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Good Morning,
Amazon employees doing nonsense work to boost AI usage, AI stocks have a bad day, CPI inflation reported at 3.8% YoY, .6% MoM, Google and SpaceX in talks over orbital data centers, FDA Commissioner resigns, NW Energy & Black Hills Energy consider merger.
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PNW Market Look
As of market close 5.12.26
Headline Roundup
Lynnwood finally breaks ground on $70M I-5 bridge after 20 years of planning (Kiro)
(ID) Amazon applies to drop packages from drones to local homes across more than 170 square miles (BD)
Traders believe inflation could near 5% this year (CNBC)
(Portland) City Council Passes Street Fee to Raise Revenues for Street Maintenance (WW)
Bellevue self-storage sells for over $50M (DJC)
Pending BLM nominee brings renewed concerns for Idaho’s public lands (IDP)
Micron’s CEO invited to accompany Trump to China (BD)
Kotek’s prosperity council could target Oregon corporate activity tax, adviser suggests (ORL)
‘What Idaho living is all about.’ New mountain bike park opens in Eagle (IDS)
Oregon nuclear company has nearly $5B market cap but revenue is scant (PBJ)
Makary Resigns as FDA Commissioner (Ground)
China’s ‘Two Billion Feet’ Are Suddenly Running From Nike (WSJ)
US inflation jumps to 3.8% as Donald Trump’s Iran war sends petrol prices soaring (FT)
Businesses urge power merger, while consumers cite cost, reliability concerns (DM)
Seattle Mayor Katie Wilson’s budget deficit nears half-billion dollars, raising threat of taxes and layoffs (MNW)
SoFi expands Seattle footprint with Denny Triangle lease (PBJ)
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Community Highlight
Portland General Electric’s data center customers to pay more for electricity under landmark law (OPB)
“Before that law passed, PGE’s data center customers paid about 8 cents per kilowatt hour of electricity, while residential customers paid more than twice as much — closer to 20 cents per kWh, according to a state utility watchdog group.
PGE has until June 3 to determine how these changes will affect its customers.
“What we can say now is that we know data centers will be paying a little bit more for the costs associated with growth, and residential and small business customers should see some relief in their bills,” Ben Morris, PGE spokesperson, said.
According to Morris, 16 data centers will be impacted by this order.”
Rip’s Spotlight
Seattle Turns Hostile to the Great Businesses It Made - Howard Schultz (X)
“Washington’s economic story over the past half century is extraordinary. Microsoft, Amazon, Costco and a host of other new companies transformed the state into a global center of technology, innovation and logistics.
That ecosystem is fractured today. Seattle and much of Washington face serious problems: chronic homelessness, disorder in core business districts, persistent budget deficits, declining public-school outcomes and a slowing technology hiring cycle. These challenges aren’t unique to the state—but Washington’s response to them is.
Seattle’s mayor, Katie Wilson, has chosen to cast business as a foil rather than a partner. Her socialist rhetoric vilifies employers, even while she continues to rely on them for revenue. She has encouraged residents who disagree with her policies to leave.
In the state capital, the Legislature and governor have confronted difficult fiscal trade-offs by emphasizing taxation rather than reform or performance management. The theory appears to be that prosperity can be mandated through redistribution rather than generated through growth.”
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