The AI Boom: Nvidia's Record Run, Micron CEO Exclusive 6/26/25

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Jim Cramer (1:02)

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.

David Faber (1:10)

Good Thursday morning. Welcome to Squawk on the Street. I'm David Faber alongside Jim Cramer. We are live from Postline for New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to start the trading day. One half hour from now, we are looking for a higher open. Let's get to our roadmap this morning. It does start with those markets getting closer to new record highs. And as for Nvidia, well, it hit an all time high and is now again, the world's most valuable company that we'll be talking a bit about that. Reports that President Trump is considering naming Fed Chair Powell's replacement as soon as this summer, even though Powell's term, of course, doesn't expire for some time. And Micron shares are moving higher. This on the back of its latest results and its guidance.

CEO, gonna join us in just a few moments. All right, let's start with, let's start with Nvidia. And it's kinda nice again, I've said this a couple of times, refreshing to get back to our main themes here in terms of AI and what it means overall, robotics and so many other things that we love to talk about, Jim. But what does it mean to you that the stock has now, once again, reached a new high and it's up 13% month to date. Obviously, it's got the largest market cap. I think it's up 40 plus percent roughly since the tariffs on April 2nd.

Jim Cramer (2:29)

Well, it's very important to recognize that the real blow to Nvidia was when the president said, or someone in the White House, we never really heard, can't sell to China. Because what that said was that a very big percentage of the business would go away. Remember, he said it was a $50 billion market of which at one point they had 95% of that market and then they dropped to 50 It was very disconcerting to people.

David Faber (2:51)

And they took first a $5.5 billion charge when the H-20 was discontinued. Then they made it a $4.5 billion charge when we heard from earnings. But nonetheless, significant charge, real questions about their ability to sell there. Why has it overcome all of these concerns?

Jim Cramer (3:04)

I think it's overcome because the demand for all the rest. But one of the things that Jensen told me was, look, we have so much demand for these, we can override the China. We don't want to have to scrap them because remember, they couldn't be repurposed. That was important.

David Faber (3:19)

I mean, the H-20 was made specifically for the Chinese market. In fact, so they comply with the restrictions that were in place in terms of how powerful it was.

Jim Cramer (3:28)

But then he went around the world and he made a pitch to countries to do sovereign AI. He's always felt that, he's not a jingoist, he's a globalist, and he doesn't want everything built on US. Even if you're in Thailand, he wants it to be Thai. Well, it worked. His China offensive worked. They got rid of the diffusion rules from Biden, which said that there were only certain states, certain countries that could be able to buy it. David, that's what worked. There were just so many customers after that. Then, oh my God, I did read Joanna Stern today. She's a joy. Yeah. The data centers, they're everywhere, and they're nowhere, meaning that we're nowhere near building what we need. What Jensen said yesterday at this shareholder meeting, robotics being the biggest is something you and I talk about a lot.