Nvidia Falls Despite Q2 Beat, Salesforce Jumps, "Green" Apple 8/29/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 29 August 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber drilled down on the much-anticipated earnings report from Nvidia: Shares fell despite second-quarter results and guidance that exceeded consensus estimates, as some investors were expecting blowout numbers. What does it all mean for the AI boom? The anchors also discussed Salesforce rising on better-than-expected results and raised full-year profit outlook. Apple shares get a lift from Wall Street calls along with a Nikkei report on iPhone orders and AI. A tale of two retailers and the consumer: Dollar General plummets and Best Buy surges on earnings news. Squawk on the Street Disclaimer

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.9	All right, good Thursday morning. Everybody, welcome to Squawk on the Street. I'm David Faber.
0:10.3	That's Jim Kramer. We're live from Post 9th, the New York Stock Exchange. Carl has the morning off.
0:14.2	Let's give you a quick look at futures. Of course, we get started with trading on this Thursday.
0:18.9	In August, you can see we are expecting a higher open. We got a lot
0:24.3	to talk about this morning, don't we? And let's get right to it. Our roadmap, well, you know,
0:28.7	we'll call it the AI trade, of course. NVIDIA's forecast, you know, I don't even know. It says
0:33.7	disappointing here. I'm not even sure that's the right word. No, I mean, look, it turns out that Nvidia is mortal. Yeah. And that they basically said that they had a chip they could make, and it turns out that the yields on that. All right. We're going to talk about that. That was it? No. We're doing the rundown. Have you never done the show before? It's time. All right, let's move on from there to Salesforce and Apple. I'm telling people what we're going to talk about.
0:57.5	We're going to talk about. done the show before. It's time. All right, let's move on from there to Salesforce and Apple.
0:55.7	I'm telling people what we're going to talk about.
0:57.5	We're going to talk about Salesforce and Apple.
1:00.2	Apple reportedly ordering 10% more iPhones.
1:03.1	That at least according to Japan's Niki.
1:06.5	Of course, as they get ready for their Gen.
1:08.7	I enabled phone.
1:09.7	And we'll check on the consumer.
1:11.1	We got DG, that's Dollar General. Not good, but Best Buy looks pretty good. So both of those, and so many more. We'll talk U.S. Steel. We'll talk the markets. Let's get to it, Jim. You ready? Let's get to it. All right? Let's start with NVIDIA, of course, lofty expectations.
1:29.4	Down as much as 7% right after. You ready? Let's get to it. All right. Let's start with NVIDIA, of course, lofty expectations.
1:29.4	Down as much as 7% right after the earnings came out. Right now, I'm looking at a stock that may be down as little as $4.00.
1:36.6	Because you're trying to figure out on, say, $5 in 27. Thank you, Ben. Ben, right, just familiar.
1:43.7	What should it really sell it? I mean, could you's just familiar, what should it really sell it?
1:44.9	I mean, could you really, do you think the stock should sell it 20 times earnings?
	...

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