PAWLEYS ISLAND, S.C. (AP) – Michael Bloomberg sees an opportunity emerging in presidential politics after Hillary Clinton’s blowout defeat in New Hampshire and Donald Trump’s victory there.

But those close to the former New York City mayor caution that he’s not rushing to join the race.

Bloomberg – widely considered a fiscal conservative but social liberal – has taken the first steps to mount an independent campaign. If he runs, he’d be looking to tap interest among middle-of-the-road voters in an election year dominated by candidates supported by those on the fringes of their parties.

But even as Trump and self-described “democratic socialist” Bernie Sanders emerged victorious in New Hampshire Tuesday, Bloomberg’s aides suggested that Clinton’s shortfall may not be enough to compel his third-party run.