Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm David Faber, live from post-line at the

stock exchange. Jim Kramer is at our office at one market in San Francisco. And Carl has the morning

off. Let's give you a look at futures as we get ready to begin trading one half hour from now.

Looks like we may get a continuation of yesterday's rally.

And that is where our roadmap begins this morning.

The S&P top 5200 after the Fed said three rate cuts still likely this year.

And of course, this morning we're still waiting for that Reddit IPO right here at the New York Stock Exchange.

Chip stocks also bouncing this morning, Micron, saying it is benefiting from AI chip demand.

TD Cowan hiking its Nvidia price target also upgrades Broadcom.

And Apple's regulatory headwinds. The DOJ looks ready to file. Looks like it's ready to file. It's long-anticipated ending trust suit against that tech giant, perhaps as soon as 11 a.m. this morning. Jim, let's start with the markets. Get your take here, of course, after that very significant post-Fed meeting, Fed press conference rally. What are your thoughts on the broader market here? Well, I think what happened yesterday was once the Fed was clear that you're not fighting it because the Fed is fine. I didn't want to go into two cuts, three cuts. I think that that dialogue is a parlor game. I'm not there.

Take Fed off the table.

What immediately happens is we go back to earnings. If we go back to earnings, there are so many groups right now that are putting up some good numbers. And what we really ended up focusing on in the evening was Micron, which said things. I was going back and forth with Sanjay Murotra as the CEO, said things that, frankly,

have never happened before, which is high bandwidth memory chips, those are the ones that go with Nvidia, are already on allocation. You can't get them for 2025. And that's why that stocks

up the most, and that's why it's the umbrella that's going to give tech another good day.

So the long negative trend

in NAND and DRAM prices is over? Correct. Correct. A quarter earlier than I thought.

Sanjay, who at times, this is a CEO, by the way, who's not given hyperbole, many times I've go

into trying to say good things he wouldn't go there. This was a time where he just said, look, there's nothing I can do with the high bandwidth.

I wish we could make many more, and they make a lot more money for those.

Again, those are AI.

But yes, the other parts of NAND are doing better.

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