9AM HOUR: Trump Dismisses AI Fears, 10-Year Yield Hits Fresh 2007 Highs, the Fed's 2-Day Meeting In Focus 9/15/26

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Carl Quintanilla (0:01)

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Carl Quintanilla (1:00)

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, at post nine of the New York Stock Exchange. Cramer's in San Francisco as Dreamforce gets underway today and David Faber's at Morgan Stanley's Global Healthcare Conference in New York. Futures are well off the lows here this morning, as oil does dip into the red. Diesel prices hit a new high, though, 626 a gallon. Ten-year yield has backed off the session high of 504, highest since 2007, and of course a Fed meeting begins today. 94% odds we get our first hike in about three years. Our roadmap begins with the president dismissing AI buildout fears, calling concerns that AI is going to take over the world a hoax.

David Faber (1:47)

Plus, we are a day away from the Fed's decision on rates. Morgan Stanley is the latest firm that is penciling in hikes ahead. And of course we continue to monitor energy prices. As Carl said, diesel prices continue to hit new record highs.

Carl Quintanilla (2:03)

Let's begin with the president dismissing the idea of new guardrails for AI.

Yesterday he made a surprise phone call to Jensen Huang while the Nvidia CEO was on stage at the All In Summit in LA. Listen to their exchange about data centers and AI.

Donald Trump (2:20)

The data centers are great and they make people wealthy and they make states wealthy and it's the oil of the next 20, 25 years. It's bigger than the internet and the AI, you know, much more so.

And they're just playing right into the hands of a lot of people that don't want to see it happen. And that could be political people, it could also be China. And we're not going to let that happen. It's a hoax.

Carl Quintanilla (2:46)

You're right, we're not going to let that happen, sir.

Donald Trump (2:48)

No, we're not going to let it happen. The robots are not going to be taking over the world, and that's not going to happen.

Carl Quintanilla (2:57)

Jim, what a week to have you out west, where this must be number one topic of discussion.

Jim Cramer (3:02)

It's all people have been talking about. I have Sara Friar on today, who is the CFO of OpenAI, try to get some answers. But I think it's really important. I was listening to the mainstream news yesterday, all about that call in to all in by the president. And what really stymied me is, if you listen to the entire broadcast, the president was in line and in league, and was not off the reservation at all. As a matter of fact, the term that Jensen used was to say that the safety problems could be made up. And made up is not that different from hoax. He really questioned a lot of the things that were being talked about in terms of the dangers.

They do need guardrails. No one's going to say they don't need guardrails. But I think that to say that the president called in and said hoax, and everyone was like kind of shocked. No, the opposite. Everyone was in agreement. And I just did not get that from any mainstream media at all.

Carl Quintanilla (4:06)

And then Jim, of course, talked to Hock Tan yesterday about AI revenue, and he does not see this slipping at all. Although I think he did say that safeguards are important, but that AI is, in his words, not a live animal that will run wild by itself.