Podcast Summary: The Exchange (CNBC)

Episode: Meta & AMD Team Up, Bearish on Banks, and FedEx's Tariff Suit
Date: February 24, 2026
Host: Kelly Evans

Episode Overview

This episode features a dynamic rundown of the day’s major market movers and essential stories. Key discussions include Meta’s landmark AI chip deal with AMD, shifting investor sentiment on banks and financials, the latest on FedEx’s legal battle for tariff refunds, and the broader implications of AI for markets and cybersecurity.
The tone is fast-paced, informed, and at times combative—echoing the urgency and debate that defines CNBC’s flagship newsroom show.

Meta & AMD’s AI Chip Partnership

[00:58–10:34]

Key Points:

• AMD's Breakthrough Deal:

  • AMD will sell AI chips to Meta, powering 6 gigawatts of compute, and involving Meta potentially acquiring up to 10% of AMD under performance-based warrants.
  • CEO Lisa Su called the deal "a win-win," emphasizing joint optimization of hardware, software, and systems for AI workloads.
  • This follows Meta’s similar deal with Nvidia a week earlier.

• Expert Perspectives:

  • Gary Mobley (Loop Capital):
    • “It puts AMD on a path to generate roughly $20 in non-GAAP earnings per share in the next three to five years. … This is a key element to that.” (03:24)
    • On Meta’s equity stake: "Giving away your market cap to generate revenue … is never good. But … is it adding shareholder value to AMD holders? And … the answer ... is a clear yes." (04:04)
  • Daniel Newman (Futurum):
    • “This is a proof point for AMD… These are receipts, Kelly. So these are the receipts that the investors want to see.” (05:26)
    • On Meta’s chip ambitions: “Mark has been very clear that he wants to win the compute race. … Owning fabs and foundries versus maybe being in the processor development business. … This gives the compute capacity. … To get to superintelligence, AGI, whatever we’re calling it today, you need to have the most compute.” (06:27)
    • Dismissing the "compute commoditization" bear case: “Saying that compute will depreciate to zero … those are the companies we're going to see go the way of the dodo bird.” (07:49)

Notable Quotes:

• Lisa Su (AMD):
  • “We are agreeing to optimize hardware, software and systems together and we are optimizing specifically for the most important AI workloads going forward.” (01:26)
• Kelly Evans:
  • “Do investors want Meta to be in the semiconductor business?” (06:07)
• Gary Mobley (on Meta’s vision):
  • “They’ve got something visualized well beyond just the ad revenue they’re generating today.” (09:52)
• Daniel Newman:
  • “He’s [Zuckerberg] securing the future and the future position of Meta.” (10:08)

Bulls vs. Bears on Financials

[10:34–21:33]

The Bull Case (Paul Christopher – Wells Fargo)

• Sector Preferences:
  • Likes industrials, utilities, and financials—arguing that AI/data center themes, modest valuations, and a strong economy support these sectors.
• “If I had a dollar to put in the market right now, put it in financials.” (13:20)
• Skeptical about consumer staples, favoring cyclical/value names over defensive plays.
• Sees fears of job losses and recession from AI as overdone.

The Bear Case (Carter Worth – Worth Charting)

• Finanicals Weakness is Structural & Broad-Based:
  • “The precursor for weakness is weakness. The financial sector has been under pressure for the past 12 months … what’s happening of late is … a continuation of the same. And it’s broad based.” (17:22)
  • Points out the sector is at five-year lows in relative performance, with even the equal-weighted indices showing weakness.
  • “Commitments here have not generated returns worthy of the risk associated with the commitment. I think it goes lower… These are not just perfect businesses, they’re very cyclical.” (20:34)

Notable Exchange:

• Kelly Evans:
  • “It’s striking to have … both looking at the same companies, ... coming up with two completely different conclusions.” (19:24)
• On regional banks and insurance: Both see pockets of relative strength, but caution prevails on the sector as a whole.

Market Movers: Tariffs, M&A, and Crypto

[22:59–29:15]

FedEx’s Tariff Lawsuit

• FedEx is suing the US government for a refund of Trump-era tariffs, seeking principal, interest, and legal fees.
• Broader Context:
  • Similar suits filed by other corporate giants (Costco, Kohl’s, Goodyear).
  • Frank Holland (CNBC): “FedEx is notably the first major US company to file for a refund under the Supreme Court … but others … have already filed, some essentially describing their suits as procedural.” (24:56)
  • Companies may hesitate if they rely heavily on the government.
• Industry Impact:
  • Over $175 billion in tariffs potentially at issue; early filers could shape future precedent.
• FedEx’s Stock Surge:
  • Up 34% YTD, best month in 5.5 years, attributed to a turnaround plan including cost-cutting and business spin-offs.

Other Movers:

• Klaviyo pops on new Google partnership (retail marketing software).
• Warner Bros. Discovery is in the middle of M&A talks, Netflix up as market anticipates further competitive offers.
• Coinbase launches 24-hour weekday trading for stocks and ETFs, with future plans for tokenized stocks (regulatory status unclear).

AI & Cybersecurity Disruption

[31:26–36:54]

Topic: Impact of AI on Cybersecurity Business

• Guest: Tomer Weingarten (CEO, Sentinel One)

• On Anthropic’s AI Security Announcement:

  • “AI is going to do [disruption] systematically … most repetitive, pattern-oriented tasks are being replaced by AI-based software. … But at the same time, code security is about 5% of the entire cybersecurity market. So it’s important to keep that in perspective.” (32:11)

• Integrating AI Tools:

  • Sentinel One uses Anthropic, OpenAI, Gemini models to augment its own systems.
  • “We didn’t have any capability in code security, so in essence, we were not really impacted by this.” (33:10)

• Ransomware Trends:

  • “Ransomware has never really subsided … AI does bring more speed to defenders right now, but again, that equation is slowly but surely eroding, with attackers leveraging AI as well.” (34:56)

• On AI and Jobs:

  • “Headcount reductions are going to come, and they’re going to be relatively surgical, especially in cybersecurity… We never had enough cyber defenders to begin with.” (36:22)

Big Picture: Meta, AI Capex, and Risk

[37:01–41:02]

Meta’s Balance Sheet and Capex Risks

• Guest: Tim Seymour (Seymour Asset Management)
• Meta is funding heavy investments in AI from free cash flow, but is taking on more debt.
• “They are front loading, they are looking to invest heavily now, be ahead of competition…The question is, what’s the multiple you put on the stock? I think the deal flow with Nvidia, now AMD … this is a great deal for them. It’s even better for AMD.” (38:01)
• On the shift from asset-light to asset-heavy:
  • “Meta is more asset-heavy than they’ve ever been. What is the reward for that?” (39:23)
  • “I do think that this is a validation of the MI450. … This is a sign that AMD is now keeping pace with Nvidia.” (40:32)

Notable Quotes & Moments

• Daniel Newman (on AI investments):
  • “This spend is a race to secure the moats of their operations.”
• Carter Worth (on financials):
  • “The precursor for weakness is weakness. … It’s broad based. I don’t see it ending.” (17:22)
• Tomer Weingarten (Sentinel One, on AI & cybersecurity):
  • “AI is very helpful in defusing some of these [ransomware] attacks. … But attackers are now leveraging [AI] … that equation is slowly but surely eroding…” (34:56)

Important Timestamps

• 00:58–10:34 – Meta & AMD AI partnership breakdown with analysts
• 11:12–14:48 – Paul Christopher (Wells Fargo) on sector rotations and economic outlook
• 17:22–21:33 – Carter Worth’s bearish take on financials
• 24:56–27:45 – Frank Holland on FedEx’s tariff lawsuit and wider implications
• 31:26–36:54 – Cybersecurity, AI disruption, and ransomware discussion with Sentinel One CEO
• 37:01–41:02 – Meta’s AI Capex risk analysis with Tim Seymour

Summary Takeaways

• Meta and AMD’s partnership signals a new phase of scalability and competitive intensity in AI hardware, giving AMD a critical growth opportunity and Meta greater autonomy and flexibility over its compute resources.
• The debate over banks highlights how market perspectives can dramatically diverge, with both bullish and bearish experts articulating plausible, data-backed arguments.
• Major corporations are testing the legal groundwork for massive tariff refunds, potentially affecting billions in corporate and government finances.
• AI continues to reshape industries rapidly—from software and marketing to cybersecurity—posing both opportunity and existential risk.
• Meta’s aggressive Capex puts its future at risk/reward crossroads: poised for AI leadership, but with rising financial stakes.

The episode delivers a dense, actionable update for investors, executives, and market-watchers anxious about both upside opportunities (AI, chips, new business models) and lurking risks (sector rotations, regulation, disruptive tech).