Nvidia's Blowout Quarter, S&P 500 Record High, EV Pain, Mondelez CEO 2/22/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 22 February 2024

⏱️ 43 minutes

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Summary

Carl Quintanilla and Jim Cramer engaged in wide-ranging discussions about Nvidia's Q4 results and guidance handily topping analysts' forecasts thanks to the AI boom. The stock hit a fresh all-time high, sparking a Nasdaq rally and a new intraday record high for the S&P 500. Hear what Jim had to say about Nvidia CEO Jensen Huang versus Tesla CEO Elon Musk. Also in focus: EV makers Rivian and Lucid tumble, the 'Magnificent 7," Fed minutes follow-up, the DOJ names a new AI chief, Mondelez CEO Dirk Van de Put joined the program to discuss food inflation, the consumer and President Biden's attack on "shrinkflation." Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here.
0:01.3	You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:14.1	Good Thursday morning.
0:15.2	Welcome to Squawk on the Street.
0:16.2	I'm Carl Canton-A.
0:17.1	With Jim Kramer at Post 9 of the New York Stock Exchange.
0:19.3	David Favre has the morning off.
0:20.6	Equities are bid across the board. As NVIDIA comes through as a major catalyst for tech, even with yields climbing to two and a half-month highs. A lot of Fed speak on deck today. A roadmap's going to begin with NVIDIA's monster quarter, sending the stock up double digits pre-market, revenue rising more than 260 percent year-on-year. EV stocks, though, moving in reverse, shares of Lucid and Rivian, both plunging post-results. We're going to dig through those numbers. And we'll talk with the CEO of Mondalese on the state of the consumer and what he thinks of the president calling on snack makers to stop shrink inflation. Let's begin, though, with NVIDIA surging on that blowout
0:55.5	quarter. Sales more than triple, driven by strong demand for AI chips. Guidance exceeds
1:00.0	consensus. This is Jensen Wong on the call last night. This last year, we've seen generative
1:07.6	AI really becoming a whole new application space, a whole new way of doing computing,
1:13.4	a whole new industries being formed, and that's driving our growth. We guide one quarter at a time,
1:18.7	but fundamentally the conditions are excellent for continued growth, calendar 24 to calendar 25 and beyond. Biggest single day market cap move, Jim,
1:31.2	beating Met a few weeks ago. Yeah, it should be up more. I think that what's happened is you realize
1:36.0	has often been the case with Nvidia from around 2014, that when you see a number, you realize
1:42.7	that the stock turned out to be very cheap a year ago.
1:46.1	And I think people have to realize, for instance, really some amazing data of when we thought,
1:52.1	we thought that they were going to earn $20 at the end of the year.
1:56.3	In the calendar, I think that they could now do 2460.
2:00.5	So even in just six weeks ago, I think that they could now do 2460.
2:06.8	So even in just six weeks ago, we thought they were going to earn $4 less than going to.
	...

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