Stocks Slide From Record Highs, Trump-Xi Summit Recap, Cerebras After Its Blockbuster Debut 5/15/26

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Carl Quintanilla (1:00)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Fabers on assignment. Bulls trying to hang on to their gains for the week. It could get tight with the NASDAQ 100 flirting with a near 2% drop at the open. Global bonds sell off definitely in play. Long bond 510, 10 year 456 is a one year high.

Oil is getting a little jumpy, 104 The president returns from China. No real breakthroughs on Iran or Taiwan. Our roadmap begins with this historic Trump-Xi summit coming to a close. No key breakthroughs. All of them, no confirmed deals either. It's the end of an era at the Fed. Jay Powell's 8 year tenure as chair comes to a close. And another blockbuster IPO is on deck. CNBC is now reporting that SpaceX could drop its IPO prospectus as soon as next week.

Let's begin with the markets, though, and this tech trade cooling off a day after stocks hit fresh record highs. Of course, we had the Cerebras IPO, Jim, which we talked about yesterday. But this feel on bonds and the baton change at the Fed, there's discussion of whether a new chair gets tested early.

Jim Cramer (2:12)

It's funny because a lot of people I talk to say, okay, here we go again, buy the dip. And I come back, I said, well, actually, the 10 year, no, buy the dip. I said, well, we didn't really get that much out of China, but this is the opportunity. I said, well, but the Cerebras, people are, they don't want to hear, they don't want to hear any negative. I mean, I was like, Cerebras, well, you know, that's really, take a look at what SK Hynix is doing, a trillion, this one. And then I had someone today say something really smart. It was a very smart guy. He said, okay, so this Anthropic, $900, why not, why not a trillion? I mean, what does it mean? It's only a hundred billion. And you start thinking, okay, there are some bubble-licious signs, and I really do think now, that I thought that I hated Spreaps. And by the way, let's make it clear, not Morgan Stanley's fault. They did a great job. They really tried to price-

Carl Quintanilla (2:58)

They did their job.

Jim Cramer (2:59)

Yeah, they did. They did exactly their job. Ted Pick, congratulations. I'm thinking you would say, well, listen, here's the syndicate person to handle it, but that was well done. And it was not their fault. But when I say fault, when you have this kind of thing, where the deal is pops like this, you know, they had it in 2014, we had it in 2012, and of course we had it in 2000

I'm not going to say, there's no mincing words. It's bad. It's bad because the people who bought Cerebras don't really know what it does. It's a very complicated situation anyway. And a journalist's interesting piece about Nvidia and Cerebras, and Nvidia was up 10 on Cerebras. I don't know. But I come back and I just say, look, when you have this and you have the bonds the way they are, it doesn't, it's not the great buying opportunity you think it is.

Carl Quintanilla (3:43)

Really? So this time you're not in a milder dip mode.

Jim Cramer (3:46)

No, because there wasn't anything out of China that I heard that made me feel that you should buy a stock. The president might have gotten the green light by just not having the red light to go do something. Remember, I told you, if you don't hear anything around bad, I'm not hearing anything around. And I don't think that's good. So yeah, go buy the dip, knock yourself out, pick up some AMD, grab some SanDisk. You're on your own.