With record levels of dry powder available for investment, find out what's in store for private markets in 2025 and beyond.

Listen to crafting capital in partnership with UBS at partners.wS.J.com slash UBS, Spotify and Apple Podcasts.

Microsoft urges President Trump to ease limits on chip exports, warning they could push allies into China's arms.

Plus, we'll crunch the numbers on NVIDIA's latest earnings and explain what to watch next.

If you look at the China market, that body language seems to have become a lot more positive since the deep seat came out.

And in fact, it's creating

some short-term upside to NVIDIA as well, because you've seen a very strong pickup in the H-20

chip that goes into China for NVIDIA. And the U.S. looks at importing eggs to control rocketing prices.

It's Thursday, February 27th. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of

What's News, the top headlines and business stories moving your world today.

Chief Justice John Roberts overnight temporarily halted a lower court requirement that the Trump

administration resumed nearly $2 billion in foreign aid payments,

marking the Supreme Court's first substantive action since the administration began its efforts to remake the federal government.

That order, however, doesn't resolve the underlying dispute over whether the administration can unilaterally nullify appropriations

approved by Congress. Aid organizations have until Friday to file a response to the order,

suggesting it will remain in place at least into next week. Well, Roberts's order comes amid

newly revealed Trump administration plans to eliminate the vast majority of U.S. humanitarian

assistance and overseas development aid. According to an internal memo and court filing seen by the

Associated Press, more than 90% of the U.S. Agency for International Development's foreign aid contracts

and some $60 billion in overall U.S. assistance is on the chopping block.

Separately, President Trump signed an executive order yesterday that requires all federal agencies

to draw up plans to review existing contracts, freeze workers' credit cards, and cut staff

...