Squawk Pod: TikTok's US Joint Venture, Wine Trends, and Fed Chair Interviews

TikTok's US Joint Venture Agreement

• 🤝 TikTok has reached an agreement to form a new US joint venture, avoiding a ban in the United States.
• 🤝 The venture, TikTok USDS Joint Venture LLC, will be managed by investors including Oracle, Silver Lake, and MGX.
• 📊 Oracle will serve as the security partner, storing sensitive US data in its US-based cloud data centers.
• 🇨🇳 State media signals indicate Beijing's approval for the deal, with a focus on licensing the algorithm rather than selling it.
• 🇺🇸 The US business will be governed by a new seven-member majority American board of directors.

Wine Industry Trends and Recommendations

• 🍷 The wine industry is experiencing shifts due to tariffs, a growing non-alcoholic beverage trend, and changing consumer habits.
• 📉 Alcohol sales are down across categories, with 54% of Americans now drinking, the lowest in 80 years.
• 🥂 Ray Isle recommends a sparkling wine from the Loire Valley, Gratien & Meer, as an affordable alternative to Champagne.
• 🚫 The non-alcoholic wine category is exploding, with new options like Ramona sparkling rosé offering a tasty alternative.
• 🍇 Some wineries are facing pressure, with reports of 30% of grapes going unpicked in Sonoma County this year.

Fed Chair Candidate Interviews and Political News

• 🏛️ Fed Governor Chris Waller had a "strong interview" with President Trump regarding the labor market and job creation.
• 🏦 BlackRock's Rick Reader is also scheduled for an interview at Mar-a-Lago for the Fed chair position.
• ❌ Fed Governor Michelle Bowman is no longer being considered for the Fed chair job.
• 🗣️ Officials emphasize that interviews focus on broader economic issues, not just interest rate policy.
• 📚 Barack Obama's 2025 list of favorite books includes "1929", written by Andrew Ross Sorkin.

Business and Market Updates

• 🚀 OpenAI is reportedly looking to raise as much as $100 billion, potentially valuing the company at $830 billion.
• 🗓️ The NASDAQ and New York Stock Exchange will not alter trading hours on December 24th and 26th, despite an executive order for government closure.