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The Exchange

by 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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Episodes

  1. Risk off, Rate Reprieve and a new OpenAI Lawsuit 10/15/26

    The AI trade is getting shellacked with a surprisingly positive twist; it’s lowering bond yields. We look at what that tells us about inflation, the economy, and the future of rate hikes. Plus, Nebraska AG Mike Hilgers on the decision to sue OpenAI. Hosted by Simplecast, an AdsWizz company. See...

  2. Goldman Sachs CEO, The Debt Dilemma, and Open A-Spy? 10/14/26

    An extended interview with Goldman Sachs CEO David Solomon on the heels of the bank’s results. Brookings’ Robin Brooks would be long gold and short the dollar, saying debt is going to be an issue for the medium-term. Plus, the wild tale behind the arrest of a former OpenAI employee. Hosted by...

  3. the Exchange 10/13/26

    Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  4. The Bull Market Turns Four, Energy Headwinds, and Isaacson on AI Safety 10/12/26

    On the fourth anniversary of the bull market, Bespoke’s Paul Hickey digs into the historical data for what comes next. Oil prices back on the rise after Houthis attack Saudi Arabia and President Trump tries to broker an “energy ceasefire” between Russia and Ukraine. Plus, Walter Isaacson on what…

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  5. SpaceX’s Starlink Push, The Real Price of Oil, and the NBA’s Big Bet 10/9/26

    The beaten down names that could benefit from SpaceX’s push deeper into the US telecom market. Energy Aspects’ Amrita Sen on how much oil actually costs. Plus, we’re live from Macao as the NBA heads overseas for a second year in a row. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com...

  6. Oil Spike, The Technical Take, and Oppormunities 10/8/26

    Oil prices higher, despite President Trump asserting the U.S. will not attack Iran again before the midterms. Technician Katie Stockton sees new highs ahead for Nvidia. Plus, the tax-free bonds to buy as Treasurys sit near multi-decade-highs. Hosted by Simplecast, an AdsWizz company. See...

  7. Bond Bull, Un-Freezing Housing, and Under-the-Radar AI Names 10/7/26

    The Vice Chairman of Ariel Investments says investors are being adequately paid to hold bonds for the first time in seven years. Can policymakers fix the frozen housing market? Plus, two AI-related names to buy outside the tech sector, as the Nasdaq retreats from record highs. Hosted by…

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  8. Stocks at Record Highs, The Bullish Case for Bonds, and NYC’s AI Safety Push 10/6/26

    What’s in store for the fourth quarter as the S&P and Nasdaq both hit record highs. Parametric’s Nisha Patel makes the case for adding duration risk, despite volatile rates. Plus, the NYC Council Speaker says senior leadership from the likes of OpenAI and Meta were unable to answer the most basic...

  9. A New Normal, From Wall Street to Y’all Street, and “Net” Bets 10/5/26

    Economist Stephanie Roth argues 5% rates aren’t restrictive. Why companies like Sunoco and Dillard’s have moved their listings to the Texas Stock Exchange. Plus, our trader bets on the “NET” names in Q4. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our...

  10. A Jobs Jolt, Mayer’s New Venture, and Can Nike Pick Up the “Pace”? 10/2/26

    The economy added fewer jobs than expected in September--we have the first reaction from newly minted Labor Secretary Keith Sonderling, as well as what it means for the path of interest rates. Former Yahoo CEO Marissa Mayer on her new AI startup. Plus, Nike tries to revive its turnaround…

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  11. Under-the-Rader AI Plays, Housing Shift, and Sneaker Softness 10/1/26

    Three beaten-down small cap AI names that are ripe for the picking, according to Federated Hermes’ Stephen Denichilo. Is real estate about to become a buyers’ market? Plus, ahead of earnings, Needham says Nike’s path of least resistance is likely the downside. Hosted by Simplecast, an AdsWizz...

  12. The Federal Reserve: a Renovation Report, an Inflation Tracker, and a Tale of Espionage 9/30/26

    Fresh this hour, the Federal Reserve’s independent watchdog finding no evidence of criminal wrongdoing or of administrative misconduct in its building renovations. The Fed’s favorite inflation gauge cools more than expected in August. Plus, how Chinese spies used love and betrayal to target the...

  13. Inside Man: How Chinese Spies Used Lies, Romance and Betrayal to Target the Federal Reserve

    One week after a friendly summit between Chinese President Xi Jinping and U.S. President Donald Trump, CNBC details an aggressive plot by China to infiltrate one of the United States’ most important institutions: the Federal Reserve. This explosive documentary delves into the incredible saga of a...

  14. OpenAI’s Dev Day and A Shift for College Sports? 9/29/26

    All the news from OpenAI’s Developer Day as Sam Altman takes the stage. Plus, the Senate advances a bill that could re-shape the lucrative name, image, and likeness (NIL) deals for student athletes. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection...

  15. Nvidia’s Security Push, Consumer Conundrum, and the Diesel Divide 9/28/26

    Nvidia launches an AI security platform to contain AI agents. Bank of America says the consumer spending is still growing, but buyers are getting choosier. Plus, why a diesel export ban could push gas prices even higher. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for…

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  16. Rate Hike Regret, Iran Negotiations, and Mortgage Mayhem 9/25/26

    The so-called “Bond King of Texas” says the Fed made a mistake hiking rates. Stocks pop and oil prices sink on reports U.S.-Iran talks have entered the technical stage, but Helima Croft, who served as a commodities analyst at CIA, says seemingly nothing has truly shifted in negotiations. Plus…

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  17. Navigating Rising Rates and the Trump-Xi Summit 9/24/26

    Long-term yields above 5% present a good deal of “shock value” to the markets, but are likely over-rated as a driver of the economy, according to CIO Group’s Steven Wieting. Utilities under pressure amid those rising rates, and trader Jeff Kilburg is going bargain hunting. Plus, AEI’s Derek...

  18. Yields Jump, A High-Stakes Visit, and Lefrak’s Real Estate Warning 9/23/26

    Yields, and rate hike expectations, climb on strong manufacturing data. With President Trump pushing back on creating a global entity for AI oversight, will a visit from Chinese president Xi Jinping’s be more show than substance? Plus, legendary real estate developer Richard LeFrak’s warning amid...

  19. Inspiring the AI Trade, Peloton Product Launch, and Muni Bonds to the Rescue? 9/22/26

    Meta’s Muse is a hit with Main Street, but is the next phase of AI enough to keep the trade alive on Wall Street? Peloton launches a new suite of products. Plus, how muni bonds are coming to the rescue when it comes to climate disasters. Hosted by Simplecast, an AdsWizz company. See…

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  20. AI Stocks Rally, Meta’s Muse Moment, Nike’s Swoon 9/21/26

    The Nasdaq is climbing 2% as semiconductors and tech stocks rally. Meta having its third-best month on record amid investor optimism about its Muse personal agent app. And we look at whether Nike is nearing a bottom, as shares hit a 12-year low Hosted by Simplecast, an AdsWizz company. See...

  21. Nvidia Too Cheap to Ignore?, AI Safety Debate, Apple’s iPhone Launch 9/18/26

    Our market guest’s favorite big AI name used to be Microsoft but now says Nvidia is too cheap to ignore. Plus, the AI safety debate is heating up in Washington and across the country. And the iPhone 18 Pro and Pro Max are launching today, but Wall Street is already looking ahead to next month’s…

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  22. A Post-Rate-Hike World, a C-Suite Warning, and a Former Treasury Secretary 9/17/26

    Stocks higher, yields lower as markets digest the first Fed rate hike in three years. The CEO of Sentinelone says AI labs are engaging in “self-serving marketing.” Plus, an extended conversation with former Treasury Secretary Jack Lew. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com...

  23. Countdown to the Fed Decision 9/16/26

    Ahead of the Fed’s decision on interest rates, Kelly Evans and Brian Sullivan sit down with lawmakers, former Fed Presidents, and investing heavyweights from Washington DC. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data...

  24. Yields Surge, The Fed vs. Oil, and a Predictions Pop 9/15/26

    The yield on 10-year notes hitting the highest level since 2007 ahead of the Fed decision. Jefferies’ David Zervos expects a more dovish Warsh and says the market is wrong on rates. Plus, prediction markets are already scoring this NFL season. Hosted by Simplecast, an AdsWizz company. See...

  25. “Pace the Frontier,” The Case for a Cut, and Healing Healthcare 9/14/26

    After Anthropic’s Dario Amodei calls to “pace the frontier” on AI, one of the researchers who discovered OpenAI’s hack of a German website says slowing U.S. model development will also curb China. Jefferies’ Chief Economist makes the case for a December rate cut. Plus, the billionaire founder of...

  26. Hikes on the Horizon, Diesel Distress and Remembering September 11 9/11/26

    JPMorgan’s Michael Feroli raising his rate hike forecast to two this year after inflation comes in slightly hotter than expected. What record high diesel prices mean for the US economy. Plus, 41-year New York Stock Exchange veteran Peter Tuchman reflects on the 25th anniversary of the September…

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  27. Bond Bonanza, Driving Oil Action, A GOP Guarantee? 9/10/26

    Yields continue higher, and on the heels of a strong 30-year bond auction, Rick Santelli says it’s “war, not Warsh” moving rates. Real Macro’s Jeff Currie on the “toxic” double-trade pushing oil prices higher. Plus, President Trump’s $5,000 midterm ‘dividend.’ Hosted by Simplecast, an AdsWizz...

  28. Crude’s “Crash Diet,” Tariff Tiff, and Hold off on a Hike? 9/8/26

    West Texas crude reapproaching $100 a barrel, and while Middle East tensions are ramping, Rapidan’s Bob McNally says China is also playing a big role in driving up prices this time around. We talk to the CEO of AGCO as retaliatory Canadian tariffs going into effect on U.S. goods like dairy and ag...

  29. Jobs Jolt, Hugging Face’s First Investor, and Where the Pricing Power Is 9/4/26

    With markets pricing in a rate hike in September after a strong August jobs report, Steve Liesman and KPMG’s Diane Swonk weigh in on whether Chair Warsh’s ‘forward silence’ could backfire. The first investor in Hugging Face reveals the three companies he’s investing in now. Plus, the trade that...

  30. Nvidia Buys Hugging Face, AI Outages, and Data Center Dissent 9/3/26

    Nvidia will buy open-source AI platform Hugging Face for nearly $13B. BofA’s Vivek Arya says that will extend Nvidia’s sphere of influence well beyond Silicon. Meanwhile, ChatGPT, Claude, and Grok all experienced outages in the morning--former Marine Corps. hacker David Kennedy says while that…

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  31. The Great Data Center Debate, Apple’s New Era, and Not Swooning in September 9/2/26

    As West Virginia says ‘yes’ to data centers, Governor Patrick Morrissey is focused on clean water and keeping energy costs low. Steve Jobs biographer Walter Isaacson wants Apple to get back to its roots under its new CEO, creating devices that bring humans closer to the machines and intelligence...

  32. Hike vs. Cut, FTC Chair on Amazon Lawsuit, and Why Electricians Love Data Centers 9/1/26

    Investor Barry Knapp makes the case for a Fed rate cut with global yields back on the rise. FTC Andrew Ferguson on the agency’s new lawsuit against Amazon. Plus, an officer from electrical workers union, I.B.E.W., Local 26, tells us why data centers are “the best opportunity in generations for...

  33. Renewed Iran Tensions, Colorado’s Data Center Fight, and the Summer Software Surge 8/31/26

    The US striking Iran for the first time in a month as the G20 kicks off and Secretary Bessent says the administration can keep the pressure on without China’s help. Colorado AG and Democratic gubernatorial candidate Phil Weiser on his plan for data centers. Plus, Sarat Sethi’s leader-to-laggard...

  34. 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...

  35. 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...

  36. 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...

  37. 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…

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  38. 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…

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  39. 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. Hosted by...

  40. The Exchange 8/19/26

    Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  41. 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. Hosted by...

  42. 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of...

  43. 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for...

  44. 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...

  45. The Exchange 8/12/26

    Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  46. 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...

  47. 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. Hosted by Simplecast, an AdsWizz...

  48. 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com...

  49. 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. Hosted by...

  50. 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. Hosted by Simplecast, an AdsWizz company. See...

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ABOUT THIS SHOW

"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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The Exchange currently has 1000 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.

What is The Exchange about?

"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...

How often does The Exchange release new episodes?

The Exchange releases new episodes frequently with a large back catalog of 1000 episodes. Check the episode list for recent publication dates.

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The Exchange is created and hosted by CNBC.
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