SOTS 2nd Hour: Nvidia Hits $4T, The Battle of the Kevins, Exclusive: Snap CEO 7/9/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 9 July 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Leslie Picker, and Mike Santoli hit the rally in tech stocks at the top of the show, after Nvidia became the first company to ever hit a $4 trillion valuation. The Nasdaq also touched a new record high as the market tried to rebound from back-to-back losses. Jefferies Chief Market Strategist David Zervos also joined the show, to discuss the WSJ report that President Trump was leaning towards Kevin Hassett and Kevin Warsh as potential picks to take over the Federal Reserve. Also in the mix; Snap CEO Evan Spiegel sat down with CNBC’s Julia Boorstin from Sun Valley, Idaho to discuss his company’s outlook and new AR glasses. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to Squawk on the street. I'm Carl Cantona with Leslie Picker and Mike Santoli live at Post 9 of the New York Stock Exchange.
0:06.2	Sarah and David have the morning off. Nasdaq's up a full percent. That's a fresh all-time high on the composite as NVIDIA crosses the 4 trillion market cap level for the first time.
0:16.5	Although you can see backing off slightly. Treasury's relatively constructive here.
0:21.0	The curve lower across the board, the 10-year back below 439.
0:26.0	Today, Snap CEO Evan Spiegel, live from Sun Valley, will get his take on some new warnings
0:30.8	about the ad market, the latest on the company's AI efforts, and more.
0:34.4	Plus, the battle to head the Fed, David Zervos from Jeffries, will talk to us
0:38.0	about new reporting around the top choices to replace Jerome Powell. Let's begin with the markets,
0:44.0	though. Tech is clearly leading the charge higher. NASDAQ with a new record high. InViddy,
0:47.8	as we said, the first company to hit a $4 trillion valuation. Mike, we were talking with Kramer
0:53.7	about the last big milestone at
0:55.4	$3 trillion a couple years ago. It's pretty remarkable. And what's more remarkable to me
1:00.4	isn't actually how the market is capitalizing this company. It's what underlies it, which means
1:05.1	the free cash flow and the actual size of the business. Because this is not one of those things
1:10.7	where the market is kind of looking deep into the future and saying this is going the business, because this is not one of those things where the market
1:11.3	is kind of looking deep into the future and saying this is going to be, you know, a massive
1:15.6	deal. The rest of the industry is handing its free cash flow to Nvidia. Invidia has a higher
1:21.8	free cash flow yield than Microsoft, then Amazon, than the other competitors that used to actually be the cash
1:28.3	cast because they're giving it all to Invidia. Now, earnings estimates for the current year
1:32.9	haven't really changed since Thanksgiving for Invidia, but people got more certainty about
1:36.8	next year, right? So I think that's an interesting story. Invidia, by the way, only spends like
1:40.8	four to five billion in CapEx a year. It's amazing. So that's why the market
	...

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