The State of Stocks and the AI trade, Alphabet Soars to New Highs, Health Care Rotation 11/24/25

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Jim Cramer (1:00)

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 (1:07)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, post-night of the New York Stock Exchange. Futures are green, coming off three straight down weeks for the NASDAQ and the S&P, about 4% off the all-time highs. It is a holiday shortened week. We'll get some retail and tech earnings this week. VIX is back below 23 Roadmap begins with what's next for the markets in this AI trade after NVIDIA failed to save the day last week.

David Faber (1:31)

Well, Treasury Secretary Scott Besson does not think there will be a recession next year. He also says the administration is planning an announcement involving health care this week. Speaking of health care, shares of Nova Nordisk, they're down sharply in the early trading. Lilly, though, its competitor, of course, in the GOP1 area, that hit a major milestone on Friday. No other big pharma company has ever hit.

Carl Quintanilla (1:55)

Let's begin with tech. Coming off the worst week since April, after this continued weakness in the AI trade, NVIDIA is on pace for its worst month since March or so, Jim, as shares of NVIDIA and Alphabet have really separated the last few weeks.

Jim Cramer (2:08)

Right, and I think there's a lot of chatter today about Gemini, Gemini vs. ChatGP. I don't know about you guys. A series of inquiries that I put to it indicates that it still recognizes that ChatGPT has got many more users, but there are substantive reasons to believe that Gemini is better, and I think a lot of people realize that, therefore, Gemini is not trained in large part on NVIDIA. It's changed on what is basically a broad-comership.

David Faber (2:42)

TPUs at Google, which in particular for inference, made this point many times. We've had analysts on who differ on the impact of it, but essentially, the fact that Alphabet does not have to buy as many GPUs as its competitors may give it some sort of a cost advantage, perhaps. There is always questions about how, if they are not as good as, not as effective, efficient as the GPUs. We've raised that point many times with Tranium, which is the chip designed by Amazon that they run in many of their cloud processes as well.

Jim Cramer (3:12)

What matters to me is that I don't want to confuse people. There's a tremendous leapfrog again and again and again, so we can't, it's like no one's in first place for sure, but the gemini is important. There is a growing belief that ChatGPT, that Sam Altman, kind of a little blindsided perhaps. I don't want to say more than that because I know that I've been tough on the guy, but I feel, Carl, that the financing that they have and the financing that Oracle has to do, again, part of the worry about the overall worry that could be affecting NVIDIA too.

Carl Quintanilla (3:50)

Yeah, I mean, the wires and the papers are literally stuffed today with coverage about AI debt, depreciation, balance sheets at Meta. But Jim, we've had the circular financing chat, we've had the debt and depreciation chat, now we have to have a TPU competition chat?

Jim Cramer (4:07)

Yes, plus let's not forget, we have a Benny off game set match chat.

David Faber (4:11)

That was really interesting.

Jim Cramer (4:13)

Wasn't that-

David Faber (4:13)

Mark Benny off, I guess this morning.

Carl Quintanilla (4:16)

Last night.

David Faber (4:17)

Last night, sorry Carl, yeah. Tweeting about basically having used Gemini and believes now that he will never go back to ChatGPT. Do you have any insight in terms of that?

Jim Cramer (4:27)

I'm trying to get that. I would say that you can actually, I don't want to say it sounds silly, you can Google Gemini, you can Gemini Gemini. And Gemini, I will tell you, look, it's far behind chat in terms of users. But then it will have a series of things that it's better than and worse than. And candidly, it's very hard to find something that it's not better than.