9am Hour: Tech's Response After Friday's Sell-off, Oil Prices and the Iran Effect, Apple WWDC Countdown 6/8/26

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David Faber (0:57)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:09)

Good Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Bulls try to reclaim some of Friday's route, as it is a key week for markets, with fresh inflation reads, Apple's Developers Conference, the biggest IPO raise of all time, and the first missile strikes between Israel and Iran, since the ceasefire began on April 8th. Brent got to 96 this morning, 10-year, got close to 4-6.

A roadmap begins with tech stocks, aiming to bounce back after the Nasdaq had its worst daily performance in more than a year. Marbel and Micron lead the rebound.

David Faber (1:43)

Plus it is Tim Cook's last Worldwide Developers Conference, where Apple is expected to unveil a slate of new AI features. We're going to get you ready for that.

And the countdown is underway for the massive SpaceX IPO. Of course, the company is set to hit the public markets this Friday.

Carl Quintanilla (2:02)

Let's begin, though, with the markets after Friday. It fell off, which did include the semis posting a double-digit decline. Jim, Philly Sox down 10

That's the fourth worst ever decline for Philly.

Jim Cramer (2:13)

Yeah, it was terrible. And I think if people are starting to key on the procom, was just very disappointing.

And look, my travels are some procom. We have a procom forever and totally even hopped in. But the fact is, is that they did not have the numbers that we thought they would have, which then reverberated and is thinking maybe Google didn't have the numbers they thought it was going to have, which then made people say, you know what, maybe people don't want a homemade TPU. They want an actual GPU, which then resonates all the way, David, to just one and NVIDIA. A positive for NVIDIA, even as a lot of people feel, you know what, Jensen's starting to talk, you know, he anointed Marvell, good that it was out of the S&P, but he's become, you know, he's got some good deals in Korea, but he's become the chief proselytizer for the group. I don't know if I want that.

David Faber (3:04)

And why wouldn't you want that?

Jim Cramer (3:05)

Because I think you got to speak softly and carry a big stick. I don't want him to be out there saying the group is good. I want others to be out there saying the group is good, because I'd rather have Elon Musk say, you know what, I bought all these GPUs and it's been really great, and therefore people ought to be thinking about this other revenue stream, stop tabbing me as being someone who just wants to dig up Mars.

David Faber (3:26)

I mean, Friday was obviously a day that got a lot of people's attention. Leading up to it, we had talked for quite some time about the parabolic moves in any number of stocks, Marvell being one of the key ones on nothing, the sense being to your point where Jensen Long said, oh, this could be the next trillion dollar company, and he set it on stage to be nice.

Jim Cramer (3:47)

Ouch, that was a quokka. That was a quokka.

David Faber (3:49)

Stock added what? Stock. The company added what? $100 billion in margin value. No, and that was a quokka.

Jim Cramer (3:54)

He was using $1,000 premium.

David Faber (3:56)

My point is we came in to Friday, obviously, with a lot of these types of moves. The only thing I would say, Jim, is the thing that we follow most closely, the capex cycle, the true thing that would stop this and have people really question has not happened. No, and no company has taken its foot off the accelerator at all.