Squawk Pod: Super Bowl ads & GLP-1 competition - 02/09/26 | Audio Only
Speakers
**Andrew Ross Sorkin** — Co-Anchor, Squawk Box
— CNBC Squawk Box host
**Becky Quick** — Co-Anchor, Squawk Box
— CNBC Squawk Box host
**Kevin Hassett** — Director, National Economic Council
— NEC Director
**Dr. Scott Gottlieb** — Former FDA Commissioner / Board Member (Pfizer, Illumina)
— fmr FDA Commissioner
Summary
- Japan's Supermajority: The ruling Liberal Democratic Party secured a supermajority in a snap election, sending the Nikkei to record highs above 56,000 and strengthening the Yen.
- GLP-1 Crackdown: Hims & Hers (HIMS) paused its compounded weight-loss pill following FDA pressure. Dr. Scott Gottlieb suggests the FDA's referral to the DOJ indicates potential criminal/civil enforcement, not just a warning.
- AI Productivity Boom: NEC Director Kevin Hassett argues the economy is in a productivity boom similar to the 1990s, driven by AI and tax policies allowing capital expensing. He specifically notes this benefits industrials like Caterpillar.
- Vaccine Sector Headwinds: Dr. Gottlieb warns that venture capital is pulling back from new vaccine development due to a hostile regulatory environment and skepticism from the CDC advisory committee.
Trade Ideas
Scott Gottlieb
Former FDA Commissioner; Board Member (Pfizer, Illumina, UnitedHealth); Partner at NEA (Venture Capital)
0:48
Hims & Hers (HIMS) paused sales of its copycat weight-loss pill after the FDA and Novo Nordisk (NVO) threatened action. The stock dropped ~15.8%. Novo has filed a lawsuit seeking damages and a permanent ban. Gottlieb explains that HIMS claimed to use a "liposomal" delivery system to mimic Novo's patented oral absorption technology. If true, this technically makes it an "unapproved new drug," not just a compounded copy. The FDA referred the case directly to the DOJ, which is highly unusual; typically, the FDA sends a warning letter first. A DOJ referral implies the regulator is seeking an immediate injunction or seizure of products. Novo Nordisk spent ~$1.8B acquiring the specific technology to make oral semaglutide absorbable. HIMS attempted to bypass this with a novel formulation without going through the drug approval process. HIMS could theoretically settle, though Gottlieb views them as a "bad actor" unlikely to secure partnerships with big pharma.
Hassett identifies a "productivity boom" driven by AI and tax policies, specifically highlighting Caterpillar (CAT) as a major beneficiary. He also defends Salesforce (CRM) against fears of AI displacement. * CAT: Trump's tax policies allow companies to fully "expense" capital equipment immediately. This incentivizes heavy machinery purchases. Combined with AI-driven efficiency, profits for industrial firms are expected to skyrocket. * CRM: Despite fears that AI agents will replace software platforms, Hassett argues that large incumbents hold the critical data and deep client relationships. Clients will not abandon trusted platforms for raw AI models immediately. Hassett cites 4% GDP growth projections and a 50-80% productivity increase for software engineers using AI tools. A "jobless recovery" where productivity skyrockets but labor demand falls, potentially causing social/economic friction.
Andrew Ross Sorkin
Co-Anchor, Squawk Box
Japanese Prime Minister Sanae Takaichi and the Liberal Democratic Party secured a "supermajority" (more than two-thirds of seats) in the snap election. Political stability and a strong mandate allow the government to push through economic policies without gridlock. Markets hate uncertainty; a supermajority removes it. The Nikkei jumped 3.9% to a record high above 56,000 immediately following the victory. The Yen has strengthened ~3.5% YTD against the dollar. Global economic slowdown affecting Japanese exports.
Up Next
This CNBC video, published February 09, 2026, features Scott Gottlieb, Kevin Hassett, Andrew Ross Sorkin discussing HIMS, NVO, CRM, CAT, NIKKEI, JPY. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Scott Gottlieb, Kevin Hassett, Andrew Ross Sorkin · Tickers: HIMS, NVO, CRM, CAT, NIKKEI, JPY