Executive Orders & Legal Framework - Executive orders are written orders from the President, aiming to implement specific actions [2] - Executive orders are not laws and are subordinate to the Constitution and federal statutes [2][3] - The legality and constitutionality of executive orders are ultimately determined by the judiciary, especially the Supreme Court [3] - Congress can also act if it has the political will to do so [3] Potential Impact & Concerns - The report highlights concerns about the extent to which President Trump has used executive orders to reshape government and society [1] - Trump's executive orders have targeted areas such as law firms doing business with the government, the Department of Education, and requirements to vote in political elections [1] - One executive order challenged a common understanding of the Constitution to end birthright citizenship [1]

AI Development & Competition - The US is currently far ahead of China in AI, exemplified by Nvidia's dominance, with approximately 80% of the most advanced chips being purchased in the US [1] - Major US companies like Google, META, and Microsoft are driving AI development significantly [2] - Europe is currently a consumer of AI technology, lagging behind the US and China in AI ecosystem development [2] - The debate is whether the US or China will win the AI race, but Europe is clearly losing, also evident in the semiconductor sector [3] - Europe's semiconductor consumption is low because companies developing AI chips are not based there [4] - Europe needs to create conditions to attract the AI ecosystem back to the region to catch up [4] - If Europe loses the AI race, it will primarily become a consumer of the technology, with limited knowledge creation within the region [6] Semiconductor Industry & Supply Chain - Shipments of systems to Europe account for only 1-2% of total business, a trend that has persisted for the last ten years, indicating a lack of semiconductor manufacturing build-up in Europe [3] - The interdependencies between China and the US are constantly highlighted, emphasizing the need to ensure open markets [9] - China will not accept being cut off from technology and will strive to advance, given its large population of 14 billion [11] - The West could choose to provide China with older generation technology, such as the fourth or fifth generation, while currently shipping products that are eight generations behind [12] - Products shipped to China are over ten years behind those shipped to Western customers in 2013-2014, slowing down China's technological progress [12] - Frustrating China too much could lead them to develop their own technology and potentially compete in the market [14]

Company Overview - ASML is central to the production of advanced chips used in phones, laptops, and AI, though largely unknown to the public [1] - ASML is the sole manufacturer of lithography machines capable of printing the tiniest circuits on advanced chips [1] - ASML's modern lithography machines are very large, about the size of a double-decker bus [1] Product & Cost - ASML's extreme ultraviolet (EUV) lithography machine, a key product, costs over $300 million [2] - Each EUV machine contains over 100,000 parts [2] Supply Chain - ASML relies on approximately 1,000 suppliers for its machine production [2] - These suppliers provide hundreds of thousands of individual parts [2] Industry Position - Top semiconductor firms like Nvidia, AMD, and Micron design chips [3] - Foundries such as TSMC and Samsung manufacture these chips, primarily in Asia [3] - The most advanced semiconductors rely almost entirely on ASML's EUV machines [4] - The semiconductor industry faces the ongoing challenge of increasing computing power in smaller spaces [4]

because you know these key players. Can you describe some of them in one word. Like if I say to you Sam Orman, what word first comes into your mind.[laughter] >> Oh my god. Um yeah, I I guess courageous >> because >> well, you know, he's obviously sort of growing his data center fleet very very uh aggressively. Um, and I I think he's, you know, he he he may well turn out to be, you know, one of the one of the great entrepreneurs of our generation.>> So, other descriptions, what what word would you use to de ...

I would love to hear kind of your take on where we are on the AI question. Like Stacy and I for months have been sort of debating about the AI bubble and is it useful. How do you see things from from your perch.>> I think you just said it. You just said the AI industry and then you said sell its chips to China. The entire AI industry is Nvidia.That's the money. It's the whole industry. Nobody else is making a dime. >> Is no one else making a dime even with like the chips act and everything.I like Micron and ...

>> THIS IS "BALANCE," LIVE FROM WASHINGTON, D.C. >> FROM BLOOMBERG'S WASHINGTON, D.C. STUDIOS, WELCOME TO "BALANCE OF POWER. " THE PRESIDENT LEANING TOWARD A FED CHAIR PICK. THE MOVES JUST WITHIN THE LAST HOUR. THE RACE FOR FED CHAIR WITH THE WALL STREET JOURNAL NOW OUT WITH THIS REPORT JUST A SHORT TIME AGO. THE HEADLINE READING, "TRUMP SAYS HE IS LEANING TOWARDS WARSH OR HASSETT TO LEAD THE FED. THEY ARE AT THE TOP OF HIS LIST.HE SAID "I THINK THE TWO KEVINS ARE GREAT." THE INCLUSION OF WARSH COMING JUST ...

-Well, the decision itself isn't a surprise, David. The why, though, is a good question. I don't see really an argument for cutting the funds rate, particularly given the Fed's own macroeconomic forecast that would have real GDP growth now higher next year, not lower. There are reasonable minds on both sides who are debating the employment tradeoff and the inflation tradeoff. More interestingly, going forward, what could the Fed do? I don't see rate cuts. If you look at the Fed funds rate now, it's roughly ...

Manila's expansive food scene is hard to describe, but has flourished over the last decade thanks to food champions like the late Margarita Flores and places that rank on Asia's 50 best [music] restaurant lists. But here's the challenge. Metro Manila is big, and many great places are tucked away [music] in quiet alleys or unassuming buildings.Finding the top spots aren't easy, so we've selected five to give you a head start. First, it's the new kid on the block, Makai. Japanese comfort with serious polish.T ...

President just now in the Oval Office, made an offhand remark that a lot of progress was being made on Russia and Ukraine. You don't think he gets on a plane this weekend, do you. I don't think he's going to get on a plane this weekend, but his folks might.I mean, I could see Secretary Rubio or or Steve Whitcomb and Jared Kushner have been working this getting on a plane. You know, this if anything, what's fascinating with this is that things are progressing mainly because President Zelensky's trying to pla ...

Do you want to personally play in the decision by the Fed on interest rates. Well, you know, I've made a lot of money. I've been very successful, and I think my role should be at least that of a recommending.You know, I have to follow what I say, but we're going to be choosing a new Fed person in the pretty near future. But they went out you know, they went out with 71 different people, all economists and Trump. I was 71. And of the 71 people, I got it right. And one other person, I think, from the Wharton ...