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

0:00I'm Mike McNerney, Equity Investment Strategist. Markets move fast. My mission is to provide market insights to our clients that help turn uncertainty into opportunity. Janice Henderson, investing in a brighter future together.

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1:12and G-Tanker being struck in the straight since July. Our roadmap 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 CoreWeave unveiling its first customer on NVIDIA's Vera Rubin AI platform. Co-founder and CEO Mike Intrader 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. The president said he signed a document with prominent tech leaders, one that he described as being, quote, morally binding.

1:51Added he's seen tremendous self-policing that his administration's considering building a 10-person committee to oversee the AI industry. Jim, it's pretty short. Four 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 super intelligence, nothing. Nothing. I don't think it changes anybody's mind. I think it hardens people's positions. You realize that there is something good if you're pro.

2:33I think these people, as much as I respect them and had pretty much all of them on Mad 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 America. Again, 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. Again, 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. Right. Would you have wanted to see, I don't know, external computer science researchers there at the meeting to provide some ballast to what's obvious enthusiasm?

3:18I think it's always good to have people who are more skeptical. The again, putting your 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 self-police just like tobacco, self-police, just like the mortgage and brokerage industry, self-police in 2007. You know, auto, fossil fuel. These are things that we had this yesterday. I thought it was quite exciting to see all these people come together. I was wrapped at the press conference. And then you think about Biden, who never wanted to see these people.

3:58And 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 to 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. Right. We watch 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 can win and we can win safely.

4:37If we do this right, if we work with the president and 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 it. Many people want great models. Not everybody. 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.

5:13Mark 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, there is going to be a level of concern. I mean, 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, in just a matter of weeks. Ever since Hugging Face, it's been a disaster for this industry. Of course, there's Jensen Wong saying he bought Hugging Face and it's pretty clear he could have stopped it. You have the cybersecurity people, you have Nikesh Roy there saying, listen, we could stop this.

5:49You have Todd McKinnon saying we can stop this. He's CEO of Okta, stocks up 70 points as he said it. These people were all on their heels. I'm not saying that they didn't know what they were doing. I am saying that it is incredible how they misread America. America, not the Republicans, America. And now they're trying to make a comeback. If you look at what Jansen said on Monday, I thought that was more important than what he said with the president, which is, look, we've got this solved. Give us a chance. But I think that Dario, whom I spoke with on this, was at the lead of saying the opposite of what he said yesterday.

6:30Versus his prior commitment or comments in the papers. Look, I've worked with the president. I know 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. He can be very compelling. He also can be very daunting. He can be very demanding and he can be very rich. He 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.

7:14And I find it, I want to know what they're really saying. Are they just saying this because the president's very powerful, very persuasive? Or are they saying it because they're scared of him? Or are they saying it because suddenly they've had a remarkable Damascus conversion? 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 misreading America. I mean, the news flow is not helpful. Today, it's the Times, OpenAI ignored employees who had put forward warnings. Meta avoiding billions of dollars in federal taxes by declaring their data centers experimental.

7:53That's going to continue. Yes, it is. I'm glad we have Michael Entrader on today, the chief builder of these. When I had Dean Powell McCormick on yesterday, he's the president of Meta. It's very clear that Meta has a game plan. And basically they have a pact with communities that they want everybody to, you know, more than super intelligence, want everyone to comply with. But they're not. They're not. I mean, she wants electricity down, rates down, bonuses to teachers. You need to have a pact saying, listen, we'll all do that and let's reopen the deals that we had where it looks like that we were communities God had.

8:29They 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 Pecora Commission that brought up rich people during particularly tough 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 of the American people instead of just saying full speed ahead, because it is not like that. Look, I wish it were. I was part of this. I was part of these people. I saw the jobs being created.

9:12I 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 PCE, a bit tamer than expected year on year, up 3.4. 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 earlier on, which is a tanker has been attacked. That's what everyone has been seeing, prices not coming down, but knowing availability.

9:53Price and availability turned out to be false. Once 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's changed, and that's why I think the futures have not gone the way of the bulls. I had thought if you got better inflation numbers, which you did, and you got lower oil, which you did, you'd see a short squeeze in the bond market 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 the tenure.

10:27You've got to pay the vig of the tenure. It is, I know if I were trading, it would be this much. I mean, I'd be like going out to Danny Meyer's place. I had a piece on Danny Meyer. So I'd be just saying, you know what? You know, you think Tepper knows something? You think Citadel knows something? I have killed it in the bond market. And I think you had the chance of being killed if you had oil down to them. Yeah. I mean, yesterday was interesting in that long bond got to 5.61. I mean, 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 5 % CD.

10:59I found some because I think that that may turn a five-year five. That could be like a great piece of paper. And people who are shorting it, I'll be a buyer. And I don't have to tell you what kind of invitation these people are going to be getting. To your funeral. You betcha. When we come back, Core Weaves, Mike Entrader, 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. Legacy credit scores only look at a brief snapshot in time, and that limited view often leaves millions of qualified credit seekers out of the picture.

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12:12Oh, look. You just got added to a meeting about coordinating another meeting to prepare for the pre-meeting ahead of the follow-up meeting, which will, of course, require a recap meeting. And then another meeting. Hit your booking point, book with Southwest, and enter airplane mode. We're an agent supposed to take things off your plate. Building another to handle the others is a bit much. Don't make more work out of work. Gemini is the one agent that knows all parts of your business and actually gets stuff done. You give it a project, close your laptop, and when you come back, the job's finished.

12:56No matter your industry or role, your agent has the skills to help every team stay in their flow. Seriously, make work less work with Gemini on Google Cloud. Check response, subscription required. It may continue to hyperscale or demand for AI compute, but of course the controversy that we just referenced, CoreWeave announcing its first customer on NVIDIA's Vero Rubin platform this morning, and that's the current iteration that NVIDIA has. So let's join now firsthand, first time, CNBC CoreWeave co-founder, CEO, Mike Gintrader, no stranger to the show. Hey, Mike, you weren't at the conference yesterday.

13:32You 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 Vera Rubin. All right. So, first of all, thank you for having me. Always appreciate the opportunity to kind of hop 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've got 5 ,000 people who are here joining us to talk about how you build on CoreWeave's cloud. So that's really exciting. Vera Rubin.

14:13All 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 the Vera Rubin architecture. Cognition, great client of ours, great company. 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.

14:51But NVIDIA is the leader. Who are you working with to be able to bring in Vera Rubin for the new customer, EnnobleCare? Yeah, so look, you know, the way it works is the Vero Rubin is an interesting technology because it brings together the GPU, as everybody knows, and also NVIDIA's CPU, you know, and so that's how they put them together. We have an enormous number of CPUs that are outside of the server of the Vero Rubin 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.

15:43Is that an arm-holding CPU? This is the NVIDIA CPU that they're delivering, and so it's really... 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 it's 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? Has there been a diminution in orders? There has absolutely not been any reduction in orders.

16:22I 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 put it. Nothing more than that. Michael, is the rate backdrop getting troublesome? Look, you know, you're absolutely right. Rates are rising, which are making things more expensive. As a 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.

17:13We 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. So the overarching profitability of the infrastructure that we are bringing online is higher than it was a year ago. And so 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. And you expect that trajectory reasonably, it's hard to know what the Fed's going to do or what rates will do.

17:58But you think that story remains intact for 27? I do. I do. I think that based on the demand that we're seeing and also the incredible revenue that's being generated at the companies that are delivering this infrastructure to the enterprise clients, to retail clients, just across the board. You know, 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, Mike, 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.

18:43Now I'm starting to think GPU one, CPU four. how Lip Boutin might have said to the CEO of Intel that it 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? Is the CPU back and going to be bigger than any one of these that we talk about? So, look, I think that this is a wave that's been moving through the market since the agentic explosion started to take place. You are going to see substantial demand for CPUs across the board. They are going to be inside the GPU servers. They are going to be independent of the GPU servers.

19:25There 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 Entrader was not at the meeting, but Michael Entrader is an 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 that were around the president. I think your boots on the ground. I think you know more than anybody. Thank you. Yeah, look, it's been great. You know, we're seeing a lot of traction here.

20:00People are here because we're rolling out our new software, Forge, which is going to enable enterprise. It'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 the show. Mike and Trader. Thank you, guys. Core Weave. Speaking of tech, Micron Sanjay Mehrotra will join us exclusively on Earnings Tomorrow at 9 a.m. Eastern time. I think he was also at the lunch yesterday.

20:34Yes, 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 Hynix up tonight in Korea, and you get a good number from Micron, and you get a good bond number, and you see oil down, rip your face off, Rally. As we go into quarter end today, we will get to Hood and Tesla, Mattel, Lilly, Boeing, and a lot more after the break. Hey, this is Jeff Lewis from Radio Andy. Live and uncensored, catch me talking with my friends about my latest obsessions, relationship issues, and bodily ailments. With that kind of drama that seems to follow me, you never know what's going to happen.

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22:23Whisperflow is free. Get it at whisperflow.ai. That's W-I-S-P-R flow dot A-I. Take a look at some pre-market winners. There's HPEs having a 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 in 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 Kramer's Mad Dash ahead of the bell this morning.

22:59I thought Cerebrus, which has been kind of strong, I thought that they were the chip for OpenAI's latest GPT-6.1. I happen to like semi-analysis. Sometimes I don't like them because they're very controversial. I love them. But they did break the story this morning. No, Cerebris does not have that. It is an NVIDIA GPU, low batch size. Now, NVIDIA has been stuck. It has been stuck at the 227 to 232 level. I 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 volume buyback, today's the day.

23:40So today's the day that they take, I think they try to assault the 232 because this is a very big win for them that everyone thought was going to Cerebers. Thank you, Semi Analysis, for making this good. While we're in the neighborhood of the OpenAI Developer Day, did you make connections between their offering on DOTS and what MetaMuse might offer? Or is that apples for apples? No, I mean, it's a little confused. Look, I think I've been a supporter of small business all my life. And what was coming out of Meta is 200 million potential paying people. The people who use Muse, who are individuals, you're probably not going to.

24:19It's not as bad as we, 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 money. Small business is going to end up paying. And I think that this is not WhatsApp. This is a real product that's going to produce real money because the 200 million are going to use it. It's rather incredible. I've used it in a business. My wife's business. It's crushing it. This is not the same as Dive. Crushing it. Meta did recover, I think, during the course of the day, but fell a little bit during the... It's real, and it's going to be very profitable for Marshall Kuhn.

24:54who was quite visible at the meeting yesterday. Yes, he was. Let's get the opening bell here at the big board on Wall Street. It's Smithsonian's National Museum of the American Latinos celebrating their permanent home in the National Mall in D.C. At the NASDAQ and Times Square, Accelivation, a data center infrastructure company celebrating an IPO. We'll talk to the CEO in about an hour. And at CBO in Chicago, it's Kingsview Partners back for a second consecutive day, celebrating day two of the Kingsview Summit Conference. As we'll try to get back to 7 ,700, Jim, month-end, quarter-end today. We'll see what that means as we work our...

25:3540 % of this market is in bear market territory. We have almost no stocks at their 52-week 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 bonds change direction based on the news flow and what could happen with with Micron tonight. Wow. I mean, I don't the bears. The bears are going to have a momentary break because they've made too much money. And if you look at the SB 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.

26:20Going into October. Does that mean you think October will be less pain than September was? I do think that if you stop the bond, the short-led bond rally, yes. The answer is yes. Well, we did get Williams yesterday suggesting that there's no urgency to hike. Did you see the way the—we didn't notice here, but the change in terms of the next hike went down dramatically. Oh, yeah. And I thought that his that man's comments reversed 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.

27:05It's look, it's been a disaster for a lot of industries. There is a lot of demand destruction, I think, going on. You finally got to a level where the mortgages are just too high. Oh, boy. I mean, the Chinese have the mortgages too high, and they're giving first-time buyers basically a subsidy. Yeah, they are the biggest stimulus over there in a couple of years. Absolutely. I mean, the United States ought to follow China on this. I think we're ahead on superintelligence. Is this Gulf of America? Sorry? When you have the oil guys on, they call Gulf of America? I think our style choice is, as a network, we'll be going with AI, which is what we've been calling it.

27:39You can call it SI if you like. I'm going with AI because SI was that thing I read every Friday. Yes. See if I was one of the guys in the crowd. The swimsuit industry did have, I mean, I worked for a company that owned Sports Illustrated for 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. Down six. Biggest drop since July. Lowest since April 25. 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.

28:22You 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 know, you're going to have a slowdown in the economy that I think is so noticeable that harsh, you know, you're going to have harsh tone side jokes. You really put off to the side way. And you're going to have wars having to say, you know, we've got to wait and see here. We've got to wait and see. If he says wait and see, again, I'm looking for this bond market sell-off to reach a conclusion, unless there's just a huge deluge of paper, because they've pushed this thing so far, priced down so far that, I mean, I haven't looked for a CT.

29:04I don't know, since, like, I don't know, 1970, 1981. And I think you've resisted this rise on the 10 and the 30. I have not wanted to touch bonds. I thought bonds were the 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 make an 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. Not this month. This month, I like the 5 on the 10-year. That's a nice piece of paper. There's a couple of CDs I got there, 5.05. You were mentioning the CD thing.

29:42CDs are good. I don't like buying CDs. I bought a lot of bonds on March 13th of 2000. That was timely. Interesting. The curve is almost lower across the board, except for the long bond. Yes. It's pretty stubborn right around 5.6. The long bond's going the wrong way. 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 gets slow, and you're going to get five and a quarter. Why am I looking at CDs, by the way? There's no on-the-run piece of paper that gives me five. I like that. I always like the straight. But the 10 is the one to watch, not the 30.

30:20Yeah. In terms of, got a bunch of corporate movers today. Meta is the second best S &P year of the year, right behind SanDisk. And today's city goes to sell. The city went to sell? Yeah. if I didn't like Frazier so much, I'd go to sell. City. Look, 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, then you take the multiple from 16 out a couple years to 24. And I think that if you don't feel that way, I think then you don't understand the difference between consumer versus enterprise.

30:53We're doing better. I meant Moderna. Sorry. Oh, Moderna. Not meta. Moderna. Okay. Moderna is very interesting because as someone whose daughter suffers from melanoma and 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 and it didn't work it, bladder cancer. Right now it doesn't look like it's working. So if it's only just melanoma, it's not going to have this big universe. But everybody who suffers from melanoma knows that there's a good chance of recurrence. 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 the way it was, no price you wouldn't pay.

31:36So I'm not going to sell Moderna here. While we're in health care, Lilly today, some of these reports of people with type 2 losing, what, 23 percent of their body weight? Yeah. On the next gen? This one has far fewer side effects. It is—there's been a series of Lilly announcements that have drawn no interest whatsoever in this market. And I think these are dispositive that Lilly and—the battle between Lilly and Novo has taken a considerable turn in favor of Lilly. But I think because Dave Bricks hasn't come on, and I invite him on, obviously, the CEO of Lilly, you don't get the sense that it's significant.

32:14And yet those of us who have been following this drug very closely say that if the shot has far fewer side effects, and you listened to Dr. Oz talk about how much Medicare has made it so you can afford this stuff, the idea of Lilly being below 1 ,200 is fanciful. Wow. Look at that spread between Lilly and Novo. Novo. I have one Novo. What can I say? Every time I have one, I want to give that a hug. I say, it's okay. It's okay. I mean, we do bridesmaids all the time, HD and Lowe's, but this is not much. A lot of white space in between. And look, anything that has a better safety profile is going to have people try it again.

32:54Interesting stories on Apple last 24 hours. Yesterday, it was reports out of Bloomberg that Ternus 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 seen them big push in the home before. Or frankly, maybe this is different. I know yesterday a firm said that you have to be careful buying Apple because of Muse. Have these people seen the duo? I have seen the duo. And it is about going right now to T-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.

33:35Still, just to push back a bit, there is a lot of passive revenue that goes to Apple through subscriptions that Muse could take aim at, right? It's certainly possible. And this is that you mentioned it to be a Monday, the consumer inertia. But I think the consumer is not nearly as considerate about productivity than the small business. I think that Muse will be a small business tool. It's really pretty incredible, a small business tool. Look, Apple is about the duo. And Ternus has got the duo. And I think when people have seen it and I've seen it, you realize, you know what, this thing is so important.

34:10Here's what I would do. Now, I'm interested in stocks, obviously. I would have my Duo running all morning, okay, while I listen and do other things with my regular phone. And not only would I not be alone, but I think that all I know is that you've got to be in there day one if you want to 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's been an awful stock.

34:44It's time. It's time for T-Mobile to recognize that they have the whole— Mike, here's that Mike Simmer on Shreddy. Shreddy Goldplan is 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 go to NFL, obviously the product that is most watched in the world. Yeah. If you want to be able to watch a game on Starlink— remember, this is all about Starlink. Yes, yes. Starlink is maybe making it so the duo is going to be so you can watch anything online, but you can't keep switching. You can't have one thing and go back and forth.

35:17Oh, Eagles, let's see how much they're losing. Oh, Phillies, Eagles, Phillies, Eagles. Then you just say it's all over anyway. I'm glad you mentioned Starlink because Tesla is getting some attention today. Barron's has a piece out. They lined up about up to$30 billion in credit lines. Barron's framing is their cash crunch is finally here. It is back to the 50-day for the first time in a while. What a great time for Elon Musk to buy it. I mean, five years of underperformance. 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 own industry, who have phony, well, I always hate it.

35:54I don't like the younger states. A younger state, meaning the autocrat has more stock than you do and you're paying for it. And that's where he is. I mean, what a silly thing, an ownership stake. Just kind of clean that up right now. Meanwhile, while in autos, Jim, we made note yesterday of Ford at 12. That's going to be the lowest since May. Do you think that's like a trade story regarding Canada production? I went back and forth with Jim Farley about it. I didn't know that Squawk had him. I was trying to put him on tonight's show, and 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 resonated.

36:35People are still going for the 100-G a year stuff. I don't understand that because you can get a job that makes a fortune very quickly. All you have to do is listen to some of the things that Dean of Powell McCormick has said on bad money. But no, I mean, Ford is a frustrating stock because now they do have the highest quality according to the ads that we see. As a Ford owner, I've had a lot of recalls. What can I say? And recalls make it so that, see, I want to go to Muse and say, I got a recall for it. Take care of it. Oh, you seem stubbornly against being behind the wheel, taking it to the dealer and making people.

37:15There are limitations to Muse. Yes. My wife actually go to the deal. My wife was calling DMV and she was on hold. I said, why don't you get Muse? And she said, oh, yeah, they pick up. They finally get it. Hi, this is Muse. 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 product. And the small business people will pay. And the individuals sound pretty much of a free ride. But you've got to remember that not everybody in the customer service on the other side is interested in talking to your agent.

37:48Yeah. While we're in the area of pricing and e-commerce, there's a big debate now about dynamic pricing. We mentioned Walmart earlier in the week. Today it's McDonald's and this notion that AI could set prices. There's been some pushback from the company and some franchisees who say, look, franchisees set the price, not corporate. Yeah, I mean, when I went to the Bakken in 2011, people were making$27 an hour. That Big Mac was a little more expensive. Have you had the bacon, egg, and cheese from Daily Provisions? It's so good that when I took a bite in it, the yolk went all over my pants. And I don't even care.

38:29Is that good? I'm looking forward to seeing Danny on your show. I emphasize Danny Meyer because he has a business. He has a new book. And Danny understands small business. I'm focused 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 stay touching small business. McDonald's stock's been a disaster. I didn't think, by the way, that the McDonald's news was all that bad last week. But that industry, I mean, don't look at those stocks because they hurt your thing. It's more about industry traffic.

39:01Jim Financials will be talking about earnings in a couple of weeks. The XLF is now red for the year. Remember when it worked its way out of the hole earlier in the summer for the year? Yeah. It's funny. Jamie Dimon had a piece. I like the piece. Again, a lot of it, what he's talking about is hegemony. It's United States hegemony. He doesn't call it that. I wish he would. Yeah. But this is a time when I want to see M &A, and I don't want to see IPO pullbacks. 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.

39:39So this has been a trend. Inspire, which is Dunkin' Donuts. That was a deal I was looking forward to tell people in Mad Money you want to get into. And now they've postponed. I think that these are not market-conditioned stocks. Look, a 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 and needed merger. But the war has made that so you can't touch it. You can't. Right. Yeah, we'll see what kind of commentary we get in a couple of weeks. A few corporate stories, Jim. Some layoffs at Workday and at Disney yesterday.

40:16Mattel, Roger Lynch coming over from Conde Nast. Well, 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. Adam Street 5918. Workday needs to lay off people. Absolutely. There's too many people there. Now, Eon Kroger has been on Mad Money ever since the stock was in 2012. At Patel. Back to 2012. 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.

40:50It's been disappointing, except for the fact that I think that Mattel might have gone out of business if we weren't eating on Christ. But Chris Cox is the guy who knows how to build a toy company. He's got 14 times earnings. That's it at Hasbro. I don't know. When you see a board member take over, it's not a good sign for the former CEO. Yeah, we'll see what we get. We start talking about retail and holiday in the coming weeks. We mentioned Robinhood, Jim, and this notion of weekend trading, perpetuals on crypto. Are you a net skeptic on off hours? I think we're partners with Calci. And, I mean, Calci is likely, it's the brokerage.

41:27People at brokerage sales better be careful. It's brokerage. You don't have to 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 Robinhood has to catch up on that. They are. Vlad Tenev is more of a technologist than he is brokerage. brokerage. I want to just warn people, when you buy stocks, say, on a Sunday night because you see that the futures are somewhere. I mean, I used to trade Sunday night. It drove my wife crazy. My first wife. I'm sorry, Karen. I didn't mean to do that. But I used to trade Sunday night between 10 and 11.

41:59I was buying Tokyo Electron. This is not waiting for Asia to open. I know, but I'm saying Asia was open and I got picked off so much. So you try to go pick up. Go ahead. Try to buy Palantir Sunday night. You know, I just think that sometimes hours beckon and they're foolish, but people do it anyway. So I'm just saying, listen, you're probably going to be wrong more than you're right. But do you think the trend toward expanded hours is inevitable 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 at four other than that. It's just it's really just a legacy.

42:35Like, well, in the old days. Yeah, yeah. Look, it used to start at 10 o 'clock. You'd have a leisurely breakfast. You'd have a Dunkin' Donuts. No, inspire health. 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 like they used to. Yes. Now, I will tell you, and this is what I mean. Okay, so SpaceX, how did it get? How did SpaceX? This is a good quiz here for people who want this.

43:08How did SpaceX get to 225? The answer is between 4 and 6 every morning. They came in and they bought it, they bought it, and they bought it, and they got to 225. And then some big sellers came in, and everybody bought a 225. Good luck. Yeah. Yeah, it's a good cautionary tale about liquidity. I don't want to hurt people. Does Vlad want to hurt people? Vlad wants to facilitate anything. Okay? I mean, you know, he'd trade raindrops. while we're talking Chicago PMI out a couple of moments ago, September read of 58.8. Economists were looking for 52 compared with 47.1 in August. Any number below 50, of course, signifies contraction.

43:49Jim, that is another, you know, incrementally hot read. Dow's gone negative. We lost some of the opening games. You got to have everything go the way. Because, you know, we have a powerful way of it against having interest going up. You have to have everything go away. Everything go positive. Everything be softer in order to have a short squeeze rally. If any one thing does not give it to you, and you have consumer spend go up, whatever. Yeah, I mean, nominal spending's at six. Can't do it. It's not going to work. You know, look, I favor people making money. And in order to make money, you've got to have everything soft.

44:28Every piece of data. It's a tough needle to thread. It is. The long bond back to 5.6.1, 10-year back to 5.25 as we take a look at bonds. S &P, though, just a few points shy off of 7 ,700. Stay with us. What a year it's been for Microsoft. You recall periods of the summer where people were definitely worried about Sascopolis, existential risk, or at least a dent to cash flow. Now the best quarter in 28 years. Well, it deserves it. The co-pilot actually turned out to be a very big success. they have quietly become once again the enterprise software company everyone loves. I wonder whether we had that situation awareness, but maybe they were short.

45:11We'll watch 515. A lot of targets higher than that. 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 the table. This What Could Possibly Go Right, I have to tell you, If I had had this thing 30 years ago, I would have just donated$3 billion to a Philadelphia version of not Harvard because I'm not that keen on Harvard right now. Anyway, it's a great book. I can't wait. It's been, I think, 20 years since setting the table. Yeah, and you and I both know this is a man who lights up our city.

45:47Yeah, look forward to that. Mad Money, 6 p.m. 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, but only as an expression of his opinion.

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