The Exchange

Épisodes

• China’s New AI Model, Tap-to-Pay Troubles, and Underdog Plays the Field 7/17/26 17.07.2026 43min

  A new Chinese AI model reportedly narrows the gap between OpenAI and Anthropic. A CNBC investigation reveals how criminals are using tap-to-pay technology to commit fraud. Plus, the CEO of Underdog, America’s fastest growing daily fantasy sports company.
• Nibbling at Nvidia, Building Backlash, and Korea’s Volatility Curb 7/16/26 16.07.2026 43min

  Nvidia is finally derisked enough to buy, according to GMO’s Tom Hancock. New York becomes the first state to pass anti-data center development legislation. Plus, the steps South Korea plans to take to calm the Kospi’s wild swings.
• The Exchange 7/15/26 15.07.2026 43min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• Kevin Warsh Testifies, IBM’s Warning, and the Incredible Shrinking AI Model 7/14/26 14.07.2026 42min

  Fed chair Kevin Warsh says inflation is a choice in his first Monetary Policy Report testimony on Capitol Hill. IBM shares have their worst day since October 1987 after the company pre-announces disappointing Q2 earnings, with CEO Arvind Krishna saying “this quarter we faltered.” Plus, CNBC’s exclusive look at the AI model small enough to run directly on an iPhone.
• Oil Climbs on Hormuz Tensions, Apple’s OpenAI Lawsuit, and Earnings Season Eve 7/13/26 13.07.2026 44min

  Crude prices surge as President Trump says the US is ‘reinstating’ a Strait of Hormuz blockade. Apple sues OpenAI, alleging intellectual property theft, but The Verge’s Nilay Patel questions if trade secrets even exist when it comes to AI. Plus, with tech companies trading at peak margins, we set the table for second quarter earnings season with Wolfe’s Chris Senyek.
• SK Hynix's US Debut, Bring Back the Blockade, and a Water Break Boost 7/10/26 10.07.2026 44min

  SK Hynix shares pop in their first day of Nasdaq trading, but Susquehanna is staying cautious. Brookings' Robin Brooks makes the argument for implementing another, stricter blockade of Iran oil. Plus, hoe World Cup hydration breaks could give Fox Sports a $250M boost. 
• ‘ROC’-ing the AI Trade, JetBlue Founder on Airlines, and a Chips Pair Trade 7/9/26 09.07.2026 43min

  The trade for investors concerned about AI capex. Aviation entrepreneur David Neeleman on the airline industry. Plus, the chip stocks Carter Worth calls so bad, they’re good.
• Trump's Meeting with Zelensky, The Chips Trade 7/8/26 08.07.2026 43min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• Bulls on Course, Valley of the Deals, and CNBC Investigates 7/7/26 07.07.2026 43min

  Why the bull market should last at least another five months. Tech and media executive Tom Rogers’ surprising potential deal target as the Allen & Co. Conference kicks off in Sun Valley, Idaho. Plus, CNBC investigates the Chinese tech in American products that’s raising national security concerns.
• Rotation Nation, AI in the Classroom, and Betting’s Soccer Boost 7/6/26 06.07.2026 43min

  With tech proving volatile, investors are putting their money to work in other sectors. Sal Khan, CEO of Khan Academy, reveals how much computer time kids should have per week to be successful. Plus, the beautiful game drives prediction market volumes to record highs.
• Bringing Back the Barbell, OpenAI’s Government Proposal, and Winter is Ending 7/2/26 02.07.2026 43min

  Citi moving to market weight on tech in the third quarter and returning to barbell positioning with large growth and small value. Big Technology’s Alex Kantrowitz calls OpenAI’s reported suggestion the government take a 5% stake in the startup an “incentive misalignment nightmare.” Plus, Deepwater’s Gene Munster declares the EV winter of the past two years over.
• A More Opaque Fed, AI’s Strange Bedfellows, and “Less Screaming. More Streaming!” 7/1/26 01.07.2026 44min

  Fed Chairman Kevin Warsh saying he’d rather have a “good family fight” with his FOMC colleagues at the next rate decision meeting than give forward guidance. Journalist and author Sebastian Mallaby weighs in on what’s holding OpenAI back, how Google is pulling ahead and why it’s in the best interests of both nations if the US and China coordinate on AI. Plus, Wolfe Research upgrades Fox, saying its merger with Roku will scale Fox’s general entertainment streaming and could double its long-term sales growth rate.
• Hold Off on Hikes, Deals in the Driver’s Seat, and Luxury Lodging 6/30/26 30.06.2026 43min

  Piper Sandler’s Michael Kantrowitz sees a two-handle for CPI inflation by year-end, which will put the Fed hawks on pause. Will M&A drive the next leg of the bull market? Plus, a record-setting NYC real estate agent on what’s next for luxury properties.
• Another Comcast Spinoff, AI Spending Risks, and Drill Down on Dislocations 6/29/26 29.06.2026 44min

  Comcast touching off merger speculation after announcing it will separate NBCUniversal and Sky, its European media arm, from its broadband business. A new report warning the AI spending spree risks ending in a damaging, lengthy investment bust. Plus, DA Davidson sees a split in the tech trade.
• OpenAI Unveils GPT 5.6 Models, The Bearish Case for Micron 6/26/26 26.06.2026 44min

  Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
• CNBC @ Cboe: Live from Chicago 6/25/26 25.06.2026 44min

  Kelly Evans and Brian Sullivan are live for a special 2-hour broadcast from the Cboe’s iconic trading floor in Chicago with Chicago Fed President Austan Goolsbee, Ariel's John Rogers, Cboe CEO Craig Donohue, Northern Trust CEO Mike O'Grady, Harris Oakmark's Bill Nygren, and more.
• Memory’s Micron Moment, Congressional Clash, and Just a June Swoon? 6/24/26 24.06.2026 43min

  Amid the recent choppiness in the memory trade, we bring you we bring you the key numbers ahead of bellwether Micron’s earnings--and the share price KKM’s Jeff Kilburg, who timed the Intel rally, says would make him a buyer again. President Trump cancels the signing of the bipartisan housing bill, aimed at lowering housing costs, amid an ongoing battle with Congress over a controversial voter ID bill. Plus, why stocks will soon be over the June swoon.
• Fading Memory, Retail Renaissance, and Standby on SpaceX 6/23/26 23.06.2026 37min

  Memory chips come back down to earth. Wolfe targets a new top pick in retail. Plus, why G Squared Capital’s Victoria Greene is sitting on the SpaceX sidelines.
• The Fractured Tech Trade, Memory Momentum, and remembering Alan Greenspan 6/22/26 22.06.2026 44min

  Every Mag 7 stock is down over the past month, while memory names keep rallying. We look at the fractures in tech, and what’s the better AI trade from here. Plus, a look at Alan Geenspan’s influence on Fed policy.
• Apple Price Hike, Oil Prices Fall on Iran Agreement, and a SpaceX Bear 6/18/26 18.06.2026 43min

  Apple will reportedly raise prices, and President Trump says the company will partner with Intel to design and build chips in the US. Oil and gas prices fall as the Iran peace agreement seems to move forward. Plus, CFRA says markets are overvaluing SpaceX’s future optionality while discounting execution risks.