SOTS 2nd Hour: Navigating Crypto, 2026 Commodity Picks, & The AI Arms Race (Apple, Amazon, & OpenAI news) 12/2/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 2 December 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen, and Michael Santoli kicked off the hour with a check on how the consumer's held up this holiday season according to alternative data sources and earnings reports - before breaking down what it all means for stocks with Truist Wealth's Chief Investment Officer. Plus: is the Bitcoin bottom in? Or is there more pain to come - the CEO of crypto trading platform Bullish gave his take on the action... before the team turned to gold with TD's Global Head of Commodity Strategy, who argues there's better bets for the new year elsewhere. Also in focus: Apple's AI shake-up, OpenAI's "Code Red", and Amazon's new AWS plans... The team discussed all 3 headlines, and what it means for shares alongside the broader markets. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning. Welcome to Squawk on the Street. I'm Sarah Eithen with Carl Cantania and David,
0:04.8	and Mike Say, holy, sorry, David favors off today. Subbing for David. We are live in Pose 9 of the New York Stock Exchange.
0:11.4	Apple's AI chief is out. Open AI declares a code red, and Amazon is set to unveil its latest efforts around artificial intelligence.
0:19.1	We'll talk about the fast-changing AI horse race among the mega caps.
0:22.6	Plus, more volatility for crypto today following Bitcoin's worst day since March, Tom Farley.
0:27.6	CEO of Crypto Exchange Bullish will be with us to talk about whether our bottom is in.
0:32.6	And gold has a record-setting run this year, but TD Security says two other medals will outperform
0:38.5	in 2026. We'll get those picks straight ahead. But guys, you know I'm on consumer watch here
0:43.3	coming off the holiday shopping weekend, Cyber Monday and all of that. We did get an update from
0:48.8	Walmart, which I thought was pretty newsworthy and very positive, certainly for Walmart
0:53.3	and overall consumers.
0:55.4	In part, Walmart says they saw consistently strong sales growth.
0:58.8	This is over the weekend from Thanksgiving until yesterday, led by digital customers
1:03.7	flocking to electronics, toys, fashion, and home categories, as well as unique marketplace
1:08.5	fines and holiday essentials.
1:10.9	Some numbers.
1:11.5	Walmart delivered 57% more orders overall and 44% more orders in under three hours this
1:18.6	Black Friday versus last year.
1:21.0	So we just had Walmart earnings.
1:23.0	We know that they're in a strong place right now when it comes to share gains, especially
1:27.4	from the higher income consumer. So clearly they're having a good holiday right now when it comes to share gains, especially from the higher
1:28.3	income consumer. So clearly they're having a good holiday season. Cigna Jewelers this morning
	...

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