How is Wall Street valuing software companies in the age of artificial intelligence? Twilio CEO Khozema Shipchandler discusses the changing software landscape, AI adoption, and how his company is positioning itself for the next wave of growth. Plus, Meta’s former head of news warns about the growing challenge of ensuring AI-generated information is accurate. And Apollo in focus as investors submit redemption requests from one of its private credit vehicles, raising fresh questions about liquidity and the risks facing the industry.<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: Twilio CEO, AI’s Accuracy Problem, Apollo Face Private Credit Withdrawal Requests 6/23/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Sara Eisen** (CNBC)
- **Carl Quintanilla** (CNBC)
- **Twilio CEO Kozima Shipchandler** (None)
- **Campbell Brown** (Forum AI)

## Transcript

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[SPEAKER_09] Good Tuesday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live as always from Post 9 of the New York Stock Exchange. Technology stocks are tumbling today with major declines for the chips and AI related names. We'll talk with tech analyst Ben Reitzis about the carnage right now. Plus, software is outperforming this morning as the money rotates in back into that sector. We'll talk to the CEO of Twilio as they ring the bell to mark 10 years as a public company.

[SPEAKER_09] Also, SpaceX just turning positive after briefly dipping below its first trading price on IPO day. What's behind all this volatility that's ahead? And it is one of the final Supreme Court opinion days of the session. We're still awaiting a potential decision on President Trump's authority to fire Fed Governor Lisa Cook. We'll bring you any headlines as soon as we get them.

[SPEAKER_09] Look, guys, tech is firmly in focus today. And there are questions about how much is overdone when it comes to the AI trade and the tech trade. Barclays, interestingly, out defending the rally, defending the tech trade, raising their forecast on the S&P 500. And just wanted to give you a snapshot of what's happened with earnings expectations in this very hot sector. So at the beginning of the year, going into the year, semiconductors were thought to grow earning 66 percent.

[SPEAKER_09] Today, the expectations for earnings growth this year is 127 percent for this group. And then you see it trickle down from there. The tech hardware and storage, you know, the Dells and the Super Micros, 39 percent earnings growth this year expected. And that's more than double what we thought just going into the year. Obviously, software, it's been a story the opposite direction. And so same with IT services, the Accentures of the world. But that is a...

10AM Hour: Twilio CEO, AI’s Accuracy Problem, Apollo Face Private Credit Withdrawal Requests 6/23/26

Transcript

Built for investment professionals

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

10AM Hour: Twilio CEO, AI’s Accuracy Problem, Apollo Face Private Credit Withdrawal Requests 6/23/26

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.