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Judge Blocks White House Bid to Pause Federal Assistance

Judge Blocks White House Bid to Pause Federal Assistance

Update: 2025-01-29

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Plus: Alibaba claims the latest version of its Qwen AI model can compete with offerings from OpenAI, Meta and DeepSeek. And, shares in ASML climb after the chip-equipment manufacturer tops expectations for the fourth quarter. Luke Vargas hosts.

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Transcript

00:00:00

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00:00:29

[MUSIC PLAYING]

00:00:33

Here is your morning brief.

00:00:34

For Wednesday, January 29, I'm Luke Vargas, for the Wall Street Journal.

00:00:39

A federal judge yesterday blocked federal agencies from implementing a White House effort to pause potentially trillions of dollars in federal assistance programs just minutes before the directive was set to take effect.

00:00:52

The stay in the order's implementation is set to last until Monday when oral arguments in the case can be held.

00:00:59

Separately, attorneys general from 22 states and the District of Columbia have sued to stop enforcement of the White House funding frees, which they argue unconstitutionally overrides Congress's power to decide how federal funds are spent.

00:01:13

Another Chinese AI model is on the scene from e-commerce giant Alibaba.

00:01:19

The company claims the latest version of its Quinn large-language model achieves competitive performance compared to leading models from open AI and meta, as well as Chinese peer deep-seek,

00:01:30

whose AI model sparked a market frenzy earlier this week.

00:01:35

And shares of chip equipment manufacturer ASML are surging in Amsterdam after Q4 orders beat analyst expectations as clients scrambled to meet booming AI demand.

00:01:47

The Dutch company said it's bullish about the chip industry's long-term outlook, predicting that global semiconductor sales would top $1 trillion a year annually by the end of the decade.

00:01:58

Asian stocks have ended the day broadly higher.

00:02:00

European stocks are mostly up in midday trading, and US stock futures are split between small gains and losses ahead of earnings from meta, Microsoft, and Tesla do out this afternoon.

00:02:13

And we've got a lot more coverage of the day's news on the WSJ's What's News podcast.

00:02:18

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

00:02:23

Judge Blocks White House Bid to Pause Federal Assistance

Judge Blocks White House Bid to Pause Federal Assistance

The Wall Street Journal

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