11AM Hour: CoreWeave & Tapestry CEOs on Earnings & Rick Caruso on Reopening Palisades Village 8/13/26

**David Faber** (0:00)
The board recommends approving...

**Rick Caruso** (0:01)
Regarding that seat on the committee, we're promoting...

**SPEAKER_3** (0:02)
to most quarterly earnings...

**SPEAKER_4** (0:04)
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**Carl Quintanilla** (1:00)
Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Sara Eisen, live at Post9 at the New York Stock Exchange. Today, shares of AI chip maker Cerebris tumbling after that Q2 loss, and despite lifting their outlook for the full year, we're going to dig into results with the co-founder and CEO, Andrew Feldman.

**David Faber** (1:15)
Plus, shares of Tapestry are tumbling. Among the biggest losers right now on the SMP, after underwhelming quarterly results and a gloomy outlook. We'll talk about all of it with the CEO, Joanne Crevoiserat. She joins us to discuss Q4 results and the outlook.
And 19 months after the LA wildfires devastated the Pacific Palisades neighborhood, a significant milestone of recovery set to take place this weekend. The owner of Pacific Palisades Village, Rick Caruso, will join us as the iconic shopping center gets set to reopen after millions in renovations.

**Carl Quintanilla** (1:45)
Speaking of milestones, another 100-point milestone this morning on the SMP, 7,800 is going to be an all-time high. Got a lot of things happening. VIX is closer to 14 than 15, NASDAQ almost a full percent, oil is down, yields down, pretty constructive market.

**David Faber** (2:01)
Small caps joining the party too. They're lagging overall, but still not too shabby.

**Carl Quintanilla** (2:06)
For more, let's bring in our chief market strategist at MedLife, Drew Mattis joins us this morning to talk about the PPI print and some of this, I guess, wealth effect action, Drew, which we're going to get retail sales tomorrow. It's hard to imagine that this is not at least some tailwind for the consumer.

**Drew Mattis** (2:22)
Well, that's right. It's hard to imagine consumers aren't going to keep spending because we know that consumers have kept spending.
It doesn't seem to matter what happens with payrolls. It doesn't seem to matter what happens with inflation. Consumers just keep pulling their wallets out and spending. It's not all the upper income anymore. It's drifted a little lower.
It's something to bear in mind. But at the same point, there are some worrisome signs. The payroll reports have been declining every month. The growth number has declined every month relative to the month prior for four months in a row now. So something is going on in the labor market. It's not great. But as long as the equity market holds up, the consumer's probably gonna hold up. Right.

**Carl Quintanilla** (3:05)
We had a long discussion this morning about bonds and these auctions this week. The 10-year auction was weak. The budget deficit for July, five-year high.
We had a discussion about how the 10-year is not really responding to some of the weaker elements of CPI or jobs. What do you think is happening there?

**Drew Mattis** (3:25)
Well, if you want the pessimistic story, it's just that there's a lot more uncertainty, and so that has to be priced into the premium that you pay for longer-dates securities. If you want the upside concept, it's that people are anticipating that AI will boost productivity, productivity gains will boost potential growth, and higher potential growth results in higher yields.
So you can make a good argument for yields moving higher, i.e. a positive one, or you can make a negative one, and the jury is out on which way that will break.

**David Faber** (4:01)
Overall, the economic data has been good. I know that jobs were weak, but the pair of inflation reports, wasn't that a relief?