9AM HOUR: Apple iPhone Duo Hits Stores, Tech Extends Sell-off, Merck CEO "First on CNBC" 10/23/26
Summary
Squawk on the Street covers the launch of Apple’s new foldable iPhone, noting strong consumer demand and Apple’s shift toward domestic manufacturing in Texas. The segment also analyzes a historic market rotation where defensive sectors outperform AI hardware stocks amid concerns over capital constraints and Meta’s Class C share issuance. Additionally, the show discusses SpaceX’s plans to enter the terrestrial wireless market and features an interview with Merck CEO Rob Davis regarding leaked Phase 3 data for a cancer vaccine.
Topics discussed
Intro: Energy, AI, and Schwab Market Update
Market open: Q's down, Apple iPhone Duo launch
Apple iPhone Duo: Production, supply, and Texas shift
Apple vs Mag 7 performance and carrier deals
Broad market rotation: Semis down, staples up
Meta earnings: Capex, lease obligations, and AI demand
AI capital scarcity and valuation concerns
Merck/Moderna data leak and upcoming interview
Sponsor reads: Vantage Score and Schwab
SpaceX wireless entry and telecom stock reaction
Musk's media investments and Starlink bull case
SpaceX valuation, drawdown, and conglomerate risk
Sponsor reads: Google Workspace, Mint Mobile
AI data storage and Intel/Nortel comparisons
S&P 500 levels, Treasury yields, and homebuilders
Consumer credit trends and Amex competition
Meta Class C shares and AI capital raising bubble
Equity bubble debate and GE Aerospace outlook
Momentum trade and low-momentum stock recovery
Fed policy, inflation, and rate expectations
Interview: Merck CEO on Moderna cancer vaccine data
Post-interview: iPhone durability and market close
Outro and disclaimers
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