Good morning. Results from Nvidia’s chipmaker point to buoyant spending on AI. Donald Trump threatens to block a bridge linking the US and Canada. And Mark Zuckerberg may soon become Jared Kushner’s neighbor in South Florida. Listen to the day’s top stories.

— Marcus Wright

Global spending on AI continues to boom, with Nvidia’s contract chipmaker TSMC in Taiwan reporting a 37% jump in January revenues. Optimism around tech has helped drive the S&P 500 to within a whisker of an all-time high—and US futures advanced a little more this morning. Meanwhile, Wall Street analysts are boosting their ratings for AI-related stocks. Bubble? What bubble? 

Donald Trump threatened to block the opening of a new bridge that connects Michigan and Ontario, unless Canada makes concessions. And there’s more diplomacy in the works with Japan, where the two sides are due to discuss the $550 billion investment vehicle that was a pillar of the trade deal last year. 

Converse employees have been ordered to work from home ahead of layoffs and restructuring at the struggling Nike brand. On a more upbeat note, Stripe is arranging a tender offer that would value the payments giant at around $140 billion. And signs of hope are emerging at Gucci, where sales fell less than expected.

Photographer: Elijah Nouvelage/Bloomberg

Atlanta is ground zero for Trump’s plan to ban big investors from buying more houses. The area has the highest share of corporate-owned single-family rentals in the US, causing anger among locals about prices. The proposed ban—together with a plan to build as many as a million rent-to-own “Trump homes”—is part of the administration’s effort to address housing affordability ahead of this year’s midterms. 

Pam Bondi asked an appeals court to resurrect the indictments of two of Trump’s perceived enemies, former FBI director James Comey and New York Attorney General Letitia James. She argued that a lower court erred when it disqualified the prosecutor who handled the indictments and tossed them out.

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Deep Dive: Trump’s Agenda and the Courts

Trump  after signing executive orders terminating use of federal funds, grants or contracts for DEI programs and gender-affirming policies in January 2025. Photographer: Jabin Botsford/The Washington Post/Getty Images

Trump’s efforts to use federal funding as a cudgel against political opponents and programs he considers “woke” remain mired in court more than a year after his return to the White House.

• Judges halted his funding cuts and limits, or the government took steps to resolve issues after being sued, in more than half of 167 spending fights reviewed by Bloomberg News as of Jan. 16.
• The DOJ is pursuing dozens of appeals against the rulings, including over a judge’s order unfreezing funds for the Gateway rail tunnel between New York and New Jersey. Still, the court actions represent a road block—or at least a speed bump—for Trump.
• New legal fights are on the horizon: Trump recently said he would pull federal dollars from Democrat-led states and cities that won’t cooperate with his immigration crackdown, a move that would be sure to face court challenges.
   
  

The Big Take

Jeffrey Epstein and Sultan Ahmed bin Sulayem.
 Source: DOJ

Among the elite businessmen and politicians who carried on friendly, crude and sometimes disturbing correspondence with disgraced financier Jeffrey Epstein, few kept up their exchanges as long as Sultan Ahmed bin Sulayem, one of Dubai’s most powerful executives.

Opinion

Photographer: Alex Wong/Getty Images

Robert F. Kennedy Jr.’s vaccine skepticism is entering a new phase, Bloomberg’s Editors write. He now appears intent on dismantling the National Vaccine Injury Compensation Program, an obscure $4 billion fund. 

Our daily word puzzle with a plot twist.

Today’s clue is: Party that has a lot to deal with?

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Before You Go

Photographer: David Paul Morris/Bloomberg

Mark Zuckerberg is planning to buy a property in the Miami area, according to a person familiar, joining a roster of ultra-wealthy individuals expanding their presence in South Florida. He and his wife are looking at a purchase on Indian Creek, a secure enclave already home to Jared Kushner, Jeff Bezos and others.

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