The Exchange

The so-called “Bond King of Texas” says the Fed made a mistake hiking rates. Stocks pop and oil prices sink on reports U.S.-Iran talks have entered the technical stage, but Helima Croft, who served as a commodities analyst at CIA, says seemingly nothing has truly shifted in negotiations. Plus, are mortgage rates above 7% the new normal?

Long-term yields above 5% present a good deal of “shock value” to the markets, but are likely over-rated as a driver of the economy, according to CIO Group’s Steven Wieting. Utilities under pressure amid those rising rates, and trader Jeff Kilburg is going bargain hunting. Plus, AEI’s Derek Scissors says the pageantry around Chinese President Xi’s first state visit in 11 years is setting the stage for a political clash between President Trump and other members of the GOP.

Yields, and rate hike expectations, climb on strong manufacturing data. With President Trump pushing back on creating a global entity for AI oversight, will a visit from Chinese president Xi Jinping’s be more show than substance? Plus, legendary real estate developer Richard LeFrak’s warning amid higher rates.

Meta’s Muse is a hit with Main Street, but is the next phase of AI enough to keep the trade alive on Wall Street? Peloton launches a new suite of products. Plus, how muni bonds are coming to the rescue when it comes to climate disasters.

The Nasdaq is climbing 2% as semiconductors and tech stocks rally. Meta having its third-best month on record amid investor optimism about its Muse personal agent app. And we look at whether Nike is nearing a bottom, as shares hit a 12-year low

Our market guest’s favorite big AI name used to be Microsoft but now says Nvidia is too cheap to ignore. Plus, the AI safety debate is heating up in Washington and across the country. And the iPhone 18 Pro and Pro Max are launching today, but Wall Street is already looking ahead to next month’s Duo launch.

Stocks higher, yields lower as markets digest the first Fed rate hike in three years. The CEO of Sentinelone says AI labs are engaging in “self-serving marketing.” Plus, an extended conversation with former Treasury Secretary Jack Lew.

Ahead of the Fed’s decision on interest rates, Kelly Evans and Brian Sullivan sit down with lawmakers, former Fed Presidents, and investing heavyweights from Washington DC.

The yield on 10-year notes hitting the highest level since 2007 ahead of the Fed decision. Jefferies’ David Zervos expects a more dovish Warsh and says the market is wrong on rates. Plus, prediction markets are already scoring this NFL season.

After Anthropic’s Dario Amodei calls to “pace the frontier” on AI, one of the researchers who discovered OpenAI’s hack of a German website says slowing U.S. model development will also curb China. Jefferies’ Chief Economist makes the case for a December rate cut. Plus, the billionaire founder of Groupon and CEO of Tempus AI on how AI is changing healthcare.

JPMorgan’s Michael Feroli raising his rate hike forecast to two this year after inflation comes in slightly hotter than expected. What record high diesel prices mean for the US economy. Plus, 41-year New York Stock Exchange veteran Peter Tuchman reflects on the 25th anniversary of the September 11 attacks.

Yields continue higher, and on the heels of a strong 30-year bond auction, Rick Santelli says it’s “war, not Warsh” moving rates. Real Macro’s Jeff Currie on the “toxic” double-trade pushing oil prices higher. Plus, President Trump’s $5,000 midterm ‘dividend.’

West Texas crude reapproaching $100 a barrel, and while Middle East tensions are ramping, Rapidan’s Bob McNally says China is also playing a big role in driving up prices this time around. We talk to the CEO of AGCO as retaliatory Canadian tariffs going into effect on U.S. goods like dairy and ag equipment. Plus, whether a 25 basis point rate hike at the next Fed meeting would do more harm than good.

With markets pricing in a rate hike in September after a strong August jobs report, Steve Liesman and KPMG’s Diane Swonk weigh in on whether Chair Warsh’s ‘forward silence’ could backfire. The first investor in Hugging Face reveals the three companies he’s investing in now. Plus, the trade that still has pricing power.

Nvidia will buy open-source AI platform Hugging Face for nearly $13B. BofA’s Vivek Arya says that will extend Nvidia’s sphere of influence well beyond Silicon. Meanwhile, ChatGPT, Claude, and Grok all experienced outages in the morning--former Marine Corps. hacker David Kennedy says while that can be attributed to new models causing massive usage spikes, there could also be other, more sinister, factors at play. Plus, a Kansas union leader on why he broke with tradition, aligning with Republicans on data centers in the state.

As West Virginia says ‘yes’ to data centers, Governor Patrick Morrissey is focused on clean water and keeping energy costs low. Steve Jobs biographer Walter Isaacson wants Apple to get back to its roots under its new CEO, creating devices that bring humans closer to the machines and intelligence they use. Plus, trader Jeff Kilburg says, despite a potential rate hike, stocks won’t experience a September swoon.

Investor Barry Knapp makes the case for a Fed rate cut with global yields back on the rise. FTC Andrew Ferguson on the agency’s new lawsuit against Amazon. Plus, an officer from electrical workers union, I.B.E.W., Local 26, tells us why data centers are “the best opportunity in generations for blue-collar workers to attain a portion of the American dream.”

The US striking Iran for the first time in a month as the G20 kicks off and Secretary Bessent says the administration can keep the pressure on without China’s help. Colorado AG and Democratic gubernatorial candidate Phil Weiser on his plan for data centers. Plus, Sarat Sethi’s leader-to-laggard pick for the second half has already surged nearly 60% since July.

Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there’s more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute’s Adam Posen calls the Treasury’s increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America.

The AI trade roaring back on the heels of Nvidia’s blowout earnings and strong guidance. Connecticut Governor Ned Lamont on the state’s suit against Kalshi, the impact of Canadian tariffs, and how to lower energy costs for New Englanders. Plus, Anthropic’s Dario Amodei reassures the software industry, “we’re not interested in destroying anyone.”

The key metrics to watch in Nvidia’s earnings—and why a guidance hike could be on the way. As oil prices continue to fluctuate amid Middle East tensions, RBC’s Helima Croft is concerned about a different commodity ahead of cooling temperatures. Plus, unsealed court documents reveal the Fed, the Senate, the Deptartment of Justice, and NASA were just some of the federal agencies hacked by a Chinese state-sponsored group.

A former Disney executive’s warning for media M&A as Paramount’s takeover of WBD sits in limbo. Technician Katie Stockton returns to discuss Bitcoin’s recent rally after calling the bounce last week. Plus, sports superagent Drew Rosenhaus on his client’s, former NFL player Dae’Quan Wright, decision to return to college football.

The Wall Street Journal’s Greg Ip joins us to discuss whether U.S. Treasurys are losing their safe haven status after Treasury Secretary Bessent’s buyback plan. Plus, Guggenheim’s Simeon Siegel is here with his retail outlook after a big earnings week. And Pantera Capital’s Cosmo Jiang weighs in on bitcoin’s big week and the other big headlines in the crypto space.

Former OMB Director Mitch Daniels on the Trump administration’s fiscal policy fight. Five-star fund manager Matt McLennan says despite the rising bond risks, investors should broaden their holdings, rather than get bearish. Plus, why Stripe could stay private for the long-term.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Yields around the world hitting multi-decade highs as bond vigilantes go to work. The Verge’s Nilay Patel says Meta’s federal child-harm trial is the social media platform’s “Microsoft moment.” Plus, Anthropic pulls back the curtain on its financials as it prepares to go public.

The retailer Morgan Stanley says could go from laggard to leader in the second half. After the 2020 clamp down, can China woo tech investors back? Plus, the bullish set-up for Bitcoin.

Semis are in a bubble, according to Citi’s indicator. Former Assistant AG Jonathan Kanter on prediction markets’ legal hurdles. Plus, the disconnect between investors and developers when it comes to data center moratoriums.

The benchmark index crossing 7,800 for the first time ever as new inflation data comes in softer than expected. Plus, early Facebook investor Roger McNamee calls Meta CEO Mark Zuckerberg’s AI manifesto a piece of science fiction. And Anthropic is inking a deal with ERock to power their AI infrastructure. We speak exclusively with ERock’s CEO about the agreement.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Nvidia just lined up $500 billion in funding from some of the biggest financiers in the world. Does this mean compute is now its own asset class? Plus, analysts warn the Iran war could merge with the Russia-Ukraine war. Could the US end up pulling out of the Middle East altogether? And existing home sales dropped in July. Are buyers starting to get the upper hand?

Sticky inflation has Bank of America predicting 75 basis points of Fed hikes this year. Acting FDA Commissioner Kyle Diamantas on a rule change for ingredients and the ongoing foodborne illness outbreaks. Plus, the name trader Jeff Kilburg is buying on the dip.

Does July’s weak jobs report change the Fed’s rate path? OpenAI is pausing the rollout of its upcoming model due to “cyber capabilities.” Plus, the data center economy and the three sectors our market guest is bullish on because if it.

Sandisk and Western Digital drop following results. We look at how position within the memory trade. Plus, Alphabet has to make a tough decision between AI talent and cloud computing dominance. And we’re counting down to tomorrow’s jobs report with a look at hiring and the labor market.

One of Wall Street’s first SpaceX bears joins us on the heels of the company’s debut quarterly results. Anthropic’s Mythos makes headlines for its bad behavior. And two prominent voices in the business world see a path toward 3 rate hikes this year.

Another batch of strong earnings powering the Dow and S&P 500 to record highs. Oil prices fall after Treasury Secretary Bessent told CNBC we may have a deal “today or tomorrow” on the Strait of Hormuz. And our panel debates whether we’re in a K-shaped or a C-shaped economy.

Evolution in the AI trade. A rise in long-term global bond yields. And the key names to watch this week.

The bullish case for the AI capex spenders, rather than the receivers. Cybersecurity expert Ivan Tsarynny’s AI warning after Anthropic discloses three of its models breached their testing environments. Plus, Brookings’ Robin Brooks on how the market has corrected its misreading of the June Fed meeting.

Semis on the upswing after a rough couple of sessions, but should investors trust the bounce in the momentum trade after what BTIG calls the largest/fastest crash in modern history? JPMorgan’s Michael Feroli slides his rate hike timeline from the second half of 2027 to December after Kevin Warsh evades some reporter questions in his second news conference as Fed Chair. Plus, why the war in Iran could last through the midterms.

Kelly Evans and Brian Sullivan go to Washington, DC to sit down with leaders from the White House to the C-Suite ahead of the Federal Reserve’s interest rate decision.

Ukrainian President Zelenskyy and Israeli Prime Minister meeting separately with President Trump at the White House as the wars in Iran and Ukraine become more entwined. Susquehanna’s Mehdi Hosseini says memory prices are nearing a ceiling, and that leadership in the space will come down to ‘hand-to-hand combat’ now that the ‘easy money’ has been made. Plus, Gabelli Co-CIO Chris Marangi’s under-the-radar AI trade.

Four of the Mag 7—Apple, Amazon, Meta, and Microsoft—report this week, our experts get you ready. Former Nasdaq CEO Bob Greifeld makes the case for AI regulation sooner than later, and draws a page from the SEC’s playbook. Plus, China’s most valuable company is also its best chance at homegrown AI chips.

Intel’s massive quarter not enough to boost chip stocks. AI spending concerns cropping up in both the equity and the credit markets--and that could be good for Apple. Plus, the bullish options action ahead of the busiest week of this earnings season.

Tech under pressure as oil prices climb and yields touch multi-year highs, on top of Alphabet hiking capex for the second quarter in a row, adding to AI spending concerns. And there could be more pain ahead, at least in the short-term, according to BTIG’s Jonathan Krinsky. Plus, one company’s pivot to pets.

In his first CNBC appearance in nearly two years, billionaire John Paulson, alongside NovaGold Chairman Thomas Kaplan, reveals why he’s staying focused on gold. Capex the main focus of Alphabet’s Q2 earnings, and one analyst expects it to top $300B in 2027. Plus, “I can’t believe we’re living in this right now. It’s insane,” says a former Marine Corps hacker about OpenAI’s Hugging Face breach.

Bank of America reminds investors that “open source” AI models don’t mean “free,” and that concerns about memory stocks are overblown. With $77 billion in AI related-debt raised in June, should investors prepare for another credit boom/bust cycle? Plus, the Pentagon asks for $67 billion in immediate funding as the war in Iran drains coffers.

Alphabet, Intel and ServiceNow report this week. There are fewer than 20 legislative days until the midterm elections and Pimco’s Libby Cantrill says Congress has a lot of work to do. Plus, a two-time former FDA commissioner on the cyclospora outbreak.

A new Chinese AI model reportedly narrows the gap between OpenAI and Anthropic. A CNBC investigation reveals how criminals are using tap-to-pay technology to commit fraud. Plus, the CEO of Underdog, America’s fastest growing daily fantasy sports company.

Nvidia is finally derisked enough to buy, according to GMO’s Tom Hancock. New York becomes the first state to pass anti-data center development legislation. Plus, the steps South Korea plans to take to calm the Kospi’s wild swings.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Fed chair Kevin Warsh says inflation is a choice in his first Monetary Policy Report testimony on Capitol Hill. IBM shares have their worst day since October 1987 after the company pre-announces disappointing Q2 earnings, with CEO Arvind Krishna saying “this quarter we faltered.” Plus, CNBC’s exclusive look at the AI model small enough to run directly on an iPhone.

Crude prices surge as President Trump says the US is ‘reinstating’ a Strait of Hormuz blockade. Apple sues OpenAI, alleging intellectual property theft, but The Verge’s Nilay Patel questions if trade secrets even exist when it comes to AI. Plus, with tech companies trading at peak margins, we set the table for second quarter earnings season with Wolfe’s Chris Senyek.

SK Hynix shares pop in their first day of Nasdaq trading, but Susquehanna is staying cautious. Brookings' Robin Brooks makes the argument for implementing another, stricter blockade of Iran oil. Plus, hoe World Cup hydration breaks could give Fox Sports a $250M boost.

The trade for investors concerned about AI capex. Aviation entrepreneur David Neeleman on the airline industry. Plus, the chip stocks Carter Worth calls so bad, they’re good.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Why the bull market should last at least another five months. Tech and media executive Tom Rogers’ surprising potential deal target as the Allen & Co. Conference kicks off in Sun Valley, Idaho. Plus, CNBC investigates the Chinese tech in American products that’s raising national security concerns.

With tech proving volatile, investors are putting their money to work in other sectors. Sal Khan, CEO of Khan Academy, reveals how much computer time kids should have per week to be successful. Plus, the beautiful game drives prediction market volumes to record highs.

Citi moving to market weight on tech in the third quarter and returning to barbell positioning with large growth and small value. Big Technology’s Alex Kantrowitz calls OpenAI’s reported suggestion the government take a 5% stake in the startup an “incentive misalignment nightmare.” Plus, Deepwater’s Gene Munster declares the EV winter of the past two years over.

Fed Chairman Kevin Warsh saying he’d rather have a “good family fight” with his FOMC colleagues at the next rate decision meeting than give forward guidance. Journalist and author Sebastian Mallaby weighs in on what’s holding OpenAI back, how Google is pulling ahead and why it’s in the best interests of both nations if the US and China coordinate on AI. Plus, Wolfe Research upgrades Fox, saying its merger with Roku will scale Fox’s general entertainment streaming and could double its long-term sales growth rate.

Piper Sandler’s Michael Kantrowitz sees a two-handle for CPI inflation by year-end, which will put the Fed hawks on pause. Will M&A drive the next leg of the bull market? Plus, a record-setting NYC real estate agent on what’s next for luxury properties.

Comcast touching off merger speculation after announcing it will separate NBCUniversal and Sky, its European media arm, from its broadband business. A new report warning the AI spending spree risks ending in a damaging, lengthy investment bust. Plus, DA Davidson sees a split in the tech trade.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Kelly Evans and Brian Sullivan are live for a special 2-hour broadcast from the Cboe’s iconic trading floor in Chicago with Chicago Fed President Austan Goolsbee, Ariel's John Rogers, Cboe CEO Craig Donohue, Northern Trust CEO Mike O'Grady, Harris Oakmark's Bill Nygren, and more.

Amid the recent choppiness in the memory trade, we bring you we bring you the key numbers ahead of bellwether Micron’s earnings--and the share price KKM’s Jeff Kilburg, who timed the Intel rally, says would make him a buyer again. President Trump cancels the signing of the bipartisan housing bill, aimed at lowering housing costs, amid an ongoing battle with Congress over a controversial voter ID bill. Plus, why stocks will soon be over the June swoon.

Memory chips come back down to earth. Wolfe targets a new top pick in retail. Plus, why G Squared Capital’s Victoria Greene is sitting on the SpaceX sidelines.

Every Mag 7 stock is down over the past month, while memory names keep rallying. We look at the fractures in tech, and what’s the better AI trade from here. Plus, a look at Alan Geenspan’s influence on Fed policy.

Apple will reportedly raise prices, and President Trump says the company will partner with Intel to design and build chips in the US. Oil and gas prices fall as the Iran peace agreement seems to move forward. Plus, CFRA says markets are overvaluing SpaceX’s future optionality while discounting execution risks.

Kelly Evans and Brian Sullivan host CNBC’s special coverage of the Federal Reserve rate decision live from Washington, DC. Former Philadelphia Fed President Patrick Harker, Former Kansas City Fed President Thomas Hoenig, AOL Founder Steve Case, and Senator Dave McCormick (R-PA) are just a few of the big names weighing in on new Chairman Kevin Warsh and how he could reshape the central bank.

Stocks pop after the US and Iran sign an agreement to continue to negotiate an end to the war. Tech stocks surge, with chips, software and the Mag 7 all catching a bid ahead of this week’s Fed decision. Plus, how to capitalize on the tax-free investments powering the World Cup host cities.

Shares of SpaceX pop in the biggest IPO ever. We dig into what it will take to bring the company to scale, some of the key technological risks it faces, and what it will take for Elon Musk to maintain his newly-minted trillionaire status.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Stocks under pressure as investors prepare for the SpaceX IPO, which is shaping up to be an historic liquidity event. The names that could see the most selling, plus a former derivatives trader on how to hedge any current SpaceX exposure. The CFTC’s proposed new rules for prediction markets could mean major changes for sports betting. And speaking of sports, CNBC’s Alex Sherman breaks down the big numbers behind the Knicks ahead of Game Four.

Stocks give up earlier gains, with tech the biggest laggard once again. The homebuilder KBW says can defend margins in the K-shaped housing market. Plus, Fast Money trader Tim Seymour on the differences he’s seeing in today’s sell-off versus last week’s.

Apple’s highly-anticipated Siri AI fails to wow. Bank of America says when it comes to chips, it’s not about whether the returns will come—“it’s about whether the industry can keep up.” Plus, Berkshire board member and Portfolio Manager Chris Davis’ surprising AI winners.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Dell shares are on pace for their best day ever as AI server revenue soars. A setback for SpaceX competitor Blue Origin puts the IPO back in the spotlight. Semiconductor stocks are on a historic run and Nvidia is no longer leading the charge.

Are semi stocks outperforming at the expense of the Mag 7? We’ll debate and look at how long that can continue. Plus, Komal Sri-Kumar joins us with his thoughts on Kevin Warsh’s first move as Fed Chair. And we dig into the SpaceX IPO and its impact on the benchmarks with a market structure expert.

SK Hynix joins Micron as the latest member of the $1 trillion club, but is bigger always better? Cyber security ETF BUG up 37% over the past two months. Could cyber stocks be the new semis play? And the odds of a rate hike are climbing, but could the market be getting ahead of itself?

Micron crossing $1 trillion in market cap for the first time; how much room is left to run? Pope Leo calling for the “disarming” of AI, saying it threatens to normalize an “anti-human vision” of society. And as the New York Knicks head to their first NBA finals since 1999, Wall Street is buzzing about Madison Square Garden Sports’ potential spinoff of the Knicks and Rangers.

Former Fed Governor Larry Lindsey gives his take on what a Kevin Warsh-led Fed will look like. Redpoint Ventures’ Managing Director and OpenAI investor Erica Brescia joins Kelly on the AI startup’s path to the public market. And Jeff Kilburg is sticking with Intel despite the stock’s meteoric rise.

Nvidia’s earnings beat, stock buyback, and dividend hike not exciting Wall Street, but one chip subsector is seeing a boost. Greg Ip’s “dangerous brew that’s rattling bond markets.” And the CEO of D-Wave Quantum discusses the government’s new $100M stake.

Nvidia reports after the bell, but our portfolio manager sees better opportunities in semis. Wall Street readying for both SpaceX and OpenAI to file for IPOs this week. Plus, why the Fed may have to hike rates by at least 100 basis points.

Yields soaring around the world as bond vigilantes try to force a Fed hike ahead of Kevin Warsh’s installation as Fed Chair. The street’s only analyst with a ‘sell’ rating on Nvidia lays out his bear case ahead of earnings. Plus, Google unveils Gemini Spark at its annual developers’ conference.

We go live to the courthouse after Elon Musk loses his court battle against OpenAI and Sam Altman; Big Technology’s Alex Kantrowitz and Deepwater Asset Management’s Gene Munster join Kelly for instant reaction. Plus, what to watch in Walmart’s and Target’s reports this week.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

The Exchange, along with a little help from two surprise guests, takes a deep dive into the blockbuster Cerebras IPO as shares start trading at the top of the hour. President Trump was “fawning over the Chinese Communist Party”, according to AEI’s Derek Scissors, and that could give Democrats an edge in the midterms. Plus, a win for the crypto industry.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

Chip stocks, including Nvidia, Intel, Micron, Qualcomm and AMD, are sitting near record highs and fueling concerns of a 1999 repeat. One Korean policymaker’s suggestion of paying citizens an AI “dividend” throws the memory trade into temporary disarray. Plus, home prices post their strongest monthly gain in nearly two years.

The run-up in tech has Dan Niles remembering like it’s 1999, but he says the rally “has at least one more great year.” Microsoft’s Satya Nadella takes the stand in the Musk vs. Altman trial. Plus, the under-the-radar chip company UBS says is “the fastest grower” in the space.

KPMG's Diane Swonk makes the case for two rate hikes this year. The Iran war could make for an acrimonious meeting between President Trump and China's Xi next week. Plus, the Wall Street Journal's Greg Ip writes AI is "distorting practically everything about the economy."

Whirlpool sinks on disappointing results, and management says the Iran war triggered a recession-level industry decline. New signs the K-shaped is widening. Plus, McDonald's stays afloat while Shake Shack stumbles.

Bernstein joins the AMD bandwagon after shares surge on earnings. Apple's R&D spend rises as it tries to catch up in the AI race. Plus, former FDIC chair Shiela Bair talks Warsh, banks, and new children's book, "How Not To Lose A Million Dollars."

With the Nasdaq and the Russell at fresh highs, Carson Group's Ryan Detrick says there may still be several years left of the bull market. One company is teaming up with Nvidia to build mini data centers that can be attached to residential homes. Plus, an exclusive interview with Citadel founder and CEO Ken Griffin.

Strong earnings pushing stocks to record highs despite high oil prices, can the rally keep running? Scoring Greg Abel's first time at the helm of Berkshire's Annual Meeting. Plus, the case for Wyndham Hotels & Resorts as a stealth AI beneficiary.

Western Digital CEO Irving Tan on the global memory supply crunch and “a lot more opportunity” to expand pricing. Tech has been the key driver of the market’s huge April rally. Is it needed to make new highs from here? Plus, three scenarios on why high oil prices have not had a bigger impact on markets.