Quantum Stocks Take a Hit, Palantir's Pullback, California Wildfires 01/08/25

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 8 January 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with quantum computing stocks sliding by double-digits on comments made by Nvidia CEO Jensen Huang at CES on Tuesday. But some names in the group remain up more than 1,000 percent over the past 52 weeks. The anchors also explored why another high flyer -- Palantir -- continues to fall from record highs. Also in focus: California wildfires force tens of thousands to evacuate, the 10-year yield jumps with inflation and tariffs in the spotlight, AMD downgraded, vaccine stocks under pressure, eBay surges, Wall Street firms’ calls on obesity drug makers, Cleveland-Cliffs CEO fires back at U.S. Steel. Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.8	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kington, with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:17.7	Pretty steady, pre-open ahead of tomorrow's holiday for former President Carter's
0:21.1	State Funeral. Yields definitely in focus. Ten-year hits 473. That's close to a one-year high,
0:27.9	although Fed Governor Waller does see more cuts this year. Our roadmap begins with unprecedented
0:33.2	wildfires spreading uncontrolled in California, forcing tens of thousands to evacuate.
0:39.0	We'll bring you the latest live from the ground in L.A.
0:41.3	Plus has the bubble burst. We're talking about that record run up in quantum computing
0:46.7	related stocks. They are now plunging this after NVIDIA's CEO said useful quantum computers
0:51.6	they could be decades away. And of course, we're keeping a close eye on tech.
0:56.0	Struggling to rebound from yesterday's sell-off, Pallantir, that was one of the biggest
1:00.0	S&D gainers last year.
1:02.0	It's down for a third straight day, and AMD is sinking this morning, this after a downgrade over
1:08.0	at HSBC.
1:09.0	Let's begin with this reversal of fortune for those high-flying quantum computing stocks.
1:13.6	They are taking a hit in reaction to this comment from NVIDIA's Jensen Wong yesterday at CES.
1:20.6	If you kind of said 15 years for very useful quantum computers.
1:28.3	That would probably be on the early side.
1:30.3	If you said 30 is probably on the late side,
1:33.3	but if you picked 20, I think a whole bunch of us would believe it.
1:37.3	But what we're interested in is we want to help the industry
1:40.3	get there as fast as possible.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.