5 Things to Know Before the Opening Bell 10/20/2025

Ahead of the annual Goldman Sachs Alternatives Summit, CEO David Solomon discusses the AI bubble, concerns about the private credit markets, and his own firm’s growth ambitions. In an extended interview, hedge fund manager Bill Ackman makes his pitch to fellow New Yorkers and business owners: vote in the NYC mayoral election. Ackman underscores the importance of Curtis Sliwa’s voters in this election, and he shares his concerns about Zohran Mamdani’s plans, should he be elected mayor. Plus, Apple hit an all time high, President Trump has turned to Australia for rare earth minerals, and two members of the ‘Paypal mafia’ are sparring over AI on social media. David Solomon - 12:09Bill Ackman - 34:35 In this episode:Bill Ackman, @BillAckmanJoe Kernen, @JoeSquawk Becky 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.

An Amazon Web Services outage took down major websites including Disney+ and Coinbase. Transportation Secretary Sean Duffy, also Acting NASA Administrator, discusses the toll the government shutdown is taking on airport staff around the country. Anthony Scaramucci joins the set to chat through bitcoin’s rally, including his long-term perspective on holding crypto assets and the rising interest in diversifying portfolios to include it. Plus, the Louvre suffered a jewel heist. Sec. Sean Duffy - 14:44Anthony Scaramucci - 27:36 In this episode:Anthony Scaramucci, @ScaramucciSean Duffy, @SecDuffyJoe Kernen, @JoeSquawk Becky 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.

Amazon Web Services suffered an overnight outage disrupting sites including Disney+, Perplexity, and Coinbase. Apple’s newest generation of iPhones has outsold previous models in its first 10 days on the market, China is accusing the U.S. of a hacking campaign, shares of Hologic were boosted by reports of a potential Blackstone and TPG takeover, and proxy advisory ISS is recommending Tesla shareholders vote against Elon Musk’s $1 trillion pay plan. Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bank stocks are tumbling as concerns about bad loans at regional banks have worried global investors. CNBC’s Leslie Picker reports on the selloff and what’s driving it. Charles Schwab CEO Rick Wurster discusses the health of the U.S. lending ecosystem and his own firm’s record quarter, including Gen Z appetite for retail investing and growing demand for alternative assets. CNBC’s Steve Liesman breaks down the latest CNBC All-America Economic Survey, and Eamon Javers reports on Treasury Secretary Scott Bessent’s meeting with China’s Vice Premier amid tense trade talks. Plus, a new partnership with Meta boosts Ray-Ban maker EssilorLuxottica’s sales by nearly 12%. Leslie Picker - 07:39Rick Wurster - 12:44Steve Liesman - 28:25Eamon Javers - 37:44 In this episode:Steve Liesman, @steveliesmanEamon Javers, @eamonjaversLeslie Picker, @LesliePickerJoe Kernen, @JoeSquawk Becky Quick, @BeckyQuickCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bank stocks in the U.S. and Europe were trading lower on concerns about U.S. regional banks and bad loans, the government shutdown is set to continue over the weekend, President Trump and Russian President Vladimir Putin agreed to meet in Budapest over the next two weeks, Ambassador John Bolton, National Security Advisor under the first Trump administration, has been indicted on charges of mishandling classified information, and President Trump says he’s struck a deal to bring down the price of beef.  Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The third week of the government shutdown, House Speaker Mike Johnson shares his priority for American workers. Senator Mark Kelly (D-AZ) responds to those priorities with his own party’s perspective. Sen. Kelly expects the shutdown to continue until President Trump gets involved. In the world of big tech, CNBC’s Steve Kovach reports on the battle for AI talent: Meta has poached another Apple executive. United Airlines revenue missed estimates for the most recent quarter, and Bombas CEO Jason LaRose is navigating tariffs and business expansion at his sock and apparel company.  Steve Kovach - 11:22Emily Wilkins - 17:51Speaker Mike Johnson - 22:14Sen. Mark Kelly - 40:27Jason LaRose - 46:53 In this episode:Mike Johnson, @SpeakerJohnsonMark Kelly, @SenMarkKellyJoe Kernen, @JoeSquawk Becky 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.

In the latest corporate integration with OpenAI, consumers can now shop at Walmart directly through ChatGPT. Internet analyst Mark Mahaney discusses the impact of corporate and AI partnerships and the future of the online landscape. In a wide-ranging interview, Silicon Valley investor and founder Brad Gerstner, CEO of Altimeter Capital, shares his perspective on China, the AI and chips arms races, and interest rates. Plus, soybeans and cooking oil are caught in the middle of the U.S.-China trade war, and Jamie Dimon has weighed in on AI.  Mark Mahaney - 16:06Brad Gerstner - 25:24 In this episode:Brad Gerstner, @altcapJoe Kernen, @JoeSquawk Becky 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.

Semiconductor equipment giant ASML expects a "significant" sales decline in China next year, French luxury house LVMH is reporting growth in the most recent quarter, Boston Fed President Susan Collins says she thinks the rising job market puts more interest rate cuts at risk, Apple is preparing to scale up manufacturing outside China, and OpenAI is preparing to launch a less-censored version of ChatGPT for adults. Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Johnson & Johnson reported its latest earnings and announced a separation of its orthopedics business into a standalone company. CEO Joaquin Duato discusses the company’s next era, new warning labels for its multiple myeloma treatment Carvykti, and the future of J&J’s consumer. Then, it’s publication day for Andrew Ross Sorkin’s new book 1929, which details the stock market crash that reshaped American capitalism. Plus, China sanctions a South Korean shipbuilder accused of aiding the U.S., and President Trump weighs in on a two-state solution and rebuilding Gaza. Joaquin Duato - 10:25 In this episode:Joe Kernen, @JoeSquawk Becky 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.

President Donald Trump has declared “the long and painful nightmare” in Gaza to be over in his address to the Israeli Parliament, the Knesset. Lead negotiator between Israel and Hezbollah under President Biden Amos Hochstein discusses the ceasefire terms, the future of the Middle East, and global oil prices. Meanwhile, chip stocks are rallying after the U.S. government deepened its financial ties to semiconductors. Former Intel CEO Pat Gelsinger weighs in on Washington’s stake in the company, the CHIPS Act, AI competition, and whether we are in an AI bubble. Plus, China vows retaliation against Trump’s 100% tariffs, and JPMorgan Chase is pledging $10 billion toward industries critical to U.S. national security. Leslie Picker - 02:37Pat Gelsinger - 19:06Amos Hochstein - 36:47 In this episode: Pat Gelsinger, @PGelsingerAmos Hochstein, @amoshochsteinLeslie Picker, @LesliePickerEunice Yoon, @onlyyoontvJoe Kernen, @JoeSquawk Becky 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.