9am Hour: Tech Turbulence, Apple Downgraded, Live: DNI Jay Clayton 10/20/26

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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.

Carl Quintanilla (1:07)

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's live at 13D Monitor's Active Passive Investors Summit in New York City today. Meantime, stocks look to give back much of Monday's bounce as both CoreWeave and SK Hynex are indicated to open below their Friday low.

This dismal data center, IPO in Korea, not helping. We'll get Netflix and SpaceX tonight. Watch the action in oil. WTI briefly above 110

Brent gets to 111, the highest since May. Our roadmap begins with the return of AI bubble risk fears following that troubled debut of a South Korean data center company. Memory and chip stocks taking a hit pre-market.

David Faber (1:50)

Plus oil on track for its longest win streak. In more than a month, Brent crude hitting a five month high. The Sun reports of new vessel attacks in the Gulf. Joining me this morning live from the 13D Monitor Active Passive Investors Summit, we're going to have National Intelligence Director, Jay Clayton, Starboard's founder and CEO, Jeff Smith, and Lauren Taylor-Wolf of the Active Capital.

Carl Quintanilla (2:12)

Carl.

A lot of volatility, David, for tech this morning. Names like CoreWeave, Dell, Micron, AMD all under pressure in the pre-market. CoreWeave, Jim, briefly below 59 this morning. I think the low on Friday, 59 and a half. You said maybe it's a J&J kind of day.

Jim Cramer (2:28)

Well, it is.

You take a look, you see PepsiCo reported an OK quarter. It's up nicely. It's Coca-Cola Day 2 Coca-Cola is 94

J&J goes up a couple of bucks. Merck goes up a couple of bucks. This is very classic. Now, I don't want to call it risk on, risk off because we heard from Larry Fink.

It's a perennial move higher. It's just the different ones go up at different times. You know, this Ellis deal in South Korea, it's funny. You wake up and you say, oh my God, I got up really early. I said, oh, let's see how Kospi is. I say, oh my God, Ellis, the deal failed. And then I realized, I thought it was the lease, but it's Ellis. I've never heard of it. It's $150 million and it's gonna bring down the entire complex. So I say, if the complex can be brought down by $150 million deal, the complex is in big trouble. Now, I also think though, it's not like CoreWeave is gonna go under. It's just they're not gonna be able to finance it. Obviously, they can go in the prime. Yeah, look, I think that if you were CoreWeave, you would say, oh, let's not buy the public debt or we'll just go get a loan to be able to buy GPUs and that ends it. They have to do that. Do they know they have to do that? I don't know. They're not arrogant, but they're solely controlled by the concept of growth. And there are moments where you have to pause your growth in order to be able to prove to people that you can even play the game. If you have that much debt, you don't have to pause your growth over your Walmart.

Carl Quintanilla (3:52)

Yes, CoreWeave today, HSBC, Reiterates, Reduce, their target's 39 I know you did talk to David about it yesterday. And then on social, you challenged Intrader to cancel his remaining sales.

Jim Cramer (4:06)

Yes, he has to do that. There are times when you have to do with Bill McDermott from ServiceNow. Bill canceled his sale. He waited exactly the time where he was allowed to buy. He told everybody he was going to buy, and he bought. Then the stock went down, and people laughed at him. Well, it's been one of the greatest rocket ships. I got to salute Bill. I'm going to have him on the show.