SOTS 2nd Hour: Softbank Sells Nvidia, Market Vet Ed Yardeni, & The Pulse of the AI Trade 11/11/25

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Sara Eisen (1:00)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live for you as always from Post 9 of the New York Stock Exchange. As for stocks, they're coming back from an early morning dip. The S&P 500 are almost at the flat line. The Dow is higher. Keep in mind bond market is closed for Veterans Day. So we're not showing you treasuries. Today, the NASDAQ is coming off its best day since May as the AI trade tries to build on yesterday's rebound. Does the rally have more room to run from here? We'll discuss. Plus Softbank reporting a nearly $20 billion gain for its Vision Fund in the most recent quarter, but also revealing it sold its entire stake in Nvidia. We'll have the details for you this hour, along with more on what results out of Coreweave are telling us about the AI ecosystem, a share slide following the numbers there.

Carl Quintanilla (1:45)

Let's begin with the developments in DC to end this government shutdown. Senate lawmakers did pass a bill to fund the federal government through January. It now goes to the House. Our Emily Wilkins is tracking every move and has more on what comes next. Morning again, Emily.

Emily Wilkins (1:57)

Good morning, Carl. Well, yeah, look, the House seems ready to pass this bill tomorrow afternoon. House members have been told to be ready to vote by 4 p.m. And while House Democratic leadership is urging its members to vote, no, remember, this is the House, so Republicans can just go ahead pass this bill on their own. Now, once it does pass the House, attention is going to turn to whether Congress will be able to extend those Affordable Care Act tax credits that have helped keep health care costs low for millions of Americans. You have that handful of Senate Democrats who voted to reopen the government. They are confident that there is a deal to be had here with Republicans. But a group of Senate Republicans who met yesterday on the credits, they left talking about larger reforms, the Affordable Care Act, that includes finding ways to bolter HSAs and FSAs. Republican Senator Eric Schmitt said part of the goal will be to find a way to limit the funds that go to insurance companies.

SPEAKER_6 (2:53)

There's a lot of people talking about stuff, but listen, we got a lot of work to do that isn't just centered on the Democrats' idea of what subsidies for insurance companies look like. Because remember, this is tens of billions of dollars that go directly to insurance companies, and they pocket the profits. Premiums haven't come down. So Obamacare, like I said, is fundamentally flawed.

Emily Wilkins (3:14)

Thune promised Democrats that they will get a vote on a bill to extend the tax credits of their choosing in mid-December, and we're going to be following what they come up with. Guys?

Sara Eisen (3:25)

When do we get the data, Emily?

Emily Wilkins (3:27)

Sara, that's such a good question. There is some of the data we know that we likely will be getting soon, stuff that just has been ready to go, honestly, for more than a month now. I think the question is for a lot of these bureaus, the folks who usually collected the data, they have been furloughed, and so now they might be coming back, and so that means we might be getting some good numbers as far as going into November. But for October, there is going to be some data that just might not show up or might show up at a much lesser quality than we're used to seeing, just because there wasn't anyone around to collect it for that entire month.

Sara Eisen (4:02)

Okay, thank you, Emily. Emily Wilkins with the Latest in Washington. Since there's no official government data, you know we are digging into everything else we're getting, from the private sector, from the alternative sources. Let's start with NFIB. We got small business optimism and it came down a little bit this month, but the uncertainty index really came down, which actually is a pretty decent sign, even in the face of the government shutdown. We did see a big drop. The uncertainty index falling 12 points from September to 88 and was the lowest reading of this year, though NFIB notes still historically high. There's the uncertainty index.