FILE PHOTO: A Broadcom logo and a computer motherboard appear in this illustration taken August 25, 2025.
Dado Ruvic | Reuters
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Here are five key things investors need to know to start the trading day:
1. Chip types
The S&P 500 and Dow Jones Industrial Average surged to new closing highs yesterday as investors dove into old-economy and blue-chip stocks. The Nasdaq Composite sat out of the rally, as an 11% drop in shares of Oracle catalyzed the latest wave of worry about artificial intelligence spending.
Here’s what to know:
- Oracle shares snapped a seven-day win streak and notched their worst day since January, as the company’s earnings left traders questioning the company’s AI investments.
- That left a bad taste in investors’ mouths on AI more broadly, with key players such as Nvidia, CoreWeave and Micron also sliding in Thursday’s session.
- But as AI stocks faltered, investors put money to work in more cyclical names like financial institutions and insurance providers.
- This morning, shares of Broadcom are down nearly 6% before the bell despite the company beating expectations on both lines yesterday.
- The semiconductor company told investors that it expects its current-quarter AI chip sales to double from a year ago. It also revealed that its mystery $10 billion customer was Anthropic.
- Hundreds of miles from Wall Street, President Donald Trump last night signed an executive order establishing a single national regulation standard for AI that curbs states’ regulatory power.
- Follow live markets updates here.
2. Turning a new leaf
A customer shops in a Lululemon store on April 03, 2025 in Miami Beach, Florida.
Joe Raedle | Getty Images
Another day, another CEO departure: Lululemon announced yesterday that CEO Calvin McDonald will step down at the end of January. He will be replaced in the interim by two executives while the Canadian retailer searches for a permanent successor.
Lululemon reported better-than-expected earnings for the third quarter, but, as CNBC’s Gabrielle Fonrouge notes, the company has been underperforming for more than a year. Shares of the athleisure retailer are up more than 9% this morning.
Costco also surpassed Wall Street’s forecasts for its first quarter, boosted in part by e-commerce growth. The warehouse club said Black Friday was a record-breaking day for its digital business.
3. Wish upon a bot
Disney CEO Bob Iger and OpenAI CEO Sam Altman appearing on CNBC on Dec. 11th, 2025.
CNBC
Mickey Mouse, meet ChatGPT. Disney announced a $1 billion equity investment in OpenAI yesterday. Under the agreement, users on OpenAI’s Sora video platform will be able to make content that features the entertainment giant’s copyrighted material — including more than 200 characters across the Disney universe.
Disney CEO Bob Iger told CNBC that the deal gives the company “a way in” to AI and will help it further reach younger consumers. OpenAI CEO Sam Altman said there will be limits on how Disney characters can be used in Sora videos.
Yesterday also marked OpenAI’s 10th anniversary. CNBC’s MacKenzie Sigalos takes you through the company’s transformation from a small, nonprofit research lab to the booming business it is today.
4. Tanking plans
A satellite image shows the very large crude carrier (VLCC) Skipper, which British maritime risk management group Vanguard said was believed to have been seized on December 10, as well as another vessel, off Port Jose, Venezuela, November 18, 2025.
Planet Labs | Reuters
After the U.S. seized a tanker off Venezuela’s coast, a White House official told CNBC yesterday that Trump is willing to do it again. White House Press Secretary Karoline Leavitt also said that the tanker will be taken to a U.S. port where the oil it carried will be seized.
CNBC’s Lori Ann LaRocco found that the tanker in question, identified as the “Skipper,” had hid its location on multiple occasions since last year. Data suggests it has carried sanctioned oil from Iran and Venezuela since 2022.
5. Fiber optics
Smartfood Fiber Pop and Sun Chips Fiber snacks.
Source: Pepsico
Mover over, protein. Fiber is increasingly stealing the spotlight as shoppers focus on their gut health.
Data shows 22% of consumers listed high fiber content as a top-three factor when shopping, compared with 17% four years ago. On social media, the kids are calling it “fibermaxxing.”
As a result, companies such as Coca-Cola and Nestlé are rolling out fiber-focused drinks, CNBC’s Laya Neelakandan reports. PepsiCo also told CNBC that it’s planning to launch high-fiber versions of Smartfood and SunChips next year.
The Daily Dividend
Here are some stories we’d recommend making time for this weekend:
— CNBC’s Sean Conlon, Jordan Novet, Tasmin Lockwood, Jennifer Elias, Kif Leswing, MacKenzie Sigalos, Gabrielle Fonrouge, Melissa Repko, Ashley Capoot, Kevin Breuninger, Spencer Kimball, Lori Ann LaRocco, Justin Papp, Eamon Javers and Laya Neelakandan contributed to this report. Josephine Rozzelle edited this edition.
