9AM HOUR: Chips Rebound Ahead of Nvidia Earnings, Druckenmiller Slams Treasury, Dick's Sporting Goods Shares Plunge

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**Carl Quintanilla** (0:57)
Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla, on the opening bell hour of CNBC Squawk on the Street.
Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Stock's getting some relief when it comes to bond yields this morning, 10-year down to 465 as we're still awaiting several catalysts on the week, including PCE and Nvidia tomorrow. Canada is expected to announce some retaliatory tariffs today.
Brent back below 90 as the Pakistani Army Chief says there's been some progress in talks with Iran. Market is watching for any signs of a return to that MOU. Our roadmap begins with chip stocks though, rebounding ahead of Nvidia. That stock's seeking to snap its longest losing streak since 2022

**David Faber** (1:41)
Plus a blunt review from veteran hedge fund investor Stanley Druckenmiller. He calls the government's intervention in the bond market a quote, mistake. And we're keeping an eye on shares of Dick's Sporting Goods. Why? Well, they are down dramatically in the pre-market. The company missed expectations citing what calls a challenging footwear market.

**Carl Quintanilla** (2:02)
Let's begin with the markets on track to open higher, help buy this rebound in tech. Jim, I know even you have been noticing the losing streak in Nvidia going into the print.

**Jim Cramer** (2:11)
Yeah, look, it's not coming in hot. Now, the last couple, it has come in hot and the result has been, well, everybody said that's why it was up. The reason why it's up is because the numbers are good. Now, we also have a tremendous blowback as we all know about everything that he does. The Wall Street Journal has a bill particular today about how, about everything being circular and they even mention, and David, I think that this is, I thought of you when I read this.

**David Faber** (2:39)
I'm glad.

**Jim Cramer** (2:41)
Okay, good.

**David Faber** (2:42)
Yeah.

**Jim Cramer** (2:43)
Luz, when you mention Luz and David, that's nuclear, so that's chemical warfare, it's not even nuclear.

**David Faber** (2:50)
No, I'm wrong.

**Jim Cramer** (2:50)
And they say, to be sure, Jensen's honest.

**David Faber** (2:54)
Yes, they go on to say this is not a fair comparison, so to speak, but they did actually make it. By the way, you and I spent a good amount of time yesterday having a discussion around Nvidia when you brought up the fact that you'd like to see them buy back a lot of stock, but I brought up the fact that, well, they spent a lot of money doing a lot of other things right now in terms of backstops that they're providing, in terms of residual guarantees, in terms of sort of that overall backstop, so to speak, to so much of the AI spend. Whether they'll ever get hit on it is unclear, but it's not as though it doesn't exist, Jim, and it's certainly something that I would imagine will be a subject of some conversation on the company's conference call after earnings.

**Jim Cramer** (3:32)
And it will certainly be a subject of conversation when I interview them. I'm not going to sit here, I mean, Carl, this is the obvious story, which is that every day you pick up, you pick up a story of what Jensen's gotten invested in. The two Australians was something I didn't realize. And that was kind of a, all right, he's even going down, down under. I mean, what are we going to do here?
But my problem with it is that he's up on everything.

**David Faber** (3:59)
He's what?

**Jim Cramer** (3:59)
He's up on everything.

**David Faber** (4:02)
Well, the actual equity investments they've made, they've done great on. They've done great. On the financing stuff, I mean, obviously, too early to know whether there's going to be some real liability there.