Trump's Tariff Warning, Nvidia Beats, Salesforce's Revenue Miss 2/27/25

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Carl Quintanilla (1:02)

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 Thursday 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 are a little wobbly, as the president does say moments ago. The tariffs on Canada and Mexico will go into effect next week as scheduled. Tons of economic data. The Fed speak today. Jobless claims at a three-month high. Our roadmap begins with Nvidia, though. The bounce, despite this increased global AI competition. Jensen Wong says he's more enthusiastic today than he was a month ago. We'll dig into why.

David Faber (1:38)

Plus Salesforce shares are under pressure this morning. This follows a weaker than expected guidance from the quarter. Its CEO Mark Benioff also taking some shots at Microsoft in an interview with Jim last night. And keep an eye on shares at Tesla, looking to reverse a five-day slide. Those shares now down more than 25%. That's just for this month.

Carl Quintanilla (1:59)

Let's begin with Nvidia's quarterly beat. AI chips fueling a 78% jump in revenue. Current quarter sales guidance also above consensus. Jensen Wong calling demand for Blackwell, quote, amazing. Take a listen to what he told John Ford last night.

Jensen Huang (2:15)

Feelings about Blackwell is better today than it was at last quarter. And the reason for that is because we, of course, ramped up into production, we exceeded our target, and the teams did an amazing job. As you recall, we had a hiccup in our design flaw in Blackwell that we found early on last quarter or quarter before that. And we recovered tremendously well, and I'm very proud of the team for that. And so for those reasons, I feel pretty great from an execution perspective.

Carl Quintanilla (2:45)

A lot of desk notes on it today. Jim Goldman says, quote, good enough.

Jim Cramer (2:49)

Yeah, I mean, Ben Rice just was going back and forth this morning. You could just say, look, it was a quarter, frankly, where it's a GPU business and the GPU number were beaten.

I think that one of the difficulties of understanding, it was the whole China stuff. You can get involved in the weeds with China. What matters is that the Chinese initiative is child's play. Deep Sea can't do it. I think everyone has to start thinking what Blackwell does is it reasons. So, if you go on to ChatGBT right now and you say, is Walgreens going to get a bid from Rob Sweeney at Sycamore? It would say, Sycamore is a company that does retail. Rob Sweeney used to work at Goldman Sachs. Walgreens is run by Tim Wentworth. And you'd be like, well, that's completely worthless. Well, what he's talking about is it's going to be reasoning. It's going to say that's a possibility. It might happen. The balance sheet is not that good.

David Faber (3:42)

It might do what I do. Oh, my God. Your name is completely replaced.

Jim Cramer (3:49)

Mr. Blackwell, how are you?

David Faber (3:50)

Actually, now today it's alive. On the one hand. Now they may split it into three once they actually are succeeding in buying it, although it's a few weeks away. I'm not talking about Walgreens right now. Let's get back to Nvidia.

Jim Cramer (4:00)

Well, I'm just saying, okay, that maybe John did a great job. It's really important to try to figure out what happened with the narrative. When I speak with the company, the narrative was, frankly, they were shocked that China, that China DeepSeek would have played any role, given the fact that all the big hyperscalers had placed all these orders. They all knew about DeepSeek. They're much more into another world, a post-training world. They're literally in a world where they want to have a robot. A robot comes into a warehouse, and the robot looks at the warehouse and says, you know what, I got to put this on a truck. I have to go around this corner. I have to lift it up. I got to be very careful. I don't want to damage the box. Whereas right now, the robot says, tell me what to do.