Musk and AI Chips, Intel CEO Strikes Back At Nvidia, Meme Madness Twist 6/4/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 4 June 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber engaged in a wide-ranging discussion about a new report from CNBC.com: Elon Musk ordered Nvidia to prioritize shipments of AI chips to X and xAI ahead of Tesla. The anchors also reacted to what Intel CEO Pat Gelsinger said about the company’s new AI chips -- and Nvidia CEO Jensen Huang. Also in focus: Apple in positive territory for 2024, Tesla auto sales in China and Ford U.S. sales, a twist involving "Roaring Kitty" and the meme stocks frenzy, Skydance’s deal for Paramount awaits Shari Redstone's approval. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis.
0:01.8	You're listening to the opening bell of CNBC Squawk on the Street. Good Tuesday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live from Post 9 at the New York Stock Exchange. Carl's on assignment. He's at the CNBC CEO's Summit, or Council Summit. Summit Council Council. Summit. That's in D.C. Let's give you a look. I'm not sure we have all our boards right now,
0:22.4	so we're not going to be able to look at... Summit Council Council. Summit. That's in D.C. Let's give you a look. I'm not sure we have all our boards right now.
0:22.9	So we're not going to be able to look at futures. We'll get them in a second.
0:27.2	Let's get to our roadmap. It does start with that AI arms race and Vida remaining among the best performers on the S&P this year.
0:33.6	Apple turns positive, by the way. Cheers for the video. And Morgan Stanley is calling the Worldwide Developers Conference Apple's having,
0:41.1	less than a week from now, I guess, a key catalyst.
0:43.9	Plus, there are signs of EV demand recovery, perhaps.
0:48.6	Tesla sees its China sales gain, though shares those still down 29%.
0:53.8	It's not the king in that market.
0:56.0	No.
0:57.0	EYD is.
0:58.0	And speaking of what we're keeping an eye on, hey, how about the memes?
1:01.0	E-Trade, reportedly is considering kicking Rory Kitty's off the platform.
1:08.0	His name is Keith Gill.
1:10.0	And he's made a lot of money from GameStop. Yeah, good for him.
1:15.1	Where do we want to start, guys? Do we want to start with the news? All right, let's start with this
1:19.8	news involving Elon Musk and AI, in particular, Nvidia chips. Memos inside invidia and obtained by cnbc
1:30.2	show that elon musk was telling the chipmaker to prioritize shipments of processors to x the old
1:37.3	twitter and x a i ahead of tesas you can see this is a story that's just gone up on cnbc.com by ordering invidia to let privately held x jump the line ahead of Tesla. As you can see, this is a story that's just gone up on CnBC.com. By ordering
1:45.6	Invidia to let privately held X jump the line ahead of Tesla, Musk pushed back the automakers
1:50.0	receipt of more than $500 million in graphics processing units. Of course, these are the
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