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Squawk on the Street

Nvidia's Beat and AI Optimism, Musk-Ramaswamy "DOGE" Plan, DOJ vs. Google 11/21/24

Squawk on the Street

CNBC

Business, News, Investing

4.1567 Ratings

🗓️ 21 November 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber explored Nvidia's better-than-expected Q3 results and optimism about demand for its AI chips. Hear Jim's message aimed at "short-selling clowns." What's next for Nvidia shares? The anchors also reacted to an op-ed in The Wall Street Journal by Elon Musk and Vivek Ramaswamy, in which they outlined their "DOGE" plan to reform government. Also in focus: The DOJ asks a federal judge to force Google to sell its Chrome browser, Snowflake shares soar on earnings and guidance, Palo Alto Networks' quarterly beat, bitcoin's march toward $100,000. 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.

0:13.0

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintan here with Jim Kramer,

0:16.6

David Fabry at Post 9 of the New York Stock Exchange. Future is pretty steady here as

0:20.8

NVIDIA goes green pre-market on another solid quarter, another $2 billion revenue beat.

0:26.6

Jobless claims, meanwhile, near a six-month low, the 10 years still well-behaved below 4-4.

0:32.0

Our roadmap begins with NVIDIA's beat and optimistic outlook for AI chip demand. The stock

0:36.7

does erase some earlier post-earnings losses.

0:39.8

And also ahead Elon Musk and Vivek Ramoswamy out with an op-ed in the Wall Street Journal.

0:44.6

They're making the case for their Doge plan to reform government and cut federal spending.

0:50.2

Speaking of the government, the Department of Justice has officially requested a federal judge take action against Google by forcing it to sell its Chrome browser.

1:00.8

This is, of course, part of the government's anti-trust case against the company.

1:05.4

Let's get right to Nvidia, moving higher after beating on both the top and the bottom line, also nearly doubling sales year on year.

1:12.1

Yesterday on the earnings call, Jensen Wong did reiterate the strong demand for AI.

1:18.5

The age of AI is in full steam. Generative AI is not just a new software capability, but a new industry.

1:27.4

With AI factories manufacturing digital

1:31.0

intelligence, a new industrial revolution that can create a multi-trillion dollar AI industry.

1:39.5

Demand for Hopper and anticipation for Blackwell, which is now in full production, are incredible.

1:47.7

Jim, everyone wants to talk Blackwell, but even some of the Hopper guidance was surprisingly good.

1:52.0

Yeah, look, this is one of the situations where whatever you can get from them you'll take.

1:57.6

That can be very stark because you may not be able to get the first ranked stuff.

2:02.4

I think that there are multiple customers.

...

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