Squawk on the Street SOTS 2nd Hour: Delta CEO Talks Shutdown, Jefferies Chief Market Strategist, Bostic Retires & Anthropic News 11/12/25
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Nov 12, 2025 
David Zervos, Chief Market Strategist at Jefferies, shares insights on weak labor data and the expectations for easier monetary policy in 2026. He highlights AI-driven productivity risks and their impact on the economy. Ed Bastian, CEO of Delta, discusses operational disruptions caused by the government shutdown, including widespread flight cancellations and ATC staffing shortages. He forecasts a quick recovery and outlines Delta's focus on international expansion and strategic partnerships as they celebrate their centennial.
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Atlanta Fed Leadership Is Shifting
- Rafael Bostic will retire as Atlanta Fed president at the end of his term, prompting a search and potential reshaping of Fed faces.
- New Fed appointments still require Board of Governors approval, so politics may influence confirmations.
Anthropic Wants Control Of AI Infrastructure
- Anthropic plans a $50 billion U.S. data center buildout starting in Texas and New York, aiming to control AI infrastructure end-to-end.
- The company hasn't disclosed financing, and large AI buildouts are increasingly funded with creative debt structures.
Profit Timelines Differ Between AI Firms
- Internal documents suggest Anthropic could reach profitability by 2028 while OpenAI faces far larger cash burn projections.
- Data center buildouts so far are commonly structured through debt, increasing scrutiny on funding risks.