As Wall Street remembers former Federal Reserve Chair Alan Greenspan, Squawk on the Street examines the parallels—and key differences—between today’s market enthusiasm and the era that gave rise to Greenspan’s famous &quot;irrational exuberance&quot; warning. Plus, SpaceX shares pull back again, but one analyst is becoming even more bullish, raising his price target despite the selloff. And Apollo President Jim Zelter joins the show to discuss the massive financing needs behind the AI boom and where private capital sees the biggest opportunities in the next phase of artificial intelligence growth.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

10AM Hour: Irrational Exuberance: Then and Now. SpaceX Pulls Back Again, Apollo’s President on AI Funding Boom 6/22/26

Squawk on the Street

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**Podcast:** Squawk on the Street

## Transcript

[SPEAKER_A] This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

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[SPEAKER_D] Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Ison with Carl Quintanilla and David Faber. We are live, as always, from Post 9 of the New York Stock Exchange. Coming up this hour, SpaceX shares under pressure again to start the week, coming off of two negative sessions in a row, but still up sharply from the IPO. We'll talk to an analyst who just raised his price target, says the stock is a buy. Plus, a big exclusive interview ahead with the Apollo Global Management President Jim Zelter with his thoughts on funding the AI infrastructure buildout. And we'll, of course, get to the latest on Iran as the US authorizes a temporary license for Iranian oil sales. But guys, in honor of the maestro Alan Greenspan, who passed away at the age of 100, I wanted to talk about his most famous quote, which is irrational exuberance. Remember, in 1996, he warned of the markets basically getting ahead of themselves, potentially from the fundamentals. Here was the speech that really made history. How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? And how do we factor that assessment into monetary policy? We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs, and price stability. But we should not underestimate or become complacent about the complexity of the interactions of asset markets and the economy, thus evaluating shifts in balance sheets, generally and in asset prices particularly must be an integral part of the development of monetary policy. I read it in full because I think it's relevant to what we are going through today. And a lot of people, you know, if he gave this speech today, I think a lot of people would be wondering if the AI trade is irrational exuberance. No...

10AM Hour: Irrational Exuberance: Then and Now. SpaceX Pulls Back Again, Apollo’s President on AI Funding Boom 6/22/26

Transcript

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10AM Hour: Irrational Exuberance: Then and Now. SpaceX Pulls Back Again, Apollo’s President on AI Funding Boom 6/22/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.