S&P Record Watch, AI Arms Race, Roaring Kitty Claws Back 5/13/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 13 May 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber began the hour by breaking down this ongoing market rally, with the Dow aiming for its 9th straight day of gains. The desk also reacted to news that Softbank Group’s Arm Holdings is reportedly planning on launching AI chips in 2025. Staying with the semis, Cramer highlighted Micron for his “Mad Dash” saying he believes the stock will continue to climb; Micron is up 100% over the last full-year of trading. Also in the mix: GameStop shares surged after trader ‘Roaring Kitty’ posted online for the first time in roughly three years. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.7	Good Monday morning. Welcome to Squam on the Street. I'm Carl Kingtonia with Jim Kramer, David Faber, at Post 9 of the New York Stock Exchange. Pre-market steady as we brace for a week that has something for everyone. Inflation data, CPI Wednesday, retail earnings, Google I.O. Conference, S&P is less than 1% from a record high. That's where
0:22.3	our roadmap begins. Stocks look to build on this rally. Dow is coming off the best week of the year.
0:27.0	And as we said, S&P awfully close to some fresh records. Plus the AI arms race continues as a new
0:32.4	report reveals British chipmaker arm holdings is planning on launching AI shifts next year.
0:39.8	And remember this name? GameStop.
0:51.0	It shares a surging in the pre-market after famed meme stock trader Roaring Kitty posted online for the first time in roughly three years.
0:54.5	Hmm. Hmm. Fizzy day, I guess, huh?
0:57.2	That's not fair.
0:59.1	Let's begin with the market setup.
1:01.7	As we said, Dow is writing an eight-day win streak.
1:03.4	Jim, a story in the journal today.
1:08.2	Investors crowd into soft landing trade ahead of crucial inflation data.
1:12.9	Well, okay, that makes it sound like if the data's bad, they'll crowd out.
1:15.6	I've been watching the stocks from going up.
1:19.5	Dave Costum of the very good piece today about it's not the ones that are unprofitable.
1:20.0	They're going up.
1:21.0	They're actually going down.
1:24.7	What's going up are the profitable companies, and I think that we keep seeing that.
1:29.3	But, David, I do think that if GameStop is the leader today,
1:32.3	that would signify perhaps a speculative peak.
1:34.9	And I didn't know that we were in a speculative hike.
	...

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