10AM Hour: AMD, Anthropic & Super Micro Strike New Deals, What to Expect from Alphabet and Tesla Ahead of Results 7/22/26

**Sara Eisen** (0:00)
The board recommends approving...

**Mike Santoli** (0:01)
Regarding that seat on the committee, we're promoting...

**Carl Quintanilla** (0:02)
To most quarterly earnings...

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**Sara Eisen** (1:00)
Good Wednesday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and Mike Santoli. We are live from Post 9 of the New York Stock Exchange. David Faber is off today.
Major averages are reversing some early losses ahead of one of the most important afternoons of earning season. As Alphabet, Tesla, IBM, and Texas Instruments get set for results, we'll get you ready for all of it. Plus, Super Micro and AMD in the news today with new AI deals, raising more questions about the amount of money flooding into the whole AI ecosystem. We'll talk about whether it's sustainable with AI expert Jack Hittery. And we'll get to the fresh headlines around Iran, sending oil prices higher this morning. Well, guys, we are getting some fresh color from corporate America since we're in earning season about how the consumer is doing. And I like to harp on this because obviously that's the backbone of this economy. And so far, so good. Capital One.
Here's the CEO. I thought this was really telling. We talked about how strong delinquency performance has pretty much been every quarter this year. Other metrics that we look at, payment rates. We talked about that earlier. The CEO says they are meaningfully above pre-pandemic levels across all of our customer segments. We continue to see healthy spend growth driven by both account growth and by steady growth in spend per consumer. When we look at revolve rates, revolve rates have stabilized over the past year at close to pre-pandemic levels for our major products and segments. Now, none of these observations are conclusive on their own, but I think collectively they paint a picture of strength of the consumer. So I know there's a lot of hand wringing around the inflation and how inflation is eating up big chunks of wages and no question that affects people. But overall, when you hear metrics like that on the credit side from a capital one, which isn't just catering to the high-end consumer, that's a really positive statement about the economy.

**Mike Santoli** (2:48)
I think it is now in terms of the market and how it filters it in. These are comments about a quarter that ended with crude under $70 and the 10-year treasury yield under 4.4. So in the months since-

**Sara Eisen** (3:00)
Ended, but not, you know.

**Mike Santoli** (3:01)
No, not for the most- Oil and whatnot. Not for all of it.
But basically, I think that the market's trying to figure out if they're going to have to pay attention to those things again. Not that the consumer's really problem number one, two or three for the market though.

**Sara Eisen** (3:14)
Right, but if inflation becomes a problem. Look, Pulte Group, we've talked about some of the pain in the housing market, thought this color was notable. It just shares what they're seeing across the country. All of our five regions, according to the Pulte Group CEO, that we report on, saw positive year over year growth in all four of them.
In four of them, the West being the one that I think is probably still the softest, specific to the four where we saw some stabilization and I think positive signs. I would call out the Midwest. That's a strong market for housing. We continue to see strength there. We also see some favorable trends out of the Southeast markets.
We particularly like what's going on in the Coastal Carolinas markets in Greenville. Then I've got to highlight Florida. Florida was up 19 percent year over year for Pulte Group. So that's, I don't know, thanks Mom Donnie or whatever it is. But that continues to be a strong place for the housing market. Then there's AT&T. The CEO was on Squawk Box earlier this morning and talked about what he's seeing from the consumer. Listen.