Tech Rally Rolls On, Nvidia Extends Record Run, Musk's xAI Raises $6B 5/28/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 28 May 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber kicked off a holiday-shortened week with a look at tech sector momentum and the Nasdaq trading at all-time highs. Nvidia surged to new record highs on the heels of news out of Elon Musk's xAI: The OpenAI rival said it raised $6 billion in its latest fundraising round.Also in focus: Proxy advisor Glass Lewis urges Tesla shareholders to reject Musk's massive pay package, Apple gets positive iPhone news out of China, David reports activist investor Elliott Management has taken a $2.5 billionstake in Texas Instruments, holiday box office weakness, a “taxing” day for DraftKings, Jensen Huang's first pitch. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis.
0:02.0	Join Jim Kramer, David Faber and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street. Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer. David Fabers back in post-night in the New York Stock Exchange. Holiday shortened week, but tech looking for some fresh footing with both Apple and Nvidia up 2 to 3% pre-market.
0:21.6	NASDAQ is looking for a sixth weekly gain and, of course, PCE Friday.
0:26.1	Our roadmap begins with Minneapolis Fed President Kushkari telling CNBC he is in no rush to cut rates,
0:32.2	adding he needs to see, quote, many more months of positive inflation data before making the move.
0:37.9	Plus, some new numbers are showing that Apple iPhone sales jumped as much as 52% in China for the month of April.
0:43.4	The stock is also on track to open impositive territory for the first time this year.
0:48.4	And Elon Musk raising the stakes in the AI wars, his company XAI receiving $6 billion.
0:53.9	That's the latest round of funding.
0:55.4	It does value that company at some $24 billion.
1:00.4	Speaking to which, let's talk about this tech rally following the fresh record closing highs for the NASDAQ and NDX on Friday, Jim.
1:06.6	This Open AI is going to feed right into that flywheel.
1:09.2	Yes, it's a great way to look at it because when you see that valuation what you say is
1:13.8	that's a confirmation again of what happened last week there are a bunch of notes
1:18.0	today
1:19.2	uh... and boy there was an analyst of frank hollandt's show this morning talking about a
1:23.1	ten trillion dollar valuation of
1:25.7	i saw you give him a shout-out this morning on that one.
1:27.8	I just... I think that it was a...
1:31.3	It wasn't a completely absurd valuation.
1:33.6	It was kind of the interlockable mode.
1:36.1	You can't really take them on.
	...

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