Squawk on the Street Stocks Extend Record Run, Busy Day for the Fed, Vertiv's David Cote Talks AI 9/23/25
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Sep 23, 2025 David Cote, Executive Chairman of Vertiv and former Honeywell CEO, shares his insights on the booming demand for data centers driven by AI. He emphasizes the crucial role of infrastructure in supporting digital transformation and highlights the importance of attracting global tech talent through merit-based immigration. The discussion also touches on the implications of the current market rally, with stocks reaching record highs influenced by AI advancements. Cote's perspective sheds light on the future of tech in an ever-evolving landscape.
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AI Trade Is Driving Market Records
- The market's recent rally is dominated by an AI-driven tech trade centered on NVIDIA and related financing deals.
- This concentration raises questions about breadth and whether the rally can sustain without broader participation.
Tech Momentum Masks Market Divergence
- Tech's strong performance is keeping earnings revisions muted and margins stable across the market.
- That dynamic masks divergence where consumer and industrial sectors lag despite the broad S&P uptrend.
Fed Talk Is Mixed, Market Prices Cuts
- Fed officials' comments remain mixed, with some cautioning against rapid easing despite recent cuts.
- Markets nonetheless price further cuts, creating tension between Fed rhetoric and market expectations.