9AM HOUR: White House AI Summit Aftermath, PCE Inflation Gauge Holds Steady, CoreWeave CEO "First on CNBC" 9/30/26

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1:00Market insight and analysis. You're listening to the opening bell of CNBC. Squawk on the street. Good morning. Welcome to Squawk on the street. I'm Carl Kintanayoi, Jim Kramer, a post-9 to the New York Stock Exchange. David Faber has the morning off. Stocks getting a bit of a pre-market lift here from a cool August core PCE up to 10s, a 3% year on year. 10 years back below 5 in the quarter. Meanwhile, ADP, that's private payroll print since June. West Texas hanging on to 90, export data pretty solid, but there are reports of the first LNG tanker being struck in the straight since July. A robot begins with the Fed's preferred inflation gauge. That's PCE lighter than expected, giving stocks an early boost. The president and tech leaders signing that voluntary AI safety pact with the president adding he's seen tremendous self-policing by the tech executives. And then there's CoreWeep unveiling its first customer on Nvidia's Vera Rubin AI platform. Co-founder and CEO Mike Intrator will join us first on CNBC in a few minutes. Let's begin with what was that busy day on the AI front yesterday at the White House.

2:02The president said he signed a document with prominent tech leaders, one that he described as being, quote, morally binding. Added he's seen tremendous self-policing that his administration is considering building a 10 person committee to oversee the AI industry. Jim, it's pretty short for big buckets of assigning independent committees to the board, having external auditors, so to speak. Does it have any bite? Well, look, I think that if you're trying to figure out, you're on the fence, or let's say, ideologically, you're against data center, and you're against AI, or now superintelligence. Nothing, nothing, I don't think it changed anybody's mind. I think it hardens people's positions. You realize that there is something good if you're pro. I think these people, as much as I respect them, they had pretty much all of them on their money, or here. They're not as well respected in the community, which I think is a shame, because they've done a lot of good for Merck.

3:05Again, that's my bias, but I do think that they run the risk of just being part of the gang of people who want to make a lot of money. I'm not ideological, Carl. I am someone who tries to figure out what this will do to stocks. And the answer is, is that those who like it will like it more, and those who don't like it will like it less. Would you have wanted to see external computer science researchers there at the meeting to provide some ballast to what's obvious enthusiasm? I think it's always good to have people who are more skeptical. Again, putting myself in the hands of the Democratic Party. I would say, well, there we go again, just a bunch of oligarchs get together. The president, they can sell police, just like tobacco, so police, just like the mortgage and brokerage industry, so police in 2007. The auto fossil fuel, these are things that we have this yesterday.

4:07I thought it was quite exciting to see all these people come together, and I was wrapped at the press conference. And then you think about Biden, who never wanted to see these people, and he had tremendous support among Democrats before I think people found out that he was not necessarily fit to serve. So I was gleeful because I like a lot of these guys, and then I had the temper, temper my glee, because I realized, well, these people are the same people who will probably be investigated if the Democrats take over the House. We watched for policy changes in the future. We did cut a bit of sound for those who missed some of the appearances, speeches, and some body language too, which is very interesting. Take a look. We all need to work together to make sure that we win and we can win safely. If we do this right, if we work with the president, everyone here, we can win safely. There's no conflict between innovation, technology, and safety. We are going to have to create new technologies to advance the capabilities of AI, but we're also creating new technologies to advance the safety of AI.

5:11Many people are angry about this. We want great models. But we have to do these in a way where we can make very confident safety cases and claims so that people don't have a bunch of anxiety and can rely on us for the models we're putting out into the world. Safety has been paramount both in this product and everything that our AI lab has developed. Mark has made that extremely clear that you can't have a product that isn't safe and secure with any new technology of this scale and scope. This is going to be a level of concern. This is the most transformative technology of humankind, basically, and it's going very fast. Sort of a collection of just how quickly Jim, the conversation has evolved, really, it just doesn't matter a week. Ever since Hagenface has been a disaster for this industry, of course, there's Jensen Mom saying he bought Hagenface and is pretty clear he could have stopped it. You have the cyber security people. Yeah, in the cash world, they're saying, listen, we can stop this. You have Todd McKinnon saying we can stop this. He's CEO of Octostox, up 70 points as he said it.

6:12These people were all in their heels. I'm not saying that they didn't know what they were doing. I am saying that it is incredible how this, how they miss red America. America? Not the republics. America. Yeah. And now they're trying to make you come back. If you look at what Jensen said on Monday, I thought that it was more important than what it said to the President, which is the look, we've got this all. It gives a chance. But I think that Darryl, whom I spoke with on this, was at the lead of saying the opposite of what he said yesterday. Versus his prior commitment or comments in the papers. Yeah, look, I've worked with the President. I know it's in a lot of people feel it's a joke, but I was a consistent judge on the apprentice. Now, that was not the country, but I think it's where the President got schooled on public relations. Yeah, he can be very compelling. He also can be very daunting. He can be very demanding and he can be very rich.

7:15He can show great retribution. And I think that every one of these people's billionaires and you'd like to think that money speaks beyond power. But I was surprised to hear positions that were taken other than Jensen Wang that were contrary to what these people have been saying. Yes. And I find it, I want to know what they're really saying. Are they just saying this because the President is very powerful, very persuasive? Or are they saying because they're scared of him? Or are they saying because suddenly they've had a remarkable Damascus convertible? Or Jim, maybe they have fiduciary duty and they have to operate within political boxes, which change over time. That's part of it too. You mentioned Miss Reading America. I mean, the news flow is not helpful. Today, it's the Times Open AI, ignored employees who had put forward warnings, meta avoiding billions of dollars in federal taxes by declaring their data centers experimental. That's going to continue. Yes, it is. I'm glad we have Michael and Trader on today. And Bill, chief builder of these. When I had Dean of Palma, Kormick on the US, she's President of meta.

8:22It's very clear that meta has a game plan. Basically, they have a pact with communities that they want everybody to more than super intelligent when everyone to comply with. But they're not. They're not. I mean, she wants electricity down and rates down bonuses to teachers. You need to have a pack saying, listen, we'll do that. And let's reopen the deals that we had where it looks like that we were communities got had. They have to do that. But, you know, I don't want this to be in a vacuum. These people, if we had, there was a thing called the Bacora Commission that brought up rich people during particularly top time in America. And it was a lynching political lynching. I don't think these people recognize that yes, it's great. But I agree with you. I would have said something like, you know what? We have to answer the objections to the American people instead of just saying full speed ahead because it is not like that.

9:23Look, I wish it were. I was part of this. I was part of these people. I saw the jobs being created. I saw the greatness of America, the preeminence. You know, Carl, I was wrong. Well, look, Jim, I mean, page one of the journal today is about populism getting traction in this country, which we'll talk about in a bit. It kind of points to affordability and rates. We did get some economic data this morning, including a key inflation gauge, August PC, a bit taper than expected year on Europe, three, four, Jim. That month on month, two tenths was encouraging along with ADP 90K. I thought the bulls had something here until I saw something you mentioned really, which is another tanker has been attacked. That's what everyone has been seeing prices not coming down, but knowing availability, price and availability turned out to be false. You know, when you have availability, price should fall. But there's definitely a sense that there's a tax basically on getting stuff through the Gulf. Or at least the fear of escalation. Yes, and oil change. And that's why I think the future should not go in the way of the bulls.

10:26I had thought if you got slow in your better inflation numbers, which you did, and you got lower oil, which you'd see a short squeeze in the palm market of the likes of which you'd never believe. Yeah, you wrote that yesterday. You would see a short. I mean, there's so much pressure. I mean, look, people who are shorting and they do short to tenure. You got to pay the thing of the tenure. I know if I were trading, it's be this market. I mean, I'd be like, going out to the database, the Danny Myers plays a piece on Danny Myers. And I'd be just saying, you know what? You know, you think tap or no, something you think, sit it, I'll know something. I have killed it in the bond market. And I think you had the chance of being killed if you had oil down there. Yeah. I mean, yesterday was interesting in that long bond got to five, six, one oil was lower yesterday. I know I wanted to buy that one. I was looking at CDs. Yes. I got to find, you know, I want a five percent CD. I found some because I think that that may turn a five year five. That could be like a great piece of paper. And I, and people who are shorting it, I'll be a buyer.

11:26And I don't, I don't have to tell you what kind of invitation these people are going to be to get to your funeral. You betcha. When we come back, Core Weaves, Mike and Trader talking about the company's first customer on Vera Rubin. Take a look at the pre-market here. We'll see if these gains hold into the open. Don't go anywhere. Who says Americans don't build big things anymore? Through innovation, venture global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy and a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's venture global. That's unstoppable energy. Hey, Fidelity. What's it cost to invest with the Fidelity app? Start with as little as $1 with no account fees or trade commissions on US stocks and ETFs. That's music to my ears. I can only talk.

12:27Investing involves risk, including risk of loss. Zero account fees apply to retail brokerage accounts only. Zero dollar commission does not apply to customers designated by Fidelity as a professional equity trader. A limited number of ETFs are subject to a service fee of $100. C details of Fidelity.com slash commissions, Fidelity brokerage services LLC, member NYSC SIPC. A Better Help Add. Better Help is one of the world's leading online therapy services. And now insurance options may be available nationwide with average copays of just $23 per session for eligible members. Better Help works with more than 125 health plans, making it easy to get started with low cost sessions. Don't have eligible insurance. Get 10% off your first month and learn how therapy can help you manage stress at BetterHelp.com. Cost and coverage may vary. This count cannot be combined with insurance. I may continue to hyper scale or demand for AI compute, but of course the controversy that we just referenced. CoreWe have announced its first customer and Nvidia's VRRubin platform this morning. That's the current duration that Nvidia has.

13:27So let's join now. First hand, first time, CBC CoreWe've co-fed our CO-MiteGentry. And Mike, you weren't at the conference yesterday. You weren't with the president. Tell me where we are and what you're doing about building data centers, the objections that people may have, and what frankly this initiative you have over VRRubin. All right. So first of all, thank you for having me. I always appreciate the opportunity to kind of help on the show with you guys. We're out in San Francisco at our fully connected conference. It's very exciting. It's fantastic to be here. We were expecting 2,000 people. We got 5,000 people who are here joining us to talk about how you build on CoreWe's Cloud. So that's really exciting. VRRubin, all right. It's an incredible moment to be able to roll out the newest technology. We brought our first client. It is the first client in the world to enter into production on VRRubin architecture, cognition, great client of ours, great company.

14:35I'm going to be able to use that technology to really drive their company forward. And I think you're going to see that as the technology proliferates across the cloud as we bring more and more clients onto our infrastructure. All right. So Michael, let's talk about Nvidia's involvement. Nvidia has to have according to what I'm reading, a CPU partner, but Nvidia is the leader. Who are you working with to be able to bring in VRRubin for the new customer and noble care? Yeah. So look, you know, the way it works is the VRRubin is, it's an interesting technology because it brings together the GPU as everybody knows and also Nvidia's CPU. And so that's how they put it together. We have an enormous number of CPUs that are outside of the server of the VRRubin that we're delivering, but the integration of these two pieces of hardware into a single server is incredibly powerful and really will drive incredible gains in terms of the investments that companies are making as these two are synchronized so well within the single server.

15:48Is that an arm holding CPU? This is the Nvidia CPU that they're delivering and so it's really it's an exciting product for us. Yeah. Okay. So since you and I talk quite regularly, I want to know you had the great presidential meeting yesterday with all these people and its all systems go, but you have dealt with different governments of time, including some democratic governments. Where are we in terms of the backlash in terms of the states that are saying, whoa, we can't build these and what does it mean for you as there been a diminution in orders? There is absolutely not been any reduction in orders. I want to be clear that the regulations that are being brought out around data centers. All they are going to do is they're going to relocate the infrastructure. They are not going to in any way reduce the demand. The market is looking for more infrastructure because there are companies that are building and extracting value from building this infrastructure and it's just a question of where you'll put it.

16:58Nothing more than that. Michael, is the rate backdrop getting troublesome? You're absolutely right. Rates are rising, which are making things more expensive. Matter of fact, that's exactly why the Fed raises rates to make it more expensive to slow down the economy to deal with inflation. We all know that. What is important to take away from this discussion is that the margins that we are earning are expanding faster than the rates are going up. The overarching profitability of the infrastructure that we are bringing online is higher than it was a year ago. You can't look at rates in a vacuum. You have to look at the economy around AI holistically and holistically we are getting more orders because there is more demand and the profitability on each piece of incremental infrastructure is growing. You expect that trajectory reasonably, it's hard to know what the Fed is going to do or what rates will do.

18:03Do you think that story remains intact for 27? I do. I think that based on the demand that we are seeing and also the incredible revenue that's being generated at the companies that are delivering the infrastructure to the enterprise clients to retail clients. Just across the board. That is going to, for at least as far as I can see out through 2027 and into early 28, going to continue to drive our ability to build infrastructure at higher yields to our company. All right, so I know something is really important when I first heard about what was going on with GPU versus CPU. I was thinking it was going to be one to one. Now I'm starting to think GPU one, CPU four, a lip-bout and might have said to the CEO of Intel that may be more CPUs. Is there a CPU explosion about to occur which would impact AMD, which would impact arm holdings, impact Nvidia as you just said, and impact Intel?

19:05Is the CPU back and going to be bigger than any one of these they've been talking about? I think that this is a, this is a wave that's been moving through the market since the agent explosion started to take place. You are going to see substantial demand per CPUs across the board. They are going to be inside the GPU service. They are going to be independent of the GPU service. There is going to be a massive amount of demand for that type of compute also. Well, this is very big and people have to recognize that Michael Intrater was not at the meeting, but Michael Intrater is an implement, implementation person who knows more. Mike, it sounds like things are booming. I wanted to hear that because you actually are at the heart of it, not politics, not politicians, and not the big, even Jensen Wong, frankly. Even people like that were around the president. I think your boots on the ground. I think you know more than anybody. Thank you. Yeah, look, look, it's been great. We're seeing a lot of traction here, people are here because we're rolling out our new software forge, which is going to be able enterprise.

20:11It's going to enable AI native. It's going to really drive the ability of folks to make use of AI as they drive their economy. So I think, you know, we're in a great place. We're really excited. I'm looking forward for the next two days here. All right, Mike. Good luck. Thank you so much for coming on show Mike Intrater. Thank you guys. Core Wave. Speaking of tech, Mike Ron Sanjay Marotra will join us exclusively on earnings tomorrow at 9 a.m. Eastern time. I think he was also at the lunch yesterday. Yes, he was and he's the man. This group has been down and been hurt. It's made a bit of a comeback. If you get SK high and accept tonight in Korea and you get a good number from Mike Ron and you get a good bond number and you see oil down. Rip your face off rally. That's we go into quarter end today. We will get to hood and Tesla, Mattel, Lily Boeing and a lot more after the break.

21:14A better help add better help is one of the world's leading online therapy services. And now insurance options may be available nationwide with average copays of just $23 per session for eligible members. Better help works with more than 125 health plans, making it easy to get started with low cost sessions. Don't have eligible insurance. 10% off your first month and learn how therapy can help you manage stress at better help dot com cost and coverage may vary. Discount cannot be combined with insurance. AI is here transforming how we work live and lead and the women I talked to aren't waiting for the future. They're shaping it. I'm Julia Borsden senior media and tech correspondent at CNBC. This is CNBC change makers where I talk with the female leaders transforming business as AI reshapes the world. Follow and listen to CNBC change makers women leading in the age of AI wherever you get your podcasts.

22:16Take a look at some pre market winners HPE's having a networking networking investor day. They are raising their guidance for networking revenue. We'll get to some of that hood up almost five as they unveil some weekend hours. Some crypto perps at their hood summit in Houston. Jim's got some thoughts on that. I do know opening bell at a few moments a quick reminder you can always catch us anytime anywhere. Just listen to and follow the squawk on the street opening bell podcast. Time for cranberry some addash ahead of the bell this morning. I thought cerebers which has been kind of strong. I thought to take on they were the the chip for open allies latest G T G P T six one. I have the like semi analysis sometimes I don't like them because they're very good for some love them but they did break the story this morning. No cerebers does not have that it is an Nvidia GPU low batch size. Now Nvidia has been stuck in take those to two it has been stuck at the two thirty two twenty seven to two thirty two level.

23:18I know that Nvidia's got a buyback if they were active in the kind of buyback I've been recommending to them which is an activist buyback not a percentage of the volume by back today's today. So today's the day that they that they take that day. I think they try to solve to two thirty two because this is a very big win for them that everyone thought was going to cerebers. Thank you semi thank you semi analysis right. While we're in the neighborhood of the open AI developer day. Did you make connections between their offering on dots and what Meta Mews might offer is that? Apples for apples? No I mean it's it's a little confused. Look I think I've been a supporter of small business on my life and what what was coming out of Meta is two hundred million potential paying people. The people who use mues who are individuals you're probably not going to that's like it's not as bad as we just as some not as bad as a lot of free products but you're not going to make a lot of money. Right. It's not bad. Right. Small business going to end up paying and I think that what this is not what's app.

24:20This is a real product that's going to produce real money because the two hundred million are going to use it. It's rather incredible. I've used it. It's crushing it. This is not the same as that. I mentioned Meta did recover I think during the course of the day but it fell a little bit during the day. It's going to be very profitable for much of them. He was quite quite visible at the meeting yesterday. This he was. Let's get the opening bell here at the big board on Wall Street. It's the sodium. National Museum of the American Latino celebrating their permanent home in the National Museum. At the National Times Square Acceleration Aid Data Center Infrastructure Company celebrating an IPO. It's going to be a talk of the CEO in about an hour and at C. Boeing Chicago it's King's View Partners. Back for a second consecutive day celebrating day two of the King's View Summit conference. And as we'll try to get back to a 7700 gym month and quarter end today we'll see what that means as we work our-

25:2340% of this market is in bear market turtair territory. We have a almost no stocks at their 52 be high. If we did not have oil up today would be the day where you would see an end of the month rally. I don't know maybe we can if oil changes direction and therefore bond change direction based on the news flow and what could happen with micron tonight. Wow I mean I don't the bears the bears are gonna have a momentary break because they've made too much money. And if you look at the espiont oscillator that I follow we're almost minus five which is very important in terms of being oversold. If it's going to happen it's going to happen now. Going into October does that mean you think October will be less pain than September was? I do think that if you if you stopped the bond the short red lead bond rally yes. Interesting.

26:23Well we did get Williams yesterday suggesting that there's no urgency to hike. Did you see the way the the we didn't notice here but the change in terms of the next hike went down dramatically. And I thought that is that man's comments were burst the bond market sell off and that's why you had the stocks go up. Look this is I'm just saying it's a perilous moment for sure. Yes yes I mean but what a month though for the 10 year of almost 50 bips. No it's the kids been disaster a lot of industry. There is a lot of demand destruction I think going on. You finally got to a level where the mortgages are just too high. The Chinese have the mortgages too high and they're giving first time buyers basically a subset. Yeah they are first big stimulus over there in a couple years. Absolutely I mean the United States ought to follow follow China on this I think we're head on super intelligence. Is this Gulf of America? Sorry? When you have the oil guys on they call it Gulf of America. I think our style Tories is as a network we'll be going with AI which is what we've been calling it.

27:27You can call it as I feel like. I was in a phone with AI because S.I. was that thing I read every Friday. Yes. See if I was in the crowd. See if I was that one of the guys in the crowd. This Wimsy Edition did have I mean I worked for a company that owns Sports Illiterate. Yeah of course. It was a little bit. And look when you were growing up it was something but now it's nothing. Jim mentions mortgage apps. That's a tough story today. Yeah. The biggest drop since July, lowest in April 25th. The 30 year fixed is up six straight weeks. It's a housing crisis in this country. Now unless we've got to start talking about the housing crisis and it's not about FICO versus another way to be able to score people. You can't, this industry is frozen. The home business is frozen and it's a really important business. It's like if the car business is frozen, you're going to have a slow down economy that I think is so noticeable. You're going to have harsh tone side jokes.

28:29You really put off the sideway and you're going to have wars have to say you know we got to wait and see here. We got to wait and see if you says wait and see. Again I'm looking for, I'm looking for this bond market sell off to reach a conclusion unless there's just a huge day loose of paper because they've pushed this thing so far. Price down so far. I mean I haven't looked for CT and I know since like I don't know, 1970, 1981. And you I think you've resisted this rise on the 10 and the 30. Not one of the touch. I have not one to touch bonds. I go bonds and most dangerous asset in the universe. Now I'm in a position where I can do S&P and I can do bonds and I have said to myself I'm making S&P every single month I buy S&P. Every single month I buy S&P since I've been at this network basically because I can't own stocks. And not this month. This month I like I like the five on the 10 year. That's a nice piece of paper. Yeah, I mean there's a couple of CDs I got there 505.

29:29You were mentioning the CD thing. CDs are good. I don't like buying CDs. I bought a lot of bonds and I marched their teeth of 2000. That was timely. Yeah. Interesting. The curve is almost lower across the board except for the long bond. Yes. The pretty stubborn. Long bond is going the wrong way. Yeah. But it is going the wrong way. I'm not oblivious. But I am saying that this 10 year if you have any hope that you think the economy can slow and you're going to get five in a quarter. Why am I looking at CDs by the way? There's no one to run a piece of paper that gives me five. I like that. I always like the straight. But that's the 10 is the one to watch not the 30. Yeah. I've got a bunch of corporate movers today. Metta is the second best SMP year of the year right behind Sandisk and today's CD goes to sell. You're saying much to sell? Yeah. If I didn't like Frazier so much, I'd go to sell. I don't think people realize when you take a company that has been a consumer product company and you make it into an enterprise company with 200 million potential customers,

30:33then you take the modelable from 16 out of a couple years to 24. And I think that if you don't feel that way, I think the Newton understand the industry and consumer versus enterprise. We're doing better. I meant Moderna. Oh, Moderna. Moderna is very interesting because as someone whose daughter suffers from melanoma and is trying to beat, has beaten it once and all you care about is not getting it back, it's huge. However, if you're someone who like my mom died of kidney cancer, it didn't work. Well, I had a cancer right now. It doesn't look like it's working. So if it's only just melanoma, it's not going to have a speaking universe. But everybody who suffers from melanoma knows that it's a good chance of occurrence. So if you get it once and you get this vaccine and you know that you can go back out in the sun, you can change your life back to the way it was, no price you wouldn't pay. So I'm not going to sell my donate. While we're in healthcare, Lily today, some of these reports of people with type 2 losing what 23% of their body weight?

31:34Yeah, with the next gem. This one has far fewer side effects. There's been a series of Lily announcements that have drawn no interest whatsoever in this market. And I think these are dispositives that Lily and the battle between Lily and Novo has taken a considerable turn in favor of Lily. But I think his day breaks hasn't come on. I invite him on obviously the CEO of Lily. You don't get the sense of the significant and yet those of us who've been following this drug very closely say that if the shot has far fewer side effects and you listen to Dr. Oz talk about how much Medicare has made it so you can afford this stuff. The idea of Lily being below 1200 is fanciful. Look at that spread between Lily and Novo. Novo, Apple and Novo, what can I say? Every time I have one, I want to give it a hug. I said it's okay. It's okay. I mean we do bridesmaids all the time, HD and lows, but this is not much. It's a lot of white spaces between.

32:34Yeah, and look, anything has better safety profile is going to have people try it again. Interesting stories on Apple last 24 hours. Yesterday it was reports out of Bloomberg that Ternis is pushing the company to refresh products with more frequency. Today it's about a big push we think in October coming into the home. Well I think home is interesting. I've never I've seen them big pushing the home before. Frankly, maybe this is different. I know yesterday firm said that you have to careful buy Apple because of Mews. Have these people seen the duo? I have seen the duo and it is about going right now to team mobile to say I have a Verizon line. Now I need a second line. I am not going to be able to make it so I can watch what I want to do and also make calls. Still there, I mean just to push back a bit there is a lot of passive revenue that goes to Apple through subscriptions that Mews could take a mat, right? It's certainly possible and this is that you mentioned it to be a Monday, the consumer inertia.

33:36But I think the consumers not nearly is considered about productivity then small business. I think that Mews will be a small business tool. It's really pretty incredible. A small business tool. Look Apple is about the duo and Ternis has got the duo and I think when people see it and I've seen it you realize you know what this thing is so important. Well here's what I would do. Okay, I mean now I'm interested in stocks. I would have my duo running all morning. Okay, while I listen and do other things with my regular phone. And not only will I not be alone but I think that all I know is that you got to be in their day one if you want a duo with your input and your sign up. It's not like anything I've ever seen. Yeah, and you've said you've usually only had one phone but this will be your first second phone. What I'm saying is it would be stupid to have only one phone and I'm going to Costco and I'm going to get that T-Mobile deal. T-Mobile has been an awful stock. It's time. It's time for T-Mobile to recognize that they have the whole mic.

34:37Here's that mic similar in Sweden. I treaty goblins terrific. But this is the time to say listen you cannot any you can no longer have one phone line. If you want to be in touch with NFL if you could NFL obviously the product that is most watched in the world. If you want to be able to watch a game on Starlink remember this is all about Starlink. Starlink is maybe making it to the duo is going to be so you can watch anything online. But you can't keep switching it. You can't have one thing going back. Oh, Eagles. Let's see how much they're losing. Oh, fill these. Eagles. Fill these. Eagles. Then you just say it's all over anyway. I'm glad you mentioned Starlink because Tesla is getting some attention today. Barons has a piece out. They lined up about up to 30 billion in credit lines. Barons framing is their cash crunch is finally here. It is back to the 50 day for the first time. What a great time for you on Must-A-Buy. I mean five years of honor performance. He needs to get control of the company because right now he's just a shareholder. Even though there are a lot of people we know including people in our industry you have phony while he's here. I don't like the kings.

35:44The younger states, a younger state meeting the the the water crack has more stock than you do in the panic for it. And that's where he is. I mean what a silly thing. The ownership state. Just kind of clean that up right now. Meanwhile while in auto's gym we made a note yet we made note yesterday a forward at 12. That's going to be the lowest since May. You think that's a that's like a trade. My story regarding. I told production. I went back and forth with Jim Farley about it. I didn't know that Squalcat and I was trying to put him on tonight's show. I know our rules. I thought that was very significant. We do not have enough people in trade school and we know that coming out of high school it still hasn't risen yet. People still going for the hundred year stuff. I don't understand that because you can get a job that makes it fortune very quickly. We have to listen to some of the things that the pal McCormick has said on bad money. But no I mean. For forts it for is a frustrating stock because now they do have the highest quality according to the ads that we see.

36:46As some as a forward owner. I've had a lot of recalls what can I say and recalls making so that she wouldn't go to mousse and say take that I got a recall for it. Take care of it. Oh you seem stubbornly against being behind the wheel taking to the dealer and making people out of the are limitations to mousse. My wife actually go to the deal. My wife was called DMV and she was on hold I said why don't you get mousse and she said oh yeah they pick up they found the get is a high this is mousse. This is the problem Jim there's going to be a part of the population that can't afford or doesn't want to get an agent of any kind. And that's why it's a small business part and a small business people will pay and the individuals sound pretty much of a free ride. But you got to remember that not everybody in the customer service on the other side is interested in talking to your agent. Yeah. While we're in the note you know the area of pricing and e-commerce is a big debate now about dynamic pricing. We mentioned Walmart earlier this week. Today it's McDonald's and this notion that AI could set prices.

37:48There's been some pushback from the company and some franchisees who say look franchisees at the price. Not corporate. Yeah I mean when I went to the Bakken in 2011. There was the people were making $27 an hour and this that big map was a little more expensive. Have you had the bacon egg and cheese from daily provisions? I'm so good. They want to get the bread in it. The the the yoke went all over my pants. I'm looking forward to seeing Danny on your son. I emphasize Danny Meyer because he has a business he has a new book and Danny understands small business. I'm focusing on small business because everybody's focused on big business and yet big business does not net hire. It net fires. Small business does the opposite. So you have to take a touch and small business. McDonald's stock has been a disaster. I didn't think by the way that the McDonald's news was all that bad that last week but that industry. So look at those stocks as they hurt your mouth. It's more about industry traffic.

38:49Jim Financials will be talking about earnings in a couple of weeks. The XLF is now read for the year. Remember when it worked its way out of the hole earlier in the summer for the year? Yeah it was funny. Jamie time and had a piece I like to piece. Again a lot of it what he's talking about is hit Germany. It's United States. He's a Germany. He doesn't call it that. I wish he would. But this is the time when I want to see M and M and A and I don't want to see IPO pullbacks. There's been a couple of weeks. We've got a piece looking at four companies in the last week. Each looking to raise 50 bill having delayed that makes seven in the quarter four in Q2 and three in Q1. So this has been a trend. Inspire. Which is dunking donuts. That was a deal I was looking forward to tell people I made money. You want to get into. Right and now they've postponed. I think that that. And these are not market conditions. Doxie. Look at donut doesn't say wow I don't like the 30 year. But there is absolutely a freeze and it's just dreadful for some of the banks that needed IPO need merger.

39:53But the war has made that so you can't touch the economy. Right. Yeah we'll see what kind of commentary we get in a couple of weeks. A few corporate stories Jim some layoffs at work day and at Disney yesterday. Mattel Roger Lynch coming over from Condi. What did Disney is a layoff machine. I don't know how many. What the hell was going on at that company that it was so fat. Oh now I'm going to have to hear about that. Well go ahead call my mother. Adams V5 918. Workday needs to lay off people. Absolutely. There's too many people there. Now you know crisis has been on mid bin on man money ever since the stock was in 12. I bet tell. Yes. Now look he fixed the balance. He will be known as the guy who fixed the balance sheet. He will not be known as the guy who has the growth because the guy at the growth is Hasbro. It's been disappointing. A bit different the fact that I think that Intel might have gone out of business of where he non-crushed. But it Chris Cox is the guy who knows how to build a toy company. He's got 14 times earnings. That's it. It has bro. I don't know when she would remember to go over.

40:54It's not a good sign for the former city. We'll see what we get. We start talking about retail and holiday in the coming weeks. We mentioned Robin Hood Jim and this notion of weekend trading. Perpetuals on crypto. Are you a net skeptic on all the hours? I think we're partners with Calci. And I mean Calci is likely it's the bro. People in Prokers house better be careful. It's progress of should you not buy a stock you can just bet on a stock. You don't have to buy a stock you can just bet on the earnings positive negative. So Robin has to catch up on that. They are a lot of ten of his more of a technologist than he is brokerage. I want to just warn people that when you buy stocks say on a Sunday night because you see the futures are somewhere. I mean I used to trade Sunday night. It drove my wife crazy. My first one. I'm sorry Karen. I didn't mean to do that. But you know I straight Sunday night between 10 and 11. I was buying like Tokyo. This is not waiting for Asia to open. This is like I know but I'm saying Asia was open and I got picked off so much.

41:54So you try to go go go ahead try to buy balance here Sunday night. You know I just think that sometimes the hours back in and they're foolish. But people do it anyway. So I'm just saying listen you're probably going to be wrong when you're right. But you think the trend toward expanded hours isn't evident over time. Yeah I do. I've been saying that look I don't know. I don't think there's any reason why we stop it for other than that it's just it's really just the way all of the drink. Well in the old days. Yeah. Look at you just started 10 o'clock you have a leisurely breakfast. Have a dunk and don't know inspire hell. But I do think that we have to recognize that it's going to come with thin markets. Because there is a time when people don't necessarily want to trade. Now I mean people want to gamble. So maybe that's when they want to trade too. I just think that you don't want to move the market yourself. They used to. Yes. Now I will tell you and this is what I mean. Okay so SpaceX how did it get? How did it get?

42:54This is a good quiz here for people who went this. How did SpaceX get the 225? The answer is between four and six every day every every morning they came in and they bought it they bought it and they bought it and they got it to 25 and then some big sellers came in and everybody bought it to 25. Good luck. Yeah. Yeah it's a good cautionary tale about about liquid. People that just want to hurt people and why want to facilitate anything. Yeah. Okay I mean you know he trade raindrops. While we're talking Chicago PMI out a couple of moments ago September read of 588. Economists were looking for 52 compared with 471 in August any number below 50 of course signifies contraction gym. That is another you know incrementally hot read. Dow has gone negative we lost some of the opening games. You got to have everything go the way because we have a this powerful way but against a average race going up you have to have everything go away.

43:54Everything go positive everything be softer in order to have a short squeeze rally. If anyone thing does not give it to you you know when you have consumer spend go up no whatever. Yeah you can nominal spending is at six. You can't do it it's not going to work. You know I got I favor people making money. And in order to make money you got everything soft. Every piece of it is. It's a tough needle to thread. It is. The long bond back to 561 10 year back to 5 and a quarter as we take a look at bonds. S&P though just a few points shy off the 7700 stay with us. What a year it's been for Microsoft you recall periods of the summer where people were definitely worried about Sass Coppola. Existential risk or at least a dent to cash flow. Now the best quarter in 2018. Well it deserves it. The copilot actually turned out to be a very big success. They have quietly become once again the enterprise swap. We're company everyone loves. I wonder whether the that whether we had that situation awareness for maybe they were short.

44:59Well watch 515 a lot of targets higher than that. Yeah we're back in a minute. Jim Danny Meyer tonight. Yeah everybody knows Danny but they don't know his new book. What could possibly go right? Okay I said that the best business book ever was setting a table. This what could possibly go right. I have to tell you if I had this thing 30 years ago I would have just shown it donated $3 billion to build up the version of Cove of Not Harvard. It's not that. It's not that. No but anyway it's a great. I can't wait. It's been I think 20 years since setting the table. Yeah I knew that both know this is a man who likes up our city. Yeah look forward to that Matt money 6 PM tonight Jim. We'll see you later. You've been listening to the opening hour of CNBC's Squawk on the Street. All opinions expressed by Squawk on the Street participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy.

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