Nvidia Joins the $3T Club, Tesla's Musk Pay Package Push, ECB Cuts Rates 6/6/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 6 June 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

On another record setting day for the S&P 500 and Nasdaq, Carl Quintanilla, Jim Cramer and David Faber drilled down on mega-tech: Nvidia hits a $3 trillion market cap for the first time, surpassing Apple to become the second-most valuable public company in the U.S. behind Microsoft. How high can the chipmaker go? The anchors also reacted to what Tesla Chair Robyn Denholm told CNBC about next week's shareholder vote on Elon Musk's massive pay package. Also in focus: The U.S. Treasury Department weighs in on AI risks, The ECB cuts interest rates for the first time since 2019, lifts for Lululemon and Costco, Disney's Florida parks investment plan, Paramount deal update. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintanilla with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Coming off all-time highs for S&P NASDAQ, futures are a bit mixed, as the ECB does deliver that long-awaited cut in rates first since 2019.
0:22.2	Our own 10-year bond yields still near yesterday's multi-month low of 4-3.
0:27.2	Our roadmap begins with the big tech AI boom.
0:29.8	Invidia is now the second most valuable U.S. company and rallying again ahead of the open.
0:34.6	Plus AI dominance is under some scrutiny.
0:39.2	The DOJ and the FTC reach a deal to open antitrust inquiries of Microsoft, Open AI, and NVIDIA. And we're getting a bit more of
0:46.2	retail gauge of the consumer. Galumu shares surging despite a week second quarter, a week second quarter outlook.
0:53.2	Five below seeing lower consumer spending
0:55.0	levels. Let's begin with Nvidia joining the $3 trillion valuation club, surpassing Apple now to
1:01.9	become the second most valuable public company in the United States behind Microsoft.
1:07.1	Jim kind of put all of this into perspective last night on Mad Money.
1:12.1	We've had some huge winners in our time, right?
1:14.2	Steve Jobs, the iPhone, Bill Gates, Windows, Jeff Bezos, Amazon, Mark Zuckerberg, Facebook.
1:19.0	Now, now, meta.
1:19.9	Those are individuals who personally changed the world.
1:21.8	They're amazing men.
1:22.9	But nothing like Jensen, nothing at all.
1:25.6	Bottom line, thank you, Jensen, for changing the world.
1:28.7	And for you skeptics, take a look at today's biggest gainers.
1:31.7	They're all spin, they're just spinning pins.
1:35.0	Scattered this way and that.
	...

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