Summary

We bring you an exclusive interview with McDonald's CEO Chris Kempczinski where he discusses the company's stock price, current use of AI and the impact of GLP-1s on the business. Then, Okta CEO Todd McKinnon joins to discuss the company's new offerings for AI agents as security concerns grow. Plus, we preview what to expect for President Trump's meeting …

Key takeaways

• Okta is launching an industry coalition with AWS, Google Cloud, Salesforce, and CrowdStrike to standardize AI agent visibility and control, including a kill switch protocol, addressing the core security gap of unknown system connections.
• Memory and semiconductor ETFs (DRAM up ~13%) are breaking out after a 25-35% drawdown wrung out leverage, with Micron earnings seen as the next major tone-setter for the AI infrastructure trade.
• MasterCard Economics Institute forecasts 5.5% US holiday retail sales growth (Nov 1–Dec 24), with AI power users demonstrating broader merchant diversity and earlier purchasing of premium items, signaling AI's measurable impact on consumer behavior.

Why this matters

As AI agents proliferate across enterprise stacks, the convergence of identity security standardization, memory infrastructure investment, and AI-driven consumer behavior represents compounding structural shifts that B2B leaders in tech, finance, and retail must position for now.

Entities

Related reports

• 9AM HOUR: AI-Fueled Nasdaq Records, Meta's "Muse" Momentum, McDonald's CEO Exclusive 9/23/26

  Squawk on the Street

• 11AM Hour: Self-Driving Through Texas, Schneider CEO on Diesel at Record Highs & Chip Stocks Surge 9/21/26

  Squawk on the Street

• 10AM Hour: Steph Curry from Beth Page Black, OpenAI Discloses more ‘Concerning’ AI Behavior, Worst of the AI Sell-off over? 9/17/26

  Squawk on the Street

Show notes

We bring you an exclusive interview with McDonald's CEO Chris Kempczinski where he discusses the company's stock price, current use of AI and the impact of GLP-1s on the business. Then, Okta CEO Todd McKinnon joins to discuss the company's new offerings for AI agents as security concerns grow. Plus, we preview what to expect for President Trump's meeting with Chinese President Xi Jinping tomorrow.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for in

Themes

• agents
• investing