SOTS 2nd Hour: The State of 'Truflation', AI Private Credit Check, & Is Software Oversold Here? 2/12/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 12 February 2026

⏱️ 37 minutes

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Summary

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with a look at inflation - including a new alternative data source cited by the Treasury - ahead of tomorrow's CPI report. Citi Wealth's CIO joined the team with more on what it all could mean for markets, and possible rate cuts ahead... Before the team did a deep-dive on software: spanning the names worth buying here, according to a longtime veteran in the space (who's also in investor in Anthropic) - and what the AI buildout means for private credit as concerns grow over possible contagion risks... Goldman's Head of Corporate Credit is bullish as ever here. Plus: more on the day's biggest earnings reports - spanning exclusive commentary from the CFO of McDonalds, to what the street's saying about Cisco's numbers (as shares look for their worst day since April of last year). Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Continia and David Faber. We are live from post nine of the New York Stock Exchange.
0:08.0	Coming up on today's show is the software selloff over done. We'll talk to noted software investor Byron Dieter about why he sees a surge coming for select names in the space.
0:17.8	Plus Goldman Sachs credit expert Johnny Fine will be with us to talk about how the
0:21.2	hyperscalers are funding their massive AI spending, including Alphabet's new century bond. And from
0:27.5	McDonald's to Cisco, we'll talk about the big takeaways from today's most important earnings
0:31.6	movers. Getting some existing homes today. Let's turn to Diana. Oh, look on that. Morning,
0:36.1	Diana. Good morning, Carl.
0:38.1	Existing home sales in January dropped 8.4% from December to a seasonally adjusted annualized rate of
0:44.7	3.91 million units. That is a huge miss. The street was looking for about half of that drop. Sales
0:51.2	down 4.4% from January of last year, and it is the slowest sales pace
0:55.9	since December 2023. Now, this count is based on closings, so contracts likely signed in November
1:02.1	and December when the average rate on the 30-year fix didn't move a whole lot before dropping in
1:06.7	January. Inventory came down from December, but was still up 3.4% year over year.
1:12.5	1.22 million homes for sale, which at the current sales pace is a 3.7 months supply.
1:18.3	Six months is considered a balanced market. And that kept prices in the positive territory.
1:23.2	The median for January was $396,800, up 0.9% year over year on the highest January price on record.
1:32.0	It is taking longer to sell a home, 46 days versus 41 in January of last year.
1:37.1	31% of sales were to first-time buyers up from 28% a year ago.
1:41.5	And this as a realtors did report slightly better affordability due to lower
1:45.8	interest rates. And one thing I'd note, Sarah, they did try to blame a little of this on the
1:50.1	weather, but these are closing. So that's, again, signed contracts from November and December
1:54.8	before that January bad weather hit. And also the biggest drop was in the West, which had zero
	...

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