Bank of America reminds investors that “open source” AI models don’t mean “free,” and that concerns about memory stocks are overblown. With $77 billion in AI related-debt raised in June, should investors prepare for another credit boom/bust cycle? Plus, the Pentagon asks for $67 billion in immediate funding as the war in Iran drains coffers.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

No TAM Troubles, The Debt Debate, and a Defense Deficit 7/21/26

The Exchange

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[SPEAKER_B] You're listening to The Exchange. Here's today's show. Leslie, thank you very much. Chips and crypto names are powering the markets higher today, along with a raft of earnings movers. I'm Kelly Evans, and welcome to The Exchange. Shares of 3M are soaring 9% and leading the Dow. The company had better than than expected earnings and revenue, raised guidance, and is becoming an AI play as it deploys optical technology to customers like Microsoft. Meantime, Cisco, they are now debuting a low-cost AI model. Yes, Cisco. Could that be another OpenAI killer? We have those details in a bit. And of course, we're watching shares of SpaceX popping about 6%, 7% now today as Elon Musk warns short sellers that their survival probability betting against the company is very low. But let's begin with the rebound in semis today, up 5.5% now. Now, though still down about 13% from their June highs amid a raft of cheaper AI models and cheaper Chinese component makers.

No TAM Troubles, The Debt Debate, and a Defense Deficit 7/21/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

No TAM Troubles, The Debt Debate, and a Defense Deficit 7/21/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.