The Supreme Courts decision on the Trump tariffs may not be final

• The US Supreme Court has doubts about the legality of Trump's tariffs.

• Shares of Pony.ai and WeRide fell on their first day of trading in Hong Kong.

• Snap raised guidance and announced a partnership with Perplexity AI.

• US stock markets rose on Wednesday, boosted by technology stocks.

• Bitcoin "whales" appear to be selling, which could lead to a drop in cryptocurrency prices.

• The US Supreme Court heard a case on the Trump administration's "reciprocal" tariffs on Wednesday, and both liberal and conservative justices expressed doubt about the legal basis of those tariffs.

• Following the hearing, traders on the prediction market Polymarket believe there is only a 25% chance that Trump's tariffs will remain in place, down from nearly 50% a day earlier.

• Markets rallied after the hearing, and major US indexes recovered from Tuesday's decline. Still, an end to tariffs wouldn't be a clear victory for stocks.

• If the Supreme Court forces the White House to lift billions of dollars in tariffs—a move for which Wolfe Research said it doesn't see "much legal logic"—it would push the US government into even greater debt. In turn, Treasury yields are likely to rise—as they did on Wednesday—which could pressure stocks.

• Meanwhile, Trump could use other executive powers to reinstate his tariffs, creating further uncertainty for businesses and markets.

• Michelle Goldberg, head of ClientFirst Strategy, said, "Uncertainty and abnormality have been two key words for 2025. If the Supreme Court rules against the administration, I don't think it's the end of tariff policy; it's just another hurdle in the way."

What You Need to Know Today

The US Supreme Court has yet to rule on whether Trump's tariffs are legal. During Wednesday's hearing, the justices questioned the Trump administration's imposition of the tariffs, which critics say violate Congress's tax authority. Find out what could happen next.

Shares of Chinese robotaxi companies fell on their first day of trading. Pony.ai and WeRide had a disappointing first day of trading in Hong Kong. Pony.ai shares fell more than 14%, while WeRide opened nearly 12% lower.

Snap beat revenue estimates and raised guidance. The company also announced a $500 million stock buyback and a partnership with Perplexity AI. Snap shares rose 15.5% during extended trading in the US on Wednesday.

US stocks rose on Wednesday. Technology stocks such as AMD, Broadcom, and Micron Technology rebounded after Tuesday's decline. Asia-Pacific markets rose on Thursday. Japan's Nikkei 225 rose, led by gains in AI-related stocks.

[Pro] Bitcoin 'whales' may be selling. A Citigroup analyst said that unlike "whales" (which include wallets holding large amounts of Bitcoin), smaller whales have increased their holdings. This shift could impact Bitcoin's price.

The US's AI rivalry with China is also expanding to crypto.

US President Donald Trump told the news agency, "I want to make crypto great for America." He added, "Just like we're number one in AI, we're number one in crypto. I don't want China or anyone else to take that away from us."

His comments come at a time when China is giving new indications of its crypto ambitions. On Monday, Hong Kong further eased its crypto restrictions – allowing its licensed virtual asset trading platforms to connect directly with global crypto exchanges and list new digital assets and Hong Kong-regulated stablecoins, eliminating the need for a 12-month track record.