Nvidia Rally Effect, Inflation Watch, WBD's New Deal With Charter, Norfolk Southern Ousts CEO 9/12/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 12 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with Nvidia’s hot run: Shares of the chip giant up double-digits so far this week, after sparking Wednesday's tech surge that resulted in the biggest one-day comeback for the broader market in two years. Faber Report: Warner Bros. Discovery and Charter Communications reached a new carriage agreement that includes integrating linear video and streaming services. Also in focus: August PPI inflation data, Norfolk Southern fires CEO Alan Shaw for allegedly having an improper relationship with the company's top attorney, what Republican VP nominee JD Vance told CNBC about censorship and regulating big tech, Kroger rises on Q2 results and defends its planned merger with Albertsons. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.8	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington-Aye with Jim Kramer, David Faber, Post-9 of the New York Stock Exchange.
0:11.6	Pre-market is trying to build on Wednesday's big upside reversal. ECB cuts rates for the second time in three months.
0:17.6	PPI prints in line. Claims are steady. Adobe tonight. Our roadmap begins with
0:22.9	those Fed expectations, though. Wholesale inflation slowing again last month. Keeps investor hopes
0:27.7	alive. The Fed will start cutting rates next week. Plus the NVIDIA effect is back. Shares
0:32.4	bounced again ahead of the open. They're bouncing after helping fuel that big comeback yesterday. It was, in fact,
0:38.1	the biggest we've seen for stocks in two years. And Norfolk Southern fires its CEO, Alan Shaw,
0:43.4	this after an alleged affair with the company's top-ranking lawyer.
0:48.6	Let's begin with the market's PPI and, of course, yesterday's volatile session. Jim,
0:52.6	up more than 2% from the intraday lows.
0:55.5	Yeah, look, I think that when you time the 2%, yes indeed, it does have to do with Jensen Wong,
1:01.8	CEO of NVIDIA, talking about what the truth is versus what people thought it was after they reported that quarter,
1:08.0	really emphasizing demand to the point where you start realizing
1:11.7	the level of demand is kind of unprecedented.
1:14.1	This is for the Blackwell supercomputer.
1:16.4	David, not for the chip.
1:17.7	He made that clear no longer a chip.
1:19.7	It's an infrastructure.
1:20.7	But what really made that stood out was without any name calling, the collapse of Intel
1:27.3	as a company, basically.
1:28.3	I'm going to put it like that because he's saying there's two components.
	...

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