Crypto News: Deep probe

Good morning. Surprise, DeepSeek is still in the news. We break down President Trump's cabinet picks and their big bucks. And the return of supersonic travel gets a little closer. Listen to the day's top stories.

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Microsoft and OpenAI are investigating whether data output from OpenAI's technology was obtained in an unauthorized manner by a group linked to DeepSeek, people familiar said. Donald Trump's artificial intelligence czar said there's "substantial evidence" that the Chinese AI startup leaned on the output of OpenAI's models to help develop its own technology. Meanwhile, Alibaba is touting a new AI model that's superior to DeepSeek's and Meta's.

ASML Orders Beat Estimates as AI Investments Drive Demand

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Nasdaq futures pointed to further recovery for tech stocks as Wall Street rebounds from Monday's global selloff. The focus now turns to the Federal Reserve's interest-rate decision, which DoubleLine Capital's Jeffrey Gundlach said will be the most predictable "no change" in recent years. Traders are watching for potential dovish guidance from Chair Jerome Powell, who may also be asked to respond to Trump's latest jabs at the central bank. But Big Tech earnings—including Microsoft and Meta—may steal the spotlight as the saga surrounding DeepSeek continues to reverberate.

Photographer: Will Oliver/EPA/Bloomberg

Trump's surprise announcement to halt trillions of dollars in federal spending sparked panic in Washington before the directive was temporarily put on hold by a judge. The order touched on a swath of programs as well as other forms of aid to states, cities and schools. Also at risk is funding for US universities that would disrupt scientific research. A freeze would also affect a $52 billion semiconductor subsidy program if it's allowed to proceed.

Call me from anywhere. Apple has been working with SpaceX and T-Mobile to add support for the Starlink network in its latest iPhone software, people familiar said. The service is also designed to work automatically, without requiring users to point their phone at the sky. Meanwhile, Apple's next watch may be able to send texts via satellite.

Source: Starbucks

Starting to perk up. Starbucks reported better-than-expected quarterly results, luring back lapsed customers with coffee-focused ads and by removing extra charges for non-dairy milk. The company even brought back ceramic mugs and baristas will be more focused on their macchiato art to enhance the customer experience. Can the chain save itself? Watch this video.

Deep Dive: Cabinet Wealth

Howard Lutnick, chief executive officer of Cantor Fitzgerald and commerce secretary nominee during Trump's inauguration. Photographer: Julia Demaree Nikhinson/AP Photo

Donald Trump's cabinet nominees represent a wide range of professional backgrounds, from politicians and Fox News hosts to Wall Street big wigs. Our tally shows their wealth varies widely too.

Commerce Secretary nominee Howard Lutnick, whose wealth and influence spans hundreds of firms, disclosed income of at least $356 million and assets of at least $804 million. Secretary of State Marco Rubio had assets of at least $421,000.
Still, the president's affinity with the rich is clear—remember the billionaires at his inauguration?—with 14 of his picks reporting a combined $1.5 billion in assets, at least.

The Big Take

For skeptics of Trump's threatened tariffs, the concern raised most often in the US is that they'll boost inflation. The biggest lesson from his last trade war, though, may be that it's the hit to growth that matters more.

Big Take Podcast

Chrystia Freeland's Vision for Canada

Opinion

Illustration: DAYB/Getty Images

Diagnosing bubbles in real time is difficult, John Authers writes. But Monday's sell-off shows that the story of Magnificent Seven exceptionalism isn't strongly rooted. He offers some potential strategies.

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Before You Go

Fasten your seatbelts. A supersonic jet built by Boom Technology broke the sound barrier for the first time yesterday, advancing its bid to resurrect high-speed passenger flights two decades after Concorde's demise. The aircraft surpassed Mach 1 while flying at an altitude of 34,000 feet across the Mojave Desert in California.