Chapter 1: What is the main topic discussed in this episode?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this Friday, January 9th. I'm Julie Morgan. All eyes are on the Supreme Court today, Chinese tech stocks rally, and the CEO of Disney meets with leaders in China.
The Supreme Court is expected to issue rulings today, and one of them could decide the fate of tariffs issued by President Trump last year. The case centers on tariffs Trump put in place in 2025 using the International Emergency Economic Powers Act, or IEEPA. The administration argued that the tariffs were needed to address what he called large and persistent U.S. trade deficits.
Lower courts ruled the move went beyond the president's authority, and the Trump administration appealed, sending the case to the Supreme Court. While the court does not say in advance which decisions it will release, its fast-tracked handling of this case suggests a ruling could come as soon as today.
The president weighed in on social media this week, urging the court to allow the tariffs to stand and crediting them for recent record highs in U.S. markets. Prediction markets currently put the odds of the court siding with Trump at about 25%.
If the justices strike down the tariffs, the federal government could be forced to refund more than $133 billion in duties paid by importers, according to U.S. Customs and Border Protection. Alibaba saw its shares rally as much as 3.1% in Hong Kong, marking its strongest intraday performance since late 2024.
This was triggered by a Bloomberg report stating that Beijing is preparing to approve the import of NVIDIA's H200 AI chips for commercial use as early as this quarter. The news sparked a sector-wide rally. with other Chinese AI leaders like Kawasho Technology and JD.com each gaining over 4%.
According to sources, Alibaba has made a confidential inquiry about purchasing more than 200,000 units of the H200 to support its large language models and compete with American competitors like OpenAI. The current optimism stems from a policy shift in December 2025,
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Chapter 2: What are the implications of the Supreme Court's decision on Trump's tariffs?
where the Trump administration authorized the export of H-200 chips to China, provided a 25% surcharge is paid to the U.S. government. The CEO of Disney, Bob Iger, met with the Chinese vice premier in Beijing on Friday and said the entertainment conglomerate will continue to expand its investment in China.
A state-run news agency reported that Iger said Disney is confident in China's development and will better promote exchanges and cooperation between the U.S. and China. The vice premier called on enterprises from all countries, including Disney, to continue investing in deepening their presence in China.
Notably, Beijing only allows a limited number of foreign films into the country annually, and Hollywood films are capped at 10 a year. Disney opened Shanghai Disneyland in 2016, and Iger's visit to China may fuel speculation that the company could be weighing opening another theme park in the country. Now for a look at a few other articles that are trending on Seeking Alpha.
According to Cathie Wood, Trump's tilt towards crypto remains strategic for the midterm elections. GM takes an additional $7.1 billion charge tied to reduced EV capacity and Chinese business. And TSMC's December revenue rises 20.4% year-over-year and slips from November. One item to tell you about in our Catalyst Watch for the day. The three-day Silicon Valley auto show will begin.
Toyota, Cadillac, Lucid, and Volkswagen are all expected to show off models for 2026. Tesla will also be making a rare auto show appearance with its Cybertruck. On Wall Street at this early hour, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.3% to $57 a barrel. Bitcoin is down 0.6% at $90,000. Gold is down 0.1% at $44.73. The FTSE 100 is up 0.3% and the DAX is also up 0.3%.
Tilray Brands is on our list of the biggest movers of the day pre-market. TLRY is up 8% after reporting fiscal Q2 2026 results that topped revenue expectations, marking its highest quarterly revenue on record. And on today's economic calendar, a couple of items at 8.30 a.m., the employment situation in housing starts and permits.
At 10 a.m., the Fed's Neal Kashkari gives welcome remarks and participates in a fireside chat before the virtual 2026 Regional Economic Conditions Conference. And at 1.35 p.m., the Fed's Tom Barkin will speak at the Maryland Bankers Association. That's it for today's Wall Street Breakfast. Thanks for listening.
For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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