Markets and Iran Peace Hopes, What OpenAI's CFO Told Cramer, Micron's Post-Earnings Skid 3/25/26

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Carl Quintanilla (0:58)

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.

Scott Wapner (1:12)

Hey, good Wednesday morning, and welcome to Squawk on the Street. I'm Scott Wapner with Jim Cramer. Post 9 here at the New York Stock Exchange. David's on assignment, Carl has the morning off. We'll show you the futures here. Stocks are going to open higher at this hour. Dow would open by more than 400 The S&P by almost 60 points. Our roadmap today begins with stocks looking to bounce back following reports that the US has sent Iran a 15 point plan to end the war. Plus, OpenAI, Sara Friar telling Jim Cramer the company has raised an additional 10 billion dollars from investors. That brings their record fundraise now north of 120 billion. The company also shuddering its short-form video app Sora as they look to reel in costs. And Jamie Dimon's AI warning saying that artificial intelligence could cost the US jobs and that the unemployment would be a big problem for society. We do begin, of course, with the markets. Hopes for an Iran peace deal according to the Iranian state news agency Fars, Tehran has rejected a ceasefire proposal calling talks with the US illogical. Meantime, potentially key to oil markets this morning, Iran reportedly now allowing non-hostile ships to pass safely through the Strait of Hormuz, the choke point which typically carries a fifth of the world's oil per day. All right, Jim, so we have the proposal that was apparently sent, this 15-point proposal, which, as we just read, the Iranians have apparently rejected. The stock market seems to be okay for now with the idea that we're progressing towards, or at least hopeful of having some sort of talks, which could keep this from going too long and getting worse.

Jim Cramer (2:56)

Well, you know what, I think that we have to figure out which of these has the best record during this period. Which has been a forerunner. I don't want to talk politics. It's meaningless to me. I do want to talk the price of oil. The price of oil has been the great leader. If you look at what it says, that's how the market goes. So when oil is going down, we can't suddenly say, you know what, that doesn't matter. It sure mattered when it went up. Now look, we have a lot of corollaries today. I'm getting everything from fertilizer, the American farmer, I totally get that. But the fact is, when you get oil down like this, you have to change your narrative. Now, I listened to a lot of people this morning.

Maybe they didn't check the price before they came on. Or maybe they don't like the 15-point plan. I don't know. But I look at the oil futures, and then I look at bonds, and I say, you know what, I can't be as negative. I was negative when oil went up. I can't be negative when oil goes down. That doesn't make sense.

Scott Wapner (3:53)

This is the whole show. If oil continues to move lower, or you wake up in the morning and you see oil down, you just assume that stocks are gonna be up. It's the whole ball game, really.

Jim Cramer (4:01)

I mean, look, we don't want to overthink this. Oil up, if oil had been up today, the conversation I would have in is, Scott, you know, it's gonna be a rough day. What can I say? And I'm looking for Mag 7 down, and I think the interest is gonna go up, that KB Homes number was really awful. I would sell the Chewy, don't believe in that. And frankly, you know what? Even Arm Holdings is too high. That would be the discussion. So I flip everything. I like Arm Holdings. It looks pretty good. You know, the Chewy was very good. GameStop was, they raised a lot of money, as far as I'm concerned. You know what? You got to buy the Mag-7. That's, it's about, why are we over, why are we, you are what your record says you are. And oil's been right.