11AM Hour: Elevation Partners' Roger McNamee on the AI Trade, Microsoft Announces Layoffs & IMAX CEO on Holiday Box Office 7/6/26

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Carl Quintanilla (0:58)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker here at Post 9 to the New York Stock Exchange. Sara Eisen has the morning off. Today, UBS hiking its 12-month bullcase for the S&P to 8,700. Senior portfolio manager Alan Rexhoffin joins us to break down that call.

David Faber (1:15)

And veteran investor Roger McNamee is back with us this morning why he thinks the current AI trade is, quote, much worse than the dot-com bubble.

Carl Quintanilla (1:23)

Kind of a disappointing weekend of the box office as Minions and Monsters underwhelms, Supergirl fails to meet expectations. IMAX chief Rich Gelfond will join us to discuss his outlook for the season ahead. As for the markets, Dow is coming off four straight weekly gains, giving just a slight amount back today. We're above 7,500. Yields are interesting. We're back to near 4.5 and the long bond is back above 5 this morning. Let's start out with the latest in Washington. The president is wrapping up a Q&A session in the Oval after ringing the opening bell to celebrate the launch of Trump accounts. Our Megan Casella joins us this morning from the White House. Morning, Megan.

Megan Casella (2:00)

Good morning to you guys. I was just inside the Oval Office for that ceremony. The president talking with reporters for over an hour as he celebrated what was the first joint bell ringing of the New York Stock Exchange and the NASDAQ and also the first remote ringing of that bell. I would describe it really as a jovial mood, really celebrating what the president described as what he hopes will be his signature economic policy. A number of cabinet officials in attendance, some CEOs as well, Michael and Susan Dell were in there, Jeff Sprecher of Intercontinental Exchange. At one point, the president was celebrating the $6.25 billion that the Dells are donating to the Trump accounts. Then he promoted the company a little bit. Take a listen to this.

SPEAKER_6 (2:39)

Go out and buy a Dell computer. He's not doing it for that. But I'll bet his business, Brad, has gotten even bigger. I have a son that loves their laptop. I have to tell you, knowing one Dell, we're going to get him that money back one way or the other.

And then I'll ask for another $6 billion.

Megan Casella (3:00)

Guys, the other big topic of conversation in there besides the Trump accounts was the White House's intervention with FIFA and the overturning or the suspension of Flo Baligan's red card. The president confirming that he did speak with FIFA's Johnny Infantino about this, but he says it was a foul. But all he did, the president says, was ask for a review. Guys.

David Faber (3:18)

Yeah, Megan, we see shares of Dell up about 7.5% on some of those comments. You know, how would you describe kind of the vibe of the room and the response to just the day?

Megan Casella (3:33)

It's a celebratory mood here at the White House. They're setting up for a Rose Garden lunch. I was seeing iced teas being poured as we left the Oval. A number of CEOs that weren't in the Oval are going to be here. For that, we expect the Visa CEO, among others, and everybody really applauding the president and the administration. Brad Gerstner talking about how it took less than a minute for this president after he was pitched on the idea to say that he wanted to make this happen. Other officials talking about how this had been worked on for more than four years, and it wasn't possible without this president. The bell was there on the resolute desk, engraved with today's dates, saying Trump accounts, the president saying that he's not going to give the bell back, and Adina Friedman of the NASDAQ confirming that he gets to keep it. The president's joking that he's going to put it in the new ballroom. So really everybody here today celebrating this new policy and the president looking at the press and saying, this is something that even the press hasn't been criticizing very much, acknowledging there's bipartisan support for this policy. There were even kids on the carpet in the Oval Office for the entirety of that more than hour long Q&A. Also there to sort of show, you know, these are the folks who will benefit from this policy.