9AM Hour: SpaceX IPO Details, "Greed" and the Markets, Private Credit Stocks Slide 6/3/26

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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 (1:11)

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. S&P is going for a 10th straight gain and a 10th straight week, but the pre-market's a little sticky as Iran launches some fresh attacks on Kuwait. President suggested a podcast, the blockade could go on until Labor Day.

Oil's moving a little higher on that, Brent within two bucks of 100 Our roadmap begins with that near record run for stocks fueled by strong tech and this AI rally. We're watching Intel and Marvell among the biggest movers today.

David Faber (1:42)

Plus private credit fears, they are creeping back into the market. We have two different firms capping withdrawals, sending shares of both KKR and Aries, Apollo, Blackstone, you know the names, and they are all lower. Of course, we are getting ready for that historic IPO of SpaceX set to launch the road show tomorrow, targeting a record $75 billion raise at $535 bucks a share, 555.6 million shares, Carl.

Carl Quintanilla (2:13)

Let's begin though with stocks record run. Yesterday at the Economic Club of New York, Goldman's chief David Solomon shared his views on the AI boom in the markets with our Leslie Picker. Take a listen.

David Solomon (2:24)

I think there's plenty of liquidity in the system if the world continues to remain as optimistic, and I do think we're in a period, and I know when I say this, so I'm pausing for a second to say it, and I know when I say it, it will get quoted, but I think it's definitely true, and it's something for us to reflect on. We are definitely in a moment where there's more greed than there is fear.

Carl Quintanilla (2:47)

On that note, Jim, this nine week rally now ranks as number 16 of nine weeks rallies. That's going back to 1950

Jim Cramer (2:55)

Well, when I spoke to David today, he's the old kid, the old friend, and just wanted to get a real sense of how things are going. He's using the term measure. It's measured right now. I mean, it's obvious that there's a lot of money going on. You can't just say, and we'll talk about these deals, that there isn't a lot of money and money for it. But he was talking about the rational exuberance and when the Greenspan was wrong in 1996 and it continued to go.

David, I mean, I think that he wasn't saying anything that was ridiculous. I think he was saying, and I think you'll believe me because we'll be talking about SpaceX.

David Faber (3:32)

Yeah.

Jim Cramer (3:32)

It's basically, it's a decent time. And a decent time is very different from a perilous time. When you listen to Jamie Dimon, I often feel that the times are perilous.

When I listen to David Solomon, I feel like it's when people are being opportunistic, but it's not aggressive.

David Faber (3:50)

No. I think it's an interesting time. I sit here every morning and we have a discussion around certain stocks and I watch them moving on news and I think about, again, I can't get out of my head having spent the day Monday at that site of what will be a $50 billion data center when all is said and done, and thinking about how many of them around the country.

I think about this journal story today saying that many perhaps are going to come on much later than anticipated that there are going to be delays. I think about all the capital that will be need, hence Leslie's question to David, which seems to be a salient one. Yeah, definitely. I think about, I don't know Jim, I think about so many different things going on right now, and I'm not sure what to think. How's that for an answer?