Apple's AI leadership, Costco's tariff lawsuit, Shopify outage and more in Morning Squawk

As the stock market attempts to rebound, recent developments have left investors with a lot to consider. A downturn in cryptocurrencies has hindered risk-taking, causing traders to pause and reassess their strategies. Former President Donald Trump has indicated that he has a candidate in mind for the next chair of the Federal Reserve, yet the public will need to wait for an official announcement. Speculation points to National Economic Council Director Kevin Hassett as a likely successor to Jerome Powell, with prediction markets showing strong confidence in this outcome. Hassett expressed willingness to take on the role if nominated, which would coincide with crucial economic challenges ahead. In a significant change for its artificial intelligence division, Apple announced that John Giannandrea, its current head of AI, will be stepping down. He will be succeeded by Amar Subramanya, a veteran with experience at Microsoft and Google. This transition marks a critical moment for Apple as it strives to compete with leading AI technologies. Meanwhile, Nvidia made headlines with its acquisition of $2 billion in Synopsys stock, aimed at enhancing its computing and AI capabilities. CEO Jensen Huang referred to this partnership as a monumental development, and it positively impacted Synopsys shares, which jumped nearly 5%, while Nvidia’s stock rose over 1% during trading. In legal news, Costco has taken its grievances with the Trump administration to court, filing a lawsuit seeking a refund for tariffs imposed this year. The suit aims not only for a refund but also to halt the enforcement of these tariffs as the Supreme Court deliberates their legality. Many businesses are following suit, hoping for similar outcomes should the court rule against the tariffs. Costco highlighted the urgency of its situation, noting a looming December deadline that could jeopardize potential refunds. Lastly, Shopify faced a significant setback during one of the peak online shopping days of the year, experiencing a prolonged outage that disrupted many merchants’ operations. This incident led to a nearly 6% drop in Shopify's shares as the company struggled to restore service, which is critical to its role in facilitating over 10% of U.S. e-commerce transactions. These stories encapsulate some of the most pressing issues affecting investors as the market prepares to open for another trading day.