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Closing Bell

Closing Bell Overtime: Google Cloud CEO Thomas Kurian On AI, Competition; Former Amazon Studios’ Matthew Ball On Streaming Landscape 5/10/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 10 May 2023

⏱️ 47 minutes

🧾️ Download transcript

Summary

Averages closed near session highs with S&P 500 and Nasdaq in the green and Dow slightly negative. Axonic’s Peter Cecchini and Vital Knowledge’s Adam Crisafulli talk the market action and react to a raft of earnings including Robinhood, Unity Software and Beyond Meat. Dow component Disney fell after reporting earnings. Wolfe Research’s Peter Supino broke down the negative investor reaction while former Amazon Studios head Matthew Ball talked long-term streaming strategy. Fresh from the stage at Google I/O conference, Google Cloud CEO Thomas Kurian talked the new AI tools GCP is offering and the intense cloud competition among big tech giants. Plus, Twilio CEO Jeff Lawson after his stock tumbled following weak guidance.

Transcript

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0:00.0

Welcome to Closing Bell Overtime, I am John Ford.

0:02.2

Morgan Brennan is off today and we are kicking off another jam-packed hour of earnings.

0:07.0

With Disney, The Headliner, do out with results in just moments.

0:10.6

We're also going to get numbers from Robin Hood, Beyond Meat, Cheesecake Factory, and Unity

0:15.2

software. Plus, a big interview you will not want to miss. We will speak with Google Cloud CEO

0:20.9

Thomas Currian about today's announcements from the Google I.O conference,

0:25.5

alphabet jumping about 4% on that news and a lot of AI moving into that cloud division under Korean.

0:34.8

As we wait for the earnings numbers to cross,

0:37.0

let's get into today's market action.

0:39.0

Joining us now are Adam Chrysophoulli from Vital Knowledge

0:41.9

and Peter Chikini from Axonic.

0:44.8

Welcome guys, Peter, we got that CPI number, but it's kind of,

0:49.1

like as expected, does this actually inform us what the Fed is likely to do next?

0:57.4

Do we are you more likely to think pause or do we just have to move on to the next number does

1:03.0

PPI take on significance that it usually doesn't?

1:06.8

Yeah, interestingly enough that was my thought John. I think PPI will have a little

1:10.5

bit more significance and in, from a predictive standpoint,

1:14.0

PPI has actually been a nice lead on CPI

1:16.7

and actually helped us to understand

1:18.4

that we were gonna get hot CPI readings.

1:20.9

So I think PPI is gonna be an important look on really the heels of a

1:24.6

CPI number that was ho-hum and really gave us nothing incremental. What we've

...

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