10AM Hour: Nvidia CEO Picks Next Trillion Dollar Company, Robinhood CEO, Early Anthropic Investor on IPO 6/2/26

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Carl Quintanilla (1:06)

Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Cima Modi, live at Post9 of the New York Stock Exchange. Sara Eisen's on assignment today. Coming up on today's show, we'll talk to an early Anthropic investor about the company's move to go public, and we'll hear what OpenAI Sam Altman told David yesterday about the race to the public markets. CEO of Robinhood's with us to talk about agentic trading, prediction market regulation, and a new acquisition opening the door to business in Canada.

And we'll get to what's driving the major moves today for both HPE leading the S&P and Marvell.

David Faber (1:39)

All right, first we have Joltz data just crossing. Rick Santelli has it for us. Rick?

Rick Santelli (1:44)

Yes, David, this is some powerful, powerful data. Job openings and labor turnover known as Joltz. This is an April read, two months in arrears. We're expecting a number around 6.8 million. Wow, way higher. 7,618,000. That's the best since May of 24 Let's call it two years. And the other part of this set is good news. The vacancy rate, which is expected to be 4.2%, jumps up to 4.6%.

The last time we were higher than that, at 4.7%, you guessed it, also May of 24 So this is pretty good news, especially on the week where we're going to have the employment report. The no hire, no fire might be a little bit more hiring and firing as of late. And one other notion I'd like to point out, the 210 spread now, the difference between those two yields is 41 basis points. It hasn't been that small. The curve hasn't been that flat in 14 months. Why? Well, because of the Fed on the short end keeping rates on the high side and on the long end following oil. And remember, the day before the conflict, we settle the tenure at 3.94%.

Maybe we revisit that when the conflict is over. Seema, back to you.

Seema Modi (3:05)

Rick, thank you. Just on the NASDAQ. Now trading positive territory. But let's turn to the two big movers in tech at this hour. HPE with a blowout quarter. Marvell jumping on comments made from Nvidia CEO Jensen Huang. Christina Parsonevel is here to wrap it all up for us. What a day, Christina.

Christina Parsonevel (3:21)

I know. HPE shares, I wasn't expecting. Even after hours, it was up 30 percent, but surging about 24 percent this morning after that historic quarter. The move actually doesn't exist in isolation. So for the past two years, the spending cycle was dominated by hyperscalers. What this crop of earnings is showing is that enterprise demand is now becoming a meaningful contributor, think corporate customers.

If you take a look at the numbers, so starting with HPE server revenue beat estimates by nearly a billion bucks. Dell's traditional server revenue hit 8.5 billion, up 92 percent year over year. Lenovo's infrastructure revenue up 37 percent.

Even with server prices surging, especially with HPE, customers just aren't blinking. I spoke with CEO Antonio Neri just last night, and he said Agentic AI and Inferencing are driving new projects despite these higher prices. Customers are paying more and still coming back for more. Loop Capital thinks this is the front end of a three to five-year growth expansion. But Morgan Stanley is a little more cautious questioning whether this level of enterprise demand can last and whether HPE is actually taking share in the cloud market. Bernstein adds that HPE has now rallied what, 71 percent since May 22nd on par with Dell's 80 percent move. Despite Dell's clear out performance, a lot of the upside may already be priced in the stock. So that is actually more of a consensus across the analyst community. Separately, Marvell also up what, 24 percent today. Call it the Midas touch of the Nvidia CEO Jensen Huang. He took the stage at Computex alongside Marvell CEO Matt Murphy.

Jensen Huang called Marvell essential to the future of AI infrastructure, saying it could be the next trillion dollar company. It still has a way to go in terms of market cap. But Nvidia has also a $2 billion stake in Marvell. Important to note that. Murphy said, the next bottleneck in AI isn't compute or memory, it's going to be connectivity, which is where Marvell plays a role. The shift from copper to optical connect is already underway, and Marvell is completely at the center of that. So it's just another bottleneck within the supply chain, guys.