Podcast Summary: Squawk on the Street (September 12, 2025)

Overview

This episode of Squawk on the Street broadcasts live from the New York Stock Exchange and on location at Corning’s plant in Harrodsburg, Kentucky. The focus is on Apple's manufacturing shift to the U.S. with exclusive interviews featuring Apple CEO Tim Cook and Corning CEO Wendell Weeks. The hosts (Carl Quintanilla, Jim Cramer, and David Faber) also dissect breaking market news, including the Paramount/Warner Bros. deal speculation, OpenAI’s corporate restructuring, IPO trends, and key movers in tech and finance.

Key Discussion Points & Insights

1. Apple’s U.S. Manufacturing Push and New Product Launches (01:09–06:35, 35:01–39:12)

• Tim Cook Interview: All iPhones and Watches with U.S.-made Glass

  • Apple confirms a $2.5B commitment to Corning’s Kentucky plant; all new iPhone and Apple Watch glass will be U.S.-made.
  • Major marker for revitalizing American manufacturing.
  • Quote:
    • “Very soon, for the first time ever, every single new iPhone and every single new Apple Watch sold anywhere in the world will contain cover glass made in Kentucky.”
      — Tim Cook [01:09]

• New iPhone Features: Design, Battery, and ESIM

  • Focus on thinner, lighter design and improved battery life due to ESIM-only models.
  • Emphasis on engineering — “It’s like you're holding the future in your hand.” (Tim Cook, [04:14]).
  • Live translation capabilities in AirPods Pro 3, enhanced hearing help, and improved active noise cancellation.
  • Quote:
    • “Live translation: if you’re talking in one language and I’m talking in another, it will translate for us so we can communicate. And it’s absolutely incredible.”
      — Tim Cook [05:50]

• Manufacturing & Community Commitment

  • Corning’s CEO Wendell Weeks discusses tripling factory output for Apple, sustained innovation, and multi-generational workforce.
  • “We actually built [the Kentucky plant] in the ‘50s ... we view it as our job to keep working with great customers like Apple ... we’re committed to the community and the people.”
    — Wendell Weeks [36:10]

• Celebratory Tone and Real-World Significance

  • Jim Cramer expresses excitement: “This is one of the most exciting shoots I have ever done… This is made all over the world for this and for this. And that's going to end. It's all coming here.” [02:04]
  • Pride in American manufacturing: “I'm not being jingoistic here. I am being proud. This is an amazing place and these two marvelous companies together have created something that I think is very different…” [37:59]

2. Tech Industry & Data Centers: Corning’s Broader Role (09:07–10:41, 39:12–39:57)

• Corning plays a crucial role in the data center ecosystem, beyond smartphone glass—including fiber optics and partnerships with Nvidia.
• Quote:
  • “Corning’s a remarkable stock because it is deep into the data center and yet people rather own every other thing—plumbing, air conditioner. Maybe they should own Corning for the data center.”
    — Jim Cramer [09:07]

3. Paramount–Warner Bros. Acquisition Rumors and Media M&A (10:41–18:34, 41:59–45:47)

• Paramount prepares a (mostly cash) bid for Warner Bros.

  • Cash is essential due to leverage at both companies; a stock-heavy deal is a “no go.”
  • Discussion on regulatory hurdles and likelihood of attracting bids from tech giants (Apple, Amazon, Netflix).
  • Board’s preference for cash, complexity of spinning off segments (e.g., cable networks), speculation on future auction processes.
  • Quote:
    • “A price … in the low 20s? Is that something that will get the attention of Warner Brothers’ board? Certainly would seem to be… But it would be potentially significantly dilutive given the amount of cash that would have to come into Paramount…”
      — David Faber [11:23]

• Ellison Family’s Approach

  • Paramount’s controlling family (Ellisons) can move quickly: “Larry Ellison can do whatever he wants … but there’s not a great economic return one would expect.”
    — David Faber [19:57]

• Shifting Value Perceptions in Media

  • TV assets seen as more valuable than expected, but cable networks still seen as a weak spot.
  • “A lot of people thought media was left for dead ... are the big bosses wrong? TV’s worth a little more than we thought.”
    — Jim Cramer [44:42]

4. OpenAI's Capital Needs and Partnership Restructuring (24:49–34:20)

• OpenAI needs massive capital ($300B to Oracle, Broadcom, Apple, etc.); questions about future funding.
• Announcement of a tentative new structure: a nonprofit paired with Public Benefit Corporation, with $100B equity stake.
• Shifting dynamics with partners: Microsoft no longer the primary “most important” partner; SoftBank ascendant.
• Interdependence with Microsoft Azure—possible implications for Azure’s growth if OpenAI’s role changes.
• Quote:
  • “We also got some news on that new structure. The Open Air nonprofit will be paired with an equity stake in the Public Benefit corporation — that's what OpenAI will become ... about 20% …”
    — David Faber [31:28]

5. IPO Market Trends and Crypto Developments (26:17–29:14)

• Strong IPO pipeline: ~140 IPOs YTD, up 50% YoY; Klarna and Gemini (crypto platform) highlight the diversity of new listings.
• Commentary on the “renaissance moment” for IPOs, with Goldman Sachs leading the Dow performers.
• Crypto’s mainstream embrace: “Crypto’s had obviously a real renaissance over the last year, certainly being embraced by the current administration in a very major way.”
  — David Faber [26:17]

6. Market Sentiment & Correction Fears, Bank Performers (27:32–30:07)

• Goldman Sachs and JP Morgan leading Dow gains; skepticism over whether this signals a new wave of IPOs.
• Host debate on valuation multiples: “The financials are still well behind [other sectors] as they have been ever since 2009.”
  — Jim Cramer [28:26]
• JP Morgan's market cap nearing $1 trillion, reflecting confidence in major banks.

7. Macro: Fed Watch, S&P and Nasdaq Performance (29:14–30:07, 30:07–32:44)

• S&P is up ~12% YTD, Nasdaq stronger still; four all-time highs in eight sessions highlighted.
• JP Morgan's trading desk suggests the upcoming Fed decision could be a "sell the news" event, but the consensus favors only a minor correction (<5%).
• “Could have a 1 or 2% correction. I don’t know where they could be much more. Unless the President comes out on True Social and says that the Dow's overvalued and I don't think he's going to do that.”
  — Jim Cramer [29:36]

8. Miscellaneous Company Move Highlights (23:16–24:49, 39:57–41:03, 49:15–49:45)

• Micron: Big moves due to high bandwidth memory demand for data centers, not just consumer semiconductors.
• Adobe: Earnings beat, but stock pulled back; most gains are driven by price increases, not customer growth. Analysts focused on “seat shrinkage” risk with AI automation.
  • “Seat shrinkage is the story. Those—that’s the operative term you’re going to be hearing...”
    — Jim Cramer [41:30]
• Tesla: Up 15% for the month despite lack of concrete news, speculation about autonomous and robotics potential fuels optimism.
• RH (Restoration Hardware): Acknowledged difficulty in furniture segment amid housing-related tariffs and discounting.

Notable Quotes & Memorable Moments

• Tim Cook on Product Revolution & Kentucky Plant:
  “It’s so light. It’s like you’re holding the future in your hand.” [04:14]
• Wendell Weeks on Legacy and Innovation:
  “We built the very first gorilla glass ... 17 years ago, right in this factory. And now we’re going to dedicate 100% of this factory, triple its production.” [36:38]
• Jim Cramer’s Market Cynicism and Pride:
  “I'm not being jingoistic here. I am being proud. This is an amazing place…” [37:59]
• David Faber on Paramount–Warner Bros. Deal Structure:
  “It would be potentially significantly dilutive given the amount of cash that would have to come into Paramount…” [11:23]
• Cramer’s Trade Humor:
  “They’ll probably go to jail. Spend some time thinking about maybe zero day options in jail.” [44:42]
• On IPO Resurgence:
  “It’s a renaissance moment. And I think, I feel like I’m the only one out there who believes.”
  — Jim Cramer [27:04]

Timestamps for Important Segments

• Apple & Corning US Manufacturing Announced: 01:09–06:35
• Paramount/Warner Bros. Bid Speculation: 10:41–18:34
• Corning’s Data Center Relevance: 09:07–10:41
• OpenAI’s Funding & Structure: 24:49–34:20
• IPO and Crypto Market Trends: 26:17–29:14
• Markets, Banks, Fed Discussion: 27:32–30:07
• Adobe Earnings Analysis: 40:04–41:30
• Cultural Color & Show Wrap: 47:17–49:47

Overall Tone & Takeaways

The tone is energetic, proud, and occasionally irreverent—reflecting the excitement of new product launches, the return of critical supply chains to the U.S., and significant shifts in tech and media industries. Jim Cramer’s on-site enthusiasm, paired with the hosts’ skeptical, investor-focused questioning, keeps the discussion lively and informative.

Listeners are left with a sense that the market is in a period of transformation—American manufacturing is staging a comeback, dealmaking remains frenzied, and the long shadow of emerging technologies (AI, data centers, and cloud) continues to shape industry fortunes.

For more: Tune in to CNBC’s “Mad Money” at 6PM ET for Jim Cramer's extended interview with Apple’s Tim Cook and Corning’s Wendell Weeks.