9AM Hour: Dimon's Market Warning, Sandisk and Western Digital Tumble, SpaceX Lockup Expiration 8/6/26

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

**SPEAKER_2** (0:01)
Regarding that seat on the committee, we're promoting...

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

**SPEAKER_4** (0:04)
Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com/investorchoice to learn more. Vanguard Investors own shares of our index funds, which own shares of the companies they invest in. Available for Vanguard index funds that participate in Investor Choice. Vanguard Marketing Corporation Distributor.

**SPEAKER_5** (0:30)
Did you know that NeuroSymbolic AI can help your business find new ways to make money?
EY Parthenon is the only one offering this groundbreaking growth platform. NeuroSymbolic AI analyzes hundreds of millions of data points to reveal new growth strategies. EY Parthenon teams deploy this innovation so you can uncover hidden value and scale beyond existing boundaries. Want to know what NeuroSymbolic AI can do for your business? Contact EY Parthenon today. Solutions that work in practice, not just on paper.

**SPEAKER_2** (1:00)
Market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.

**Carl Quintanilla** (1:05)
Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber has the morning off. Little more chop than usual in corporate earnings today. Got some high-profile misses in either EPS or revenue. Got a sell-off in memory, software with some double-digit decliners, macros a little bit better. Brent's holding 80 as we have no Iran deal, more threats to Gulf states, and crude inventories down for a record 17 consecutive weeks. Our roadmap begins with Jamie Dimon's market warning, why he's feeling cautious about this market rally. We're watching the best-performing S&P stock in 26, that's Sandisk, down sharply on results as guidance overshadows the Q4 beat.
About $100 billion with the SpaceX will become eligible for a sale following today's lockup expiration.
Let's begin though with the markets the day after stocks did hit some intraday highs. SpaceX expiration also on the radar. Jamie Dimon, as we said, with a warning when it comes to markets. This is what he told our Leslie Picker yesterday in LA.

**Jamie Dimon** (2:07)
Asset prices are high. So stock prices, however you measure them, in the top five or 10% of all-time measurement, but at any point in time, a stock could be a good buy. That's true globally. Margin debt is the highest ever been. There's a lot of margin debt you don't see because it's not called margin debt, it's called other things. So it's that kind of leverage, some hidden, some public. We see a lot of it and it's high.
I'm not going to say it's systemic high, it's going to cause a disaster, but it's high.

**Carl Quintanilla** (2:34)
He goes on to say, Jim, someone's going to disrupt the market at some point.

**Jim Cramer** (2:37)
See, I listened to him and I think the time is fantastic.
But I think we had situational awareness. We had the blow up. And as much as I want to listen to him and say, you know what, I got to be worried about it, I think it's easy to say, you know what, we just had a $45 billion hedge fund blow up. The largest blow up that I can recall. And if there was a bus trip last week, it would have been more effective. I'm not saying that, I'd say that the horses have left the barn on that.

**Carl Quintanilla** (3:08)
What makes you so certain that there's only one or that that is the one?

**Jim Cramer** (3:12)
Well, that's a great question. And I think that, what I did was survey.
You know, people knew about this guy.
Everybody in the hedge fund business knew about him. They knew about him and they either piggybacked off him or they knew about him or they knew he was going to crash. And there may be others, but what I'm saying is that, there's been a de-leverage and that the firms that I talk to say, hey listen, you know, we're short a lot of these guys who we think are really too leavered. It's from very, very savvy, savvy guy I talked to. So I think that yes, Jamie's right, the margin, there's a lot of margin debt, but that would have been more valuable three weeks ago. And I'm not being critical of him because he's so good.

**SPEAKER_3** (3:51)
I'm just saying that that's emblematic.

**Carl Quintanilla** (3:53)
It's more a matter, Jim, of what information is available to him, right? I mean, you can't argue with the quality of his radar.