11AM Hour: Chip Stocks Bounce Back, The Two Sides of PepsiCo Earnings & The Top State for AI 7/9/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 9 July 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bernstein Analyst Stacy Rasgon discusses the rebound in chip stocks today ahead of SK Hynik's debut on the Nasdaq tomorrow. Then, we break down PepsiCo's latest earnings and discuss how they're showing two different stories in the U.S. and abroad. Plus, we reveal the top state for AI from CNBC's list of top states for business this year. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington A.
0:08.3	Asima Modi here at Post 9 of the New York Stock Exchange. Sarah Eisen is off today.
0:12.3	Chips definitely in focus. Meta reportedly plans to begin manufacturing its custom AI chip by
0:18.1	September and the highly anticipated U.S. debut for S.K. Hinex. Analyst Stacey Razgun will join us to break down the sector's moves. Plus, the U.S. and Iran launching strikes once again. Control of the Strait of Hormuz, a key focus. But what could it mean for future chop talks? We're joined by one top former U.S. diplomat and a key figure behind President Obama's Iran deal,
0:38.5	why he says the options going forward don't look promising.
0:42.5	Open AIs, Chief Sam Alman, telling us in the last hour that its newest AI model is as good or better than the competition.
0:49.7	We're going to dig into the latest in the AI race.
0:52.5	As for the market, some volatility here, but we are
0:54.9	soaring just above 7,500, Dow's up 125, kind of a mixed bag on the sector front. Energy's actually
1:01.3	down 1% giving some relief in the wake of those Iranian strikes, and IT up more than 1%.
1:07.2	But chips outperforming the SEMI's ETF, SMH, reversing earlier losses from the week.
1:12.8	The sector getting a boost from news that Micron will accelerate its investment in U.S.
1:17.7	semiconductor manufacturing to more than 250 billion through 2035.
1:22.5	Stocks like Applied Materials, KLA-Tencore, AMD, trading upwards of about 6%, all of which our names are
1:29.9	our next Gus covers. Joining us now is Bernstein. Senior analyst Stacey Raskon, Stacey, it's great to have you on.
1:36.6	Micron's big investment, your thoughts on the trickle-down effect it could have on the sector.
1:41.2	Oh, I mean, look, memory capacity in particular is very, very tight right now.
1:46.7	We need a lot of it, and the fact that they're building, I think, would be great.
1:51.7	They're all adding, right? I mean, you know, we've seen memory prices explode to the upside.
1:58.8	We're seeing, I mean, these guys are all driving on 90% gross margin, something.
2:02.9	It's something that we haven't ever seen before.
2:06.5	AI demand is just exploding.
	...

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