SOTS 2nd Hour: State of the AI Arms Race, CNBC Fed Survey, Trump’s Tariff Plans 1/28/25

After a historical sell-off, Carl Quintanilla, Leslie Picker, and David Faber broke down the latest for stocks with fresh consumer data at the top of the hour. A slew of earnings movers - from General Motors to Royal Caribbean to Lockheed and more – helping drive markets alongside hangover from yesterday’s big moves, with AI names like Nvidia trying to recoup small gains. Senior Markets Commentator Michael Santoli calling the volatility – and sell-off – a healthy response, find out why to start the hour. Plus: more on the future of AI – from what Trump’s tariffs could mean for chip stocks, how private markets are handling this DeepSeek news, why one NYU Professor is calling OpenAI the “WeWork of AI” – and a look at the staggering wealth tech billionaires lost in yesterday’s AI carnage. Also in focus: details on Elon Musk’s new deal with Visa for “X Money Accounts”; Chevron and GE Vernova’s new partnership to power AI data centers; what investors should know about the Smithfield IPO today; results from CNBC’s latest Fed Survey