Squawk Pod: European Leaders in DC, Industrial Policy Debate, and Gemini IPO

Ukraine Peace Talks and Security Guarantees

• 🇪🇺 European leaders, including Ukraine's President Zelenskyy, are meeting with President Trump in Washington D.C. following his talks with Vladimir Putin.
• 🤝 The core discussion revolves around crafting NATO-like security guarantees for Ukraine that are acceptable to both Ukraine and Russia.
• ⚠️ A key challenge is creating guarantees strong enough to deter Russia without drawing NATO into direct conflict.
• 🌍 European nations are concerned about the US potentially withdrawing from the peace process, emphasizing the need for continued American involvement.

Industrial Policy and Chip Sales to China

• 🇺🇸 Senate Democrats are urging President Trump to reconsider allowing U.S. chip companies like Nvidia and AMD to sell AI chips to China, citing national security risks.
• 💡 A debate is underway regarding a potential government stake in Intel and its implications for U.S. industrial policy and national security.
• 🆓 Some argue for a free-market approach, citing the success of the internet age, while others believe targeted industrial policy is necessary for semiconductor manufacturing and national security.
• 🇨🇳 Concerns exist about China's growing influence and control over critical technologies like AI chips.

Gemini IPO and Cryptocurrency Markets

• 🚀 Cryptocurrency exchange Gemini has filed for an IPO, aiming to list on the NASDAQ under the ticker GMI.
• 💰 Founded by the Winklevoss twins, Gemini supports over 70 cryptocurrencies and operates in more than 60 countries.
• 📉 The company reported a net loss of $280 million on $69 million in revenue for the first six months of 2025.

Federal Reserve and Economic Outlook

• 📊 Investors are awaiting the Federal Reserve's annual symposium in Jackson Hole, Wyoming, where Fed Chair Jay Powell is scheduled to speak.
• 📉 The speech is anticipated to provide clues on the Fed's new policy framework and the possibility of interest rate cuts in the near future.
• 🏠 Key earnings reports from retailers like Home Depot, Target, Lowe's, and Walmart are also expected this week.