Squawk Pod: Jennifer Garner & Once Upon A Farm’s IPO - 02/06/26 | Audio Only
Speakers
Joe Kernen — Co-Anchor, Squawk Box
— CNBC Squawk Box co-anchor
Becky Quick — Co-Anchor, Squawk Box
— CNBC Squawk Box host
Andrew Ross Sorkin — Co-Anchor, Squawk Box
— CNBC Squawk Box host
Robert Frank — Wealth Editor, CNBC
— CNBC wealth reporter
Chris Coons — U.S. Senator (D-Delaware)
— Chopping Block co-host
Summary
- Markets are attempting to stabilize after a volatile week, with the Nasdaq and S&P 500 pacing for their worst weeks since April 2025. Treasury yields have retreated, with the 10-year falling below 4.2%.
- Big Tech capital expenditure is a major narrative, with the "Big Four" projected to spend $650 billion on AI infrastructure this year. Amazon specifically disappointed investors by raising its spending forecast to $200 billion.
- Bitcoin experienced a flash crash, dropping nearly 13% to test $60,000 before bouncing to ~$66,000. This volatility has placed pressure on crypto-proxy stocks like MicroStrategy.
- Elon Musk is on track to become the world's first trillionaire, but the composition of his wealth has shifted dramatically from Tesla to SpaceX, raising governance and focus concerns for Tesla shareholders.
Trade Ideas
Bitcoin dropped 13% in a 24-hour period (worst since mid-2022), nearly breaking below $60,000 before bouncing to ~$66,000. MicroStrategy reported a $12 billion loss. The "Trump Trade" crypto premium has evaporated. Bitcoin is currently behaving as a risk asset rather than an inflation hedge. For MicroStrategy, the risk is tangible: their average Bitcoin acquisition cost is $76,000, meaning their holdings are currently underwater, though Michael Saylor claims to have cash reserves for two years of obligations. Bitcoin fell from highs of $125,000 to ~$60,000 (a ~50% draw-down). MicroStrategy's average cost basis is $76,000. Continued volatility could trigger forced selling or liquidity issues for leveraged holders; conversely, institutional adoption could stabilize the price.
Amazon shares are trading lower following mixed quarterly results and a massive increase in capital expenditure guidance. The company raised its full-year spending forecast to $200 billion to ramp up AI investment. Investors are wary of this ballooning cost structure, as Amazon makes up a significant chunk of the "Big Four" tech companies' combined $650 billion projected spend. Full-year spending forecast raised to $200 billion. If AI monetization accelerates faster than expected, the heavy spend could be justified.
Elon Musk's wealth composition has flipped; 2/3 of his net worth now comes from SpaceX (valued at $1.25 trillion), not Tesla. There is a "Key Man" distraction risk. Musk has 80% voting control at SpaceX compared to ~25-28% at Tesla (even with his new pay package). The Tesla board explicitly noted in a proxy that a compensation plan was needed to prevent him from prioritizing other ventures. As SpaceX grows, Musk's financial and voting incentives align more with space/AI than EVs. Musk owns ~43% of the merged SpaceX/xAI. His stake there is worth $540 billion vs. $300 billion in Tesla. If SpaceX goes public or continues to outperform, retail investor interest may shift from Tesla to SpaceX, draining the "Musk premium" from TSLA stock.
Up Next
This CNBC video, published February 06, 2026, features Joe Kernen, Becky Quick, Robert Frank discussing BTC, AMZN, TSLA. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Joe Kernen, Becky Quick, Robert Frank · Tickers: BTC, AMZN, TSLA