S&P 500's Record Rally, Meta's $65B AI Investment Plan, Novo Nordisk's Obesity Drug Boost 1/24/25

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Jim Cramer (0:31)

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

Carl Quintanilla (0:39)

Good Friday 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. Bulls look to build on Thursday's all-time high, the first new high of the year, as the tension also turns to Bank of Japan hiking rates and the president now jawboning the Fed, OPEC and the banks. A roadmap begins with the movers in the markets, two Dow stocks, Amex and Verizon crossing the tape this morning. Major averages still on track for the second positive week in a row.

David Faber (1:05)

Plus back to the weight loss drug, Boom. shares Innova Nordisk are rallying. This as a new obesity drug, its testing shows significant weight loss. It's early trial results, though. And we're keeping an eye on one of the biggest energy IPOs we've seen in a decade. Venture Global, America's second largest LNG exporter, is set to make its debut right here at the NYC.

Carl Quintanilla (1:27)

Let's begin with the markets this morning and this S&P record run. Jim, over the last week and a half, best eight-session rally since August, although not as broad as it was last year.

Jim Cramer (1:37)

No, but I do like to see that this is a rally that's not led by Apple. It's a rally that's not led by NVIDIA. It's a rally where Microsoft seems to be tepid, Alphabet kind of here and there. Tesla, you have to reignite it with an Adam Jonas piece talking about an ETF of AI. But you'll see these beautiful one-off moves. Union Pacific great quarter versus a CSX. Or how about the drugs? How about the drugs? I mean, last week, I was at the JP Morgan Health Care Conference. And no one liked the drugs. They exploded yesterday. So what I'm saying is that many bull markets each day, banks had a bull market, drugs had a bull market, rails had a bull market. It's like, I love it. Wheats had a bull market. This is what I want. Not brought on one day, but brought on multiple days.

David Faber (2:25)

Over time?

Jim Cramer (2:26)

Over time.

David Faber (2:26)

It's what you want.

Jim Cramer (2:27)

Yes.

David Faber (2:27)

Because it what creates a healthy market, so to speak.

Jim Cramer (2:32)

Well, that's kind of what I'm saying.

David Faber (2:34)

I'm just reiterating what it is you're saying and trying to understand why.

Jim Cramer (2:37)

I just don't want it to be the same old, same old. Like today there's a piece in the FT. I like the FT. But they were talking about, you know, now things are really stretched. If it's the same with Mag 7, no, it's not a Mag 7 rally for heaven's sake. It's not. And people are worried about Microsoft and Clippy 2, Benioff taking a shot at them. I'm not hearing anything, any real mojo for about Alphabet. I mean, Apple, we have another guy today, Trim Price Target. I mean, Nvidia can't get out of the 146 way. But I'm just-

Carl Quintanilla (3:06)

Okay.

David Faber (3:07)

Yeah, Nvidia has not had a bad week.

Carl Quintanilla (3:09)

So you are-

Jim Cramer (3:10)

It's not a great week.

Carl Quintanilla (3:11)

So you've got a cyclical playbook in mind?

Jim Cramer (3:14)

Well, I just think that this is one of those markets where when you have a good quarter, bingo. And the only one that's really going up is Meta. And it's not- Well, Amazon's levitating because our talk at Amazon's is going to have a much better expected number. But Meta, no one yet wants to say, listen, this is all about, he's the real winner with TikTok. You know, you got this bite dance TikTok. It's him.

Rick Santelli (3:35)

It's about the algo.

Jim Cramer (3:36)

And Zuckerberg's going to have the algo. So I just say, let's accept this.

David Faber (3:41)

Wait, what? Zuckerberg's going to have the algo?

Jim Cramer (3:43)

For Meta, I think Meta, I like Reels. Oh, I like Reels. When I was doing videos, I thought Reels had really good, you could do really good commercials from Reels.