Apple’s AI Entrance & What EU Politics Mean for the US 6/11/24

Character actor and director Griffin Dunne joins Andrew Ross Sorkin at the Aspen Ideas Festival to discuss his new memoir, growing up in Hollywood, and the state of entertainment. Plus, how realistic is the Fed’s 2% target inflation rate? CNBC’s Steve Liesman and former CEA Chair Jason Furman discuss whether the central bank will and should adjust its goal. Plus, Nvidia stock is down in recent market sessions, the EU is taking aim at Microsoft, and the TSA beat its daily record of screenings, checking 2.99m people on Sunday.  Steve Liesman - 14:19Jason Furman - 18:16Griffin Dunne - 26:37 In this episode:Steve Liesman, @steveliesmanJoe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

From the Aspen Ideas Festival, Carlyle Group co-founder and co-chairman, David Rubenstein, discusses the state of the 2024 race, the Fed’s inflation fight, the state of the economy, and his MLB team ownership. European Union regulators claim that Apple has breached new digital competition laws by preventing app developers from guiding consumers to more affordable services. Joe Lonsdale, founding partner of 8VC and co-founder of Palantir, discusses Apple’s dominance in the app store, the EU's allegations, and how there may be growing silent support in Silicon Valley for former President Trump. Plus, Bitcoin continues its descent to $60,000, and Apple and Meta have discussed an AI partnership for Apple Intelligence. Joe Lonsdale - 14:41David Rubenstein - 25:18 David Rubenstein, @DM_RubensteinJoe Lonsdale, @JTLonsdaleJoe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

New York Governor Kathy Hochul has signed two bills into law to regulate digital platforms' algorithms and the use of children's data, aiming to protect children and teens online. Gov. Hochul discusses the impact of the first-in-the-nation legislation and also addresses the future of congestion pricing in New York City. Jared Bernstein, Chair of President Biden’s Council of Economic Advisers, discusses the current state of the economy, President Biden’s initiatives to lower the cost of living for Americans, government spending, and its impact on the federal budget deficit. Meanwhile, a cyber outage at retail technology and software provider CDK is affecting automobile dealers across the United States. Plus, Amazon’s new AI-powered Alexa might cost you $10 per month.  Jared Bernstein - 11:33Gov. Kathy Hochul - 25:30 Jared Bernstein, @econjared46Gov. Kathy Hochul, @GovKathyHochulJoe Kernen, @JoeSquawkBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

Surgeon General Dr. Vivek Murthy paints a stark picture of the mental health crisis among young people, the impact of social media, and explains his call for warning labels on social media platforms. And CNBC's Emily Wilkins reports on how crypto companies are trying to influence Washington ahead of the November election. Ahead of oral arguments in a case from the SEC, Kraken CEO Dave Ripley shares insights on the state of the crypto market and the company’s battles with the SEC. Plus, Elon Musk, speaking at the Cannes Lions Festival, urged advertisers to come back to X. Dr. Vivek Murthy - 13:33Emily Wilkins - 24:49David Ripley - 29:55 Dr. Vivek Murthy, @Surgeon_GeneralEmily Wilkins, @emrwilkinsDavid Ripley, @DavidLRipleyJoe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

President of the Federal Reserve Bank of Cleveland Loretta Mester has served under 4 different Fed chairs, including Jay Powell. She discusses the Fed’s commitment to hitting their 2% target rate of inflation and the central bank’s road to rate cuts. Just a few weeks shy of her Fed retirement, she reflects on years of monetary policy.  In this episode:Steve Liesman, @steveliesmanBecky Quick,@BeckyQuickAndrew Ross Sorkin,@andrewrsorkinKatie Kramer,@Kramer_Katie

Senator Elizabeth Warren (D-MA) is taking on big banks and Federal Reserve Chair Jay Powell, to whom she says, “do your job.” She has a spirited conversation with Becky Quick and Joe Kernen about the Fed, the banking system, and tax code fairness. And after the Surgeon General’s warning on social media’s harm to kids, former FDA Commissioner Dr. Scott Gottlieb discusses the science proving social media’s toll on teens, and he compares Congress’s strategy today with the FDA’s strategy navigating illicit opioid sales on social media, years ago. Plus, CNBC’s Emily Wilkins reports on the boom of “revenge porn” deepfakes, Apple will stop offering buy now, pay later loans in the U.S., and some victims of the AI craze: Chegg stock is down 90% since OpenAI’s launch of ChatGPT.  Sen. Elizabeth Warren - 10:36Dr. Scott Gottlieb - 28:26 In this episode:Sen. Elizabeth Warren, @SenWarrenJoe Kernen, @JoeSquawkBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

The U.S. Surgeon General wants a tobacco-style warning on social media, and George Clooney, Julia Roberts, and Jimmy Kimmel helped President Biden’s campaign raise $30m at a Hollywood fundraiser over the weekend. Author and investor Ruchir Sharma is out with a new book, “What Went Wrong with Capitalism.” He makes a capitalist critique of our economic system in a lively discussion about the government’s relationship with private industry. Plus, flight tracking company Hopper says July 4th deals are still on the table; the app’s lead economist Hayley Berg explains why prices are down this year, and how to save on a last minute getaway. Ruchir Sharma - 14:10Hayley Berg - 25:53 In this episode:Joe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinBecky Quick,@BeckyQuickKatie Kramer,@Kramer_Katie

Tesla shareholders voted to reinstate Elon Musk’s $56B pay package and to move the company’s corporation from Delaware to Texas. It was a big victory for Musk, but former SEC Chair Jay Clayton says, there’s still more to hash out. Fresh off DC meetings with Republican lawmakers and CEOs, former President Donald Trump is celebrating his 78th birthday. CNBC’s Emily Wilkins reports on the meetings, and Trump’s tax proposals. Attendee House Majority Leader Steve Scalise explains the agenda and the GOP’s plans heading into the November election.   Jay Clayton - 2:02Rep. Steve Scalise - 20:50 In this episode:Rep. Steve Scalise, @SteveScaliseEmily Wilkins, @emrwilkinsBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie 

Ahead of the Tesla shareholder vote on Elon Musk’s pay package, Ark Invest CEO and CIO Cathie Wood discusses her new, raised 2029 price target for Tesla. As a Tesla investor and an xAI investor, Wood explains her belief in Elon Musk, Tesla’s robotaxi strategy, Apple’s entrance into AI, and this new era of innovation. Plus, the Federal Reserve will hold rates steady, CNBC’s Steve Liesman reports. In an exclusive interview, Treasury Secretary Janet Yellen discusses the labor market, housing’s pressure on inflation metrics, and her latest op-ed about supporting Ukraine’s war effort with earnings from billions of seized Russian sovereign assets.  Janet Yellen - 11:40Cathie Wood  - 28:43 In this episode:Cathie Wood, @CathieDWoodSecretary Janet Yellen, @SecYellenSteve Liesman, @steveliesmanBecky Quick,@BeckyQuickAndrew Ross Sorkin,@andrewrsorkinKatie Kramer,@Kramer_Katie

Steve Ballmer, former Microsoft CEO and LA Clippers Chairman founded the data-driven not-for-profit USAFacts. He’s ready to deliver his economic data to Congress and push for transparency in government. Former Republican Speaker of the House Kevin McCarthy is out of his seat but not out of politics. The former lawmaker discusses the 2024 race and explains why this time, the election is more about President Biden than it is about former President Trump. Good economic news, from the Labor Department: May’s CPI data shows that inflation could be loosening its hold on the US economy. CNBC’s Steve Liesman considers the implications for the Federal Reserve’s interest rate strategy. A flurry of headlines have emerged from the Elon Musk universe, including Musk’s dropped lawsuit against OpenAI, hidden likes on X, and personal relationships at SpaceX. Plus, competitive eater Joey Chestnut is between a hot dog and an Impossible hot dog…and fans of Nathan’s hot dog eating contest will miss out on the reigning champion this year.  Steve Ballmer - 14:47Kevin McCarthy - 28:21 In this episode:Kevin McCarthy, @SpeakerMcCarthySteve Liesman, @steveliesmanJoe Kernen, @JoeSquawkBecky Quick,@BeckyQuickAndrew Ross Sorkin,@andrewrsorkinKatie Kramer,@Kramer_Katie