Trump Picks New Fed Chair, Software Stocks Crash, Apple Crushes It, Amazon Eyes $50 Billion OpenAI Deal: Today's Business Breakdown
President Trump nominated Kevin Warsh as next Fed chair though Senate confirmation could be difficult with Senator Tillis blocking nominees until Powell's criminal investigation concludes; software stocks crashed into bear market territory down 22% with Microsoft tumbling 10% wiping out $350B on weak cloud growth; Apple crushed expectations with iPhone revenue up 23% as CEO Tim Cook called demand "staggering"; and Amazon is reportedly in talks to invest $50B in OpenAI despite already investing billions in competitor Anthropic.
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