It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street. Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kinkton-A with Jim Kramer here at post-night of the New York Stock Exchange. Faber has the morning off. Bulls taking advantage of this important move by the U.S. to loosen NVIDIA's chip export restrictions. Inantime, June CPI is mostly in line, although the year-on-year accelerates to the highest in four months.

Our roadmap begins with the banks, JPM, Wells, City, Black Rock, all out with Q2 results.

NVIDIA will open at some new highs this morning.

The company resuming sales of those H-20s to China,

just days after Jensen Wong met with the president, and then inflation picking up again,

but as we said, largely in line with forecasts. Let's begin with the bank earnings this morning,

kicking off earnings season. Jim, there's a lot to get to. Is JPM the best of the bunch?

Right now, yeah. Well, no, people are going to say city no matter what. That's just what they do. There's just a halo around city. I want to disagree with a lot of the action in the stocks. I think J.P. Morgan actually is much better. It was up a couple of bucks when this started. It's just a clean number. The wells is really important because there's some things that people don't understand.

I spoke to Charlie this morning.

Josh, Chuck.

The issue with Wells is that they are actually transitioning to a bank that's going to lend a lot more

than just look for net interest income.

And in order to be able to reposition themselves like that, you're going to see a drop in NII.

But they haven't been able to lend the way they'd like to. They haven't been able to use the capital they would want to. Now, did he communicate this well enough? You know, Charlie just says, listen, why don't you just read it and figure it out? I mean, I like Charlie very much, but I think people are not going to do that.

They're going to say, oh, netish didn't come down.

They're not going to do that.

They're going to say, oh, net income down. They're not going to listen to what Charlie's really saying, which is the bank's back. We are a lending bank. We are trading bank. We are an investment bank. And we're going to use the money. We're not going to just have the money sit there to please Wall Street. I say amen.

Buy the stock.

Yep.

The guide is light on NII, a down 2% year on year.

I.B., though, up nine. And across the board on the big ones, provisions, really nothing of matter, not a concern.

He struggles to say, things are stronger, that people just aren't, it's not weaker at all.

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