The Great Data Center Debate, Apple’s New Era, and Not Swooning in September 9/2/26

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**Kelly Evans** (0:58)
You're listening to The Exchange. Here's today's show.
Thank you very much, Scott. Yields are off their earlier highs after Fed President John Williams tells CNBC he's still in weight and C mode on rate hikes, and stocks are rising for the first session in four today. I'm Kelly Evans, and welcome to The Exchange. We had fresh multi-decade highs for 10-year yields in Japan, the UK., France and Germany today, as our 10-year yield hit 4.81% this morning, its highest since 2023 We'll debate why this is happening now and whether it could get worse coming up. Plus, shares of Dell soaring as much as 12% today, while NVIDIA is leading the Dow and the S&P, as they reportedly near a deal to buy Hugging Face. We'll look at what this tells us about the next phase of the AI trade. And the dam is about to break, or so says one AI expert, saying we're about to see a flood of new high-powered AI models, including from Anthropic, Google, OpenAI, and Grok. We have those details ahead. But let's begin with the latest out of the G20 today, the innovation meeting portion. Treasury Secretary Scott Bessent with some strong words about the general pushback against data centers. Megan Kucilla is down in North Carolina with all the latest. Megan.

**Megan Casella** (2:18)
Hey, Kelly. Hello from Chapel Hill. This is the Commerce Department shot at a G20, the Innovation Summit where tech leaders are here alongside commerce and tech ministers from around the world. And the message here has really been on promoting AI and on promoting really a light touch regulatory approach. And the message here, even when it comes to data centers, is on more freedom for these companies to keep building. Secretary Lutnick told CNBC this morning that on data center criticism, he called it propaganda by our adversaries who want to slow us down. Anthropics Tom Brown was here this morning. He was asked what's the best thing that G20 countries could do who want to participate in AI and he said by far it would be making it possible to build more data centers. He called it clearly the bottleneck to more progress. But that's creating something of a split screen, even within the Trump administration on how to approach this growing political backlash over data centers because it was just yesterday at the G20 finance ministers meeting late in the evening, Treasury Secretary Scott Besson in Asheville with a much different message on these AI companies. Take a listen.

**Scott Bessent** (3:17)
I think that the AI companies, whether it is the builders of the data centers, whether it is the labs themselves, have done a horrendous job, horrendous job of explaining themselves to the American people. I think we need a big reset on this. They're going to have to take some of the blame and they are going to have to convince the American people that all the benefits will not accrue to a small group.

**Megan Casella** (3:45)
Kelly, even in that same press conference, Secretary Bessent was talking about the need for more AI guard rails. Remember, this comes just after President Trump earlier this week was calling data centers the golden goose. So clearly some jockeying still within the Trump administration on the best way to approach this issue.

**Kelly Evans** (3:59)
Anything else, Megan, jump out at you from the leaders, the tech leaders, many of them AI leaders who are gathering down in North Carolina.

**Megan Casella** (4:07)
They've had a pretty unified message on how they want to make sure that there is a light touch regulatory approach and that they want other countries to be following the US and the Trump administration's approach on this, on keeping things sort of lighter touch to make sure that they can keep innovating. Johnson Huang, I caught up with him from NVIDIA on the sidelines of the summit this morning, and he talked about regulating actual risk, but not hypothetical risk. And so making sure that they're allowed to keep going before there are more rules in place. They want to make sure that that's happening here in the US. As well as everywhere else that they want to keep building out.