Amazon Soars to Record High, Apple Beats, Chevron CEO Exclusive 10/31/25

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These statements have not been evaluated by the FDA. These products are not intended to diagnose, treat, cure, or prevent any disease. See site for details. 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 Friday 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. Happy Halloween. Wrapping up the month of October, stocks look to rebound from Thursday's near 1% declines. Amazon's going to help on deck for its best earnings related open since 2015, 10 year 409 Roadmap begins with the state of mega cap tech trade. Amazon's cloud revenue soars and the stock is up pre-market. Apple is also moving higher. The company forecasts double digit revenue growth in the crucial holiday quarter. And we've also got earnings from big oil this morning. Chevron reports record production. The company CEO Mike Wirth will join us in a CNBC exclusive. That's just a few moments from now. Let's begin though with Amazon on track to open at a new record high following that blowout quarter. Cloud revenue exceeds 20%. Andy Jassy talks about AWS on last night's call.

We continue to earn the lion's share of those transformations. And, you know, I look at the momentum we have right now, and I believe that we can continue to grow at a clip like this for a while. That is the best number for AWS Jim since 22 Yeah. Okay. So listen, this was a show of major force by Jassy. If you go back to the last quarter, I thought he was way too, like, episodic and maybe even he was pondering. It's kind of like that maybe he wasn't sure of things. This time he comes out of the tunnel, he's just jacked, all right? And it's amazing. You know, David tried to get me to drop this one the other day. So I heard, yes. And that's like, you know, why don't you just... No, you hung in there. You hung in there when I questioned it the other day, and I said, why, and you just said, because. Well, it's like, yeah, you want to... You didn't really have a reason, but you hung in there. No, I'm going to jump ship from the Chiefs. You want me to jump ship from the Chiefs, that's fine. I was coming in this morning ready to be like, oh, you know, you did a great job. I'm not interested. But now I'm going to back off. Hey, I'm like 10 bears in Josie Wales. I come in peace. But this was a quarter where he just said, okay, listen, listen, bears, listen, skeptics. We are doing so much better than everybody, including, by the way, Microsoft. And now I want to look into exactly Microsoft's numbers. Remember, they still share. This was, I was shaking. He came in so hot, shaking from how strong he was. You were shaking? I was shaking. You were emotional? Although Azure growth is better than this, better than 20 But a much bigger base. And by the way, we don't even know Azure's real basis. We don't think about that, but we do know theirs. And this thing, juggernaut. And by the way, I was saying the other day to you, I don't know if the generational people want to write software on their stuff. He took it to me on that. In terms of the training and chip and everything like that, because you had been somewhat critical of that. Well, but then he came out and said, listen, we're buying all the Nvidia one. Yep. This was, I mean, it was one of those seasons. It was almost like it was written for me to be able to argue with you. It's not an argument. I was not, I was simply making the point the stock had not done much over the last five years, as we pointed out. You were in my face. We call it a bull bear debate, but sir, yeah. We were having a conversation, is the way I like to put it. I was having a conversation. You were having a beat down. I was just beating you down. By the way, to your credit, you didn't cave and you said, I want to own this thing. And anybody who listened to you is benefiting this morning. Thank you. All right, let's get to the big numbers. What did you say? Benefiting this morning. No, I'm doing the miss for the first part. That you were right. AWS reaccelerated to 20.2% year over year growth. We should just get the headlines in there. And they seem very confident about that continuing. 132 billion annualized run rate there. Their backlog getting 200 billion. They're talking about all the things that they're building there and on and on. And obviously, as our viewers know, the margins for the 33 billion in revenues that they did at AWS are so much larger than they are for the retail business that that's more profitable, even though they did 106 billion dollars in revenue at retail. The initial, the call list was what I regard as in the picaresque tradition of CEOs. You know, I don't want to call me Ishmael. I want someone who's not at all troubled. This thing was more like, it was more like Vanity Fair. It was like Vanity Fair. Very nice. I mean, just in terms of writing, style, I loved it. I think Jassy came to play in a way that I've not seen him come to play maybe since he's been CEO. We got some incremental revenue numbers from this. Chad bought Rufus, the CapEx. 125 is going to be 2X last year. Yes, it's got 125 billion full year rising in 2026 They did 34.2 billion in capital expenditures for the quarter. And when you add it all up, whether it's from Microsoft or Meta or Google Alphabet or these guys, I mean, the numbers are extraordinary. What, 113 billion for the quarter. And everybody's saying 2026 is going to be a lot more. Not even a little, but a lot. And that obviously goes back to the overall ecosystem of AI. And a lot of it ends up at the door of Nvidia, stock of which is up a little bit this morning. Right. Look, they did make the classic existing power data center and chips. Primarily, our custom silicon, Trinium and Nvidia. And Nvidia was mentioned, what, three times. I think that, off the line, I think they would tell you that Nvidia still does make too much, which is something that they don't want. But they're, they are not going to say to companies that want to write software, write code, that no, we don't have the video, we just have Trinium. So they're, they're offering. To the extent that there is capacity constraint in the, within this, I mean, Amazon is not a prisoner of that in the sense of they're not running their own models like Co-Pilot the way Microsoft is, where Microsoft needs to rely on its own compute. Yes. Amazon is purely saying you use it for whatever you want. Right. But the rapid bin. Mr. AI Company, AI Chatbot or whatever. Right. But the rapid bin, look, this is a web service that was built for retail. This is what the other guys were telling me. And so therefore, it's really not what the younger companies want. And this was totally refuted. All the negative, everything that was negative that people were just, you know, yammering about, Cassie took one directly. And by the way, it's interesting that Brian Olsowsky, the CFO, who really tends to dominate the call, not this time. Interesting. Meantime, some comments on the layoffs, Jim. I was asked about the 14,000. Not financially driven, not even AI driven. It's more culture in their view. I think that this whole go back to the idea that there's lots of different start-ups. That is so Bezos. This was like a Bezos part of the call. I was so happy. I was cartwheeling.