9am Hour: Iran Said to Threaten Musk's Companies, SpaceX's Public Debut One Day Away, Oracle Tumbles 6/11/26

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David Faber (1:00)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:11)

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 is in San Francisco today, ahead of a major interview with the Prometheus co-founders and co-CEOs, Jeff Bezos and Vik Bajaj. Meantime, it is a complex backdrop, with Oracle down nearly 10% on CapEx jitters, producer inflation near four-year high, up 6.5, and then oil holding gains, as the president threatens to essentially invade and occupy Iranian oil infrastructure, including Karg Island, and the US and Iran trade strikes for a second day.

Let's begin with David, though, out west ahead of those two major interviews. Morning, David.

David Faber (1:49)

Yeah, this morning, we're going to learn about Prometheus, of course. I'm here at the headquarters of the company. Essentially still sort of a startup in the world of what we call physical AI.

And as you just said, of course, Vik Bajaj and Jeff Bezos, the company's co-CEOs, are going to be with me a little less than an hour from now or so, Carl. And we'll talk about what the company is trying to accomplish, its latest funding round, and all sorts of other issues around AI, but specifically around this side, which is very different, of course, from the LLMs that we are so accustomed to. We're going to spend a lot of time talking about this morning, certainly given those Oracle earnings as well. Sort of a different approach, different data sets, trying to really focus on manufacturing and on the world of things, essentially, that are created and built and shrink those timelines for doing so. So we'll have a lot more, of course, very much looking forward to that conversation a bit later in the program.

Jim Cramer (2:48)

When you speak to James Squawk from Nvidia, obviously, we are understanding of his role in this whole process. He's always said, this is the biggest, this is the $40 trillion physical AI world because the actual manufacturing and building of things is what AI was really meant for. Are these people taking that to heart? Does Bezos recognize that or is they back into it? Just saying, listen, we've had to build a lot of things. We see a lot of data being created. Maybe there's something here with AI.

David Faber (3:16)

No, I think that the first point you made is the correct one. I think this is something that both gentlemen have been focused on for quite some period of time as a real opportunity.

That is the reason why Prometheus, and again, our viewers are going to really don't know much about it. What's been out there has been sort of spotty in terms of even the accuracy of the information. So Jim, it is absolutely about that opportunity that I think Mr. Bezos saw some time back along with Mr. Bajaj. And that is what they're trying to take advantage of. Not going to happen overnight, of course, as you well know. And it's going to require, by the way, an awful lot of compute, along with a lot of other things. But they are hiring and they are growing already. And obviously, capital not really that big an issue as well right now, given the pedigree of the founder here as well. So a lot of issues to discuss with them. Very much looking forward to it.

Jim Cramer (4:15)

Well, I'm glad you're there. This is going to be a terrific story.