A NATO Summit in Turkey, Tilly Norwood, & World Cup Wagering 7/7/26

5:32Tilly Norwood:On everything else. And they expect us.

5:35Chris Coons:But it's 5 % of GDP, not 5 % of government spending.

5:37Tilly Norwood:They expect us chumps over here to provide medical innovation and security and everything else. Uh-oh. Look at that. We talked. They didn't even need to write anything about Trump. Let me see what they had written. Because they just. Why did you take that out? I don't get my read anymore. We will.

5:57Chris Coons:Look, we can circle past.

5:58Tilly Norwood:Trump's over there. Okay. And we're going to talk about it until you wish we weren't talking about it today.

6:04Chris Coons:And meanwhile, elsewhere in geopolitics, reports say Iran fired missiles at two commercial ships near the Strait of Hormuz, and that's why we're seeing upward pressure on the oil price this morning. One of the ships appears to be a liquefied natural gas tanker. The hostilities come despite the Memorandum of Understanding, signed three weeks ago, that was aimed at de-escalating tensions between the U.S. and Iran. The two countries also agreed late last month to stop attacking each other. Iran is currently holding a multi-day event to honor former leader Ayatollah Ali Khamenei, who was killed at the start.

6:33Chris Coons:Did you see the crowds? That 11 million people. And by the way, to the point about what's going on in the street, the Wall Street Journal says this is the Revolutionary Guard. There is obviously this back and forth. Look at these images from this yesterday from the funeral of, I believe, him and one or two other members of the family. Where's the guy?

6:53Tilly Norwood:Where's the new guy? He's like, can he even move his arm?

6:57Chris Coons:This is the point about Hormuz is who's in charge. So we're up a little bit with the oil price. But yeah.

7:03Tilly Norwood:Nobody's seen the guy yet.

7:04Chris Coons:I'm just saying the Revolutionary Guard is the one that appears to be in this vacuum.

7:10Tilly Norwood:Right.

7:11Chris Coons:You know, until the what we call civilian leadership can reassert itself. Right.

7:15Tilly Norwood:Well, he's got to get out of bed if he even, you know, once again. The American World Cup, the run. I guess it was a little bit of a run coming to an end. The U.S. men falling to Belgium four to one in Seattle. Belgium will now move on to face Spain. I saw that game the other day, and Spain is pretty. Did you watch Spain play?

7:39Chris Coons:This would be a natural. I mean, this is a sport they excel at.

7:42Tilly Norwood:Yeah, that's an understatement in the court of that. That'll be a great game. Two great games today, in fact. But I guess each one gets better and better as we get further along into the tournament. I can't believe I'm calling soccer games great. I kind of like it. I do. I'm kind of developing a little bit of it. It's hard for me. It's been hard to get to this point.

8:00Chris Coons:I think this is itself the biggest breaking news item of the war. Yeah, exactly.

8:03Tilly Norwood:Joe Kernan. Starting to like it. Starting to like it. Spain. That'll be the quarterfinals on Friday. The tournament's three host nations, the U.S., Canada, and Mexico, all been eliminated at this point. And the U.S. loss came despite striker Fuller and Belogan being allowed to play. Kind of, I mean, it's fitting, I guess. They made such a big deal about this. And when you combine Trump derangement syndrome with everything else, even Americans didn't want the guy playing, even though you would think any American would want.

8:37Chris Coons:I think they wanted him.

8:38Tilly Norwood:I mean, no, not if it meant that you had to say that portion, some portion, but broadly speaking. Anyway, the first red flag he got. Maybe I don't understand soccer because it looked totally accidental and it didn't look like. And Ronaldo, who, you know, oh, my God, he has to play. He had something similar. They reversed a red card for him. Earlier in the prelims. Yeah. And OK, FIFA suspended a red card, given the Americans, that American in the previous match, followed a call, though, between President Trump and the head of FIFA. During the call, the president asked for a review of the penalty.

9:12Tilly Norwood:The head of FIFA said we were already talking about what was going on. We're going to take a look. Some committee. Look, we lost four to one. You could have had 10 of 10 of these guys. Imagine if we had won by some.

9:26Chris Coons:You know, but that rarely happens. It's obviously, it's rarely exactly the Cinderella, Netflix.

9:30Tilly Norwood:This story should be totally over at this point.

9:33Chris Coons:Even yesterday, we were asking people about it, just the different people who came through the air. And most people said, yeah, I thought that, you know, I didn't think a call was the right call. So a lot of people, I think, did actually prior to the president's involvement.

9:47Tilly Norwood:Right, right. Prior to that. And, OK, what really got me was that the whole soccer world, it would be good if the United States loved soccer as much as the rest of the world. So why shouldn't we field our very best team to see with that guy whether we're ready for primetime? Were we? No. And the answer was four to one. Four to one. No. There's the answer.

10:10Chris Coons:New comments from Nestle's marketing chief this morning. He said the company is looking to spice up some of their products to counter duller taste buds that can accompany GLP-1 weight loss drugs. He said Nestle has been testing packaged food on consumers to understand how tastes change on the medication. A 2025 study found perception of the five basic taste qualities were depressed by the weight loss drugs. Nestle said changes could include adding spices or more pepper.

10:38Tilly Norwood:That's a bizarre story. I knew. I mean, I'm talking. The benefits, I guess, are just incredible. But I don't want to live a meh life. Although, since I'm not on these, I'm excited that they're going to spice up.

10:57Chris Coons:Should they be? I wasn't sure if...

10:59Tilly Norwood:So now for me, they'll be spiced up, right?

11:00Chris Coons:So I wasn't sure if they were saying that people on GLP-1s actually have less attraction to spicy.

11:08Tilly Norwood:It says it dulls their...

11:10Chris Coons:Right, but then why would they be adding more spices? It's almost as if they're saying it dulls their perception of taste. They have to make it stronger so people can actually perceive the same amount of taste.

11:19Tilly Norwood:It sounds like you're trying to overcome whatever benefit you're getting for not wanting it. And then now you're just.

11:24Chris Coons:Well, it's a weight loss trick of old to.

11:26Tilly Norwood:Right. They're just going to want it again.

11:27Chris Coons:To put hot sauce on the food that doesn't taste that good. Oh, OK. You know.

11:30Tilly Norwood:But it sounds like part of the reason that you don't eat as much is because you don't feel like it. Well, if they're going to make it really tasty again, then you're going to want to. It's going to overcome the GOP.

11:40Chris Coons:And what's it going to taste like for everybody else? Are they going to.

11:42Tilly Norwood:How about the ones where it says the average weight loss is like. 40, 45 pounds. What if I take that? I don't know. People are going to say you need, you need to go to the ER.

11:56Chris Coons:I think people look at your, your, they want, they say Joe's getting these results without medical.

12:03Tilly Norwood:I'm not getting, no, I still have lots of issues. No, I'll take my shirt off and show you my issues. Okay. I don't have a six pack. I have a, I have a keg.

12:13Chris Coons:I don't think six pack is the outcome of GLP ones either. We've got to do something else. China's DeepSeq is developing its own AI chip. This according to a new Reuters report that says the chip is designed for inference and could reduce the company's dependence on NVIDIA and Huawei chips. The report says DeepSeq's efforts began a year ago and are still in early stages, but NVIDIA shares are down nearly 2 % pre-market.

12:38Tilly Norwood:This name, I'd already told you how it's...

12:42Chris Coons:What, about the DeepSeq or the...

12:44Tilly Norwood:No, Tilly Norwood.

12:46Chris Coons:Oh, this.

12:47Tilly Norwood:This is the, it's an AI actor, actress, the company behind a controversial AI actor named Tilly Norwood. Who came up with that? Isn't it weak?

12:57Chris Coons:I mean, there's probably worse.

12:59Tilly Norwood:Tilly Norwood, huh?

13:00Chris Coons:It's not great, but it's memorable.

13:02Tilly Norwood:No, it's just, it's insipid to me. Announcing that Norwood, Tilly, got a star in her first film. The production comes from London-based AI studio Particle 6. I believe I'm reading this. It's set to be titled Misaligned and is described as a comedy, comedy drama. What's that like? Different than a drama. You can't really do a portmanteau about that, can you? I could come drama telling a coming of age story of of an A.I. person coming of age infused with existential A.I. chaos. There we go. Particle 6 calls it a hybrid project with film and TV professionals working alongside AI specialists. Nor would it spark controversy in the entertainment industry.

13:51She works cheap, particularly last year after an executive involved in her creation said she could be signed to a talent agency.

14:03Chris Coons:The real question is going to be, is she any good? Right. And until we know, this is all just good speculation.

14:08Tilly Norwood:Did the AI person, did Tilly have any acting lessons? Is she a method actor? Did she, you know, is she like Sandra Meisner or Lee Strasberg? Who is, did she go where Brando went?

14:23Chris Coons:The real question is whether the movie itself is insipid. Yeah. Is seeming to probably or possibly be the case.

14:30Tilly Norwood:I do this a lot of times. Did you ever watch Godfrey? Whatever I feel on camera, I will do. I don't, right? Short of, you know, digging for gold.

14:43Chris Coons:Tees will be next. Stay right there. Coming up on Squawk Pod, Delaware Democrat Senator Chris Coons. He is in Turkey at the NATO meeting, and there's a lot of work on the table.

14:54Chris Christie:President Obama, President Trump, President Biden, President Trump. For decades, our European NATO allies under-invested in their defense. And we carried a lot of the cost and the burden.

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16:39Chris Coons:You're listening to Squawk Pod from CNBC. Stand by Joe. Here's Mike.

16:45Tilly Norwood:President Trump heading to the NATO summit in Turkey and a bipartisan group of lawmakers is already there attempting to navigate the fallout from different things. The ongoing war in Ukraine, rising tensions over the president's sharp criticism of the alliance and how much some members of the alliance contribute to the whole process. Join us now, Democratic Senator Chris Coons. He serves on the Foreign Relations Committee and is a member of the delegation in Turkey. I wish I was a fly on the wall. Are you guys like and gals all, you know, there's Democrats and Republicans. You're all like friends.

17:23Tilly Norwood:You're all like yucking it up and out at dinner and having cocktails. And that's the way it works. Tell me the truth, Senator, isn't it? Until that someone brings a camera, then you're like, oh, no, no, I'm not friends with them.

17:36Chris Christie:It's funny you mentioned that, Joe, because Congressman Mike Turner of Ohio, Republican, is part of our delegation. And I tried to work it out that he and I could do this interview jointly because we've done a number of similar joint interviews over the years. He and I traveled to Australia last summer for the U.S.-Australia Leadership Dialogue. He's been a very senior member of the Intelligence Committee in the House, for example. And I'm enjoying spending time with Senator Mike Rounds, a Republican senator who's a senior member of the Armed Services Committee. This is a strong bipartisan delegation of members of both parties, both chambers who support NATO and who think that NATO contributes to our security and who want to recognize and celebrate that our NATO allies have really stepped forward.

18:26Chris Christie:They've added$250 billion more in their spending for our collective defense in just the last two years. Our delegation just met with the Secretary General of NATO, Ruta of the Netherlands, and talked with him about the war in Ukraine, the war against Iran, the U.S.-NATO relationship, and where we're going. And my hope, Joe, is that President Trump takes some credit today for having successfully pushed our NATO allies to spend a lot more, but does not destabilize Europe or encourage Putin by making any abrupt statements about withdrawing from NATO or further drawing down our troops from NATO. We're at a positive moment in the war in Ukraine, where the Ukrainians are fighting the Russians to a standstill and are starting to successfully impose real costs into Russia with their increasingly lethal and strategic drone strikes.

19:24Chris Christie:President Trump is meeting President Zelensky today. That's my understanding. And my hope is that we'll come out of here with a strong and united NATO statement of purpose about defending Ukraine and seeing greater European contributions and coordination for our common defense.

19:42Tilly Norwood:Congressman Turner from the great state of Ohio, and you mentioned him and you said you were trying to talk him into coming on. I don't see him. You know, maybe he didn't want to be in one of those double boxes because no one wants to be in a double box. You know, you got Mr. Good looking Senator Coons and you got, you know, some. I wouldn't do that. I don't like it right now being in a. Yeah. Let me ask you this, Senator. I can't believe what you said. You said President Trump deserves credit for getting that done. But then you use that as a stepping off point to sort of say, I hope he doesn't say another Trumpian, you know, comment about, you know, withdrawing from NATO or something like that.

20:23Tilly Norwood:So you do you do agree that they were not pulling their weight in the past. Absolutely.

20:30Chris Christie:Joe, that was a that was a common complaint. President Obama, President Trump, President Biden, President Trump. For decades, our European NATO allies underinvested in their defense. And we carried a lot of the cost and the burden of our collective defense, partly because of Russia's aggression against Ukraine and partly because of President Trump's pressure. at last year's NATO summit at The Hague in the Netherlands, all of our NATO allies stepped forward to commit not to 2 percent of their GDP, but to three and a half percent and a longer term goal of five. And they are hitting it. Those aren't just numbers.

21:09Chris Christie:They're actually spending hundreds of billions of dollars. And equally, if not more importantly, they've stepped forward and said they will pay for all the munitions that we are sending to Ukraine. If the United States will manufacture them. The Europeans will pay for them. And that will allow Ukraine to continue to have access to our best in class interceptors and missiles and long range strike capability. That's what's allowing Ukraine to have such success on the battlefield in partnership with the incredible fighting spirit of the Ukrainian people. Yes, I think President Trump should take some credit for having really pushed NATO to step up.

21:50Chris Christie:And I said that in recent weeks, there have been some very troubling concerning moves where President Trump abruptly announced the withdrawal of thousands of American troops in a fit of pique over his view that they didn't support him enough in the war in Iran, a war where they were not consulted and they were not part of the alliance going to war against Iran. So my hope is that we can just sort of say, OK, offsetting penalties. Trump threatened to take Greenland from Denmark and they didn't provide universal, immediate, complete access to use their bases. Let's recognize that there's been some points of tension and that they've actually overall been great allies and contributors and move forward together.

22:36Tilly Norwood:Well, if you watch this, President, I mean, sometimes it's a good cop, bad cop thing. The NATO ambassador, Whitaker, said this is growing pains, probably not a crisis. And the worst case scenario doesn't usually come out. A lot of times it seems like it's negotiating tactics from the president. You probably realize, are you going to meet with Hungary's new leadership at all? Is that you're going I think you're going to Budapest. Nice city.

23:02Chris Christie:The delegation is going to Budapest. I will not be joining them. I'm returning to the United States. I'm here relatively briefly. We are meeting with the new leader of Syria, al-Shirah. We are hoping to meet with several different European leaders, the new president of Romania, possibly leaders of several other countries. The schedule here is somewhat fluid as when the principles are meeting changes in the course of the day, and as President Trump's arrival time has pushed back. But the great thing about a conference like this. I just had a conversation with the Japanese defense minister and the Canadian defense minister.

23:41Chris Christie:Neither of those were scheduled. We both just happened to meet each other in the common hall outside the major speeches. It is a great opportunity for engagements with some of our key NATO and non-NATO allies.

23:56Tilly Norwood:Had you weighed in at all on the main situation, Senator? I did not. You're kind of you're kind of middle. You're lucky you dodged that bullet. You're kind of in the middle. You're not one of these whack total whack on a way on the left that found themselves. You know, 10, 15 things and they're like, yeah, I saw that. That's not enough. And then, yeah, I saw that. That's that's fine. Yeah. And now they're finally I don't know what it was. You know, I don't know. Nazi tattoo wasn't enough. Now, apparently this might be enough. Are you hearing that this is at this point probably in back rooms right now?

24:37Tilly Norwood:Is there pressure now in back rooms to do something? Do you think?

24:41Chris Christie:Look, I did not ever meet with or endorse Graham Plattner. I recognize that he has a strong grassroots following in Maine, that he inspired a lot of people with his life story and with his progressive positions. But frankly, I had real concerns over his alleged Nazi tattoo and over the early allegations of misconduct. We should hold our candidates to the highest standards. And frankly, that applies to Texas and to the Republican candidate there as much as it should apply to a potential Democratic candidate in Maine.

25:15Tilly Norwood:Not quite as much. No, I'm kidding. I hear you. Anyway, Senator, we appreciate your time this morning. Safe travels. Thanks, Joe. Okay, see you later.

25:27Chris Coons:Up next on Squawk Pod, a conversation with former New Jersey Governor Chris Christie. He worked on legalizing sports betting while in office, and now he is advising the American Gaming Association, pushing prediction markets to follow the same rules. We fought to get sports betting legal in this country by making the argument that it was better having it regulated, monitored by the leagues and by government. And these guys have now taken that completely out of play. World Cup wagers right after this.

26:21Chris Coons:Subscribe at schwab.com slash market update podcast or find Schwab Market Update wherever you get your podcasts. Thursday, July 16th, CNBC Sport and Boardroom join Fanatics Fest for Game Plan, groundbreaking ideas shaping the future of sports and entertainment. Request your invite at cnbcevents.com slash game plan.

26:47Chris Coons:This is Squawk Pod.

26:49Tilly Norwood:You're listening to Squawk Box on CNBC. I'm Joe Kernan, along with Kelly Evans. Excluding prediction markets, sports bets throughout the World Cup are estimated to add up to about three billion dollars. Joining us now, former New Jersey Governor Chris Christie, now strategic advisor to the American Gaming Association. And Governor, it's good to see you. I mean, New York, New Jersey Stadium. I mean, what is that? Number one, it's not in New York. New Jersey isn't even named first. I would have taken care of all that, I think, before this happened.

27:24Chris Coons:Well, between that and the thousand free tickets that Mayor Mom Donnie got from FIFA, not New Jersey. Look, Phil Murphy, one of my successors, obviously didn't put New Jersey in the forefront here in his negotiations. Kind of reminds me of some other things that have happened over time between New York and New Jersey, especially when you have Democratic governors, Joe, who, you know, don't want to get in conflict, excuse me, with their colleagues, you know, across the river. And I certainly wouldn't have been content in taking second fiddle for New Jersey, given that we're spending most of the money and we're the ones who are actually hosting it and dealing with all the logistical nightmares that come about by having that many people come into the area.

28:15Tilly Norwood:I know. I know. You're preaching to the New York. Ooh, not New Jersey. You know, people think it's just a bunch of factories along, you know, along the highway there. It's not. It's the Garden State, Governor. And we both know that. I didn't want to start you out putting you in a bad mood. And we can talk. We definitely want to talk about this gaming stuff, which has also probably got you in a bad mood. But just how about how about these candidates that are getting elected over here? We can bash New York some more. I mean, in what world is this normal?

28:52Chris Coons:It isn't. And look, I think that the Democratic Party is taking leave of their senses, Joe. I mean, in the end, America is built upon being a republic, but a capitalist republic, not a socialist Republican. And what I say to young people who are my kids age all the time is, you know, I know you guys aren't great students of history often, but go back and look at what's happened to every country that has adopted socialism as an economic system. It has failed its people and it's failed as a political system. And so, you know, it's amazing to me what's going on. The mayor is a charismatic guy. There's no doubt about that.

29:33Chris Coons:But, you know, you looked at what his real attitude was on his Fourth of July speech, Joe. I mean, that was about as dour and negative a speech on the 250th anniversary of the greatest republic the world has ever known. And, you know, that's what socialism is. The other interesting part of it, too, is, you know, this thing about setting your thermostats to 78, according to the mayor. And then we find out that in City Hall, they have it at a refrigerator like 64. That tells you two things. One, telling you where to set your thermostat is what socialists do because they think government always knows better than the people.

30:13Chris Coons:And then they let them eat cake attitude of socialists say, yeah, you set yours at 78 and, you know, have a have a have some ice water and we'll be here at City Hall at 64.

30:26Tilly Norwood:If we raise the voting age to 35, would that help? I know people around here, it doesn't matter how old. Let's talk. We better get in trouble for even for even saying that. How much do you think if I were DraftKings or or Fanatics or something like that, how much business is being lost on these unregulated prediction markets at this point? We have a relationship with Calci. I probably should point that out. But I mean, it's a big number, isn't it?

30:56Chris Coons:It's billions of dollars. It's billions of dollars, Joe. And but even even more importantly, in a lot of these states, they've used the revenue, the tax revenue that they get from sports gaming. for programs in their state that now that revenue is going down quickly. In Tennessee, for instance, they use it on their school choice program. And that school, they're now looking in Tennessee about whether they continue the school choice program at the same level where it's been because the revenue is going down because of this. In addition, remember, these guys are not regulated in any way. And so what they're doing is they're out there, you know, marketing to 18-year-olds.

31:39Chris Coons:telling them this is an investment. You know, betting is not an investment. It's betting. And, you know, all the predictive markets have called it sports betting at one time or another. And for them, it's about 90 % of their business. So, you know, look, I have no problem with Cal She or Polymarket in the sports betting business. But be regulated. Pay your taxes. Don't market to teenagers. Follow the rules. And if you have a better product, if you have a better platform, great, you can compete and win. I'm not I don't have any any, you know, affiliation with any of these particular sports books that are regulated.

32:25Chris Coons:What I care about is, you know, we fought to get sports betting legal in this country by making the argument that it was better having it regulated, monitored by the leagues and by government. And these guys have now taken that completely out of play. They're not working in conjunction with law enforcement. They're not working with regulators. And we're going to see a lot of problems beyond just what we've seen already that are going to come from this.

32:52Tilly Norwood:So what's the end? And how does this work itself out, do you think? And how long is it going to take?

32:59Chris Coons:I think it's going to take at least another year, Joe. My guess is that, you know, you have different court decisions coming. The Ninth Circuit Court of Appeals should be coming sometime soon. The Massachusetts Supreme Court should be coming sometime soon. Once that happens, it's going to set up the opportunity for this to go to the U.S. Supreme Court. and the Supreme Court is going to have to decide, is this a state's rights issue or isn't it? And, you know, when they decided the case in Christie versus the NCAA, they said this is something that the states are to run. And, you know, when you look at it, Joe, the states have run it very well in the time since 2018 when it became legal.

33:38Chris Coons:They've been working with law enforcement on issues regarding, you know, problems in sports gaming. They've expanded it significantly across the country. And now what you're seeing is harm being done not only to those states, but don't forget about the tribes as well, Joe, where they're now facing this illegal competition. And so it's affecting a number of different folks. But I think this is ultimately going to wind up at the U.S. Supreme Court. And I think that'll probably be next term.

34:08Tilly Norwood:I mean, there's Mary Pat. She used to love watching Squawk Box. Is she just like, do you make her watch all these mainstream media? Like you're a foil. You go on there and you just go on with these crazy people. Is that, is she still watching? She watches you guys every morning.

34:29Chris Coons:Every morning. Where are you? ABC?

34:32Tilly Norwood:Are you ABC? I've been with ABC for nine years, Joe. You're just a glutton for punishment or something. All right. Well, they got to have some Republicans over there, Joe. I know. And they call you a Republican, which is crazy enough. Whoa, whoa, whoa, whoa, whoa, whoa. Okay, we got to run.

34:53Chris Coons:None of the stuff you said before that made me angry this morning. But you and I are going to meet out on Fifth Avenue on that one, pal.

35:00Tilly Norwood:All right, never mind. All right, it's good to see you, Governor. And best to you and the family and everyone else. And ABC is great. I love all our competitors. I do. Thank you, Joe, and Mary Pat Sends Her Best. Okay, thanks. See you. That'll do it. You going to take a nap?

35:18Chris Coons:I would love to, but I can't mess up the outfit, or I'm going to have to change for later.

35:23Tilly Norwood:You're not going to have the walk of shame tomorrow. Don't come in wearing that same thing. Not tomorrow, to later today. Oh, no, I meant tomorrow. I'm talking about it. You better have a different outfit on.

35:32Chris Coons:That is Squawk Pod for today. Thanks for listening. Squawk Box is hosted by Joe Kernan, Becky Quick, and Andrew Ross Sorkin. Thanks to Kelly Evans for sitting in today. You can tune in weekday mornings on CNBC starting at 6 Eastern or get the best of our show, the smartest takes and the best analysis right into your ears when you follow Squawk Pod wherever you like to listen to podcasts. Have a great Tuesday. We'll meet you right back here tomorrow.

36:00Tilly Norwood:We are clear. Thanks, guys.

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