Meta’s Big Beat, Rates Remain Unchanged, Chips Dip 8/1/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 1 August 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber began the show by breaking down the big earnings beat of the morning: Meta Platforms. Shares of the tech giant surged after the company reported second-quarter revenue growth of 22% from $32 billion a year earlier, marking its 4th straight quarter of growth in excess of 20%. Meta executives also showed how the company’s heavy spending on AI is already starting to pay off. The anchors then moved onto the other big tech movers including Qualcomm, Arm Holdings and Western Digital, which all moved lower following their respective results. Also in the mix: the desk also reacted to the Fed’s decision to hold rates steady, with Chair Powell also hinting that a September cut is on the table. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street.
0:08.4	Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kainternau, with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:14.4	Futures are solid coming off the best session for S&P NASDAQ since February. 10-year, awfully close to 4% as jobless claims come in highest in a year.
0:24.3	Our roadmap begins with META's big beat.
0:26.3	Stock is surging on its latest results.
0:28.4	Revenue up 22 following that aggressive AI strategy.
0:32.4	Plus the Fed holding rate steady, but Chair Powell is saying the central bank could cut in September if data continues on its current path. We also have two bigger earning interviews coming up in the next
0:43.9	hour or so. CEOs of Carvana and Arm Holdings, stocks moving in opposite directions, at least
0:49.4	in the pre-market. Let's get to Meta jumping on this Q2B and issuing a better than expected forecast. Gains in the digital-market. Let's get to meta jumping on this Q2B and issuing a better-than-expected forecast, gains in the
0:56.8	digital ad market, raising their spending guidance for its AI infrastructure, Jim.
1:03.3	Cappex guide's pretty interesting.
1:05.1	Came in a little bit below, but raising for the full year.
1:07.7	I love this.
1:08.4	The amount of compute needed, this is for next year.
1:10.6	This is Mark, to train Lama for, that's. I love this. The amount of compute needed. This is for next year. This is Mark.
1:11.3	To train Lama 4, that's large language, David, will be 10 times more than what we use to train Lama 3.
1:18.9	Okay, so that's writing a check to Jensen Wong for a huge amount of money.
1:23.3	But the ROI is so clear here because Mark Zuckerberg told you that M AI, which I use and I find whimsical, is the number one.
1:31.7	It's going to be number one.
1:32.9	Number one in the GPT sweepstakes, too.
1:36.0	Number one in the sweepstakes.
1:38.7	Well, wait.
	...

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