It’s All One Trade: Steve Eisman’s AI Market Play 7/27/26

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**Joe Kernen** (0:58)
Bring in show music, please.

**Katie Kramer** (1:02)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, a pause in strikes on Iran sends markets on a bounce back journey. Our Dan Murphy in Abu Dhabi on the latest in the Middle East conflict.

**Dan Murphy** (1:14)
The real signal is exactly what we see coming out of the meeting between Trump and Netanyahu this week. If the Israelis push the US to try and perhaps return to the conflict here.

**Katie Kramer** (1:27)
And oil prices falling, Helima Croft on Global Energy.

**Helima Croft** (1:31)
Do I think oil is a barometer for the pressure building in the Middle East? No, I think it's a broken barometer.

**Katie Kramer** (1:38)
The market's rise boosted by enthusiasm in one key technology. We turn to veteran Wall Street watcher Steve Eisman.

**Steve Eisman** (1:45)
I think it's all one trade. It's AI.

**Katie Kramer** (1:48)
Who is reducing his exposure to artificial intelligence, including trimming his stake in long-held stock alphabet.

**Steve Eisman** (1:54)
What scares me is that it's all one trade, so it better succeed.

**Katie Kramer** (2:00)
Plus a pill to treat Alzheimer's.

**Frank Longo** (2:02)
We think our drug is creating this resilience.

**Katie Kramer** (2:05)
Stanford neurologist Frank Longo on the breakthrough in clinical trials that he wants to get into patients.

**Frank Longo** (2:12)
This is a drug right here. It's a pill. It can be taken orally.

**Katie Kramer** (2:17)
It is Monday, July 27th. Squawk Pod begins right now.

**Frank Longo** (2:22)
Stand Becky by in 3, 2, 1 Cue, please.

**Becky Quick** (2:27)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick along with Joe Kernen. Andrew is off today. A third week in a row of declines for the Dow last week. But if you're looking at the Dow and the S&P 500, they're less than 3% from all-time highs. It's the NASDAQ that people are watching a little more closely, the technology names there. The NASDAQ is more than 8% from its all-time high. But the gains that we're seeing this morning, soundly because of what we've seen with energy prices dropping rapidly over the course of the weekend, you'll see that at this point, if you check out WTI, it is down by close to 8%.
82.35 is the last trade for WTI. Joe, it's interesting. Last week, WTI was up by about 8.25%.
So we've seen it give it all back over the course of this weekend, basically.

**Joe Kernen** (3:17)
I just had the, I don't know, the overall feeling that it seems heavy to me. We'll have Helima Croft on it. We'll talk to her about it. I don't know what the spot price looks like, but the futures seem like even a glimmer of anything and they immediately, and we talked about it was the frog boiling, because the grudgingly going up, I mean, it was a kinetic war.
There were four A's back and forth every night, and it was going up like a dollar, a dollar, a dollar, a dollar, a dollar. Almost like resisting to go up. I think that the market might be well supplied or so. I don't know. We'll talk to Helima about it, but my feeling was it's ready to go back to 80 and just the drop of a hat, which it did. And it's all good for everything. I mean, I'm glad it's not 130 or something like that. But with the Red Sea involved now and the straight close.

**Becky Quick** (4:14)
The Houthis in Yemen, yeah, launching attacks on Saudi Arabia. I think they'd been getting out maybe 7 percent.