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Former President Trump’s mounting legal troubles and Senate Republican Leader Mitch McConnell’s (Ky.) extended absence from the Capitol have created a momentary leadership vacuum atop the Republican Party that’s struggling to find its direction ahead of the 2024 election.  

Republican lawmakers are divided over the question of whether Trump or Florida Gov. Ron DeSantis (R) is the GOP’s leader, and they have different views of whether the center of power in Congress resides more with McConnell or Speaker Kevin McCarthy (R-Calif.).  

“In terms of the future of the party, it’s a jump ball right now,” said Sen. Lindsey Graham (R-S.C.). 

The GOP is searching for its identity after the transformation it underwent during the Trump era. It also finds itself divided over major issues, such as whether to advocate for reforms to entitlement programs or to continue its embrace of a muscular and outward-facing national security policy.   

Many Senate Republicans want to move past Trump, whose daily dramas they see as a drag on the GOP brand and detrimental to their candidates. Trump has more influence in the House, something apparent as House Republicans attacked Manhattan District Attorney Alvin Bragg last week.

Even GOP senators acknowledge that Trump still has huge support among Republican voters, despite facing multiple investigations and possibly multiple indictments.  

Several Republican senators say Trump is the political leader of the party, though his popularity with GOP voters has slipped since losing the 2020 election.  

“In terms of the connection with the American public, with the Republican Party voter, clearly Donald Trump has an enormous impact and DeSantis is trying to pull some of that away,” said Sen. Mitt Romney (R-Utah), an outspoken Trump critic.  

Romney argued that the party that doesn’t control the White House often has a scrambled leadership picture.  

“Anytime you don’t have the White House, the leadership is going to be more diverse. Particularly when you have a presidential contest going on you have different voices being heard and they’re not all the same,” he said. “You’re searching, if you will, for that unifying theme. I think that will happen when we have a nominee.”  

Sen. Cynthia Lummis (R-Wyo.) says she sees DeSantis, not Trump, as the party’s political leader.  

She thinks McCarthy will emerge as the party’s most prominent leader in Washington as he battles with President Biden over attaching fiscal reforms to debt-limit legislation. Then, she says, the nation’s focus will shift to the campaign trail.  

“Everybody knows that the debt-ceiling negotiations are on him,” she said of McCarthy. “I think that for the next few months that his profile will be high and then as the presidential campaign emerges, those candidates will be in the driver’s seat. 

She said the leadership of the party is now largely “between DeSantis and Kevin.”  

Graham, a Trump ally, sees the party leadership split between Trump and McCarthy.  

“I think Trump is still the largest force in the Republican Party. I think Kevin McCarthy institutionally is in charge of one of the [congressional] bodies and I think the Republican Party’s center of gravity is in the House in terms of having legislative power,” he said. 

One Republican senator allied with McConnell said the Senate GOP leader’s job is much more secure than McCarthy’s, noting that it took 15 ballots for McCarthy to get elected Speaker.  

One Republican senator allied with McConnell said the Senate GOP leader’s job is much more secure than McCarthy’s, noting that it took 15 votes for McCarthy to get elected Speaker. 

The senator said that McConnell may ultimately have more room to negotiate a deal with Biden to avoid a national default because McCarthy has to be so careful not to anger members of the House Freedom Caucus to keep the Speakership.

Many Republican lawmakers had high hopes that DeSantis would dethrone Trump as the party leader after he won a resounding re-election victory in Florida.

But DeSantis lags Trump by large margins in various polls and his performance on the national spotlight in recent weeks is getting mixed reviews.  

Some Republicans are second guessing DeSantis for getting drawn into a war of words with Trump, whom they see as the most skilled trash talker in politics.

A second GOP senator who requested anonymity to talk about DeSantis’s decision to trade shots with Trump said it appeared to be a change of strategy. 

“It looked to me like his strategy was to wait until May or June, aggressively be governor … but now he appears to be abandoning that,” the lawmaker said.  

The senator said DeSantis also “flip-flopped” on the importance of the war in Ukraine by back-peddling from his earlier comments downplaying the conflict as a “territorial dispute” and not a “vital interest” for the U.S.  

Sen. Tommy Tuberville (R-Ala.), one of the few Senate Republicans who has endorsed Trump’s 2024 presidential bid, said DeSantis has yet to show how he handles the pressure on the national stage.  

“He’s not running for governor. This is running for president of the United States and leader of the free world. Everything you say is going to be blown up,” he said.  

McConnell’s absence from the Capitol after tripping and suffering a concussion on March 8 has added to the sense of uncertainty over the party’s direction.  

The 81-year-old leader embodies the traditional pro-defense, pro-corporate and pro-trade values of the GOP that have receded with rise of Trump’s brand of conservative populism.  

“In terms of members of the Republican Party, voters who identify themselves as Republicans, it’s clear that Donald Trump is the closest thing there is to a leader because he has such support. In terms of elected Republicans, I do think people look to McConnell more than anybody else,” said Al Cross, a professor of journalism at the University of Kentucky and a longtime commentator on Kentucky politics.  

Cross said elected Republicans look to McConnell as their leader because he has a “proven” track record handling tough political problems, such as the expiration of the Bush-era tax cuts at the end of 2010 and 2012 and the aftermath of the Jan. 6, 2021, attack on the U.S. Capitol.  

He noted that elected Republicans admire McConnell’s message discipline and his ability to plan out strategy well in advance.  

“He observes the old maxim, ‘You never get in trouble for something you didn’t say,’ and his colleagues in the Senate elected him time and again because they know he’s a good leader,” he said.  

Sen. Sen Susan Collins (R-Maine), who is one of McConnell’s closest friends in the Senate, said “we certainly miss him” but she predicted “I’m positive he’ll be back.”  

Sen. Roger Wicker (R-Miss.), another McConnell ally, said the leader’s absence has been “a bump in the road.”   Greenland staying in daylight saving time permanently Tigers that escaped after possible tornado recaptured in Georgia

“We’re still taking direction from Mitch McConnell,” he said. “He’s still involved.” 

Asked who’s leading the Republican Party nationwide, Wicker replied: “The leader of the Republican Party in this end of the building is Mitch McConnell.”  

–Updated at 7:03 a.m.

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Technology

Broadcom tumbles 11% despite blockbuster earnings as ‘AI angst’ weighs on Oracle, Nvidia

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Broadcom tumbles 11% despite blockbuster earnings as 'AI angst' weighs on Oracle, Nvidia

Broadcom CEO Hock Tan.

Lucas Jackson | Reuters

Broadcom’s quarterly results and guidance sailed past Wall Street estimates. It didn’t matter.

The chipmaker’s shares plummeted 11% on Friday, on pace for their worst day since January, as investors ran for the exits on the artificial intelligence trade. Oracle dropped 4% a day after plunging 10% following its earnings report.

AI has been the driver for the stock market and the broader economy this year, so any negative sentiment has potentially far-reaching consequences. The Nasdaq on Friday fell about 1.4%, and the S&P 500 declined declined by nearly 1%.

The companies getting hit the hardest are the ones most closely tied to AI infrastructure, which has been booming as hyperscalers build out their data centers to try and meet what they describe as insatiable demand for compute-intensive AI services. Broadcom makes custom chips for many of the the largest tech companies, and saw its market cap about double each of the past two years before rallying again in 2025.

“This stock is up 75-80% year to date. You’re seeing a little bit of a pullback,” Vijay Rakesh, an analyst at Mizuho, told CNBC’s “Squawk on the Street” on Friday. “We would be buyers on this pullback.”

Mizuho raised its price target on the stock to $450 from $435. It was trading below $364 as of Friday afternoon.

“This is still where the growth is,” Rakesh said. “They are still the big supplier to Google on their entire hardware stack, to Meta, to Anthropic and even OpenAI coming down the road.”

Broadcom reported revenue growth of 28% during the quarter, largely due to a 74% increase in AI chip sales, to a total of $18.02 billion, topping the $17.49 billion average analyst estimate, according to LSEG. Adjusted earnings per share of $1.95 adjusted topped the $1.86 average estimate.

HSBC: There could be much more upside to Broadcom's AI backlog

CEO Hock Tan said Broadcom expects AI chip sales this quarter to double from a year earlier to $8.2 billion, both from custom AI chips as well as semiconductors for AI networking.

One concern among investors is that margins are coming down, at least in the short term, due to higher upfront costs. CFO Kirsten Spears said on the earnings call that “gross margins will be lower” for some of Broadcom’s AI chip systems because the company will have to buy more parts to produce the server racks.

Broadcom also said it had a $73 billion backlog of AI orders over the next 18 months. Part of that is from $21 billion of orders from Anthropic, which the company revealed as a key customer on Thursday.

While OpenAI has been a highly touted customer following a multibillion-dollar agreement announced in October, Tan doused some hope for the deal, telling investors late Thursday that, “We do not expect much in ’26.”

Bernstein analyst Stacy Rasgon said in a note on Friday that “AI angst” was driving Broadcom’s shares lower.

“Frankly we aren’t sure what else one could desire as the company’s AI story continues to not only overdeliver but is doing it at an accelerating rate,” Rasgon, who recommends buying the stock and raised his price target, wrote in the note.

Oracle has been facing more extreme skepticism. The stock is now down more than 40% from its record reached in September. The company beat on earnings but missed on revenue in its report on Wednesday, and investors were disappointed they didn’t get more detail on how Oracle will finance its massive buildout that so far has required mounds of debt.

CoreWeave, which is investing in data centers to offer cloud-based AI services, sank 9% on Friday and has lost more than half its value since peaking in June.

WATCH: Mizuho raises price target on Broadcom

Here’s why Mizuho raised its price target on Broadcom

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Sports

Oilers trade for Pens’ Jarry to solve issues in net

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Oilers trade for Pens' Jarry to solve issues in net

The Edmonton Oilers finally addressed their multiple-season problem in goal by acquiring Pittsburgh Penguins netminder Tristan Jarry on Friday.

The Oilers sent goalie Stuart Skinner, defenseman Brett Kulak and a 2029 second-round pick to Pittsburgh for Jarry and forward Sam Poulin.

Edmonton also made another trade Friday, sending a 2027 third-round pick to the Nashville Predators for defenseman Spencer Stastney.

Jarry, 30, is in his 10th NHL season, all with the Penguins. He had helped Pittsburgh to a surprising start that put it in a playoff seed through Thursday’s games. He was 9-3-1 in 14 games with Pittsburgh this season with a .909 save percentage and a 2.66 goals-against average with one shutout. MoneyPuck had him at 9.8 goals saved above expected.

Edmonton has the second-worst team save percentage in the NHL this season (.873). The Oilers have appeared in back-to-back Stanley Cup Finals, losing both times to the Florida Panthers. Each run has been plagued by goaltending inconsistency, with Skinner and backup Calvin Pickard unable to provide championship-caliber stability. The Oilers would have preferred adding a veteran goalie to a tandem with Skinner, but that would have been a challenge under the salary cap.

Jarry is signed through the 2027-28 season with a $5.375 million cap hit.

Skinner is signed through this season, and his contract carries an average annual value of $2.6 million. Kulak is also signed through 2025-26, and his contract carries an average annual value of $2.75 million. Both are set to be unrestricted free agents next summer.

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Science

JWST Detects Oldest Supernova Ever Seen, Linked to GRB 250314A

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Astronomers using the James Webb Space Telescope have detected the oldest supernova ever recorded, tied to gamma-ray burst GRB 250314A. Occurring when the universe was only 730 million years old, the explosion provides a rare glimpse into the first generations of stars and early galaxy growth, highlighting Webb’s unmatched ability to study the distant cosmos.

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