11AM Hour: Pretium Co-President on New Housing Law, Anthony Pompliano on Personal Finance AI Agent & Elon Musk vs. Sam Altman 7/13/26

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

**SPEAKER_2** (0:01)
Regarding that seat on the committee, we're promoting......to most quarterly earnings...

**SPEAKER_3** (0:04)
Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com/investorchoice to learn more. Vanguard Investors own shares of our index funds, which own shares of the companies they invest in. Available for Vanguard index funds that participate in Investor Choice. Vanguard Marketing Corporation Distributor.

**SPEAKER_4** (0:30)
Did you know that NeuroSymbolic AI can help your business find new ways to make money?
EY Parthenon is the only one offering this groundbreaking growth platform. NeuroSymbolic AI analyzes hundreds of millions of data points to reveal new growth strategies. EY Parthenon teams deploy this innovation so you can uncover hidden value and scale beyond existing boundaries. Want to know what NeuroSymbolic AI can do for your business? Contact EY Parthenon today. Solutions that work in practice, not just on paper.

**Carl Quintanilla** (1:06)
Good Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Sara Eisen here at Post Night of the New York Stock Exchange. Today, the housing affordability bill officially becomes law. The co-president of single family homeowner, Pretium, will join us on the impact of the market and their business.

**Sara Eisen** (1:20)
Then Elon Musk and Sam Altman battling on X over the weekend after Apple filed a lawsuit against OpenAI. We're gonna take a closer look at the rivalry and what it means for the entire AI space.

**Carl Quintanilla** (1:30)
ProCap Financial CEO, Anthony Pompliano is with us. We'll get his take on the AI trade and crypto here, plus an update on the company's AI agent for personal finance. Meantime, some red arrows here on the headlines, although some of the sector strength has been a little bit better. We actually positive breath this morning at the NYSE.
Tech obviously in focus in the wake of the Apple lawsuit on Friday. We're watching SpaceX getting closer and closer to that initial IPO price of 135

**Sara Eisen** (1:58)
Energy is at the top of the market today on this jump in crude oil, on the tensions and new blockade that President Trump just announced on the Strait of Hormuz. And some of the defensive are also working like staples, real estate, utilities and health care. We'll start on the move here lower in the chip stocks this morning. Christina Parts-Nevelis joins us now with some of the drivers. Christina.

**Christina Pattis-Nevelis** (2:17)
Yeah, you're really seeing memory get crushed this morning. So specifically SK Hynix fell more than 15% in Seoul, South Korea. That was a record one day drop and it really dragged down the cost to be roughly 9%.
Triggered a circuit breaker as well. And this is actually the same stock that we talked about on Friday here, in its NASDAQ debut that popped 13%.
Foreign and institutional money did most of the selling today. And some of it, I should say this morning, some of it is just rotation out of the Korean line into the US one, because US shares do trade at a big premium over 14% higher as of Friday's close in South Korea. Hedge funds are playing the gap though. So what they're doing is they're long the US ADR. So that's the US listed shares and shorting the local stock. And then you also have to add into the mix leverage. Direction, ProShares and others are all launching SK Hynix ETFs just this week alone. And that would definitely amplify the upside. Some bet against it. They magnify actually every daily swing because they have to rebalance at the end of the day. And then there's also this research note making the rounds in the chip world. So CREA Investment and Securities Fund says Hynix's operating profit could land roughly about 8% below consensus. And the reason is more of its revenue comes from high bandwidth memory and high bandwidth memory prices are rising just at a slower rate than conventional memory chips. And so that dynamic is maybe why you're seeing some of the sell off. The damage though, we can see spreading here in the US. Micron, SanDisk, Micron down 4%, SanDisk 7.5%.
And then it's trickling to other players like AMD, Intel, Marvell, Weston Digital, all of these names selling off this morning. And then I want you to take a look at Taiwan Semi. So they posted, they do their monthly sales, they posted June sales at what, 68% from a year ago, second quarter revenue above its own guidance. And yet the stock is still down about half a percent. What that tells you is just where the bar is right now within the chip world. Blowout numbers haven't been enough. We saw that with Broadcom, we saw that with AMD, investors already know these companies, dare I say, mint money, but what they want is proof that it lasts, durability, sustainability. Until these big tech companies confirm the CapEx is going to keep coming, every single cycle, every single wobble that you see like today, hits harder than it may actually should. Guys?