A big morning for trade as Treasury Secretary Bessent testifies on Capitol Hill following U.S.-China trade talks in London: Carl Quintanilla, Sara Eisen, and David Faber got the biggest headlines this hour and discussed what it all means for stocks alongside this morning’s better-than-expected consumer inflation print. Goldman Sachs’ Chief U.S. Economist joined the team with his take on the Fed’s next steps here – as rate cut odds rise, and yields fall… Plus: an AI boom or bust? A quick check on the AI trade, and who’s winning the growing arms race – with Meta’s new $14B stake in Scale AI a key focus (along with a new lawsuit out of Disney and NBCUniversal accusing AI image generator ‘Midjourney’ of copyright infringement).

Other top stories: Voyager Technologies going public at the New York Stock Exchange – hear from the CEO of what some are calling “the Berkshire Hathaway of Space” ahead of the first trade; Elon Musk walking back his feud with President Trump – what it means for shares; and a first look at CNBC’s 2025 Top States For Business.

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Carl Quintanilla, Jim Cramer and David Faber discussed the U.S.-China trade talks and what to make of President Trump posting on social media that "OUR DEAL WITH

CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME." The anchors also reacted to May CPI inflation data that sent stocks higher and

bond yields sharply lower. Also in focus: Elon Musk regrets "some of my posts about President Trump last week," Tesla's robotaxi push, Open AI CEO Sam Altman's blog post

about AI's future, sources say Meta to invest $14.3 billion in startup Scale AI, General Motors to invest $4 billion in U.S. production, Nvidia shares moving closer to record highs.

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Cramer details the potential downside for this tech giant. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake

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