9AM Hour: U.S. Debut Day for SK Hynix, Fed Chairman Warsh's Task Forces, Meta Jumps 7/10/26

SPEAKER_1 (0:00)

The board recommends approving.

David Faber (0:01)

Regarding that seat on the committee, we're promoting.

SPEAKER_3 (0:02)

To boost 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's Squawk on the Street. Don't miss a minute of the action.

SPEAKER_5 (1:07)

Good Friday morning.

Carl Quintanilla (1:08)

Welcome to Squawk on the Street. I'm Carl Quintanilla. Sara Eisen is back at post night of the New York Stock Exchange along with David Faber. Cramer has the morning off. Market continues to chop around these levels, about a three-week high for the S&P. SK Hynix begins US trade today, Delta with the beaten raise before we get to bank earnings next week.

Oil in the low 70s still, retail gas about a dime off the recent lows, 10 years still above four and a half. Roadmap begins with SK Hynix set to make its trading debut here on the NAS, raising more than $26 billion, the largest share sale ever by a non-US company.

David Faber (1:41)

Plus OpenAI and Google reportedly selling AI models to Chinese tech giants that have been blacklisted by the Pentagon.

Mike Santoli (1:47)

We'll give you those details.

Sara Eisen (1:49)

And watching Delta post-results, CEO telling CNBC that he expects airfares to remain firm despite the recent slide in energy prices.

Carl Quintanilla (1:58)

Let's begin with the markets this morning, including the S&P near a record high. Apple hitting its own all-time high on a closing basis as we get ready to wrap up a volatile week. We're gonna watch Apple prices pretty closely here this morning. Intraday high 317

In order to replace NVIDIA as the number one market cap, you need to get to 334 Pretty constructive action. Meta, I think, last couple of days, 5, 6, 7 percent.

David Faber (2:23)

Meta has come to life. Of course, there's been a lot of time spent trying to understand their strategy when it comes to compute and how much they're building and how much they now may be leasing. Some recent quotes from Zuckerberg in an interview he did as well, sort of addressing the idea that, no, we're not saying that we really don't have, that we have excess capacity or computer so high that it may make sense to rent out infrastructure instead for internal platforms. So we're going on an interview as well to say, I don't know anyone in the industry who feels like they have too much compute. The offers that you get for using the computer so high, it may, well, you took it away and I don't have it in what I was reading here, but you saw the rest of it.

Sara Eisen (3:11)

But the market's excited about it.

David Faber (3:12)

Yeah, you know, again, there's been, well, what does it exactly mean for their strategy? Some questions about it, but it's been a week now to digest basically this idea that they are going to be leasing compute the way that we've seen others do it. Thank you for putting it back up. In some cases, renting it out and considering those kinds of deals instead of your own term uses.

Sara Eisen (3:30)

But I think the overall story is that we're 1% away from a record high on the S&P 500 Yes, we have these individual stories, but overall, I think the oil price, I mean, we were watching it. It did not materially reprice higher as a result of the escalation between US and Iran this week. That's good news, and you see that reflected also in inflation expectations, which did not move significantly higher. We're also expected to get a CPI report next week. That's going to be a biggie. And economists are looking for a negative number on the headline because of the fall in the price of oil. So that ultimately should be good news. I mean, I think we watch these oil prices, I think, despite the fact that we have seen attacks back up between the two.