Bring in show music, please.

Hi, I'm CNBC producer Katie Kramer.

Today on Squawk Pod.

AI is changing the world and fast, but making it go requires literal infrastructure, data centers,

author and technologist Jared Cohen on the piece of the AI race we don't talk enough about,

but is actually the revolution.

These large language models can be transformative in terms of capturing energy efficiency.

The problem is in the short term, in order to run these large language models, you need a lot of base load power.

And the debate over the Federal Reserve's role in a new Trump administration, and even the central bank's independence.

It's almost heretical. It's almost, it reminded me of religion.

It's such a sacred cow.

As Fed Chairman Jay Powell starts a new phase of monetary policy.

This recalibration, recalibrating, we're recalibrating policy. Recalibration of our policy.

That is supposed to be post-pandemic, post-inflation. President Trump's former Fed pick,

Judy Shelton, says it is time to break through the way things have been.

This idea that an authoritarian president is going to try to browbeat the Fed, when the Fed

made that decision in September,

only one member of the board of governors disagreed,

and it was the first time in 19 years.

Plus, the market moves this November,

Elon Musk's balance sheet,

and filling out the staff directory for the Trump transition.

...