New Record Highs, Nvidia Joins the $2T Club, Slide and a Miss for Warner Bros. Discovery 2/23/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 23 February 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

The morning after the best day for stocks in more than a year, Carl Quintanilla and Jim Cramer discussed what to make of the markets' upward momentum: The Dow and S&P 500 jumping to new all-time intraday highs and Nvidia hitting a $2 trillion valuation for the first time -- overshadowing Fed officials continuing to stress holding off on rate cuts for now. The anchors reacted to Warner Bros. Discovery shares falling on a Q4 miss despite posting a streaming profit for 2023. Also in focus: Square parent Block and Carvana soar, upgrades and downgrades, White House sanctions against Russia, Reddit files to go public, Jim previews the CNBC Investing Club's Annual Meeting which takes place on Saturday. 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 Kintania, on the opening bell hour of CNBC Squawk on the Street. Good Friday morning, welcome to Squawk on the Street. I'm Carl Kintanaia with Jim Kramer at Post 9 of the New York Stock Exchange. David Faber has the morning off. We put this barn burner of a week to bed today coming off the S&P's best day and more than a year post-NVIDIA. Yields are a bit
0:21.8	elevated as both JPMorgan and Goldman make some hawkish adjustments to their rate forecasts.
0:26.7	Our roadmap begins with NVIDIA versus the Fed, stocks riding NVIDIA's coattails, while Fed officials
0:31.8	yesterday signaled no rush to cut rates. Block shares are surging ahead of the open. Company
0:36.6	reports a surprise profit,
0:38.2	some strong revenue growth, and Warner Brothers Discovery today, turning a full-year streaming
0:42.6	profit, the first of any studio to do it, but sees some continued ad headwinds and shrinking
0:48.3	North American subs. Let's begin with the markets, though, after that Nvidia-fueled rally, Jim.
0:53.4	I think we're going to flirt with $2 trillion today, which would be the first for a chipmaker. Right. I mean, it's interesting that the stock can continue to climb here because you really did get the full story. There was nothing new that came out overnight. I think that what's happening is a belief, Carl, that the idea that everything's overblown, the idea that there is nothing
1:12.0	to AI, or if it's AI, then it's literally just something that we talk about to add to your,
1:17.9	the draw us added to, into its conference call, say, use that for today.
1:22.5	And we're discovering no, it's actually substantive, and people are using it.
1:27.8	People are clamoring for it.
1:29.0	My favorite part of the whole conference goal was the sovereign notion that you can't
1:34.9	do your country's culture in English.
1:38.3	You have to have your own sovereign statement and collect crest, the unbelievable good
1:43.7	CFO. We tell you there's still a lot of
1:45.7	countries that haven't even thought about it. I'm just thinking of other business models where
1:50.7	your product is not fungible from international market to market. Yeah. I mean, this is,
1:57.8	it's almost, look, I think one of the problems people have with this is they think the Jensen
2:02.2	just came up with this.
2:03.6	But Jensen has been thinking about this for maybe 10 years, for the 200 that's coming out.
	...

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