10AM Hour: Exclusive with Palantir CEO Alex Karp, Chip Stocks Under Pressure 6/10/26

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Carl Quintanilla (0:58)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Mike Santoli here at Post 9 of the New York Stock Exchange. David Faber is on assignment today and Sara Eisen is going to join us in a moment with an exclusive with Palantir CEO Alex Karp, live from the company's New York office, talking about the tech sell-off, AI, the war and more. As the markets here trying to get off the opening lows, Vic's still holding 20, Mike.

Mike Santoli (1:21)

Yeah, I think when you had a 5% intraday range in the NASDAQ 100 yesterday, the VIX is not going to calm down immediately.

We've seen over the past two days that the opening tone does not necessarily dictate how the rest of the day goes. So the big question is, did we just get this helpful reset in the most overheated parts of the market, things like the NASDAQ 100, get a near approach of its 50-day moving average, semis obviously in a 10% pullback. We've kind of reset to early May levels on most of these major indexes. And under the surface, it has so far mostly been a fitful kind of sloppy rotation into economically sensitive areas. And that sort of has held today's CPI number definitely seemed like it was taken as a bullet dodged because Cora was softer than anticipated. And clearly the market was maybe braced for something that could have been hotter. I don't think it changes the story. Oil's not doing anything to get the market excited. It's still kind of sleepy in this range. And so I think the cyclicals can kind of have this moment to take up some of the slack. I think the big question is whether, you know, it's going to be that easy. If it's going to be this painless, and we just get this little wobble to the downside after you did have a lot of froth, and of course, you know, the street continues to anticipate this supply that's about to hit. And really what the message, I think, of the supply is and the lineup of big IPO's coming.

Carl Quintanilla (2:45)

And the requisite selling that you'd have to do. Cramer continues to look at NVIDIA, Bitcoin Gold, and we talked about Bitcoin before the show.

Mike Santoli (2:53)

It's all plausible. As I said yesterday, it's undisprovable if that's what's going on. I think, though, it's much more about the story we tell ourselves about what's happening that's really taking hold. In the past week, total volume in NASDAQ stocks has been $3.3 trillion.

How much of that did you need to come up with the $85 billion to buy the SpaceX IPO?

NASDAQ 100 is down almost $2 trillion, peaked at trough in a week. How much did you need to soften it up for that supply? I think it's much more about this idea, hey, is this a seller's market? Is that what we're seeing? That all of a sudden these companies that were happy to be private for a decade and build up all the value for the venture capital industry are now happy to hand it to you? That's the story at the same time we're talking about capital constraints in the AI kind of build out moment as well.

Carl Quintanilla (3:42)

And you could also argue that there's still a line of worry going from Broadcom's results into what Oracle may say tonight.

Mike Santoli (3:49)

100%. Broadcom cannot get out of its own way still, even after like several days on the downside. And I think some of these IPOs, the storylines are going to start to conflict here. Where are the sustainable margins going to accrue in this new world? If you believe SpaceX, data centers in space, what do we do and spend a trillion dollars on Earth next year?

I think that question actually has to come up. Or is 1.8 trillion for SpaceX folly? And what does that mean for the market? Right.