<div id="readability-page-1"><span></span><div><p><em>This is CNBC's Morning Squawk newsletter. </em><em>Subscribe here</em><em> to receive future editions in your inbox.</em></p><p>Happy Friday. This week isn't even over yet, but I'm already gearing up for next week's big events: the World Economic Forum in Davos, a major Supreme Court case and <span id="SpecialReportArticle-QuoteInBody-3">Netflix<span><span id="-WatchlistDropdown"></span></span></span> earnings.</p><p>S&amp;P 500 futures are higher this morning after yesterday's winning session.</p><p>Here are five key things investors need to know to start the trading day:</p></div><h2>1. Chipping in</h2><div id="ArticleBody-InlineImage-107166638"><div><div><p>TSMC headquarters in Hsinchu, Taiwan.</p><p>Bloomberg | Bloomberg | Getty Images</p></div></div></div><div><p>Chip stocks led the market higher yesterday after <span id="SpecialReportArticle-QuoteInBody-6">Taiwan Semiconductor Manufacturing Company<span><span id="-WatchlistDropdown"></span></span></span> released better-than-expected results, including a 35% year-over-year increase in fourth-quarter profit. </p><p>Here's what to know:</p><ul><li>On top of reporting record quarterly profit, TSMC also beat forecasts and said it plans to boost capital expenditures, a sign of its confidence in the AI buildout.</li><li>Shares of <span id="SpecialReportArticle-QuoteInBody-9">Nvidia<span><span id="-WatchlistDropdown"></span></span></span>, <span id="SpecialReportArticle-QuoteInBody-10">Advanced Micro Devices<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-11">Broadcom<span><span id="-WatchlistDropdown"></span></span></span> — all TSMC clients — gained following the chipmaker's report.</li><li>Later in the day, the Department of Commerce announced that Taiwan will invest $250 billion to expand chip production capacity in the U.S. In return, the U.S. will lower blanket tariffs on Taiwan to 15% from 20% and pledge zero tariffs on several Taiwanese exports.</li><li>TSMC has already built plants in Arizona, but Commerce Secretary Howard Lutnick told CNBC's Brian Sullivan yesterday that the company has purchased more land nearby and could expand further.</li><li>While TSMC Chief Financial Officer Wendell Huang said Thursday the company's U.S. investments were not directly related to trade negotiations, he affirmed TSMC's U.S. expansion plans.</li><li>&#34;We have strong conviction on the AI mega trend, and that is the reason we are stepping up the capital expenditures to expand in Taiwan and in the U.S.,&#34; Huang told CNBC's Emily Tan.</li><li>Follow live market updates here.</li></ul></div><h2>2. Retail row</h2><div id="ArticleBody-InlineImage-108252516"><div><div><p>A sign on the facade of the entrance to the Saks Fifth Avenue flagship store, after the store filed for bankruptcy protection, in New York City, U.S., January 14, 2026.  </p><p>Brendan Mcdermid | Reuters</p></div></div></div><div><p>If you're disappointed to hear that Neiman Marcus and Bergdorf Goodman's parent company filed for bankruptcy, you're not alone. <span id="SpecialReportArticle-QuoteInBody-16">Amazon<span><span id="-WatchlistDropdown"></span></span></span> would also like to have a word with Saks Global.</p><p>The e-commerce site asked a federal judge yesterday to block Saks' bankruptcy financing plan, accusing the retailer of failing to hold up its agreement. Amazon invested $475 million into Saks' 2024 acquisition of Neiman Marcus, but &#34;that equity investment is now presumptively worthless,&#34; Amazon lawyers wrote in the filing.</p><p>The company told the judge that it and other creditors would be hurt by Saks' bankruptcy financing plan because it would have the department store operator take on more debt. As CNBC's Gabrielle Fonrouge and Annie Palmer report, Amazon threatened to &#34;seek more drastic remedies&#34; if Saks doesn't resolve its concerns.</p></div><h2>3. 'The Great Healthcare Plan'</h2><div id="ArticleBody-InlineImage-108253260"><div><div><p>U.S. President Donald Trump speaks as he honors the NHL Stanley Cup champions Florida Panthers at the White House in Washington, D.C., U.S., Jan. 15, 2026. R</p><p>Kylie Cooper | Reuters</p></div></div></div><div><p>President Donald Trump yesterday unveiled an outline of his health-care plan, which his administration said would reduce drug prices and insurance premiums.</p><p>The plan — dubbed the &#34;The Great Healthcare Plan&#34; by the White House — would codify Trump's &#34;most-favored-nation&#34; policy, which ties the cost of prescription drugs in the U.S. to lower prices abroad. A fact sheet said the plan would also send money for health insurance &#34;directly&#34; to Americans, though some health policy experts say that's a bad idea.</p><p>The announcement came as senators struggled to reach an agreement on the extension of Affordable Care Act subsidies. The new plan does not include extending the Obamacare tax credits, which Democrats demand be part of a health-care deal.</p></div><div><div id="SpecialReportArticle-RelatedContent-1"><div><div><h2>Get Morning Squawk directly in your inbox</h2><div><p>CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.</p><p>Subscribe here to get access today.</p></div></div></div></div></div><h2>4. Wanna bet?</h2><div id="ArticleBody-InlineImage-108033214"><div><div><p>Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. </p><p>Brendan Mcdermid | Reuters</p></div></div></div><div><p>Prediction markets could be getting a big bank backer.</p><p><span id="SpecialReportArticle-QuoteInBody-21">Goldman Sachs<span><span id="-WatchlistDropdown"></span></span></span> CEO David Solomon said yesterday that the bank is exploring opportunities in the growing corner of finance, telling investors on the company's earnings call that he &#34;personally met with the two big prediction companies and their leadership in the last two weeks.&#34;</p><p>While Solomon pumped the brakes on the idea that Wall Street would rapidly embrace prediction markets, he noted that trading platforms regulated by the Commodity Futures Trading Commission &#34;look like derivative contract activities.&#34;</p><p>&#34;So I can certainly see opportunities where these cross into our business,&#34; he said.</p></div><h2>5. 'Legendary February'</h2><div id="ArticleBody-InlineImage-108145692"><div><div><p>Mike Tirico at the Radio City Music Hall in New York City on Monday, May 12, 2025 -- </p><p>Scott Gries | NBC | Getty Images</p></div></div></div><div><p>From the Milano Cortina Winter Olympics, the Super Bowl, to the NBA All-Star game, sports fans have a lot to look forward to next month. </p><p>And so does NBCUniversal, which will air all three events on NBC and its streaming service Peacock. NBC Chief Marketing Officer Jenny Storms is calling it &#34;Legendary February,&#34; and it's set to be a big test for the broadcaster, which spent billions of dollars on live sports rights.</p><p>As CNBC's Alex Sherman reports, next month is simply a reflection of what's become NBC's strategy, which — despite what co-CEO of parent company Comcast Mike Cavanagh says — is sports-first.</p></div><h2>The Daily Dividend</h2><div><p>Here are a few stories worth reading over the long weekend.</p><ul><li>Airlines to save big money on fuel as new weight loss pills gain popularity, Wall Street says</li><li>A major development in Trump's Fed feud is set to happen next week in the Supreme Court</li><li>Tariffs and AI's downside pose top global risks for business, World Economic Forum says</li><li>Nike signs phenom Anna Leigh Waters in its first pickleball deal</li><li>Down in the polls, Trump yanks Republicans toward economic populism. It may not save them</li><li>Billionaire Rams owner Stan Kroenke becomes America's biggest private landowner</li><li>OpenAI tells investors to brace for 'deliberately outlandish' claims from Musk ahead of trial</li></ul><p><em>CNBC's Dylan Butts, Pia Singh, Ari Levy, Kif Leswing, Emily Tan, Sarah Min, Gabrielle Fonrouge, Annie Palmer, Kevin Breuninger, Garrett Downs, Annika Kim Constantino, Greg Iacurci, Yun Li and Alex Sherman contributed to this report. Melodie Warner edited this edition.</em></p></div></div>

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<p>This week's Morning Squawk highlights include TSMC's strong quarterly results boosting chip stocks, Saks Fifth Avenue's bankruptcy issues with Amazon challenging its financing plan, President Trump's new health-care plan aimed at reducing drug prices, Goldman Sachs exploring prediction markets, and upcoming major events like the World Economic Forum and Netflix earnings. S&P 500 futures are up following a positive trading session.</p>

- The Morning Squawk newsletter highlights key financial updates, including rising S&P 500 futures and chip stocks driven by TSMC's strong quarterly results and planned U.S. investments.  
- Additionally, Amazon is challenging Saks' bankruptcy financing, asserting that it could devalue its previous investment in Saks.  
- President Trump's new healthcare plan aims to lower drug prices while avoiding extension of Affordable Care Act subsidies, amid ongoing negotiations in Congress.

AI chip trade, Saks' bankruptcy woes, Trump's health-care plan and more in Morning Squawk