The benchmark index crossing 7,800 for the first time ever as new inflation data comes in softer than expected. Plus, early Facebook investor Roger McNamee calls Meta CEO Mark Zuckerberg’s AI manifesto a piece of science fiction. And Anthropic is inking a deal with ERock to power their AI infrastructure. We speak exclusively with ERock’s CEO about the agreement.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

S&P 500 Milestone, Zuckerberg’s AI Manifesto, Anthropic’s Power Deal 8/13/26

The Exchange

You're listening to The Exchange. Here's today's show.

It's down 9% now. It is weighing on the Dow, which is negative. And we'll debate Mark Zuckerberg's manifesto this week calling for the need to open source AI. What would be the implications business-wise of all of that? Plus, are restaurant stocks about to break out? Seems hard to believe anything could rival the AI trade, but Jonathan Krinsky is here to make his case.

But we begin with this move in markets while the S&P is above 7,800 for the first time today. A number, remember, that many originally thought we'd be lucky to hit by year-end. It comes after this morning's producer price data unexpectedly came in flat last month. Despite expectations for a small increase, that does have yields down across the board today, the two-year and the ten-year dropping about six basis points at last check. Charles Babrinskoy is the vice chair over at Ariel Investments, and he's here for our opening exchange.

Charlie, it's great to see you again. Hi, Kelly. Great to see you. Let's see how long I can go without talking about the Lakers. But was that why? Don't go anywhere without talking about the Lakers. It's spectacular news. OK, so I'm watching this, but shares of MSGE were up 11% yesterday. Not, right? So they reported really good numbers. Their adjusted operating income, which adds back depreciation, which is very important for a stadium, was up about 18%.

And the concert business was extremely strong. This is not just about the Knicks having more playoff games. The concert business, Taylor Swift getting married in the garden. The Rockettes did very well. It was a really good year for the concert industry, and that's why MSGE is up so much.

S&P 500 Milestone, Zuckerberg’s AI Manifesto, Anthropic’s Power Deal 8/13/26

Read the full transcript

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

S&P 500 Milestone, Zuckerberg’s AI Manifesto, Anthropic’s Power Deal 8/13/26

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.