9AM Hour: $1T Micron and the "Green" Chips, Goldman Ups S&P 500 PT to 8,000, SpaceX IPO "Fast Entry" 5/27/26

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Carl Quintanilla (1:06)

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. Market continues to roar on this continued chip rally. Micron's up another 6 plus percent pre-market. Goldman becomes the latest desk to hike its year-end S&P target to 8,000. Brent tumbles below 95 as Iranian State TV says they do have a draft of an unofficial MOU that could result in horrible boost traffic returning to pre-war levels. Our roadmap begins with Micron though, they are rallying again a day after joining the trillion dollar club. One firm is saying Chibs still have more room to run.

David Faber (1:39)

Keep an eye on shares as well of cyber security company Zscaler this morning. They are down sharply ahead of the open. Dragging down other names such as CrowdStrike and Palo Alto that have similar businesses. Also keep an eye on Lululemon. It reaches a settlement with its founder Chip Wilson. That ends a nasty proxy battle that he started back in September. We'll give you the details.

Carl Quintanilla (2:03)

Let's begin though with Tech, continuing to help fuel the record run in stocks this morning. Jim, Sandisk today in the spotlight as Barclays goes to 2300

Jim Cramer (2:14)

Yeah, I think that yesterday's Micron, the tip from 750 and they do basically a double, has emboldened some analysts to say, listen, this thing's not done. I remember, we had Ben Reiches. He was the first to be able to say, listen, I didn't miss it yet. And that was a good call. And I think that when you get this one, look, I think you have to worry about this as a little bit of overreach, perhaps, because I saw some of these stocks were up a lot more at, say, 8 a.m. than they are now.

David, there may be come a time, we had this before, where they reached too far and then people take some profits. That could happen, because it's not really a blitz here when you see these already up.

David Faber (2:55)

It is somewhat reminiscent for me of the late 90s. I can't help but feel when we come in here on really no news or it wouldn't seem to be anything new other than an analyst realizing their price target is too low and raising it. And the stocks still go up. I mean, that move yesterday in Micron even followed through today. Obviously, Hynex in South Korea will talk about hitting a trillion-dollar market cap. And yet, I know the chorus will be, and rightly so perhaps, Jim, that they're still using multiples that are like 10, 11 times earnings, which is high for Micron maybe a little bit.

Jim Cramer (3:29)

I know.

David Faber (3:30)

But it's still nothing along the lines of anything that we saw back in that same period I just referenced.

Jim Cramer (3:36)

It's Micron selling it eight times fiscal year 2027 earnings. That fiscal year begins in September of this year. So eight times.

Now remember that that often is a signal that it's about to break down. But things have changed. Now I remember when I got in business, people said, well, the most dangerous words in the world are, you know, this time it's different. Well, it turned out to be those of the least dangerous world words. Because you have a situation like Micron, where you had Sanjay Morocha, a really terrific executive, calling me and saying, Jim, you're too bullish.