Stocks and Bitcoin Rebound, Altman's "Code Red," Nvidia Jumps 12/2/25

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Carl Quintanilla (0:45)

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 Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 at the New York Stock Exchange. Faber has the morning off. Future stabilizing a bit after Monday's decline with the focus once again on AI and tech. We'll get Marvell tonight. Bitcoin up 2% after the worst day since March. Watch the long bond as well. Four and three quarters, that's almost a three month high. A roadmap begins with the market set up as investors look to crypto as a risk barometer. Bitcoin is bouncing back after hitting those lows. The AI war is definitely heating up. OpenAI Sam Altman reportedly declaring a code red to improve Chad GPT as Google threatens its lead. And big short investor Michael Burry reviving his short against Tesla, calling the stock quote ridiculously overvalued. Let's begin with the markets though as stocks and Bitcoin try to rebound from this rough start to December. Jim, Bitcoin was notable when you're going back to March.

Jim Cramer (1:46)

Right, well, look, I think people first have to recognize that Bitcoin itself is pervasive within our stock market. There are so many different elements, whether it be Bitcoin miners, whether it be a Bitcoin, a Bitcoin immersion, whether it be zero-day options, the 2X, 3X. So people have to get out of their heads and realize this is big. Okay, and that's why we talk about it. Second, there is a break the Saylor, which is of course Micheal Saylor, attitude among some people, which is the micro strategy, now strategy. People think that if you can break them, you can break anything. You look at the stocks move right down. They put out a lot of stories about what would happen, whether they'd sell some Bitcoin. That's perceived to be the big, big break. But what's so funny is that there are people who say, and it will be the generational low. Well, it has to happen first. I have no idea what he's going to do. He has a lot of preferred debt. He has a lot of actual debt. One thing I know, and I followed him from the.com period when I was involved in stuff that was close to him, Houdini has nothing on this man, particularly because in the end, Houdini was punched and he died. He's more David Blaine. I once saw David Blaine's mouth sewed up and out came the King of Spades.

Carl Quintanilla (3:00)

A hundred times.

Jim Cramer (3:01)

This guy, ace of spades.

Carl Quintanilla (3:02)

You called him a master poker player this morning.

Jim Cramer (3:05)

Oh no, he's amazing.

Carl Quintanilla (3:05)

And you think he'll engineer a squeeze.

Jim Cramer (3:09)

Well, it's what he's good at. Yes. Look, what's going on this morning? It's up. Okay. I just think that they had a good presentation yesterday. Not opaque. It made me feel like maybe they're more of a company than just a Bitcoin accumulator, which is what people were saying. But I just want to put it in context. There are people who are so fixated on misters, we always call it in the trading desk, MSTR, that they're more fixated. I will go so far as to say that Nvidia is not as important as MSTR, at least to some.

Carl Quintanilla (3:39)

Yes, well, when you are on the hook for these dividends and they're material.

Jim Cramer (3:45)

Right, preferred accounts is accurate.

Carl Quintanilla (3:46)

And your Bitcoin doesn't provide cash flow and your software business doesn't really provide cash flow.

Jim Cramer (3:50)

Which is not really a business.

Carl Quintanilla (3:51)

The reserve to you makes sense.

Jim Cramer (3:54)

Yeah, I thought it made a lot of sense.