California labor groups are pushing to add a statewide wealth tax on billionaires to the November ballot, setting off a rift among Democrats and drawing backlash from the tech community. Ben Narasin, founder of Tenacity Venture Capital, breaks down the proposal, the response from Silicon Valley, and the political pressure facing Democrat Congressman Ro Khanna, who expressed support for the idea. Then, CNBC’s Courtney Reagan reports on the rising personalization of retail returns and Wedbush Securities’ Dan Ives shares his top AI stock picks for 2026. Plus, metals rebound, President Trump continues his pressure on Fed Chair Jay Powell, and Meta acquires AI developer Manus.

Ben Narasin 10:44

Courtney Reagan 23:49

Dan Ives 29:43

In this episode:

Ben Narasin, @BNarasin

Dan Ives, @DivesTech

Courtney Reagan, @CourtReagan

Joe Kernen, @JoeSquawk

Leslie Picker, @LesliePicker

Michael Santoli, @michaelsantoli

Katie Kramer, @Kramer_Katie

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California Wealth Tax & Top AI Picks for 2026 12/30/25

Squawk Pod

California Wealth Tax & Top AI Picks for 2026 12/30/25