Squawk on the Street SOTS 2nd Hour: AMD Sinks on Results, Treasury Secretary Bessent Testifies on Capitol 2/4/26
8 snips
Feb 4, 2026 
Scott Bessent, U.S. Treasury Secretary testifying on regulation and financial stability. Lisa Su, AMD CEO, on results and AI/data center trends. Stacey Rasgon, Bernstein semiconductor analyst, on chip cycles and market positioning. They discuss AMD's guidance hit, AI-driven memory demand, regulatory tailoring for community banks, and heated Capitol questioning on tariffs and policy.
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Divergence Between Compute Leaders And Suppliers
- NVIDIA and other CPU/GPU leaders have paused after big runs while memory and semi-cap names surged.
- Rasgon expects a catch-up trade for NVIDIA as ramp data and reports arrive.
AI Is Soaking Up Memory Capacity
- Memory supply is very tight and HBM demand for AI consumes far more wafer capacity per GB.
- Rasgon warns limited clean-room space means capacity expansion will take years, supporting higher prices.
Use Bounces To Trim Software Risk
- Expect a mean-reversion bounce in software after heavy AI-driven selling, but be ready to sell into any rally.
- Truist's Keith Lerner recommends using rebounds to pare concentrated software positions.