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The Exchange

CNBC

"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.

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28 episodes
daily
Avg 43 min
English

Episodes 28

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Yesterday · 43 min
Warsh at Jackson Hole, Retail Roundup, and Treasury Trouble? 8/28/26
Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there’s more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute’s Adam Posen calls the Treasury’s increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America.
Thursday · 43 min
Nvidia’s Record Quarter, Connecticut Sues Kalshi, and So Long, SaaSpocalypse? 8/27/26
The AI trade roaring back on the heels of Nvidia’s blowout earnings and strong guidance. Connecticut Governor Ned Lamont on the state’s suit against Kalshi, the impact of Canadian tariffs, and how to lower energy costs for New Englanders. Plus, Anthropic’s Dario Amodei reassures the software industry, “we’re not interested in destroying anyone.”
Wednesday · 44 min
Nvidia Earnings, A Winter Warning, and China’s Government Hack 8/26/26
The key metrics to watch in Nvidia’s earnings—and why a guidance hike could be on the way. As oil prices continue to fluctuate amid Middle East tensions, RBC’s Helima Croft is concerned about a different commodity ahead of cooling temperatures. Plus, unsealed court documents reveal the Fed, the Senate, the Deptartment of Justice, and NASA were just some of the federal agencies hacked by a Chinese state-sponsored group.
Tuesday · 44 min
Media Deal in Limbo, Bitcoin’s Bounce, and Football Firestorm 8/25/26
A former Disney executive’s warning for media M&A as Paramount’s takeover of WBD sits in limbo. Technician Katie Stockton returns to discuss Bitcoin’s recent rally after calling the bounce last week. Plus, sports superagent Drew Rosenhaus on his client’s, former NFL player Dae’Quan Wright, decision to return to college football.
August 21 · 44 min
Safe Haven Status, Retail Wrap Up, and Crypto Comeback 8/21/26
The Wall Street Journal’s Greg Ip joins us to discuss whether U.S. Treasurys are losing their safe haven status after Treasury Secretary Bessent’s buyback plan. Plus, Guggenheim’s Simeon Siegel is here with his retail outlook after a big earnings week. And Pantera Capital’s Cosmo Jiang weighs in on bitcoin’s big week and the other big headlines in the crypto space.
August 20 · 43 min
Bessent’s Bond Battle, Go Broad Not Bearish, and Stripe’s Strategy 8/20/26
Former OMB Director Mitch Daniels on the Trump administration’s fiscal policy fight. Five-star fund manager Matt McLennan says despite the rising bond risks, investors should broaden their holdings, rather than get bearish. Plus, why Stripe could stay private for the long-term.
August 19 · 43 min
The Exchange 8/19/26
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
August 18 · 44 min
Global Bond Rout, Meta’s Landmark Trial, and Anthropic’s Revenue Surge 8/18/26
Yields around the world hitting multi-decade highs as bond vigilantes go to work. The Verge’s Nilay Patel says Meta’s federal child-harm trial is the social media platform’s “Microsoft moment.” Plus, Anthropic pulls back the curtain on its financials as it prepares to go public.
August 17 · 44 min
Retail Ramp-Up, Chinese Tech Catalysts, and a Bitcoin breakout? 8/17/26
The retailer Morgan Stanley says could go from laggard to leader in the second half. After the 2020 clamp down, can China woo tech investors back? Plus, the bullish set-up for Bitcoin.
August 14 · 43 min
Bubble Beacons, Prediction Friction, and a Data Center Disconnect 8/14/26
Semis are in a bubble, according to Citi’s indicator. Former Assistant AG Jonathan Kanter on prediction markets’ legal hurdles. Plus, the disconnect between investors and developers when it comes to data center moratoriums.
August 13 · 44 min
S&P 500 Milestone, Zuckerberg’s AI Manifesto, Anthropic’s Power Deal 8/13/26
The benchmark index crossing 7,800 for the first time ever as new inflation data comes in softer than expected. Plus, early Facebook investor Roger McNamee calls Meta CEO Mark Zuckerberg’s AI manifesto a piece of science fiction. And Anthropic is inking a deal with ERock to power their AI infrastructure. We speak exclusively with ERock’s CEO about the agreement.
August 12 · 43 min
The Exchange 8/12/26
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
August 11 · 43 min
Compute an Asset Class?, Two Wars Becoming One?, and Existing Home Sales Slump 8/11/26
Nvidia just lined up $500 billion in funding from some of the biggest financiers in the world. Does this mean compute is now its own asset class? Plus, analysts warn the Iran war could merge with the Russia-Ukraine war. Could the US end up pulling out of the Middle East altogether? And existing home sales dropped in July. Are buyers starting to get the upper hand?
August 10 · 44 min
Take a Three-Quarter Point Hike, Food Safety Changes, and Grab the Chips 8/10/26
Sticky inflation has Bank of America predicting 75 basis points of Fed hikes this year. Acting FDA Commissioner Kyle Diamantas on a rule change for ingredients and the ongoing foodborne illness outbreaks. Plus, the name trader Jeff Kilburg is buying on the dip.
August 7 · 43 min
Weak Jobs Report, AI Model Fears, and the Data Center Economy 8/7/26
Does July’s weak jobs report change the Fed’s rate path? OpenAI is pausing the rollout of its upcoming model due to “cyber capabilities.” Plus, the data center economy and the three sectors our market guest is bullish on because if it.
August 6 · 44 min
Memory’s Next Move, Google’s Fork in the Road, Countdown to July Jobs Report 8/6/26
Sandisk and Western Digital drop following results. We look at how position within the memory trade. Plus, Alphabet has to make a tough decision between AI talent and cloud computing dominance. And we’re counting down to tomorrow’s jobs report with a look at hiring and the labor market.
August 5 · 43 min
SpaceX Sinks, AI’s Bad Behavior, 3 Rate Hikes this year? 8/5/26
One of Wall Street’s first SpaceX bears joins us on the heels of the company’s debut quarterly results. Anthropic’s Mythos makes headlines for its bad behavior. And two prominent voices in the business world see a path toward 3 rate hikes this year.
August 4 · 43 min
Market Rally, Oil Slips, C-Shaped Economy 8/4/26
Another batch of strong earnings powering the Dow and S&P 500 to record highs. Oil prices fall after Treasury Secretary Bessent told CNBC we may have a deal “today or tomorrow” on the Strait of Hormuz. And our panel debates whether we’re in a K-shaped or a C-shaped economy.
August 3 · 43 min
Torque in Tech, Macro Shifts, and Earnings Exchange 8/3/26
Evolution in the AI trade. A rise in long-term global bond yields. And the key names to watch this week.
July 31 · 43 min
The Spending Shift, Model Mayhem, and Wrong on Warsh? 7/31/26
The bullish case for the AI capex spenders, rather than the receivers. Cybersecurity expert Ivan Tsarynny’s AI warning after Anthropic discloses three of its models breached their testing environments. Plus, Brookings’ Robin Brooks on how the market has corrected its misreading of the June Fed meeting.

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