9AM HOUR: September Playbook, Anthropic's Nvidia-Backed Deal, Ternus Era Begins at Apple, Musk Addresses G20 Meetings 9/1/26

**SPEAKER_1** (0:00)
Are you as confident as you should be when it comes to growing your business? Is your strategy ready to execute today?
If cash flows aren't where they need to be, growth could be at risk, especially in the eyes of your investors, board members, and the business press. But when your business is operating in top shape, you've earned the right to grow. EY Parthenon can help you re-imagine your business and execute a game plan for long-term growth. EY Parthenon, solutions that work in practice, not just on paper.

**SPEAKER_2** (0:31)
Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building.
That's Venture Global. That's unstoppable energy.

**David Faber** (1:00)
Market Insight and Analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

**Carl Quintanilla** (1:05)
Good Tuesday 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. Here comes September, first trading day of the month, and the pre-market's red amid this global bond sell off. Ten year gets close to 4.8. That's up nearly 20 bips since that post-treasury announcement low.
Brent above 92, two tankers reportedly hit in Hormuz. Diesel 563 is less than 20 cents from a record. Our roadmap begins with those rising bond fears, extending this summer yield surge, increased Iran tensions and this uptick in oil, kicking off what's historically the worst month of the year for the market.

**David Faber** (1:41)
Plus, Anthropic signing up $35 billion deal with Nvidia. It's backed by Lambda. It's a cloud deal that includes the Texas data center being developed by Hot 8
Following all of that, it's just the latest, of course, in AI and using that Nvidia balance sheet to help everybody buy the chips and do what they need to do. Amazon shares extending their pullback. That's ahead of the open. The FTC and 22 states filed suit alleging deceptive advertising practices.

**Carl Quintanilla** (2:10)
Let's begin with the markets as we enter this new month of trading. Stocks did have a positive August led by the Nasdaq's nearly 4% gain. We mentioned Treasurys. 10-year hits the highest level since the beginning of 25 We get awfully close this morning to 4.8.
That plus oil, Jim, you call all of these developments this morning unholy.

**Jim Cramer** (2:29)
Right. Look, you get up, you get up early and you see that there's been two ships fired on. Then the bonds are going to be down 14 ticks, 10 years no good, and the two years no good, and the president's whatever, Governor Hoke will say in the data centers are bad, and there's an AI deal with Nvidia, no kidding. David, you just say to yourself, I want to go back to bed because nothing's going to happen to me other than bad.
Nothing but bad. Never reverses in the middle of the day, like noon. Hey, what's that? No, that doesn't happen anymore. It's like, no, no, I'll see it for...
There you go. And Nvidia will be down three, and maybe Western Digital will be down seven, and San Jose will be down six, and it'll come back, because, I don't know, because Ben Wright from Emilius will come on. I mean, this is the kind of thing we're dealing with.

**David Faber** (3:17)
Okay.

**Jim Cramer** (3:18)
Well, I mean, say something.

**David Faber** (3:20)
What would you like me to say? I'll tell you one thing, the AI trade, as we describe it, has not been a good one for quite some time.
We've talked a lot about the 12-month momentum. We had my buddies who run hedge funds and the like. Ooh, some pain.

**Julian Barnes** (3:35)
We go to 229

**Jim Cramer** (3:37)
We go to 229 on the only stock that matters.
And then I go fishing. And I come back to 217 I want to hang myself at the line. But it's like 12-pound test.

**David Faber** (3:46)
So you can't?

**SPEAKER_7** (3:46)
It's not heavy?

**Julian Barnes** (3:47)
It's not good enough? The line breaks.

**SPEAKER_7** (3:48)
It breaks.

**Jim Cramer** (3:49)
You know what a test is?

**David Faber** (3:50)
Yeah, I do, I think. I have a general idea of what you're talking about.

**Julian Barnes** (3:53)
I'm not a fisherman like you.

**Jim Cramer** (3:54)
He goes fishing for sea robin. I go fishing for fluke.

**David Faber** (3:57)
I fish with my teeth. Okay, I'm down there, actually.