Oracle AI Boost, Apple iPhone 16 Launch Reaction, Southwest's Chairman to Step Down Amid Activist Pressure 9/10/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 10 September 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

One day after a big rebound for stocks following last week's swoon, Jim Cramer and David Faber discussed shares of Oracle surging on better-than-expected Q1 results – as well as a strategic partnership with Amazon Web Services. The anchors reacted to what Oracle Chairman Larry Ellison said on the earnings call about how data centers and AI fit into the company's growth picture. Sticking with tech: Jim and David explored Apple's iPhone 16 launch -- including what's at stake for the company's AI strategy -- and weighed in on legal setbacks in the EU for Apple and Google. Also in focus: Southwest Chairman Gary Kelly to step down in 2025 and six board members to retire in November, as activist investor Elliott seeks changes at the airline. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market moving insight and analysis.
0:02.1	Join Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street. Good Tuesday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live from post nine at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures. We get started with trading 30 minutes from now. How we looking? Yeah. What do you think, Jim?
0:23.2	Well, look, we were dead...
0:24.4	Ed... started with trading 30 minutes from now. How are we looking? Yeah. What do you think, Jim? Well, look, we were at 3.30. We looked like it was going to be another really bad day. There you go. How about that? Turn around a bit. Our roadmap does start, as it often does, with stocks, as you just see right there. Looking at continual rebound from, again, that bad week last week, worst week of the year, in fact,
0:38.4	Oracle is helping to boost the NASDAQ. We're going to spend some time talking about the earnings
0:42.4	from that giant company. Speaking of giant companies, the biggest one, Apple unveils its first
0:48.0	iPhone design for AI. Shares, though, under a bit of pressure this after the EU's top court
0:53.1	rule that it has to pay billions in back
0:55.8	taxes. And a big board shakeup at Southwest. Chairman and former CEO Gary Kelly is set to step
1:03.0	down. This, of course, amidst the pressure from activist investor Elliot, Jim and I have been covering
1:09.0	that one for a while. We'll also talk about it's
1:12.0	not just Kelly. It's six board members immediately. But let's get to the markets, Jim, and just
1:17.9	sort of start there on this Tuesday after a rebound yesterday, given again, what was a decidedly down
1:25.2	week last week for markets. Look, I think last week the tone was, all right, we've had this huge focus on AI and the build-out,
1:35.5	but perhaps we should be much more focused on the slowdown in the economy and therefore
1:40.5	move toward owning the proctors, the Colgates.
1:45.5	By the way, like the General Mills's healthcare.
1:49.2	And that was the zeities of last week.
1:52.2	Now, David, last night, Larry Ellison, and I know we're going to get to our
1:56.5	women's go there now, as I was saying to you last night,
1:59.9	Larry Ellison basically sought to
2:01.3	redefine the whole narrative and basically said, okay, look, those who think that the data center
	...

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