New Market Milestones, Taiwan Semi Boosts the Chips, What to Expect from Netflix 10/17/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 17 October 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed a record-setting day for stocks: The Dow and S&P 500each hitting fresh all-time highs. The chip sector boosted by Taiwan Semiconductor, as AI demand fueled the company's better-than-expected quarterly results and guidance. Also in focus: Countdown to Netflix's quarterly results due out after Thursday's close of trading, shares of Lucid and Elevance Health tumble, Uber reportedly explored a takeover bid for Expedia, September retail sales beat forecasts. 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.
0:08.5	Good Thursday morning, welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:14.4	Stock's going to flirt with all-time highs once again as retail sales, X-Aotos, comes in best since March.
0:20.8	Taiwan Semi ups guidance, reignites the AI trade,
0:24.4	and jobless claims fall by the most in three months.
0:27.1	Got the 10-year 407.
0:28.9	Our roadmap begins with these records on a roll.
0:31.0	The S&P is within striking distance of a new high,
0:33.7	and the Dow is set to extend its rally,
0:35.6	already setting two milestones this week.
0:37.4	Plus, of course, we are watching the chips. Taiwan Semi is bullish. and the Dow said to extend its rally, already setting two milestones this week.
0:39.7	Plus, of course, we are watching the chips.
0:47.8	Taiwan Semi is bullish on its outlook, particularly because of the AI boom, which it says is real and profitable.
0:51.2	Higher medical costs continue to batter many health insurers.
0:56.3	The latest Eleventh's Health reports a profit hit, citing, quote, unprecedented Medicaid challenges.
0:57.9	Yeah, it's sick of time.
0:59.5	Let's get to the markets in this continued record run here, Jim, as we look for 47
1:04.4	all-time highs this year.
1:06.3	What's the bigger story?
1:07.3	Taiwan semi-a-reter retailer.
1:08.5	Well, I got up for Taiwan semi, so I'm going to say that.
1:10.6	In the middle of the night, they come out and they basically refute everything you heard from ASML, where the CEO is saying that everything away from AI is sad. That was a pathetic conference call from ASML. And this one was the exact opposite. And there's comments that are just extraordinary. I'm going to go right to the top. Way, W.I, says, our customers demand customer that's single, the PUSFES, demand far exceeds our ability to supply. There it is. Invidia. So you have Nvidia, which is going to be the world's largest company soon, blowing out the numbers, obviously. They're all agreeing that
	...

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