Luke Vargas

Until then, thanks for listening.

President Trump prepares to tap Kevin Warsh as his pick for Fed chair.

Plus, the White House and Democrats close in on a deal to avoid a government shutdown.

And Apple shares tread water as investors look past a bumper earnings beat to a looming chip shortage.

It's Friday, January 30th.

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

The pick is in.

President Trump is expected to nominate Kevin Warsh to lead the Federal Reserve today, ending months of deliberations that had seen a number of candidates effectively auditioning for the job.

So what would a Warsh-led Fed look like?

Here's Journal Finance Editor Alex Frangos.

The White House and Warsh didn't immediately respond to requests for comment.

Jerome Powell's term as current Fed chair ends in May.

We are exclusively reporting that OpenAI is targeting Q4 for its blockbuster IPO.

Journal venture capital reporter Berber Jin says that marks an acceleration of the company's original listing plans as rival Anthropic also eyes a potential IPO by year's end.

Anthropic expects to break even for the first time in 2028, according to projections shared with investors last year, two years earlier than OpenAI.

News Corp., owner of The Wall Street Journal, has a content licensing partnership with OpenAI.

Apple posted record quarterly sales yesterday after the market closed, with iPhone revenue jumping 23 percent from a year earlier to more than $85 billion.

That beats Wall Street expectations, but as tech reporter Rolf Winkler told me, it didn't generate much of a pop for Apple shares in off-hours trading.

And Rolf, explain this to us.

It seems like the root of investor concern here seems to be around parts costs and a potential hit to margins as a result.