10AM Hour: SK Group Chairman on U.S. Listing, Expectations for Bank Earnings, Bullish Meta Options Activity 7/10/26

Megan Casella (0:00)

The board recommends approving...

Oliver Renick (0:01)

Regarding that seat on the committee, we're promoting......to most quarterly earnings...

SPEAKER_3 (0:04)

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Sara Eisen (1:00)

Good Friday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live as always at post night of the New York Stock Exchange. Coming up this hour, SK Hynex getting set to make its US debut this morning in the largest ever listing for a foreign company. And we've got a big interview in just a few moments with the chip maker's chairman. The stock currently indicated around 185 per share after pricing at 149, huge. Plus, we're getting you set for a major week of bank earnings as the financial sector leads so far this month. We'll ask an analyst what to expect ahead of these results. And Meta off to a hot start this morning on hopes that the company can compete with the big AI leaders. We'll take a closer look at that move. But guys, the market Wall Street is still digesting the news from the new Fed chairman about the new heads of the task forces. These are what the groups that Kevin Warsh set up to try to think about things differently and potentially impact Fed policy. Everything from communication to the balance sheet. There were no major surprises in terms of the names. I think that was a credible, reputable list of serious people seems to be the consensus on Wall Street. But what we wanted to do is dig into some recent quotes from some of the leaders of the task forces to see what might be in store for Wall Street when it comes to changes at the Fed. Mark Andreessen, venture capitalist who is going to help oversee the jobs and productivity task force, recent comment, the AI job loss narratives are all fake. AI equals massive ramp in productivity, equals massive ramp in demand, equals massive jobs boom watch. Very different than what we hear, for instance, from Dario Amodei of Anthropic and others.

It's a pretty favorable view. Interestingly-

David Faber (2:43)

Well, I do think that there has been, I don't know how organized, but an organized attempt amongst many of leaders in AI to combat the narrative that it was going to be a killer for jobs. Even I think Sam Altman certainly has come over to that side. Dario has even tempered perhaps a bit some of his comments. He's certainly been, to your point, the most outspoken. Andreessen has been saying this for quite some time, and I have noted that others in the industry had been more outspoken on this.

SPEAKER_3 (3:10)

Even to Kesha Laura yesterday.

Sara Eisen (3:12)

You know that politically, there's going to be more pushback.

David Faber (3:14)

Without a doubt.

Sara Eisen (3:15)

They keep warning about everyone losing their jobs.

David Faber (3:17)

I think, I mean, I remember the panel I did at Milk and we were there together, but I could see the concern among some of the leaders there, and the fact that they even were saying both publicly and privately, we got to change this narrative. And they have done it. That's it. It's not clear what actually happens. We really know.

Sara Eisen (3:34)

We don't know. Look, but I do think that it's notable that Andreessen's on there. He's been positive on it. Someone else who's leading that task force is actually the Xbox CEO at Microsoft, who just laid off workers because of AI.

So that will be some interesting discussion. Just wanted to run through some of the other notable names here that will lead these groups. Mervyn King, remember him? Former Bank of England Governor. He's on the Communications Committee, which could be one of the more market moving changes if we start to see them from the Fed. Here's what he has said about communication that we dug up. For some time now, I have been arguing that central banks should judge their success by how boring they are. The news should be in the economic data, not in the response of central banks to those economic developments. That response should be reasonably predictable. In that sense, surprising the markets is something that should happen rarely. This to me, I pulled out because it really jibes so far with what we've heard from the Fed Chairman himself, Kevin Warsh. I mean, how many times did I try last week to get any kind of comment about what he thinks about the economy or inflation or how he thinks about rates.