Trump's Blockade Is Breaking Iran... And European Elites Are Angry

US Firms Account For 75% Of Chips Powering Russia's New Jet Drone Building on our earlier notes mapping out the supply chain behind the Russian one-way attack drone, a new report from a Ukrainian defense news outlet claims that a whopping "three-quarters of the Geran-4's onboard computer consists of electronic components manufactured by American companies." Militarnyi's supply-chain intelligence investigation into Russian Geran-4 drones identified 80 components from US companies among 105 cataloged parts, suggesting how heavily Russia relies on foreign technology despite severe sanctions from Western governments. An engineering unit with...

Dorsey's Block Fires Nearly Half Of The Company In 'Massive' AI Bet, Sending Shares Soaring One week after WIRED reported that things were pretty dismal over at Jack Dorsey's payment processing company Block (formerly Square), the company announced that they are cutting 4,000 employees - nearly half of their headcount - in order to invest 'heavily' in artificial intelligence tools to run more efficiently, including its own called Goose, Bloomberg reports.  The news sent shares up over 30% in after hours trade. "We are taking bold and decisive action here, but we’re doing it from a position of...

Bank of America Jumps On Record Equity Trading Revenue, Net Interest Income Forecast Increase, Offset By FICC Miss Following stellar equity trading results from Goldman and JPMorgan, this morning Bank of America reported that its traders also pulled in the business’s highest quarterly revenue in more than a decade, riding a wave of volatility that pushed the firm’s stock-trading desk to an all-time record. Bank of America said Q1 profit rose 17% from a year earlier, while net income came in at $8.58 billion. That amounted to $1.11 a share, above...