10AM Hour: Apple's Foldable Future, SpaceX Shakes Up Telecom, OpenAI’s New Valuation 10/23/26
Squawk on the StreetSummary
Stocks face increased pressure as the tech sector experiences a significant sell-off, with the Nasdaq recording its worst day since June. Analysts are closely monitoring the market's reaction to the latest consumer sentiment data, which shows a slight uptick, and the implications for Federal Reserve policy ahead of its upcoming meeting. The market currently anticipates a 90% chance that the Fed will not raise interest rates in October, despite ongoing inflation concerns.
In the tech space, Apple launches its new folding iPhone Duo, generating considerable consumer interest, though production challenges remain. Early reports indicate high demand, with delivery dates extending into January, suggesting that Apple may have underestimated initial supply needs. Analysts predict that Apple could capture a significant share of the foldable market, potentially overtaking Samsung.
Meanwhile, the telecom sector faces pressure as SpaceX plans to establish a terrestrial wireless network, raising concerns among major players like Verizon and AT&T. The move could disrupt the market dynamics as SpaceX aims to secure a substantial number of cell sites across the country. Investors are also keeping a close watch on OpenAI's fundraising efforts, which are reportedly nearing completion at a valuation of $1.25 trillion, as the company prepares for a potential IPO in 2027.
Show Notes
Apple hits a record high as its new foldable iPhone Duo officially goes on sale. Longtime Apple blogger John Gruber joins Squawk on the Street to discuss whether the device can move the needle for shareholders. Plus, telecom stocks tumble as Bloomberg reports SpaceX is looking to secure at least 80,000 cell sites across the U.S., sending tower stocks higher. And CNBC has new details on OpenAI’s latest fundraising efforts and potential new valuation.
Squawk on the Street Disclaimer Squawk on the Street Disclaimer
More from Squawk on the Street
CrowdStrike CEO George Kurtz joins to discuss the new web security flaw that was uncovered in the software that runs most of the internet. Then, Niles Investment Management Founder Dan Niles joins to discuss his take on tech earnings. Plus, we speak with William Blair analyst Myles Minter about Moderna's cancer vaccine data leak.
Carl Quintanilla, David Faber and Michael Santoli led off the show with Apple's foldable iPhone Duo making its in-store debut. Apple CEO John Ternus greeted customers at the company's store in Austin, Texas. Also in the mix: A live report from outside Apple's flagship store in New York City; The anchors discussed reviews of the iPhone Duo after Apple briefly surpassed Nvidia in market cap. Merck CEO Rob Davis joined the program at Post 9 one day after data involving the company's cancer vaccine with Moderna had been leaked. Also in focus: The tech sector extends its sell-off after the Nasdaq's worst day since June; SpaceX shares rise on a report about access to 80,000 cell sites — a look at the winners and losers; Western Digital falls despite better-than-expected results, American Express earnings and job cuts, AI trade roundup.
Pershing Square Founder & CEO Bill Ackman joins from Tel Aviv to discuss the bull case for investing in Israel and the broader investment landscape. Then, Roundhill CEO Dave Mazza joins to discuss the latest round of tech earnings and where he sees opportunity. Plus, we bring you the details of a new security flaw that was uncovered in the software that runs most of the internet.
Stocks come under pressure as renewed Middle East tensions push oil higher and concerns over AI spending weigh on tech. On today’s Squawk on the Street, we break down earnings from Meta and Tesla, including Meta’s new share structure, speculation around a potential Tesla-SpaceX merger, and the latest on AI capital spending. Plus, IBM CEO Arvind Krishna explains why he believes the company’s business remains resilient despite growing concerns about demand destruction.
Carl Quintanilla, David Faber and Michael Santoli delved into AI trade weakness, including why Meta and Tesla shares fell despite both companies posting Q3 beats. The anchors reacted to what Meta CEO Mark Zuckerberg and Tesla CEO Elon Musk said on their respective earnings calls. On a rough day for the chip sector, CNBC's Arjun Kharpal interviewed Nvidia CEO Jensen Huang at the company's GTC conference in Berlin. Also in focus: Meta's new class of stock to fund AI spending; Buzz surrounding a potential SpaceX-Tesla merger; IBM earnings reaction; The "Tide" is high for P&G; Lockheed Martin rallies; Airline earnings impacted by fuel costs; Oil prices surge on Middle East tensions; Barclays and the job cuts parade; Carriers cut the price of Apple's foldable iPhone Duo ahead of its Friday in-store debut.