9AM Hour: Squawk on the Street 8/10/26

**Megan Cassella** (0:00)
The board recommends approving...

**Mike Santoli** (0:01)
Regarding that seat on the committee, we're promoting...

**SPEAKER_3** (0:02)
to most quarterly earnings...

**SPEAKER_4** (0:04)
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**Jim Cramer** (1:00)
It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

**David Faber** (1:14)
Good Monday morning, everybody. Welcome to Squawk on the Street. I'm David Faber with Sara Eisen and Mike Santoli. We are live from Postline at the New York Stock Exchange. Jim and Carl both had the morning off. Let's give you a look at futures as we get ready to start another week of trading here. And you can see we are set up for a slightly lower open at this point. Our roadmap this morning does begin with, well, how about that SpaceX post-lockup rally on Friday, snapping a four-week losing streak.
Further gains expected at the open stock. Once again, trading above that IPO price, Sara.

**Sara Eisen** (1:44)
Plus the AI demand boom. TSMC says sales surged 45% for the quarter, while Intel plans to sell $15 billion worth of stock as it sees growth opportunities in physical AI and custom chips.

**Mike Santoli** (1:57)
And MetaCEO calling to spread AI's wealth and opportunity to users around the world and to the communities that host the data centers powering the buildup.

**David Faber** (2:06)
All right, let's start with those markets. All three major industries coming off. What was the best week they have seen since April? The S&P posting another record close.
Mike, good to have you here, and nice to turn to you as well on an important day for you because you're launching a new newsletter called the Market Memo.

**Mike Santoli** (2:25)
Yes.

**David Faber** (2:25)
It's about time. I've been meaning to tell you that.

**Mike Santoli** (2:27)
Listen, I wanted to make sure this newsletter thing really caught on.

**SPEAKER_9** (2:30)
That's a great picture of you.

**Mike Santoli** (2:32)
Oh, thanks. That's a stray candidate.

**SPEAKER_10** (2:35)
Mike always looks good.

**Mark Zuckerberg** (2:36)
Especially Glamour Shack from years ago.

**Sara Eisen** (2:40)
Serious yet, you know, happy.

**Mike Santoli** (2:43)
Looking over my shoulder is the prevailing mode that I like to operate in, yeah.

**David Faber** (2:47)
Mike, what can people expect in Market Memo? And speaking of the market, what do we make of the setup as we start to look forward to a new week?

**Mike Santoli** (2:55)
The core of this newsletter is the column that I've written for CNBC Pro for over 10 years, which is sort of a successor to many columns I've written going back 25 years. So kind of a color commentary on the market field position where we are, especially fixating on what I think are interesting themes under debate, plus some extra little tidbits, some proprietary data, some, you know, you never know, maybe some later observations in there too.
Interesting that we come in here, three all-time highs set by the S&P 500 last week, after two and a half, almost three months of nothing.
And I think one of the observations that's important to always remind people of is, new highs are more bullish than bearish. In other words, it's not necessarily a warning that we have. Look out below conditions when we get to a new high. The S&P 500 has spent about 7% of its history at an all-time high. So it's nothing too particularly new about that. Now, how we got there, I think, is interesting, because for as much as people were celebrating the broadening of the market and the fact that the median stock kind of took up the slack when the hyperscalers were under pressure and the semis were falling 25%, the way we got to all-time highs was the heavyweights reengaged, ripped higher, the NASDAQ 100 outperformed the equal-weighted S&P 500 since July 29th. That's like 7 trading days by 7 percentage points. That's how this works, okay? The big guys have to drive the index, ultimately. Now, the good news is the rest of the stocks also kind of carried along higher as well. So it's reacting to, obviously, a blockbuster earning season. Investors have room to re-risk after having, I think, paired back exposures through July. We got that purge as we spoke about with situational awareness. I think that was a little bit of a green light for a lot of folks. I still think there's questions. We might have unfinished business and the momentum unwind. I think companies collectively are probably over-earning, and we're giving them too much credit for all this pull-forward of demand and a lot of the marking the market of the private investments and everything else. But for now, it's just hard to stand in the way.