as we reported a month ago are emerging as extremely expensive, primarily because of the surge in memory prices which are crushing hyperscaler margins.

Here is the full Chosun article:

SK Hynix Adjusts HBM4 Production Speed… Seeking Additional Revenue by Increasing General-Purpose DRAM Amid Supply Shortages

• General Purpose DRAM Surpasses HBM in Operating Profit Margin… "90% Possible" 
• "SK Hynix Needs Only to Defend HBM Market Share"
• Opportunity for Samsung Electronics to Increase HBM Market Share

SK Hynix is ​​shifting its focus to the general-purpose DRAM market while adjusting the pace of mass production expansion for 6th generation High Bandwidth Memory (HBM4). The explanation is that, having already solidified an overwhelming advantage with HBM sales accounting for over 40% of total revenue, the company is adjusting its resource allocation to secure additional profits in the general-purpose DRAM market, where supply shortages are severe, rather than engaging in excessive competition for capacity expansion.

According to industry sources on the 23rd, SK Hynix is ​​reportedly delaying the conversion of some 5th-generation HBM (HBM3E) production lines, which were originally scheduled to transition to HBM4. The company plans to secure additional profits by increasing its responsiveness to the general-purpose DRAM market, which currently records higher operating profit margins than HBM. The industry view is that this decision is based on the judgment that there is no need to rush the transition to HBM4 and HBM4E (7th-generation HBM), given that the company has already secured a solid position in the HBM market.

Behind this strategic shift lies the reversal in profitability between general-purpose DRAM and HBM. As of the first quarter of this year, the price per gigabit (Gb) of general-purpose DRAM still lags behind that of HBM, but the gap in operating profit margins is estimated to have already widened to more than 15 percentage points (P). Daishin Securities projected that the operating profit margin for general-purpose DRAM could reach a theoretical peak of 90% within the year.

"An official familiar with SK Hynix stated, 'SK Hynix management cannot help but be mindful that their competitor (Samsung Electronics) is already generating massive profits from general-purpose DRAM rather than HBM.'" The official explained, "Since production forecasts for Nvidia's next-generation chip 'Rubin,' which will be equipped with HBM4, are also trending downward, there is no reason to accelerate the transition to HBM."

The perspective of overseas investment banks (IBs) also supports this trend. Goldman Sachs assessed that it would be sufficient for SK Hynix to maintain a dominant position of over 50% in HBM3 (4th generation HBM) and HBM3E (5th generation HBM) until at least 2026. Morgan Stanley identified the overall memory price cycle, rather than the defense of HBM market share, as the key driver of SK Hynix's value, and raised its earnings forecast by 56–63% based on the projection that the average selling price of DRAM will rise by 62% by 2026.

In fact, SK Hynix announced in its first-quarter earnings report that the average selling price (ASP) of DRAM had risen to the mid-60% range and presented a plan to focus on meeting demand for high-density server modules and mobile products. The signing of a three-year DDR5 supply contract with Microsoft (MS) is also interpreted as a move to secure long-term earnings visibility in general-purpose DRAM.

On the other hand, as SK Hynix moves to control HBM4 production volume, the possibility of its competitor Samsung Electronics rising in market share is also increasing. According to Counterpoint Research, SK Hynix’s HBM market share stood at 57% in the fourth quarter of last year, but there is talk of a potential gradual contraction; furthermore, it is observed that if Samsung Electronics succeeds in mass-producing HBM4 in the second half of this year, SK Hynix’s share could drop to the 50–60% range.

Tyler Durden Tue, 06/23/2026 - 09:40

An EF-3 tornado ripped through Mount Vernon, Illinois, on June 21, killing two people, injuring five others and destroying three homes, authorities said. Video captured the powerful funnel cloud as it moved through the area, leaving downed trees and widespread damage in its wake. Resident Danielle Heck described the storm as sounding like a “freeway...

Mollen said her 12-year-old knows about the controversy and has been jokingly calling her a "molester."

Mollen said her 12-year-old knows about the controversy and has been jokingly calling her a "molester."

US Airlines Set To Pocket $40 Billion As Jet Fuel Prices Crash

By Alex Kimani of OilPrice.com

US airlines stand to save billions in dollars on jet fuel costs after the US-Iran peace deal sent oil prices sharply lower.

Brent crude was trading around $78 per barrel, the lowest price since the start of the war, after Washington and Tehran agreed to a ceasefire and committed to 60 days of negotiations, while jet fuel spot prices fell to $2.85 a gallon, down sharply from $4.88. 

The dip in fuel costs could slash the U.S. airline industry’s annual fuel bill by more than $40 billion, easing the pressure on carriers who were facing margin pressures and a painful earnings squeeze. 

The International Air Transport Association (IATA) previously warned that exploding fuel costs would halve global airline net profits in 2026 to $23 billion. 

However, unlike previous oil price downcycles, airlines are unlikely to pass on these cost savings to passengers in the form of lower air fares. 

According to Raymond James, average domestic airfares booked one week prior to travel were up 9% week-over-week and 34.1% from a year earlier as of June 8.  In previous fuel cycles, dropping oil prices usually triggered capacity expansion that pushed fares lower; however, the current market is operating under different dynamics. First off, jet fuel prices rose three times faster than ticket prices between January and May, slapping carriers with $100 billion in extra fuel costs after oil prices spiked amid the Iran war. This implies that airlines are likely to use this windfall to stabilize their balance sheets. 

Second, tight airport capacity, aircraft delivery delays and weaker low-cost carriers are likely to limit a broader domestic fare war. 

Global aircraft backlogs are currently at record highs, with deliveries lagging roughly 30% behind peak levels. Domestic airline capacity in the United States has largely stagnated, with current projections that airline seats will grow just 0.4%Y/Y in the third quarter, down from expectations of 4.6% growth before the war.

Tyler Durden Tue, 06/23/2026 - 09:30