Tech's Rough Ride, Gearing Up for Nvidia Earnings, Tesla Out of the $1T Club 2/26/25

Summary

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Squawk on the Street – Tech's Rough Ride, Nvidia Earnings, and Tesla's Market Value Drop

Date: February 26, 2025
Hosts: Carl Quintanilla, Jim Cramer, David Faber (CNBC)
Podcast: Squawk on the Street
Episode Focus: Tech sector volatility, upcoming Nvidia earnings, Tesla's slide out of the $1 trillion club, and shifts in investor sentiment across major stocks.

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Overview

This episode delivers a real-time, floor-of-the-NYSE breakdown of a volatile period for tech stocks, headlined by anxieties and hopes surrounding Nvidia’s imminent earnings, Tesla’s fading trillion-dollar status, and the resilience (or lack thereof) in other market leaders. The hosts blend investor insights, sector breakdowns, and personal anecdotes, peppered with sharp-tongued industry commentary suitable for active traders and market watchers.

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Key Discussion Points & Insights

1. Market Mood: Tech Volatility and the “Momentum Reversal”

• S&P 500 tries to shake off its first four-day losing streak this year.
  (01:05) Carl Quintanilla:

  "S and P is trying to reverse that first four day loss of the year...some optimism about Nvidia and Salesforce earnings tonight."

• Tech stocks are under particular scrutiny.
• Tesla’s market cap dips below $1T, sparking concern but muted panic.
• Wells Fargo dubs the recent pullback as a “mo-mocap-ellipses” (momentum reversal), suggesting perhaps the worst is behind us.
  (02:09) Carl:

  "Jim Wells calls it the mo mocap ellipse, the momentum reversal which they think is kind of coming to an end."

2. Tesla & “Stonk” Trading Dynamics

• Tesla’s struggles provoke broader worries about high-flying “OG” stocks and their correlation to Bitcoin.
• Algos may be selling off related stocks simply because Tesla and Bitcoin fall together.
  (02:36) Carl:

  “I thought that Barclays note was that terrific.”
  (02:49) David:
  “The piece was so brilliant because it has to do with the zeitgeist ever since the election... there was a trade that went on...and that is reversing...”

• Discussion of Palantir and other “zeitgeist” equities, with how sentiment drives group sell-offs independent of fundamentals.

3. Meta’s Massive Data Center Rumors & Denials

• Rumors swirl about Meta considering a $200B data center project, which would bolster Nvidia demand, but the report is denied by a spokesperson (per Reuters).
  (03:55–12:04): Back-and-forth over the credibility and market reaction to "The Information" report.

  • David Faber:

    “Immediately that in video is going to be up 5 but it’s only up 3. And that’s just about the... workday trade.”

  • Jim Cramer:

    “A spokesperson denied the report...anything on that’s pure speculation. So I don’t even know if I would not say that's a denial, Jim. Typically...that’s prospect they’re not ready to talk about it.”

• Broader theme: Even the hint of such megaprojects drives tech enthusiasm; any wobble chills markets quickly.

4. AI Infrastructure and Energy Tensions

• Utilities like Sempra plunge after concerns that mounting data center electricity needs could provoke higher rates or political backlash.
• California’s regulatory battles, electricity demand, and whether data centers harm ratepayers or are “off-grid.”
• Winners in a tough market: Utility yields dwindle, with standout sectors being healthcare, staples, and real estate.
  (05:03) Jim Cramer:

  “Your point being that, that electricity, that electricity prices may go up as a result of this...”

5. Retail Outperformance: TJX, Consumer Guidance, and Value Play

• TJX beats expectations; discount and value retail thrives despite pessimism.
• Tactile story:
  (06:38) David Faber:

  “This belt is 14 bucks.”
  (06:40) Jim Cramer:
  “It’s beautiful.”

• Coca-Cola and AB Inbev (“Bud”) also noted for resilience.
• Contour Brands (Wrangler) surprises with cautious forecasts, prompting hosts’ confessions of missing guidance signals.

6. Nvidia Earnings Preview: Hype and Risks

• Enormous anticipation, but Blackwell chip shortages and delivery lags tempers expectations.
  (08:29) David Faber:

  “I think Nvidia has to do beat and raise. Traditional beat and raise. The problem is that their major product Blackwell is still hard to get...”

• Explosion in “zero-day” options trading makes Nvidia’s moves even more volatile.
  (10:02) Carl:

  “The straddle is almost 10%.”
  (10:04) David:
  “Yeah, 8%... made it so it’s actually in control of the actual underlying.”

• Discussion on the need for Nvidia to show diversified demand beyond the “five-client syndrome.”
  (41:27) David Faber:

  “You got to get away from this five client syndrome...if it’s just going to Be Oracle and Microsoft and Alphabet, you know, and Meta Tesla. We’re all going to just keep saying are they ordering? Are they ordering?”

7. Automakers: GM’s Big Capital Return & Trade/Tariff Anxiety

• GM hikes its dividend and launches new buybacks to court investors, while the auto sector overall lags.
• Tariff uncertainty (US, Canada, Mexico, China) keeps investors cautious on auto stocks. (16:27) David Faber:

  “GM has been executing rather well. I thought this was a very gutsy move...But I don’t know. We haven’t heard more about the Mexican tariff...The only ones that I feel is definitely etched in stone is the steel from China.”

8. Robinhood’s Evolution and Market Impact

• Jim Cramer lauds Robinhood for maturing away from “meme” status and building serious products for wealth transfer and options trading.
  (23:09) David Faber:

  “The bigger picture of Robinhood is one of great maturity...They have a fantastic 3% IRA match...their options pages are magnificent and really simple.... That’s what Vlad understands.”

9. China’s Rebound and “Billionaire-itis”

• FXI up 20% YTD; big call-outs for Alibaba and billionaire investor temperament.
• Comments on billionaires being both relentless and often negative; host musings about “luck” vs. skill in wealth. (25:49) David Faber:

  “They are relentless and that's an important predictor of success. Money making success.”

10. AI Assistants: Amazon Alexa, Apple, and the Search for Value

• Hopes for upgrades to Alexa, possible new paid models to unlock “real” AI assistant abilities. (29:19) Jim Cramer:

  “There’s some hope around a presentation later today in terms of new functions for Alexa...perhaps a subscription model in some way that gives you more AI functionality.”

• Frustrations with current voice assistants’ limitations; hosts share gripes about incorrect music selections and lack of true “assistant” skills.

• Speculation that Apple is benefiting from being a “free rider” on data center capex (not spending, but stocks outperformed).

11. Energy & Industrial Power: The Data Center Buildout

• Announcement: NRG, Vernova, and Kiwit to build four new natgas power plants to feed escalating data center demand.
  (32:31) Jim Cramer:

  “An announcement this morning between NRG Vernova and Kiwit accelerating new generation capacity...over 5 gigawatts...What’s the power going to be for? You can guess.”

• Broader theme: The AI boom now solidly drives energy infrastructure investment.

12. Tesla Backlash and the Politics of EV Demand

• Talk of buyer's remorse for Tesla and a growing narrative that "liberals aren't buying" Teslas any more. (34:48) David Faber:

  “Liberals are not buying it. David.”
  (34:51) Jim Cramer:
  “Liberals are not buying what?”
  (34:51) David:
  “Tesla?”

• Barclays and Washington Post pieces drive home the shift in Tesla’s market perception.

13. Healthcare/GLP-1 Expansion: Eli Lilly’s U.S. Factory Investment

• Eli Lilly will commit to $27B in new US capital for manufacturing, hoping to meet demand for GLP-1 (weight loss) drugs, expecting 3,000 manufacturing jobs and 10,000 construction jobs. (36:26) David Faber:

  “Right. But it might be this is about the pill form is going to be.”

• Commentary on how facility builds give jobs, but operating data centers and factories employ far fewer long-term.

14. Intuit and Axon: Standout Earnings

• Intuit impresses: “Fantastic” quarter with strong consumer and small business performance.
  (42:52) David Faber:

  “There was a thought that maybe Intuit was not going to make the quarter...but credit karma was magnificent...fantastic situation.”

• Axon (formerly Taser): “Magnificent quarter” and advancement in law enforcement tech via body cameras.

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Notable Quotes & Memorable Moments

• On Meta’s Data Center Denial:
  “…Typically in my experience that's somebody saying that's prospect they’re not ready to talk about it. But it doesn’t necessarily mean that it’s wrong.” —David Faber (11:06)
• On Nvidia Dependence:
  “You got to get away from this five client syndrome...If you have an order book that includes say many countries, that’d be great.” —David Faber (41:27)
• On Tesla’s Waning Enthusiasm:
  “Liberals are not buying it. David.” —David Faber (34:48)
  “Those who have them are letting their leases expire and not buying a new.” —Jim Cramer (34:51)
• On Billionaires and Luck:
  “We never grade them because if they’re billionaires we think that they have to be genius...timing and luck are such an important part.” —Jim Cramer (26:02)
• On Digital Assistants’ Immaturity:
  “Right now she’s dumb as wood. I mean, plywood. I mean, sometimes I argue with her.” —Jim Cramer re: Alexa (30:19)

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Timestamps for Important Segments

• 01:05 — Market overview and NVDA/TSLA sentiment
• 02:22 — Discussion of momentum stock sell-off (“mo-mocap-ellipse”)
• 03:55–12:04 — Meta’s rumored $200B data center, market denial, energy tension
• 06:24 — TJX outperformance, value retail anecdotes
• 08:29–12:49 — Nvidia earnings preview, options frenzy, “not the fulcrum quarter”
• 16:08 — GM’s dividend/buyback move and auto sector uncertainty
• 23:04 — Robinhood’s evolution, platform strengths
• 25:02 — China, Alibaba, “billionaire-itis”
• 29:06 — Alexa upgrades, AI assistant frustrations
• 32:31 — Natgas infrastructure for data centers
• 34:31 — Tesla’s perception shift and cultural politics
• 36:26–37:19 — Eli Lilly’s capital commitment, jobs, and GLP-1 expansion
• 42:52 — Intuit’s earnings surprise and Axon’s technology leap

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Overall Tone and Takeaways

• Candid, fast-paced, and occasionally irreverent: the hosts share analysis intermingled with playful jabs and personal stories.
• Cautious optimism: Amidst concern for tech’s “rough ride,” there’s underlying belief long-term opportunities persist, especially around AI and infrastructure.
• Deep skepticism of hype: Particularly visible around big rumors (Meta’s projects) and faddish groupthink in stocks.
• Macro shifts count: Politics (tariffs, digital taxes), energy, automation, and evolving investor base all interact to shape the new market dynamic.

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Summary prepared for listeners who want a deep, engaging picture of market sentiment, major company narratives, and evolving investment themes – without the noise of commercials or corporate platitudes.

Transcript

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[Carl Quintanilla]

Welcome to Squawk on the Street. I'm Carl Quincean with Jim Cramer. David Faber at post nine of the New York Stock Exchange S and P is trying to reverse that first four day loss of the year and futures do suggest some optimism about Nvidia and Salesforce earnings tonight. House budget resolution narrowly passes. Got a cabinet meeting today. Ten year near four and a quarter. Our roadmap begins with Tech watch though Nvidia shares with some traction ahead of the earnings later this evening. And Tesla seeking a rebound after its market cap tumbled below a trillion plus.

[Jim Cramer]

Meta's latest AI play reportedly talking about a $200 billion a data center project.

[David Faber]

Sorry, I'm just telling you.

[Jim Cramer]

Forget what I just said.

[David Faber]

No, no, Ben Rice has just came out. Listen, it's been denied.

[Jim Cramer]

We're still going to talk about it.

[David Faber]

Denied?

[Jim Cramer]

Really denied? Well look, I mean autos in focus as well. GM raises its quarterly dividend Stellantis. Sorry loss lucid. By the way, CEO's out.

[David Faber]

I know I could video with him again.

[Jim Cramer]

Yeah, we're on.

[Carl Quintanilla]

Let's begin with the markets. Tech is trying to rebound amid this recent weakness in shares of Nvidia and Tesla today. Jim Wells calls it the mo mocap ellipse the momentum reversal which they think is kind of coming to an end.

[David Faber]

I think that's a great call actually. And there's a terrific piece out of about Tesla today and about again. This is about the idea that it's all peaked Tesla related point blank to Bitcoin.

[Carl Quintanilla]

Oh yes, I thought that Barclays note was that terrific.

[David Faber]

And it talks about the OG and Stonk David og. You know what that is Yes, I do.

[Jim Cramer]

What the original gangster.

[David Faber]

That's more than we do young kids. The yes. The piece was so brilliant because it has to do with the zeitgeist ever since the election. Thank you Jason Courts for putting this out that everything's down since the election other than the Dow. But there is a. There was a trade that went on. I had a VLAD 10 of from trade and they were all together and that is reversing I think it's it they start coming down but today's a rear guard day. They're going to make a comeback today and a large part that's because we had some good earnings for some things but I just think it's amazing to be stuck here thinking. You mean to tell me that the Algos told you that if. If Tesla went down and Bitcoin went down you should sell Applovin and you should sell. I don't know we can say any of the ones that you want to talk about but Palantir is front and center. I just didn't want you to make fun of me.

[Jim Cramer]

Well there's no doubt I will.

[David Faber]

That's why I could sort of highlight on my day to the quick on the information.

[Jim Cramer]

Yeah, you did man. Well, you and the information. You just don't like those guys.

[David Faber]

Whatever they.

[Jim Cramer]

I feel like it's not true.

[David Faber]

No. Because last night the story comes out that that is going to spend 200.

[Jim Cramer]

Billion on a new facility and I like the one they're already working on in Louisiana.

[David Faber]

So I think that that. I think immediately that in video is going to be up 5 but it's only up 3. And that's just about the you know the workday trade. You know there were some good quarters.

[Jim Cramer]

Last night by the way the story of the information says they're in talks to build a new data center. They're discussing it but you're right it was and it went made the rounds yesterday in part because it is the kind of thing that the investor base right now which is enormous not just in video but overall those are all and related things want to see it's reaffirming this idea that of course is a deep concern right now is is the money still going to be spent. Everybody thought it would when we were all buying these stocks three weeks ago.

[David Faber]

No, no month ago. And then last night we had this. Yesterday there was this piece from. But there was a sempra got in Trouble yesterday down 20% and read between the lines. I think that it's because California is trying to make a Decision fires climate ratepayer and I think Soto Voce, are we really going to favor the data centers and the companies that are behind them over the repairs? No.

[Jim Cramer]

Your point being that, that electricity, that electricity prices may go up as a result of this and is that going to be something that is certainly politically going to.

[David Faber]

Well, I mean are we going to really give, are we going to let the, the shareholders have the advantage over the people who pay the electric bills? This is California.

[Jim Cramer]

Although many of these data centers as we know are being built with specific power supplies only for the data centers. I was surprised not even using the transmission grid.

[David Faber]

No, you're absolutely right.

[Jim Cramer]

They don't really involve the ratepayers.

[David Faber]

I think the utility holding commission is speaking about all the just tremendous demand and the need to be able to build up and what, what Semper is doing is building up Encore. They're building up Texas and I think you could say they're sliding California. I don't think any is. Jeff Martin is a terrific guy, the CEO, but the stock's down 20%. This utility. The reason I really mentioned is that there's no place to really. There's not a lot of good yielders right now. And Semper had been a good year selling stocks down 20%.

[Carl Quintanilla]

Well, the only ETFs up for the year are health care staples and real estate.

[David Faber]

Isn't it incredible? J and J which had just been bedraggled down the 140. It's been a horse. Coca Cola has been amazing. Amazing.

[Jim Cramer]

Coca Cola.

[Carl Quintanilla]

Coca Cola, yeah. How about able dachshund bud today? Look at buds here.

[David Faber]

Organic growth was good. I was surprised. Now of course they missed a number, but I'm going to talk about a place that David and I like to freak. Frequent, Frequent Cava. Tjx.

[Jim Cramer]

Yeah, tjx.

[David Faber]

You see this? I'm going to show you something.

[Jim Cramer]

Show me.

[David Faber]

This belt is 14 bucks.

[Jim Cramer]

It's beautiful.

[David Faber]

14 bucks.

[Jim Cramer]

Beautiful.

[David Faber]

I had a falcon, a knob, whatever. Falconopla belt for 200 bucks. It broke. I didn't want to come here without a belt sans belt. So I went next door. I got one for 14. People said, well that's nice.

[Jim Cramer]

I know it's great value.

[David Faber]

That's why that stock is up big and that's why the comp stores were up 5. I was looking for plus 3.

[Jim Cramer]

Yep, that's the number right. 64 billion 13 week 4th quarter was the 16.4 billion was the revenue number that was flat. But again, just as Jim just said, comp store sales up 5%.

[David Faber]

Home goods really good overall for the year.

[Jim Cramer]

Just we always, you know we like talk about TJX in part because it's so much larger than Target.

[David Faber]

Thank you for realizing which we spend.

[Jim Cramer]

So much time on.56 billion in annual sales or CARL and 4% comp store sales increase. That's the annual numbers.

[David Faber]

That's amazing. They always low ball the forecast.

[Carl Quintanilla]

I was going to say the comp guide is light. Yesterday I was surprised by contours language saying the consumer is quote under attack.

[David Faber]

I got blown up there. I had them want to introduce the HH purchase and it seemed really great. And I got blown up because I had the. They had preannounced the numbers but they didn't talk the forecast. So I apologize to anyone who watched the report because I didn't know that the forecast was bad. And the forecast as I always tell David is the.

[Jim Cramer]

Is the forecast. Forecast is the forecast. This is what company you're talking about now.

[David Faber]

Contour Brands. Wrangler.

[Jim Cramer]

Oh, Wrangler.

[David Faber]

Remember when you were like in seventh grade? Yeah.

[Jim Cramer]

I never wore Wranglers.

[David Faber]

You never wore Wranglers.

[Jim Cramer]

I never wore Wranglers ever. What did you wear?

[David Faber]

Brionian. You traded down Brioni. Oh yeah.

[Jim Cramer]

I'm in Queens there. Brioni. I wore I don't know, whatever was bought at Alexander's.

[David Faber]

Oh my. The one across the one in 59th.

[Jim Cramer]

Yep. Yes. But there was also one in Queens.

[David Faber]

Yeah. Who knew? Yeah.

[Carl Quintanilla]

So how about Nvidia tonight?

[David Faber]

Okay, look videos really hard. There's a good, good scorecard out today. One of the. One of the firms. But I think Nvidia has to do. Has to do beat and raise. Traditional beat and raise. And I think the problem is that their major product Blackwell is still hard to get. Although Super Micro. By the way, congratulations on not being delicit has been putting a lot in. Remember the problem is and Dell 2hp not as many. The problem is the actual. You have to build them, take them apart and then build them again. That's a very complicated process. And also we have the deep sea. Although I think the gentleman will say, the CEO will say that deep seek is actually good for them. I have been telling people this is not the quarter that is really important because they can't ship in volume. But I don't. The confidence level that I have in this quarter is not as high only because we thought that Blackwell at this point the major version would be out right now. And I remember for instance you have to go back to when intel might be late with a 386 or 46 and there would be a gap and then you had to buy the gap. So what I'm saying is is that if it really gets hit and they indicate that the rest of the year is going to be fine, I think you take advantage of it. But it's got so much. I mean this morning, Frank, they had a guy. The number of it was actually it was Pizzani Robert talked about all the different instruments that are betting on it. And then I talked with Vlad 10 of it. Robinhood. The number of zero day, not the movie. The number of zero day options that are bet on this thing have made it so it's actually in control of the actual underlying.

[Carl Quintanilla]

I think the straddle is almost 10%.

[David Faber]

Yeah, 8%. And what's amazing is is it's actually makes sense. I mean when I was with Vlad, with Robinhood, you don't want the, you know, time degradation. So you can actually put that bet on this morning. And if it doesn't work. Doesn't work.

[Jim Cramer]

It also can be used as a hedge if you're against your existing position.

[David Faber]

There are many professionals who are using zero day one through revenue because they've got the most very active. They got the deepest market.

[Jim Cramer]

Nvidia shares are up though, which I do want to come back to matter. You did not you. You know we had something at the very top talking about this information story where they cite some sources saying that they could spend as much as $200 billion on additional data centers. This is beyond that giant data center they're building in Louisiana. Remember that I've showed you a map of previously because they shared a map and they superimpose it over the island of Manhattan and it takes up a lot of the island. Just to put the size in perspective. This would be an addition but to Jim's point, a meta spokesperson and there's. Oh, I love that.

[David Faber]

Oh God, that's.

[Jim Cramer]

They cut out from Madison Square Garden. I don't know why, but they took over Central park which upset me. I misspoke last week, by the way, in my interview with Safra Katz. I've forgotten it wasn't the Abilene, Texas Stargate facility. This is Meadows facility in Louisiana that is currently under being being built. But this would be an entirely new project that the information is referring to and obviously would be seen as a reaffirmation yet again of their belief that that these the models that are out there and everything that's going to be coming is going to need just an enormous amount of more capacity. Meta said the following. A spokesperson denied the report. This is per Reuters for Reuters. So again not our reporting saying its data center plans and capital expenditures have already been disclosed and anything on that's pure speculation. So I don't even know if I would not say that's a denial, Jim. Typically in my experience that's somebody saying that's prospect they're not ready to talk about it. But it doesn't necessarily mean that it's wrong.

[David Faber]

Not why I regarded their statement as denying the claim of the information. But I'm not going to disagree with you. It's just that I was saying that the reaction to the, the, the information story was very muted because people didn't believe it and now we come out and we have the claim. Look, I have no doubt in my mind and call this is the speech what I speak to you about I'm trying to say this is not the fulcrum quarter is that I think that everyone has to add more of these because you have to keep adding the. Remember, it's a software platform. People don't understand. It's a software pattern that Met is offering that Meta needs that Nvidia has and you can buy more and put them in. And put them in. But I hope that Jensen starts talking about video. I think the major problem is is that he's not communicating the video stories. I'll watch John Ford tonight.

[Jim Cramer]

No, there was big data center conference in Fort Lauderdale earlier in the week.

[David Faber]

Yeah.

[Jim Cramer]

No diminution at least from their perspective in terms of the orders at this point.

[David Faber]

Well, don't you think it was really.

[Jim Cramer]

Mike, again, this is off the Microsoft.

[David Faber]

The one earlier. Microsoft is really the. I felt that one of the stories I felt was that if. Let's say they do have a real dispute with ChatGPT they don't want to be building for ChatGPT. But you did correctly say to me that is still a bona fide union. Yeah.

[Jim Cramer]

They still have a partnership Microsoft but obviously they are now being, I don't know, equaled if not superseded by SoftBank potentially.

[David Faber]

Absolutely. But anyway, let's just leave it like this. I don't want people to say, you know what, we should just trade Nvidia. I just think. I don't think that's the right thing to do because they still are the king of the most important trend out there. But people doubt the trend in part because Microsoft was the chain.

[Carl Quintanilla]

Yeah.

[David Faber]

Not the other people.

[Carl Quintanilla]

Microsoft watch margin but watch margins too.

[David Faber]

There is a story today 71 must do 7071. Yeah.

[Carl Quintanilla]

This Dell piece about the XI server deal with margins in the mid single digits now.

[David Faber]

Well, there is.

[Jim Cramer]

They're very tight on a lot of those big Dell deals.

[David Faber]

Yeah, I think that Michael said before. Michael is the number one. He was the one that was at the GTC conference in the first world. That's the conference last year. Michael I think has great, great confidence that things are are booming. Hp, we're not sure. And then smci. David, I leave it to you.

[Jim Cramer]

I'm not getting.

[David Faber]

Oh, come on.

[Jim Cramer]

Micro.

[David Faber]

Come on.

[Jim Cramer]

No.

[David Faber]

All right.

[Carl Quintanilla]

We're going to get to SMCI regardless who covers it. It is up 20% plus pre market. We'll get to some other movers GM on this buyback and div hike. We'll get to jack in the box 3M. Jim, talk to Hood Intuit Workday Kava in a minute.

[David Faber]

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[Jim Cramer]

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Huh, that sounds easier than I thought.

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[Jim Cramer]

Now where did I put my keys?

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[Carl Quintanilla]

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[Jim Cramer]

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[David Faber]

These are making a comeback, I think.

[Jim Cramer]

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[Carl Quintanilla]

GMs up sharply in the pre market. Automaker hiking its dividend by 25% to 15 cents a share. Authorizing a new $6 billion share buyback. Stock currently down more than 20 20% from the 52 week high. Jim, we got news on Lucid Stellantis, but the S and P Autos are down what? 35 from December.

[David Faber]

And GM has been executing rather well. I thought this was a very gutsy move. Phil had a great story this morning about how important this buyback is, the dividend boost. Obviously dividend is nowhere near as big as Ford, but Ford can't get out of its own way. This is a challenge question group and people just decided, look, the tariffs are going to kill a period, end of story. Because you can't move the engines back and forth and back and forth. But I don't know. We haven't heard more about the Mexican tariff. It's very. The Canadian tariff, very, very important. The only ones that I feel is definitely etched in stone is the steel from China. That's Peter Navarro's issue. David, I don't think that you can own the auto stocks until you know more about the, the tariffs.

[Jim Cramer]

Would you get out of Navarro yesterday during that interview? I mean, what was the larger takeaway in terms.

[David Faber]

It's really interesting. Really should say that because the larger takeaway was missed. It was meant to be a SOP to the Mag 7. It was meant to be. Listen, we're going to protect you from the honeypot that so many people, we wake up all the time and we see, oh, billion dollar fine by so and so.

[Jim Cramer]

All right. It's all about digital. The digital tax services taxes in Europe.

[David Faber]

So Peter thought that it would be welcomed by the tech companies because they're the ones, they've been complaining about it and protect them.

[Jim Cramer]

Right.

[David Faber]

But it did not resonate like that. And I think that one part is because there's like, oh, how about the copper tariff? I mean, there's so many tariffs, you know, I mean they are.

[Carl Quintanilla]

Copper's getting some noise today. FCX is up 5% premarket. You had Daniel Eck over at Spotify tell the EU to hit tick to hit Apple on the digital taxes front.

[David Faber]

I don't know. I just tell you that there's so much that I was lost too. I mean, I talked to Peter a lot and I thought that this was a great idea and it didn't have any relevance or resonance because I think we're also confused about the tariffs. How about the taxes? Should we take up the taxes?

[Jim Cramer]

Tariffs, taxes.

[David Faber]

You know what that is?

[Jim Cramer]

No, I don't.

[David Faber]

Works, brothers. Oh, taxes.

[Jim Cramer]

Fredonia. What are we talking?

[David Faber]

Fredonia? Yeah, I feel like it's. That it's become Fredonia. It's like Fredonia here.

[Carl Quintanilla]

I'm kidding with like Harpo in the side.

[David Faber]

Fredonia. I watched a bizarre video about Gaza.

[Jim Cramer]

And I've seen that as well. I've seen that as well.

[Carl Quintanilla]

Musk eating hummus and Trump and Netanyahu drinking by the pool.

[David Faber]

No. By the way, I thought you noticed.

[Jim Cramer]

They're also bearded men in Hulu skirts.

[David Faber]

But is that an AI generated? Is that.

[Jim Cramer]

Yes, that was an AI generated.

[David Faber]

Is it from the White House?

[Jim Cramer]

An AI generated video that was put out by the President? Sure. Social, I believe.

[David Faber]

It's not hallucination?

[Jim Cramer]

Well, no.

[David Faber]

And.

[Jim Cramer]

Was odd. I think it's fair to say it was somewhat odd.

[David Faber]

I liked your term.

[Jim Cramer]

Thank you.

[David Faber]

No problem.

[Carl Quintanilla]

We'll get Kramer's mad dash and Countdown to the opening bell. Futures still looking to stay constructive here at the Open after a few days of declines. More squawk of the streets. Back in a minute.

[David Faber]

Hey, Fidelity.

[Jim Cramer]

How can I remember to invest every month?

[Fidelity App Advertiser]

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

[David Faber]

Oh, that sounds easier than I thought.

[Fidelity App Advertiser]

You got this?

[David Faber]

Yeah, I do.

[Jim Cramer]

Now, where did I put my keys?

[Fidelity App Advertiser]

You will find them where you left them.

[Carl Quintanilla]

Investing involves risk, including risk of loss.

[Jim Cramer]

Fidelity Brokerage Services LLC.

[Carl Quintanilla]

Member NYSE, SIPC.

[Fidelity Advertiser]

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[Jim Cramer]

All right, let's get to a mad death dash with Jim. We got seven minutes before we get started trading here. Lowe's reports fourth quarter sales and earnings. What do you think?

[David Faber]

Marvin Ellison? Go back and forth with him. This was an excellent quarter, particularly considering rates. Although the rates have come down a little bit. And the lack of housing turnover, which has typically been the key metric. Because when there's housing turnover, you go to Lowe's and you tend to rehabilitate. You make a 10, so you renovate. I was struck by the fact that the numbers were of pro are improving because Lowe's is often thought of as do it yourself. We had good pro numbers from Home Depot, good pro numbers from Lowe's. Something could be on here, David. It is not as bad as feared. These two companies are excellent.

[Jim Cramer]

These two being this nose and Home And Home.

[David Faber]

They're just bringing Allison's fab.

[Jim Cramer]

That was my question. We heard from Home Depot yesterday and.

[David Faber]

Their numbers were good in this environment. Now you got to look, I mean if you look at Home Depot or this, I mean, look, everyone was. There were a lot of short money betting against these. I think that when you have a stock that goes down like this, you should rethink. But I liked. I like them. That's Dan Ives. I've been doing a lot of Dan Ives imitations. Well, I think that. Never mind.

[Jim Cramer]

I know. Well, he's got all his little punk.

[David Faber]

I love Dan Ives super bowl of.

[Jim Cramer]

This and I love Dan that and he's great.

[David Faber]

I put, you know, I post something about my daughter. He immediately reached tweets it within a second.

[Jim Cramer]

All right, but let's get back to Lowe's here.

[David Faber]

All right.

[Jim Cramer]

I mean, you've liked it. You've always like.

[David Faber]

I've always liked. No, ever since Marv came in, right. And I. And the Home Depot team, Ted Decker. Look, these teams, remember, these guys take a lot of share too from the mom. They're still mom and pop hardware stores that they take, of course. And remember, you're. You're betting against now their Christmas season, which is going to be the garden season. Appliances still bad everywhere.

[Jim Cramer]

Conference call just started I think at 9am Yeah, I check in on that.

[David Faber]

Marvin has, he always has a great conference. So I would not worry about it.

[Jim Cramer]

You wouldn't worry?

[David Faber]

No, I would not.

[Jim Cramer]

All right, a lot more movers to get to this morning. And of course you can always catch us any time and anywhere by listening to and following the Stock on the Street Opening Bell podcast. We're right back.

[David Faber]

It's nice to not have to play as much defense. I mean, frankly, in the last administration we're playing a lot of defense. There was an all out assault on not just crypto, but individual retail trading in general with market structure, proposals, predictive data analytics, which is basically an assault on AI and financial services. So now, you know, we're fortunate to have, you know, an administration that wants the US to be number one in AI and financial services and crypto.

[Carl Quintanilla]

That's Robinhood's Vlad 10 up with Jim last night on Mad Money. Jim, you came to their defense, I think.

[David Faber]

Yes, I think that the predictive is very good. And you were thinking about who do you think will win for president and have a deep market on that. Talking about somebody else. Outright gambling. But the bigger picture of Robinhood is one of great maturity and they've Developed a lot of products to be able to Capture the, the 84 to $86 billion being transferred from the baby boomers to the different other generations. They have been able to get clients like the Gamestop clients and then actually take them for many years and then move them up. They have a fantastic 3% IRA match if you go there. I was very impressed. And they're engineers and their site is so exciting. Not in the way it used to be with the balloon, but in terms of like, if you want to understand futures, you want to trade on their site. There are many things that do crypto you want to trade on their site. But their options pages are magnificent and really simple. The other brokerages have really dropped the ball. They don't understand you have to have superior, superior engineering. And that's what Vlad understands.

[Carl Quintanilla]

Do you think it's beyond just the marketing?

[David Faber]

I totally do. I think it's, I think their website is fabulous. They've got so many good things. The gold card is good. They've done many smart things.

[Carl Quintanilla]

It is down 30% in six days. Yes, that's the end of it.

[David Faber]

No, I think you buy it. I think that that's also, it's also part of the, the bitcoin trade because they have of a lot, lot of bitcoin. They do trade a lot of crypto. But I just think it's here for the long term. I think very, very good.

[Carl Quintanilla]

Let's get the opening bell here in the CNBC real time exchange with the big board. It is the New York City Department of Veterans Services and of the NASDAQ celebrating a recent ipo. Ctrl, an advertising services provider in Hong Kong. Speaking of China, Jim, FXI now up 20% for the year.

[David Faber]

And we got a Bernstein piece on Alibaba. I do know that Temper still likes China very much. He obviously had one great call. Those who know Dave know that he was saying this at 90 and then when it dropped to 70, he did something I really love. He bought tons of it. He's one of those, he's one of the few billionaires that doesn't have billionaire itis. He would actually like that you make money. He does not close the door on people who are not billionaires. He does not have billionaire itis which says that you'll never make the money because it's all over. But I made it and I've got a really big house in the Hamptons and I'm looking at that 40, 40 million dollar Bing Crosby house in Hillsborough.

[Jim Cramer]

Right. You've made the point that billionaires tend to be very negative in some way.

[David Faber]

Yes.

[Jim Cramer]

And you think they close the door so because.

[David Faber]

Well, they're always negative and we don't. We never grade them because if they're billionaires we think that they have to be genius. We never think about luck and we just think well they might have had really greatly.

[Jim Cramer]

By the way, it's one of the least favorite things we ever put up is billionaire. As though that implies some sort of great mystic ability to predict anything right when in fact as we all know timing and luck are such an important part. I just think that said, many of them do share one characteristic that I've seen which is they're relentless. Many of them. Relentless.

[David Faber]

They are relentless and that that's an.

[Jim Cramer]

Important predictor of success. Money making success.

[David Faber]

I think you're right and I get. They're tiresome. I do want to point out that people are selling many of them though.

[Jim Cramer]

So many of them.

[David Faber]

Did you listen to Biden's goodbye speech? Yeah, I did hear about oligarchs is actually completely ignored because everyone ignored word billionaires.

[Jim Cramer]

You know how many hundred billionaires there are now?

[David Faber]

Well, fantastic. In the meantime we're seeing a lot of stocks go down that were up. TJX people are taking I think the. The prediction of negative comms seriously. They shouldn't because this is an old game of, of having a very low prediction. I watched Google turn around very quickly and I don't understand that. You know, Alphabet's trading rather erratically and I don't really know what the fundamental.

[Jim Cramer]

You know, listen, we. There was a great concern some time ago now about whether its monopoly in search was going to be assailed by the rise of. Of the chat and the other artificial intelligence chat bots that I. And then that sort of faded as a concern as they both mounted their defense with Gemini and their various efforts given they were ahead in AI obviously with deep think for so many years. But I think a lot of people are using ChatGPT on their phone or GROK or I mean Gemini as well.

[Carl Quintanilla]

Research.

[Jim Cramer]

I'm guess you do wonder whether that is. That is creeping into a view of the, of the. Of the stock.

[David Faber]

I use Chat CBT probably like maybe 50 times a day and do you really?

[Jim Cramer]

Yeah, and I do it voice or text.

[David Faber]

I do a text and. And I'm continually let down by the lack of rigor of what I get.

[Jim Cramer]

You are?

[David Faber]

Yes. I mean I'll say tell me everything you need to know about. I need to know about Bristol Myers and it Won't even have the patent. Cliff doesn't mention the pat. Cliff. Just, oh, they might have a. Some drugs that could be off P. I mean, it just doesn't get the story at all.

[Jim Cramer]

Well, that's a lot to expect, isn't it? Tell me everything I need to know.

[David Faber]

Well, no, I'm, no, I, I, that's, you have to know. The key thing about, I think about all these sites is you have to know how to put the question. I said, give me the pluses and minuses. Mr. Mars was the actual inquiry. And I just find that it's just not rigorous. I mean, you can't rely on it. You have to go to all the different sites. I mean, you know, I go to Claude 3 a lot.

[Jim Cramer]

Yeah, yeah.

[David Faber]

I'd rather go to Claude Range than Claude 3.

[Jim Cramer]

I brought up Relentless a moment ago in terms of at least a uniform characteristic amongst those who've made a lot of money. You know, if you go to relentless.com, i still think you get to Amazon.

[David Faber]

Is that true? I think you still do that tonight.

[Jim Cramer]

I'd have to put it in and make sure.

[David Faber]

But tonight we're going to see about.

[Jim Cramer]

I mentioned Amazon because the stock is up and I think there's, there's some hope around a presentation later today in terms of new functions for Alexa, NASA.

[David Faber]

Right.

[Jim Cramer]

And what even may be a subscription model in some way that gives you more AI functionality. And so by the way, that stock, I mean, we, you know, you can see what it's done over the last year, but take a look over the last few weeks it's been going down.

[David Faber]

I know.

[Jim Cramer]

And this is sort of a rare love Jasiah around, some hope of that.

[David Faber]

They have promised some of us who have complained about Alexa that it's going to be a very useful tool when you come downstairs. I'm very excited about it. I also hope that they clarify that they get it right because there is very little classical music that you can play. If you ask for Beethoven's first, they give you Alfred Brendel doing a concerto. If you ask for the concerto, they give you Mozart. It is so erratic that it's not usable. So I hope they fix that. And they want it to be your personal assistant, which I'd like, because right now she's dumb as wood. I mean, plywood. I mean, sometimes I argue with her. It's like incredible. I wanted to hear west side Story. Right. Well, you know, Marnie Nixon, that's way too hard. You know what's really hard for them? Literally anything Anything involving Cajun music.

[Jim Cramer]

I don't use any of these things but I would like to wake up and be told, all right, what's the weather today? What should you wear? Is subway running on time and you know, make sure you're eating your breakfast by such and such a time so you can make it.

[David Faber]

That will all be in my understanding is that we'll all be in.

[Jim Cramer]

Yeah, yeah.

[David Faber]

Well no, I mean when I ask them directly they think it's going to be your personal assistant and you'll want to pay for it. That's why they, when I said I'm not paying for Alexis she, she doesn't know anything other than that there's a package downstairs and they said no, she will be able to really communicate with you much better that the problem is that it doesn't have. Well basically it doesn't have enough Nvidia and it will also train them their own chips. God love them.

[Jim Cramer]

Well we'll see, we'll see what the announcement entails when we get it. It's only a few hours.

[David Faber]

You know it's wrong so often.

[Jim Cramer]

Say again what's wrong? So which one are we talking about now? Because you just were talking about Chachi.

[David Faber]

Beat being no Chachi. All of these things are in their infancy and they, and they probably needs more Nvidia. I've noticed that Apple's down today. Apple's been the outlier. It's been going up because people feel they didn't spend any on the data center. So they're the free rider that we like.

[Carl Quintanilla]

Well it's the only Mag 7 name Jim within 5% of a 52 week high.

[David Faber]

I could see the stock going lower.

[Carl Quintanilla]

And I like it have as I mentioned Daniel Ek urging the EU to go after them on the digital tax said that their efforts to comply a quote a farce but yeah it's been the most the best behaved of the seven.

[David Faber]

Yeah this is the one I think that I believe the short sellers will go after and target because it's the only one that's still up and you know how short sellers work. Not the app love and short which is I'm trying to get a line on it but just like okay well why that one doesn't deserve to be up and if Nvidia is bad that'll go down. If Nvidia is good it may not impact the stock. It's an interesting short. I'm against it but it's interesting today though.

[Carl Quintanilla]

Financials finally working Consumer discretionary. Finally working Information technology.

[David Faber]

Oh it's a it's a nice day. But it is 937.

[Jim Cramer]

It is only 937. Something else is working. Is G.E. vernova, guys. A name that we focused on in part because of course of the enormous run up around all the enthusiasm again for data centers and most importantly as we say so often, the power behind them and the need for. For so much more.

[David Faber]

Right.

[Jim Cramer]

An announcement this morning between NRG Vernova and Kiwit accelerating new generation capacity. They're Talking about initially four projects totaling over 5 gigawatts of efficient new natural gas combined cycle power plants for the ERCOT and PJM markets. That's good and that's got it going. What's the power going to be for? You can. You can guess.

[David Faber]

Data centers. I had Tom Jordan on last night. I think Tom Jordan is now the dean of the oil and. Oil and gas business. They have a huge steel capital. Oil and gas merged with Simics.

[Jim Cramer]

What's the company now that he runs?

[David Faber]

Kotara.

[Jim Cramer]

Kotarra.

[David Faber]

And they have a gigantic natural gas by the way, a lot of it in Pennsylvania Marcellus and there it's lng. What is the LNG for it for data centers. Well also we're not.

[Jim Cramer]

You're not going to be able to run all of these data centers on renewables. There's no way around.

[David Faber]

Forget wind is big.

[Jim Cramer]

Think about what Musk did with the XI center in Memphis that he built in a record time.

[David Faber]

And not Tesla?

[Jim Cramer]

No, for xi, as I pointed out many times.

[David Faber]

Well, what do you think about the Washington Post?

[Jim Cramer]

My point is it's all powered by natural gas.

[David Faber]

But what did you think about the Washington Post story about Musk? That.

[Jim Cramer]

Which one?

[Carl Quintanilla]

Well, today there's a seven byline piece about the amount of government subconscious subsidies and credits that that one built his empire. They, they put it at $38 billion.

[David Faber]

He's become a Works Progress Administration for journalists. Musk. But the piece I said, I mean.

[Jim Cramer]

I think we could do two hours a day, not one hour. I'm hoping I'm upping our Musk double.

[David Faber]

Do you think Jensen would feel slighted?

[Jim Cramer]

I don't care.

[David Faber]

How about Alex Korp? You don't think he's worth.

[Jim Cramer]

They can all come on.

[David Faber]

The book tour might be over.

[Jim Cramer]

You can come on the show, but you can only come on Detective. Talk about Edelman.

[David Faber]

The Barclays Tesla piece and then the Washington Post piece is very exciting and a lot of the Barclays piece they reiterated neutral. Well but I think the underneath there is a belief that wish they had been more stated about it. Liberals aren't buying the car.

[Carl Quintanilla]

Well, obviously I think that's pretty clear.

[David Faber]

Liberals are not buying it. David.

[Jim Cramer]

Liberals are not buying what?

[David Faber]

Tesla?

[Jim Cramer]

No. And those who have them are letting their leases expire and not buying a new. Getting a new right. Well, I think that's fair to say.

[Carl Quintanilla]

Well again, Washington Post yesterday did a piece on buyer's remorse. The hashtag Swastikar Deplorian. I mean it's all over the place.

[David Faber]

Yeah, look I But they have to switch the narrative very quickly, you know, to Humanoids. Right? Well he switched the.

[Jim Cramer]

He switched the narrative already.

[David Faber]

Well no, they meaning us. The they us.

[Carl Quintanilla]

The street.

[David Faber]

The street.

[Jim Cramer]

They just have to follow.

[David Faber]

You have to just say it's a tech company. Forget about all that.

[Jim Cramer]

Other fundamentals don't matter.

[David Faber]

No. Sales don't in the Barclays piece say.

[Jim Cramer]

Well, no, they seem to be asserting themselves.

[David Faber]

Well, I thought that was a great line. They said fundamentals at least matter a little.

[Jim Cramer]

Yep. A little.

[David Faber]

Little.

[Jim Cramer]

Guys, yesterday we saw pharma in particular one of the areas of strength.

[David Faber]

Yes.

[Jim Cramer]

In the market.

[David Faber]

You really are going.

[Jim Cramer]

I'm going Lilly. I knew the other way except for Lilly which is not up up a great deal. That's about a half a percent. But the news is their their expectation to add 27 billion to their US capital expansion commitment. They are going to be building new plants for new manufacturing plants in the US and that was at a point press conference as well. They just shared this news. Of course as you might imagine a lot of that is going to be used to produce I would assume although I don't want to jump to conclusions Jim. GLP1.

[David Faber]

Right. But it might be this is about the pill form is going to be.

[Jim Cramer]

In play to write oral at some point will be an application for getting your GLP1s. Right now you can obviously only do.

[David Faber]

It through a shot now it is.

[Jim Cramer]

Yet another company that is.

[David Faber]

You have.

[Jim Cramer]

To say Ingratia itself for the Trump administration which values any and all announcements having to do with the addition of capital for manufacturing here in the United States. Whether it was already anticipated, already planned in part but is part of of an announcement or is in fact actually new here they say capability build these plants over the next five years create more than 3,000 jobs and 10,000 construction jobs.

[David Faber]

They're buying doing more in Indiana. I know David said he's going to put more in Indiana. Of course the home home court there for them. Yeah. Jacobs Engineering, Jacobs Solutions. Excuse me have been doing it by that. That's real time.

[Jim Cramer]

Yes, right now. Real time at this press conference. And again, that is, you know, something we see a lot of these days. Carl and nobody else who like to take the stage make sure that they're in the good graces of the administration in terms of saying things.

[David Faber]

This is the.

[Jim Cramer]

And again, the Apple announcement from earlier in the week. Although once we really passed the gym, a lot of it was already.

[David Faber]

Well, okay.

[Jim Cramer]

Much of it, not all of it. Okay, then the question is how many jobs. Like we talk about, data centers, which are being built all over. The Journal has a story today, not really news. Once you get a data center up and running, there's not a lot of people who work there.

[David Faber]

No. I went to a fountain. I went to an intel foundry in Jerusalem and there were, with once, the.

[Carl Quintanilla]

Sabbath, five people there.

[David Faber]

No, no one. No one's allowed to work on the Sabbath.

[Jim Cramer]

But it was still open and running, right? Yeah, that's the foundry making chips. Data centers obviously, as well. It's full of servers. You got some people there have to monitor things.

[David Faber]

Everybody knows that.

[Jim Cramer]

Not require a lot of employment. The building of them, though, does. And there's obviously a lot of construction work.

[David Faber]

Ireland put one up, fully knowing that there'd be very few people in it. But they wanted the construction jobs. Why not? Construction jobs were hard to come by at that point.

[Carl Quintanilla]

Meantime, the Alcoa piece in the Journal yesterday, Jim, warning that tariffs will cost 100,000 jobs, and then are going on to argue that it's not going to prod them to reshore anytime soon.

[David Faber]

Well, I think that's one of the big problems is the. The only company that is really in a position and they don't really have something in Mexico is Nucor. They can build because Nucor's got the best capital structure. Nucor's fantastic. And it's been hurt. It's been hurt by Chinese steel coming through Mexico.

[Jim Cramer]

Yeah.

[David Faber]

And if they could cut that off, Nucor, I think, could put even more plants up. They. They put up plants in their ecosystems. They'll put plants where there are no plants, so to speak. That guy's dusting crops where there are no crops.

[Jim Cramer]

While we're still waiting. Yeah. On U.S. steel now, I got nothing for you on whatever you're talking about.

[David Faber]

Jeff Probst.

[Jim Cramer]

What about him? What does he do?

[David Faber]

Ain't got nothing for you.

[Jim Cramer]

Oh, really? Is that what he said? I don't. I haven't watched that show.

[David Faber]

New Yorker said it was the greatest show of all time. He has two Emmys. He doesn't even know who Jeff.

[Jim Cramer]

I know he is. I know. It's Survivor, right? Yeah. But I mean, I watched the first season and that was the end of it.

[David Faber]

I knew you watched Traitor.

[Carl Quintanilla]

Who?

[David Faber]

Never mind. He probably. He probably thinks it's a show about, like, Arbitrage.

[Jim Cramer]

Wait, is it on what?

[David Faber]

What?

[Jim Cramer]

What streamer?

[David Faber]

Is it on another network?

[Jim Cramer]

Another.

[David Faber]

Another company.

[Jim Cramer]

Another company. Do you watch any of the hit shows on Peacock there, Jim?

[David Faber]

It's another company. I tend to watch companies that I'm closer to them.

[Jim Cramer]

I love when I get a little smile out of car. Just a little.

[Carl Quintanilla]

I think there's like 90 new shows coming to Peacock next week.

[David Faber]

Well, great. Who knew that?

[Carl Quintanilla]

Yeah, 90, I think between movies and shows. Yeah.

[Jim Cramer]

You know what? It's going to turn the tide.

[Carl Quintanilla]

Well, let's hope.

[Jim Cramer]

Yeah, let's hope.

[David Faber]

How about the fact that Noah Oppenheim is behind. No, I hired Noah in 2000.

[Carl Quintanilla]

No way.

[David Faber]

Yeah. He's the greatest. One of the greatest guys. He's just sensational. It's so great that he's getting some credit.

[Carl Quintanilla]

Jim, a lot of consumer names. We got Kava, we got Jack, we got cart.

[David Faber]

Yeah.

[Carl Quintanilla]

Down 10. Free market.

[David Faber]

I think Kava is interesting because when they reported the number, the stock was down 12. And then it rallied when they was on Squawk Box up three, and now it's down three. But I do think that, remember, this is a day everyone's going to be focused on Nvidia. But that does not bring out buying. It brings out selling.

[Carl Quintanilla]

This kind of points to the language we got out of Contour Wrangler yesterday.

[David Faber]

God, the contour just bothers me so much. The guidance was the guidance.

[Jim Cramer]

Guidance to the guy. Back to Nvidia for a second. What do they have to do for the stock to go up?

[David Faber]

They have to show gross margins stable to going up. They have to say that they have a great order book and they have to say the Black. That I would love to hear that Ruben's ready.

[Jim Cramer]

Rubin is the next one after Black, not Michael Rubin.

[David Faber]

It's not a fanatic.

[Jim Cramer]

Understood.

[David Faber]

But. But they're both in Philadelphia. But I do think you need to hear not only. Not only is there. No, Jim, you know, from deep seat. It has created a whole new market.

[Jim Cramer]

Right.

[David Faber]

And they need to get away. If you really want to know the truth and something I've emphasized to them. You got to get away from this five client syndrome.

[Jim Cramer]

What does that mean?

[David Faber]

Well, you can't just. If it's just going to Be Oracle and Microsoft and Alphabet, you know, and Meta Tesla. We're all going to just keep saying are they ordering? Are they ordering? If you have an order book that includes say many countries, that'd be great. And then we have to worry about whether Peter Navarro is going to let them have.

[Jim Cramer]

Right. Whether he's going to cut them out from even being able to sell the lower end chips to China. That said, your point on the sovereigns building their own capacity is important as well.

[David Faber]

But if you look at the 18 countries that that Biden said were friends, it eliminates many, many countries that would like to have sovereign AI.

[Carl Quintanilla]

And that was part of Nadella's rap as well that the overbuild comes not just from corporates but from sovereigns.

[David Faber]

If I were Nadella, I would be saying what he did because I need the price of, of these things knocked down from 35, 40,000. You need to get them down to 25,000. If you get discounting a Blackwell then there's just going to be a wholesale. That would be, that would. But I think Nadella is trying to talk it down like no, that was like when you go to Carvana. Like no, I'm going to pay 22 exactly. 22,000 is my price, not 24.

[Carl Quintanilla]

As we go to break watch bonds as well. We will get a seven year note auction today after the two and the five got pretty well received earlier in the week. We'll get new homes in about 12 minutes and then Bostic at noon. Stay with us. Time for Jim and stop trading.

[David Faber]

There was a thought that maybe Intuit was not going to make the quarter. So we're worried about Global Business Solutions. Consumers only up 3% but credit karma was magnificent. 16% dividend boost. Morgan Stanley goes hold to buy. Fantastic. Just fantastic situation. I like those guys very much and I think people, people really misjudged. There's their small business is still very strong in this country.

[Carl Quintanilla]

Does it pivot much around the IRS and easy filing tools, anything like that?

[David Faber]

Great question. But they managed to be able to kind of avoid that by making it really much more small business. And wow. I mean having used it as a restaurant owner, it's a really extraordinary. It's powerful product. Yeah, it makes it for easy, easygoing. You put up a chart just a second ago which talked about what stocks were up the most. The second one was Axon which is the old Taser but actually has now a fantastic system involving body cameras and being able to make it so you don't have to sit there and type reports after and they had a magnificent quarter. And by the way, one of the best conference calls I heard in a long time. Rick Smith is fantastic and he will be on Mad Money tonight and so will Saul. Benny up and Benioff used to be the subject of all talk, but now it's Nvidia overshadowing Mark, which is really hard to overshadow.

[Jim Cramer]

Do they have any. Is there any news or just coming on the quarter? Oh, it is the quarter.

[David Faber]

Yeah.

[Jim Cramer]

Well, I didn't know, sorry.

[Carl Quintanilla]

What's the line on the quarter right now?

[David Faber]

The line on the quarter has been mixed other than Agent Force, which is the one with Matthew County. I think it's better than mixed but the stock has started to better a little bit.

[Carl Quintanilla]

It's an important day, Jim.

[David Faber]

Yeah, really important day. And I just urge people to not write off tech if it's not good today because tech has been pressured for weeks. Except for Apple.

[Jim Cramer]

Apple's down today though.

[David Faber]

Well, Apple sure. Versus the rest of the group. That's the trade that people are putting. Let's watch Lily too.

[Carl Quintanilla]

Yeah, for sure.

[David Faber]

Now if they talk about pill, remember RFK Jr is against vaccines and needles. RFK Jr is much more open minded than people say. Although he's got involved in that Merck lawsuit.

[Jim Cramer]

Not so sure about that.

[David Faber]

What?

[Jim Cramer]

Not so sure about that?

[David Faber]

No, no, no. I'm not saying that he's in favor. I'm just saying.

[Carl Quintanilla]

Let's hear him, Jim. We'll check in with you hopefully many times today and tonight. Mad Monday, 6pm Eastern Time. When we come back, Eli Lilly's David Ricks who just announced that you company's U.S. expansion plan. We'll talk to him. With the dow now up 105, you've.

[Jim Cramer]

Been listening to the opening hour of CNBC's Squawk on the Street.

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[Jim Cramer]

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