Summary

Novartis CEO Vas Narasimhan joins to break down the company's latest earnings report as they return to sales growth. Then, we bring you comments from President Trump as he meets with the President of Lebanon at the White House. Plus, we break down the details of Alphabet's three new Gemini models it released ahead of earnings tomorrow. Squawk on the Stree…

Key takeaways

• Citi's Scott Kronert argues the 'Magnificent 7' framework is obsolete as a market indicator, replaced by a broader 'growth cluster' representing ~55% of the S&P 500 and 70% of expected earnings growth, driven by AI infrastructure CapEx.
• Novartis CEO Vas Narasimhan flagged China's pharmaceutical innovation surge as more consequential to the biotech sector than AI, urging the U.S. to streamline clinical trial infrastructure rather than block Chinese competition.
• Private wealth flows into alternative asset managers may have bottomed in May, with a 51% month-over-month fundraising jump in June, though publicly traded alts like Blackstone remain down double digits year-to-date amid ongoing redemption pressure.

Why this matters

For B2B investors and strategists, the convergence of AI CapEx uncertainty, shifting pharma innovation geography toward China, and recovering but fragile alternative asset flows signals a critical inflection point in portfolio construction and sector allocation heading into H2.

Entities

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Show notes

Novartis CEO Vas Narasimhan joins to break down the company's latest earnings report as they return to sales growth. Then, we bring you comments from President Trump as he meets with the President of Lebanon at the White House. Plus, we break down the details of Alphabet's three new Gemini models it released ahead of earnings tomorrow. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for ad

Themes

• google-ai
• investing