9am Hour: Tech Extends Rebound, OpenAI Joins the IPO Race, Apple Unveils "Siri AI" at WWDC 6/9/26

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Carl Quintanilla (0:57)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Faber is on assignment today. Bulls trying to build on Monday's bounce as markets react to Apple's Developers Conference, Jensen Huang's ongoing Rockstar Tour in South Korea, and now OpenAI filing confidentially for an IPO as early as this fall. West Texas below 90 as the president again says talks with Iran are in final stages and that a deal could be reached in quote two or three days. Our road map begins with the tech turnaround, Nasdaq snapping that three day loss, looking to extend the bounce back. As we said, OpenAI joining the IPO frenzy, filing confidentially with the SEC just a week after rival Anthropic and days before SpaceX's public debut. And did Apple do enough at WWDC to impress investors? One firm raising its target following yesterday's announcements, but the stock is trying to avoid its third straight day of losses.

Let's begin with the markets. Tech sector continues to bounce back from the sell off on Friday. Chips leading the rebound today. Jim, a lot of discussion, Goldman and Citi's desks asking whether Friday was a one-off or a sign of ongoing fragility in this market.

Jim Cramer (2:16)

I think that's right. And I think that what you want is to broaden the rally from semis. It's just going to be the semis that I see going up in pre-market. That's not what I want. That's just a reflection of the fact that Korea was up with SK Hylandix and Samsung.

We don't want that because we want software and hardware up. And to do that, a company that no one's been talking about this morning is SalePoint. The reason I talk about SalePoint is Atoma Bravo's software, an enterprise software company, that actually precipitated the entire decline that had to do with private...

Carl Quintanilla (2:49)

Sale was the canary?

Jim Cramer (2:50)

SalePoint, we have, because they just can't seem to raise guidance. They have all these different lines that they have, and they're very, you know, give you all the numbers. But in the end, just EPS, change from prior guidance is flat and zero, zero. And when you do that in your enterprise software company, then you get hammered. And the reason why SalePoint matters is that if you look at, when it began to break down, the IGV, which is the index that everybody uses, it's an actual ETF, was 110, and SalePoint was the 21 And then SalePoint drops to 20 to 10, and IGV goes to 74 And it was actually just positive. It was not, it was correlative, but it was also the leader.

SalePoint, Tome of Bravo, major deal, just not getting it together.

And still one more, cybersecurity, fraud. I had one on last night. I mean, you can argue that Octus does the same thing. You can argue that when Palo Alto, when the Keshawar bought CyberArk, it did the same thing. This stock is what people key on, because it's private creditors everywhere.

Carl Quintanilla (3:53)

Isn't ARR still growing 39 or something like that?

Jim Cramer (3:56)

It's the speed of the ARR is not good. In other words, ARR is 21 to 22 for fiscal year 27, and it had been 26% for year over year. So it's like slowing down. The rate of change is slowing down. All that I really care about with this is that this is a deal that did make people say, wait a second.