9AM Hour: AI Trade: Alphabet's $80B Capital Raise, Huang's "Trillion-Dollar" Comment Boosts Marvell, HPE Surges 6/2/26

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Jim Cramer (1:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:14)

Good Tuesday morning, welcome to Squawk on the Street.

Carl Quintanilla (1:15)

I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. S&P goes for a ninth consecutive daily gain today, although a little pressured in the pre-market. Google's equity rate is getting lots of attention, HPE with a blowout. But consumer stocks still lagging, Shake Shack cutting guidance. Oil's down slightly as the president at least says talks with Iran continue at a rapid pace. Our roadmap begins with Alphabet though, this ambitious AI push, planning to sell 80 billion in stock, including a $10 billion investment from Berkshire to bolster its AI build-out plans.

David Faber (1:48)

Plus Jensen Huang's trillion-dollar blessing, Marvell Technology is surging in the pre-market because of that.

And this is after the Nvidia said that it could join the ranks of the trillion-dollar club. And why OpenAI? Sam Altman told me he does not think there is a race to go public. This of course, as OpenAI's rival Anthropic confidentially files for its own initial public offering.

Carl Quintanilla (2:12)

Let's begin with the AI boom. Nvidia's Jensen Huang making a bullish comment about Marvell while on stage with that company's CEO, Matt Murphy, today at Computex in Taiwan. Take a listen.

Sam Altman (2:23)

What makes it possible is connectivity.

Eamon Javers (2:25)

Yeah, we're seeing it and then... That's why they're gonna be the next trillion-dollar company.

SPEAKER_11 (2:31)

We got a little work to do, but we're on our way. We're on our way.

Eamon Javers (2:34)

Thank you, Jensen.

Carl Quintanilla (2:36)

So, it's up 25 pre-market, Jim. They've invested 2 billion now.

Jim Cramer (2:39)

Right. Now, Matt's a good friend of our show. He's on any number of times, and he's bought a huge amount of stock in the open market. So, this is a man who totally understands the greatness of his company. He's heard of the company, buys a business that is Optical, okay? It's not a big business. It turns out that he is now also doing work for all the hyperscalers on just all his regular stuff, but he's also gonna take over with Optical, and that's Jensen's big thing. You know, David, we have a, this is Strange Conference.

David Faber (3:07)

Yeah, the Copy Techs is Strange Conference-wide.

Jim Cramer (3:10)

Well, because at the same time that we're seeing software roll over, it's rolling over this morning.

David Faber (3:16)

Yeah, after an enormous rally recently.

Carl Quintanilla (3:18)

It's the best two days since 2009

Jim Cramer (3:20)

I mean, I'm just saying that-

David Faber (3:21)

That crushed a lot of those hedge funds that were short these names.

Jim Cramer (3:24)

Absolutely crushed.

David Faber (3:24)

Yeah.

Jim Cramer (3:25)

We get this, we get the amazing presentation with Renee Haas last night that just talks about how every time, Jensen says every time I mention you, every time I do something with you, your stock goes higher. We have a market that is so red hot.

And then David, honestly, your interview with Sam Altman, where I thought he came out like a statesman, which therefore made me feel like as I told you in an email that he might be doing a deal, the alphabet deal, I just don't like the confluence.

David Faber (3:58)

There are so many things going on right now. We got to spend a good amount of time on Google. It's so fascinating. That said, before we move on from Marvell, just as we started with it, it's up to 18% just because Jensen said something.

Jim Cramer (4:10)

I don't like that. Look, I've had Matt Orton. I mean, I've had Matt Orton recently, and Matt was defending that his company was under attack by someone, you know, some newsletter saying he lost a big contract in Amazon. And he said, look, I didn't. And not only that, like I'm going to reveal, I bought a huge amount of money.