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Squawk on the Street

China’s Housing Hail Mary, Reddit/OpenAI Deal, Gaming Woes 5/17/24

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 17 May 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

Carl Quintanilla and Jim Cramer started the show by breaking down another positive week for stocks. The Dow was on pace for its 5th straight week of gains, a day after it hit that 40k milestone for the first time ever. CNBC’s Beijing Bureau Chief, Eunice Yoon also joined the program, to discuss China pledging $42 billion in a slew of measures to support the country’s struggling property sector. After the opening bells, the desk hit Reddit shares rallying, after striking a deal with OpenAI allowing the use of its data for training AI models. Also in the mix: Take-Two slashed its bookings forecast, and announced that its new Grand Theft auto game would be released in Fall 2025. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis.

0:02.0

Join Jim Kramer, David Faber and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street. Good Friday morning, welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer at Post-Nine to the New York Stock Exchange. David Faber is on assignment. One day after Dow 40K, Bulls look to close out a solid week with futures pretty steady. S&P aims at a fourth positive week in a row.

0:23.0

That's the longest streak since February. Bulls look to close out a solid week with futures pretty steady. S&P aims at a fourth positive week in a row.

0:22.8

That's the longest streak since February.

0:24.8

A roadmap begins with China's housing, Hail Mary, attempting to end its property crisis with an historic rescue package.

0:31.4

Reddit shares a surging, striking a content and advertising deal with OpenAI.

0:36.4

And as Dom just said, GameStop shares tumble as

0:38.7

Q1 sales preliminary at least fall, take two cuts its bookings forecast and what it calls

0:43.7

challenging times. Let's begin, though, with the markets a day after the Dow did hit 40K

0:49.1

for the first time ever on pace for its fifth straight week of gains on the Dow. Jim, what did you make

0:54.0

of all of the fuss

0:55.0

yesterday? Look, I actually thought that this was one of the broader attempts at a major

1:00.6

milestone. And what led it was just incredible. I mean, you're dealing with the level of broad

1:07.1

that I, what I thought was, let me just tell tell you the most important thing was rates had only

1:11.7

something to do with only the first with one stock out of 10 you could pin on rates and I think

1:17.6

that's very important I do believe that most these companies are just are run by CEOs that

1:24.2

don't get enough credit it's amazing to me that we simply are always willing to consign.

1:29.5

I think that's because of this nonsense risk on risk off, which was a tip.

1:32.9

That's just something that came up to confuse the viewers.

1:35.7

I'm not crazy about it.

1:37.2

I think that what's happened here is that when you get a guy like Solomon,

1:40.9

and he realizes, you know, Goldman's not being run right, and he makes a change.

...

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