Squawk on the Street SOTS 2nd Hour: CPI Market Takeaways w/Moody's Chief Economist, All Eyes On Beijing, & Game Over For GME's Ryan Cohen? 5/12/26
May 12, 2026
Gil Luria, tech analyst at D.A. Davidson covering Apple, NVIDIA and semiconductor geopolitics. Eunice Yun, CNBC Beijing correspondent on U.S.-China business and policy. Mark Zandi, Moody's chief economist on inflation and Fed dynamics. They discuss hotter-than-expected CPI, China trip implications for big tech, semiconductor leadership, software earnings shocks, and retail options fervor.
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Nasdaq Rally Is Narrow And Concentrated
- The current Nasdaq rally shows concentration risk with semiconductors and a few mega-cap techs dominating gains.
- Mike Santoli notes the Nasdaq doubled over three years versus the 1998–2000 triple in 18 months, so magnitude differs but narrow leadership is worrying.
Market Breadth Is Still Lagging
- Weak breadth undercuts the S&P 500's all-time highs because fewer stocks are participating in the rally.
- Paul Hickey points out less than 60% of stocks above key moving averages, a pattern last seen 1998–2000.
China Trip Highlights Tech And Chip Tensions
- U.S.–China talks will focus on trade deals and purchases, but AI and chip export controls make semiconductor CEOs' attendance sensitive.
- Eunice Yun and Gil Luria explain Nvidia's Jensen Huang wasn't invited amid limits on advanced chip sales.