AI Valuation Jitters, Shutdown Hits Air Travel, Musk's $1T Pay Victory, Affirm CEO "First on CNBC" 11/7/25

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 7 November 2025

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Scott Wapner drilled down on the tech sector extending Thursday's sell-off: Big tech stocks in the AI trade adding to losses on jitters about valuations. Hundreds of flights have been canceled after the Federal Aviation Administration reduced commercial air traffic due to the government shutdown. Tesla shareholders approved CEO Elon Musk's $1 trillion pay package. Veteran analyst Gene Munster offered his take on what's ahead for Musk, the EV maker and its stock. Affirm CEO Max Levchin joined the program to discuss the "buy now, pay later" fintech's earnings that lifted the stock. Also in focus: Bitcoin and crypto weakness, travel and restaurant stock moves, President Trump acknowledges Americans "might be paying something" for tariffs. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania. Scott Wapner here post-9 of the New York Stock Exchange. Kramer in favor have the morning off. Stocks do look to close out a down week with some additional losses as Palantir, Meta, Oracle, Crypto, all lower-market. Shutdowns now in day 38.
0:21.6	We'll watch the Senate today, but air traffic is being disrupted in the meantime, 10-year-4-1.
0:26.6	Our roadmap begins with fears about AI valuations, gripping investors, as Open AIs, Sam Altman,
0:32.6	weighs in trying to allay those concerns.
0:34.6	Tesla shareholders approving Elon Musk's trillion dollar pay package.
0:38.7	We will discuss what's next for the company and, of course, the stock.
0:41.9	And shares of a firm getting a pop in early trading on the back of its latest earnings.
0:46.1	The fintech CEO, Max Levchen, he'll join us first on CNBC.
0:50.3	Let's begin with the markets as we wrap up this volatile week for the AI trade.
0:54.0	Metashares down more than 17% since their last earnings report.
0:58.3	A lot of discussion about sort of Microsoft this week being used as a source of funds.
1:03.7	Med, I think it was the JP Morgan desk said, kind of a ho-hum quarter.
1:07.6	And meantime, concerns about OPEX, concerns about CAPX.
1:10.9	Microsoft's down seven straight sessions. Meta's down five of the past six. The NASDAQ has
1:16.6	had three, one percent pullbacks in the last six sessions. It's the worst weekly performance
1:23.0	since April 4th when it was down 10 percent. It feels like we've hit a bit of an inflection point this week,
1:28.9	don't you think, in terms of the scrutiny that is going to be placed on the hyperscalers,
1:32.9	not only for their spend, but in some cases for, if not the hyperscalers, the valuations of other
1:38.8	companies. You look at Palantir, for example, fourth straight loss yesterday, the longest
1:43.6	slide since August. It's the longest slide since August.
1:45.0	It's the worst week since April.
1:46.0	There definitely is a difference in the way that these stocks and the commentary from them
	...

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