Have you ever watched a documentary and wondered, How did they get that footage? Jake Gabbard, a BI video producer, described spending two weeks filming the Army's grueling mountain warfare school in Vermont. (The end result, which shows soldiers being trained on mountaineering, cold-weather skills, and high-elevation tactics, is worth a watch, too.)

In today's big story, a federal court's ruling against President Donald Trump's tariffs doesn't mean the markets are in the clear.

An exclusive interview with Wall Street's Dr. Doom about his early success as a money manager.

Take a look at how much Walmart has previously spent on Azure cloud services.

Airbnb CEO Brian Chesky explains why understanding the differences between founders and managers is key.

But first, it's all still a bit unclear.

Major indexes jumped Thursday morning thanks to the US Court of International Trade ruling that President Donald Trump didn't have the power to impose some of his wide-reaching tariffs. Whiplash ensued less than 24 hours later when an appeals court reinstated the tariffs while it reviewed the administration's arguments.

Even if Trump's tariffs are ultimately ruled illegal, the risk of a trade war remains. After Wednesday's initial ruling, experts told BI's Christine Ji that Trump has other options that could further sow chaos in an already wild trading environment.

Importantly, the entire episode demonstrates the ongoing uncertainty around an issue that has weighed heavily on the market.

The constant threat and subsequent pullback of tariffs have proved a challenge for investors in recent months. Citadel's Ken Griffin went as far as saying you'd have been better off keeping your money on the sidelines, which is not the type of thing people who manage money for a living often suggest.

One immediate solution for continuing his trade agenda could be the Trade Act of 1974. I'm sure you're well-versed on that US legislation, but if you aren't, it allows the president to impose tariffs up to 15% for 150 days.

If Trump continues his tariff fight in the courts, that'll further complicate trade negotiations. Will a trading partner take the president's threat of tariffs seriously if he might not even have the authority to implement them?

Stephanie Roth, chief economist at Wolfe Research, also highlighted to Christine the recently popular TACO trade — Trump Always Chickens Out — as another variable. The notion that he won't commit to harder tariffs, along with the court ruling, could push Trump to double down on his agenda.

"There's a possibility he attempts to do some sort of surprise," Roth told Christine.

Bearish economist Nouriel Roubini launched America Atlas Fund in November. Since its inception, the fund is up 4%, outperforming the S&P 500. Here's how it resists volatility.

Amid President Trump's trade war and policies, Goldman President and COO John Waldron said the bank is tamping down risk. For him, tariffs are just one piece of the puzzle, though.

Now that Musk is leaving Washington, a group of the EV maker's investors drafted a list of requests for the tech billionaire. Items include a 40-hour-per-week commitment to the company and a CEO succession plan.

A document revealed Amazon's plan — discreetly called the "Bend the Curve" program — to purge at least 24 billion unique product listings from its marketplace. Axing underperforming items can save the company millions in server costs.

Last week, Microsoft's AI security head accidentally leaked details about its partnership with Walmart. Then, a separate document viewed by BI shows Walmart has spent about $580 million on Microsoft Azure's cloud services between June 2023 and May 2024, which could make it one of Microsoft's biggest cloud customers.

Token growth lets the chip giant know how much people are actually using AI and, therefore, its chips. It was a big propeller of Nvidia's Q1 earnings beat, but it's also pretty tricky to track.

The foes-turned-friends are teaming up for a US military project, building extended reality gear for soldiers. The Meta-Anduril system, Eagle Eye, will use AI and sensors in headsets and other wearables to enhance vision, Luckey said.

Founders are like parents, Airbnb CEO Brian Chesky said on a recent podcast appearance. Chesky said founders have the authority to make big changes and know their metaphorical business baby better than anyone. They also run into two big challenges.

As companies face recession fears and tariff uncertainty, middle managers are at risk. Amazon and Google already announced plans to cut thousands of workers, and now retailers like Walmart are aiming to "remove layers and complexity."

The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.