9AM Hour: More Tech Pain, OpenAI IPO Buzz, Onsemi CEO Exclusive 6/26/26

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Jim Cramer (1:00)

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.

Carl Quintanilla (1:13)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Mike Santoli of Post9 of the New York Stock Exchange. Cramer's off today. Tech volatility in focus yet again. Nasdaq might post its worst week in more than a year, as all eight of the largest S&P names are down at least 8% for June. Oil for now choosing to ignore Iran, reasserting its right to control shipping in the Strait of Hormuz, and that projectile strike on a tanker near Oman yesterday. Our roadmap begins with the tech sell-off raging on as investors dub Mag-7, Apple and Microsoft among the giants raising prices, blaming this ongoing memory supply crunch.

David Faber (1:50)

Also, some reports today about OpenAI potentially delaying its IPO. We'll talk about that.

Michael Santoli (1:58)

We're following a deal in the chip sector, Onsemi striking a $7 billion deal for Synaptics in a physical AI push. We'll be joined by the company CEO leader this hour.

Carl Quintanilla (2:09)

Let's begin though with the markets. Jack said to extend yesterday's losses, Mike, as we get all the Mag-7 names under the 50-day and most mega caps ex-Micron, let's say.

Michael Santoli (2:19)

For sure.

Yesterday, Micron did manage to log a really nice game, but just basically back to Monday's close. I think you have to take that in some kind of a context of the best quarter you can imagine, with probably a big upside surprise to multi-year guidance looking ahead for Micron, it got you to where you closed on Monday.

The market's been acting as if it's traveled pretty far out on a narrow branch of what's going to be reliably working in the AI space. We've talked over and over about the company's footing the bill, are definitely now doubted more than they are supported, and that's been the dynamic. What I think is interesting is there's an overlay, I think the price action creates this narrative, that maybe what's going on is, it's taxing the market's aggregate willingness to capitalize these efforts, when you're maybe going to a place that's going to be either commoditized or AI growth is slowing, or people are going to find workarounds, and so the reliable high conviction trades aren't there. That's where we are. I do think I want to be careful though, in not backfitting the logic to what the market is otherwise doing, which is rotating from the few to the many. It's not that the market, that money is actually retreating entirely from stocks. It is that you've had this stalled period in the S&P. If we thought we needed this index to rebalance organically, it's doing so. And regional banks are working, and transports are up, and the equal weight is now outperforming to a degree on a year-to-day basis. That said, I always feel like that's a dicier proposition than the dominant theme in the market with the best earnings growth, kind of in mega caps leading the way, which is what we had for a while.

Carl Quintanilla (4:06)

We are looking at our first outflows for US stocks, what, since March?

Michael Santoli (4:09)

Yes, I never know what to do with the weekly outflow stop, because it's also the end of the quarter, and people have to make tax payments. And so yes, I do think the market stalled. I've been pointing to May 14th ad nauseam. It was six weeks after the low. March 30th, we go up 19% in the S&P in six weeks. We go above 7,500. The Cerebris IPO is that day. All those things happened, US China Summit. It was a everything's working moment.