Nvidia Earnings Countdown, Buffett's Berkshire Joins the $1T Club, Super Micro Plunges 8/28/24

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.

David Faber (0:07)

Good Wednesday morning, welcome to Squawk on the Street. I'm David Faber, along with Jim Cramer. We're live from Postline at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures. Jim and I like to call this hump day, being a Wednesday. It's also Nvidia Day, of course, if you haven't heard already, after the bell, we're gonna get the earnings from that bell. Whether our roadmap does begin, in fact, with that very name, we are on Nvidia Watch. We're gonna have a countdown clock soon enough. The semiconductor giant set to report, it will be after the bell. Big implications for the broader market, for technology companies, for AI. I mean, who knows what else could be at stake here. Billionaire Warren Buffett billionaire. Greatest investor of all time, Warren Buffett. I mean, really, come on, guys. Unloading more B of A shares, Berkshire parsing its massive and profitable stake yet again. Although they still own a lot of shares. We'll get to that. And we'll also have the latest read on the consumer Nordstrom, Abercrombie, Footlocker, PVH, All Report earnings. Say again, you'll what?

Jim Cramer (1:09)

I'm ready. You can hit me on that.

David Faber (1:10)

Oh, good. I'm looking forward to hitting you on a lot. All right. We'll start though with Nvidia, of course, given it's due out after the bell. And we got a number of other earnings after the bell as well, Jim, that are not insignificant, including Salesforce.

Jim Cramer (1:22)

Tonight is huge.

David Faber (1:24)

Give me your thoughts as we head in here. Nvidia shares, you can kind of see what they've been doing over the last month. A nice move and sort of hanging right in there at that same level, let's call it, for the last few trading sessions.

Jim Cramer (1:36)

Well, I think there's a couple of pieces out today. I'll just put the whole thing in. The rubric is that the smart guys are selling and retail's buying. That is the kind of thing I keep reading. And why I'm disturbed by that is that the smart guys have been selling the whole way. What have they accomplished? Retail is the one that owns it. Now, there may be the zero option people come in, they buy today, hope to win. But I think that we're in a moment where Ben Righteous from Melius has the best cheat sheet, not unlike what you might do in fantasy football, where you see like it's McCaffrey at the top.

Two billion dollar beat this quarter must happen. Two billion dollar forecast raise must happen. And then a broader long term arc of what's going on, including an upbeat Chen Senwang in the conference.

David Faber (2:24)

So you need all of that.

Jim Cramer (2:25)

Check, check, check, the triple Lindy, not unlike what we saw from Rodney Dangerfield in Back to School.

David Faber (2:29)

In Back to School.

Jim Cramer (2:31)

Which Sam Kinnison was that?

David Faber (2:32)

We also, I noticed any number of pieces this morning, of course, going over all things related to Nvidia.

How the markets reacted, certainly one key thing. I think we may have that. The May report, Nvidia was up 9.3 percent. Even though, interestingly, the broader market didn't really move. The S&P was actually down and the NASDAQ was down that day.

Jim Cramer (2:54)

No, and all we ever hear about is it's time to buy the Russell.

David Faber (2:56)

I know.

Jim Cramer (2:56)

This horse, Stiefel, by the way, has the list of the correlations, too. We can get... What happened?

David Faber (3:01)

Oh, nothing.

Jim Cramer (3:02)

Stiefel has the correlations.

David Faber (3:04)

Yeah, and then I was looking also at, on the February report, Nvidia was up 16.4 percent. That was, of course, the blockbuster when everything, many things changed. And the broader market was up a lot. The NDX was up 3 percent. I thought we had that, but I guess...

Jim Cramer (3:20)

No, but look, I mean, this is the under performer that's not under performing, so to speak. I think that it has moved up. It's the number one stock in the S&P. Yeah. Rivals, Super Micro, but that was the case. Get into that. You know, David, I think that this became the zeitgeist. Now, that bothers people because it was a $500 billion company in 2023

David Faber (3:41)

Right.

Jim Cramer (3:41)

That's... Then it goes to three trillion. No one likes that. I call it a parvenu.