11AM Hour: Cerebras CEO Talks Results, GEV's Turbine Dreams, & Trump's Housing Pivot 6/24/26

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 24 June 2026

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Semis in focus as Broadcom unveils a new custom chip with OpenAI, Micron awaits earnings after the bell, and Cerebras shares slump on the company's first report as a public company. Cerebras' CEO joined the team with his first take on the stock move. Plus: a live look at the world's largest gas turbine engine factory - and what it means for stocks like GE Vernova - along with reaction from the head of one of the nation's biggest homebuilders to the President's surprise pivot on a key housing affordability bill. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kingtonia with Leslie Picker here at Post 9 of the New York Stock Exchange. Sarah Eisen's off today. Shares of Cerebras tumbling today after its first earnings report since the IPO. Jib maker forecasting some shrinking margins.
0:22.1	Company CEO is going to join us first on CNBC to talk about the quarter and the outlook.
0:26.0	Plus, Congress passing the largest housing affordability bill in decades, but the president reversing
0:31.7	course canceling a plan signing next hour. We'll discuss what it means for the housing sector
0:37.0	with the CEO of TriPoint Homes.
0:39.0	Speaking of affordability, this Bezos-backed electric pickup looks to challenge Ford for the title of the cheapest EV truck in the country.
0:47.6	You'll hear why Slate Auto CEO expects every vehicle will be gross margin positive.
0:52.8	As for the markets today, really interesting action with oil,
0:56.3	West Texas, below 70 for once. Brent back below 74, yields are lower. The long end coming into
1:02.1	485 as we see consumer discretionary really outperforming travel names, Expedia up 7 as response
1:10.0	to some of what's happening in the Gulf.
1:11.8	Yeah, a little bit of a breather today. For the first time in nearly two years, the Dow Jones Industrial Average is getting a new member. Let's get to McKenzie Seagallos with those details. Hey, Mac. Hey, Leslie. So Alphabet shares are trading higher this morning up around 2% now. as the company gets set to become the Dow's latest mega-cap tech member,
1:29.7	joining Nvidia, Amazon, Apple, are trading higher this morning up around 2% now, as the company gets set to become the Dow's
1:27.6	latest mega-cap tech member joining Nvidia, Amazon, Apple, and Microsoft in the index.
1:33.6	And because the Dow is price-weighted, Alphabet will have immediate influence when it joins
1:37.9	Monday, ranking fifth in the 30-stock average.
1:41.1	That is a big change from Verizon, which had become one of the smallest
1:44.5	weights in the Dow. So for the index, this is really a catch-up move. It gives the average
1:49.0	more exposure to the parts of the market that have been leading AI, cloud infrastructure,
1:53.6	and advertising. For Alphabet, though, this isn't really a signal of major near-term demand
1:58.5	for the stock. There's actually much less money directly tied to the Dow than the S&P 500, and recent
2:04.3	Dow additions haven't been automatic winners.
	...

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