The Exchange
Business & Finance
About
"The Exchange" on CNBC is a one-stop shop for the day's top business stories, along with breaking news and the must-see market movers heading into the back half of the trading day. This newsroom-based program also features lots of original reporting, in-depth conversations and showcases CNBC's award-winning investigative work.
Episodes
- The Exchange 5/15/26
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.
- Cerebras Opens for Trading, A Midterm Misstep, and Crypto Clarity 5/14/26
The Exchange, along with a little help from two surprise guests, takes a deep dive into the blockbuster Cerebras IPO as shares start trading at the top of the hour. President Trump was “fawning over the Chinese Communist Party”, according…
- The Exchange 5/13/26
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.
- Bubble Babble, Memory Mayhem, and a Spring Swing 5/12/26
Chip stocks, including Nvidia, Intel, Micron, Qualcomm and AMD, are sitting near record highs and fueling concerns of a 1999 repeat. One Korean policymaker’s suggestion of paying citizens an AI “dividend” throws the memory trade into tempo…
- Dotcom Do-Over?, Nadella Takes the Stand, and The Sleeper in Semis 5/11/26
The run-up in tech has Dan Niles remembering like it’s 1999, but he says the rally “has at least one more great year.” Microsoft’s Satya Nadella takes the stand in the Musk vs. Altman trial. Plus, the under-the-radar chip company UBS says…
- Two Rate Hikes, Tensions Ahead of China Summit, and AI Economic Distortions 5/8/26
KPMG's Diane Swonk makes the case for two rate hikes this year. The Iran war could make for an acrimonious meeting between President Trump and China's Xi next week. Plus, the Wall Street Journal's Greg Ip writes AI is "distorting practical…
- Whirlpool's Recession Warning, A Spending Split, and the Burger Battle 5/7/26
Whirlpool sinks on disappointing results, and management says the Iran war triggered a recession-level industry decline. New signs the K-shaped is widening. Plus, McDonald's stays afloat while Shake Shack stumbles. Hosted by Simplecast, an…
- Semiconductors Soar, Apple's AI Fumble, and Former FDIC Chair Bair 5/6/26
Bernstein joins the AMD bandwagon after shares surge on earnings. Apple's R&D spend rises as it tries to catch up in the AI race. Plus, former FDIC chair Shiela Bair talks Warsh, banks, and new children's book, "How Not To Lose A Million D…
- Running of the Bulls, In-Home Data Centers, and Citadel's Ken Griffin 5/5/26
With the Nasdaq and the Russell at fresh highs, Carson Group's Ryan Detrick says there may still be several years left of the bull market. One company is teaming up with Nvidia to build mini data centers that can be attached to residential…
- Risks to the Rally, Scoring Berkshire's Abel, and Wyndham's Win 5/4/26
Strong earnings pushing stocks to record highs despite high oil prices, can the rally keep running? Scoring Greg Abel's first time at the helm of Berkshire's Annual Meeting. Plus, the case for Wyndham Hotels & Resorts as a stealth AI benef…
- Memory’s Moat, Tech’s Role in Recent Highs, and Shrugging Of $100 Oil 5/1/26
Western Digital CEO Irving Tan on the global memory supply crunch and “a lot more opportunity” to expand pricing. Tech has been the key driver of the market’s huge April rally. Is it needed to make new highs from here? Plus, three scenario…
- Apple's AI Problem, "Save the Shire," and Caterpillar Crushes 4/30/26
The iPhone is booming, but can Apple fix its AI problem? Oppenheimer's "one AI to rule them all." Plus, how AI could touch off a new cycle for an old industrial. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information…
- Fed Decision, Memory Momentum, and Mag 7 on Deck 4/29/26
As Jay Powell's time as Fed Chair comes to an end, our experts discuss whether he should stay on as a governor and what successor Kevin Warsh's first moves will be. Memory stocks surge after Seagate's blowout results. Plus, Alphabet and Mi…
- OpenAI's Viability, UAE to Exit OPEC, and Climbing Consumer Costs 4/28/26
Renewed concerns over OpenAI's massive spending following a Wall Street Journal report, but journalist and author Sebastian Mallaby raised that issue back in January. He lays out the four problems he sees facing the company. OPEC set to lo…
- Big Tech on Deck, Musk vs. OpenAI, and Cardiac Drug Breakthroughs 4/27/26
With five of the Mag 7 reporting this week, we discuss whether investors should temper their capex expectations. The trial between Elon Musk and Sam Altman kicks off. Plus, the potential next frontier in preventing heart attacks. Hosted by…
- DOJ Drops Powell Probe, Big Tech on Deck, and Intel's Gain, AMD's...Gain? 4/24/26
The Department of Justice is dropping its criminal probe of Fed Chair Jerome Powell, leaving the door open for a Kevin Warsh confirmation. Jeff Kilburg breaks down how to trade the Mag 7 ahead of earnings next week. Plus, D.A. Davidson upg…
- Debunking Oil Myths, the New Gamestop?, and Saving Spirit 4/23/26
The IEA chief warned the world is facing the biggest energy crisis in history, so why aren't oil prices spiking? The meme stock that tanked nearly 50% after soaring 700% in one month. Plus, why Barclays says the Trump administration's pote…
- Tech Still Cheap, SpaceX's $60B Deal, and Google's Enterprise Fight 4/22/26
Tech stocks surging in April, but Barclays says the sector still looks historically cheap. SpaceX strikes a deal for the right to buy AI startup Cursor. Plus, Google unveils new in-house chips and AI tools amid growing competition for corp…
- Apple's Turnover, Warsh Gets Grilled, and Airline Indigestion 4/21/26
The c-suite view on Apple's CEO change. What Fed Chair nominee Kevin Warsh said, and didn't say, in his confirmation hearing. Plus, Alaska Air suspends guidance amid surging jet fuel prices. Hosted by Simplecast, an AdsWizz company. See pc…
- The Exchange 4/20/26
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.
- Markets Rally, Airlines Soar, and Oracle Bounces Back 4/17/26
The S&P and Nasdaq hit new all-time highs and oil prices drop on optimistic Iran war headlines. Airline stocks surge as crude slips, and that could set the stage for consolidation, according to a former United CEO. Plus, Oracle shares post…
- Markets' Seismic Shifts, SanDisk's Surge, and 2026's Biggest IPO 4/16/26
The two "seismic shifts" underway our strategist says will have profound implications for markets as the Nasdaq and S&P hit fresh record highs. Evercore's bullish case for SanDisk. Plus, the CEO of Madison Air on the heels of the biggest U…
- Meta's AI Ambitions, JPMorgan's Airline Warning, and the "Ultimate Contrarian Trade" 4/15/26
Meta is doubling down on custom AI chips, expanding its partnership with Broadcom. Delta kicked off airline earnings with a strong Q1 beat, but JPMorgan's Jamie Baker is reducing his 2026 earnings estimates on higher fuel prices. Plus, one…
- Software Earnings Set-Up, Big Banks' Big Issues, and Iran Peace Talks Latest 4/14/26
The software names with the most potential for margin upside this earnings season, according to DA Davidson. A mixed bag for bank earnings, and G Squared's Victoria Greene warns that could be a "canary in the coal mine" for the economy. Pl…
- U.S. Blockade, China's Role in Iran, and Bank Earnings Underway 4/13/26
Oil prices spike as the blockade of Iranian ports begins. As Trump threatens 50% tariffs on China for a reported arms sale to Iran, The Council on Foreign Relations' Charles Kupchan says the Chinese are enjoying every minute of the conflic…
- Washington's AI Warning, Sentiment Slump, and The "Least Ceasefire Ceasefire" 4/10/26
Washington's warning to banks about Anhropic's new Mythos model. Inflation hits a near two-year high, while consumer sentiment touches a record low. Plus, energy analyst Denton Cinquegrana tells us when energy prizes should normalize if, w…
- Ceasefire Under Pressure, The Fed's Next Move, and Tokenmaxxing 4/9/26
Former White House energy advisor Bob McNally sees an 85% chance the Iran ceasefire doesn't hold. The Fed's preferred inflation gauge climbed in February, even before oil's spike, does that lock in a rate hike this year? Plus, the internal…
- Oil Slips, Stocks Rally & a Rate Cut is back in Play 4/8/26
Stocks rally as the U.S.-Iran ceasefire sends oil prices tumbling, but is the rally real? Plus, a fed rate cut is back on the table. We debate whether it should be. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for informat…
- Iran Deadline Looms, Under-Priced Oil Risk, and Opportunities in Semis 4/7/26
Equities under pressure after President Trump ramped up threats against Iran ahead of his Strait of Hormuz deadline. Crude hits $116 a barrel, but S&P Global's Dan Yergin says the oil market is under-pricing risk. Plus, we go stock picking…
- Iran Escalation Risk, Renewed Private Credit Concerns, and Pullback Opportunities 4/2/26
The President’s Iran speech fails to soothe markets. Private credit jitters are back. Plus, where the market pullback is creating opportunities. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collec…
- Nike's Nosedive, Tech's Turnaround, and Gold's Gains 4/1/26
Nike shares get crushed on weaker-than-expected sales outlook amid revenue struggles in China. The Mag 7 rallying for a second day after a rough first quarter, but Benchmark is bullish on name in particular. Plus, with gold on pace for its…
- Crude Climb Continues, China's Price Spike Warning, and KKR's Major Deal 3/30/26
WTI crude hits a three-week high after Trump threatens to "obliterate" Iran's energy sources. Chinese manufacturers warn to brace for price hikes due to disruption in the Strait of Hormuz. Plus, KKR agrees to sell cooling systems company C…
- Fed's Inflation Battle, the Alphabet Case, and the Memory Meltdown 3/27/26
Mounting inflation concerns could put Trump's pick for Fed Chair in a bind. The company Wells Fargo says is the "best-positioned" name in the AI race. Plus, a rough week for memory stocks but will the dip be short-lived? Hosted by Simpleca…
- U.S.-Iran Peace Talks, Memory Melt, and a Fed Hike? 3/26/26
Trump says negotiations have started, Iran denies that talks are taking place, but which one do markets believe? Memory stocks are under pressure after Google unveiled its new AI model, but Morgan Stanley sees underlying resilience in the…
- Chevron's California Warning, AI-Powered Drones, and OpenAI Shutters Sora 3/25/26
Chevron says California risks a fuel crisis unless the Iran war ends. Ondas CEO Eric Brock talks autonomous drone usage in the ongoing conflict. Plus, OpenAI announces plans to shut down its popular AI video app just six months after its l…
- Energy Ripples, Databricks Moves into Cybersecurity, and Anthropic vs. the Pentagon 3/24/26
Carlyle's Jeff Currie says even if the Iran war stops now, surging oil prices will impact the economy for months. Databricks CEO Ali Ghodsi on his new cybersecurity product and AI disruption within the space. Plus, Anthropic and the Depart…
- Mixed Signals, the Rate Hike Case, and Airlines Navigate Oil 3/23/26
President Trump postponed strikes on Iranian power plants after saying negotiations were underway, but Iranian state media refuted those claims, triggering wild swings across asset classes. Markets now expect the Fed to hold rates steady,…
- Crude Climb Continues, Spring Housing Season, and the Mag 7 Melt 3/20/26
The energy complex keeps climbing as the Iran war enters its third week. Housing season officially kicks off, but rising mortgage rates could challenge the market. Plus, the Mag 7 name that Clockwise Capital thinks will come out on top thi…
- Middle East Escalation, Micron's Big Beat, and the Private Credit Exodus 3/19/26
Oil prices spike after Iran strikes key energy infrastructure in Qatar, but is the end of the war on the horizon? Micron shares slide despite blowout earnings, but BofA is still bullish. Plus, why private equity's pain could be commercial…
- The Fed's Next Move, The Iran Timeline, and Food Inflation? 3/18/26
As fuel costs spike and inflation proves sticky, our panel dissects the delicate balance Jay Powell has to strike in today's Fed decision. Brookings' Michael O'Hanlon on why the killing of more Iranian leadership could backfire. Plus, are…
- Private Credit Concerns, Crude's Climb, and Travel Chaos 3/17/26
Orlando Bravo talks uncertainty in private equity, private credit, and software. How will the Fed navigate oil's surging prices as their two-day meeting kicks off? Plus, American Airlines CEO Robert Isom says TSA workers deserved to be pai…
- “No Need to Worry,” Consumer Hide & Seek, “Taming, Not Toppling” 3/13/26
There’s “no need to worry” about the situation in the Strait of Hormuz according to Defense Secretary Pete Hegseth. Why RBC Capital Markets is playing hide and seek with consumer staples stocks. And one professor’s case for why the Trump A…
- Ripple Effects of the Iran War 3/12/26
Oil flowing through the Straight of Hormuz is the “only thing that matters in the world,” according to BCA Research. A former NSA and Marine Corps. hacker warns Iran is being much more aggressive in its cyber warfare, and says businesses n…
- Oil Cycle Continues, Inflation Conundrum, and Oracle's Comeback 3/11/26
The IEA announced plans to release a record 400 million barrels of oil to help ease the Iran supply disruption, but does that leave some parts of the energy complex at risk? Inflation steady in February, but the Fed will have to reconcile…
- Oil's Whipsaw Ride, Oracle's Data Center Dilemma, and is Defense the New AI? 3/10/26
Oil prices post their biggest daily loss since March 2022 after hitting above $119 just two nights prior. Will Oracle's data centers be able to accommodate Nvidia's next-gen chip? Plus, defense stocks have been outperforming the tech trade…
- Overnight Oil Spike, Jet Fuel Soars, and Momentum in Tech 3/9/26
Oil prices hit their highest peak since June 2022 before falling back below $100/barrel. Airline stocks take a dip as jet fuel costs surge amid the Iran war. Plus, software beat semis for its best week since April, but can the trade contin…
- Oil Rally Strengthens, Labor Market Weakens, and Oracle's Opportunity 3/6/26
Crude oil breaks above $90 a barrel for the first time since 2023. The economy lost 92,000 jobs, but rising oil prices leaves the Fed's next moves up in the air. Plus, why Jefferies thinks Oracle's sell-off may be overdone. Hosted by Simpl…
- China's Big Growth Concerns, Labor's Big Divergence, and Software's Big Bounce 3/5/26
China sets its lowest economic growth target since the 1991, but AIE's Derek Scissors says it's actually on the "high end of reality." The hiring bifurcation between blue- and white-collar jobs. Plus, stocks under pressure as oil prices ke…
- Mag 7 Magnificent Again?, Software's AI Agent Takeover and South Korean Stocks Slip 3/4/26
The Mag 7 underperforming recently, but Rosenblatt Securities sees better days ahead. Box CEO Aaron Levie says AI agents will be the biggest users of software in the future. Plus, the Korean Kospi was the best performing stock market in th…
- Iran Conflict Continues, Energy Erupts, and a Market Sell-Off 3/3/26
President Trump says Israel did not force his hand to enter the Iran conflict, now in its fourth day. Oil and natural gas prices surge as the Strait of Hormuz effectively closes. Plus, an ugly day on Wall Street as the Dow falls nearly 1,3…