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On Monday, the Department of Defense told senators it needed an additional $80 billion to cover the cost of the U.S. war against Iran, just weeks after warning that the military could potentially run out of money should Congress not pass a new spending bill, Fortune\u2019s Jacqueline Munis reports. But what is the total bill so far?<\/p>\n
Experts differ. On May 12, Acting Pentagon Comptroller Jules Hurst III told the House Armed Services Committee that the war had cost $29 billion. Despite the six weeks that have passed, the Pentagon referred Fortune back to Hurst\u2019s testimony when asked for an updated estimate this week.\u00a0<\/p>\n
That\u2019s probably an underestimation. According to Moody\u2019s Analytics, the war has cost U.S. taxpayers and consumers at least $132 billion so far.<\/p>\n
Given that the early days of the conflict cost $1 billion per day, Linda Bilmes, a Harvard Kennedy School senior public policy lecturer and a federal budget expert, said spending is more likely to total the $200 billion in additional funds the Pentagon requested back in March.<\/p>\n
Pimco says Trump\u2019s threats to leave NATO are a \u201cpaper tiger\u201d<\/p>\n
NATO Secretary-General Mark Rutte will be in Washington this week, risking the wrath of President Trump, who hates the transatlantic military alliance because it \u201cwasn\u2019t there when we needed them\u201d for Iran. Trump has more than once floated the idea of bailing on NATO. Don\u2019t expect it to happen, Pimco Head of Public Policy Libby Cantrill told clients recently.<\/p>\n
What most people forget is that in 2024 Congress passed a law banning the president from unilaterally quitting NATO without a 60-vote Senate majority or a change in the law. (The person least likely to say this out loud is Secretary of State Marco Rubio, who led the effort in the Senate at the time.) NATO remains popular in Congress. Cantrill said in an email: \u201cWhile President Trump likes to refer to NATO as a \u2018paper tiger,\u2019 arguably, the paper tiger is the threat that the U.S. will withdraw from NATO.\u201d<\/p>\n
THE MARKETSMixed signals: U.S. futures inch up after yesterday’s selloff<\/p>\n
S&P 500 futures were up 0.14% this morning. The index lost 1.44% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was flat in early trading, as was the U.K.\u2019s FTSE 100.
\nAsia: South Korea\u2019s KOSPI was up 3.26%. Japan\u2019s Nikkei 225 was down 0.88%. India\u2019s Nifty 50 was up 0.99%. China\u2019s CSI 300 was up 0.48%.\u00a0
\nBrent crude fell to $75 per barrel this morning, from $77 the day before.
\nBitcoin was at $62K.<\/p>\n
The curse of Elon hits competing rocket companies<\/p>\n
SpaceX seems to be hurting the stocks of other companies in the space market, according to Bespoke Investment Group. As of Tuesday, the asset manager calculated that before the SpaceX IPO, the shares of 28 rocket and satellite companies were up 99%, on average, year-to-date. But as soon as Elon Musk\u2019s company went public, their stocks declined in the following days by an average of 17%. On the same day, SpaceX was still up 16% from its launch. Here\u2019s the data:<\/p>\n<\/p>\n
AI is killing Bitcoin in 2026, Deutsche Bank warns<\/p>\n
Bitcoin was priced at $62.6K this morning, less than half its recent all-time high. Deutsche Bank\u2019s Marion Laboure has an interesting theory about why the OG crypto token can\u2019t regain its traction. The coin faces a number of problems, she said in a note to clients, among them Michael Saylor\u2019s Bitcoin treasury company Strategy selling some of its holdings after Saylor promised he\u2019d never sell, souring the environment. (Strategy stock is down 32% year-to-date.) On top of that, Bitcoin ETFs have net sold about $6 billion over the last six weeks. Bitcoin adoption in the U.S. remains at only 10% of the populace and hasn\u2019t moved upward for years.<\/p>\n
But the AI data center buildout is directly hurting demand as \u201crisk capital\u201d moves away from crypto and into AI, Laboure says. \u201cBitcoin\u2019s energy and site infrastructure maps directly onto AI data centre requirements, making conversion materially cheaper than greenfield construction. Former miner Bitdeer has sold its entire Bitcoin treasury to fund a pivot to AI infrastructure, converting sites across Norway, Ohio, and Washington State toward 200+ MW of AI compute capacity by end-2026. The shift is structural rather than cyclical: miners with energy assets are becoming AI infrastructure landlords, monetising the same power portfolios at higher and more stable margins than volatile block rewards.\u201d\u00a0<\/p>\n<\/p>\n
MORE FROM FORTUNE<\/p>\n
Now she\u2019s worth $200 million. But Sarah Jessica Parker says being \u2018one of eight kids that struggled financially\u2019 growing up created her work ethic – Orianna Rosa Royle<\/p>\n
Tesla cofounder JB Straubel\u2019s first pitch to Elon Musk failed. Then he turned his \u2018hobby\u2019 into a $1.3 trillion success – Rachel Ventresca<\/p>\n
Quantum computing stocks surge after Trump signed executive orders backing the sector – Marco Quiroz-Gutierrez<\/p>\n
MSCI delays Indonesia\u2019s market status review until November – Bloomberg<\/p>\n
The climate policy triangle: why leaders can no longer choose between growth, security and sustainability – Sebastian Buckup<\/p>\n
The man who invented the Fed\u2019s magic trick just died. His successor is about to try it again – Eva Roytburg<\/p>\n
CHART OF THE DAYWall Street\u2019s spookiest chart just got spookier: It’s 1978 all over again<\/p>\n
When the war with Iran started and oil went over $100 per barrel, Deutsche Bank published an \u201ceerie\u201d chart showing that the U.S. today appears to be following almost exactly the rates in the 1970s, which ended with runaway inflation at 15% and the grueling recession of the early 1980s that followed.<\/p>\n
Apollo Global Management\u2019s Torsten Slok has updated the chart. The news isn’t good. We\u2019re right on track as if it were 1978! (Crucially, this chart only works if you ignore\/manipulate the vertical axes!)<\/p>\n
NUMBER OF THE DAY$26 billion<\/p>\n
The amount of tariffs illegally collected by the Trump Administration that have now been given back to the U.S. companies that paid them, as estimated by Ohsung Kwon and his colleagues at Wells Fargo. The total collected was $166 billion, or half a percentage point of U.S. GDP. At this pace, refunds should continue through 2027.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Is this teenage girl North Korea\u2019s next dictator? – FT<\/p>\n
Ukraine is raising the cost of war for Russia \u2014 and testing Putin\u2019s resolve – CNBC<\/p>\n
U.S. loosens Iran’s travel restrictions for next World Cup match – Axios<\/p>\n
Will Anyone Buy This Cheap EV Truck With Hand-Crank Windows and No Radio? – WSJ<\/p>\n
China Makes New US Warship Target for Missile Tests, Images Show – Bloomberg<\/p>\n
Woman who emptied Knicks trashcan on street\u2014 then stole it \u2014 fired from J.P. Morgan Chase, was DEI exec – NY Post<\/p>\n
ONE MORE THINGGoldman, J.P. Morgan staff allowed to WFH on World Cup days<\/p>\n
Goldman Sachs and J.P. Morgan Chase are temporarily allowing employees to work from home on World Cup game days, Fortune\u2019s Orianna Rosa Royle says. They\u2019re not being given a break from the office to watch the matches, however. Rather, in New York and New Jersey, there will be significant changes to transit services and severe street closures to accommodate the massive crowds. World Cup ticket holders will be prioritized\u2014so workers who commute on impacted routes without a match ticket won\u2019t be able to catch their train into the office or home.<\/p>\n
#ignore #Trumps #threats #leave #NATO #Pimco #theyre #paper #tiger<\/p>\n","protected":false},"excerpt":{"rendered":"
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