9AM Hour: Nvidia's Record Quarter and the AI Trade, SpaceX IPO Filing, Walmart Slides On Guidance 5/21/26

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Carl Quintanilla (1:00)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

SPEAKER_2 (1:09)

Morning.

Carl Quintanilla (1:09)

Welcome to Squawk on the Street. Carl Quintanilla with Jim Cramer, David Faber, and Post 9 of the New York Stock Exchange. Futures near session lows. It is a jam-packed morning. More saber rattling from Iran, the SpaceX filing, Nvidia's earnings and Walmart warning about higher retail price inflation in the second half. Oil is back near 101 Retail gasoline remains near the May highs. Our roadmap begins with Nvidia though, the earnings reaction, some muted stock response despite another beat. Revenue surges 85 percent year-on-year.

David Faber (1:37)

Plus, Elon Musk, SpaceX filing that long-awaited IPO prospectus. It is expected to set the record for the largest offering ever, and of course, we're going to dig through all of the numbers. Wall Street, excuse me, Walmart, which stock trades on Wall Street. It is under pressure this morning after the latest results are out from the very large retailer, worse than expected outlook, higher gas prices, weighing on consumers.

Carl Quintanilla (2:04)

Let's begin with Nvidia and the record quarter there. This is what Jensen Huang had to say to our Sara Eisen about benefiting from some hyperscalers.

Jensen Huang (2:14)

The hyperscalers is where the AI frontier models are, and we're gaining share there. We're gaining share there because we've already always supported OpenAI and XAI and MetaMSL and Microsoft's AI and a whole bunch of other AI startups. But this year, we had the benefit of also winning Anthropic.

Carl Quintanilla (2:34)

Got some news in there, Jim, about Vera and second half production and the TAM there.

Jim Cramer (2:39)

Well, look, the stock was up a little bit before the new Iranian news. We're trading off that, trading off the bonds, trading off anything other than what Nvidia was talking about last night. I mean, the stock, B, 10 firms I saw that all raised the price target. So, I don't know who's selling because you don't really have a sell case. I know when I spoke to them later in the night, they reminded me, don't forget, this whole rally started at 180, goes all the way up to 225 and come back. But what I loved about it is, this company needed to outrun the span. We all were so afraid that everyone, all these big companies, hyper skills are out of money.

But it shorted an impact in Nvidia, which then broke out their earnings, hyper scale or non-hyper scale. Non-hyper scale is really, really good. David, this is a company that's more in control of assessing people's things, even to the point where when Anthropic and Amazon house, so to speak, needed more chips, they hang out, they go to Elon and say, listen, we'll pay a fortune each month, if you let us have the latest and greatest.

David Faber (3:42)

We'll get to that because that was one of the more interesting things we learned from the SpaceX IPO in terms of the cluster, to your point, that Elon Musk has created in Memphis, made up of Nvidia chips, a million GPUs, and a lot of them Blackwells now, it's the largest cluster of its kind and what he can get paid for that. Back to Nvidia, earnings themselves though, just sort of things that may have, I don't know, the CPU market, sometimes we've been sitting here and talking about GPUs all this time, of course I've been talking often about how in the data center as a result of the growth of the Gentics and inference, CPUs are now more in demand or the ratio is getting closer to GPUs and CPUs, but they're going to do 20 billion in CPUs.