Volatility from AI to the Fed, Bitcoin Extends Sell-Off, Lilly Hits $1T Valuation 11/21/25

SPEAKER_1 (0:00)

Introducing Fidelity Trader Plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web, and mobile. For faster trades, anywhere you go. Try the all new Fidelity Trader Plus. Learn more about our most powerful trading platform yet at fidelity.com/traderplus. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

SPEAKER_2 (0:30)

Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals, like business management, strategic planning, and effective communication, and you can apply these skills right away. A different future is closer than you think with Capella University. Learn more at capella.edu.

Carl Quintanilla (1:00)

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 Friday 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. Coming off the wildest day of trading since that April, tariff shock futures finding some relief here as New York Fed President William says there's still room to cut rates, quote, but in the near term, Bitcoin does bounce after approaching 80K. Our roadmap begins with the wild swings rocking investors this week. Nvidia, of course, wiping out almost $400 billion in market cap. We'll talk about what investors do from here.

David Faber (1:37)

Plus, cryptos continue to get hit. Bitcoin is down more than 30% from its recent highs. It is heading for what would be its worst month since the crypto collapse of 2022 And we got a lot of Fed speak this morning as well. Rates, inflation, of course, the focus. We're policy makers now stand on that potential rate cut in December.

SPEAKER_1 (1:57)

Yeah.

Carl Quintanilla (1:58)

Let's begin with the markets after yesterday's stunning reversal to the downside, Jim. We haven't seen reversals of that magnitude all but maybe a few times in the last three years.

Jim Cramer (2:07)

Yeah, I got to tell you, I mean, it's a terrible situation when you have that so-called island reversal where it just opens up big and people come in, they tend to be wanting to chase that rally thinking that there's a bottom and they've just been eviscerated, particularly if they used any sort of margin. We have a lot of 2X, 3X stuff going on that we don't even talk about. People who are making leverage bets, maybe they don't even know they're making leverage bets. And then, David, the immersion of what's happened to Bitcoin is really incredible.

David Faber (2:37)

What is it indicative of? What is it, and is it reflective of just a retail investor that somehow...

Jim Cramer (2:43)

It's the end of the year of magical investing. All that stuff, I mean, look, they're all up today. They're all reversed. 3.3 this morning, you could not give these away. And Bitcoin, you get 81 You're looking at what I regard as being the single worst moment in this decline was the moment between 3.3 and 4.30. And then Williams comes on, and then suddenly everything's fine. I don't think so.

David Faber (3:09)

You don't think everything's fine.

Jim Cramer (3:10)

No, there's a lot of people who have to get out.

SPEAKER_1 (3:13)

Let them get out.

Jim Cramer (3:14)

This is not what suddenly they wave a magic wand. We obviously have real issues. We have issues with the building out the data center unlimited. We have issues with a lot of people, you know, the strategies, the micro strategies.

David Faber (3:28)

All right, but yesterday we were sitting here after those incredible numbers from Nvidia, talking about a company that is killing it in every way, whose stock, frankly, you could make an argument is not even expensive based on its growth rate. And we were expecting things were going to be very strong yesterday, and they were in the old orderly going. And now you're just sitting here telling me, all right.

Jim Cramer (3:44)

You're in nebius, and you're fighting for your life for Bitcoin immersion, and you're thinking to yourself, this is, I got to get out of elastic. And what can you sell? What hasn't bid Nvidia? It was collateral damage, David. It was collateral damage.

Carl Quintanilla (4:06)

Sell what you can, in other words.

Jim Cramer (4:07)

Sell what you can. I mean, instead of the stuff that is obviously, I think, endangered, because, you know, look, do you think that Oclo, do you think that these companies that are nuclear, that don't have any nuclear, what do we do with those? I mean, a nuclear plant, it takes eight to ten years. Even a small modular reactor is going to take six, seven years. This is not, David, this is not a blue chip. I want you to look at that pattern.