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 Thursday morning, welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, live and post 9 of the New York Stock Exchange. Faber has the morning off.

Historic morning when you consider the record that NVIDIA may set in single-day market cap gains.

Debt ceiling optimism, Speaker McCarthy instructing and negotiators to work 24-7

as the U.S. is now under review from both Fitch and Morningstar.

Our roadmap begins with NVIDIA's blowout, now targeting the trillion dollar club

and the biggest market cap gain in a single day, boosted by strong AI chip demand.

That negative watch, Fitch does warn as the U.S. debt default deadline looms and Best Buy beats,

but says consumers remain cautious as electronic sales slow.

Let's begin with NVIDIA.

The stock is surging, closing in on that trillion dollar valuation, getting a big boost from AI chip demand.

This is Jensen Wong talking about AI on the call last night.

We've seen it in a lot of places now that you can't reasonably scale out dentist centers with general purpose of computing and that accelerated computing is the path forward.

And now it's got a killer app. It's called Generative AI. And so the easiest way to think

about that is your trillion dollar infrastructure, every quarter's capital, KappaX budget,

would lean very heavily into generative AI,

into accelerated computing infrastructure,

everywhere from the number of GPS that would be used

in the KAPX budget to the accelerated switches

and accelerated networking chips that connect them all.

Jim this morning, the Goldman Desk says it's probably the best TMT print they've seen since Zoom in 2020.

I think that that's wrong.

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