9am Hour: SK Hynix Shares' Record Decline,  Altman-Musk Showdown, Oil Jumps 7/13/26

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The board recommends approving...

**David Faber** (0:01)
Regarding that seat on the committee, we're promoting......to most quarterly earnings...

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

**Carl Quintanilla** (1:12)
Good Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, a post-9 of the New York Stock Exchange. S&P futures struggling to erase some losses here as the cost speed drops nearly 9% overnight. And we brace for a packed week of bank earnings, worse on the hill, CPI, two-year yield near an 18-month high. Brent closing in on 80 as the US and Iran trade fire and offer conflicting views about whether the straight or moves is in fact open. Our roadmap begins though with SK Hynix, worst trading day ever in South Korea. What that means for the AI trade?

**David Faber** (1:45)
Also ahead, Sam Altman and Elon Musk, they're battling it out on social media. This after Apple sued OpenAI, alleging that OpenAI stole Apple's trade secrets.
Plus that US-Iran conflict, high oil prices, Carl just mentioned it. Putting Fetch Air Warch in the spotlight, this is ahead of his Capitol Hill testimony. First time he'll be doing that, starting tomorrow.

**Carl Quintanilla** (2:08)
Let's begin though with SK Hynix record-setting decline in South Korean trading overnight, carrying over into the pre-market after the strong US debut on Friday. Jim, you've been monitoring this closely, writing about it.

**Jim Cramer** (2:19)
Look, I still think that the pricing on Friday for the so-called underwriting in the US seemed a little bit peculiar. I do think that the run seemed like a gift to Americans. The decline is not really related to the price of DRAMs, which is typically what it would be linked to. David, the run in these stocks is remarkable on the upside, but it's now bear market on the downside.
I don't want to say it's artificial. I would say that their market seems to lack true pricing discovery in that it seems, I'm not saying it's fixed. I do think that there is a mob that buys it, a mob that sells it.

**David Faber** (3:02)
You're talking about the stock.

**Jim Cramer** (3:03)
Yes, unlike any other in the world.

**David Faber** (3:05)
Yeah, that may well be true, but I guess going back to the fundamentals and the reason why the stock has had the run it is, and by the way, its debut here on Friday was nothing short of very strong. It was.

**Jim Cramer** (3:15)
And that's what concerns me.

**David Faber** (3:17)
You were going and expecting it not to be.

**Jim Cramer** (3:19)
Well, because.

**David Faber** (3:20)
And it ended up being a very strong day. Now, obviously a big reversal today based on South Korea.

**Jim Cramer** (3:23)
What happened is where I thought it would be, which is up a couple of bucks.

**David Faber** (3:26)
Right. But the fundamentals, Jim, continue to not be questioned in terms of the underlying demand for what they make.

**Jim Cramer** (3:34)
Look, I think it's the secular versus the cyclical discussion. It continues.
And I continue to think it is a secular, because you're getting longer term agreements. That's what Micron's got. That's exactly what Sanjay Moroja, CEO of Micron, said on my show. I will point out that NAND pricing, which is more Seagate and Western Digital, is down a little bit, down a little bit overnight, down a little bit for the last seven days.
NAND is, I think, a little less dear, so to speak, than D-Wrek. And I think it's important to monitor. But Carl, when I see these ups and down like this, I know a lot of people say that means it's convulsing at the top. I just say, you know what? I have come to believe that that market is divorced from anything I've seen. It doesn't seem to be related to anything other than that.