9am Hour: Exclusive: CoreWeave Craters, Red Hot PPI, AI Buildout Fears 10/15/26

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Jim Cramer (1:00)

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

Carl Quintanilla (1:13)

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla, Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Bulls trying to regroup here after the worst day for S&P Nasdaq since July, worst day for tech since June. Chips and NeoCloud still under some pressure. Meantime wholesale inflation, second hottest monthly print in 15 years. Up one three, double the estimate, up five year on year. Treasuries, though, still getting a bid. Here and around the world, 10 year 506 or so. Roadmap begins with the S&P and Nasdaq coming off their worst day in months.

PPI jumping 6-3 annually in September, largest gain since 22

David Faber (1:49)

Plus, CoreWeave stock is set to extend its losses as follows yesterday's 15% drop. CEO Mike Intrader writing to a staff, when building out new tech, sometimes the market can act irrationally. And Anthropic telling investors that it posted third quarter revenue of $16.8 billion, also mentioning that it is cash flow positive. Obviously those two names were reflective of a lot more than just the companies that they represent.

Carl Quintanilla (2:17)

Let's get right to the markets and the pain in this AI trade. Names like CoreWeave, SK Hynex, Micron, all down sharply on the week, Jim. I think in the case of CoreWeave, down what, 30% in six or seven days?

Jim Cramer (2:29)

Yeah, I mean, a lot of people are focused on the public debt. Some people are focused on the private lending, the actual loans apparently trading a little bit higher because they're more of their asset back. I don't want to get too far in the week. What I want to say is that I think that people are terrified.

I think there's a moment of fear among people who own these stocks that is worthy of having TV cameras in front of the New York Stock Exchange. I think people feel that it's over. Larry Fink represented the last hurrah that he wants to be able to figure out how to be able to raise money because we are out of money, that interest rates aren't going necessarily lower because of flight to quality, but because there's not going to be so much crowd out because the core eaves of the world won't be able to issue any more bonds because they traded, say, 15%.

But I don't want to be like a calm voice because no one is listening, calm. But when you see something like, and I was making a facetious reference to it with SK Hynex, selling it two and a half times earnings, and you see the collapse of the Korean market, and you see that ever since the July 10 issuance of SK Hynex here, what you get is a notion that it's get me out. Right. And get me out has a habit of creating these kinds of prices we're seeing right now.

David Faber (3:47)

It was a lot more obviously than core. We've yesterday as we come into today, it was any number of these new clouds, whether it's the nebiuses of the world, it was also many of the names that provide all the stuff that goes into the data centers that these companies are building. So perhaps not a surprise to see shares of Dell down 11 percent. Oracle obviously was very, very weak yesterday in part as well because of concerns about constraints around capital and that's what it's about right now. That's the narrative it's around. Is there, and we've been asking this question at this test for a long time already, is there enough capital to satisfy at a price that will make sense? I don't think we have the answer. I'm not hearing about any deals dying or not being able to be completed. The question, though, simply becomes, are they getting completed at levels that will not make them nearly as profitable?