WSJ What’s News – AM Edition (Jan 30, 2026)

Episode Theme:
Major market and policy shifts: Trump’s Fed pick, government shutdown avoidance, AI IPO race, Apple’s earnings, global trade spats, and the surprising allure of “Costco Tourism.”

Key Discussion Points and Insights

1. Trump Expected to Nominate Kevin Warsh as Fed Chair

[00:33–02:18]

• Announcement: President Trump is set to nominate Kevin Warsh for Federal Reserve Chair, concluding lengthy deliberations with several high-profile candidates.
• Market Reaction & Profile:
  • Alex Frangos, Finance Editor:

    "Warsh is very much the candidate that Wall Street and markets probably are most comfortable with. He's a former Fed governor, he has deep ties on Wall Street, but in recent years he's become more of a Trumpian economic thinker." (01:32)

  • Warsh has publicly supported rate cuts, aligning with Trump’s economic agenda. However, his historical independence creates uncertainty about his future stance at the Fed.

    "But the question is, which Kevin Warsh will show up at the Fed?...I think Trump has to worry a little bit that he puts the guy in and then he goes against him. And that's been his big reservation." (01:51)

• Powell’s Term: Jerome Powell’s chairmanship ends in May.

2. OpenAI Targets Q4 2026 for Blockbuster IPO

[02:18–03:26]

• Exclusive Report: OpenAI aims for a Q4 2026 public listing, moving ahead of initial schedules due to AI industry competition.
  • Berber Jin, Venture Capital Reporter:

    "OpenAI's calculus is that whoever goes out first will definitely benefit from a lot of the attention that will come from being the first generative AI company to be a public company..." (02:47)

• Market Dynamics: Massive R&D and operational costs for gen AI mean the public markets present vital fundraising opportunities.
• Competitor Race: Rival Anthropic plans to break even two years before OpenAI (by 2028), intensifying the race for investor dollars.

3. Apple’s Record Earnings—but Market Cautious

[03:26–05:23]

• Financials: Apple posted record quarterly sales, with iPhone revenue jumping 23% YoY to over $85 billion. Despite the beat, shares remained flat in after-hours trading.
• Investor Sentiment:
  • Rolf Winkler, Tech Reporter:

    “What’s a company got to do to impress investors?...People keep buying iPhones. No one's going to buy an Android device because it's got some killer AI feature... and yet the stock’s not reacting..." (04:01)

• Margin Concerns:
  • The cost of memory and specialized chips is rising due to competition, especially from Nvidia at supplier TSMC.
  • Rolf Winkler:

    "The concern is memory prices and prices for other components...Apple is no longer TSMC’s sole major customer. Nvidia is buying up a whole bunch more of that production..." (04:43)

  • Apple may absorb the cost rather than increase iPhone 18 prices, potentially squeezing profit margins.

4. Market & Economic Updates

[05:23–06:09]

• Earnings to Watch: Oil giants Chevron and ExxonMobil, American Express, Verizon—all reporting.
• Inflation Watch: Monthly Producer Price Index release scheduled, key for inflation trajectories.

5. Government Shutdown Deal Struck

[06:40–07:57]

• Temporary DHS Funding Extension: President Trump and Senate Democrats reach a stopgap deal to avert a government shutdown—a two-week funding bill for the Department of Homeland Security.
  • Damian Paletta, DC Reporter:

    "After the killing of Renee Good and Alex Preddy in Minnesota, Democrats suddenly had a tremendous amount of leverage over the White House..." (07:01)

  • The short extension buys time for further negotiations, with possible tough fights ahead on leadership and policy at DHS.

6. Trump Weighs in on Western Allies’ China Ties

[07:57–08:54]

• US Pressure on UK, Canada: Trump criticizes British Prime Minister Keir Starmer’s visit to Beijing and warns Canada against deepening trade ties with China, threatening steep tariffs and punitive measures.
  • Alex Frangos:

    “It's very dangerous for them to do.” (08:09)

  • Damian Paletta:

    “And it's even more dangerous, I think, for Canada to get into business with China. Canada is not doing well.” (08:11)

  • The Trump administration threatens punitive tariffs in response to China-related trade, including hypothetical 100% tariffs on Canadian goods should trade agreements advance.

7. US–China Rivalry in the Americas: Panama & Venezuela

[08:54–09:40]

• Panama Canal Moves: Panama’s Supreme Court annuls CK Hutchison’s port contract, a step seen as limiting Chinese influence and supporting Trump’s security goals in the hemisphere.
• US–Venezuela Détente: The US reopens some Venezuelan airspace and relaxes oil sanctions after Venezuela's National Assembly offers more operational autonomy to US firms.

8. “Costco Tourism” – A Quirky US Export

[09:58–11:34]

• Phenomenon: Growing numbers of Americans are traveling internationally to visit Costco stores in places like Iceland, Spain, Japan, and Australia, seeking local and unique products alongside old American staples.
  • Stu Wu, Reporter:

    "There are these huge Costco fans who...instead of going to the Louvre...they take a train or a car...and they go all the way to the suburbs and they go to Costco. They go there to see what the locals are buying in bulk and they test out some of the stuff in the food court." (10:21)
    “Like, for instance, I went to the one in Japan. Instead of a chicken bake, they have a beef bulgogi bake.” (10:50)

• Cultural Discovery:
  • Unexpected finds include fish jerky in Iceland, foie gras in France, and region-specific snacks.
  • Stu Wu:

    “When you step into one of these Costcos, it feels like home, but also you find out what really matters to the locals.” (11:17)

Notable Quotes & Memorable Moments

• On Warsh's Fed Appointment:

  "Warsh is very much the candidate that Wall Street and markets probably are most comfortable with..."
  — Alex Frangos (01:32)

• On the Gen AI IPO Race:

  “Whoever goes out first will definitely benefit from a lot of attention...”
  — Berber Jin (02:47)

• On Apple's Enduring Allure:

  “People keep buying iPhones. No one's going to buy an Android device because it's got some killer AI feature...and yet the stock’s not reacting...”
  — Rolf Winkler (04:01)

• On the Political Stakes in DHS Funding:

  “Democrats suddenly had a tremendous amount of leverage over the White House...they agreed to this stepgap bill.”
  — Damian Paletta (07:01)

• On the Odd Joy of Costco Tourism:

  "Instead of going to the Louvre...they go all the way to the suburbs and they go to Costco..."
  — Stu Wu (10:21)
  “When you step into one of these Costcos, it feels like home, but also you find out what really matters to the locals.”
  — Stu Wu (11:17)

Timestamps of Key Segments

• Fed Chair Announcement & Analysis: 00:33–02:18
• OpenAI IPO Plans: 02:18–03:26
• Apple Earnings & Investor Concerns: 03:26–05:23
• Earnings & Economic Data Preview: 05:23–06:09
• Government Funding Deal: 06:40–07:57
• US–Allies–China Trade Tensions: 07:57–08:54
• Americas Security & Business Moves: 08:54–09:40
• Costco Tourism Feature: 09:58–11:34

Episode Tone

Brisk, journalistic, and slightly wry—delivering key market, policy, and global developments with expert opinions, quick insights, and the occasional odd, delightful detour (see: Costco tourism).