Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Tuesday morning. Welcome to Squawk in the Street. I'm Carl Kintanaio with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Futures are mixed but sturdy after Monday's record high for the Dow. Semis pretty strong coming out of CES. We've got some Fed speak. The President huddles with House GOP today on Venezuela. Our roadmap begins with the state of stocks as the Dow did hit new record highs.

Plus President Trump says U.S. oil companies may get reimbursed for rebuilding Venezuela's infrastructure.

And NVIDIA's CEO, Jensen Wong, unveiling the company's next generation AI platform.

They're making a big push into autonomous

driving and physical AI.

They're here with the markets this morning. The Dow's new record high sparked by a rally

in banks and of course in oil names that all resulted in the best Santa Claus rally for the

blue chips in about four years, posting gains through the last five trading days of last year and the first two of this year. But if you look at the S&P, Jim, Santa was read for the third straight year. Right. I mean, look, we've got, yesterday, look, I'm going to just say good things about it. It was led by the banks, and it always liked that when the banks lead things. But it was very spotty i mean if you looked at your portfolio if you had a person looked at

portfolio they would say geez i don't know what people aren't i'm making a lot of money maybe

someone's making a lot of money it was very concentrated uh it was not in a lot of of the typical

tech names of some of these scattered industrials do really well.

I know you mentioned DMR and Dover this morning.

I got to tell you this Caterpillar is incredible because the more you dig into it,

the more you say even NVIDIA recognizes the role of Caterpillar.

That company is so pivoted.

David, there's companies that we remember.

That company is in 56.

I remember Goldman Downcredit, you know, before it was in 100. What happened is that you had just

a Jim Elple we came in and said, we're done. We're done with this episodic. We're done with the

idea of China, was it good, was it bad. What we're going to do is return money shareholders. We're going to grow the business. We're going to go to all new areas because he was from solar. And it worked. It worked. I mean, I can't say there was certainty on their part that they would suddenly become a key data center play and be wrapped up in the whole AI trade.

Can you, Jim?

No, not at all. Sometimes it's also good to be, get to be, you know, you got to have some luck. It's better be lucky than good. And by the way, you know what we would say? It's better be lucky than be good. Yeah. But I did think that his idea of making it so it was a secular grower. That was something he said day one. I remember when I met him at lunch, he said, I don't think you can do that. And he just said, well, you know what? There are a lot of dowlers. He didn't say, like, just watch me. He wasn't like that. It was not boisterous. He said, I have to do it. We have to end this stuff. And he pulled it off. Amazing. Congratulations to him. I mean, you know, I remember, he came to the Eagles game with me. And, you know, I told my wife, I said, this guy's like runs Caterpillar. I say, yeah, yeah, and you, like you run John Deere. I mean, no, no, because he's an unassuming guy. But he's now retired. And I just don't think there's, I don't think people, believe, chairman, but people don't talk enough about how great he is. It's been an amazing run, and you're right, a huge change from the days where we rung our hands about Bucyrus and some other things. Right. Yeah. As for the banks, Jim, Goldman's responsible for half of the Dow's thousand points this year. Thank you. It's not my largest position for my trust. Goldman is? Yeah. And that's all price appreciation. I bought a ton of it. It was one of those things where there was this period where people didn't, let's say you felt that Joe Biden was going to be reelected. I mean, he was an obstacle to them doing well because they're an M&A house and their IPOs. David, you know,

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