Day 2 of U.S.-China Trade Talks, Disney CEO Iger Exclusive, Apple WWDC Reaction 6/10/25

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David Faber (0:59)

Market Insight and Analysis. You're listening to the opening bell of CNBC Squawk on the Street.

Carl Quintanilla (1:04)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. Stocks do continue their steady grind higher as we get a second day of US-China trade talks in London. Pretty light day for economic data, although small business NFIB sentiment ticks higher for the first time this year, 10 year 4-4. Our roadmap begins with the latest on trade talks. The Commerce Secretary says discussions are going well as the two sides do meet for a second day in London.

David Faber (1:31)

Plus Apple's Developers Conference underwhelming on the AI front, but the iOS software gets its biggest facelift in over a decade. We'll tell you what the street has been saying all about it. And Disney completes its purchase of Hulu or Wilson. It's agreed to pay NBCUniversal an additional $439 million to own all of that streaming service. Disney CEO Bob Iger will join us exclusively just a few minutes from now, we'll talk of course about what the full Hulu acquisition means for Disney's strategy and a lot of other topics.

Carl Quintanilla (2:03)

Let's begin with the markets though, watching developments in London where U.S.-China trade talks have entered that second day. This is the Commerce Secretary from earlier today talking about progress. Spending lots of time together, he says, Jim.

Jim Cramer (2:24)

Yeah, well, Chinese stocks went down at the end of yesterday's session. Of course, our stocks went down at the end of yesterday's session. I think there's just a lot of people who are hopeful and then the hopes dash so they just leave again. I continue to think that when I look at advanced micro stock going up, the advanced micro has a GPU like Nvidia, not as powerful. Maybe that's who they're offering. I don't think you can get out of there without giving them semiconductors. David, I don't care what they say, that they can make it all up with packaging and that there's no problem. They've got it all ready. They don't have what we have and they want it. And boy, do we ever need what they have. And it's really one country needs in the other countries.

David Faber (3:06)

Rare Earths, of course, what we need right now, as I think is what you're referring to clearly for automotive and a number of other industrial uses.

Jim Cramer (3:15)

We want that fighter jet to work.

David Faber (3:17)

And to your point, they want access to and by the way, Jensen Wong wants them to have access to Nvidia chips of some kind. Well, he's been spent in Paris.

Jim Cramer (3:24)

Yeah, well he does because he doesn't have, he just wants to give them the Biden, the Biden ship. The H20.

David Faber (3:31)

The H20, which they were and then they weren't. And they took what was originally five and a half. They did roll that back. I think it ended up being what in the quarter, four and a half, four and a half right now.

Jim Cramer (3:40)

But they still, they say there's 50 billion in play.

David Faber (3:43)

With the overall market.

Jim Cramer (3:45)

Yeah, overall.

David Faber (3:45)

That's not like they're going to sell 50 billion Nvidia chips into China.

Jim Cramer (3:48)

No, but they're saying that we had 95% of the market a few years ago.

David Faber (3:51)

I know, but they don't need more. But when you use that 50 billion dollar number, it makes people think, oh, it's a 50 billion dollar loss. It's not of revenues.