6/16: Can Intel and Qualcomm Be Friends (Really)?

The most important thing in tech today is …

The CEOs of Intel and Qualcomm, together on the same stage*, talking chips and vision. (OK, I put an asterisk there because we’re doing this thing as a remote event, but still. They’ll be in the same live space.)

Yes, it’s more than a bit self-serving to say that the CNBC Events session that I’m moderating is the most important thing happening in tech today, but after considering the alternatives, I honestly think it is.

Not long ago, Intel and Qualcomm were sworn enemies. Intel ruled the PC era; Qualcomm rose in the smartphone era. Each coveted the other’s kingdom, and sent legions of lawyers forth to do battle.

The moments are rare when you see once-bitter rivals share a spotlight; we remember Gates and Jobs at the D Conference in 2007, Satya Nadella using a MacBook on stage at a Microsoft developer conference in 2013. Those moments were important for more than just the visual; they signaled that one battle was waning and another was gaining steam. Think about it: In 2007 it was far from clear that Apple would become the most valuable tech company in the world, and that Microsoft would continue to botch the shift to mobile for a few more years. But Jobs and Gates together on stage signaled that the desktop operating system fight no longer mattered much. In 2013 it was far from clear that Satya Nadella could make Microsoft relevant again in the cloud and AI era, but his demo with a MacBook declared that “Windows Everywhere” was no longer the driving philosophy of the company’s developer outreach.

Today at 1 p.m. ET, incoming Qualcomm CEO Cristiano Amon and Intel CEO Pat Gelsinger will join me onstage at CNBC Evolve Global Summit (Register here). It’s not clear how well each leader will do in his vision to expand his kingdom using 5G and foundries. But this means each CEO believes he can expand his lands without laying siege to the other’s castle.

Coming up today on CNBC’s TechCheck, 11 a.m. ET / 8 a.m. PT …

Rajeev Goel, Pubmatic CEO

While you were sleeping …

Indices in Asia were mixed. U.S. index futures are flat ahead of Wednesday’s session.

Oracle shares were down 5% in extended trading Wednesday morning after the company offered lower quarterly revenue guidance than expected as it plans to increase capital expenditures to support cloud computing workloads. The guidance came on Oracle’s earnings call after the enterprise software maker issued better-than-expected earnings and faster revenue growth than last quarter. CNBC

Tech industry critic Lina Khan to chair the Federal Trade Commission: Axios

A closer look at the bills in the House of Representatives that target consumer tech giants: Stratechery

In the broader world …

The European Union decided on Wednesday to add the United States to its safe travel list, meaning it will be easier for American citizens to take a vacation in one of the 27 member states, two EU sources have confirmed to CNBC. CNBC

After three straight weeks of declines, mortgage demand came crawling back, thanks to a drop in interest rates. CNBC

China said Wednesday that retail sales rose 12.4% in May, missing expectations despite government efforts to boost spending and a major holiday during the month. CNBC

On the horizon …

Adobe earnings, 6/17

I’m listening to …