9AM HOUR: Nvidia Buys Hugging Face, Broadcom Falls While Snowflake Soars, Diesel and Pain at the Pump 9/3/26

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**Jim Cramer** (0:59)
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.
Good Thursday morning.

**Carl Quintanilla** (1:13)
Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at post nine of the New York Stock Exchange. David Faber has the morning off. Summer is not going quietly. Tons of news today from Nvidia buying Hugging Face to Broadcom, Snowflake, Microsoft, Costco. Yields are lower, equities up as Waller does say he would support a hold in September and that underlying inflation is better than Core suggests. Oil though still stubborn. Six week highs, Brent gets within three bucks of a hundred. Diesel within a nickel of all time highs, 577
Our roadmap begins with Nvidia though. Open source AI Play buying the AI platform Hugging Face for nearly 13 billion dollars. Broadcoms under pressure, Soft Q4 Guide does overshadow some strong growth on the outlook and a slew of other earnings. HPE, Five Below, PVH, Campbell's, we will do our best to get to it all. Let's begin though with Nvidia confirming that it has agreed to acquire Hugging Face. This is Jensen Huang with Becky Lasthour making the case for the deal on SquawkBox.

**Jensen Huang** (2:13)
Our fundamental goal is just to make sure that AI advances as quickly as possible. It's really, really important right now as the open models are really accelerating that we make sure that we provide Hugging Face the platform to continue to scale and for the resource for them to scale and extend the open model ecosystem and community.

**Carl Quintanilla** (2:35)
Jim looks to close first half of next year, and the coincidence of this announcement and Broadcom and that whole mess of custom versus open really getting interesting.

**Jim Cramer** (2:44)
Well, look, I think that Jensen and Colette Crest, CFO, really have been pushing people to understand this. And someone like me, I candidly were a novice to it, and they walked me through it and emphasized, look, you really got to be open. The Chinese are doing very, very well. We have to blunt them, have it so that we have the best, even though they have a good relation with John, but they're just saying, listen, we need our own open. We didn't know about Hugging Face at the time, but I applaud this. And I think what people have to do is say, if AMD were announced they were buying Hugging Face, if Broadcom announced they were buying Hugging Face, we would send them video dumping.
So you gotta think of it like that. It's a little asymmetrical, but I was really there that they got it, because if there was a bidding war and they lost to someone else, people would be saying, wow, they've lost their touch in the open, and they're really just, they don't have it. And you need open. You've got to have open.

**Carl Quintanilla** (3:32)
I think it's about defending yourself from customer demand that softens as others do the custom work.

**Jim Cramer** (3:39)
Okay, so I've been thinking about that. I was thinking, what would Jensen say if I said, oh, it's just offensive? You have to say it's offensive and defensive. They have a lot of customers, and they really have a great brand. And the defense is they got to be sure that nobody else catches them when it comes to open.
I continue to be amazed of what Nvidia does. I think that they're incredible. Yes, I did want to have a trillion dollar buyback. I'm not going to reiterate that, but there's just a...
There's an amazing grace to this man. I mean, here Jensen was at the CrowdStrike Conference, and he was fantastic with George Kersh. His quarter was really good, much better than I think people realize. This was another move that is really smart, and I just feel like the stock has stalled, and I think it stalled because there are sellers everywhere and needs to mop up the selling, which is what Apple did. They mopped it up. Now I see that. I mean, obviously, you know, my god, is there an economist curse like there was at one point? Like a sports illustrator curse?