Tulsi Gabbard to Resign as US Intelligence Director | Balance of Power: Late Edition 5/22/2026

Summary

This episode covers the swearing-in of Fed Chair Kevin Warsh, the S&P 500's eighth straight weekly gain, Tulsi Gabbard's resignation as DNI, the impact of the US-Iran war on oil prices, an energy summit in Utah, the DNC's 2024 election autopsy, an interview with Micron's CEO about memory chip demand, and SpaceX's Starship test. Key market implications include elevated oil prices due to the Strait of Hormuz closure, a continued bull run in equities, and strong demand for memory chips driven by AI.

• Kevin Warsh sworn in as Fed Chair, expected to be cautious on rate cuts.
• S&P 500 extends winning streak to eight weeks, raising questions about rally durability.
• Tulsi Gabbard resigns as DNI amid reported sidelining and husband's health.
• Oil prices remain high with Strait of Hormuz closed, but expectations of eventual drop.
• Utah Governor and White House advisor discuss doubling power production through nuclear and other sources.
• Democratic Rep. Gabe Amo criticizes Trump's war policies and calls for diplomatic resolution.
• Micron CEO Sanjay Mehrotra states memory chip shortage will continue beyond 2026 due to AI demand.
• SpaceX prepares for Starship test flight, key for future space data centers and Mars missions.