February Set-up for Stocks, AI Trade Questions & A Disney Deep Dive 2/2/26

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Carl Quintanilla (1:29)

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. We kick off the month of February with futures mixed, big earnings on deck, partial government shutdown, more volatile trading in oil, precious metals, and Bitcoin, which does bounce off of 75K. Our roadmap begins with the setup for stocks as we kick off this new trading for the new month.

David Faber (1:59)

Plus comments from Jensen Wong, raising some doubts about Nvidia's massive investment commitment to OpenAI. Meanwhile, we've got Oracle shares up as the company announces a $50 billion fundraising plan. And Disney is out with earnings. It beat estimates. Company also reportedly getting close to picking its next CEO.

Carl Quintanilla (2:21)

Meantime techs under some pressure as another month of trading kicks off. Jim, for the year to date so far, energy is up 14 and techs down 2

Jim Cramer (2:29)

Yes, buddy, because you go in, you look at the S&P futures and the S&P futures down big. But then the Dow is up, because the Dow is not related in any particular way to the MAG7. It actually has a lot of others. Now, David is going to say it's atavistic. We don't care.

David Faber (2:45)

Correct.

Jim Cramer (2:46)

I'm only mentioning it because the S&P is so overloaded with these stocks that we all know that it's very hard for it to be able to run when we're...

David Faber (2:56)

Yeah, but nobody buys the Dow Jones and everybody buys the S&P.

Jim Cramer (2:59)

But I say it's a great snapshot of the caterpillars in the world. When I look at the S&P, I always say, all right, everyone's going to say what that means is Apple's not so good, Microsoft's not that good, Apple's not that good, and you need to pick, because they're no longer trading together. Alphabet's a great story, they report this week. Apple was not bad, but we know that there was problems with components. Microsoft was not that great, we didn't talk about it enough. But I do think that when we look at these things, we have to start saying, Mag 7? No, Alphabet good. Right. Amazon, we don't know.

David Faber (3:32)

That wouldn't be the worst thing in the world to get rid of the Mag 7 as an idea that it trades together. Let's just move on.

Jim Cramer (3:37)

Let's just go back to individual companies.

David Faber (3:39)

Right, individual companies.

Jim Cramer (3:40)

Right here, right now.

David Faber (3:41)

Okay, I'm with you. Wait, wait, wait.

Carl Quintanilla (3:44)

You created the acronym.

Jim Cramer (3:47)

All right, well look, I mean, I'm an acronym guy from way back, but I do think that we are making a very big mistake when we lump these together because now we discover that there is products like a Gemini that are very impressive, and then there are other products that aren't that impressive. Now, I heard Andrew Ross Serkin this morning say you can switch back. Of course, I immediately went to Gemini, and I tried to switch. I went to ChatGBT to go back to see if I can't port everything to Gemini, like he said, and it's not as easily done. I think that these are very separate things, but they are also part of the equation that we have to think about.