9AM Hour: Markets Extend Record Run, Micron Scores an AI Trade Triple, SpaceX IPO Watch: Stocks in Rocket Mode 5/26/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 26 May 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber explored what to make of the S&P 500 hitting a fresh record high, helped by hopes for a peace deal between the U.S. and Iran. The AI trade also fueling gains on Wall Street: Micron shares soared and lifted the chip sector after UBS more than tripled its price target on the stock to $1,625. The anchors discussed other stories on the AI front: Pope Leo XIV's AI warning, an Anthropic co-founder on guiding AI, OpenAl CEO Sam Altman refutes the idea of a "jobs apocalypse" due to AI. Also in focus: The stocks rocketing higher in reaction to SpaceX's planned IPO, Lilly buys three vaccine makers, Dropbox CEO to step down, BP ousts its chairman, Cramer's calls on the 30-year yield and retail, Ferrari's new EV. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.5	Good Tuesday morning. Welcome to Squawk in the Street. I'm Carl Kintanio with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:17.4	Stocks look for some all-time highs at the open as investors watch signs of progress
0:21.7	and talks with Iran, along with some fresh U.S. strikes on southern Iran on Monday. Long bonds
0:27.4	right at 5%. Oil's holding 92. Brent did flirt with 100 this morning. We got our eye on that.
0:33.8	Our roadmap begins with renewed investor optimism that a deal might be close. Also keeping an eye on oil after Iran vows to retaliate for those U.S. strikes.
0:41.9	Plus, we're keeping an eye on semiconductor chip stocks, the AI trade, of course, as well. For example, shears a micro-uner rallying, is one firm more than triples its price target on the stock.
0:53.3	Even as companies such as Uber say it's getting
0:55.8	a bit hard for them to justify the high costs that come along with deploying AI. Eli Lilly shares,
1:01.8	they're edging a bit higher. The company planning nearly $4 billion worth of deals for vaccine
1:07.5	makers. Let's begin with the markets, though. S&P aims for a ninth straight week of gains.
1:14.2	Dow's trying to extend its record run. David did mention that Micron target over at UBS, Jim,
1:20.1	as they go to 1625. They were at 535 prior.
1:24.9	All right. Well, what's happening is that people are realizing, okay, maybe they had
1:30.3	two low multiple on memory, that memories in short supply. So now people are just in a race
1:37.3	to be able to raise, raise, raise, whether it be C-Gate, let's be Western Digital, Micron.
1:41.8	And I'm not going to disagree with it. I just think that it doesn't happen in a straight line.
1:46.7	More of a straight line has been what Ben Rice just talks about Melius.
1:49.6	Dell was a straight line.
1:50.7	They report this week.
1:53.1	Friday's action was crazy.
1:54.4	Yeah.
	...

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