Alphabet vs. Nvidia, OpenAI and $207B, Dell Jumps 11/26/25

David Faber (0:00)

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Carl Quintanilla (0:45)

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 Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber and Sara Eisen here at Post 9 of the New York Stock Exchange. Bulls trying to build on these week-to-date highs. Future suggests we might erase the losses since Thursday of last week. Tons of tech news today between Dell, Nvidia and HP. Jobless claims dropped to 216K. That's the lowest since August. Our roadmap begins with Alphabet's amazing run as Nvidia does stumble. Stocks higher again though in early trading, defying some fears about an AI bubble and getting closer to that market cap milestone of $4 trillion.

David Faber (1:32)

Plus, Thanksgiving travel expected to surge to record levels. We're going to get you ready before you hit the road.

Sara Eisen (1:39)

You're getting a call.

David Faber (1:40)

It's like local news.

Sara Eisen (1:41)

All right. And Campbell's under fire, defending its ingredients after an executive allegedly made disparaging comments about the company's product and its customers. Wait till you hear that.

Carl Quintanilla (1:52)

Let's begin with another busy morning involved in the AI trade as Alphabet once again tries to hit a $4 trillion valuation. Meantime, HSBC has this note out saying that OpenAI could need at least $207 billion in financing by 2030, all to meet its compute capacity commitments. They talk about a lot of that guy is going to be going on to support what they argue would be ongoing losses. They're actually their market share forecast for 2030 It doesn't even include Google. So there's a lot out there that they're maybe not accounting for.

Sara Eisen (2:24)

I mean, this is sort of the week where the AI trade, if you thought it was a bubble and everything was being bought, this week goes again, and the last week goes against that very much, not just because we've seen some of these names get sold, but we've seen a real, a more discerning investor, Google winner, Broadcom winner, Nvidia not as much of a winner. And so that's been the story of the week. It's interesting to watch some of the stocks. We mentioned Oracle has been weaker lately. Yes, there's concerns about all of its borrowing and the credit, you know, the credit quality there. But also, you know, these plays around OpenAI have been weaker. SoftBank also has had a pretty rough week, you know, because they've actually had much more than a rough week.

David Faber (3:03)

If you go back to August, it's down 43 percent.

Sara Eisen (3:05)

But there was a little bit of a like a OpenAI loser, alphabet winner trade going on. And it's hard to gauge that because OpenAI is a private company. So we look at Oracle, we look at SoftBank.

David Faber (3:15)

SoftBank is, I think, even more of the way than Oracle. But to your point, Oracle certainly is reflective of concerns about the overall spend and the ability to actually have the customer there, in this case, a lot of it being OpenAI.

This morning, though, starting to hear a little bit of the, well, maybe it's gone a little too far, can't speak up in terms of that group of companies that, as Sara mentioned, trade in part along with OpenAI, given it's not a public company. And so we'll see if there's a bit of a comeback here. You know, some people, Carl, pointing to a back-and-forth yesterday that took place on X between Henry Blodgett and Brad Gerstner. Gerstner, of course, known as being close to Sam Altman. We've talked about him a lot of late, in part, because it was that perhaps fateful comment from Altman in terms of how hostile he got when simply asked about the spend, which, by the way, is exactly what we're just talking about. HSBC with that $207 billion deficit, so to speak, when they look out at what they're going to bring in in revenues and their estimation and what they're going to need to spend for all of that compute and everything else that goes along with it. But the reason I mention it is because in the back and forth, Gerstner did say that they're getting close to actually almost 900 million weekly users. This was out yesterday, a little later after our show, maybe. And it did sort of, I think Nvidia actually came back a bit on it even.