Nvidia Joins the Trillion-Dollar Club, Markets and the Debt Ceiling Deal 5/30/23

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David Faber (0:31)

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

Carl Quintanilla (0:37)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, post night of the New York Stock Exchange. Back from the long weekend, all eyes now turn to the debt ceiling vote count.

Yields are lower, futures up, busy week. Plenty of jobs data. Nvidia set to hit the trillion dollar club. Our roadmap begins with that DC deal-ish in the race to avoid default. That key debt ceiling compromise will face a key vote on Capitol Hill this week.

David Faber (1:02)

Plus, about to welcome another company to the trillion dollar club, the AI boom fueling Nvidia's stock surge. It would be the first US chip maker to cross that enormous market value.

And Elon Musk meets with China's foreign minister, touting further Tesla expansion in that country.

Carl Quintanilla (1:22)

Let's begin with a new market week following the tentative debt ceiling deal forged by the president and the speaker over the weekend. Jim, your political cynicism just won't go away.

Jim Cramer (1:32)

Well, I think that they have to have one more bit of drama. It's kind of like tarp. Must be one more. Maybe not more than that, because I think that the speaker seems to have some grasp.

David, I have to tell you, I think there's a friendship there. To the speaker and the president.

David Faber (1:52)

You're going there already.

Jim Cramer (1:53)

But it doesn't matter. There's still wings of the party that have to vote against the first time.

Come on, you know there's more drama coming.

David Faber (1:59)

It's what, back to Ronald Reagan and Tip O'Neill? Is it like...

Jim Cramer (2:03)

Well, I think that they're not drinking beers, but I do think that they don't hate each other.

David Faber (2:08)

Good.

Jim Cramer (2:08)

I mean, I don't want to put a spoiler alert out there, but I think there could be one more succession kind of thing.

David Faber (2:14)

You do?

Jim Cramer (2:14)

Yeah.

David Faber (2:15)

So one more dip before the finale.

Jim Cramer (2:17)

Do you think that's wrong? Since we have like a hundred people in the Congress saying that they... I mean, like the mansion pipeline, how could there be so many people? It's 95% done.

David Faber (2:28)

You got to explain how you just got to the mansion pipeline.

Jim Cramer (2:30)

Oh, no, I'm just saying that there's something negative for everybody. There's, you know, the Republicans could argue, well, wait a second, there's still too much spending.

David Faber (2:39)

Right, didn't get enough cuts, and then the Democrats can argue there shouldn't be any work requirements.

Jim Cramer (2:43)

Right.

David Faber (2:44)

And the question will be, can you deliver enough of the middle grounds to speak to get the vote passed?

Jim Cramer (2:47)

Well, don't you think everybody has to have one more vote where they can say, listen, I stood up for you and then cave? Or do you think it's all just like they can talk, I stood up for you and cave? I don't know. Either way, there are still people buying this, you know, this one month piece of paper. I don't think that they realize that in the meantime, there's this AI move where they could have made more.

Look, I am cynical from the point of view that there's enough people who I think really want to show, look, I stood up for me, but that it ultimately passes.

Carl Quintanilla (3:19)

You think it does pass? And then maybe the Senate, even if we have to go into the weekend, we can get this done by Monday?

Jim Cramer (3:25)

Exactly. Before anybody, any checks have to be paid. You know, David, there's a lot of sense of what, you know, the first one, social security, not a piece of paper. It's not a note.

So, therefore, maybe you can delay it for a day or two if you have to. Wait a second.

David Faber (3:44)

Just looking back at my notes, that's all, about the Treasury General account and where things stood. That was late last week.