Squawk on the Street

Stephen Miran, a Fed Governor with insights into monetary policy, discusses the urgency of moving policy to a neutral rate more quickly. He explains why current conditions warrant faster rate cuts compared to previous years, and how shifts in the neutral rate influence decisions. The podcast also covers Treasury Secretary Scott Bessent's sharp critique of China's trade strategies, while exploring a significant $40 billion AI data center deal among major players like Blackrock and NVIDIA, showcasing the rapid evolution in enterprise AI adoption.

Christine Lagarde, President of the European Central Bank, explores trade tensions and their impact on global growth and inflation. Etsy's CEO, Josh Silverman, discusses the company's transition to the NYSE and how AI is revolutionizing personalized commerce. Scott Reckler of RXR Realty shares insights on NYC's booming commercial real estate market, highlighting trends in office leasing and conversions. Erica Najarian analyzes bank earnings and industry risks, providing an expert view on credit quality challenges.

Larry Fink, Chairman and CEO of BlackRock, joins the discussion to reveal the firm's groundbreaking nearly $13.5 trillion in assets under management. He delves into the transformative impact of AI and digital assets, including tokenization and crypto initiatives. Fink advocates for long-term investing, explaining why staying invested beats timing the market. He also explores how partnerships between public and private sectors could sustain economic growth and questions whether the surge in AI investments is a bubble or a necessity for future success.

Howard Marks, Co-Chairman of Oaktree Capital, shares insights on market cycles, the psychology behind bubbles, and the current state of AI valuations, likening them to a bubble yet noting a lack of manic behavior. Tom Michaud, CEO of KBW, discusses the banking sector's earnings outlook amid credit trends and M&A activity, identifying which banks are poised for growth. The conversation covers shifting economic dynamics shaped by tariffs and potential Fed policy impacts on inflation, adding depth to the market landscape.

Markets are bouncing back after a recent sell-off, with discussions on how trade tensions with China are impacting investor sentiment. In breaking news, OpenAI and Broadcom have announced a groundbreaking partnership to develop 10 gigawatts of custom AI accelerators starting in 2026. The presidents of both companies shared insights on the multibillion-dollar deal and the critical need for diverse hardware partnerships in AI. The market is reacting positively, with tech stocks gaining momentum following the announcement.

Jim Cramer reveals his enthusiasm for buying Starbucks stock despite current consumer challenges. He highlights the company's innovative product strategy and praises its leadership, comparing the CEO to successful turnaround figures like Pepsi's Ramon Laguarta. Cramer discusses the potential for Starbucks to exit its China operations as a strategic move. He also shares insights from a positive survey on Starbucks, drawing intriguing comparisons with Nike's brand performance.

Chip Wilson, the founder of Lululemon, passionately criticizes the company's board and governance, suggesting a drastic overhaul to revive the brand's spirit. Mark Mahaney provides insights into Amazon’s Prime Day performance and emphasizes the crucial role of AWS in driving stock value. Gabriella Santos discusses the macroeconomic landscape, weighing Fed policy against consumer trends and labor market dynamics. The convergence of these topics paints a complex picture of today's market, highlighting innovation, governance, and the challenges facing major companies.

Three years into a bull market, the hosts explore the top-performing stocks while noting the economy's laggards. They highlight a record high for the Nasdaq, driven by NVIDIA's rise towards a $5 trillion cap. The group discusses the Federal Reserve's shortlist for the new chair and debates the profitability of quantum technology. Concerns arise over AI's impact on security and truth, while ongoing merger talks between Paramount and Warner Bros. Discovery create buzz. The status of the CoreWeave deal and Intel's surprising rise complete the insights.

Ramon LaGuarta, CEO of PepsiCo, dives into the company’s quarterly results, highlighting a resilience in global consumer demand and strategic innovations for snacks and beverages. He discusses the challenges of middle-income consumers and shares his vision for growth through M&A and innovation. Jim O'Neill, former U.K. Treasury minister, analyzes the recent rally in gold prices and AI's potential productivity benefits, as well as its complex impact on labor markets amid Fed policy uncertainties.

JPMorgan CEO Jamie Dimon raises eyebrows with his market correction warning, sparking debates on AI valuations. Delta Airlines soars after a strong quarterly report, signaling a corporate travel rebound. The podcast dives into the surging prices of gold and silver, while Treasury Secretary Bessent criticizes Dodd-Frank rules affecting community banks. Meanwhile, discussions on Nvidia’s bullish outlook and a probe into Tesla add to the market's dynamic landscape.