Important Week for the Markets, Cramer’s AI Message, Nasdaq's Biggest M&A Deal 6/12/23

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David Faber (0:25)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Good Monday morning, everybody. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live at the Post 9 at the New York Stock Exchange. Carl has the morning off.

We get started with another week of trading. Half hour from now, you can see, I guess I call that an up-open, right? I never know what to do with these things, Jim.

Jim Cramer (0:45)

Well, that's why I'm here.

David Faber (0:46)

Yeah, that's why you're here for a lot of reasons. A lot of reasons.

Jim Cramer (0:50)

Including the fact that it's my job.

David Faber (0:52)

Yes, including the fact that you get paid to do it. Let's get to our roadmap this morning.

It does start with what's gonna be a key week for stocks, aren't they all? The Nasdaq notching its longest win streak since 2019 The S&P has seen four weeks of gains and investors are hoping.

Jim Cramer (1:09)

You didn't mention the Nasdaq?

David Faber (1:10)

I did, that's what I started with. You missed it. I just said the Nasdaq. What are you, editing the roadmap? Investors are hoping, Jim, for a Fed skip or pause, as you know.

Plus JPMorgan settles. It closes a chapter in that Epstein class action lawsuit. We'll go to Amon Jas, we'll have the jabbers for that news.

And guess why I met his CEO, Mark Zuckerberg, has some praise for Elon Musk. Well, as you might imagine, it's all about efficiency. Maybe give me a chance to use some of that interview, because you never get enough of that interview. It was only May 16th, it's not that long ago. All right, let's start with the markets this morning. We are set up for an important week. Of course, we hear from the Fed, and go on from there, CPI, there's a lot.

What are you focused on? What are your thoughts after these last few very strong weeks?

Jim Cramer (1:58)

Magnificent Seven, again. I mean, these are the Nasdaq company. People keep hoping this rally's gonna broaden, except for Michael Wilson, obviously.

David Faber (2:06)

Who's negative? The strategist, Morgan Stanley, who's quite, he's still bearish, yep.

Jim Cramer (2:11)

But David, what I don't like about this market is that once again, AI, I mean, no, I'm not saying enough, because you know, Jensen, Nvidia, but David, AMD, big analysts coming up, they may have, there's some chips for server, but it's really supposed to be hidden AI.

We've got Oracle tonight. Now, you know, I think software cats is just amazing, but the stock's up for one analyst recommending it today, that is reporting, why AI? Salesforce, new products announced today, why AI? Now there is a, do you see the thing?

David Faber (2:56)

Is it, do you take it as a negative because it's reflective of a certain amount of froth in the marketplace, given obviously, we don't know what the ultimate, yeah, I don't want to be, impact on revenues and earnings for many of these companies of AI will be.

Jim Cramer (3:09)

Well, I don't want to be in the Mr. Wilson camp, but yes, I think it is because we need, one of the things that they need with AI, and this is truly important, and it's been left out of the whole equation, customers.

David Faber (3:21)

Well, aren't there gonna be a lot of customers?

Jim Cramer (3:22)

Yeah, well, you're a customer because you think the other guy might be a customer.

And you have to use the consultancies, which is Google. You gotta go to Oracle, Microsoft. So you hire them like you would have hired EY or Accenture in the old days. And just say, well, please help us, please. Adobe, there's a recommendation of Adobe as if the Adobe hasn't run enough.

David Faber (3:44)

I feel like a lot of these analysts are just catching up.

Jim Cramer (3:47)

I said that this morning to my team.

David Faber (3:49)

And we'll follow some of them, but listen.

There are moments when analysts are worth listening to, and then it's sort of like, all right, great. You're upgrading Oracle now? I mean, I know.