Category: 3. Business

Why Trump’s new pick for Fed chair hit gold and silver markets – for good reasons

After months of speculation, US President Donald Trump confirmed he will be nominating Kevin Warsh as the next chair of the US Federal Reserve. The appointment has been closely watched in the context of Trump’s ongoing conflict with the Fed and its current chairman Jerome Powell.

The immediate reaction to the announcement was a significant crash in gold and silver markets. After months of record highs and stretched valuations, spot prices for gold and silver dropped 9% and 28% respectively after the announcement. The US stock market also fell, with major indexes all reporting modest losses.

However, in the context of concerns over Trump’s interference with the Fed, the market crash can ironically be understood as an early vote of confidence in Warsh’s independence and suitability for the role.

Understanding why requires the context of Trump’s ongoing conflict with the Federal Reserve, and the importance of central bank independence to our current global financial system.

Trump’s war with the Fed

The last year has seen Trump in an unprecedented conflict with the Federal Reserve.

Trump appointed current Chairman Jerome Powell back in 2017. However, the relationship quickly soured when Powell did not cut interest rates as quickly as Trump wanted. In characteristically colourful language, Trump has since called Powell a “clown” with “some real mental problems”, adding “I’d love to fire his ass”.

The war of words descended into legal threats. Trump’s Justice Department announced an investigation into Federal Reserve Governor Lisa Cook over alleged fraud in historical mortgage documents. Then last month, in a shocking escalation the Justice Department opened a criminal investigation into Powell relating to overspending in renovations of the Federal Reserve offices.

Federal Reserve Chairman Jerome Powell has been targeted by President Trump for not slashing rates.
Shawn Thew/EPA

Both sets of allegations are widely viewed as baseless. However, Trump has tried to use the investigation as grounds to fire Cook. The case is currently before the Supreme Court.

Powell has hit back strongly at Trump, saying the legal threats were

a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

Powell received support from 14 international central bank chiefs, who noted “the independence of central banks is a cornerstone of price, financial and economic stability”.

Historically, presidential interference with the Fed was a major cause of the stagflation crisis in the 1970s. More recently, both Argentina and Turkey have experienced significant financial crises caused by interference with central bank independence.

Who is Kevin Warsh?

Kevin Warsh is a former banker and Federal Reserve governor, who previously served as economic advisor to both President George W Bush and President Trump.

Originally Trump seemed likely to favour the current director of Trump’s National Economic Council, Kevin Hassett, for the job. However, Hassett was widely viewed as being too influenced by Trump, intensifying fears about Fed independence.

Warsh appears more independent and brings a reputation as an inflation “hawk”.

What is an inflation hawk?

The Federal Reserve is responsible for setting US interest rates. Put simply, lower interest rates can increase economic growth and employment, but risk creating inflation. Higher interest rates can control inflation, but at the cost of higher unemployment and lower growth.

Getting the balance right is the central role of the Federal Reserve. Central bank independence is essential to ensure this delicate task is guided by the best evidence and long-term needs of the economy, rather than the short-term political goals.

An inflation “hawk” refers to a central banker who prioritises fighting inflation, compared to a “dove” who prioritises growth and jobs.

From Warsh’s previous time at the Federal Reserve, he established a strong reputation as an inflation hawk. Even in the aftermath of the global financial crisis of 2008, Warsh was more worried about inflation than jobs.

Given Trump’s past conflict with Powell around cutting interest rates, Warsh might seem a curious choice of candidate.

More recently though, Warsh has moderated his views, echoing Trump’s criticism of the Fed and demands for lower interest rates. Whether this support will continue, or if his hawkish tendencies return leading to future conflict with Trump, remains to be seen.

The market reaction

The crash in gold and silver, and decline in stock markets, suggests investors view interest rate cuts as less likely under Warsh than alternative candidates.

Gold and silver prices typically rise in response to instability or fears of inflation.

The previous record highs were driven by many factors, including global instability, concerns over Fed independence, and a speculative bubble.

That Warsh’s appointment has triggered a market correction in precious metals means investors expect lower inflation, and greater financial stability. The US dollar trading higher also supports this view.

Read more:
Silver and gold hit record highs – then crashed. Before joining the rush, you need to know this

The credibility of the Fed is at stake

The past month has seen much discussion of the changing world order. Canadian Prime Minister Mark Carney recently decried the end of the international rules-based order and called for a break from “American hegemony”.

The global dominance of the US dollar is a crucial plank of US economic hegemony. Though Trump clearly remains sceptical of central bank independence, his appointment of Warsh suggests he recognises the importance of retaining the credibility of the US currency and Federal Reserve.

Whether that recognition can continue to temper Trump’s instinct to interfere with the setting of interest rates remains to be seen.

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February 1, 2026
Early detection of aberrant cell fate and repair using circulating progenitor cells in patients with heterotopic ossification
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Is Core Natural Resources (CNR) Still Attractive After A Strong Multi‑Year Share Price Run?

Make better investment decisions with Simply Wall St’s easy, visual tools that give you a competitive edge.

If you are wondering whether Core Natural Resources at around US$95 per share still offers value, you are not alone. This article is here to help you weigh what the current price might be implying.
The stock has seen a 3.9% decline over the last week, while returns sit at 7.8% over 30 days, 6.1% year to date, 6.2% over 1 year, 72.8% over 3 years and a very large gain over 5 years.
Recent coverage has focused on Core Natural Resources as an energy name that has already moved a long way over several years. This naturally raises questions about how much optimism is already in the share price. That backdrop is useful context as we look at whether the current valuation still makes sense after such a strong long term run.
Our valuation summary currently gives Core Natural Resources a 5 out of 6 valuation score. Next we will walk through the main valuation approaches behind that result, then finish with a way to think about value that can add another layer to your analysis.

Find out why Core Natural Resources’s 6.2% return over the last year is lagging behind its peers.

A Discounted Cash Flow, or DCF, model estimates what a company could be worth today by projecting its future cash flows and discounting them back to the present. It is essentially asking what all those future dollars are worth in today’s terms.

For Core Natural Resources, the model used is a 2 Stage Free Cash Flow to Equity approach. The latest twelve month Free Cash Flow is about $61.6 million. From there, analysts and internal estimates project annual Free Cash Flow out over the next decade, including $797 million in 2026 and $690.2 million in 2027, with later years extrapolated rather than based on direct analyst forecasts.

When all those projected cash flows are discounted back, the DCF model points to an estimated intrinsic value of about $260.34 per share. Compared with the current share price around $95, this implies the stock is about 63.4% undervalued according to this method.

Result: UNDERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Core Natural Resources is undervalued by 63.4%. Track this in your watchlist or portfolio, or discover 868 more undervalued stocks based on cash flows.

CNR Discounted Cash Flow as at Jan 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Core Natural Resources.

For companies that are already generating revenue, the P/S ratio is a useful way to gauge what investors are willing to pay for each dollar of sales, especially when earnings are less meaningful or volatile.

In general, stronger growth expectations and lower perceived risk can support a higher “normal” P/S multiple, while slower growth and higher risk tend to justify a lower one. The question is whether Core Natural Resources’ current P/S looks reasonable against that backdrop.

Core Natural Resources currently trades on a P/S of 1.31x. That sits slightly below the Oil and Gas industry average of 1.58x and well below a peer group average of 5.11x. Simply Wall St’s Fair Ratio for the stock is 0.78x. This is its proprietary estimate of what a justified P/S might be after considering factors like growth profile, profit margins, industry, market cap and risk.

This Fair Ratio can be more useful than a simple peer or industry comparison because it adjusts for the company’s own characteristics rather than assuming all oil and gas names deserve the same multiple. With the actual P/S at 1.31x versus a Fair Ratio of 0.78x, the shares appear expensive on this metric.

Result: OVERVALUED

P/S ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1420 companies where insiders are betting big on explosive growth.

Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple tool that lets you put a story behind your numbers for Core Natural Resources.

A Narrative is your clear, written view of the business that ties together what you expect for future revenue, earnings and margins with the fair value you think is reasonable for the stock.

On Simply Wall St, Narratives live in the Community page and are easy to use. You outline your thesis, the platform links it to a financial forecast, then calculates a fair value you can compare directly with today’s share price to help decide whether the stock looks attractive, fully valued or expensive.

Because these Narratives refresh as new information arrives, such as earnings releases or major news, your view of Core Natural Resources can stay current without you rebuilding the whole framework each time.

For example, one Core Natural Resources Narrative on the Community page might see the stock as significantly undervalued while another might see it as close to fairly priced, reflecting two very different yet clearly defined stories about the same company.

Do you think there’s more to the story for Core Natural Resources? Head over to our Community to see what others are saying!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CNR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Bitcoin dips below $78,000 after silver selloff

Bitcoin signage in Times Square in New York, Dec. 9, 2025.

Michael Nagle | Bloomberg | Getty Images

Bitcoin, Ethereum, and Solana slumped on Saturday as retail traders digested a busy market week that saw wild swings in commodities and a long-awaited announcement by President Donald Trump on his choice for the next Federal Reserve chairman.

In afternoon trading, Bitcoin, the ⁠world’s largest cryptocurrency ‍by ‍market ‍value, sank below $78,000, down 7.6%. Ethereum slid about 11% to $2,382.57, while Solana lost 13% at $101.91.

The slide in crypto comes in the wake of Trump’s selection of Kevin Warsh to lead the Fed, which bolstered the U.S. dollar as it eased concerns about the central bank’s independence. Dollar strength may reduce bitcoin’s appeal among investors as an alternative currency.

If confirmed by the U.S. Senate, Warsh would replace sitting Chairman Jerome Powell. Powell’s current term as chair ends in May. Trump has criticized Powell — particularly about his unwillingness to reduce interest rates — almost since the Fed chair took the job in 2018.

The slide in crypto is the latest blow to retail investors, who were buffeted by a sharp selloff in spot silver on Friday, the worst day for the market since March 1980.

Spot silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver futures plummeted 31.4% to settle at $78.53.

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Waymo finalises $16bn funding round at $110bn valuation

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Waymo is close to finalising a $16bn funding round that will more than double the value of Google’s self-driving car business to $110bn, bringing in several new investors as it prepares to expand globally and fend off competition from Elon Musk.

Google’s parent company Alphabet, which incubated the start-up in its X labs, will contribute more than three-quarters of the amount raised, according to four people familiar with the process.

New participants include Silicon Valley venture capital firm Dragoneer and Sequoia Capital, as well as Yuri Milner’s DST Global, the people said. Existing investor Andreessen Horowitz will put in more money and another existing investor, Abu Dhabi’s sovereign fund Mubadala, will contribute hundreds of millions more.

Waymo’s annual recurring revenue — a measure of expected revenue from subscriptions commonly used by start-ups — has grown to more than $350mn and the funding round was three times oversubscribed, the people added.

“While we don’t comment on private financial matters, our trajectory is clear: with over 20mn trips completed, we are focused on the safety-led operational excellence and technological leadership required to meet the vast demand for autonomous mobility,” Waymo said.

Andreessen, Dragoneer, DST, Mubadala and Sequoia declined to comment.

Waymo has established itself as the leader in the robotaxi market, having recorded more than 125mn fully autonomous miles on US roads with few related safety incidents. Waymo says it expects to host 1mn rides per week this year in cities including San Francisco, Los Angeles, Phoenix and Miami.

While the main way to hail a ride is through its own app, it has also partnered with Uber in secondary markets such as Austin and Atlanta.

Alphabet is raising more cash to help fund its rollout across the US, including New York, and last year started testing in foreign cities such as London and Tokyo amid growing competition from Musk’s Tesla and China’s Baidu.

Waymo’s vehicles — which use a combination of cameras, laser-based Lidar sensors and detailed street maps — are classed as level four autonomous and require no driver or active supervision. It is preparing to expand from Jaguar I-Pace SUVs to Hyundai Ioniq 5 models and a larger van made by China’s Zeekr to cut costs.

Its main rival is Tesla, which last year started offering a “robotaxi” service in Austin, Texas, with the eventual aim of allowing the millions of vehicles it has sold to be rented out to the service when not in use. It is also developing a dedicated two-seat Cybercab without a steering wheel that it says will enter production this year.

However, Tesla vehicles rely only on cameras without Lidar, which has led to persistent questions about safety. The company lost a lawsuit in Florida and was ordered to pay $243mn in damages after a fatal accident involving its autopilot software.

Tesla’s “full self-driving” technology is only classed as level two autonomy — which requires the driver to pay attention at all times — and its robotaxi service in Austin still requires a safety observer in the car or a trailing vehicle.

The autonomous driving company started as a “moonshot” experiment in Google’s X lab in 2009, and was spun out in 2016.

Waymo last raised $5.6bn in a funding round in October 2024 that valued it at more than $45bn. Andreessen Horowitz, Silver Lake, Tiger Global and T Rowe Price were among the largest investors.

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SpaceX wants to put 1 million solar-powered data centers into orbit

SpaceX filed a request with the FCC on Friday seeking approval to put a constellation of 1 million data center satellites into orbit. While the FCC is unlikely to approve a network that expansive, SpaceX’s strategy has been to request approval for unrealistically large numbers of satellites as a starting point for negotiations.

The filing proposes establishing a network of solar-powered data centers in low Earth orbit that communicate with one another via lasers. The filling speaks of the constellation in ambitious sci-fi terms, calling it a “first step towards becoming a Kardashev II-level civilization — one that can harness the Sun’s full power.”

Even if just a small fraction of those 1 million satellites wind up in orbit, it would mark a significant increase in the number of man-made objects in space. The European Space Agency estimates there are around 15,000 satellites orbiting the Earth at the moment, and the majority are Starlink. (Over 9,600 of them, according to Johnathan’s Space Report.)

When experts are already concerned about the abundance of space junk and potential for orbital collisions, such an explosion of objects in orbit would seem ill-advised. But SpaceX argues that the orbital data centers would be a cheaper and more environmentally friendly alternative to land-based centers that form the backbone of the growing AI industry. Instead of syphoning water from communities, polluting groundwater, and driving up electricity bills, orbital data centers would be able to radiate heat into the vacuum of space and rely almost exclusively on real-time solar power and limited batteries.

The backlash against data centers has been growing, and communities are increasingly winning their battles to block their construction. So it’s no surprise that the biggest names in AI are turning their attention to one of the few places where there isn’t a community to upset.

Correction January 31st: An earlier version of this article stated that there were over 11,000 Starlink satellites in orbit. That number was the total launched, including satellites that had been decommissioned. This has been corrected to reflect how many Starlink satellites are currently active in orbit.

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Nvidia CEO Jensen Huang Says AI Memory Needs Are Rising During Taiwan Trip, Backs TSMC’s Global Expansion, Dismisses China H200 Rumors

On Thursday, Nvidia Corp (NASDAQ:NVDA) CEO Jensen Huang said during a visit to Taiwan that surging AI demand is rapidly increasing the need for advanced memory.

Huang said the future of artificial intelligence will be shaped as much by memory as by computing power, reported UDN, one of the leading media platforms in Taiwan.

He noted that modern AI models need to think, respond and reason at extremely high speeds, driving a sharp rise in memory capacity requirements across the industry.

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The Nvidia CEO also highlighted that the company collaborates with every major high-bandwidth memory supplier, including SK Hynix, Samsung Electronics (OTC:SSNLF) and Micron Technology Inc (NASDAQ:MU).

He said Nvidia relies heavily on these partners to meet soaring demand this year.

Huang rejected concerns that the U.S. has shifted about 40% of Taiwan’s semiconductor manufacturing capacity stateside.

Instead, he said global chip production should be viewed as expanding, with new capacity being added in the U.S., Europe and Japan while Taiwan remains a key manufacturing hub.

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Huang praised Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) as the world’s best foundry partner, citing its technology leadership, execution and flexibility.

He said TSMC will need to significantly scale capacity over the next decade, with most production staying in Taiwan alongside overseas expansion.

Huang dismissed rumors circulating in mainland China that Nvidia’s H200 AI chips have received regulatory approval, saying no orders have been placed and final clearance is still pending.

If approval comes, he said, Nvidia is prepared to move quickly with partners to deliver products.

Previously, it was reported that the clearance was granted during Huang’s visit to China, where he’s kicking off the company’s annual events ahead of the Lunar New Year in mid-February.

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Nvidia’s H200 AI chip has become a flashpoint in U.S.-China tech tensions. While Washington has approved shipments, Beijing has yet to fully clear imports.

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Intel Foundry Talks With Nvidia And Apple Raise Long Term Questions

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Reports suggest Nvidia and Apple are exploring using Intel’s foundry and advanced packaging capacity for future chips from around 2028.
The discussions center on Intel’s 18A and 14A process nodes as part of its push to grow external foundry services.
Any formal agreements could influence the balance of global chip manufacturing capacity and U.S. supply chain planning.

Intel (NasdaqGS:INTC) is best known for its PC and data center processors. Management has been repositioning the company as a contract manufacturer for other chip designers. Interest from Nvidia and Apple would place Intel more directly in competition with established foundries that handle much of the world’s advanced chip output. For investors, this development relates to whether Intel’s manufacturing roadmap is attracting large, technically demanding customers.

The potential partnerships are still at the discussion stage and any production would be years away. As a result, this is more about future capacity and customer mix than near-term earnings. If even part of this foundry work materializes, it could broaden Intel’s revenue sources and give the company stronger ties across the U.S. chip supply chain. The key question for you is how much weight to put on these early signals when assessing Intel’s longer-term role in global manufacturing.

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NasdaqGS:INTC Earnings & Revenue Growth as at Jan 2026

How Intel stacks up against its biggest competitors

For Intel, having Nvidia and Apple explore using its foundry and advanced packaging capacity from around 2028 points to early customer interest in its push to manufacture chips for others, an area where Taiwan Semiconductor Manufacturing and Samsung are key competitors. Given Intel’s recent Q4 2025 net loss of US$591 million and guidance for a Q1 2026 loss per share, investors may see these talks as relevant to whether the foundry segment can eventually become a meaningful contributor alongside the existing PC and data center businesses.

The reports fit closely with the existing Intel narrative that focuses on an AI centric product roadmap and building trust in its foundry services with large, technically demanding customers. Interest from Nvidia and Apple lines up with the idea that Intel’s manufacturing roadmap and advanced packaging could support external clients, which is one of the ways analysts have framed a possible improvement in revenue mix and use of Intel’s manufacturing assets over time.

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Elon Musk's SpaceX applies to launch 1m satellites into orbit – BBC

Elon Musk’s SpaceX applies to launch 1m satellites into orbit BBC
Musk wants to put AI data centres in space The Express Tribune
Elon Musk’s SpaceX unveils plan for world’s biggest AI data center in orbit The News International
Silicon sky: SpaceX’s million-satellite plan to move AI into orbit news.cgtn.com
SpaceX Eyes 1 Million Satellites For Orbital Data Center Push PCMag Australia

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What AI Predicts About the Future of the Stock Market — and Your Wallet

The stock markets have been on an amazing run in recent years, with the S&P 500 more than doubling since the beginning of the decade and the Dow rising by nearly 75%.

What does the future hold for the stock markets? We asked leading AI chatbots ChatGPT, Grok and Gemini that question. Here’s what they had to say — along with what it could mean for your wallet.

ChatGPT and Grok are on the same page regarding how the stock market will perform over the next couple of years, with both forecasting moderate growth that will likely not match the stellar gains of 2025.

Here’s what ChatGPT expects during the next one to three years:

The U.S. stock market should continue rising through 2026, though gains “may be more moderate” than the strong run of recent years. Expect high-single-digit to low-double-digit returns, supported by corporate earnings and economic resilience.

Here’s Grok’s near-term call:

“Solid but more moderate performance” compared to the “exceptional” gains of the early 2020s, driven primarily by AI-related productivity and earnings growth, while facing headwinds from elevated valuations and potential economic uncertainties.

Gemini takes a slightly more bullish view, projecting an average S&P 500 return of 9% to 12% in 2026, with upside as high as 15%. That’s roughly in line with Goldman Sachs’ forecast of a 12% gain for the S&P 500 in 2026.

Here are some other near-term forecasts from Gemini:

While tech has led the way in recent years, 2027 and 2028 are expected to see healthcare, Industrials and small-caps “catch up” as interest rates stabilize.

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Forecasts beyond the next three to five years are more uncertain, as unforeseen events can significantly impact markets. According to ChatGPT, many forecast models “suggest lower average annual returns” of 4% to 7% compared with recent decades, due to higher valuations and structural shifts. Grok cites a similar range based on average long-term forecasts.

These are some other long-term market forecasts from AI:

Grok: Optimistic scenarios see “much higher returns” if AI truly transforms the economy, but baseline views assume more gradual adoption and potential volatility if earnings disappoint.
Gemini: Major institutions like Goldman Sachs and J.P. Morgan generally expect the S&P 500 to grow at a slower, more “normalized” pace as high valuations and aging demographics act as a drag, partially offset by an “AI productivity boom.”

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