The Exchange

President Trump says Israel did not force his hand to enter the Iran conflict, now in its fourth day. Oil and natural gas prices surge as the Strait of Hormuz effectively closes. Plus, an ugly day on Wall Street as the Dow falls nearly 1,300 points. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Iran conflict enters its third day, and President Trump leaves the door open for American boots on the ground. Natural gas prices soar after the worlds largest producer, Qatar Energy, halts production. Plus, JPMorgan Chase CEO Jamie Dimon on geopolitical risks, the cracks in credit, and deregulation. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Problems are piling up on private equity and credit lenders, and it's spreading to the banks. OpenAI closed a $110 billion fundraising round, rocketing the company's valuation to $730 billion. Plus, the bid for Warner Bros. Discover finally ends with Paramount as the victor, but Wolfe Research says Netflix wins anyway. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nvidia is on pace for its worst day since last April, but Deepwater Asset Management is staying bullish. More than 50,000 layoffs were tied to AI in 2025, but are companies merely using it as a scapegoat for job cuts? Plus, the software stocks Raymond James says are poised for short-term bounce. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Wedbush calls Nvidia the leader in the AI revolution ahead of earnings. Circle surges on strong results, but Mizuho says it's facing two major headwinds. Plus, what President Trump said, and didn't say, in his State of The Union address. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Meta striking a massive deal with AMD, but should Meta be in the chips business? Financials post their worst day since last April, and one technician says the slump will continue. Plus, FedEx is taking the Trump administration to court. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Supreme Court struck down Trump's tariffs, but the president is warning countries to not back off from trade deals. Further AI disruption could lead to another round of software destruction. Plus, Carlyle's Jeff Currie breaks down the other capex cycle quietly brewing. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rising tensions between the U.S. and Iran send oil prices higher. Why Walmart is still set up for a strong year despite falling short on its earnings outlook. Plus, the Wall Street Journal's Greg Ip says the 65 and older crowd owns the economy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Retail investors are passing on Nvidia in favor of other beaten down tech names. The owner of the Empire State Building weighs in on NYC Mayor Zohran Mamdani's new property tax proposal. Plus, Mark Zuckerberg heads to court in one of Meta's most high-profile trials ever. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Netflix allows Warner Bros. Discovery to reopen talks with Paramount after it sweetened its bid for the streamer. Ford's surprise joint venture push. Plus, the bullish case for Amazon despite its near-record skid. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.