Gary Cohn & Chris Sununu: The Fed, AI, & the Midterms 10/29/26

Binance was hacked in the largest crypto heist ever, impacting $6.3 billion, and Alphabet stock suffered its worst day since Google went public in 2004, dropping 13% on Thursday and wiping out roughly $500 billion in market cap. Just days away from the U.S. midterms, Representative Suzan DelBene (D-WA) addresses her party’s hopes for voters as they cast ballots with affordability in mind. As Chair of the Democratic Congressional Campaign Committee, Rep. DelBene also addresses the Democrats’ voting scandal in Alaska. Plus, biographer Walter Isaacson discusses Elon Musk’s involvement in politics, including his latest X post warning that democracy is at stake in the upcoming election.  Suzan DelBene - 16:34Walter Isaacson - 30:20 In this episode:Rep. Suzan DelBene, @RepDelBeneJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fed Chair Kevin Warsh announced that the Federal Reserve is holding interest rates steady. CNBC’s Steve Liesman breaks down the decision, and former director of the National Economic Council Gary Cohn looks to the Fed’s future, risks in the AI economy, and what’s coming for consumers. Former New Hampshire Governor Chris Sununu (R) now leads the Airlines for America trade organization, and he warns that jet fuel prices will continue to feel pressure from the Iran war. He’s watching his own brother’s election as well as the rest of the key midterms races around the country. Plus, ECB President Christine Lagarde is stepping down, and the Milwaukee Brewers are baseball’s world champions for the first time in their history.  Steve Liesman - 04:37Gary Cohn - 16:23Chris Sununu - 35:34 In this episode:Gary Cohn, @Gary_D_CohnJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinSteve Liesman, @steveliesmanKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

California voters will decide next week whether to impose a one-time 5% tax on residents worth more than $1 billion. Paris School of Economics Professor Gabriel Zucman joins to advocate for the proposal while Stanford’s Joshua Rauh explains why it will generate far less revenue than projected. Former U.S. Ambassador to NATO Kurt Volker breaks down the pockets of unrest around the world: Houthis in Yemen, protests in Europe, and the ongoing war in Ukraine. The Israeli elections still have no clear winner, and Amb. Volker warns that it may be some time before results are declared. Plus, GM is planning to roll out new hybrid vehicles, and Sam Altman is warning the public about cybersecurity risks exposed by AI Zucman/Rauh - 13:22Volker - 31:55   In this episode:Gabriel Zucman, @gabriel_zucmanJoshua Rauh, @joshrauhKurt Volker, @kvolkerJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Anthropic’s S-1 is out! Wall Street, Silicon Valley, and Squawk Box are dissecting it and what it means for the AI ecosystem and other AI IPOs. CNBC’s Leslie Picker unpacks the eye-popping numbers and the remaining questions after the landmark filing. Microsoft is offering voluntary buyouts to 27% of its total workforce as the company ramps up its spend on AI compute power. In an exclusive conversation, World Bank President Ajay Banga explains the AI opportunities around the world, including in developed and developing economies. Fresh off the Global AI and Digital Summit in South Korea, he’s focused on developing critical mining infrastructure and AI innovation in agriculture, infrastructure, healthcare, and tourism. Electronic Arts co-founder Bing Gordon, the man responsible for Madden NFL and The Sims, is out with a book of life lessons, co-authored with his daughter.  Leslie Picker - 02:26Ajay Banga - 17:16Bing Gordon - 28:51 In this episode:Joe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinLeslie Picker, @LesliePickerKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

SpaceX has secured a $40 billion debt financing package, Ukraine is disputing Elon Musk’s claim that the country violated Starlink’s terms, and Elon Musk himself is weighing in on neocloud companies, comparing their life spans to those of guppies. In Brazil, Luiz Inácio Lula da Silva won a fourth term, and in Europe, protests rage on. Editor in Chief of The Economist Zanny Minton Beddoes argues that the unrest has little to do with immigration, and everything to do with citizens deeply frustrated by their governments. Plus, BioMarin CEO Alexander Hardy is working to bring drugs to the 30 million patients with rare diseases.  Zanny Minton Beddoes - 10:27Alexander Hardy - 25:10 In this episode:Zanny Minton Beddoes, @zannymbJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

OpenAI is working on a $30 billion funding round from Coatue and the UAE, among others, which would bring the company’s valuation up to $1.25 trillion before Anthropic’s imminent IPO. Elon Musk's ambitions for SpaceX include a merger with Tesla and a strategy for cell towers. President Trump reportedly asked Elon Musk to restore Ukraine’s access to Starshield, but Business school professor Christopher Marquis wants to reform MBA programs, and Moderna’s new vaccine data is good news for melanoma treatment. Plus, CNBC’s Steve Liesman shares more results from his latest All-America Economic Survey, including the approval ratings for President Trump and American sentiment around AI.  Steve Liesman - 15:42Christopher Marquis - 22:46' In this episode:Joe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinSteve Liesman, @steveliesmanKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ahead of Anthropic’s highly-anticipated IPO on the Nasdaq, Nasdaq CEO Adena Friedman discusses her exchange’s strategy to win listings in the AI IPO race. Tesla reported its latest financials as the board considers the details of a SpaceX-Tesla merger. CNBC’s Steve Liesman shares the results of his latest All-America Economic Survey: sentiment on the economy is about as gloomy as it was immediately after the pandemic. Plus, former Bridgewater CIO Rebecca Patterson has penned a book of investing wisdom for market savvy folks without personal investing expertise. In a wide-ranging conversation, she discusses AI’s weights and buoys for the larger economy, global market risks, and market liquidity.  Steve Liesman - 08:21Adena Friedman - 16:34Rebecca Patterson - 28:26 In this episode:Adena Friedman, @adenatfriedmanJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinSteve Liesman, @steveliesmanKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

SpaceX shares jumped after it reported surging revenue growth and Elon Musk floated a potential merger of the company with Tesla. Altimeter Capital’s Brad Gerstner says Musk needs to make sure a deal is fair for Tesla shareholders and expects at least a 30% premium to where the stock trades today. United Airlines slashed its profit outlook as fuel costs continue to bite. CEO Scott Kirby says airfares will have to go up in order for carriers to be profitable. Brad Gerstner - 18:18Scott Kirby - 47:44 In this episode:Brad Gerstner, @altcapPhil LeBeau, @LebeaucarnewsJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinRyan Anastasio, @Ryan_Anastasio Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In Europe, it’s an autumn season of unrest. Council on Foreign Relations President Michael Froman discusses protests across France, Belgium, Italy, and other EU nations as politics, affordability, and upcoming elections collide for frustrated citizens. Froman also considers the path forward for the war in Ukraine, particularly after President Trump, Russian President Putin, and Chinese President Xi are considering a trilateral meeting about the conflict. OpenAI is reportedly aiming to accelerate fundraising before its own IPO and before Anthropic’s IPO, and Chinese tech giants Bytedance, Alibaba, and Tencent have placed massive chip orders from Nvidia. Plus, Director of Villanova’s Sports Law and Business Program Andrew Brandt is ready for the first NBA faceoffs of the season. The most anticipated game will tip off at Madison Square Garden, where LeBron James will make his season debut at the Knicks and 76ers match-up. Michael Froman - 17:31Andrew Brandt - 28:26 In this episode:Joe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

From the White House, National Economic Council Director Kevin Hassett emphasizes consumer sentiment as key to interpreting economic and inflation data. As national cases of the measles rise, former FDA Commissioner Dr. Scott Gottlieb discusses public health and the FDA’s launch of its Rare Disease Framework Initiative for drug development.  Russian President Putin has floated a summit between himself, Chinese President Xi, and President Trump to discuss ending the war in Ukraine. Ukrainian President Zelenskyy, reportedly not included in that summit, has suggested that the U.S. government’s actions have hindered Ukraine’s war defense, and Treasury Secretary Scott Bessent has fired back at President Zelenskyy’s accusations. Plus, the Elizabeth Holmes documentary scored the largest open for a non-music documentary in two decades, Anthropic has announced an intention to donate 5% of its shares to a “public benefit fund,” and Elon Musk has pledged a SpaceX share to every child in America. Kevin Hassett - 15:32Dr. Scott Gottlieb - 28:13 In this episode:Scott Gottlieb, @scottgottliebMDJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.