Amazon CEO's AI Message, Tesla Slides on Musk-Trump Feud, Fed's Powell Talks Tariffs 7/1/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 1 July 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

David Faber and Jim Cramer discussed several developments involving AI: Apple is reportedly considering using that technology from Anthropic or OpenAI to power Siri. Elon Musk's xAI raises $10 billion in its efforts to compete with the likes of OpenAI. The anchors reacted to what Amazon CEO Andy Jassy told Jim Monday night on "Mad Money" about AI being "transformative." Tesla shares down sharply on the resumption of the feud between Musk and President Trump surrounding "One Big Beautiful Bill." Also in focus: Fed Chair Powell remarks on tariffs and rate cuts at an ECB forum in Portugal, the big rise and steep fall of AMC Entertainment shares, second half playbook for the markets. Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Tuesday morning. Welcome to Squawk on the Street. I'm David Faber alongside Jim
0:11.6	Kramer. And we're live from Post 9 at the New York Stock Exchange. Carl enjoying a morning off.
0:17.7	Let's give you a look at futures as we get ready to start trading one half hour
0:20.9	from now. You heard Becky, of course, talking about how we're looking, and we are looking for a
0:24.5	slightly down open at this point after, of course, a very strong record-breaking market run
0:30.6	recently. Our roadmap this morning begins with big tech and AI strategy. Apple reportedly looking
0:36.9	at open AI or anthropic to power Siri,
0:39.9	Amazon's Andy Jassy telling Jim that it's quote, most trans-the-most transformative technology
0:46.3	of our lifetime. Plus it is the first trading day of July, the S&P and the NASDAQ.
0:50.6	Both, of course, as I just mentioned, have touched record highs, and coming off
0:54.7	what were their best quarters in over a year. Tesla this morning, one of the worst S&P stocks
1:01.4	pre-market. It would be on pace for what would be its sixth straight negative day. This has Elon
1:07.4	Musk and President Trump trade barbs.
1:11.6	Barbes, very nice, good word guys, barbs once again.
1:15.6	Yeah, Elon's most recent saying, oh, I could escalate, but I'm not going to right now.
1:21.6	Yeah, he's holding back.
1:24.6	So tempting to escalate this, so, so tempting, but I'm afraid for now.
1:29.6	Did he ever say, listen, it could get bad one day?
1:34.8	I think the expectation, and obviously, the two gentlemen have already had a very heated exchange that we've discussed in Lane, was that at some point the relationship might break down.
1:44.5	Clearly, the big beautiful bill is the center of that.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.