Fed Decision Day, Nike's Beat Not Enough, Nvidia CEO and Bill Gates On AI 3/22/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 22 March 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber discussed what to expect from Wednesday's Fed decision on interest rates: A hike aimed at battling inflation, or will policymakers stand pat in wake of recent banking turmoil? Nike shares fell as an earnings beat was overshadowed by a warning on margins due to excess inventory and markdowns. The anchors engaged in a wide-ranging discussion about the AI arms race -- from Nvidia CEO Jensen Huang on AI's "iPhone moment," to Bill Gates calling AI "revolutionary" technology. Also in focus: Regional bank PacWest opts against a capital raise and gets $1.4 billion from a financing facility, shares of GameStop soar and lift other "meme stocks" on its first quarterly profit in two years, UK regulators are considering an in-depth probe into the Broadcom-VMWare merger deal.

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.
0:08.8	Good Wednesday morning, everybody. Welcome to Squawk on the street. That's the name of this show. I'm David Faber. His name is Jim Kramer. We're live from Post 9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures, of course,
0:35.4	as Jim and I celebrate Hump Day, as we used to call it. You can take a look. What would you call that, Jim? I'd say it's mixed, nothing open, right? Yeah, I was called Pac West Day. How about that? You want to go right there? That day. I'll do anything you want. You go anything. Carvana Day?
0:36.3	Carvana Day.
0:36.9	No, I don't want to call it Carvana Day.
0:38.5	First public day.
0:39.3	Fed Day.
0:40.2	Our roadmap starts with today. Fed Day. I'll do anything one. Carvana Day. Carvana Day. No, I don't want to call it Carvana Day.
0:38.4	First of public day.
0:39.3	Fed Day. Our roadmap starts with today's Fed decision on interest rates.
0:43.8	Both banking turmoil, of course, and inflation are the keys.
0:47.7	Will policymakers call for a hike or a pause?
0:52.0	On the earnings front, we got Nike beating analysts' expectations with its quarterly results,
0:55.7	but an inventory glut prompting the company to warn about its margins.
1:00.0	And my favorite topic, of course, the AI arms race.
1:03.5	You're going to want to hear what NVIDIA's CEO Jensen Wong told Jim about it during last night's Mad Money.
1:09.1	Also got some interesting comments from bill gates
1:12.1	yeah let's get to the markets though and of course uh counting down to the fed decision on
1:18.2	rates i kind of think i know where you are but tell me what are your expectations and what's the
1:22.3	market going to do by the 25 and that way he doesn't cause any sort of ripple because just a week ago we're looking for half.
1:30.6	Look, David, I think that we're looking at this all wrong.
1:33.4	We're getting near the end of the tightening cycle.
	...

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