Carl Quintanilla, David Faber and Michael Santoli explored tech sector weakness: Nasdaq on track for a five-day losing streak as investors dump some of the &quot;Magnificent 7&quot; stocks; Apple coming off its worst day in more than a year after announcing price hikes; Micron gives up some of Thursday&#x27;s big gains after Samsung and SK Hynix tumbled in South Korean trading. The anchors reacted to a published report which says OpenAI is leaning toward delaying its IPO until 2027. The CEO of Onsemi joined the program to discuss the chipmaker&#x27;s $7 billion all-stock deal to buy Synaptics, On&#x27;s &quot;Physical AI&quot; strategy — and why its shares tumbled on news of the acquisition. Also in focus: SpaceX&#x27;s two weeks as a public company, the S&amp;P Equal-Weight index outperforming the S&amp;P 500, Oil prices erase Thursday&#x27;s gains, Apollo co-founder Leon Black arrives on Capitol Hill to testify about his ties to notorious sex offender Jeffrey Epstein.<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: More Tech Pain, OpenAI IPO Buzz, Onsemi CEO Exclusive 6/26/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanilla** (None)
- **David Faber** (None)
- **Mike Santoli** (None)
- **Hassan Al-Khuri** (OnSemi)

## Transcript

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[SPEAKER_12] to the opening bell on CNBC's Squawk on the Street. Don't miss a minute of the action.

[SPEAKER_03] Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Mike Santoli of Post 9 of the New York Stock Exchange. Kramer's off today. Tech volatility in focus yet again. NASDAQ might post its worst week in more than a year as all eight of the largest S&P names are down at least 8% for June. Oil for now choosing to ignore. Iran reasserting its right to control shipping in the Strait of Hormuz and that projectile strike on a tanker near Oman yesterday.

[SPEAKER_03] Our roadmap begins with the tech sell-off raging on as investors dubbed Mag7. Apple and Microsoft among the giants raising prices, blaming this ongoing memory supply crunch. Also, some reports today

[SPEAKER_04] about OpenAI potentially, quote, delaying its IPO. We'll talk about that.

[SPEAKER_02] And we're following a deal in the chip sector on Semi, striking a $7 billion deal for Synaptics in a physical AI push. We'll be joined by the company's CEO later this hour.

[SPEAKER_03] Let's begin, though, with the markets. Tech set to extend yesterday's losses, Mike, as we get all the Mag7 names under the 50-day and most mega caps, ex-micron, let's say.

[SPEAKER_02] For sure. Yesterday, Micron did manage to log a really nice game, but just basically back to Monday's close. So I think you have to take that in some kind of a context of the best quarter you can imagine with probably a big upside surprise to multi-year guidance looking ahead for Micron. It got you to where you closed on Monday. The market's been acting as if it's traveled pretty far out on a narrow branch of what's going to be reliably working in the AI space. We've talked

[SPEAKER_02] over and over about the compa...

9AM Hour: More Tech Pain, OpenAI IPO Buzz, Onsemi CEO Exclusive 6/26/26

Transcript

Built for investment professionals

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

9AM Hour: More Tech Pain, OpenAI IPO Buzz, Onsemi CEO Exclusive 6/26/26

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.