Closing Bell Overtime: IBM CEO On AI’s Impact On Jobs And New Watsonx Tool; GlobalFoundries CEO Talks Chips Environment 5/9/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 9 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages closed lower today. Wilmington Trust’s Meghan Shue and Decatur Capital CEO Degas Wright break down the market action amid earnings from Affirm, Airbnb, EA, Wynn, Occidental, Rivian, Twilio and IAC. IBM CEO Arvind Krishna weighs in on the company’s new AI offering Watsonx and the macro environment in tech spending. Former Atlanta Fed President Dennis Lockhart weighs in on the debt ceiling talk and when the market will begin to worry. Plus, GlobalFoundries CEO Thomas Caulfield talks the semiconductor business and whether there are signs of softening. Our Julia Boorstin launches this year’s Disruptor 50 list.

Transcript

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0:00.0	Well we got our scorecard on Wall Street but we're going to stay late.
0:03.7	Welcome to the closing bell overtime. I'm John Ford.
0:05.8	Morgan Brennan is off today.
0:07.8	Breaking news this hour. President Biden is hosting a crucial meeting with
0:11.5	congressional leaders including House Speaker
0:14.4	Kevin McCarthy on the debt ceiling. That meeting slated to kick off right now
0:19.1	we will bring you any updates throughout the show as we get them.
0:22.5	Plus we've got After Hours action coming your way with earnings results from A
0:26.0	Firm, AirB and B, EA, Win, Rivian and more and we will bring you an exclusive
0:31.1	interview with IBM CEO Arvin Krishna as that company
0:34.6	outlines its AI plans with a revamped version of Watson.
0:39.2	Now let's bring in our market panel to talk about the debt ceiling and today's action.
0:43.2	Joining us are Megan Shoe from Wilmington Trust and Degas Wright
0:46.4	from Decatur Capital Management. Guys welcome. Megan to start for more than a year now
0:52.0	we've been talking about companies that overspent during the
0:55.2	pandemic and are having to go through the painful but necessary process of cutting back.
1:00.0	I mean is America any different is maybe this debt ceiling wrangling short-term
1:06.3	a problem for the market and long-term healthy? Yeah it absolutely could be a short-term negative. It's certainly a risk-off event. We definitely do not want to see the U.S. come close to any sort of a default, no matter how technical or short- term in nature it might be.
1:23.7	The repercussions could be pretty catastrophic.
1:26.7	We give an uncomfortably high probability to that happening,
1:31.5	higher than we'd like, still pretty low about 10 to 20
1:34.0	percent maybe. I think what we are more likely to see is some
	...

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