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Closing Bell

Closing Bell Overtime: CEOs of Cloudflare, SAP and Nubank; OpenAI CEO Talks To Congress 5/16/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 16 May 2023

⏱️ 49 minutes

🧾️ Download transcript

Summary

The major averages closed lower, near session lows. Vital Knowledge’s Adam Crisafulli and Alejandra Grindal, Ned Davis Research Chief Economist, break down the market action as the US creeps closer to a potential default. Congressional leaders speak after another meeting at the White House. OpenAI CEO Sam Altman spoke before Congress today; our Steve Kovach reports on the key takeaways and Cloudflare CEO Matthew Prince on how AI will impact his business. Tesla annual meeting is tonight; our Phil LeBeau on what investors are watching most closely. SAP CEO Christian Klein on AI and the cloud, plus Nubank reported strong quarterly numbers from its business as a digital bank in Latin America. CEO David Velez on the company’s expansion since its 2021 IPO.

Transcript

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0:00.0

The stocks hitting session lows into the close today with the Dow finishing down 1%.

0:05.6

That is the scorecard on Wall Street, but the action's just getting started.

0:09.5

Welcome to Closing Bell overtime.

0:10.8

I'm Morgan Brennan along with John Ford who is in Las Vegas today. We are

0:15.2

closely monitoring a pair of big events. Yeah Tesla's annual shareholder

0:21.6

meeting is about to kick off.

0:22.8

That's one of them and President Biden's debt ceiling discussions

0:25.4

with congressional leaders at the White House

0:28.3

could wrap this hour.

0:29.6

We will bring you all the breaking news from Tesla and from Washington as it happens.

0:34.0

Let's get into today's market action though.

0:36.5

Joining us now are Adam Chrisifoulli from Vital Knowledge and Alejandra

0:39.5

Grindal from Ned Davis research.

0:42.0

Good afternoon to you both.

0:43.6

Adam will start with you.

0:44.8

The fact that we, well, it wasn't a particularly strong session to begin with,

0:49.2

but the fact that we ended here at Session lows despite the outperformance of big tech again today.

0:55.3

Your thoughts?

0:56.3

You know, it was a very strange session.

0:58.9

It was actually much weaker than it looked on the surface even with the slump into the bell.

1:03.3

If you look at the equal weight version of the S&P, which adjust for the outside

1:07.9

weighting up the mega cap text dots, it was a very weak session all day.

...

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