Markets' Record Run, Apple Vision Pro Pre-Orders Surge, Morgan Stanley's Jonas Cuts Tesla PT. 01/22/24

Jim Cramer (0:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:07)

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. Stocks look to add to Friday's all-time highs as Q4 earnings kick into high gear, and we get a boatload of key data later in the week, GDP and PCE tenure 408 Our roadmap begins with the record rally. S&P is poised to build on its all-time high. As investors await the latest GD print this week.

David Faber (0:31)

Plus, we got tech on a tear. The Mag 7, they continue to outperform, and Nvidia, of course, is leading the pack. That stock is up more than 20% this month alone.

And 160 to 180,

That is at least the estimate for Vision Pro pre-orders over the weekend from one widely watched Apple analyst. We're going to find out why. She does remain cautious on that. Uh-oh.

Carl Quintanilla (0:55)

Let's begin with the markets and their record run, Jim, reflections on Friday?

Jim Cramer (0:59)

Well, I gotta tell you, the Super 6 is so strong. It's amazing.

Super 6

David Faber (1:06)

Super 6?

Jim Cramer (1:06)

Because Tesla's no longer.

David Faber (1:08)

Oh, you're X-ing out Tesla.

Jim Cramer (1:09)

Oh, I'm sure, not X. Well, I like that. I am X-ing out Tesla. Oh, you are so clever. You live ambitiously like I've never seen.

The most ambitious person ever. And your kids are ambitious, so everybody's ambitious, fantastic.

I think that there's a capitulation going on. My friend Ben writes this, who's at Melius. He now says, all you have to do is say that you're somehow connected with Nvidia, and he's got two others. He says that right now, of course, everyone at Microsoft is, but Google is next to say that they are next to godliness, which is Nvidia, and then Amazon. David, you were correct in pointing out that Nvidia's run rate so far, they are ambitious.

David Faber (1:50)

Wait, who's Nvidia's?

Jim Cramer (1:52)

Melius, which is really good, is saying that when you're really, let's say you're stock's languishing, you just say that you're close to Nvidia.

David Faber (1:59)

Oh, yeah.

Jim Cramer (2:00)

ServiceDow reports this week, they're close to Nvidia. See it?

If you're close to Nvidia, then boom.

David Faber (2:08)

Then boom. Look at that 21% move in the stock.

Jim Cramer (2:12)

I'm saying that's the essence of this market right now.

David Faber (2:14)

Right.

Jim Cramer (2:15)

It's AI, and this is the epicenter. This is the sun.

David Faber (2:18)

It is, and as we've said many times, despite what was outperformance likes of which we have rarely if ever seen on the earnings front from Nvidia last year, the stock did not respond for a number of months.

Jim Cramer (2:31)

Was it 400?

David Faber (2:32)

Came into this year with a far lower multiple than it had previously as a result of, of course, far higher earnings. It's made up for that though, Jim, and I don't know if you think perhaps it's run a little too fast too far.

Jim Cramer (2:44)

Well, I think that the thing that's happened, Carl, is that people are now saying Nvidia is not hardware, Nvidia is software, which then puts it in the sainted enterprise software category, where you can do anything from enterprise software. Even if you're hacked, you can do it.

David Faber (2:59)

I did know Jim Breyer and Davos last week said that, and I thought that was interesting.

Jim Cramer (3:03)

Jim Breyer was really spot on.

David Faber (3:04)

He had, Jim Breyer had the great call, if you guys remember, when we were in California last May. Yes, he said, I said, before the huge blow up, blow out, he had that great call on Nvidia.

Jim Cramer (3:16)

Well, he was asking me about my dog.

David Faber (3:18)

And he's talking now about software.

Jim Cramer (3:19)

My dog, this dog was a 50 when I named my dog Nvidia.

Carl Quintanilla (3:24)

We're aware.

Jim Cramer (3:24)

And Jim Breyer was aware of it.

David Faber (3:25)

We're aware that you've had a great call on Nvidia.

Jim Cramer (3:28)

Well, Nvidia is one of those companies that the Chinese, I don't know, do we have?

Carl Quintanilla (3:34)

We do.

Jim Cramer (3:35)

Do we have a picture of it? I mean, even though they can't get the top ships. Look at it, David, have you seen this?

David Faber (3:40)