SOTS 2nd Hour: Deep-dive with Nike's CEO, AMD-OpenAI Details, & America: One Big Bet On AI? 10/6/25

SPEAKER_1 (0:00)

Hey, Fidelity, what's it cost to invest with the Fidelity app?

SPEAKER_2 (0:04)

Start with as little as one dollar with no account fees or trade commissions on US stocks and ETFs.

SPEAKER_1 (0:11)

Hmm, that's music to my ears.

SPEAKER_2 (0:14)

I can only talk.

Carl Quintanilla (0:17)

Investing involves risk, including risk of loss.

Lisa Su (0:18)

Zero account fees apply to retail brokerage accounts only. Zero dollar commission applies to online US equity trades and ETFs and retail Fidelity accounts.

Carl Quintanilla (0:23)

Sell order assessment fee not included.

Patrick Morehead (0:24)

Some account types and securities excluded.

Lisa Su (0:25)

Details at fidelity.com/commissions. Fidelity Brokerage Services LLC member NYSE SIPC.

SPEAKER_6 (0:31)

Introducing the redesigned Dell PC with the Intel Core Ultra Processor. It helps you handle a lot even when your holiday to-do list gets to be a lot, like organizing your holiday shopping and responding to holiday requests and customer questions and customers requesting custom things plus planning the perfect holiday dinner for vegans, vegetarians, pescatarians and Uncle Mike's carnivore diet. Luckily, the Dell PC helps you handle a lot and with all day battery life, you can do it all faster to get it all done. That's the power of a Dell PC with Intel inside. Get yours at dell.com/holiday.

Carl Quintanilla (1:01)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla, Sara Eisen is here at Post 9 of the New York Stock Exchange. David Faber has the morning off. Coming up this morning, AMD shares are spiking on this big new partnership with OpenAI. We're going to talk to longtime chip industry watcher, Patrick Morehead about the latest tie up in this AI arms race. Sara did speak exclusively with Nike's chief Elliott Hill, his first TV interview since taking the top job at the company's headquarters in Beaverton, Oregon. As he gets ready to mark one year in the role, we'll hear about his plan to turn around that storied brand. How was your weekend, Sara?

Sara Eisen (1:34)

It was busy. Going to Portland in one day is an intense experience, but you know what? It was worth it because I really got to meet and interact with Elliott on his home turf and see some of the innovation that's going on there.

He's got a turnaround job ahead of him, so I got a front row seat and I'm excited to share it with you guys this hour in a little bit. But Carl, starting on the markets, we're in this shutdown and yet the S&P 500 is really resilient. What's notable today is the politics changing around the world and that reverberating around global markets. There's the US market. Different story in France. We're watching these French bonds, they are sinking, higher yields, the French stock market is under a lot of pressure today. This after the brand new prime minister resigns yet again, just hours after announcing his cabinet, which was sort of rejected. And now France is in political turmoil. It's been in political turmoil really since 2022 I think this is the fifth prime minister. And it's all around the debt. And that's why we're seeing market reactions. They have an unsustainable debt problem and fiscal issues and all the solutions just keep getting rejected. So I think that the question now is what does President Macron do about it? Does he appoint someone else? Does he appoint someone in the opposition? Does he call for legislative elections? Remember, he did that last time. It didn't work out so well. Does he step down? I think there's some real questions and there's some analysts writing about that this morning as well. And then it's unclear where the presidential election would go from there. Look at the French banks. I think they tell the story. The bottom line is weaker growth because they can't figure out what to do about the debt problem. I mean, they have more than 100% debt to GDP. And it's been a political hot potato on how to deal with it.

Carl Quintanilla (3:20)

Yeah, 10-year yield over in France, close to some 14-year highs. That said, I mean, the US is still underperforming the rest of the world by the most since 2009, in part because some markets are red hot and Japan's a good example.

Sara Eisen (3:35)

Japan at a record high, yeah, on politics as well today. So it looks, you know, the ruling party positioned a new leader to become the prime minister. This is the first female prime minister that Japan is going to have, Sanae Takaichi, and she's pro-stimulus. And that's why the Japanese Nikkei is really excited about it. This pro-growth, they're going to spend, fiscal spending, but not so much the bond market, you know, yields are a little bit higher. Bonds are selling off in Japan.