Kalmari
AI pick

NO on FISA Section 702 reauthorized into law before Sep 1, 2026?

NO 92¢
HIGH convictionedge +3¢EV 3%closes Sep 1
The House rejected the last extension 198-218 on Jun 11; Trump conditions reauthorization on the SAVE America Act and Democrats on the DNI fight — no vehicle exists, and existing certifications (valid to Mar 2027) drain all urgency before both chambers leave for August. Priced risks: -2 pts a Clayton-confirmation deal unlocks a fast bipartisan extension, -1 pt an unnoticed rider on a must-pass vehicle. Cleanest tail: a rushed pre-recess deal week of Jul 27.
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