Nvidia’s Record Quarter, Connecticut Sues Kalshi, and So Long, SaaSpocalypse? 8/27/26

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**Larry Adams** (1:00)
And welcome to The Exchange, everybody.

**Brian** (1:02)
I am Brian in for Kelly. The Nvidia effect in full effect as this blowout earnings lead most big tech higher. Cybersecurity, you just heard Josh call it a torter force. Also crushing it. Octa, CrowdStrike, both delivering earnings speeds and both sharply higher. And whoa, what about Salesforce? That is a big force in the market right now soaring as investors rethink whether AI will hurt or help the company. All right, Nvidia in the book should know the numbers. We'll talk more about Nvidia and the results and their guidance in a minute, but we have to begin with the next big event on deck. And that is the Jackson Hole Economic Symposium where Fed Chair Kevin Warsh set to speak. Tomorrow morning, CNBC Senior Economics reporter Steve Leesman is in Jackson Hole, Wyoming, and joins us now with the preview and the setup. Steve.

**Steve Leesman** (1:54)
Brian, thanks. The Fed Chairman's speech is always scrutinized carefully for clues about his outlook for rates. This year, markets listen to whether Kevin Warsh talks about policy at all. Warsh has held back on his views to get a cleaner message of market pricing not influenced by his Fed speak, but Warsh's colleagues in CNBC interviews here in Jackson Hole, they've not been shy about offering their outlooks.

**SPEAKER_6** (2:17)
I believe now is the time to act. I believe that we've been in an inflationary situation for more than five years. It's been running well above our target. I don't see any restriction in policy.

**SPEAKER_7** (2:28)
I think we may be a little bit more accommodative, certainly more accommodative than restrictive in the policy rate.

**Steve Leesman** (2:36)
Schmidt did say he thought Fed officials could talk less. But Al Hammack offers she thought it was her responsibility to share her policy outlook. Tobias Ejian from the IMF writing today, quote, broader communication about reaction function remains essential as long as it is conditional, disciplined and uncertainty aware. Risk should be clearly spelled out, he said. Warsh may give markets at least some of what they hope for tomorrow, potentially making a distinction here between what he's willing to say in a speech on his own compared to when he's representing the committee after a meeting at a press conference. Obviously, Brian, if we have a countdown clock, it must be important.

**Brian** (3:11)
They make that clock and we have made that clock, by the way. To your point, it is important. You know what else I know is important about conferences like these is the conference itself. We love having you on TV, Steve, but I just know that so much stuff happens behind the scenes, in the hallways, over a cup of coffee, whatever it may be. What's the vibe there around Warsh? What are people talking about behind the scenes?

**Steve Leesman** (3:35)
So I think there's an interesting moment right now in terms of thinking about Fed policy.
And I would characterize it like this. Kevin Warsh has come in with some really interesting ideas that people are willing to listen to.
But he's vastly criticized the way things were done before that I don't think the committee as a whole agrees with. At the same time, there are good reasons to criticize the Fed. There was a large pop in inflation that's lasted for a long time. The Fed has not been hitting its target. So the criticism is warranted. But what we're waiting for and listening for, Brian, are solutions. And I think that's where the committee will be listening very carefully, both in the hallways and other. OK, if we did it wrong before, what's the solution to all this? I'm not sure everybody's convinced yet that Kevin Warsh has put those solutions forward. And to his defense, he has these task forces that he hopes to provide some of.

**Brian** (4:33)
See, I was just about to ask you, what is the vibe around these task forces? Because it's kind of like the Fed is almost, I don't want to say outsourcing decision making, but certainly outsourcing some thinking.