Nvidia's Beat and AI Optimism, Musk-Ramaswamy "DOGE" Plan, DOJ vs. Google 11/21/24

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 (0:13)

Good Thursday 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. Future's pretty steady here as Nvidia goes green pre-market on another solid quarter, another $2 billion revenue beat. Jobless claims meanwhile near a six month low. The 10 year's still well behaved below 4-4. Our roadmap begins with Nvidia's beat and optimistic outlook for AI chip demand. The stock does erase some earlier post earnings losses.

David Faber (0:39)

And also ahead, Elon Musk and Vivek Ramaswamy out with an op-ed in The Wall Street Journal. They're making the case for their DOJ plan to reform government and cut federal spending. Speaking of the government, the Department of Justice has officially requested a federal judge take action against Google by forcing it to sell its Chrome browser. This of course part of the government's antitrust case against the company.

Carl Quintanilla (1:05)

Let's get right to Nvidia moving higher after beating on both the top and the bottom line. Also nearly doubling sales year on year. Yesterday, on the earnings call, Jensen Wong did reiterate the strong demand for AI.

Jensen Huang (1:18)

The age of AI is in full steam. Generative AI is not just a new software capability, but a new industry with AI factories manufacturing digital intelligence. A new industrial revolution that can create a multi-trillion dollar AI industry. Demand for Hopper and anticipation for Blackwell, which is now in full production, are incredible.

Carl Quintanilla (1:48)

Jim, everyone wants to talk Blackwell, but even some of the Hopper guidance was surprisingly good.

Jim Cramer (1:51)

Yeah, look, this is one of the situations where whatever you can get from them, you'll take. That can be very stark because you may not be able to get the first rank stuff. I think that there are multiple customers.

I'm going to step back for this in a second. I've never seen anything like this. There are multiple customers who would buy everything to have. When I say everything to have, I don't mean like, hey, you know what, I really want some. I mean like, I will take everything you have. And the customers that we're talking about are customers that we all know. And they are not doing it in order to be able to say, because the other guy may have it. There's going to be a winner take all, a loser take none aspect. But the main thing is, is that everybody has something that they feel they can make five to one on. I'll pay you 40,000, I'll get, I'll make 200,000. And David, when I say I've never seen anything like it, what I mean is, is that this is a different order of company that we've ever seen in our years together, because it's really reinventing. No, it's creating a whole new industry. And in order to understand it, you have to do things that you've never done before. Like, for instance, I put in... Jensen says something that's rather... I don't mean to go on too long, but Jensen's talking about something that he likes. He likes a Google product that he's just constantly on. I mean, a good example.

Carl Quintanilla (3:13)

Same thing that Benioff said the other day.

Jim Cramer (3:15)

I talked to Mark about it, absolutely. And what you do is, like, you input, you know, tell me what's so great about this conference call. And, you know, here it is, I mean, I've got it.

David Faber (3:26)

This is it. Okay.

Jim Cramer (3:27)

Well, this is, I just, all we ask, this is Jeff Marks. We put in, give us the highlights. This is the product that Jensen said he loves to talk to.

David Faber (3:34)

Oh, you used the Google product to actually go over the conference call.

Carl Quintanilla (3:38)

He was using the living daylights out of it.

Jim Cramer (3:40)

Because he is, thank you, Carl, I'll use, because I used the living daylights out of it, so I did it. And I got five pages of the, just the quick distillation. If someone said, pick your best five pages. I don't mean to wax too authoritatively on this. I will say this. When the stock was at 141.41 this morning at 330, I was going to town, whatever they call it now. The same list of wedding clowns. It's just short selling clowns with 100 and 200 shares. Because this thing is not anything I've ever seen.

David Faber (4:09)

And of course, the, what you were using from Google is generating what it does on there.