10AM Hour: SpaceX Surpasses Amazon & Microsoft Market Caps, Coinbase CEO, Trump on Netanyahu Relationship 6/16/26

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Sara Eisen (0:58)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live as always from Post 9 of the New York Stock Exchange. Coming up this hour, SpaceX is higher again, now rocketing past Amazon's market cap as the company makes deal news. As SpaceX options officially begin trading, we've got the latest for you in a moment. Plus, Kevin Warsh's first Fed meeting as chairman gets underway today.

It will differ from those during Jay Powell's tenure. And do not miss an exclusive interview with Coinbase CEO Brian Armstrong around some new product news coming out today. But first, guys, we're glued to the SpaceX chart. And I think it speaks to broadly what is uniquely the American market story right now, which is innovation, especially as President Trump is there at G7 with some other European leaders. There's nothing like this going on around the world. And market strategists are writing about it.

Carl Quintanilla (1:56)

There it is.

Sara Eisen (1:56)

There we go. It just happened as we speak. Cross Microsoft's market cap.

Carl Quintanilla (2:00)

Two days and 31 minutes of trading. Not even because really day one, it barely traded actually. Well, it didn't barely. It opened earlier than we thought.

It's more highly valued than Microsoft. More highly valued than Microsoft.

Sara Eisen (2:18)

Microsoft, for its part, is down a percent and has been around fears, I think, around AI and where it stands in the AI race itself.

Carl Quintanilla (2:27)

It's a software company, so that has been without a doubt.

Sara Eisen (2:30)

I mean, it's a stock that's down 17.5 percent over the last 12 months.

Carl Quintanilla (2:33)

Yes. Now, they're approximate market caps, but that is staggering to think of. Now, the company itself, of course, has been around for 25 years, but it's been a public company for a couple of days.

Sara Eisen (2:44)

It also speaks to just what I'm highlighting here.

This Tony Pasquerello at Goldman Sachs, he puts out a trading note at the beginning of every week, and this was the quote that really spoke to me, having just covered the SpaceX IPO. He says, when I look back at the core story of the capital markets in the first half of 2026, so much of what we're talking about these days is the residue of unbridled American innovation, ingenuity, creativity and risk-taking. I remember folks saying the same of the shale revolution, it clearly applies and then some, to what's playing out in the tech space today. And you can really look at the public market, you can look at the private market, you can look at venture capital funding, you can look at compute power, so many ways that America is leading this charge around the world on the AI.

Carl Quintanilla (3:29)

But there's also something behind that, which is the capital markets.

Sara Eisen (3:32)

Yes.

Carl Quintanilla (3:33)

Because without capital, you don't get to execute.

Sara Eisen (3:37)

And we have the deepest and most liquid and it chases the ideas.

Carl Quintanilla (3:40)

And it's the capital markets, the creation obviously, private credit markets, for example, and so many other areas. It's still mind-blowing, Sara, just how much capital is being allocated right now and raised. I mean, NVIDIA itself, NVIDIA, which just gushes free cashflow, decides to hit the bond market for 20, 25 billion dollars. Not quite sure exactly why.

Sara Eisen (4:00)

Because it can?

Carl Quintanilla (4:00)

I suppose. But I mean, again, I keep coming back to the Google offering because it was so stunning in the sense of, again, one of the most profitable companies of all time saying, oh yeah, we don't have enough.

Sara Eisen (4:11)

I think that, especially NVIDIA and Google, they're playing in so many different parts of the AI build out and ecosystem, not just in chips and data centers, but obviously investing in companies as well.