Citi moving to market weight on tech in the third quarter and returning to barbell positioning with large growth and small value. Big Technology’s Alex Kantrowitz calls OpenAI’s reported suggestion the government take a 5% stake in the startup an “incentive misalignment nightmare.” Plus, Deepwater’s Gene Munster declares the EV winter of the past two years over.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bringing Back the Barbell, OpenAI’s Government Proposal, and Winter is Ending 7/2/26

The Exchange

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[SPEAKER_B] Before we had AT&T business wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14-point turn to get back on route. A 14-point turn! An influencer even livestreamed the whole thing. Not good for business. Now with AT&T Business Wireless, routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

[SPEAKER_C] AT&T Business Wireless.

[SPEAKER_D] Connecting changes everything.

[SPEAKER_C] Thank you very much, Scott. Stocks are mostly lower now after job growth was short of expectations this morning. It's the tech lagging again, though.

[SPEAKER_E] That's the story of markets today.

[SPEAKER_C] The Nasdaq down more than 1% and the Dow still green. I'm Kelly Evans and welcome to The Exchange. Our market guest is among those reducing his tech exposure and expecting this market rally to keep broadening out. We'll talk to Drew Pennant about that in a moment. Plus, OpenAI has reportedly proposed giving the U.S. government a 5% stake in the company. The arrangement would involve similar moves by other companies, too. Our guests think this deal is either cynical or nonsensical. Alex Kantrowitz and Sam Lesson weigh in ahead.

[SPEAKER_F] And that blowout Tesla number.

[SPEAKER_C] Gene Munster says the EV winter is over. So why are the shares selling off? They're down 8% now. That's also coming up this hour. But let's begin with the markets where the first half leadership in tech seems to be giving way to a broader rally.

Bringing Back the Barbell, OpenAI’s Government Proposal, and Winter is Ending 7/2/26

Read the full transcript

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

Bringing Back the Barbell, OpenAI’s Government Proposal, and Winter is Ending 7/2/26

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.