9AM Hour: Nvidia Earnings Countdown, Jeff Bezos CNBC Exclusive, Retail Results and the Consumer 5/20/26

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David Faber (0:57)

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

Carl Quintanilla (1:09)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Bull's gonna try to reclaim 7,400 at the open as bonds catch a slight bid today. 10-year 465, some consumer companies raise guidance like TJX, Cava, and Toll.

Having oil a bit lower doesn't hurt. Brent below 109, although retail gasoline back to the May highs, average of 456 a gallon. A roadmap begins with the last MAG-7 set to report tonight. That's Nvidia. Investors gearing up for this massive earnings print after the belt.

David Faber (1:42)

Plus Jeff Bezos joining CNBC. It was a rare exclusive interview. They talked about everything. That is Andrew Ross Sorkin and Mr. Bezos from the Wealth Facts, his outlook on AI, data centers in space.

We'll also have right here the latest round of retail results. What that may be saying about the consumer, we've got numbers this morning from Target, TJX and Lowe's. I'll give you guesses to which is the best performer in the early going here.

Carl Quintanilla (2:08)

Let's begin with the markets looking to recoup some of yesterday's losses, the 30 year yield hovering around those 2007 highs. Wall Street, of course, awaiting Nvidia's results after the bell tonight. Jim, implied volatility is a lot larger tonight than it's been for the past couple of years.

Jim Cramer (2:23)

Yeah, I'm not so sure how much to rely on that because the narrative, Colette Cresta is in charge of CFO, she's pretty fabulous. The narrative will be set by Jensen, and I think what he has to do is say that the total addressable market twice what people thought. And the thing, the thicket that he has to manage, Amazon and Alphabet. These are huge customers.

They both on their conference call do the, yeah, Nvidia is important, we wouldn't, you know, we would never break up, but it's our own chips, our own chips, our own chips. Andy Jassy, $50 billion chip business. So what matters is how much can he craft a story away from them, maybe using Anthropic, maybe using OpenAI, maybe using Meta, maybe using Elan. But David, you know that if he just goes in, it doesn't address the fact that these other guys are gunning for him, then I think it's a show of weakness.

David Faber (3:21)

You do, so you think he needs to address it.

Jim Cramer (3:23)

I think he has to.

David Faber (3:23)

In a measured way. I do come back to that podcast that a lot of people have given some attention to, when our friend Dworkish, my kid, when I say that, another one of these young guys down there in Austin, but gave him kind of a harder time. Yes, he did. About training him, about TPUs, and he responded to that as well.

Jim Cramer (3:42)

That has to go better.

David Faber (3:43)

That has to go better.

Jim Cramer (3:45)

Well, you just, you know, the premise is wrong. I agree with Jensen, but that was an amazing podcast. But the fact is, Jensen is the best in the world. And if you bring yourself down where you have to basically play defense instead of offense, I think people get confused.

David Faber (4:04)

But Jim, you know, the overall, I don't know many people at this point who are questioning the demand side of the equation. So the only real question does seem to be the addressable, not is your share of the market.