SOTS 2nd Hour: OpenAI CFO, An Authentic Look At Retail, and Energy’s Next Move 5/22/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 22 May 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Fresh news top of the hour: OpenAI and the United Arab Emirates announcing “Stargate UAE” – a massive new data center in the Middle East in partnership with companies like Oracle, Nvidia, and more. OpenAI CFO Sarah Friar joined the team to discuss in a wide-ranging interview also covering the company’s future device plans… and possible competition with Apple. On the broader markets front: stocks trying to rebound after a big sell-off tied to bonds. The team broke down whether the pressure continues with one T. Rowe Price CIO – and the CEO of Authentic Brands brought his read on how the consumer’s holding up, fresh off a deal to buy Dockers from Levi Strauss. Plus: the IPO market showing signs of life… Hear from the CEO of MNTN this hour - ahead of their first trade – along with Carlyle’s Jeff Currie, breaking down this move lower in oil and where prices go from here. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Thursday morning.
0:09.2	Welcome to Squawk on the Street.
0:10.6	I'm Sarah Eisen with Carl Cantania and David Faber live, as always, from post-9 of the New York Stock Exchange.
0:16.0	Stocks are holding up.
0:17.7	S&Bs up to tenths of 1%.
0:19.8	It's driven mostly by technology, though.
0:21.6	Communication services is best performing sector, alphabets, climbing 4%, meta, Disney. Those are all higher
0:27.6	information technology, the other big sector that's driving the gains today, thanks to Palantir
0:33.6	and Palo Alto networks and some of the tripmakers like NVIDIA.
0:40.0	The rest of the S&P, though, is getting pressured.
0:42.6	Utilities down 2% energy down 1.5.
0:46.4	As for Treasuries, we are watching very carefully what's happening with bonds because we've seen this elevated bond yield.
0:48.9	The 10-year yield now comes off the highs, 4.591.
0:52.4	Watching the 30-year, though, in particular, because it remains higher, 5.1. So looking to see if we are going to break that 2023 high after the big beautiful bill passes the house. Just breaking news here, crossing on OpenAI. More of it. Let's get to Christina Ports and Nivellos with details. Morning, Christina. Good morning, Sarah. Well, Tech Giants are uniting to bring AI infrastructure to the Middle East, OpenAI, SoftBank, Oracle, NVIDIA, and Cisco announcing right now the creation of UAE Stargate, which would be a 5-Gawatt AI computing campus in Abu Dhabi. It would actually be the first international deployment of Stargate, which is Open AI's largest data center here in the United States, building in Texas. The campus, though, in the UAE will be built by
1:32.3	Emirati from G42, with 200 megawatts expected to go live in 2026 and operated by OpenAI, as well
1:39.3	as Oracle. The UAE will become the first country, according to the release, in the world, to
1:43.8	enable OpenAI's chat GPT nationwide.
1:47.0	NVIDIA will be supplying its latest Grace Blackwell systems needed to run these large AI data centers, much like it announced with Saudi Arabia just a few weeks ago.
1:55.0	But this Middle Eastern expansion really signals a notable policy shift from Washington.
2:00.0	Until recently, companies like
2:01.5	Nvidia, AMD, required special U.S. licenses to export advanced technology to countries like the
2:06.8	UAE or Saudi Arabia. Why? Because of concerns that the technology would eventually land in the hands
	...

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