Wednesday, April 22, 2026

CSX -- Never Saw This Coming -- AVGO -- $2 Trillion Market Cap -- April 22, 2026

Locator: 50594CSX.

MU: why did Micron surge today? SK Hynix posted record first-quarter profit, in line with estimates based on higher memory prices.  With regard to the three, market share, how do they compare? Is anyone paying attention?

AVGO: this is pretty special. Link here. AVGO's market cap: $2 trillion -- only the sixth in US history to achieve that milestone. The other five: AAPL, NVDA, MSFT, AMZN, GOOG. 

*****************************
CSX 

CSX reported nice earnings. Link here

After hours, shares surge. UNP will report earnings tomorrow morning before the market opens. Futures (UNP) flat after a down day today.

John C Phelan Is Sacked -- April 22, 2026

Locator: 50593SACKED.

This absolutely makes my day. On April 10, 2026, just twelve days ago, I wrote:

I first "met" Peter Zeihan back in 2022, or thereabouts, when he published The End Of The World Is Just The Beginning, published June 14, 2022. The big -- almost my only -- takeaway from that book:

  • the importance of water for trade; and,
  • the US Navy, alone, protected free and safe passage on the water, worldwide.  

My notes, very, very sparse, on that book, are here.

Time to take a look at the current CNO and the former CNO:

  • current CNO: advanced degrees in engineering; naval career -- submariner.
  • former CNO: undergraduate degree in journalism; naval career -- mostly executive officer, assistant director, acting director positions -- surface warfare; appointed by Biden; sacked by Hegseth

US Secretary of the Navy

  • John C. Phelan
  • businessman (no military experience?)
  • huge fundraiser for Trump
  • art collector
  • married to former Dallas Cowboys cheerleader; date of marriage unknown, but long term romance; he was 36 or 37 years old when he married.  

Of the last ten US secretaries of the navy, how many have had no military experience? Even experience in the defense industry? One. Exactly one has had no military experience. John C. Phelan.

Of the recent U.S. Navy Secretaries, only one of the last ten (John Phelan, confirmed in 2025) has had no prior military experience. While some nominees in recent years faced scrutiny over limited background in national security, most secretaries in the last 15–20 years served in the armed forces or held high-level defense industry/government roles.

And folks are concerned about Hegseth? LOL. 

**********************************

So, to repeat the high points -- the point I was trying to make.

CNO: chief of naval operations. The most important US combatant commander -- the CNO -- submarines, nuclear missiles; air wings; and transportation arm for the US Marines. I can't think of a more important US combatant commander and then consider the geography of the world.

So under Biden, the CNO he appointed was a journalism major in college. Seriously, there is no degree less rigorous than journalism. Compare that CNO's background with every CNO before and since.

Then, the Secretary of the Navy -- this is who Trump appointed:  

  • John C. Phelan
    • businessman (no military experience)
    • huge fundraiser for Trump
    • art collector
    • married to former Dallas Cowboys cheerleader; date of marriage unknown, but long term romance; he was 36 or 37 years old when he married.  
      • how is the date of a marriage not known? In America, isn't there something like a marriage license required. Yes, I know common law marriages, but this source suggested there was a specific, but unknown, date.

Of the last ten US secretaries of the navy, how many have had no military experience? Even experience in the defense industry? One. Exactly one has had no military experience. John C. Phelan.

Of the recent U.S. Navy Secretaries, only one of the last ten (John Phelan, confirmed in 2025) has had no prior military experience. While some nominees in recent years faced scrutiny over limited background in national security, most secretaries in the last 15–20 years served in the armed forces or held high-level defense industry/government roles.

And you can't say the current president has had no military experience. He was a commander-in-chief for four years, 2017 - 2021.

****************************
Today: It's Being Announced -- John C Phelan is leaving.
 

Wow, wow, wow -- about time. It will be interesting to see who will replace him.

Hung Cao, the undersecretary of the Navy will be the acting secretary until Trump appoints a new secretary.

Hung Cao? Link here

After immigrating to the United States in 1975, Cao and his family moved to West Africa. He returned to Northern Virginia at the age of twelve and later graduated with the inaugural class of Thomas Jefferson High School for Science and Technology. He entered the Navy as a Seaman Recruit in 1989 and was later commissioned as a Special Operations Officer from the United States Naval Academy in 1996.

As a Navy Diver, Cao led underwater missions around the world. As an Explosive Ordnance Disposal Officer, he led counter improvised threat missions for Special Warfare and Special Forces around the world with multiple deployments to Iraq, Afghanistan and Somalia. In his final tour of duty, he led sensitive activities, exploitation, counter-messaging and counter-drone operations in support of the Geographic Combatant Commanders and Special Operations Command. He retired from active duty in October 2021 as a Captain.

Prior to his appointment, Cao was a Vice President and Client Executive at CACI International. He helped in fielding electronic warfare packages, counter-drone technology, optical communications, photonics, enterprise IT and shipyard infrastructure optimization in support of the Department of the Navy.

Cao is a decorated combat veteran, a qualified Navy Special Operations, EOD and Diving Officer, Naval Parachutist, and Surface Warfare Officer. He holds a bachelor’s degree in Ocean Engineering, a master’s degree in Applied Physics and was a Fellow with MIT Seminar XXI and Harvard Kennedy School. He is fluent in French and Vietnamese. Cao and his wife April have five children.

AI query: why was John C Phelan sacked?

Reply

  • As of April 22, 2026, the Pentagon announced that Navy Secretary John Phelan is leaving his post effective immediately, with sources confirming he was fired, according to reuters via tucson.com. No official reason was given for the sudden departure, which occurred after a 13-month tenure marked by internal friction and a wider shake-up of top US defense leadership by Defense Secretary Pete Hegseth.

And folks are concerned about Hegseth. He's the least of our problems. In fact, he's taking care of a lot of problems. Exhibit A: John C. Phelan.

By the way, the meme -- Hegseth sacking military generals -- the meme -- it gets tedious. 

AMD: Soars Through $300 / Share -- April 22, 2026

Locator: 50592AMD.

It goes without saying this was a 52-week high.

AMD's PEG: 0.6 to 1.4 -- relatively inexpensive.

Link here

***********************
The Book Page

AI Query: in the The Jewish Annotated New Testament it is stated that Paul was not a convert to Christianity because Christianity did not yet exist as a separate relgion in his time. If that's true, when and where do scholars feel Christianity first came along? 

Reply:

How Bad Is The Transportation Fuel Situation In California? April 22, 2026

Locator: 50591CA.

Link here

The Western Gateway Pipeline will connect Midwest and Gulf Coast refinery supply to Phoenix, Arizona and California markets with connectivity to Las Vegas, Nevada, via Kinder Morgan’s CALNEV pipeline.

This is actually pretty clever. One lateral will definitely get built. Let California take their time deciding what they want to do with their proposed lateral.  

**************************
Enola Gay

Link here

Huge Day For The Market -- April 22, 2026

Locator: 50590B.

Jiu-Jitsu: Gen Z's version of Twister. Seriously. Google Gemini query. 

Kristi-Noem-purse thief: sentenced to three years in prison. Wow. 

MacBook Neo: I "had" to visit Costco today to pick up some gifts. The visit gave me a chance to see the new MacBook Neo. 

It really is amazing. To walk up to the Apple computers, and among high-end computers, there's a Neo that looks just like all there rest -- except for the price -- "in-person," seeing the $589 price tag is amazing. Did anyone really think we would ever see a state-of-the-art Apple laptop for under $600? 
Saying it's under $600 makes it sound even more expensive that it really is. It's $589 -- holy mackerel. Next fall it should qualify for Texas "back-to-school" tax-free weekend. I don't know, but it should. 

Heavy metal: copper on fire today; link here. Could test all-time highs. Both GLW and SCCO up 2% today. LUMN? Up 6% today

******************************
Back to the Bakken 

WTI: $92.52. Up $2.84; up 3%. Most likely due to:

  • reports that Iran seized two tankers in the strait;
  • the US blockade on Iran is holding;
  • everyone knows Iran won't negotiate away their uranium or their control of monetizing the strait (i.e., diplomacy is over);
  • Trump, meanwhile, can simply sit, stalk, select.

Active rigs: 22.

Four new permits, #42855 - #42858, inclusive:

  • Operators: Hunt Oil (3); Hess
  • Fields: Thompson Lake, Burke County; Dimond, Burke County; Ross, Mountrail County;
  • Comments: 
    • Hess has a permit for a RS-Jones well, NWSW 35-136-92, 
      • to be sited 2043 FSL and 495 FWL;
    • Hunt Oil has permits for two Kandiyohi wells, SESW 31-160-90, 
      • to be sited 404 FSL and 1393 / 1423 FWL;