Carl Quintanilla, David Faber and Leslie Picker explored what&#x27;s ahead for the tech sector in wake of Tuesday&#x27;s sell-off — and ahead of Micron&#x27;s earnings due out after Wednesday&#x27;s close of trading. The anchors also discussed OpenAl and Broadcom unveiling their new custom AI chip, called &quot;Jalapeño.&quot; Brian Sullivan joined the anchors at Post 9 to discuss WTI crude falling below $70/barrel for the first time since the early stages of the Iran war. Seema Mody delivered a live report from inside GE Vernova&#x27;s turbine factory — as the company looks to meet hyperscalers&#x27; demand for AI power. Also in focus: Cerebras tumbles on its first earnings report since going public, Alphabet to replace Verizon in the Dow, FedEx earnings reaction, what Treasury Secretary Bessent told CNBC about economic 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.

9am Hour: Tech After the Sell-Off, OpenAI-Broadcom AI Chip Unveil, WTI Crude Falls Below $70 6/24/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Transcript

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[SPEAKER_C] Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Leslie Picker here at Post 9 of the New York Stock Exchange. Kramer has the morning off. Bulls looking for some stabilization as the COSPI recovers some 3% of that 10% spill. Chips definitely in focus with Cerebras on the tape and Micron tonight. Brent dropping to $75 for the first time since the war began, but gas prices taking their sweet time relative to crude, something that has the president's attention and maybe now the DOJ's. Our roadmap begins with this turnaround for tech. Micron, the best stock on the index ahead of their earnings tonight.

[SPEAKER_B] Plus, shares of FedEx are down. This despite a top and bottom line beat. Weak guidance perhaps is the reason dragging down the company's results.

[SPEAKER_D] And SpaceX trying to stay above its opening price of $150 a share as the Cerebras posts its first earnings report since going public.

[SPEAKER_C] Let's begin with the markets. The tech sector tries to rebound from yesterday's sell-off. Still a lot of discussion, guys, about whether that tumble that we saw in Asia was technical in nature. Some of that unwind, although still a lot of discussion about single-stock leveraged ETFs. And the Qs have had 3% moves, I think, 3 times out of the last 12 sessions, some things you haven't seen in years.

[SPEAKER_D] Yeah, the leveraged ETFs are kind of an interesting phenomenon in this market. Obviously, they've exacerbated and what they do is they can limit liquidity. And especially when these, you know, these leveraged ETFs rebalance toward the close, they can create outsized moves to the upside and the downside. Now, not every stock has one, of course, but the stocks that we've seen having outsized volatility tend to be correlated with those that are— that have some of the...

9am Hour: Tech After the Sell-Off, OpenAI-Broadcom AI Chip Unveil, WTI Crude Falls Below $70 6/24/26

Transcript

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9am Hour: Tech After the Sell-Off, OpenAI-Broadcom AI Chip Unveil, WTI Crude Falls Below $70 6/24/26

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.