The Exchange

Yields, and rate hike expectations, climb on strong manufacturing data. With President Trump pushing back on creating a global entity for AI oversight, will a visit from Chinese president Xi Jinping’s be more show than substance? Plus, legendary real estate developer Richard LeFrak’s warning amid higher rates. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our...

Meta’s Muse is a hit with Main Street, but is the next phase of AI enough to keep the trade alive on Wall Street? Peloton launches a new suite of products. Plus, how muni bonds are coming to the rescue when it comes to climate disasters.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Nasdaq is climbing 2% as semiconductors and tech stocks rally. Meta having its third-best month on record amid investor optimism about its Muse personal agent app. And we look at whether Nike is nearing a bottom, as shares hit a 12-year low Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our market guest’s favorite big AI name used to be Microsoft but now says Nvidia is too cheap to ignore. Plus, the AI safety debate is heating up in Washington and across the country. And the iPhone 18 Pro and Pro Max are launching today, but Wall Street is already looking ahead to next month’s Duo launch. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our coll...

Stocks higher, yields lower as markets digest the first Fed rate hike in three years. The CEO of Sentinelone says AI labs are engaging in “self-serving marketing.” Plus, an extended conversation with former Treasury Secretary Jack Lew.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ahead of the Fed’s decision on interest rates, Kelly Evans and Brian Sullivan sit down with lawmakers, former Fed Presidents, and investing heavyweights from Washington DC.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The yield on 10-year notes hitting the highest level since 2007 ahead of the Fed decision. Jefferies’ David Zervos expects a more dovish Warsh and says the market is wrong on rates. Plus, prediction markets are already scoring this NFL season.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After Anthropic’s Dario Amodei calls to “pace the frontier” on AI, one of the researchers who discovered OpenAI’s hack of a German website says slowing U.S. model development will also curb China. Jefferies’ Chief Economist makes the case for a December rate cut. Plus, the billionaire founder of Groupon and CEO of Tempus AI on how AI is changing healthcare. Hosted by Simplecast, an AdsWizz company...

JPMorgan’s Michael Feroli raising his rate hike forecast to two this year after inflation comes in slightly hotter than expected. What record high diesel prices mean for the US economy. Plus, 41-year New York Stock Exchange veteran Peter Tuchman reflects on the 25th anniversary of the September 11 attacks. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our coll...

Yields continue higher, and on the heels of a strong 30-year bond auction, Rick Santelli says it’s “war, not Warsh” moving rates. Real Macro’s Jeff Currie on the “toxic” double-trade pushing oil prices higher. Plus, President Trump’s $5,000 midterm ‘dividend.’ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising...

West Texas crude reapproaching $100 a barrel, and while Middle East tensions are ramping, Rapidan’s Bob McNally says China is also playing a big role in driving up prices this time around. We talk to the CEO of AGCO as retaliatory Canadian tariffs going into effect on U.S. goods like dairy and ag equipment. Plus, whether a 25 basis point rate hike at the next Fed meeting would do more harm than go...

With markets pricing in a rate hike in September after a strong August jobs report, Steve Liesman and KPMG’s Diane Swonk weigh in on whether Chair Warsh’s ‘forward silence’ could backfire. The first investor in Hugging Face reveals the three companies he’s investing in now. Plus, the trade that still has pricing power. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information a...

Nvidia will buy open-source AI platform Hugging Face for nearly $13B. BofA’s Vivek Arya says that will extend Nvidia’s sphere of influence well beyond Silicon.  Meanwhile, ChatGPT, Claude, and Grok all experienced outages in the morning--former Marine Corps. hacker David Kennedy says while that can be attributed to new models causing massive usage spikes, there could also be other, more sinis...

As West Virginia says ‘yes’ to data centers, Governor Patrick Morrissey is focused on clean water and keeping energy costs low. Steve Jobs biographer Walter Isaacson wants Apple to get back to its roots under its new CEO, creating devices that bring humans closer to the machines and intelligence they use.  Plus, trader Jeff Kilburg says, despite a potential rate hike, stocks won’t experience...

Investor Barry Knapp makes the case for a Fed rate cut with global yields back on the rise. FTC Andrew Ferguson on the agency’s new lawsuit against Amazon. Plus, an officer from electrical workers union, I.B.E.W., Local 26, tells us why data centers are “the best opportunity in generations for blue-collar workers to attain a portion of the American dream.” Hosted by Simplecast, an AdsWizz company....

The US striking Iran for the first time in a month as the G20 kicks off and Secretary Bessent says the administration can keep the pressure on without China’s help. Colorado AG and Democratic gubernatorial candidate Phil Weiser on his plan for data centers. Plus, Sarat Sethi’s leader-to-laggard pick for the second half has already surged nearly 60% since July.    Hosted by Simplecast, an...

Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there’s more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute’s Adam Posen calls the Treasury’s increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.co...

The AI trade roaring back on the heels of Nvidia’s blowout earnings and strong guidance. Connecticut Governor Ned Lamont on the state’s suit against Kalshi, the impact of Canadian tariffs, and how to lower energy costs for New Englanders. Plus, Anthropic’s Dario Amodei reassures the software industry, “we’re not interested in destroying anyone.” Hosted by Simplecast, an AdsWizz company. See pcm.ad...

The key metrics to watch in Nvidia’s earnings—and why a guidance hike could be on the way. As oil prices continue to fluctuate amid Middle East tensions, RBC’s Helima Croft is concerned about a different commodity ahead of cooling temperatures.  Plus, unsealed court documents reveal the Fed, the Senate, the Deptartment of Justice, and NASA were just some of the federal agencies hacked by a Ch...

A former Disney executive’s warning for media M&A as Paramount’s takeover of WBD sits in limbo. Technician Katie Stockton returns to discuss Bitcoin’s recent rally after calling the bounce last week. Plus, sports superagent Drew Rosenhaus on his client’s, former NFL player Dae’Quan Wright, decision to return to college football.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for in...

The Wall Street Journal’s Greg Ip joins us to discuss whether U.S. Treasurys are losing their safe haven status after Treasury Secretary Bessent’s buyback plan. Plus, Guggenheim’s Simeon Siegel is here with his retail outlook after a big earnings week. And Pantera Capital’s Cosmo Jiang weighs in on bitcoin’s big week and the other big headlines in the crypto space. Hosted by Simplecast, an AdsWizz...

Former OMB Director Mitch Daniels on the Trump administration’s fiscal policy fight. Five-star fund manager Matt McLennan says despite the rising bond risks, investors should broaden their holdings, rather than get bearish. Plus, why Stripe could stay private for the long-term.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal d...

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Yields around the world hitting multi-decade highs as bond vigilantes go to work. The Verge’s Nilay Patel says Meta’s federal child-harm trial is the social media platform’s “Microsoft moment.” Plus, Anthropic pulls back the curtain on its financials as it prepares to go public.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal...

The retailer Morgan Stanley says could go from laggard to leader in the second half. After the 2020 clamp down, can China woo tech investors back? Plus, the bullish set-up for Bitcoin.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.