Squawk Pod – Episode Summary
Date: September 18, 2025
Main Hosts: Joe Kernan, Mike Santoli, Andrew Ross Sorkin
Featured Guests: Senator Elizabeth Warren, Matt Bellany (Puck Media), Walter Isaacson, David Tepper (Appaloosa Management), Jensen Huang (Nvidia, via coverage), Eamon Javers (CNBC)
Overview
This supersized episode of Squawk Pod delivers a whirlwind of major headlines across business, politics, and media:
- The Federal Reserve’s pivotal rate cut
- Turbulence in late-night TV with Jimmy Kimmel’s ouster
- Nvidia’s investment in Intel, signaling new directions in the tech landscape
- A high profile US-UK state banquet with CEOs and President Trump
- Senator Elizabeth Warren on the Fed, the economy, and policy direction
- Investment insights from billionaire David Tepper
The episode is rich with breaking news, sharp debate, and candid assessments from top players in finance, tech, and politics.
Key Discussion Points & Insights
1. The Federal Reserve Cuts Interest Rates
- Segment Start: 02:38
- Details: The Fed cuts its key interest rate by 0.25%, with signals of up to two more cuts possible this year.
- Host Commentary:
- Joe Kernan underlines the unusual two-sided risk facing policymakers: “There’s no risk free pass. And so it’s quite a difficult situation for policymakers.” (03:28)
- Discussion on the impact of “risk management” as Fed’s strategy.
Notable Quote
“I need to know what the hell is risk management?”
— Joe Kernan (14:03)
2. Jimmy Kimmel Pulled Off the Air by Disney/ABC
- Segment Start: 05:25
- Guest: Matt Bellany (Puck Media)
- Context: Kimmel’s indefinite suspension followed controversial comments linking a criminal act to pro-Trump rhetoric, drawing FCC threats and affiliate backlash.
- Key Points:
- Media-Political Pressure: Disney acted after FCC Chair Brendan Carr threatened ABC’s license, rattling insiders and affiliates.
- Kimmel’s Value: Despite declining late-night audiences, Kimmel brings considerable cross-platform revenue (“He hosts Who Wants to Be a Millionaire, the Oscars. His show does make money on YouTube...”). (08:28 – Matt Bellany)
- Broader Free Speech and Regulatory Concerns: The FCC’s involvement unsettles the free speech landscape. Bellany remarked, “It’s very unusual for the FCC to all of a sudden decide that something is not in the public good... They were waiting for this kind of a situation to pounce.” (12:20)
Notable Quotes
“ABC was hearing from both affiliates and explicitly from the FCC chair who was threatening, saying, this is going to be the hard way or the easy way.”
— Matt Bellany (06:31)
"If there’s something false, you let him back on the air and he corrects it and apologizes... If we’re going by what's true on television, there’s stuff that ends up false on TV all the time."
— Matt Bellany (12:01)
3. US-UK State Banquet: Geopolitics, Tech, and Business
- Segment Start: 04:09, main segment resumes at 20:41
- Reporters: Eamon Javers, with guest analysis by Walter Isaacson
Highlights:
- Banquet Details: President Trump, CEOs of Microsoft, Nvidia, OpenAI, Apple, BlackRock, Blackstone, and others attend a high-profile UK state dinner.
- Major Investments Announced:
- GSK: $30B in US R&D
- BP: $5B/year into the US
- Blackstone: $136B over 10 years in the UK
- Microsoft: $30B into UK AI
- Google: $6.8B UK data center
- Economic Diplomacy: Walter Isaacson describes the event as “pure economic diplomacy,” with CEOs traveling alongside the president and forging ties.
- State Capitalism and Industrial Policy Concerns:
- Isaacson and hosts note the blurred line as the Trump administration takes an increasingly interventionist role—both “carrot and stick.”
- Joe Kernan: “It certainly makes me uncomfortable that there’s a lot of what you could call state capitalism here.” (26:07)
Notable Quotes
“You’re seeing this mix of media, politics, and the Trump administration playing favorites.”
— Walter Isaacson (29:41)
“We don’t have kings... but it’s interesting to watch how Charles III actually now seems to have a role to play, especially when it comes to getting President Trump to Windsor Castle.”
— Walter Isaacson (25:02)
4. Nvidia’s $5 Billion Investment in Intel
- Segment Start: 17:00
- Details: Nvidia’s $5B investment in Intel will focus on joint PC and data center chip development (not chip manufacturing).
- Insider View:
- Nvidia CEO Jensen Huang (via CNBC’s John Ford): “$5 billion is not a ton of money for the amount of investment Intel needs in its foundry business...” (18:01)
- Discussion compares US industrial subsidies and state roles in tech with global competitors, as well as implications for chip supply chains and CHIPS Act effectiveness.
Notable Quote
“This isn’t what some people might have hoped for, which is an agreement between Nvidia and Intel for Intel Foundry to manufacture Nvidia’s leading AI chips... This appears to be an agreement for Intel to use its x86 computer CPU technologies to connect to what Nvidia makes.”
— Jensen Huang (paraphrased by CNBC) (17:59)
5. Senator Elizabeth Warren on the Economy, Fed, and Policy
- Segment Start: 31:38
- Key Topics:
- Warren expresses concern that the Fed’s rate cut was driven by economic weakness and Trump’s “chaotic” economic policies, not strength.
- Warns of high consumer debt ($4T increase in 6 years) and working-class families’ struggles.
- Calls for more equitable tax policy targeting billionaires, criticizes Trump's tariffs as inflationary and health care cuts as dangerous.
- On divisive rhetoric: “Violence is never, ever, ever the right answer.” (40:14)
Notable Quotes
"I’m just concerned right now about the economy overall, and I recognize that rate cuts by themselves are not going to fix the problems that Donald Trump is causing."
— Senator Elizabeth Warren (31:44)
"We need an economy that’s working for small businesses, working for medium sized businesses, working for the people who do the work of keeping this economy going."
— Senator Elizabeth Warren (34:57)
6. David Tepper: Markets, Fed, and Macro Risks
- Segment Start: 43:55
- Guest: David Tepper, Appaloosa Management
- Major Takeaways:
- On Recent Performance: Having a very good year, up big in certain China names (Alibaba).
- Outlook on Fed: Thinks additional interest rate cuts won’t have a huge impact; cautions not to “make things too hot to have the other side of the mountain, which was really frickin ugly... in 2000, 2001.” (47:15)
- On China: Still sees “interesting” valuations in Chinese tech, but position size limited by geopolitical and economic risks.
- On Tariffs & Industrial Policy: Tepper dislikes state intervention from either party but tolerates “mild tariffs” as possibly constructive. Opposed to heavy state-sponsored industry.
- Markets: Cautious about valuations—concedes enthusiasm is muted (“I’m so miserable for having a really good year because I still own the market and I can’t stand that I own the market.” (58:12)) but not betting against an easy-money Fed.
- On Free Speech/Media: Brief mention, echoing discomfort with government pressure in both markets and media.
- Personal: Now also owns a record-setting Major League Soccer team.
Notable Quotes
“You got to be careful not to make things too hot to have the other side of the mountain, which was really frickin ugly... in 2000 and 2001.”
— David Tepper (47:15)
“A long time ago, when I was a young man, when I was 30, I thought I can control individual markets. I can’t control anything. Neither can the Fed. You can push it so far but you can’t push it beyond that.”
— David Tepper (54:02)
“I’m so miserable for having a really good year because I still own the market and I can’t stand that I own the market.”
— David Tepper (58:12)
Memorable Moments
- Hosts Banter: Joe teases about the “best side” for the camera, and Andrew jokes about self-managing voices in his head. (13:29–14:09)
- Dining Etiquette at Windsor Castle: Fun discussion on the high society protocol for forks and drinks. (23:07)
- Kimmel Debate: Spirited exchange about the boundaries of comedy, culture wars, and the First Amendment.
- Tepper on Investing: Tepper’s mix of bravado and humility—famous for market calls, now openly uneasy about high valuations even as he profits.
Timestamps - Key Segments
- Fed cuts rates, context and debate: 02:38 – 16:15
- Jimmy Kimmel, media and political consequences: 05:25 – 13:23, 27:47 – 30:24
- US-UK state dinner, CEO diplomacy: 20:41 – 25:27
- Nvidia invests in Intel, tech implications: 17:00 – 20:41, 26:07 – 27:47
- Walter Isaacson on state capitalism and tech: 23:52 – 29:49
- Senator Elizabeth Warren on economy: 31:38 – 41:10
- David Tepper on markets and policy: 43:55 – 62:59
Tone and Language
The episode flows with CNBC’s trademark blend of financial gravitas, political edge, and unscripted humor. Hosts’ camaraderie and candor come through, especially in moments of banter with guests. Guests speak freely—David Tepper in particular offers unfiltered opinions and self-deprecating insight.
For First-Time Listeners
This episode is a showcase of real-time financial news analysis, high-level political commentary, and the intersectionality of economics, policy, and media. Discussions are insightful yet accessible, often peppered with direct, sometimes irreverent language.
Selected Quotes With Timestamps
-
“[Fed policy is] quite a difficult situation for policymakers... there’s no risk free pass.”
— Joe Kernan (03:28) -
“ABC was hearing from both affiliates and explicitly from the FCC chair who was threatening, saying this is going to be the hard way or the easy way.”
— Matt Bellany (06:31) -
“It certainly makes me uncomfortable that there’s a lot of what you could call state capitalism here.”
— Joe Kernan (26:07) -
“I’m just concerned right now about the economy overall, and I recognize that rate cuts by themselves are not going to fix the problems that Donald Trump is causing.”
— Senator Elizabeth Warren (31:44) -
“You got to be careful not to make things too hot to have the other side of the mountain, which was really frickin ugly, you know, in 2000 and 2001.”
— David Tepper (47:15) -
“I’m so miserable for having a really good year because I still own the market and I can’t stand that I own the market.”
— David Tepper (58:12)