9am Hour: Amazon Surges and Apple Sinks, Chevron CEO "First on CNBC," Aschenbrenner Update 7/31/26

**SPEAKER_1** (0:00)
The board recommends approving...

**David Faber** (0:01)
Regarding that seat on the committee, we're promoting...

**SPEAKER_3** (0:02)
to boost quarterly earnings...

**SPEAKER_4** (0:04)
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**SPEAKER_5** (0:31)
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**Jim Cramer** (0:45)
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.

**David Faber** (0:52)
Good Friday morning. Welcome to Squawk on the Street. I'm David Faber. That's Jim Cramer.
This is Post 9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at Futures as we get ready to wrap up the trading week. We are looking for, I don't know, it's higher, I guess. What? Nasdaq higher? S&P not? You know I have a hard time with these numbers.

**SPEAKER_7** (1:12)
Let's see what happens.

**David Faber** (1:13)
Yeah, let's see what happens. All right. Speaking of, let's get to our roadmap. It does begin with those latest Megatech earnings. Amazon shares, I'm sure you know by now, up sharply. Cloud growth was very strong. Quarterly results as well. Apple though, actually down and down surely significantly. Guidance there, especially because of those increased costs. Memory disappointing some investors. Also ahead, we're going to have the latest on Leopold Aschenbrenner. That unwinding, of course, that I spent a lot of time on the last few days. Oh, the guy haven't? No, you haven't.
You should see the stuff he has.
But talking about the broader impact it's had on the market, we'll bring you up to date on exactly what's going on right now. And then Chevron posted its biggest quarterly profit at least six years. It's CEO Mike Wirth will join us. That's going to be a bit later in the half hour. Let's start with Apple and Amazon. It's a busy morning for Tech Gym. And I will leave it to you as to where you want to begin.

**Jim Cramer** (2:09)
Okay. I want to start with something that Andy Jassy did. He was the CEO of Amazon, which made people very much at ease. He actually talked about a line of sight, not to profitability, but great profitability, described what is short term, what is long term, how quickly he will make money, how big it will be.
And I felt great after I listened to it. I thought that Andy just said, guys, look, we have a great cloud business, much, oh my God, the cloud business was so much better than expected. They've always had the great businesses.

**David Faber** (2:42)
Right, AWS is now 169 billion annualized run rates business. It had its fastest growth in 18 quarters and the fifth consecutive quarter of accelerating.

**Jim Cramer** (2:53)
That's just amazing for a huge business. Remember a couple years ago, it went down to 12 And then David, he's got his own semi-conductor business.
He builds his own data centers, as opposed to the other guys who leased it to it, to a nebius or to a core where you basically, the terms get murkier as it goes on.

**David Faber** (3:14)
Right, Amazon builds them for themselves, to your point. And uses their traenium or I guess it's, what is the other one?

**SPEAKER_8** (3:21)
Graviton.

**SPEAKER_4** (3:22)
Yeah, trips as well.

**Jim Cramer** (3:23)
So you finished it, I talked to them later after. I've been saying, well, you got to give us a line of sight. You got to give us a line of sight every day.

**SPEAKER_8** (3:30)
Right.

**Jim Cramer** (3:30)
Just hammering them. They've got to be a little, stop being opaque. They're never really opaque, but they explained it so well, David, that I felt like I was surprised at that last slug of debt that they didn't sell as well.

**David Faber** (3:41)
So you, it made you a little bit more confident. I mean, we were having some serious debates. I was sitting over there. You and Carl were coming at me in terms of the return, in terms of where we stood and the increased capex and whether we would see the demand. They increased their capex guidance to 220 billion.