Business

Spirit Airlines Shuts Down: Iran War Fuel Spike Kills First Major US Airline In 25 Years

spirit airlines shuts down

Spirit Airlines ceased all operations on May 2, 2026, becoming the first major U.S. airline to fold in 25 years after jet fuel prices doubled amid the Iran war. The carrier’s collapse reveals the fragility of ultra-low-cost airlines operating on razor-thin margins when geopolitical shocks hit commodity markets.

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Elon Musk vs Sam Altman: Inside the OpenAI Trial That Could Reshape the Future of Artificial Intelligence

sam altman vs elon musk

Elon Musk testified for nearly two hours in an Oakland courtroom Tuesday, telling jurors he founded OpenAI as a nonprofit to benefit humanity and the defendants “stole a charity.” With $130 billion in damages at stake and the future of AI governance on the line, this trial could become the most consequential tech ruling in a generation.

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Mag 7 Earnings Week: Can Big Tech Justify $645 Billion in AI Spending? What to Watch From Microsoft, Apple, Amazon, Meta, and Alphabet

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Five Magnificent Seven companies report earnings this week with over $15 trillion in combined market cap. The central question is whether $645 billion in AI capital spending is producing real returns, or if Big Tech is building the most expensive infrastructure in corporate history on a bet.

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Jerome Powell’s Last Fed Meeting: DOJ Drops Probe as Kevin Warsh Confirmation Clears Key Hurdle

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Jerome Powell chairs what may be his final Federal Reserve meeting this week as the DOJ drops its months-long criminal investigation, clearing the path for Kevin Warsh’s confirmation. What the transition means for Fed independence, interest rates, and the American economy.

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Tim Cook Stepping Down: What John Ternus as Apple CEO Means for the Company’s AI Future

Tim Cook Stepping Down: What John Ternus as Apple CEO Means for the Company's AI Future

Tim Cook will step down as Apple CEO on September 1, becoming executive chairman. John Ternus, the 50-year-old hardware engineering chief who joined Apple in 2001, takes the helm in only the third leadership transition in the company’s modern history, signaling a pivot toward AI and engineering-first innovation.

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Federal Judge Blocks Nexstar Tegna Merger: Trump Urged Approval to ‘Knock Out the Fake News,’ but a Court Said Not So Fast

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A federal judge blocked the $6.2 billion Nexstar-Tegna TV station merger on antitrust grounds, finding the deal would eliminate competition, gut local newsrooms, and jack up prices for consumers. The ruling defies both the FCC and DOJ, which had already approved the deal.

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Strait of Hormuz Shipping Standstill: Why the Iran Ceasefire Has Not Reopened the World’s Most Important Oil Chokepoint

Strait of Hormuz Shipping Standstill Why the Iran Ceasefire Has Not Reopened the World's Most Important Oil Chokepoint

Despite the US-Iran ceasefire, only two tankers have transited the Strait of Hormuz. Iran demands toll fees and transit permission while threatening to pull out over Israel’s Lebanon operations. Oil is back above $100.

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