Sponsored by First Phosphate

$1B for Trump Ballroom Security Upgrades?

Senate Republicans, led by Judiciary Committee Chair Chuck Grassley of Iowa, have proposed allocating $1 billion in taxpayer funds for security upgrades tied to Donald Trump’s White House ballroom project, part of a broader $72 billion reconciliation package for federal law enforcement and border security unveiled on Monday night.

The funding, detailed in the legislation, targets “above-ground and below-ground security features” for the East Wing Modernization Project, a 90,000-square-foot space Trump has championed as essential for enhanced security during state dinners and galas.

You can read more on the matter here.

What’s going on?

• Romania Plunges Into Chaos as 281 Lawmakers Vote Out Pro-EU Prime Minister (theDeepDive)

• Canada's youth unemployment 'a crisis' as numbers rise (TS)

• Canada’s Wealth Gap Hits Five-Year High as Stock Gains Bypass Most Households (theDeepDive)

• Carney picks former Supreme Court justice Louise Arbour to be governor general (CBC)

• Did Liberals Really Cancel A Veterans Affairs Committee Meeting On Conservatives? (theDeepDive)

• Trump Accuses Pope Leo of Endangering Catholics by Opposing Iran War (WSJ)

• Carney Adds $270M More For Ukraine, Total Now Is $25.8B (theDeepDive)

• SEC moves to scrap quarterly reporting requirement (FT)

• China’s Most Dangerous Enemy Is Not America—It’s Its Own Birth Rate (theDeepDive)

What’s the latest?

• Micron: Shares of Micron Technology surged about 12%, pushing its valuation past $700 billion amid booming demand for memory driven by AI. The rally—up 125% this year—reflects a global shortage as companies like Nvidia and Advanced Micro Devices require massive memory for AI systems, with supply still struggling to keep up.

• Spirit Airlines: Spirit Airlines is seeking court approval to liquidate and sell off its assets after failing to recover from bankruptcy, with rising fuel costs from the Iran war cited as a key factor in its collapse. The airline has halted operations, is cutting its workforce drastically, and plans a rapid wind-down to repay creditors, while other carriers step in to assist stranded passengers and displaced employees.

• Markets: U.S. stocks rallied toward record highs, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all gaining, as easing oil prices and strong corporate earnings—partly driven by heavy AI spending—boosted investor confidence despite ongoing tensions involving Strait of Hormuz.

• Trade Surplus: Canada posted a $1.78 billion trade surplus in March, its first in six months, as higher oil prices and strong gold demand boosted exports while imports declined, according to Statistics Canada. Exports rose 8.5%—led by energy and metals—while trade with the U.S. also improved despite tariffs under Donald Trump, with Canada’s surplus with the U.S. hitting a six-month high.

• Politics: Experts are skeptical that Project Freedom, launched by Donald Trump, can safely reopen the Strait of Hormuz, arguing it doesn’t address the core issue—ongoing risk from Iran that keeps shipping companies away. While U.S. officials say limited ship transits prove progress, analysts warn the mission is a high-risk, temporary fix that could escalate tensions and won’t restore normal traffic without a broader diplomatic solution.

The Silver Market May Be Closer to Breaking Than It Looks

The stock market and stuff

• Canadian Oil Pipeline to Wyoming Secures 400,000 bpd in Shipper Pledges (theDeepDive)

• Two Dead in Blast at Kazakhstan’s Largest Zinc Plant Owned by Glencore (theDeepDive)

• Global oil reserves plunge at record pace as Middle East war strains supplies (FT)

• Cameco Sees Realized Uranium Prices Climb to US$66 a Pound in Q1 (theDeepDive)

• Coinbase Cuts 14% of Employees, Bets on AI to Redefine Crypto Exchange (theDeepDive)

In the juniors

• Agnico Eagle Makes Waves: Avenir Minerals Acquires Fox River in Unexpected $94.3M Phosphate Play (theDeepDive)

• Gold X2 Mining Expands 2026 Drilling Campaign to 160,000 Meters; Eight Drill Rigs Operating by the End of June (JMN)

• Questcorp’s La Union Surface Program Delivers 20 g/t Gold Over 2.9 Metres In Channel Sample (theDeepDive)

FULL DISCLOSURE: First Phosphate is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Phosphate. The author has been compensated to cover First Phosphate on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.