More Rate Hikes? Apple of My AI, Billionaire Battle 8/7/23

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Carl Quintanilla (0:31)

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, all back at Post 9 of the New York Stock Exchange. Pre-market's getting back some of Friday's downside reversal.

Big week for inflation data, CPI Thursday, earnings this week, UPS, Disney, Bava, Under Armour, Roblox, and more. A roadmap begins with the macro picture. S&P NASDAQ looking to rebound from some four-day losses as investors digest some conflicting Fed rate hike commentary.

David Faber (1:06)

Plus shares Apple are looking to bounce back. They are off of what was the worst week and day of the year. The company reportedly looking to boost its efforts in AI.

And Elon Musk and Mark Zuckerberg seemingly agreeing to that cage match, but some hurdles still ahead. We'll fill you in on all the fight details.

Carl Quintanilla (1:27)

Let's begin with the markets though. S&P NASDAQ, as we said, coming off their worst week since March, Jim, that reversal Friday didn't feel great.

Jim Cramer (1:35)

Oh my, it took your breath away.

And I was watching them just saying, what happened? Is there some event? Did something happen that was exogenous? But then again, I mean, look, let's remember, all the bonds having a nice move today. I mean, they were down 30 ticks. Now they're only down 11, but I thought that Friday was one of those days where people just said, okay, we've had a great year.

Now let's just sit here and sit on our hands. And that was what I was thinking to start my show tonight is to just sit on my hands and it may do it because I just felt that we've made a lot of money. And maybe that's what we're gonna make for a month.

Carl Quintanilla (2:15)

You've been pretty leery of this period.

Jim Cramer (2:17)

Yes, I am.

Carl Quintanilla (2:19)

I kinda remind you of some of the calls this morning, say take B of A on NVIDIA.

Sentiments obviously gonna be more subdued than last time. You have made a lot of money.

Jim Cramer (2:29)

Well, yeah, look, he's gonna talk tomorrow.

But my problem with NVIDIA is, like I had Larry Williams on, he's one of the greatest charters of all time in history. And he started out by saying, Jim, you're wrong in NVIDIA here, which David, I always find is a little intimidating when someone just says you're wrong.

David Faber (2:49)

That's not enough for you, Jim? We haven't been together in weeks and you're already like, uh-huh.

Jim Cramer (2:54)

I mean, you don't even look up. He said that NVIDIA, you know, I'm gonna be wrong on NVIDIA.

David Faber (3:00)

I heard you. Yeah, I always hear you.

Carl Quintanilla (3:02)

This is your most trusted technician.

Jim Cramer (3:04)

Yeah, and it was very jarring because NVIDIA's had an amazing run. You know, I think the gents among, I'm aware of what you think of NVIDIA.

I met people at the Eagles who thanked me for NVIDIA.

David Faber (3:17)

As they should.

Jim Cramer (3:18)

I don't need any of his nonsense. The Philadelphia Eagles thanked me for NVIDIA.

David Faber (3:21)

As they should, as they should. What's the point now?

The point is that it gave you, it gave you.

Jim Cramer (3:29)

That's Jason Kelsey and he loved NVIDIA. And I gotta tell you, I did well for him.

David Faber (3:35)

I know you did and for many, many other people. And not just that name, Jim, but let's get back to this chartist guy.

Jim Cramer (3:41)

Good picture.

David Faber (3:41)

Who gave you pause.

Jim Cramer (3:43)

He's not a chartist, he's a historian. Market historian.

David Faber (3:45)

Oh, market historian.

Jim Cramer (3:46)

He just said that typically, you know, when you have a stock that's up this much, 200%, you're gonna get a little give back.

It's up the most of any stock in the FSP. It's not a meme stock, by the way. It's not Rite Aid.

David Faber (3:58)

No.

Jim Cramer (3:59)

Keeping the joke of Rite Aid and how people are running Rite Aid.

David Faber (4:02)