9am Hour: Intel's Beat and the AI Boom, Oil Aims for a 3-Week Win Streak, Trump's New Tariffs 7/24/26

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

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

**SPEAKER_3** (0:02)
To boost quarterly earnings...

**SPEAKER_4** (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_3** (0:30)
Are you as confident as you should be when it comes to growing your business? Is your strategy ready to execute today?
If cash flows aren't where they need to be, growth could be at risk, especially in the eyes of your investors, board members and the business press. But when your business is operating in top shape, you've earned the right to grow. EY Parthenon can help you reimagine your business and execute a game plan for long-term growth. EY Parthenon, solutions that work in practice, not just on paper.

**SPEAKER_1** (1:00)
Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

**Carl Quintanilla** (1:11)
Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker, Mike Santoli, a post nine to the New York Stock Exchange. Cramer and Faber have the morning off. We are coming off the worst day for S&P NAS since the June 23rd, and the worst Mag-7 drop in over a year. But Futures trying to get a little bit back today on some relief in yields, 10 year 468 That short squeeze in Brent backing off a little bit, but retail gas now 410, market eyeing 420 to 440 in the coming weeks. A roadmap begins with this troubled week for tech. NASDAQ on pace for a second negative week in a row. Intel though is bucking the trend, top pre-market gainer on the NDX after reporting its fastest revenue growth in nearly 15 years.

**Leslie Picker** (1:52)
Plus, oil prices ease but are still tracking for a 10% weekly gain as the White House mulls what Trump calls a quote bigger than ever attack on Iran.

**Michael Santoli** (2:01)
And the president looking to rebuild his tariff law, imposing new double digit levies on dozens of countries for what it calls the use of forced labor.

**Carl Quintanilla** (2:10)
Let's start with Intel this morning rising on Q2 results and upbeat current quarter guidance thanks to the AI Boom Company hiking its full year CapEx forecast to 20 billion. This is Lit Butan expressing some optimism about demand on the call.

**Pat Gelsinger** (2:24)
The surging demand and rapid build out of compute infrastructure across the world creates a meaningful opportunity for us in our product business as well as our foundry business.
Industry is facing one of the most severe supply constraints in its history across leading edge logic, silicon wafers, memory and subscripts. These shortages will persist for the foreseeable future.

**Carl Quintanilla** (2:59)
Market had a nice bounce on the results, gave a little bit back after the after the bell last night. Dan Niles points out, Mike, it's OK to raise CapEx when you're growing EPS 40%.

**Michael Santoli** (3:09)
Yeah, it is OK, although I do think the street has a little bit of a presentation that the CapEx is going to be kind of spread across a lot of different business lines. It's not just about Foundry and the pure AI opportunity. I mean, this stock traded as high as around 110 last night, 109, 110 So it really has given back a lot of that bounce at 30 plus percent off its highs. Most of the story remains intact. I think the street's a little greedy for more evidence of, you know, outside customers for the for the Foundry business to make them, you know, the excitability around the CPU use and in AIs and AI and all the rest. And also it's coming at a time when all of a sudden there's so much scrutiny on the whole hardware bottleneck trade that, you know, there's a lot to prove for any stock here that, you know, that doesn't have the perfect report.

**Leslie Picker** (3:57)
Well, there's also a question about that free cash flow in the future. Obviously raising capbacks could be a sign that they believe they have the ability to have enough free cash flow to cover it. But then I've seen some commentary out there about concerns that they would need to tap the equity markets, which could be deluded for existing shareholders. And so I think that's another reason when they kind of didn't completely rush that off on the call, that you saw that stock also come back a little bit. Maybe some questions on inventory as well. But just the prospect of needing to tap the equity markets to fulfill that capbacks, especially if there is a risk to positive free cash flow as well.