CEOs' Letter on Minneapolis Turmoil, Nvidia and CoreWeave CEOs Exclusive, Winter Storm Impact 1/26/26

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Carl Quintanilla (0:44)

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 Monday 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 a bit mixed coming off back to back weekly losses for the S&P. Earnings, the Fed, winter storm, and a likely government shutdown on Friday are all in the mix. Dollars at a fresh four-month low. A roadmap begins with Minnesota's top CEOs, including UNH and Target, calling for immediate de-escalation attentions after the fatal shooting of a second US citizen.

David Faber (1:19)

Plus, that massive winter storm wreaked havoc across much of the country. Aero lines canceling thousands of flights. Many still left without power. And we got a big week for Big Tech. Four of the Mag 7 will report earnings this week. Also some deal-making as well between Nvidia and CoreWeave this morning. CoreWeave shares are up sharply, by the way. Nvidia CEO Jensen Huang and CoreWeave CEO Mike Intrator. They will be joining us exclusively to discuss their expanded partnership and this latest transaction.

Carl Quintanilla (1:52)

Let's begin with the turmoil in Minneapolis. CEOs of more than 60 Minnesota-based companies, including 3M, Target, UNH, have signed this open letter in the wake of the unrest there this weekend, after federal immigration agents fatally shot a US citizen for the second time this month. In the letter submitted on the top executives behalf by the Minnesota Chamber of Commerce, the CEOs are, quote, calling for an immediate de-escalation attentions and for state, local and federal officials to work together and find real solutions. It's actually a pretty robust list of companies there. Jim, Best Buy, Hormel, on a morning where the Journal is arguing, the editorial board there, that there should be a pause for ICE in Minnesota.

Jim Cramer (2:32)

Right. I was listening to Andrew Ross, working with our colleagues this morning, and I think it's pretty clear that there's a sense among many people, even in the media, that perhaps things have gotten out of control. And the out of control is not on the side of the state. The out of control, David, I think is very much on the side of, maybe it's ice that's out of control. And if you want to de-escalate the tensions, it has to be done with ice. I don't think that the state necessarily should stand down because they're in the state.

David Faber (3:02)

Yeah, there's an awful lot of them in the state, and obviously this is the second such incident that's taken place in really a handful of weeks here. It's interesting, guys, I was not here Friday, but on Thursday, and our viewers probably know this already, but we don't really, we have a general idea of what we're going to talk about, but we don't every day go into any detail, and we ended up having a conversation on Thursday about the reluctance of corporate America to speak. And interestingly, Jim, you shared some thoughts, and I did as well, because it's not even publicly, it's even privately, there is a fear amongst executives to criticize this administration in any real way. And so you have to take this letter in that light, I think. It's somewhat anodyne, I think you could argue, but nonetheless, at least it's some sort of an effort to engage in, Carl, in this environment that at least I know Jim and I have countless times encountered of late the reluctance to say anything to take it in that light.

Carl Quintanilla (3:58)

Well, on that Thursday show that you mentioned, David, we sat here and talked about Jamie Dimon as an exception, and it was hours after that, Jim, that we got news of the lawsuit against JP Morgan by the administration.

Jim Cramer (4:09)

Well, I think there's an understanding, there's an instant payback. Perhaps unless you add all these Minnesota people sign that note, you're not going to sue 60 CEOs.