Name: Squawk Pod: Treasury Sec. Bessent: a deal with Iran - 08/04/26 | Audio Only
Uploaded: 2026-08-04T17:23:01+00:00
Duration: 2957 s

Speakers

Alex Karp — CEO, Palantir

Joe Kernen — Co-Anchor, Squawk Box

Scott Bessent — Treasury Secretary

Evan Spiegel — CEO, Snap

Becky Quick — Co-Anchor, Squawk Box

Summary

Treasury Secretary Scott Bessent discusses the US-Japan coordinated intervention to strengthen the yen and hints at an imminent Iran deal to reopen the Strait of Hormuz, sending oil prices sharply lower. Snap CEO Evan Spiegel touts strong earnings, free cash flow inflection, and his vision for Snap's AR glasses. A clip from Palantir CEO Alex Karp argues the best way for enterprises to deploy AI ethically is to buy Palantir.

Bessent details joint US-Japan yen buying, expects yen to strengthen on policy path.
Iran deal to reopen Strait of Hormuz could come within days, promising oil price relief.
Oil prices drop over $3 during the interview; Dow futures surge 500 points.
Bessent says the "K-shaped economy is over" and sees real wage gains for bottom quartile.
Snap beats on earnings and revenue; subscriptions and free cash flow accelerate.
Evan Spiegel unveils long-term vision for Snap's Specs AR glasses as new computing platform.
Alex Karp argues Palantir's application layer is the ethical way for enterprise AI adoption.
Joe Kernen defends Exxon and Chevron profits as reasonable and beneficial to shareholders.

Ideas

Alex Karp CEO, Palantir 4:00

Buy Palantir for ethical enterprise AI.

AI models have distilled value from enterprise intellectual property. The ethical and best way to deploy AI is through an application layer on your own compute where you control the model. Palantir provides that layer, and buying and installing Palantir is the best way to achieve enterprise AI success. The company just beat estimates, commercial revenue more than doubled, US government revenue grew 90%, and full-year guidance was raised.

Joe Kernen Co-Anchor, Squawk Box 8:18

Oil majors' profits fair; buybacks reward shareholders.

Chevron and Exxon are making reasonable profit margins (Exxon ~8.8%) and have been operating refineries at 96-98% capacity to keep fuel prices from spiking higher during the Middle East war. Capitalism rewards shareholders who risk capital, and these companies return cash through buybacks and dividends. Political attacks on their profits ignore how vital they are to energy stability, and any pushback that causes them to slow production would harm consumers.

Scott Bessent Treasury Secretary 12:18

Long yen on coordinated intervention, policy path.

The US and Japan conducted a coordinated intervention to support the Japanese yen, which is substantially undervalued. Japan is expected to implement policies to normalize the currency, and the US is highly optimistic about that policy path. The intervention signals to speculators that leaning on the carry trade will result in losses, and the yen should strengthen back to a normal equilibrium price, stabilizing the region.

Scott Bessent Treasury Secretary 24:09

Short oil; Iran deal opens Strait.

A deal with Iran to reopen the Strait of Hormuz may be announced today or tomorrow, after Iran's air force, navy, and missile production capability were largely destroyed. The reopening will free hundreds of ships waiting to transit, leading to a big relief trade that will settle energy prices, fertilizer, and industrial gases significantly lower.

Evan Spiegel CEO, Snap 41:32

Long Snap; free cash flow, specs future.

Snap delivered a strong quarter with accelerating advertising conversions (+56% YoY), free cash flow inflecting to offset dilution and strengthen the balance sheet, and direct subscription revenue growing 85% to over $300 million. The company expects to convert 7-12% of its 970 million users to paying subscribers over time. Its Specs augmented-reality glasses represent a new computing platform with first-mover advantage and an ecosystem of hundreds of thousands of AR developers, positioning Snap for sustainable long-term growth.

Squawk Pod: Treasury Sec. Bessent: a deal with Iran - 08/04/26 | Audio Only

Summary

Ideas

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