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American Almanac

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Biden aide admits doing ‘undemocratic’ things to defeat Trump. The shocking confession confirms what many have speculated for years. Read more.

Trump yanks all remaining federal funds to Harvard University. He blasted the Ivy League as a deeply antisemitic institution. Read more.
Obama loses his grip over the Democratic Party. The implosion of Biden and intensifying intra-party fights is leaving Dems wanting to kick Obama and all his aides out. Read more.
Trump pardons Virginia sheriff convicted of bribery. Scott Jenkins was serving a 10-year jail sentence for deputizing businessmen in exchange for cash. Read more.
A man drives a car directly into a celebrating crowd. Police have ruled out terrorism after at least 27 people were hospitalized. Read more.

Horrific moment car plows through jam-packed parade crowd in Liverpool

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U.S. News:

Biden’s health records show no signs of cancer. Reporters scrutinized what he released, looking for clues. Read more.
Don Jr. opened a D.C. club called ‘Executive Branch.’ He spent the opening bragging about all the people banned from entering it. Read more.
Age is wrecking the Democratic Party. Three House members have died since March, which is helping narrow Republican vote margins. Read more.
’60 Minutes’ anchor Scott Pelley ripped for an unhinged commencement speech. He spoke at Wake Forest and went off on Trump. Read more.
Only two of the escaped New Orleans convicts remain on the loose. Police in Texas and Louisiana caught three inmates over the weekend. Read more.
Former Arkansas sheriff jailed for murder escapes from prison. He was serving a 30-year prison sentence. Read more.
Jersey Shore boardwalk shutdown after Memorial Day disaster. Seventy-three people were arrested, including 21 kids. Read more.
An earthquake hit the San Francisco Bay area. The entire Bay Area reported feeling the quake over the holiday weekend. Read more.
Hawaii’s Kīlauea volcano erupts for the 23rd episode. The ongoing eruption is setting history on the island. Read more.

Watch: Hawaii’s Kilauea Volcano Shoots Lava 1,000 Feet Into The Air During Latest Eruptive Episode

Pop Culture News

Olympic star Mary Lou Retton was arrested in West Virginia. The former gold medalist was taken in for DUI. Read more.
Tom Cruise wants to make a Les Grossman movie. The character is from the cult classic ‘Tropic Thunder.’ Read more.
Janet Jackson gives first televised performance in seven years. She received the Icon Award at the AMAs. Read more.
Rod Stewart receives the 2025 Life Achievement Award. He reflected on a career going back to the 1960s. Read more.

What I’m reading

Jake Tapper admits Biden cover-up is ‘worse than Watergate.’ He admitted as such in a lengthy interview with Piers Morgan. Read more.
Supreme Court justices must deal with ‘chronic injuctivitis.’ Law professor Jonathan Turley lays out the case. Read more.
Biden’s second-term plan was to show occasional ‘proof of life’ moments while hiding. His aides were going to keep him in a wheelchair and hidden. Read more.
Gen-Z is reversing Christianity’s decline. The young cohort is headed back to church. Read more.

Marina Medvin 🇺🇸 @MarinaMedvin

The Party for Socialism and Liberation, to which terrorist Elias Rodriguez belonged, was calling America “the terrorist” on the day after the October 7 massacre, siding with the Palestinian terrorists and appearing to threaten America with the same.

12:42 PM • May 25, 2025

1.8K Likes 446 Retweets

82 Replies

And now… the really weird.

A paraglider gets sucked into a vortex that sends him 5 miles into the sky. The video shows him stuck in the air, half-frozen. Read more.
Star Harvard professor loses tenure and fired after faking data on studies regarding dishonesty. The behavioral scientists manipulated the data to achieve the conclusions she wanted on the topic of “dishonesty.” Read more.

John Hasson @SonofHas

Dems:

“Working out is right wing”

“Liking hot girls is right wing”

“Eating red meat is right wing”

Dems today:

“We need $20 million to understand why young men hate us”

10:26 PM • May 25, 2025

45.5K Likes 5.58K Retweets

553 Replies

POLL: Do you agree with Trump on pulling funding from Harvard due to antisemitism problems?

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Daniel Vaughan

Daniel is a lawyer, columnist for The Conservative Institute and The American Almanac, and host of The Horse Race on YouTube. He resides in Nashville, Tennessee and cheers all things Tennessee sports.

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This opportunity ends at 11:59 p.m. Eastern today.

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‘Real Men Have Fabs’… Until They Don’t

By Joel Litman, chief investment officer, Altimetry

To the industry, Morris Chang’s vision wasn’t just misguided…

It was insulting.

Chang spent more than 25 years at Texas Instruments (TXN), climbing the ranks of the semiconductor world. He knew better than anyone that it was becoming staggeringly expensive for companies to design their own chips.

Building a chip factory cost hundreds of millions of dollars. That wasn’t the kind of cash startups could afford.

But the industry was set in its ways. Every major player – from Texas Instruments to Intel (INTC) and Advanced Micro Devices (AMD) – handled their own chip fabrication.

Outsourcing production was a laughable idea. These designs were too precious to share freely.

So when Chang proposed a radical new business… one that would make chips without designing any of its own… he was met with outright mockery.

At first, nobody took Chang’s idea seriously…

A “pure play” foundry that existed solely to make chips for other companies was considered a second-rate business model.

“Real men have fabs,” AMD CEO Jerry Sanders famously sneered.

But Chang knew something these folks didn’t. The current business model was bottlenecking innovation.

Small chip-design firms had brilliant ideas. But they couldn’t afford to make their own chips. They had nowhere to go… So he gave them a factory.

After being turned down by every industry giant, Chang secured funding from the Taiwanese government and Dutch company Koninklijke Philips (PHG).

His new company, Taiwan Semiconductor Manufacturing (“TSMC”), wasn’t exactly swimming in business to start. The semiconductor giants still ran their own fabs.

TSMC had to prove itself by making old, outdated chips – nothing even close to cutting-edge.

The company was living on scraps…

Chang needed a way to pull in new customers, and fast.

So he slashed prices.

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The approach, called “learning-curve pricing,” is simple but counterintuitive… Lower the price, even when you don’t need to.

If TSMC slashed prices up front, it would pull in tons of orders. The more orders it filled, the better it would get at making chips.

That meant it could produce chips for even cheaper… and lower costs further.

It sounded like a smart way to lose a lot of money. In the short term, TSMC would burn through cash.

But in the long run, it would be unstoppable.

TSMC started winning more and more customers…

As startups flooded in, even big players started outsourcing their chip production. And by 2009 – 23 years after the chip giants mocked Chang’s idea – he got the last laugh.

AMD was in crisis. The cost of maintaining its own fabs was bleeding the company dry. So it did the unthinkable… It sold its fabs.

The company that had once laughed at TSMC’s model was now using it to survive.

Today, TSMC makes the world’s most advanced chips for industry titans like Apple (AAPL) and Nvidia (NVDA).

There are a lot of reasons the business got to where it did. Of course, it had a great business model. And it eventually offered the best technology that all its customers wanted.

But without its clever pricing model, TSMC may never have taken off.

Pricing often decides the outcome in highly competitive markets. Just last week, we highlighted a similar setup in Novo Nordisk (NVO)… which is slashing prices on its GLP-1 weight-loss drugs.

In TSMC’s case, the competition was in-house chip production. By making sacrifices at the start, the company won over customers.

And soon enough, it upended an entire industry.

Regards,

Joel Litman
May 28, 2025

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The AI Market Could Hit $356B – This Firm…

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Super Micro Computer, Hims & Hers And Aurora Innovation Are Among Top 10 Large-Cap Losers Last Week (May 19-May 23): Are The Others In Your Portfolio?

Large-cap stocks were the worst performers last week, with declines up to 23%. Reasons include revenue misses, FDA bans, and Uber’s stake monetization. Continue Reading ➔

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Airbnb CEO Brian Chesky Says Mentorship From Barack Obama Before IPO ‘Changed My Life’ — Former President ‘Made Me Really Be Intentional…’

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Apple Would Rather Absorb A 25% iPhone Tariff Than Move Production To The US, Says Analyst: ‘…No Guarantee They Won’t Face Repeated Tariff Threats During His Term’

Apple analyst Ming-Chi Kuo says the company is more likely to absorb a 25% tariff than move iPhone production to the US. Continue Reading ➔

Trump’s Plan To ‘Rip The Waste Out’ Means End Of The Road For The Penny, But What Happens When Cash Totals Jump To The Next Nickel

The U.S. Treasury will stop minting pennies next year after 233 years. Retailers can still accept them, but will have to round transactions to the nearest nickel. Other countries have done the same without inflation. But will the change be seamless? Continue Reading ➔

Chuck Schumer Blasts Trump For Backing AI Chip Sales To Saudi Arabia, UAE: ‘This Deal Could Very Well Be Dangerous’

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A look at the leading candidates for Poland’s next president

WARSAW, Poland (AP) — Poland holds Sunday as the conservative incumbent Andrzej Duda nears the end of his second and final term. If none of the 13 wins at least 50% of the vote, a runoff will be held June 1 between the top two. All signs indicate it will be a showdown between Warsaw Mayor Rafa? Trzaskowski and conservative historian Karol Nawrocki. Continue Reading ➔

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Microsoft Pulls Ahead In AI Race With Key Partnerships Across OpenAI, Nvidia, And Elon Musk’s xAI

Microsoft showcased new products and collaborations with OpenAI, Nvidia, and Elon Musk’s xAI at its Build conference, focusing on AI models for Azure clients. Continue Reading ➔

Tesla’s Chinese Rival BYD Sued For $45 Million Over Alleged Human Trafficking, Slave-Like Conditions At Brazil Factory Site

Brazilian labor prosecutors filed a lawsuit Tuesday against BYD Co Ltd seeking $45 million in damages for alleged human trafficking and slavery-like working conditions at the Chinese automaker’s factory construction site in Bahia state. Continue Reading ➔

Trump Media says investors will fund a company ‘bitcoin reserve’ through share purchases

President Donald Trump’s media company said Tuesday that institutional investors will buy $2.5 billion in the company’s stock with the proceeds going to build up a bitcoin reserve. Continue Reading ➔

Massachusetts construction company to pay $11M in illegal dumping case

PROVIDENCE, R.I. (AP) — Rhode Island’s top legal chief announced Wednesday that a Massachusetts construction company has agreed to pay $11 million to settle criminal charges that it illegally dumped thousands of tons of contaminated fill in the Ocean State’s Capitol city during a highway construction project. Continue Reading ➔

Nvidia, AMC, PDD Holdings, Trump Media And Tesla: Why These 5 Stocks Are On Investors’ Radars Today

U.S. markets closed higher on Tuesday, with the S&P 500 ending the day 2.05% higher at 5,921.54, while the Dow Jones Industrial Average rose 1.8% to 42,343.65. The Nasdaq also spiked nearly 2.5% to 19,199.16. These are the top stocks that gained the attention of retail traders and investors throughout the day: Continue Reading ➔

Google Warns Quantum Computers Could Crack Bitcoin-Like Encryption 20 Times Faster Than Expected

New research by Google suggested that RSA encryption, a critical security feature used in securing Bitcoin (CRYPTO: BTC), may be more susceptible to quantum computing attacks than previously anticipated. Continue Reading ➔

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The New Face of DOGE?

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There is now a new, powerful and controversial figure at the heart of DOGE. And, just like Elon, wherever this man goes, money just seems to follow. I wouldn’t be surprised to see some people become millionaires when this man makes a DOGE-related announcement by July 22nd. See the full story.

Elon Musk’s Grok AI Is Quietly Being Deployed Across US Government Agencies — Experts Warn It Could Breach Privacy Laws And Create Serious Conflicts Of Interest: Report

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A Historic Gold Announcement Is About to Rock Wall Street – Ad

Satellite Imagery Uncovers Serious Damage To North Korea’s Newest Warship

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Elon Musk’s PAC Promised $100 Per Signature—Now It’s Facing a Lawsuit

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In Spain, a homelessness crisis unfolds in Madrid’s airport

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Portugal’s election brings another minority government and a far-right rise

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Trump’s Middle East visit comes as his family deepens its business, crypto ties in the region

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Tax bill passed by House Republicans would gut Biden-era clean energy tax credits

WASHINGTON (AP) — The passed by House Republicans early Thursday would gut clean energy tax credits that Democrats approved three years ago while supporting increased mining, drilling and other traditional energy production. Continue Reading ➔

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Cathie Wood Just Spent $8.4 Million On This Top Chip Stock (And It’s Not NVIDIA)

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Bill Ackman Proposes Gradual China Tariff Escalation To Push Fair Trade And Avoid Economic Shock: ‘This Approach Would Incentivize Companies…’

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Shaq Rolls Up In A Cybertruck — Elon Musk Has This One-Word Response

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Mississippi governor calling lawmakers into special session to seek a budget deal

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Joe Biden BUSTED – Former Aide SPILLS IT – TOTAL CONFESSION

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POLL: Do you agree with Trump on pulling funding from Harvard due to antisemitism problems?

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‘Real Men Have Fabs’… Until They Don’t

To the industry, Morris Chang’s vision wasn’t just misguided…

At first, nobody took Chang’s idea seriously…

The company was living on scraps…

TSMC started winning more and more customers…

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