Squawk Pod: A chip sell-off, Netflix’s report, & President Xi’s AI pitch - 07/17/26 | Audio Only

Summary

The video covers a chip stock sell-off with analysis from JPMorgan's Hugh Gimber on why semiconductor earnings need hyperscaler capex confirmation to resume their rally. Netflix shares dropped on disappointing guidance, and Joe Kernen expressed a bearish view due to rising competition. Housing data showed a split between surging multifamily construction and weak single family. President Xi pitched China as an open AI partner, while other segments touched on political topics and sports.

• Chip stocks under global pressure; South Korea's Kospi fell 6% overnight.
• Hugh Gimber says semiconductor earnings are solid, but sustainability depends on hyperscaler capex upgrades, making the current pullback a healthy correction to watch.
• Gimber advises an up-quality approach within semis, avoiding mid-tier names vulnerable to Chinese competition.
• Netflix shares fell ~10% after Q3 revenue guidance disappointed; Joe Kernen argues competition and weak content make the stock unattractive.
• Housing starts surged 19% in June, entirely driven by multifamily units, while single-family starts and permits declined amid high mortgage rates.
• Diana Olick reports Collers is bullish on multifamily REITs as rents stabilize and vacancies drop.
• President Xi pitched China as a leading AI partner, advocating open-source models and new global standards.