UnitedHealthcare CEO Fatally Shot, UNH Cancels Investor Day. 12/4/24

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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 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 take aim at the 56th record high of the year today after a stellar session for tech earnings last night between Salesforce, Okta, Pure Storage, Marvell. Powell speaks at Deal Book. We'll get Barkin in a minute. Our roadmap, though, begins with CRM. Shares are surging after revenue beats and the company highlights its AI growth prospects.

David Faber (1:36)

Plus, speaking of AI, OpenAI's co-founder and CEO, yes, Sam Altman, he's set to appear on the stage at Deal Book. We'll take you there live. Shares of Eli Lilly getting a weight loss boost. The company's saying its head-to-head trial found ZEP-bound its drug brings about greater weight loss than Nova Nordisk's Wigofi.

Carl Quintanilla (1:59)

Let's begin with Salesforce this morning. Surging in the pre-market, the company's current quarter sales forecast and Q3 revenue did beat expectations. Last night on Mad Money, Benny, I've told Jim, the Agent Force AI platform is off and running.

Mark Benioff (2:14)

We are witnessing the greatest transformation in business in our history. This is a moment in time that we are seeing the creation of digital labor. And it's amazing what's happening at Salesforce.

Carl Quintanilla (2:31)

Jim, it's already in 200 deals.

Jim Cramer (2:32)

Yeah, look, this is it. We only had a week where there was really Agent Force. It could be thousands of customers. This is a remarkable call because what he's basically saying is, is that we don't have enough workers in the world. This will take care of it. The digitized workforce, the idea that there is basically going to be a whole new supply of labor is rather extraordinary. David, I know there's many things going on this morning, but I did feel that Mark was outlining something that was up 44 this morning, outlining a workforce that is side by side. We'd have the digitized labor, okay, you know, agentic, and real labor.

And it's going to fill in the incredible gap that we have for all these jobs that nobody really wants.

David Faber (3:19)

Right, right, this digital labor force. As for the company itself, for the stock, I mean, you know, coming into the quarter, you know, you had Workday that did not put up a great number. So I don't know how many investors chose to perhaps hedge or be short the name coming in.

Jim Cramer (3:37)

But it's a good call, David.

David Faber (3:38)

You know, you're talking about better than expected revenue growth at where 9%, let's call it, some had anticipated perhaps eight or deceleration. So kind of that's the setup, Jim, in some way.

Jim Cramer (3:51)

You couldn't be more right. I mean, what's incredible is, and I started the conversation with Mark last night on bad money, he said, I didn't expect this. I thought it was going to be the second, you know, the next quarter. I thought there'd be kind of a bit of, I use it to shortfall, because they wouldn't have enough.

David Faber (4:04)

Well, also because they're just getting started on their whole agent force journey, so to speak. He said, with just 200 new accounts towards the end of the quarter.

Jim Cramer (4:13)

But he is going to have a thousand accounts, he had even more people, he had 1,000 people, he had 1,400 people, maybe 1,700 people, maybe 2,000 people.

David Faber (4:21)

What do we know what they spend per account? Like, are these small deals?

Jim Cramer (4:26)

We don't know, because that's a great question, because you have to land really big deals, and the ones he's talking about at Deco, which is a giant, really a giant recruiter with a huge number of inquiries. But I know he said Shark Ninja, and we might want to sneer. Shark Ninja is an appliance company where you call them, and there is like nobody right now. FedEx, nobody right now. Heathrow, nobody right now. Suddenly it's going to change. Carl, again, because there are other stories, but I do think that this is the beginning of something very, very big, that he even said is going to change, Mark said it's going to change the GDP. And a lot of this is because there's just so many jobs that they don't have. They can't call as many people. They can't answer as many questions. But this will change that. And free people up, not a decline in labor force, but an increase in labor force. Free people up, be able to do sales. It's a rather remarkable time.