SOTS 2nd Hour: State of the AI Arms Race, CNBC Fed Survey, Trump’s Tariff Plans 1/28/25

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 28 January 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

After a historical sell-off, Carl Quintanilla, Leslie Picker, and David Faber broke down the latest for stocks with fresh consumer data at the top of the hour. A slew of earnings movers - from General Motors to Royal Caribbean to Lockheed and more – helping drive markets alongside hangover from yesterday’s big moves, with AI names like Nvidia trying to recoup small gains. Senior Markets Commentator Michael Santoli calling the volatility – and sell-off – a healthy response, find out why to start the hour. Plus: more on the future of AI – from what Trump’s tariffs could mean for chip stocks, how private markets are handling this DeepSeek news, why one NYU Professor is calling OpenAI the “WeWork of AI” – and a look at the staggering wealth tech billionaires lost in yesterday’s AI carnage. Also in focus: details on Elon Musk’s new deal with Visa for “X Money Accounts”; Chevron and GE Vernova’s new partnership to power AI data centers; what investors should know about the Smithfield IPO today; results from CNBC’s latest Fed Survey

Transcript

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0:00.0	Good Tuesday morning. Welcome to another hour to squawk on the street. I'm Carl Cantonia with Leslie Picker and David Faber, live at post night of the New York Stock Exchange. Sarah Eisen is the morning off. Bulls definitely looking for a turnaround Tuesday, not compelling at the moment. Dow's still down about 30 points. S&P roughly flat, up than less than a point, and we are going to get some data in a few moments. 10 you're holding on to 455.
0:21.4	We are 30 minutes into the trading session.
0:23.2	Here's the movers.
0:23.9	We are watching a volunteer. less than a point, and we are going to get some data in a few moments. Ten, you're holding on a 455.
0:21.4	We are 30 minutes into the trading session.
0:23.2	Here are some movers.
0:23.9	We are watching a volatile session for Nvidia after the biggest one-day market cap loss
0:29.2	for a public company ever shedding nearly $600 billion in value yesterday.
0:34.6	Currently, those shares rebounding slightly up about one and a half percent.
0:38.7	Royal Caribbean, a top gainer on the S&P after fresh numbers and strong guidance.
0:42.3	Execs added that bookings have accelerated since the last earnings call, and that stuck up nearly
0:47.7	8 percent. Their CEO here to break down the numbers next hour on money movers.
0:53.0	And watched shares of GM, that one reporting a top and bottom line beat guidance above the range.
0:58.3	Shares have been a big outperformer over the last year, but currently trading down about 9%.
1:03.7	Getting some consumer confidence data out a few moments ago.
1:07.3	Rick Santelli's got it.
1:08.3	Morning, Rick.
1:09.7	Good morning, Carmen. D. These are January
1:12.2	conference numbers from the conference board on the headline number expecting very close to
1:17.9	106, a bit of a miss here, 104.1. And in the rearview mirror, though, there is a big positive
1:24.1	revision. 104.7 jumps up to 109.5.
1:29.7	109.5.
	...

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