10AM Hour: Mastercard CEO, Ferrari’s First Fully Electric Model, Pope Leo’s AI Warning 5/26/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 26 May 2026

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber explored what to make of the S&P 500 hitting a fresh record high, helped by hopes for a peace deal between the U.S. and Iran. The AI trade also fueling gains on Wall Street: Micron shares soared and lifted the chip sector after UBS more than tripled its price target on the stock to $1,625. The anchors discussed other stories on the AI front: Pope Leo XIV's AI warning, an Anthropic co-founder on guiding AI, OpenAl CEO Sam Altman refutes the idea of a "jobs apocalypse" due to AI. Also in focus: The stocks rocketing higher in reaction to SpaceX's planned IPO, Lilly buys three vaccine makers, Dropbox CEO to step down, BP ousts its chairman, Cramer's calls on the 30-year yield and retail, Ferrari's new EV. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber. We are live at post-9 of the New York Stock Exchange. We've got a big interview with the CEO of MasterCard, who is here at the New York Stock Exchange after ringing the opening bell to celebrate the 20th anniversary
0:21.9	of the company's listing. We'll talk about the consumer, inflation, and much more. Plus, Anthropic
0:27.8	investor Byron Dieter with us as the Pope raises concerns about AI, cautioning against the
0:33.0	construction of a modern-day tower of Babel. And details on the EV launch of sending shares of Ferrari in reverse this morning as well.
0:41.3	We'll get to all of that.
0:42.3	Going to be a busy week for data.
0:44.3	Let's get some conference board with Rick Santali.
0:46.3	Morning, Rick.
0:47.8	Yeah, it's going to be a busy week.
0:49.7	Personal has been spending later in the week.
0:51.7	These are confidence numbers from the conference board May.
0:55.4	93.1 is the headline, much better than the 92 expected, and a positive revision in the
1:01.4	rearview mirror, which pushed up 92.8 up to 93.8, which means that even though 93.1,
1:10.2	the current read is better than expected, it is now a little bit less than our last month at 93.8.
1:16.6	That's the highest read of the year, the revision last month. And if we look at the present situation, exactly the opposite. A little bit light here at 121.2.
1:27.4	That would be the lightest since
1:28.7	Feb of this year when it was 118 in change. And finally on expectations, very strong.
1:35.8	74.4, that would be the new high watermark of the year. So that takes us to Dease of last year.
1:43.5	And also a positive revision from last month
1:47.0	72 to 73.4. All three metrics here, Carl, had positive revisions from last month,
1:54.4	and that is a good thing as confidence levels seem to rebound and now are maybe
1:59.5	correlating a little bit more to the level of
	...

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