SOTS 2nd Hour: More Turbulence for Telsa, New Tariff Deadline, Core AI Deal 7/7/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 7 July 2025

⏱️ 42 minutes

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Summary

Carl Quintanilla, Leslie Picker, and Mike Santoli began the hour by breaking down shares of Tesla moving in reverse after Elon Musk said he is launching a political party. CNBC’s Phil LeBeau also joined the show to break down the motives behind Musk’s new “America Party” and why the news sent Tesla shares lower. The desk then shifted to the latest news out of D.C., after President Trump moved the tariff deadline to August 1 from July 9, with Treasury Secretary Bessent also teasing that the administration could make “several” trade-related announcements in the next 48 hours. Also in focus: a huge deal in the AI space. CoreWeave announced it will acquire Core Scientific in a $9 billion all-stock deal to strengthen its position in the AI arms race. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintaner with Leslie Picker and Mike Santoli here at Post 9 of the New York Stock Exchange. Sarah and David have the morning off.
0:14.6	Getting set up for a week, not so much of earnings and data, but some trade deadlines as we work our way closer to that July 9th date.
0:23.1	Dow's down about 2.18 basis points, treasuries as well, a rising slightly 10 year above 435.
0:30.6	Today, Tesla sits out the party, though. Shares are sinking this morning as Elon Musk makes a U-turn
0:35.3	back into politics. We'll talk about that.
0:38.5	And Everor founder,
0:43.0	Roger Altman, will be with us. His latest thoughts on the markets and the fast-changing situation regarding tariffs in Washington. But first, we're 30 minutes into the trading session. Here are three
0:47.5	big movers we are watching this morning. Melina Healthcare, the latest health insurer,
0:52.8	to lower its annual profit forecast due to medical cost pressures.
0:57.3	The move follows Centine's decision last week to withdraw its own profit outlook.
1:02.3	This morning, Melina, down about 0.65%.
1:05.7	Corweave says it is buying data center infrastructure company, Core Scientific, and in all stock transactions,
1:12.3	saying the deal will help CoreWeave, quote, future proof revenue growth and enhanced profitability.
1:18.0	Market not loving what it's seeing Core Scientific down 19% this morning. More details ahead.
1:24.0	And we mentioned Tesla, those shares sinking after Elon Musk said he would form a new political party
1:29.3	called the America Party, which would focus on just two or three Senate seats in eight to ten
1:34.5	House districts. Let's bring in Phil LeBone now with more on Tesla's pullback this morning. Phil,
1:41.4	market doesn't love Elon Musk being distracted.
1:45.6	No, they don't. The market, and by that we mean investors, they want Elon Musk to focus on Tesla.
1:51.9	I think that's pretty clear, as we've seen things play out over the last month, going back to his initial sparring with the president, and then saying, okay, let's get past this.
2:02.1	Tesla shares went back up. Now they're under pressure again. That's because he posted on X
2:06.4	that he would like to start or plans to start what's known as the American Party. It would be
	...

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