Live from the NASAC markets, even the heart of New York City's Times Square.

This is fast money. Here's what's on top tonight. A chip rip, shares of Nvidia surging late in the day on a report.

Restrictions on semi-exports could soon ease what the Trump administration is working on and what it means for the sector.

And the Fed in focus, Chair Powell raising concerns of the dreaded S word,

stackflation. What's on the central bank's radar and how do tariffs factor in? Plus Google

sinks on a stark warning from Apple. Disney shares surge after surprise subscriber growth, and Uber

hits the breaks after its latest earnings report. We'll dive into all these trades. I'm Melissa Lee.

I'm live from studio at the Nazak on the desk tonight. Tim Seymour, Steve Grasso, Dan Nathan and Michael Kandapelis,

Deputy Chief Investment Officer at Richard Bernstein Advisors. Welcome, Michael.

We start off with the developing story in the chip space and video shares popping in the final

minutes of trade, ending the day up 3%. It comes on a report that President Trump will end chip export restrictions.

Other semi-stocks like Qualcomm, Broadcom, Taiwan, semi, all rallying.

CNBC's Christina Parts and Nevelace has got the details. Christina.

Melissa, it's Trump nixing Biden's complicated AI chip rules just days before they were supposed

to take effect on May 15th. Markets, like you said, closely watching with Nvidia, AMD, Oracle, initially jumping into

the close, but many of them are trading lower and after ours.

But really think of it more as a trade reset.

Instead of Biden's three-tier global system, which was criticized for pushing allies

closer towards Chinese chips like Huawei,

what instead were likely headed towards targeted country-specific restrictions.

The Commerce Department told Bloomberg that the old rules, the Biden rules, were, quote, overly complex and bad for American innovation.

NVIDIA CEO has been very vocal in imposing these roles. Here he was just last week

...