Good morning. Earlier this week, disappointing earnings from ASML spooked chip investors. It looked like chipmakers were about to take a hit, but TSMC had great earnings yesterday, propelling a rally across the sector’s shares. Is this proof that the artificial intelligence narrative is real — or that the hype has long legs? Email us: robert.armstrong@ft.com and aiden.reiter@ft.com.

Friday Interview: Kevin Hassett

Having recently spoken with members of the Council of Economic Advisers in the Clinton and Obama administrations, we thought it best to round things out by speaking with Kevin Hassett, chair of the CEA during the Trump administration, currently a fellow at Stanford University. We spoke with him about the current cycle, tariffs, Federal Reserve independence, strong dollar policies, and AI.

Unhedged: Early this Fed cycle you said that the Fed was behind the curve. What do you make of their performance to date, especially the 50 basis point cut?