9AM Hour: Salesforce Falls, Snowflake Soars, Fertitta Buys Caesars in $5.7B All-Cash Deal 5/28/26

SPEAKER_1 (0:00)

Dell PCs with Intel inside are built for the moments you plan and the ones you don't. They're for those all-night study sessions, the moment you're working from a cafe and realize every outlet's taken, the times you're deep in your flow and can't be interrupted by an auto update. That's why Dell builds tech that adapts to you, built with long-lasting battery so you're not scrambling for an outlet and built-in intelligence that makes updates around your schedule, not in the middle of it. Find technology built for the way you work at dell.com/dellpcs, built for you.

SPEAKER_2 (0:30)

Trading at Schwab is powered by Ameritrade, giving you even more specialized support than ever before, like access to the trade desk. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy gut check.

SPEAKER_1 (0:43)

Need assistance?

SPEAKER_2 (0:44)

No problem. Get 24-7 professional answers and live help and access support by phone, email, and in-platform chat. That's how Schwab is here for you to help you trade brilliantly.

Learn more at schwab.com/trading.

Jim Cramer (0:58)

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 (1:11)

Good Thursday 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. Features trying to erase some early losses on some solid earnings out of specialty retail and some tech, Dell and Marvell up 5% plus. April PCE comes in warm up 3.8, that's a three-year high. Oils ahead win two on these faltering hopes for an Iranian deal as the US issues some strikes on Iranian drones and a missile aimed at Kuwait.

Our roadmap though begins with Salesforce sliding despite posting a beat, adding to its yearly losses down more than 30% this year.

David Faber (1:44)

On the flip side, we've got Shares of Snowflake up more than 30%. This post earnings the company also strengthening its relationship with Amazon Web Services. We'll give you all the details around that quarter and that move. Also got a takeover of Caesars for Tita Entertainment acquiring the company. On the equity side, deals with about 5.7 billion and it is all cash for our current ambassador to Italy.

Carl Quintanilla (2:13)

Let's get things started though with Salesforce, some mixed results of light sales guidance. This is what Benioff had to say to Jim last night on Mad Money about the road ahead.

Marc Benioff (2:22)

We're going to have a monster year. We're going to deliver more than $46 billion in revenue this year. There's no enterprise software company that's doing more than Salesforce is. I think that being the largest in the fields, delivering the agentic capability across all of our products, helping all of our customers cross the chasm into this new world of the agentic enterprise, though this remains our main focus.

Carl Quintanilla (2:47)

It is their first $11.1 billion quarter, Jim, as Mark said, their one-one-one model. Yeah.

Jim Cramer (2:53)

Now, exactly. Everybody wins in the one-one-one. So Mark's trying to do something that Snowflake is doing, something that ServiceNow is doing, that Workday is doing. They're trying to convince you that they get more of the revenue from AI.

You see Snowflake give you that path and what happens if you hit that path, and it's rather remarkable. Sridhar Ramaswamy with an amazing quarter. Mark, I think, is actually hitting it, but it's being graded incorrect. Mark, look, Mark, did he guide up to the second quarter? Some people wouldn't see that note. He's stuck by the second half above. The reason is because he's switching his model too. He's just not counting his chest about it.

Then you know what, you make money and we make money. It's very subtle. At some point this morning, the stock was at 177 I think that's people recognize that. Then we got other people who don't recognize it. We got Jackson Adder, we have a keynote, a key bank keynote, who actually has the best broach, which is, it says, listen, this could be huge, but it's hard to gauge.

David Faber (4:01)

Well, right, you've got software companies that are gonna move from a price per seat model to a outcomes model. Exactly right. And we've been hearing about this. I remember Robert Smith, for example, at Vista when I interviewed him. And Mcluth was talking about that, and that's the way you have to go. But like so many other things, in terms of this revolution that we're in the early days of, we don't have the answers, Jim.

Jim Cramer (4:23)

No, but if you look at the companies that are up there, and now ServiceNow doesn't, but they're doing better. They have more, Adobe has no answer. Microsoft is really kind of a big black box. Hard to say that about a $1 trillion company, but they are. And Salesforce, frankly, they say the second half are gonna do it. Then you say, do you give more the benefit of the doubt? And this is a tough question even for me. It's a soul search.