Elon Musk’s xAI Plans, $5 McDonald’s Meals, & SeatGeek CEO 05/28/24

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 28 May 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The McDonald’s $5 value meal is coming in June, aimed at relieving inflation-weary consumers. But franchisees are also inflation-weary; Scott Rodrick, a franchisee in California, discusses the pressures at his restaurants and the difficulty of offering value in a high-cost environment. The Department of Justice has filed an antitrust lawsuit against Live Nation, aiming to split up the parent company and Ticketmaster, its subsidiary. CEO of competitor SeatGeek Jack Groetzinger discusses competition for ticketing and best experiences for fans. The Tesla shareholder vote on Elon Musk’s pay deal is coming soon, but it’s only one of multiple weekend headlines on the tech billionaire. Musk’s startup xAI has notched another $6B in funding, pushing the company’s valuation to $24B. Musk is also reportedly planning an xAI supercomputer. Plus, China has created a nearly $48B fund to back Chinese chip companies, CNBC’s Eunice Yoon reports. Eunice Yoon - 08:01 Jack Groetzinger - 13:26 Scott Rodrick - 22:09 In this episode: Eunice Yoon @onlyyoontv Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod and I'm C. NBC producer Cameron Costa.
0:08.0	On today's episode,
0:10.0	McDonald's soon to roll out its $5 meal deal, but restaurants are already under cost pressure.
0:17.8	Franchisee Scott Roderick.
0:19.8	It's not just wage.
0:21.0	We're talking about massive insurance costs that have gone up in the state of California. not just
0:23.1	it's we're talking about massive insurance costs that have gone up in the state of California
0:25.3	obviously backdoor costs have skyrocketed milk eggs the cost of beef
0:30.0	chicken and the Department of Justice is tackling what it considers Live Nation's monopoly on ticketing.
0:38.0	CEO of competitor Seat Geek Jack Grozinger says he's excited for more competition.
0:44.4	It's a shame because it ultimately means
0:46.0	worse experience for fans, higher prices, fewer shows,
0:48.8	and a service that doesn't really have an incentive
0:51.1	to invest in getting better.
0:53.3	Those stories, plus China's chips push,
0:56.4	and a lot about Elon Musk over the long weekend,
0:59.8	funding AI and his big pay from Tesla.
1:04.0	I think you're playing with fire at this point.
1:06.0	If you're a shareholder, he could go to a beach and do nothing.
1:10.0	It's Tuesday, May 28th, and Squawk Pot begins right now.
1:15.0	Stand Becky by in three, two, one, queue please.
	...

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