Amazon and Andy Jassy In Focus, $3T Apple, Cities of Success: Nashville 12/6/23

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Jim Cramer (0:30)

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.

David Faber (0:37)

Good Wednesday morning. Welcome to Squawk on the Street. I'm David Faber. I am live from Post 9 at the New York Stock Exchange. Jim Cramer, he's at Amazon's headquarters in Seattle. There he is. He's getting ready for his exclusive interview with the CEO of Amazon, Andy Jassy. That'll be aired tonight on Mad Money.

And Carl Quintanilla, you ask? Well, he's in Nashville ahead of tonight's CNBC special presentation of Cities of Success that premieres in prime time.

All right, so we're all here, just all over the country. Let's give you a look at futures, though, as we get ready to start trading 30 minutes from now. You can see we are set up for what will be a significantly higher open, perhaps. And of course, we're keeping an eye on that 10-year yield, which did fall briefly below 416 Our roadmap this morning does start with a break from the bonds, the late-year rally losing steam in recent days, despite what has been that continued relief, as I said, from bond yields and mega-cap tech. It has been underperforming the broader market, is a renewed Magnificent 7 rally on tap in the last days of the year.

Wall Street's top brass also heading to Capitol Hill this morning. Some of the biggest US bank CEOs will be testifying this hour, and of course we will be covering that.

We begin though with Jim, and what's an exclusive tonight with Andy Jassy. Jim, what do you, I mean, I don't even know how you made it out there. I was here late yesterday at the exchange watching you tape Mad Money. That was at like five o'clock. I don't even understand how you made it there.

Jim Cramer (2:12)

You know I'm anti-sleep, I've not changed that strategy.

It's never, but remember I never slept on Tuesday nights for years, so that was a waste of time. So I'm here, I'm in headquarters. We have to speak to Andy. Obviously we've got commerce to talk about. We have Tenlu to talk about. You're Sheehan, you're Sheehan where your wife buys all those clothes.

David Faber (2:29)

Good discussion.

Jim Cramer (2:32)

Show them.

David Faber (2:33)

There are some, no, we were not a Sheehan family. We might be a Tmoo family. I don't really know.

It's funny, I saw the first research today on Sheehan as some analysts were starting to get ready. It's still a ways away, the IPO, but obviously they've done a great deal of marketing already in terms of getting people prepared to understand their business model. But let's get back to Amazon.

What's the focus for you? Is it broad? Is it consumer? Is it AWS? Is it all of the above? Are you gonna talk about Prime, which I always go on about, and whether they really need to be spending all that money?

Jim Cramer (3:08)

Yes, well, look, by the way, I think that Prime, you spend the money, let's say, on Prime Video, it brings in new people worldwide.

I'm gonna focus on international, which nobody focuses on, I think it's terrific. And you know what, David? Amazon Web Services, that's been their focus.

It's really come back, it back into growth. And you know why? AI. So yes, the focus will be AI, because you know what? I think they're playing catch up, and I think they'll pass everybody.

David Faber (3:37)

Well, explain what you mean when you say that. You think they're playing catch up, but then you think they will pass everyone.

Jim Cramer (3:42)

Well, look, Microsoft, Microsoft, we know they have opened, they have opened AI. Google always been involved with AI, but Amazon is the one where you try to figure out the practical uses of AI for commerce. And I think that the commerce cloud, so to speak, thank you, Mark Benioff, for using that term, makes me feel like these guys could be the locus of actual profits from AI.

That's what I want to find out.

David Faber (4:09)

Okay. Well, Amazon is one of the Magnificent 7, of course, Jim. You know, it's funny, yesterday, when we were sitting next to each other, we were talking about the fact that you thought that things might have already corrected enough that they were getting interesting. It didn't take you very long. It was like one trading day or a few couple of trading days. I should mention this morning Goldman's out with a note talking about, of course, the Magnificent 7 as well, in which it says, quote, as the laggers to leader steam gained traction and market participants started to shift focus from the best to the rest, US mega cap tech stocks have sharply underperformed that over the last two weeks.