Tariffs and the AI Trade, Trump's China Tech Blacklist, Apple's Cook Praises DeepSeek 3/26/25

SPEAKER_1 (0:00)

Are you still quoting 30-year-old movies? Have you said, cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99 percent of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now. It pays to Discover. Learn more at discover.com/creditcardbased on the February 2024 Nelson Report.

SPEAKER_2 (0:28)

At Capella University, learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the course room to the workplace. A different future is closer than you think. With Capella University. Learn more at capella.edu.

Jim Cramer (0:44)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:51)

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.

Stocks do continue to hunt for some signs of stabilization. S&P is riding a three-day win streak. Durables come in stronger than expected, although yet another equity strategist cuts their year-end target. Our roadmap begins with reading these trade tea leaves. Futures have been muted as investors digest the latest from the president, saying that April tariffs will, quote, probably be more lenient than reciprocal.

David Faber (1:21)

Plus chips caught in the crosshairs. Nvidia shares their slipping amidst fears of tighter chip controls. The White House adds 50 companies to its China technology blacklist. And Dollar Tree shares, they're up this morning, at least before we get started with trading.

Jim Cramer (1:37)

John Duskin, huh? I'm going to sell them.

David Faber (1:39)

Yeah, well, the discount retailer sheds Family Dollar for a billion. They only paid nine billion.

Jim Cramer (1:45)

Well, easy come, easy go, my friend.

Carl Quintanilla (1:48)

Let's begin with the markets, though, and futures here. Once again, Jim, trying to be a little constructive, what do you make of this streak?

Jim Cramer (1:54)

Well, look, I mean, we're at this moment where the president's playing rope-a-dope and you hear that it's going to be good and there may be some exceptions, and you hear there are no exceptions. Anything to keep us off guard while we wait. I just find that that is something that the stock market doesn't want. I still, as you said, maybe it can be lenient, and then we hit China with some pretty tough restrictions. It is every day best to not think about it, best to focus on companies. Because you can't fathom what the president is going to do. Best to focus on a chewy that puts out good numbers. Best to focus on Dollar Tree, which gets rid of the bad family dollar. Best to focus on a piece by Ben Melius about Cisco. David, the individual stocks are the way to go, because it is unfathomable what the president is going to do.

David Faber (2:43)

You mean you can't figure it out, and you are not going to be able to?

Jim Cramer (2:45)

I don't think he wants you to.

David Faber (2:46)

But isn't it possible that he is going to win?

Jim Cramer (2:48)

It was really hard.

David Faber (2:49)

But some of those individual stocks...

Jim Cramer (2:50)

Probably thought Carol Watt was going to win, didn't you?

David Faber (2:52)

Well, she was the prettiest. But you might have an individual stock that gets hit, though, by whatever may happen.

Jim Cramer (3:02)

Sure, the FT likes to hit a stock every now and then, like every day.

David Faber (3:06)

Okay.

Jim Cramer (3:06)

When that isn't going to be public yet.

David Faber (3:08)

We'll talk about that later.

Jim Cramer (3:09)

Oh, I have stuff, too. So don't think that you're the only one doing it.

David Faber (3:12)

My stuff is better than your stuff.

Jim Cramer (3:13)

No, my stuff is really unbelievable.

David Faber (3:14)

Really? No, my stuff is super.

SPEAKER_6 (3:15)

Anything you can do, I can do better.

Jim Cramer (3:17)

I'm kind of like Jensen Wong's robots.

David Faber (3:18)

My stuff on CoreWeave is double unbelievable. All right, was that a tease? That's a good tease.

Carl Quintanilla (3:22)

You know, back seats?

Jim Cramer (3:23)

I have the triple space, you know.

David Faber (3:26)

Can we get back to this individual stock wrap that you just brought out on us here?

Jim Cramer (3:29)

Yeah, like Tesla, like Jonas likes to do a piece every day. So this piece was, don't forget, the Chinese are going to be able to make cars here. I'm saying focus on individual stocks because if you're going to base your investment strategy on what the president is doing for tariffs in April 2nd, well, I got to tell you, you should just go meet Cash.