President Trump has proposed sweeping tariffs on chips, while offering an exemption: companies that invest in manufacturing in the U.S. won’t have to pay. It’s an attempt to incentivize more chip production in the U.S., but WSJ Heard on the Street writer Asa Fitch notes that key chip-making companies already have invested in U.S. factories. Plus, Disney is in a difficult bind when it comes to AI. The WSJ’s Jessica Toonkel takes us inside the company’s thinking. Peter Champelli hosts.

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