Let's stay on all of this and more with us. His take on AI, tech, the markets, your money. Chris Veron, partner and chief market strategist at Strategus.He is one of the top analysts on Wall Street. We are glad to have him. See, we said that so you don't have to. >> See, Chris, so we so you don't have to put out a tweet said I'm actually the best.>> But do you find this Nvidia stuff a little odd. Listen, what I find uh maybe encouraging is that we've taken Nvidia down 15% and if anything, the market's gotte ...

And it's a fresh read on the nation's fiscal health. The aforementioned Steve Leeman with those [music] headlines and could probably also talk about the Fed. Steve.Yeah, Brian. Thanks for that introduction. The Treasury uh reporting that the deficit hits an October record of 284 billion, but with a bunch of asterises.I think that's the plural. Expenses were boosted by a calendar change moving some stuff from uh uh into October from November of about $ 105 billion. So that's also an issue, but they were redu ...

Market Trends & Competition - Meta is considering renting Google's Tensor Processing Units (TPUs) from Google Cloud next year and could spend billions of dollars to use those chips in their own data center starting in 2027, potentially challenging Nvidia's dominance in the data center chip market [1] - The industry is experiencing a "deepseek moment" with Gemini 3, as the large language model was trained solely on Google chips, impacting Nvidia's stock [2] - Oracle's stock is down almost 5% due to concerns that competitors building AI clouds with cheaper TPUs could undercut their prices [3] - The competition is focused on offering the cheapest option for AI cloud services [3][6] Company Performance & Partnerships - Google's hardware suppliers, like Broadcom, are climbing higher, with Broadcom experiencing a 10% increase over the week [4] - Broadcom CEO Hawk 10, who sits on Meta's board, could influence Meta's decision to choose Google chips designed by Broadcom [5] - Google hardware suppliers like Celestica and Lumenum are also climbing as investors shift away from OpenAI [5] Risks & Concerns - OpenAI faces the risk of commoditization, where cheaper costs win if models like Gemini or ChatGPT become indistinguishable in performance [5][6] - Microsoft is down about 5% on the week, potentially related to the shift away from OpenAI [5]

Economic Outlook - The report suggests a potential slowdown in third-quarter growth due to a miss on the retail side, leading to lower consumer spending expectations for the fourth quarter [2] - The market anticipates the Fed to cut rates due to concerns about economic weakness, outweighing inflation concerns [3] - Consumer confidence data indicates increasing concern about the job market, with more people reporting difficulty finding jobs [5][6] - A survey indicates that 57% of respondents anticipate a weaker economy in 2026, potentially impacting holiday spending [7] - Consumers are expected to reduce spending and prioritize needs over wants during the holiday season, potentially leading to a softer season compared to the previous year [8][9] Federal Reserve (The Fed) - The market speculates that the White House may be considering Kevin Hasset as a potential Fed chair, which could influence interest rate policy [10][11][12][13][14] - The president may prefer a Fed chair who is more inclined to lower interest rates [14] - The bond market's reaction to the potential Fed chair appointment is muted, while the dollar's reaction suggests anticipation of a more dovish Fed [14][15]

So joining me now with where he's putting his money is Paul Christopher, head of global investment strategy over at Wells Fargo Investment Institute. Paul, thank you very much for being here with us. Let's take us, >> please just take us through what exactly you mean when you say that you are out of some of these AI names into other parts of the market, but you still believe in the AI trade.Well, yeah, that's the fundamental premise is that we think there are years left to go as AI and other technology deve ...

For more, let's bring in Low Tony, founding managing partner of Plexo Capital. He's also a CNBC contributor. So, Low, let's talk about the full stack, the soup to nuts aspect, and whether it is rightfully so that Alphabet is being anointed, this kind of new upand cominging king of the AI race.>> Yeah. Well, first, thanks for having me. And I think yes, we're seeing the story right now is that the AI narrative is shifting towards Google.And it starts with the infrastructure layer. And my core thesis has alwa ...

Now that [music] big AI shift is where we start today and we've got some team coverage. Dear Drabosa looking at how Google is building out its AI ecosystem. Christina Partzene is digging into how that's impacting the supply chain.And Julia Borston has the Mag7 stock that can't seem to find its AI footing. Deerra, we're going to start with you. >> So Dom in AI the leaderboard.It changes fast and narratives they can swing harder than the fundamentals. Just look at Google. It went from broken to beloved in a m ...

Although many ETF investors believe the Fed’s December rate meeting is the final hurdle to clear in 2025, there are increasing signs that a new market cycle is already underway. Astoria Portfolio Advisors founder, CEO and CIO John Davi and LionShares CEO Sofia Massie sit down with CNBC’s Contessa Brewer on “ETF Edge” to discuss the best way to position a portfolio as we near the end of the year, the set-up for 2026, key trends to watch for, and why it’s important to look beyond the Mag 7. ...

Bring in show music, please. >> Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, tariff talk makes the world go round.Treasury Secretary Scott Bessant joins us on President Trump's call with China's President Xi. >> We're always going to be rivals. Uh, that's natural, but are there things we can do together.Yes. Uh, we have the relationship in a good place. and news on the president's plan to nominate a new head of the US Federal Reserve.>> I think that there's very very good chance that the the pre ...

Investment Recommendations - Jefferies highlights 17 buy-rated names expected to see earnings and sales acceleration in 2026 [1] - Valero is included on the best stocks list [1] - Coherent (COR) is a core position in a Smid portfolio for about 3 years, noted for steady earnings [2][3] - Textron (TXT) is favored due to anticipated increased capex in industrials and a good dividend [3][4] - Edwards Life Sciences is a strong performer in the healthcare sector [4] Market Dynamics - Companies benefit from low oil prices and high demand for gasoline, widening the crack spread [2] - Wall Street firms are raising earnings expectations for the next quarter and next year [2] - Life sciences companies are building positive momentum with capital investment in research, reflected in strong earnings and revenue growth [5][6] Consumer Trends - The low-end consumer is struggling due to inflation and higher gas prices [7] - Dollar General's stock is up 39% year-to-date, despite concerns about the lower-end consumer [8] - Same-store sales remain muted for Dollar Tree and Dollar General [9]