NASDAQ's Digital Asset Strategy - NASDAQ has been involved in digital assets since 2021, launching the NASDAQ crypto index and further immersing in the space [1] - NASDAQ filed an application with the SEC for a proposed rules change to allow for the trading of tokenized stocks and ETPs [1] - The primary goal is to bridge the digital asset world and the traditional world, prioritizing investor-first principles [3] - NASDAQ aims to integrate tokenized assets into current market structures, applying current securities laws [7] Tokenized Assets and Market Impact - Tokenized shares will trade under the same ticker and CUSIP, fully fungible with their traditional counterparts, offering investors a choice in holding [5] - The trading of tokenized assets on NASDAQ aims to improve efficiency and enhance audit trails [12] - Near-term benefits include process efficiencies on the post-trade side, with potential for atomic instant settlement in the long term [13][14] - Mid-term benefits include collateral mobility for assets, enhancing capital efficiency by allowing equity to be used in collateral pools [15] - Tokenization enhances utility beyond the trade itself, with potential for better access for proxy and enhancements around corporate actions [17] Convergence of Traditional Finance (TradFi) and Decentralized Finance (DeFi) - The convergence of TradFi and DeFi is seen as a combination of traditional risk management, compliance, and regulation with the programmability of DeFi [36] - Stablecoins gained significantly in 2025, and their use in collateral management, along with tokenized treasuries, money market funds, and equities, could drive the next phase of adoption [37][38] NASDAQ's Infrastructure and Offerings - NASDAQ offers exchange technology, powering over 130 markets globally, including crypto markets using their matching engine technology [28] - NASDAQ has a crypto index and reference rates used globally for benchmarking [29] - NASDAQ acquired Calypso through the Adenza acquisition, integrating it with blockchain rails for collateral mobility [29] - NASDAQ offers data products and a surveillance business used globally to monitor markets for manipulation, including crypto markets [31][32]

Welcome back to Squawkbox. Rick Santelli here live at CME HQ with the breaking news of the morning. Finally, some real news.PPI producer price index for September. A bit late. Headline number coming in matching expectations of up 3/10.That would be the warmest since it was up 7/10 in July, which actually just a couple of months ago, at least based on this data. If we strip out uh the food and and add food and energy in, it becomes up one/10enth. That's cooler than expected.Up one/10enth would be the lightes ...

Right now, I want to bring in Brian Levit, chief market strategist at Invesco. Brian, good luck. Take everything you just heard, all the data you just got, and tell me uh what you'd be doing in the market these days.>> I actually found it all to be pretty enticing for the market. So, what you're looking at >> data or >> the the data in I mean, clearly it's a slowing economic environment when you >> Why is that enticing. Brings the Fed back in.>> Yeah. It's still resilient. Inflation expectations are contain ...

Investment Thesis - Michael Burry is betting against AI, shorting Nvidia and Palantir, despite their current profitability [1] - Scion sees parallels between the AI boom and the telecom boom of the early 2000s, suggesting overinvestment in infrastructure [4] - Scion questions whether customers investing in Nvidia's GPUs will generate sufficient revenue to justify their spending [5] Financial Analysis - OpenAI is expected to generate a little over $20 billion in revenue this year [2] - Big tech companies have quadrupled their AI investment to nearly $400 billion per year [3] Technological Concerns - The rapid release of new Nvidia chips annually may render older chips obsolete before companies can recoup their investment [6][7] - Big tech companies currently depreciate their servers over six years, which Scion argues is too long given the pace of technological advancement [6] Company Stance - Nvidia maintains that its hardware remains productive and valuable for longer than critics suggest [7] - Nvidia claims its newest chips are superior in performance and efficiency, while also assuring customers that older chips will remain useful [8]

We got weekly jobless numbers from ADP and Steve Leeman's got those numbers and a special guest. Good morning, Steve. >> Good morning, Andrew.ADP reporting it is preliminary weekly change in payrolls for the week ending November 8th. The four-week average of weekly jobless ch job changes declining by 13,500 per week. Worse than the prior week, which was actually revised down from -2500 to -7,500.This is a new data series and subject to revision. We're figuring how to work with this. A lot of volatility.The ...

AI Regulation & Policy - A new super PAC called "Leading the Future" is supporting pro AI regulation [1] - The speaker advocates for federal regulation on the largest AI models, focusing on transparency and ideological training [15] - The speaker opposes state-level regulations that could hinder AI development and innovation, particularly those that impose arbitrary fines and penalties [9] - The speaker believes that some states are attempting to ban the use of AI in healthcare and education, which could prevent advancements and cost reductions [10][11] - The speaker warns against European-style regulations that could make America poorer and less competitive [12] AI Development & Competition - The speaker acknowledges that Google's Gemini has recently surpassed other large language models [17] - The speaker mentions Grok was previously ahead and Anthropic is also making significant progress [17] - The speaker believes the competition among AI models is beneficial for innovation and cost reduction [17][18] - The speaker is involved with hundreds of companies building on top of these AI models, aiming to bring disinflation and solve problems for hundreds of millions of Americans [18] Concerns & Risks - The speaker expresses concern about populists on both the left and right who oppose AI development for "nefarious reasons" [4] - The speaker warns that excessive regulation could lead to China winning the AI race [7][15]

US-China Trade Relations - US President Trump to visit Beijing in April following a phone call with Chinese President Xi [1] - Discussions between the two presidents included China's agreement to purchase US soybeans and the US lowering tariffs on China [1] - China is on schedule to purchase a minimum of 875 million metric tons (875 x 10^6 metric tons) of soybeans over the next three and a half years [3] - The US position on Taiwan remains unchanged [4] - Both US and China agreed to work together on the Ukraine conflict [5] - Four meetings are planned between the leaders during the year, which is expected to give the relationship great stability [7] Federal Reserve Chair Selection - The President is expected to select a new Fed Chair [8] - The Treasury Secretary has conducted a second round of interviews with five strong candidates [9][10] - The criteria for the Fed Chair selection has evolved to include a focus on the interplay between monetary policy, the balance sheet, and regulatory policy [10][11] - The President may make an announcement before Christmas [12]

>> WELCOME BACK EVERYBODY. OUR NEXT GUEST IS PART OF A BIPARTISAN GROUP OF LAWMAKERS PUSHING TO PREVENT THE OBAMACARE SUBSIDIES FROM EXPIRING AT THE END OF THE YEAR. JOINING US RIGHT NOW IS CONGRESSMAN JOSH GOTTHEIMER OF NEW JERSEY.HE'S A MEMBER OF THE INTELLIGENCE AND FINANCIAL SERVICES COMMITTEE. HE'S ALSO THE VICE CHAIR OF THE PROBLEM SOLVERS CAUCUS. AND CONGRESSMAN, WELCOME.>> THANKS FOR HAVING ME. >> WE HAVE NOT HEARD A LOT OF BIPARTISANSHIP RECENTLY. WE HAVEN'T HEARD A LOT FROM THE PROBLEM SOLVERS, BE ...

Shares of Google are rising again this morning. This after yesterday's 6% gain. Reporting the information saying that Meta is considering using Google's tensor processing units in its data centers in 2027.Now Google rising, Nvidia pulling back on that news. Joining us right now is Ron Josie, city senior internet analyst. Good morning to you.Uh, you know, it feels like every other day one of these models is, you know, leaprogging the other in the moment right now. Google's Gemini seems to be ahead. Anthropic ...

NHL Valuations and Financial Performance - The average NHL team is now worth $22 billion, a 15% jump from last year [1] - Toronto Maple Leafs are valued at $43 billion, topping the list [1][2] - NHL valuations have increased roughly 100% over the last three years [2] - The new national deal in Canada is about two and a half times larger than the previous 12-year deal with Rogers [7] - NHL expansion will only be considered if it starts with a $2 billion expansion fee [10] Media Deals and Revenue - Regional sports networks are healthier in Canada than in the US [6] - The importance of live sports content is holding its own in a fragmented marketplace [7] - NHL has deals in place with Walt Disney Company (ESPN, ABC) and Time Warner Discovery [8] Competitive Balance and Future Prospects - The league has never been more competitive, and franchises have never been healthier [9] - NHL has the best competitive balance of the major sports due to its cost certainty system [13] - The league is optimistic about future prospects due to the product on the ice and increased valuations [9] Prediction Markets and Integrity - NHL has aligned with the prediction market to give fans access to real data and maintain control [16][17] - The league monitors betting and prediction lines to prevent cheating [17] - Sports betting entities or the prediction market entities gives the ability to have more control and to observe more closely exactly what's going on [18]