10AM Hour: OpenAI CEO Sam Altman on New Model, Palo Alto Networks CEO on AI Spending, Match Group CEO on AI & Dating 7/9/26

**Diana Olick** (0:00)
The board recommends approving...

**Sam Altman** (0:01)
Regarding that seat on the committee, we're promoting......to most quarterly earnings...

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**Carl Quintanilla** (1:06)
Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber. Seema Modi's with us here at Post 9 of the New York Stock Exchange. Sara Eisen is off today. Big show coming your way in a moment. OpenAI's chief Sam Altman joins us exclusively from Sun Valley as the company launches a new version of Chad GPT today. We'll talk with Palo Alto Networks CEO about the intersection of AI and cybersecurity as that stock is riding big gains for the year. And we'll get to the latest on Iran with former Trump National Security Advisor HR. McMaster.

**David Faber** (1:36)
First of all, we do have some existing home sales data that is just crossing and Diane Ollick has the details for us, Diana.

**Diana Olick** (1:42)
Well, David, existing home sales in June dropped 2.4 percent from May to a seasonally adjusted annualized rate of 4.09 million units according to the realtors. That's a miss. The street was looking for a slight gain. Sales, however, were 2.8 percent higher than June of last year. Now, month to month sales were down everywhere except in the Northeast. This count represents closed sales, contracts that were likely signed in May. When the average rate on the 30-year fix was still moving higher, you remember it came off its February low due to the Iran War. Now, inventory at the end of June was 1.56 million units, down 0.6 percent from May but up 1.3 percent from the year before. That's a 4.6 month supply. Six months is considered a balance market between buyer and seller, and that kept pressure on the prices. The median in June was $440,600, up 1.8 percent from the year before, and that is the highest home price on record.
One-quarter of all sales were all cashed down from 29 percent last year. First time buyers made up 33 percent sales up from 30 percent a year ago, and the Realtors Chief Economist, Laura Tsu-Yuen said, the seesaw in sales that we've been seeing lately shows how sensitive buyers are in changes to mortgage rates, although they're still bumping very high right now. Back to you guys.

**Carl Quintanilla** (2:55)
Kind of in a tight range last couple of weeks, Diana. Thank you, Diana. I'll look on some housing. Let's get to the market action this morning. NASDAQ is in the lead in early trading. We talked about some of the strength in semis over software today, Mike Santoli, and now a little bit of a downside reversal in energy as well.

**Mike Santoli** (3:10)
Yeah. It's always one thing against another. So actually dramatic push and pull action between semis and the rest of the market and also within the AI trade. Eight weeks ago today, S&P first hit 7,500. The high was 7,517.
It's exactly where we are at this moment, but below the surface, there's been a lot of questions about whether the acknowledged overheating in semis and the crowding in there had reset enough coming into this week to where they can rebase and actually be a more consistent upside contributor. You see the S&P 500 yesterday, intraday bounced exactly off its 50-day moving average. It's done that like three times in June. So the market wants to kind of stay on this uptrend, stay on the rails, even with the macro shocks. What's really fascinating in the last year is Mag 7 relative to Semi's.
They've kind of diverged on a day-by-day basis but landed around the same place, which is flat. So to me, it's the market's way of trying to rebalance itself while staying intact in aggregate.