Tesla "AI Mojo" Upgrade, Qualcomm-Apple Chip Deal, A Busy Market Week 9/11/23

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Carl Quintanilla (0:31)

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 Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber at Post 9 of the New York Stock Exchange. Cramer is at One Market in San Francisco, ahead of Dreamforce which gets underway tomorrow.

Futures kicking off Monday with some green on the back of this Tesla upgrade, which will get to a very busy week between Dreamforce, Apple's event, CPI, ECB, some conferences and the UAW contract expiration. Our roadmap begins with this massive week ahead for investors. A lot of economic data, that looming auto strike threat, two tech IPOs making headlines.

David Faber (1:09)

Plus Morgan Stanley, as Carl just mentioned, upgrades Tesla and analyst Adam Jonas predicts a 60% rally largely fueled by AI. We're also keeping an eye on shares of Qualcomm. They're up ahead of the open. Chip company saying it will supply Apple smartphones through 2026

Carl Quintanilla (1:27)

Let's begin though with Jim in San Francisco, as we said, gearing up for Dreamforce. Jim, going to be a busy week?

Jim Cramer (1:34)

Yeah, but you know what's really crazy is that there's Adam Jonas just stealing the whole show. We've got, there's conferences in Washington, there's conferences in San Francisco, conferences here, and he makes it so it's about Tesla. All I can tell you is that out here, it's just Dreamforce is the AI force. I mean, I just think, David, you know this from when you were with Musk.

If you don't talk about AI, you sound like you're clueless. If you do talk about it, you better start having something to back it up. Adobe's got it, Oracle tonight, but there's a lot of just AI chatter that I think is just chatter, David.

David Faber (2:09)

Right, and that is a key question for investors. We brought it up many times because every company is happy to mention AI as much as possible in part to try to get a multiple expansion, whether deserved or not. But to your point, we're going to get a sense as next year rolls along as to whether there are really products that are going to be fueled by this generative AI beyond the obvious beneficiaries that we've talked about so often, NVIDIA being number one, and then work it on down from there, whether it's Microsoft or Alphabet, or interestingly, Jim, I'd love to get your take on the story about Meta, which is now working on a very powerful AI that they say will exceed what Chat GPT can do.

Jim Cramer (2:47)

Well, if that's true, I mean, it would be important. It's not really what people are focused on.

I think people are focused on something that makes it so that you can very prosaic stuff, make it so data is easier to be able to use on almost a business to business way. I don't know whether Meta is going to get into business to business or whether it's just going to make it so that chats more fun because right now ChatGPT is really limited limited. I'm sorry, limited by where the last date was and it has the information. Carl, I find that what's far more interesting, even though it is for numbers interesting, but not interesting for people at home, is when we at Dreamforce, which is built as the world's largest AI festival, it's about how companies can use their data. It's not how individuals can be more creative.

Carl Quintanilla (3:36)

Yeah, it kind of feeds in with a lot of the constructive macronotes, Jim, that we got today.

Out of B of A, officially, they say we are in a recovery. If you look at their business cycle indicator, David, David Kosson over at Goldman, we're expecting some progress toward a soft landing. CPI days, Jim, as we know, pretty much all year have leaned green.

Jim Cramer (3:59)

Well, look, I'm so glad you brought up those comments because I've got Frank Slootman on tonight. He is the CEO of Snowflake.

He was one who really did say in the spring, spending has slowed. He is now saying it has picked up.

In some cases, there's real green shoots. David, I think people forget, techs had a nice rally, but not based on anything other than AI goosing. But if there is indeed a revival of spending for information technology, and very good note today, I thought, from Bank of America by Subramian, talking about how there is a return and recovery in finance, David got finance up and we got tech and recovery. You know that means rally mode for the entire stock market.