Stocks Extend Record Run, Arm CEO "First on CNBC," Anthropic's 80-Fold Growth 5/7/26

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David Faber (0:57)

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

Carl Quintanilla (1:09)

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. S&P is gonna take aim at 7,400 today as the market awaits Iran's response to this 14-point memo that could begin to loosen traffic in the Strait of Hormuz. Got some blowups in the consumer space, getting attention in restaurants, appliances, some discretionary services. WTI does get an eight-handle this morning, although retail gas averages 456 a gallon. Is that the high water mark for now? We'll talk about it. Our road map begins with stocks in rally mode again on these potential cooling Iran tensions. One big earnings mover today saying the war is causing a, quote, recession level industry to climb.

David Faber (1:50)

Plus, we're going to break down Anthropics in incredible growth numbers. The company also securing a deal for Compute. That was yesterday, but we'll talk about that a bit because Elon Musk's SpaceX. How do you like that? Yeah, is providing a lot of Compute to Anthropic right away.

We'll also keep an eye on shares of Arm. Right now, down sharply in the pre-market. In fact, it's the biggest laggard on the NDX. We're going to have Rene Haas, the company's CEO, join us. That'll be after we get the opening bell.

Jim Cramer (2:16)

What can we say? Admittedly, it was up and then down. It's not a real true picture.

David Faber (2:22)

Got it. Up and then down. It's the kind of insight we look for.

Jim Cramer (2:25)

What was it?

David Faber (2:25)

Thank you.

Jim Cramer (2:26)

It went up to 260, then it went down to 213, and then it came back. Never mind. We'll get to it.

Carl Quintanilla (2:31)

Nice. Let's begin with stocks looking to extend their record run. Hopes for an Iran deal in the mix after the S&P did close above 7,300 for the first time. Interesting to listen to Paul Tudor Jones, Jim, talk about 99 analogs and argue that there is runway here.

Jim Cramer (2:46)

See, I think the problem with any analog is that there may be nothing analogous to this one. Now, I know that there are always people who say that the most dangerous words are...

Carl Quintanilla (2:57)

It's different this time.

Jim Cramer (2:58)

Except for it's been different for 40,000 points. It's really important to remember that some of the chivalrous of people who were in the game in the 1960 to 1980 period missed everything. It's okay. They did.

I look at what's happening and I think I've never seen it before, so I don't want to analogize to 99 or 2,000. I mean, David, you have companies that are making things and they're so... People are so desperate to do it that other companies, really good companies, are making deals with other companies to be able to get the product that they need to be able to grow.

It is a staggering moment. If we try to analogize to anything, I mean, to 1999, David, they were just like, let's have fiber, but let's not have anything go through it. Now we have fiber because we have so much to go through, we don't know what else to do.

David Faber (3:49)

We won't stop, though, the allusions to 1999, because there is this feeling of every day is just up and to the right, for the most part. Now today, maybe a bit of a...

Jim Cramer (3:56)

Yeah, but in 1999, you and I would be like, come on, we have companies like street.com come public at a billion dollars, at 63, and then it's at two bucks six months later, and suddenly we're gonna say, this is like 99?