A Trump-Xi Summit & Cathie Wood’s Investor Letter 9/25/26

U.S. Ambassador to China David Perdue has been in the room during the summit and state dinner between President Trump and President Xi this week. Amb. Perdue discusses the evolving relationship between the two leaders, bilateral trade, Iran, Taiwan, and the potential of U.S.-China  collaboration on AI. Plus, Ark Invest CIO and CEO Cathie Wood shares her outlook, as shared in her latest investor letter. A Tesla, SpaceX, Coinbase, Kalshi, and Robinhood investor, Wood discusses her bets on the future of tech.  Megan Cassella - 02:33Amb. David Perdue - 15:03Cathie Wood - 30:41 In this episode:Cathie Wood, @CathieDWoodMegan Cassella, @mmcassellaJoe Kernen, @JoeSquawkKelly Evans, @KellyCNBCCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Meta’s Muse Charm launch has prompted a surge in Meta stock as investors consider the wider implications of a device to harness AI. Media and tech watching Rich Greenfield discusses the gravity of this moment in the AI revolution and the value it could create for Meta shareholders. AOL co-founder Steve Case weighs in on the liability and regulatory issues that arise in a tech revolution. Plus, China’s President Xi Jinping is visiting the U.S. for the first time in 11 years, and the 30-year Treasury bond yield has hit its highest level since 2004, as investors weigh the likelihood of another rate hike from the Fed. Rich Greenfield - 17:00Steve Case - 27:20 In this episode:Rich Greenfield, @RichLightShedJoe Kernen, @JoeSquawkKelly Evans, @KellyCNBCCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As support for Democratic Socialists grows around the country, the U.S. Chamber of Commerce has launched a “Free Enterprise Express” bus tour to educate Americans on free market capitalism. President and CEO of the Chamber Suzanne Clark discusses the marketing of capitalism and its support–and frustrations–across the nation. Rep. Ro Khanna (D-California) discusses the fractures within his own party, including the rising popularity of DSA and growing discontent with the billionaires in his own district, Silicon Valley. Plus, President Trump said he’s in support of a full or partial ban on diesel exports, Treasury Secretary Scott Bessent could be the next White House AI czar, and the Trump administration has removed about 760,000 Obamacare enrollments, alleging fraud. Rep. Ro Khanna - 14:59Suzanne Clark - 31:39 In this episode:Ro Khanna, @RepRoKhannaJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickKatie 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.

Outspoken investor, philanthropist and Home Depot founder Ken Langone is Squawk Box’s special guest. In an extended conversation, he discusses the consumer economy, his favorite stocks, and the intersection of business and politics. Langone joins a spirited discussion with Sen. Peter Welch (D-VT), looking ahead to the midterms and suggests he’s willing to pay higher taxes. Skybridge founder Anthony Scaramucci diagnoses the rise of President Trump to a few key moments in recent economic history. Plus, Paramount has paved a path to merge with Warner Brothers Discovery, east coast airports suffered disruptions as UNGA began, Jamie Dimon has commented on the global markets and Meta’s new AI agent takes off.  Anthony Scaramucci - 12:49Ken Langone - 28:19Sen. Peter Welch - 41:55  In this episode: Anthony Scaramucci, @ScaramucciSen. Peter Welch, @SenPeterWelchJoe 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.

Treasury Secretary Scott Bessent is fresh off a meeting with China’s Vice Premier He Lifeng, just a few days before the meeting between President Trump and President Xi this week. Sec. Bessent shares takeaways from his own meeting, including his perspective on AI competition between the U.S. and China and the regulatory responsibility of AI developers. Plus, Sec. Bessent discusses the Federal Reserve’s latest rate hike and President Trump’s decision to revoke credentials from CNN, MS Now, and Politico journalists in the White House press pool. CNBC’s Eamon Javers reports on the joint lawsuit CNN, MS Now, and Politico filed against the Trump administration in response. In a discussion about AI safety and ethics, Stuart Russell, University of California at Berkeley professor and president of the International Association for Safe and Ethical AI, considers the likelihood of maintaining control of AI as it grows more capable. Nvidia CEO Jensen Huang has dismissed many AI concerns as “doomsday narratives.”  Eamon Javers - 03:56Stuart Russell - 14:16Sec. Scott Bessent - 30:35  In this episode:Scott Bessent, @SecScottBessenEamon Javers, @eamonjaversJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickKatie 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.

Mustafa Suleyman, Microsoft AI CEO, says artificial intelligence models need to stay aligned with humanity’s interests and says that, for his peers in the technology industry, it’s the most responsible path.  This conversation caps off a week of warnings about AI from guests on Squawk Pod.  The New York Knicks had to pause single-game ticket pricing for the season ahead when a glitch led to some eye-poppingly large numbers.  Sports manager Rich Kleiman is bullish on the future of the sports economy – with so much choice for consumers in how and where they want to cheer on their favorite athletes.  And, the end of an era in Omaha as Warren Buffett announces he is stepping down as chairman of the board of Berkshire Hathaway after a 60-plus-year run.  Mustafa Suleyman - 19:18Rich Kleiman - 34:14  In this episode:Mustafa Suleyman, @mustafasuleymanRich Kleiman, @richkleimanJoe 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.

The Federal Reserve delivered a much-anticipated rate hike, part of new Chair Kevin Warsh’s goal to combat inflation. CNBC’s Steve Liesman reports on President Trump’s reaction to the rate-setting committee's unanimous move, and former Vice Chair Roger Ferguson describes what could happen to the economy now.  Rahm Emanuel, former Ambassador and former Chicago Mayor, on the personal politics of today’s Democratic Party.  Plus, OpenAI discloses new instances of AI models breaking past guardrails.  Steve Liesman - 04:25Roger Ferguson - 11:31Rahm Emanuel - 25:59  In this episode:Steve Liesman, @steveliesmanJoe 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.

Jensen Huang, Mark Zuckerberg, and Dario Amodei discussed AI guardrails at the Salesforce conference this week, each with a different perspective on safety and innovation. In a Wall Street Journal piece, Reciprocal Research director Cameron Berg argues that AI systems are being built faster than humans can understand them. He pushes for study of the “science of the AI mind” in this modern era of science fiction. Billionaire mutual funder Ron Baron made literal billions from his long-term bets on Elon Musk’s Tesla and SpaceX companies. In an extended conversation, he discusses data centers in space, dystopian robots, and the potential tie-up of Tesla and SpaceX. Plus, bitcoin fell after the Clarity Act failed to pass the Senate, and diesel prices hit a record high.  Ron Baron - 15:54Cameron Berg - 48:52 In this episode:Ron Baron, @BaronCapitalCameron Berg, @camhbergJoe 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.

Seven weeks away from the midterm elections, Maryland Governor Wes Moore (D) discusses his own reelection campaign, the future of the Democratic Party, and rumors of his own run for President. Gov. Moore also weighs in on regulating data centers and their energy consumption. Manufacturing company Flex is spinning off its power and cloud business, and CEO Revaithi Advaithi explains her role in the AI infrastructure ecosystem and the long road of power development in the U.S. Plus, President Trump and Jensen Huang have weighed in on AI regulations, warnings, and guardrails.  Gov. Wes Moore - 14:06Revathi Advaithi - 30:59  In this episode: Gov. Wes Moore, @iamwesmooreRevathi Advaithi, @RevathiAdvaithiJoe 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.

 Leaders in AI have joined a refrain to slow the pace of innovation as fears of AI’s risk to humanity mount. Dario Amodei, Sam Altman, Demis Hassabis, Satya Nadella, and Elon Musk have all commented on the concerns, while President Trump insists that competing with China is paramount. Former Democratic Senator Joe Manchin, now an Independent, calls on President Trump to use his executive power to pause AI IPOs until regulation is passed. CNBC’s Leslie Picker reports on the IPO timeline for Anthropic and OpenAI amid the calls for a slowdown. Plus, Elon Musk biographer Walter Isaacson considers methods for humans to maintain control of AI.  Leslie Picker - 19:36Joe Manchin - 24:49Walter Isaacson - 42:31 In this episode: Joe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinJoe Manchin, @Sen_JoeManchinLeslie 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.