TikTok US Deal Finalized, Fed Chair Interviews Done, More
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That's Vanguard.com slash audio. All investing is subject to risk. Vanguard Marketing Corporation Distributor. News when you want it with Bloomberg News Now, I'm Doug Krisner. TikTok and its Chinese parent company have closed a deal to transfer part of TikTok's U.S. operations to American investors. Here is Bloomberg's Annabelle Droolers.
We've got TikTok and ByteDance that have established that JV to transfer parts of TikTok's US business to non-Chinese owners. And so as part of that deal, you're going to get essentially a newly created US entity. And we've actually already been hearing that staff within the US had already been starting to be split into these teams just in the last few weeks. So essentially just creating a bit of a firewall around what happens in the States.
That is Bloomberg's Annabelle Droolers. Now, this new U.S. entity will be owned by Oracle, Silverlake, MGX and existing ByteDance investors. President Trump says he has completed interviews with candidates to succeed Jay Powell as Fed chairman. Trump reiterated he has someone in mind and an announcement is coming soon. Here is Trump speaking to reporters aboard Air Force One.
I'll be telling you soon. I have somebody that I think will be very good, but I'm not going to reveal it. Someone from Wall Street? That's very respected, very well known, and will do, I think, a very good job.
Now, Treasury Secretary Scott Besson previously said Trump could announce his pick for Fed chair as soon as next week. Also today, President Trump sued JPMorgan Chase and its CEO, Jamie Dimon, for at least $5 billion. Trump is alleging the lender stopped offering him and his businesses banking services for political reasons.
No, I haven't spoken to him. He banked me. So we'll see if that means anything, but I think it should. He should be banked. In a statement, J.P.
Morgan said the suit has no merit. The bank also said it closes accounts because they create legal or regulatory risk for the company. In business news, the struggling chipmaker Intel issued a lackluster forecast for the current quarter. Now, in recent months, the market has bet on new products from Intel, further boosting the company's finances. However, Intel says supply shortages are making it harder to meet customer demand. We got reaction from Ivan Feinseth of Tigris Financial Partners.
The stock ran up a lot. It went from 20 to 55. Even if it pulls back to 45, you know, it's a buying opportunity because I think that long term, they are going to be back. I mean, I don't think even be back to their former glory.
What are the latest updates on the TikTok US deal?
I think they are going to be one of the world's leading semiconductor developers, designers, and manufacturers.
Ivan Feinseth from Tigris Financial Partners. Now, Intel has recently attracted some high-profile investments from the U.S. government, as well as Nvidia and SoftBank Group. Right now, shares in Intel are down 12% in late U.S. trading. We're hearing a bit more on that framework deal for Greenland reached on Wednesday between President Trump and NATO. Following the announcement, Trump said he would not impose tariffs on certain European countries that were set to begin February 1st. The president's pivot on Greenland has left many European allies scratching their heads. However, Commerce Secretary Howard Lutnick says the U.S.
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