Stocks' Record Run, Musk-Altman AI Showdown, Apple's Rough January 1/23/25

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Carl Quintanilla (0:59)

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 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. Free market fairly steady following Wednesday's intraday high and that brief trip above 6,100. Corporate earnings dominate today. Jobless claims at a six week high. The president does address Davos in a couple of hours. Our roadmap begins with stocks trading near that record territory as investors digest another big batch of earnings reports.

David Faber (1:33)

Plus, Elon Musk and Sam Altman continue their online feud on X. This over that $500 billion or it could eventually be a $500 billion Stargate project. Apple's the worst performing stock in the Mag 7 name so far this year. Another major firm cuts its price target on the name.

Carl Quintanilla (1:53)

Let's get to this market's record run as we finally got back above some all time highs. Although Europe Jim, year to date is outpacing US.

Jim Cramer (2:00)

I'm surprised because we're getting a lot of reports about how people are more negative about Europe than ever. Larry Fink, the CEO of BlackRock just saying unmitigated negativity. So it's obviously a contrary rally. If you have to be there, go to St. Ender because they're going to have the best numbers. But look, I think it's going to be short-lived because I've tried to find companies that are doing really well in Europe and I can't really find them. I see many that are doing well in the United States, but some today are reflective of negative things over Korea. And we have to stay close to that. I think that I know David likes me to opine in the first minute and a half about a video. There is a company, let's just get this straight, SK Hynex.

They do DRAM, they do NAND, they've got high bandwidth. And they were saying that NAND was weaker, and they're saying that DRAM is weaker. Not high bandwidth, but it doesn't matter. People decided the long knives are out again for NVIDIA. It was at 47, David, off of a random kind of, we're going to get there, stargazer, that's what I call it. But that's leading the NASDAQ down, not Apple, for once.

David Faber (3:13)

Yesterday, we saw the move up in any number of the names associated with this project.

Jim Cramer (3:19)

Sure, Arm, we were part of that stoking.

David Faber (3:21)

Arm in particular, obviously, Renee Haas joined us in the early part of yesterday's show. But it's not clear to me exactly what the benefit to Arm initially is. And I think there is still some-

Jim Cramer (3:31)

They have a soft back as a position.

David Faber (3:34)

Yeah, right. They have a- And there is- You know, there's still- I'm looking at some decent research this morning. And certainly people come back to the idea, well, is SoftBank going to have to actually- If OpenAI and SoftBank are both contributing 19 billion, that's what they have now put in to writing, I believe.

They're not that liquid today at SoftBank. And so do they have to actually sell some of Arm?

Jim Cramer (3:57)

My case is yes.

David Faber (3:59)

Renee would not comment on it, but it was notable how much the stock ran up yesterday. Now, it's not a big float at all. There may be a halfway decent short position. I don't even know, Jim, but it was notable how much that stock.

Jim Cramer (4:11)

Oh, I think you're very right. And you know what Renee said, and I've had Renee on a number of times, including last week, when I was in San Francisco. Renee is very specific. Where there are GPUs, there are CPUs. He makes CPUs and he's got the contracts. And I think that that is important and very real. Now, is it very real enough that it should have gone up so much yesterday? I don't know. You know what he said last week when he was on the show on Mad Money? He goes, you know, there are GPUs and there are CPUs. And when there ever are GPUs, then you find arms. So I would not call it revelatory. I would not call it new. But we have a market that has animal spirits, David, and you can say the same thing on Thursday as you do today and people take it up again.