Spirit Airlines is reportedly preparing to cease operations, joining the graveyard of failed U.S. air carriers — including icons like Pan Am and Eastern Airlines — as it has not been able to identify a path out of its second bankruptcy.

• The budget carrier has failed to reach a bailout deal with the Trump administration amid Republican opposition.
• Trump today told reporters he would only agree to a solution if it "was a good deal," with the U.S. government's interests coming first, per WSJ.
• Spirit bondholders have reportedly resisted such a deal.

A Spirit Airlines spokesperson declined to comment and said the company continues to operate.

• Trump suggested that he would have an announcement about the Spirit bailout talks today.

✈️ What we're watching: A Spirit liquidation could leave customers with future bookings in the lurch if the airline stops flying.

• Several major airlines today — including American, United and Frontier — said they'll aid Spirit Airlines customers if the budget carrier suddenly goes out of business.

Catch up quick: Spirit had filed for Chapter 11 bankruptcy protection in August for the second time in less than a year, aiming to stay in business despite myriad business challenges that made it difficult for the company to compete.

• It had pledged to use the restructuring process to overhaul its route network, reduce its fleet size, cut other costs and increase premium options for travelers.
• A recently announced deal to restructure its debt load ultimately fell apart after the Iran war spiked jet fuel prices.

The bottom line: A last-minute rescue is still possible, if unlikely.

Go deeper

Exxon and Chevron's profits fell in Q1 compared to last year, despite higher oil prices during the Iran war, Axios' Pete Gannon writes.

• Some of that was attributable to supply disruptions in the Middle East, while some profit was pushed into future quarters due to timing disruptions from rerouted supplies, Exxon noted.

🏛️ What we're watching: Oil companies often end up in political crosshairs during global supply shocks, given their ability to profit from consumers' pain at the pump.

• Chevron CEO Mike Wirth warned against policy decisions like price caps and export bans that he said could distort the normal behavior of the market.
• He also pointed to excess profit taxes, calling them a historically go-to policy response. He warned they send "unhelpful questions about future investments," and can slow how companies react down the line, creating "vulnerabilities out into the future."

Both companies, meanwhile, have "defied calls from the White House to increase oil production," the FT notes.

• "I would say we are running pretty full speed," Exxon CEO Darren Woods said on the company's call.

📉 State of play: Chevron (-1.5%) and Exxon (-1%) shares both fell today, as Brent crude oil fell 1.3%.

🇪🇺 President Trump said he would increase tariffs on EU cars and trucks to 25% next week. (CNBC)

🤖 Meta has acquired Assured Robot Intelligence, a part of a major push to build humanoid robots. (Bloomberg)

Shares of Toto, the Japanese toilet maker, surged 18% in Japan today.

Why it matters: Its role as a serious producer of semiconductor components is finally getting some attention, Pete writes.

Zoom in: The fancy bathroom appliance maker has an advanced ceramics business that makes highly specialized parts used in chip-making machines — holding silicon wafers perfectly still as they're carved into memory chips.

• It's actually the world's second-largest producer of so-called electrostatic chucks, FT notes.

Driving the news: The segment reported 34% growth in the last quarter compared to a year ago, and the division accounted for over half of Toto's operating profit, FT notes.

Flashback: Activist fund Palliser Capital pointed to the division back in February, arguing that Toto was flushing away a huge opportunity for shareholder value by not adequately touting its relevance.

• Palliser at the time called Toto "the most undervalued and overlooked AI memory beneficiary."