Big Tech’s Big AI Race & Illumina CEO’s Proxy Fight 04/26/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 26 April 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Microsoft and Alphabet have reported strong financial results, but as CNBC’s Steve Kovach reports, investors were only listening for big tech’s big plans for AI. RSE Ventures co-founder and “Burn the Boats” author Matt Higgins discusses the AI strategy for all the tech giants and what’s at stake for companies that slow their innovation. Elsewhere in the AI arms race, Apple is planning an AI-powered health coach. Biotech company Illumina is fighting to keep Grail, a product that tests for cancer with only a single drop of blood. CEO Francis Desouza discusses his proxy fight with activist investor Carl Icahn and the push to divest Grail from the rest of the biotech business. Plus, Wall Street is sizing up the balance sheets of regional banks including PacWest and First Republic. In this episode: Matt Higgins, @mhiggins Steve Kovach, @stevekovach Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C NBC producer Katie Kramer today on Squawk Pod.
0:09.0	Illumina CEO Francis DeSusa on the key technology regulators and activists want the
0:15.1	DNA sequencing company to divest. The FTC's administrative law judge ruled in
0:20.3	favor of alumna doing this deal and against the FTC.
0:23.8	Now the commissioners overrule that and so we're now going to court and the US Fifth Circuit
0:28.1	Court of Appeals granted as an expedited review.
0:30.8	Illumina's fight to keep Grail that tests for cancer based on a review. to shareholders that it's worth it. The first 12 month revenue ramp for Grail
0:45.0	has been the fastest of any cancer screening test in history.
0:48.0	Big Tech's big bets on artificial intelligence.
0:51.0	In earnings recap and the automated road ahead with investor money. on Who's going all in on AI?
1:02.8	If someone's got to burn the boat in this tech context, who's burning the boat?
1:06.6	Everybody.
1:07.6	Hmm.
1:08.6	Plus, sizing up the regional bank balance sheets after a rough day at First Republic, but hey, no blues at Twitter.
1:15.0	You are a peasant. In the Lords and the peasants, you are a peasant, Joe Kearney.
1:19.0	You Jonesen for the blue?
1:21.0	It is Tuesday, April 26.
1:23.0	Squawk Pod begins right now.
1:25.0	Stand Becky by in three, two, one, QAumlee.
1:29.0	Good morning, everybody.
1:32.0	Welcome to Squack Box here on
	...

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