GLPs & Fraud with Dr. Oz & Kevin O’Leary’s $11m Baseball Card 9/8/26

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0:28Dr. Mehmet Oz:This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts. Bring in show music, please.

1:27Dr. Mehmet Oz:it happen. Now 90 % of all the drugs, branded products sold in America are under most favored nation drug prices. The hard assets of coveted collectibles, one of the most expensive baseball cards ever, the$11 million Shohei Ohtani card that Kevin O 'Leary is adding to his portfolio. We step outside, we ask 10 people, do you know who Ohtani is? Even if they're not baseball fans, they know who he is. This guy has transcended the sport. And it's not his only bet in the stuff you can hold for yourself. You either believe in this asset class or you don't. Plus, new tariffs on Canadian goods, a buzzy dock about a disgraced CEO, and NVIDIA's Jensen Wong says it's here, the artificial intelligence that can match or beat the human brain.

2:12And the more compute, the faster and more interesting things this thing will try to do. It's Tuesday, September 8th, 2026. Squawk Pod begins right now. Stand Becky by in 3, 2, 1, cue, please.

2:53Ahead of that, the 10-year is yielding$479. The 30-year is at$426. The two-year yield, actually a little bit lower, it's at$437. In time, the big story right now, oil prices rising this morning on fresh violence in the Middle East. Saudi Arabia's energy minister saying that some operations were halted after strikes by Iran-aligned. Houthi militants in Yemen wounded people, maybe more than 70 people at this point. A military spokesman for the Houthis saying the group attacked Saudi Aramco's facilities in the country's south with drones and ballistic missiles. That follows U.S. intervention over the weekend.

3:30Now, Central Command said that the military struck three Iranian oil tankers on Saturday in retaliation for Iranian ballistic missiles targeting two Navy warships. Meanwhile, an Iranian foreign ministry spokesperson telling reporters yesterday that Iran and Oman were closing in on a deal to manage shipping through the Strait of Hormuz. Here in the U.S., AAA is saying that Labor Day gas prices stood at$4.15 a gallon. That's the highest ever for the holiday. And equity prices moving the opposite direction on the back of all of this news. Also, Canada's retaliatory tariffs on U.S. goods taking effect early this morning.

4:12Those tariffs range from 15 percent to about 50 percent across 27 billion dollars worth of U.S. products, including dairy, agricultural, equipment and household appliances. Tariffs on U.S. steel, aluminum and iron products doubled to 50 percent. Canada calling the move a dollar-for-dollar response to U.S. tariffs after trade talks between the two countries collapsed last month. Yesterday on Truth Social, President Trump called for a boycott of Canadian airplane manufacturer Bombardier. He said, if they want our market, they must build here and stop treating America like a piggy bank. Bombardier's shares are off by 6.3%, although it is a little unclear who is expected to follow that.

4:57Would that be private companies? Would that be public companies? Following that news, Bombardier released a statement saying that it continues to invest in communities across the United States. We also received a press release from Kansas Republican Senator Jerry Moran, who said in part, This afternoon, I reached out to the Trump administration to make certain the president is aware of the significant contributions of Bombardier to Kansas and the importance of its presence in Wichita to many Kansas workers at Bombardier and in the Bombardier supply chain. It's not just Kansas. It's also Arizona and other states that make up thousands of jobs for Americans in making the parts and supplies for Bombardier.

5:39I was surprised that he went after Bombardier simply because just a week ago he'd gotten the major concession from Mark Carney to allow Gulfstream to be operated or at least to be sold into Canada, which is something that they couldn't do. We're still talking about less than$50 billion of a trillion dollar trade arrangement between the two countries. Hopefully it doesn't escalate from here, but we will continue to keep an eye on it. NVIDIA CEO Jensen Wang hailing what he's calling a big leap forward for AI over the weekend on X. He congratulated OpenAI for its new GPT-6 Astra model and said that AGI has arrived.

6:21AGI refers to artificial general intelligence, which is commonly defined as AI that matches or outperforms humans in pretty much all cognitive tasks that came as OpenAI's chief scientist, though, warned that AI is becoming more difficult for humans to control and called for a slowing of development. In a post on OpenAI's website, he said, quote, this is a time that calls for extreme caution. I'm concerned no one is prepared for the consequences of a continued rapid rise in machine intelligence. If you have not read this post, it is absolutely worth your time, in part because it goes into great detail about actually how much detail that the folks who are building these models don't understand about how they actually work and therefore how they can ultimately be controlled.

7:07Is he calling for more regulation, a freeze in other people being able to do development? No. I mean, I think what he does in a very methodical way is lay out to the extent that they understand how AI works, how it works, and to the extent that they don't understand how certain parts of it work, and what they could ultimately do. It's really more for the reader to just understand how it all works. And I think when you're finished reading it, you'll go, my goodness, there's a lot in there that they don't ultimately understand. And therefore, raises all of these questions about what kind of guardrails you can actually put in place, meaning inside the quote-unquote constitution of these systems, meaning what you actually tell it it should be trying to do, and therefore how it will try to do things.

8:00Anything that you are not telling it not to do. It assumes it's fair game. It assumes it's fair game. And even things that it is told not to do, if he thinks that there's another way to do it, it might try to do that. And so the question is, how do you constrain the system? I don't believe I should go back and reread it. I don't believe he calls for a specific regulation or a specific approach. So so far as to say that once you effectively, once you throw compute at this problem, which is what it is, and the more compute, the faster and more interesting things this thing will try to do. And that and I think that's the thing.

8:41And saying that this is. an example of creativity, not bad behavior, but it may end up doing, it may have unintended consequences. And I still get back to the, what do regulators do about it? We had last week, the regulator from Texas on who's working with Bernie Sanders, who says we should just stop doing everything. I think that's very hard. It's going to be very hard to stop doing everything. Me too. Me too. I just, how do we address it? It's one thing to have the information. It's another to try and figure out what to do about it and how much you can get your arms around it. That's the hard part.

9:14Yeah. And then there was this, a surprise new documentary about incarcerated Theranos founder Elizabeth Holmes. It upended the Telluride Film Festival. It was shown as a surprise at a secret screening on Sunday night in which audience members were required to lock their phones in pouches. The film is called You Can See Everything. It's a collaboration by comedian Nathan Fielder and documentary director Lance Oppenheim. They were invited into the rented home of Elizabeth Holmes. Now, this was 34 days before she reported to prison to begin her 11-year sentence for defrauding investors. The movie features intense conversations between Holmes and Fielder, shot in sometimes extreme close-up, as you're seeing there.

10:00Fielder said his interactions with Holmes and her partner, Billy Evans, were so strange and unnerving that he wound up taking a central role in the film. The documentary reveals that Holmes and Evans are making plans to launch a new and improved Theranos, even while she serves her time at federal prison camp in Texas. The movie's going to come out in October in theaters. And by the looks of X, if that's any measure, there's a lot of folks who want to see this film. And apparently a lot of people who thought in the audience that it was quite extraordinary and very, very well done. I'm wondering if Joe saw it.

10:37I'm curious. That's the first thing that I kind of wondered. I guess we'll get an update tomorrow morning. We'll get an update tomorrow morning. He is back. Cheese will be next. Coming up on Squawk Pod, Dr. Oz. Drug prices, fraud, and the economic impact of obesity drugs. GLP wants.

10:55Dr. Mehmet Oz:We're twice as expensive per capita than the average advanced nation in Europe. The reason for that is we're twice as fat. We'll be right back. At Venture Global, we think about what can be done. not what's usually done. 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 at 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. When did work become so much work? The meeting about the meeting, the hundreds of files to find one insight, setting aside the things you want to do for the things that pop up.

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12:04Dr. Mehmet Oz:This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

12:37This is Squawk Pod from CNBC. Welcome back, everybody. The Trump administration is continuing to push out its plan to make health care more affordable for Americans, from lowering prescription drug costs to rooting out Medicaid fraud. Joining us right now is Dr. Mehmet Oz. He is the Centers for Medicare and Medicaid Services Administrator. And Dr. Oz, it's great to see you.

13:01Dr. Mehmet Oz:Good to be with you as well. All right, Let's talk a little bit about the state of everything you oversee right now, because this is front and central to what most Americans care about, how they can manage health, how they can get access to health care and drugs. Well, we cover about 170 million people through Medicare, Medicaid, the exchanges, CHIP, all these accounts. And across the board, the issue that was raised a lot early on, especially in this administration, was the price of medications. And the reason for that, of course, is you want to own a piece of the rock. You're an American. You work.

13:29Dr. Mehmet Oz:This is your country. You go to the drugstore with a prescription your doctor wrote for you, and almost one in three times if it's a branded product, you leave empty-handed because you can't afford it. And so the president knew that was happening, but we also recognized that we're paying on average about three times more for the exact same products often made in U.S. facilities that they're paying in Europe and in Japan. The president said we're not going to do that anymore. We're going to go to the pharmaceutical executives. We don't want a price fix, but we're going to challenge them. Can you charge the same here as you charge overseas?

13:57Dr. Mehmet Oz:If you will do that, we will help you with your pricing overseas. But you've got to bring your prices down to most favored nation. And that's exactly what the industry has done. We had nine more companies come in last week to the Oval Office. Now 90 % of all the drugs, branded products sold in America, are under most favored nation drug pricing, which also, by the way, onshores them. So we're building about 100 ,000 jobs, billions of dollars of extra investment. But for the American consumer, it means the drug prices you're getting now on Trump Rx are the best that you've had in 63 years. In fact, I say differently because that wasn't quite accurate.

14:30Dr. Mehmet Oz:It's the biggest drop in prices in 63 years. It's still higher than it's been, obviously, for decades. But the reason the prices dropped was because we were able to push these prices to most favored nation. You know, I've talked with some drug executives about it, and they do seem sincere about trying to come up with lower prices for Americans. But they also say, look, part of this is we can't bring our levels down to what we've seen in other nations. Those nations are going to have to come up substantially. Where do you see this kind of working out in the fray? How much of a decline here? How much of an increase in other places?

14:59Dr. Mehmet Oz:Well, the U.K. has already agreed to increase their prices. But here's the bigger pressure, Becky. The average person who's older in Europe who gets cancer, for example, doesn't get access to the drugs that they have here in this country. That's very difficult messaging for the European leadership. So they're going to have to reinvest in innovation. Most of the innovation in drugs, in many other areas as well, but in health care, particularly in medications, is all happening here. That's why all these European companies are coming to this country. Even European companies that sell products here are bringing at least the products that they're selling here.

15:31Dr. Mehmet Oz:Those facilities are coming to America. So across the board, the Europeans are seeing a large sucking sound as their innovators leave the continent. And that's not good for their countries long term. It's also a problem because the messaging has become so difficult. So I think they sort of agree they need to pay a bit more as a percentage of their GDP. Let me give you the best metaphor, NATO. What happened during NATO? The president, our president said, we're not going to pay for global freeloaders. So you need to pay at least 5 % of your GDP towards your own defense. We'll chip in additionally as well, and we'll all benefit together.

16:04Dr. Mehmet Oz:Metaphorically, it's the same thing that's happening with drug pricing. We're paying more than twice as much percentage of our GDP for drug prices than Europeans are. They need to go up a little bit. We need to come down. Does Trump Rx transcend the Trump administration? What happens? The president's not afraid to use the bullet bullet and to pressure executives to do things. Does this outlast his administration? It's a brilliant question. That's why we need Congress to codify these rules. The contracts that were written up by very bright people came into this administration and served this president were designed to last through this administration.

16:33Dr. Mehmet Oz:The contracts will expire after the administration completes its term. So we want Congress to codify these rules so they stay standard. Remember, these companies signed these contracts voluntarily. Yes, we had extra little bells and whistles that could make it difficult that they didn't, but they signed these contracts voluntarily. And the market rewarded these companies. Actually, market cap of the industry went up after the initial set of most favored nation drug prices. Do you think they would not push back for congressional approval of this policy going forward? Meaning I was always under the impression, talking to a number of health care executives as this was going on, that some of them really do think of this as a one term proposition so that they were willing to sort of sign and say, OK, great.

17:14But if this became a forever situation, that their lobbyists would be running around Washington screaming at the top of the, you know, top of the roof. The devil's in the details.

17:24Dr. Mehmet Oz:So if what you're asking for is that future products are sold and brought to market at the most favored nation drug pricing, I think a lot of the CEOs would be okay with that. They realize that's the new national order, and that actually also gives them, you know, they're getting benefits as well. They get access to the U.S. market. Look at the GLP-1 medications. These products, which are remarkably effective at helping obese individuals not only lose weight but reduce their diabetes and hypertension, are now sold to some Medicare beneficiaries under our new program at$50 a month. $50 a month, that's compared to over$1 ,000, which was the historical price.

18:00Dr. Mehmet Oz:We have over 600 ,000 people who have joined this program for Medicare in the last two months. These are massive additional markets. And here's the reason we're doing it. We believe that these medications are so effective that we'll actually save taxpayer dollars over time because less complications, less illnesses, less need for renal failure, heart transplant, etc. So this is very interesting. We've been talking about GLP-1s a lot on this show recently. And one of the issues that we've been discussing is whether this should get more of this should ultimately get paid by the government rather than companies for the following reasons.

18:30So we were talking to Brian Moynihan, runs Bank of America. He's spending$250 million a year for GLP-1s just for his employees. We're self-insured. We spend$2 billion plus on health care a year. We spend about$250 million or more on GLPs. And that's up from zero. Think about it, four or five years. And the question, of course, is whether those employees are going to be his employees in five or ten years from now. When you would see the extended benefits that would come back to pay off. Right. And so this idea that this is a long-term benefit may very well be a long-term benefit to the system, but it's less clear that it's going to be a long-term benefit to the employer.

19:07Dr. Mehmet Oz:Well, catching patients early enough so they don't develop the long-term chronic diseases is the best interest of our government. And I'll tell you why. Maybe more importantly than making sure that Brian's company gets the appropriate return on their investment, of their employees, which I think is a good investment anyway. If we can get the average American to feel so healthy, so vital, so with it, that they want to work one extra year, just one extra year, instead of retiring at 62, they want to go to 63. That's worth$1 trillion to our GDP every year. The only thing I'll say, too, is it probably is a pretty good employee retention.

19:38If you were on these medicines for the rest of your life, and you, I think it would probably make it harder to go to an employer who did not cover it.

19:45Dr. Mehmet Oz:But we may have other strategies. As people lose weight and get back to their playing weight. It's much easier to stay at that weight than it is to get to that weight. So it might be the smaller doses might work. Alternative oral products might work better. They're going to be cheaper ones that come to market, especially in some products except their patent protection period. But the GOP-1 drugs are part of the reason that for the first time in modern history, we have a decrease in obesity rates in America. And when people ask me, back to your first question, what is the cost issue in America with health care?

20:14Dr. Mehmet Oz:Why are we more expensive, for example, than European counterparts. In fact, we are. We're twice as expensive per capita than the average advanced nation in Europe. The reason for that is we're twice as fat. If we can get people to lose a little weight, the side benefits of that are massive. We actually have data now showing that even within two years, you're starting to see a downward slope in costs such that the value of the investments buying these products might be worth it to the American people. We had a consultant from Marshawn last week who was telling us that of all of the companies they survey, I think it was more than 1 ,500, that they are anticipating health care insurance costs will go up by more than 8 % next year.

20:52And it's the several years in a row that we have seen inflation for health care that far outpaces the rest of the health care, or the inflation basket. What happens? What are we doing about this? And what is Choice, the insurance plan for small businesses, too?

21:09Dr. Mehmet Oz:Well, we just launched a big initiative around choice. And let me explain what that is for everybody, because we just did it in Indiana, because the state of Indiana is actually giving tax credits to their employees and employer groups that are selling it to their employees. And 75 % of the people who are taking advantage of this did not have insurance before. So here's the deal. You're a small company, you sell hot dogs, you've got 25 employees. You don't actually have to buy insurance for your employees. So you don't because you can't afford it. We'll say, take the money you would have bought insurance with, put it into an account for your employees.

21:40Dr. Mehmet Oz:Let them buy their own insurance with that off the Obamacare exchanges. The prices of the Obamacare exchanges, we believe, will be stabilized, maybe come down because you've got a better risk pool. The employees can choose the insurance they want. They've got many more choices of the policy they desire based on where they are in their lives. And they like the fact that it actually saves them money. And they're roughly 20 percent reduction in premiums by taking this approach, as opposed to force them into the traditional small commercial employer groups. And I think that's the right way to go for a lot of smaller businesses.

22:11Dr. Mehmet Oz:That could be rolled out across America, and it would help us deal with some of the challenges of Obamacare. These are people, you say, who, for the most part, weren't insured before, so they were not buying anything on the Affordable Care Act subsidy. The data we have from Indiana is that three-quarters of the people who joined these programs were not previously insured. However, a quarter were, and I bet you that there are a lot more people who are currently getting insurance through their employers, that if there was a better option. And the reason that employers aren't taking this to heart is because they don't trust the system.