11AM Hour: Circle CEO on Bank Charter Approval, Atreides Management CIO Gavin Baker on Tech & Archer Aviation CEO on New Aircraft 7/20/26

**SPEAKER_1** (0:00)
The board recommends approving...

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

**SPEAKER_3** (0:04)
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**Carl Quintanilla** (1:06)
Good Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Sara Eisen, live at post night of the New York Stock Exchange. Today, chip stocks fueling a tech rebound this morning, as investors look to shrug off some of these AI bubble anxieties. We're joined this morning by veteran tech investor, Gavin Baker, why he thinks the risk reward trade is proving attractive once again.

**Sara Eisen** (1:26)
Plus a landmark crypto market bill, the Clarity Act remains stuck in the Senate. Circle CEO, Jeremy Allaire, will join us to discuss the future of crypto and stable coin regulation and a lot more.

**Carl Quintanilla** (1:36)
Electric Air Taxi is getting a warm makeover, Archer Aviation unveiling a new aircraft, co-developed with defense tech startup, Anduril, and the company CEO will join us later on this hour. Pretty decent turnaround in tech after the NASDAQ 100 has been down three straight days, trying to avoid a fourth, which it has not done so far this year.
A little bit of a rise in yields, 10 years back to 510 almost. Let's begin with the latest developments on the war with Iran. Our Eamon Javers joins us now. Morning, Eamon.

**Eamon Javers** (2:06)
Good morning, Carl. Houthi leaders in Yemen this morning declared a maritime embargo against Saudi Arabia, which they said will be effective immediately, threatening one of the alternate routes for oil out of the Middle East. The Houthis, who are closely linked with Iran, have threatened to close the important Bab al-Mandeb Strait, which is a route that the Saudis have used to divert millions of barrels of oil each day through a pipeline to the Red Sea. Now, if the Houthis are militarily capable of enforcing this embargo, and it's not clear yet if they are, this could close another crucial global oil bottleneck. Meanwhile, the Pentagon has identified two of the American soldiers killed in Iranian strikes over the weekend. First Lieutenant Tyler James Fian, 25, of Oua Beach, Hawaii, and Private Isabella Gonzalez, 19, of Carrollton, Texas, were killed in strikes on US forces stationed at Mufak Salty Air Base in Jordan. And speaking to reporters last night, President Trump said he feels very badly about the deaths of the US service members. He said they died on a mission to ensure Iran does not get a nuclear weapon.
And CENTCOM said it conducted a wave of strikes against Iran at 7 p.m. Eastern last night, marking the ninth consecutive night of attacks. The military says the strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. So for now, diplomacy seems to have run out of room. As Iranians said over the weekend, they were suspending their commitments on the Memorandum of Understanding between the United States and Iran due to this ongoing military action.
Secretary of State Marco Rubio also said last night that the US is always open to diplomacy. So we'll see where this goes, guys.

**Sara Eisen** (3:56)
I mean, the Journal's top story is Iran war mediators push for traction on a new ceasefire. So are there discussions happening or not? It's so hard to tell what that side wants.

**Eamon Javers** (4:08)
Yeah, it seems like there are two messages coming out of Iran, right? I mean, on the one hand, they are fighting. On the other hand, they're sending these sort of diplomatic overtures. And sort of you could say the same thing about the United States, you know, continued military strikes, but also you see these diplomatic overtures, Marco Rubio and others saying, you know, we can go back to the negotiating table at some point. But when you see the Iranians tearing up the Memorandum of Understanding, at least rhetorically, over the weekend, you do get the sense that we're sort of back to square one here.