Apple AI Reaction, Musk's Threat, Stocks Slump Ahead of Fed Decision and CPI 6/11/24

Jim Cramer (0:00)

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.

Carl Quintanilla (0:07)

Good Tuesday 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. Futures are resuming their chop after Monday's closing highs for S&P NASDAQ. Fed meeting begins today. The market shifts its focus from tech to the macro, although oracles tonight. Our roadmap begins with Apple joining the AI arms frenzy.

Big potential boost to the tech giant's product cycle, but is it too late to the game?

David Faber (0:31)

Plus Eli Lilly's Alzheimer's drug gets unanimous backing from an FDA advisory panel, those shares once again rallying ahead of the open.

And General Motors shares are also on the move this morning. That automakers board authorized a $6 billion stock buyback.

Carl Quintanilla (0:47)

Let's begin with Apple the morning after it kicked off WWDC by unveiling what it calls Apple Intelligence to add AI features to its products. The company also bringing OpenAI's ChatGPT to some apps, including Siri.

Despite those announcements, the stock did close down almost 2% in yesterday's session, although Jim, I know, Milius says don't be fooled by the sell-off.

Jim Cramer (1:08)

Yeah, and I talk with Benny, Barry, he and I are pretty much agreed. I spent a lot of time talking to Tim after, Tim Cook, CEO, and I think that what you have to do is you have to say, all right, if you put all these things together, time together, unless you own the Pro or the Pro Max 15, you're gonna wanna upgrade, not on any individual one. I mean, do you wanna have your own emojis? Of course we do. I send the emoji with the sunglasses, I send them to my kids all the time, enough.

Okay, I wanna be a little more personalized. Like when your daughter graduates from high school, I won't be able to cap and gown, go into Venice, whatever.

David Faber (1:46)

Sure, get more personalized emojis. I'm sure that's gonna sell a lot more iPhones.

Jim Cramer (1:51)

No, it's a pastiche, if not a mosaic of things.

David Faber (1:54)

I see, right.

Jim Cramer (1:56)

And you wanna get to Vision Pro, and I know you don't, you get 3D pictures of people who may have passed away that you get to be with, that's kinda cool.

I don't know, I'm looking. Maybe you probably think I'm reaching. But I do like-

Carl Quintanilla (2:07)

I think that makes sense. Show me all pictures of me, Jim, and David out at night.

Jim Cramer (2:12)

Yes.

Carl Quintanilla (2:12)

Yes. It can do that.

Jim Cramer (2:14)

I think that's terrific.

David Faber (2:17)

Us in the clubs?

Jim Cramer (2:18)

Yeah, yeah, yeah. But hear me out. Let's say you're doing an interview with someone, or you wanna talk with someone.

You know, he listens. You can tell him, listen, I'm taping you, and then it's a transcript.

David Faber (2:29)

That would be very helpful.

Jim Cramer (2:30)

Tell me that I've seen the notes that you write, the secret notes you write from people I'm not allowed to talk about, and it's like, boom, this is it. So I think there's a lot of little things that add up to something that's incrementally revolutionary.

David Faber (2:42)

It's interesting you mention the secret notes I write, because privacy's always been an important component of sort of the process, what they're bringing to consumers. Do you feel like that continues to be the case with what they introduced yesterday?

Jim Cramer (2:55)

I think that there's an assessment that goes on among younger people, which is that no matter what, they sell your data. That's what they do, they sell your data. They say, listen, your data will be left with you. That means they sell your data. Typically to bad guys who are hackers.

But Apple doesn't do that. It's gonna be residing on Apple, and I think that's a very big difference.

Carl Quintanilla (3:18)

Some people say they're selling you down the river, I think is the phrase.

Jim Cramer (3:21)

Those people are cynical.

No, those are the people who said, and the Lilly Alzheimer's drug will definitely not pass. I mean, you know, there are people who are wrong. I mean, this is like, it would be, they'd make a lot more money if they could sell your data. I mean, it would be great. Like you do Siri and you know, and you say, listen, wake me at 3.30, and they have like something that goes on at 3.3 that's a program, you know, like CNBC UK.