John Tucker

The Dow, it closed at a record, helping push the S&P 500 to within a few points of a record.

NVIDIA, it rose 2.4%.

And Broadcom, it ended the session up 3.3%.

Stuart Kaiser is head of U.S.

equity trading.

It's a strategy at Citigroup Global Markets.

He was on Bloomberg Businessweek Daily.

I think what you're really seeing is within the tech trade, the shift has moved kind of away from the spenders and to the beneficiaries of that spending.

Well, the AI spending this morning showing up in the results for Taiwan Semiconductor Manufacturing.

Their January sales grew at the fastest clip in months.

This is the contract chipmaker for NVIDIA reporting a 37% rise in January revenue.

TSMC, which also produces chips for Apple, it has been one of the biggest beneficiaries of the surge in artificial intelligence.

In New York, I'm John Tucker, Bloomberg Radio.

Yeah, Kevin Warsh, the Trump administration's pick to be the next chairman of the Federal Reserve.

Nathan, this is according to our sources.

Without mentioning Warsh, the president last night said an announcement would come this morning.

The 55-year-old Warsh served on the Central Bank's Board of Governors from 2006 to 2011, and he's advised the president on economic policy.

This would mark a comeback for Warsh, whom the president passed over for the top job back in 2017 when he selected Jerome Powell.

Now, for the moment, investors see Warsh as less supportive of deep interest rate cuts.

In the past, he's warned of inflation risks and delivered more recent calls for the Fed to reduce its balance sheet.