From Bloomberg:

The dollar (DX-Y.NYB) rose with Treasury yields after US President Donald Trump was said to be preparing to nominate Kevin Warsh as the next Federal Reserve chair, seen as a relatively hawkish choice.

The greenback gained versus all its major peers, while US 10-year yields (^TNX) climbed three basis points. Trump had settled on Warsh, according to people familiar with the matter, but added that the selection wasn’t final until a formal announcement was made.

“The market perception is that Kevin Warsh would be the relatively more traditional and less dovish option as Fed chair, in which case we might see fewer rate cuts,” said Andrew Ticehurst, a senior strategist at Nomura Australia Ltd. in Sydney.

The market moves are a sign the monthslong uncertainty over the next Fed chief is now getting closer to a resolution. Warsh, a former Fed governor and one of the four finalists on Trump’s shortlist to be the next central bank leader, visited the White House on Thursday, one of the people said.

Betting markets have increasingly favored Warsh, with Polymarket showing his chance of becoming the next Fed chair rising above 80% on Friday in Asia, as support faded for BlackRock Inc. executive Rick Rieder. Flows into interest-rate futures betting on a dovish policy shift had accelerated in recent days as Rieder’s odds moved to the top, with investors viewing him as more dovish than Warsh.

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Sandisk (SNDK) stock surged nearly 20% in premarket following its earnings release, adding to its massive 127% rally year to date. The memory chip maker was the best-performing stock in the S&P 500 in 2025.

The company crushed expectations in its fiscal second quarter, as AI companies have had an insatiable demand for memory and storage hardware.

Sandisk said that revenue for its data center business segment jumped 64% over the previous quarter, driven by strong adoption among AI infrastructure builders, semi-custom customers, and technology companies deploying AI at scale.

Here’s what Sandisk reported for its fiscal second quarter, compared to estimates compiled by Bloomberg:

Sandisk also raised its revenue guidance for the third quarter to a range of $4.4 billion to $4.8 billion. The Street was expecting revenue of $2.6 billion.

“This quarter’s performance underscores our agility in capitalizing on better product mix, accelerating enterprise SSD deployments, and strengthening market demand dynamics, all at a time when the critical role that our products play in powering AI and the world’s technology is being recognized,” said Sandisk CEO David Goeckeler.

Bloomberg reports:

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Bloomberg reports:

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