Talking AI With the CEOs of Micron and Arm Holdings 9/24/25

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Sanjay Mehrotra (0:11)

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Rene Haas (0:25)

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Carl Quintanilla (1:01)

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 Wednesday 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. Futures steady a day after that breather from MegaCap Tech and remarks from both the president at the UN and from Fed Chair Powell. 10 year remains locked in around 413 We'll get new homes today. Our road map begins with the AI trade rebounding from yesterday's losses, as the Fed Chair said stocks seemed quote fairly highly valued.

David Faber (1:35)

Plus two big interviews coming up this hour and exclusive with Micron CEO Sanjay Mehrotra. That on the back of the company's latest earnings and of course guidance. And Arm Holding CEO Rene Haas will join us as well. We'll talk about that company's latest partnership with OpenAI and Nvidia in Project Stargate. The numbers are all just staggering.

Carl Quintanilla (1:56)

Let's begin though with the markets after the AI trade did cool off a bit yesterday. The Fed Chair weighed in on this record run for stocks. Take a listen.

SPEAKER_5 (2:05)

We do look at overall financial conditions and we ask ourselves whether our policies are affecting financial conditions in a way that is what we're trying to achieve. But you're right, by many measures, for example, equity prices are fairly highly valued.

Carl Quintanilla (2:24)

So people had some fun with that one. Jim, taking us back to things Yellen once said about Small Cap Buy Attack or even Greenspan in 96

Jim Cramer (2:31)

Well, I think that Powell's a little bit more attuned. I have a list of 55 companies that are up 50% during the month of September, of which only six are profitable. That was put together by Ben Stotto, happy birthday to Ben. When I look at it, this too is staggering. These are companies that if I don't know, if I were Powell, I would have said, look, there's a cohort. Now, I know that Janet Yellen mistakenly identified Biotech. Biotech was actually doing well. It was very ill-advised. But these companies, and David, I could show you a lot of them, but they're all the ones you know, the Iowans use, the Oakley, the Dockley, the Rickettys, the T-Wayers. These are 50 percent. I mean, how could you fairly value it? How about perhaps overvalue it, given the fact that only six make money?

David Faber (3:21)

You know, is it reminiscent at all? I'm starting to come back more often to the period of the mid to late 90s. And obviously, it's interesting hearing from a Fed chair because we remember 96 in a rational exuberance from Greenspan, of course, which was way early, way early. But more so even than that, Jim, it's the numbers that we're trying to deal with on the spend for AI. Absolutely.

And whether and how much of that is going to produce significant revenues over time that is going to meet or exceed the capital invested and whether it will all be worth it. Nobody's even, the question's not even really, it's asked, but nobody's even pondering it at this point in the sense of, we're doing it, we build it, they will come, I guess.

Jim Cramer (4:10)

We have two of the best people to ask because they're not, their multiples aren't well, Rene Haas' multiples aren't high, Micron's not that high. See, the problem is Nvidia's 27 times 10% is the way I get it. So you always get caught up with the idea that wait a second, before you just say these are ridiculous levels, I mean, take a look at Nvidia's not making them, you know, it's a lot of multiple.