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To be. Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live with Postline at the New York Stock List Change. Carl's off this morning. Let's give you a quick look at the futures. You just heard Joe and Andrew talking about the markets, of course. Look like we're going to be up, Jim, after I was out last week, but it wasn't the best week. Last week was terrible. If at least you were along the market. Exactly, and Friday was really bad. I've got to tell you, once again, David, it's my alleged favorite in video. That is striking. Well, we're going to be talking about that. Our roadmap does, of course, start, as you might expect, with those stocks that are looking at rebound following that rough start to September. The NASDAQ is coming off its worst week since January of 2022. Plus it's glow time for Apple. The company is hosting its long-awaited iPhone event today. We're going to get you ready for that. As well, also day one for the new CEO at Starbucks, in case you haven't heard. His name is Brian Nickel. He used to run Chipotle, and he's aiming to turn things around for a company that seemingly has sort of lost its way a bit. Stock's still down more than... It's a questionable term because I think it would be a lot. Okay, I know you've got a lot to say on that. Let's start, though, with, of course, these markets, you already heard, Jim, referring, of course, to the performance of NVIDIA last week, not alone in the sense of many of the chip-related names were getting hit once again. And I know, again, I wasn't here for it, but you were hearing because I read, I still am involved in hearing about what's going on. These questions as well about the long-term return on invested capital and whether, in fact, you're ever going to really get that return that is justified by the hundreds of billions that are being invested. Look, I think you're under something huge, which is that the semiconductors have become the proxy for whether AI is anything or not, even though there's plenty that shouldn't be the proxy. We didn't say it might grind down very, very big. You know what? We don't talk about this. The consumer package good stocks, David, they're parabolic. Now, we do know there is history on their side that you're supposed to actually buy them right here on the economic cycle, but, David, when I look at a Campbell suit, I look at and I say, like, a Model-E's. Are these the new growth stocks really? It's hard to imagine or make a real case that they're truly growth stocks. Oh, no. And I do think that I would rather take a look at whether Dell is sustainable for more than one day, having been added to the S&P, because Dell was one of the weakness stocks, Super Micro, some of the Qualcomm. These are not companies that there's anything wrong at, so I thought it was pretty interesting. You know, when it comes to the overall market, Jim, and valuations at this point, it's going to be hard to make an argument that things are cheap. I mean, as we head into this week, I think the S&P is at 21.2 times. The equal weighted S&P, still not a particularly cheap 17 times. No. Take out the top seven. There you go. The S&P 493 is people like to do now, and 19 times. And the magnums in seven are about 29 times earnings. Right. So when you hear those, when you hear those multiples that I just recounted, what do you think? This is weekend for club members, and I started trying to figure out where the S&P was. I said, "Oh, my God." It's still, I mean, these magazines, the men's love come down. It doesn't matter. It's still over 23 times earnings. So David, you're right. Market is historically expensive. You know what? Take out the value or value trap of the oils, and you get a market where you have things like American electric power being gross stocks. Because PCG, Pacific years away, they've been transformed and gross. Well, it's all part of that same trade. Right. Because they're not. And which we talk about so often because, of course, it will be and is a very important issue, which is power consumption, the need for it, the incredible growth of data centers to house all of the NVIDIA chips and everything else that goes in a data center to power this generative AI economy that we're all waiting for, so to speak. And so you end up with power producers that are becoming growth stocks because of the idea that they're going to be under so much pressure to produce even more. Well, then, it's Tesla's energy group part of the great growth of Tesla. And by the way, a very interesting nest this morning between Eaton and Tesla about home charging and speeding that, making that better. I do think that the data center story has become a major growth story for, I mentioned AP, Southern Dominion, and you know what, David, I'm not buying that you get a 5% pick up an energy and suddenly you buy these. I think it's more of a zeitgeist issue than it is an actual number raise. And therefore not as exciting. For all, regulated utilities. Yeah, exactly. They don't make money that way. They make money depending upon these public utility commissions. So the idea of buying those, rather than what everyone's doing, David, is to buying the augmented data center, what makes them, and I wanted to ask you about Blackstone's acquisition, making them the largest data center play. Yeah, well, they already were with, with, yes, and they just continue to be huge believers. But don't they feel that it's, do you know the last week they turned on the data center too? A lot of us, by the way, was Michael Semblis being misinterpreted, even by me, about selling in video on this. It's really the hyperscalers that are maybe too aggressive that that's, you know, maybe these companies, except for Apple, are spending too much. You're referring to the strategist at JP Morgan. I know he wrote a piece that was last week. Yeah, and he was just, it was devastating in some ways because it questioned, it said the emperor had few clothes. It was questioning the thesis that I brought up at the very top of the thesis. Oh, totally. Yes. Well, the, well, we get it. Well, yeah. Well, listen, we, as our viewers know, we come back to the same themes time and again, as we need to, because these are the important themes in the marketplace. Yes. I obviously, what the applications will be. But this idea that has been around now for some time, since like I'm from Sequoia, really, wrote that notes, yeah, quite a while ago, just saying this is the number that I'm coming up with. And this is what you would need to see in terms of general, in terms of actually having a return that made sense for this number. But you know, look, this morning, I, I meet with Jeff Marley, he's the great CEO. I say that because it's their 75th birthday, Medtronic, the ring, the open bell. And one of the things that Jeff said that I think is really significant, you know, he talked about colonoscopies, right? And he said that they have an AI version and they have a regular version. And the regular version is missing 50%, five out of the cancerous polyps that are discovered by their AI version in Medtronic. We keep getting these somewhat one off examples. The other week, we saw a science study, nature, science study talking about, wait a second, maybe we're mapping out all the ways that cancer could be caused. So David, maybe we just don't have enough use and like, look, I think Jensen why, if you were here and say, guys, we've had this, what, since, what, since Sequoia did that note? No, but it wouldn't say that. I mean, there's no one we'd talk to and obviously I know, you know, we both talking to each other occasionally off this set. Yes, we do. Who doesn't say this is going to change the world? They all say the same thing. Right. All the CEOs, I mean, I haven't yet met one. However, how long it takes and what form and who the beneficiaries ultimately are. I mean, again, a lot, so many do come back to things like not just what you discussed with colonoscopies and Medtronic, but drug discovery and how you'll be able to shrink the time for a new drug substantially and what that will mean. When I could say I know, Jim, until we start to see these consumer applications, are investors sort of going to be in a wait and see mode now? Worse. Worse. I don't believe in the consumer AI PC as much as we thought and the consumer doesn't seem to get the value proposition of AI. Now, it's something we why not. I mean, I can put in JAT GPT, I don't really need. Right. You don't need the PC to do it yourself. No, I've got AI. You can go to, you can go to, but that gets us to Apple for obvious reasons and the consumer and the use of AI, because the company's product event titled, "It's Glow Time is set to get underway just a few hours from now." And of course, the company is expected to unveil a new generation of iPhones with what they call Apple Intelligence AI features. And so, Jim, I come back to you and say, "Will this be viewed?" Yours from now is the turning point. Now's it went? No. Hey, I don't think this is even the iteration, it's kind of the great AI. Okay. The stock was up 40 cents mid-warning and now it's down. I think that's indicative of people saying, "Wait a second. These launches have historically not produced good results. You can't game it, but I've got to tell you, David, Glowfest? I don't feel Glowfest is people buzzing about versus the developers conference. Where are they buzzed? They did buzz and the stock really buzzed a lot higher after that back in June. What are your thoughts when it comes to the latest iteration of the iPhone, whether it is going to power a sales growth of perhaps what some estimate could be as much as 5% of this company above last year? Well, look, I don't want to be sob-riff because I think that people might say, "Yeah, tell me something I don't know." But it comes down to Verizon, ATT, T-Mobile, and giving the phone away. Now, people who follow interest rates are just saying, "That's false. There's no giveaway here." But I would point out that Mike Siever sat there, the CEO of T-Mobile, listen, if they're going, if Verizon is going to do it, AT is going to do it. So it did feel like an arms race, which is going to benefit Apple. But then what the most recent upgrade is now, you haven't had it for like three, four years now. Right. You need to, although, I mean, this is a benefit to them, but like I got my kids who are right, you need a new phone. Well, you're not getting this latest one. You'll get the one from last year. Oh, man, you know, my daughter has a Apple and it has a 5. That'll still take you up three or four notches or whatever it is. Well, my younger is a 5. You know what? Right. For who? For what? Well, that's a line from an eagle first came many, many years ago with the waters. But it did remind me that there is football on the weekends and you're ghost. You go tonight. We go tonight. But giants went yesterday. No, they had a buy. They wish they'd had a buy. Oh, they played it. Yeah. How do you like that? Well, Metronic is from Minnesota and they all, I think every single one of them went. All the Metronic people for the ring, they'll ring. Oh, look at this. What was that? The Pixel. Brazil, did you? No, I went into a Brazil. I wasn't asked. You weren't asked. A particular network covered it. I would have gone down there. My grandfather's down in Brazil. Okay. Yes. There's just you. You have a family down there. You've been in that city? Yeah. All right. All right. To come back to the topic at hand before we take a quick break, you're not expecting much from this Apple. No. And I'll tell you why. And you point out the subsidies, very important, 2021 was the last time they saw a huge uptick in iPhone sales. And in fact, it was 5G and it was the subsidies from the carriers themselves that helped that. Yes. And I did a piece this weekend for Club about Magnificent, the Magnificent Seven. And I did say that Apple's been holding up better, which is therefore not good news because you know, you shoot anybody's head is picks up out of the trench, the bears have shot. And the bulls are on the run from bull's are scared, David. Yeah. Although to put it in perspective, what are we? 4% off the highs overall, I mean, you know, it's not exactly clear, even though you weren't here, it went down. All right. That's true. That actually happens a lot. Don't you want to talk about Disney? What do you want to talk about Disney? With DirecTV? What? I have more of that Jim Stewart article. Oh. I don't know if I'm ready to talk about that. No. No. I thought it was a quiz book. Did you? Yeah. No, not Jim Stewart's piece. I was on a plane most of yesterday. Oh, yeah. It was a long, you're right. It was a long piece. And you would have had to go from Cleveland and then I was exhausted. Okay. All right. So I won't say that I didn't read it, but I'll just share that. Okay. And we have the dishes, the S&P. Give me a chance. Yes. Very talented. Yeah. Both joining the S&P. Both those stocks are going to be up. And by the way, it is day one for new Starbucks CEO Brian. Yes. We're going to discuss the challenges of the chicken may be facing. Take a look at futures, of course, to get you ready for an open that is less than 18 minutes from now. A lot more squat in the streets right ahead. With the Wells Fargo Active Cash Credit Card, you can earn unlimited 2% cash rewards on purchases you want and purchases you need. That means you earn 2% cash rewards on what you want, like season tickets to watch your favorite team and 2% cash rewards on what you need, like paying for parking. That's the beauty of the Active Cash Credit Card. It's ready when you are. With unlimited 2% cash rewards, the Wells Fargo Active Cash Credit Card, that's real life ready. Terms apply. Learn more at Wells Fargo dot com slash active cash. Now, two pigeons be moaning the fact you can stream direct TV satellite free. These humans can stream all the top rated national news channels on direct TV and now with no satellite dish. It's just in weather, sports, election coverage. Direct TV has it all, but something is missing. The satellite dish. What are you doing? I'm reporting the news. Back to you, Bob. Here's some news. You're the buffooned. Stream the top rated national news channels. No satellite dish. Visit DirectTV dot com, internet required, top rated news based on 2023 Nielsen ratings. My dad works in B2B marketing. He came by my school for career day and said he was a big row as man. Then he told everyone how much he loved calculating his return on ad spend. My friends still laughing me to this day. Not everyone gets B2B but with LinkedIn, you'll be able to reach people who do. Get a hundred dollar credit on your next ad campaign. Go to LinkedIn dot com slash results to claim your credit. That's LinkedIn dot com slash results. Terms and conditions apply. LinkedIn, the place to be, to be. It's a new era for Starbucks today's Brian Nichols first day as the coffee chain CEO. Of course, it's going to be another turnaround plan there that he's going to implement shares. Well they have been up dramatically since that really dramatic announcement was made almost a month ago that Mr. Nico was leaving Chipotle and replacing, of course, Lutzman and Rissman. Who didn't last that long. And by the way, this is a fourth CEO now they've had in not a very long period of time. You do have to wonder whether that kind of tumult in the very senior executive ranks hurts the company. I think that it's being inconsistent because you have a founder and then a well founder and then a guy who gets fired, but that's a long time. Right, well you had. KJ, Kevin Johnson. They had ours. Now there's been a question about what happened with KJ in the departure. But I would say that Lutzman is being hailed as someone who is more of a consumer products guy and a Kinsey guy and then an operator. And Brian Nichols, an operator, Carlos. Now I had that felt by the name of Jonathan even on Jonathan. Jonathan. Sweet Queen. Okay. Sweet Queen. I think he's one of the great gross stocks of our year. It's really fabulous. By the way, it's up almost 100%. Sweet Queen has been a great performer. Yes. Yes. Jonathan would tell you, the incredible CEO is that Brian Nichols amazing at throughput. He's got more people going through during the lunch hour. They've got like 28 second, Sweet Queen is very low for the casual. It's a couple of minutes, but Brian Nichols, if he can solve the throughput issue at Starbucks, maybe having a mobile order pay that's not a map mosh pit with a pickup. Right now I hate the people who cut in front of me. Turns out they're mobile. I don't know. I mean, I think they're just cheaters. Right. Like New York clouds, you know. Right. I'm from Philadelphia. We're differential. Not really. Not right. But I do think that I, in Brian Nichols, I trust, my child will trust owns it. And he is good news. You know, it's curious, because given the stocks move at the time of the announcement, we talked a great deal about it. Which I mean, yeah, it was almost a 20% move or was, I mean, you're talking about 27 billion in total value. I think it was over 20 billion being accreted to Starbucks and about 7 billion came away from Chipotle. I think it's right. Is it now become, prove me? I mean, does it kind of sit there for a while or? I think that he's got to lay out a strategy, which says here's what we're going to do. Before we asked it to what Ron shaped it, mid-course correction in Panera, where he said, "Wait a second. We are handling mobile badly." So we starts Starbucks 2.0, goes to South to do it, and, you know, as Charlotte, Bob. I think that Brian Nichols may have to have a... All important Starbucks labs. But you know, there is this giant country where they were putting a new Starbucks up every, I don't know, exactly. Nine. Every nine hours. Every nine hours. It's called China. We haven't talked about China, by the way. If it's China, forget it. Forget it, Jake. It's China. In terms of inflation. Right. Exactly. Right. It fits perfectly. What do you do with China? Where are the economy is slowing? Well, they've got inflation is not showing its head, and they want it to, because they're actually worried about deflation. Yeah, they have a value proposition in this lock-in, but we have a value in Dunkin' Donuts. There's room for both. God. Dunkin' Donuts is private, but you know, there is, but how important was China to the growth for Starbucks and how important would it be? Everything was the disaster for China. And the answer is that it's a black hole. We had no idea, because Luxman assured us that China was going well. Now, Luxman and our Sim and David, he was very confident, and the conference was misplaced. Right. The conference owns storage, too. The conference was misplaced. What about any company that has a significant still percentage of its sales coming from China? The Moo? Well, we know the names, and the Lulu, Nike, China, excuse me, Apple, Tesla. Right. Now, Apple's interesting, because they haven't named an AI, I read that this morning, I'm just cribbing it, but they haven't, we don't know who is going to be their AI connection in China, or whether they'll be one. Or what they can do there, obviously. There might be some economists by this weekend, by the way, basically saying, "All the numbers should be made up out of China," because we have a deflation number from BPI that shows that there's terrible deflation, which means deflation means people don't buy anything, because it's going to come down. So you just wait. So it's not like a real embarrassment, but it continually diminishes demand overall. Yes, and that's probably one of the hardest cycles in the world, Japan, 30 years. All right, exactly, 30 years, and by the way, what's the one thing that's going up? It's food, which is the, by the way, food is the source of almost all rebellions. Right. And they've had some droughts, and therefore food prices are up in China, but nothing else is. No, exactly right. And it's an unholy combination, because we have a lot of people who say that, even no matter who runs and wins for president, China's the loser. Yeah. Hey, by the way, China's about as universally hated as the nip on steel deal, David. All right, we'll get to that. We'll get to that. We started with Starbucks. We ended with China, and then he had to throw a nip on steel. I know you're-- We have to cover your man. The waterfront. The man Lorenzo's feeling good. Oh, he's so much fun. He's feeling good. He's fun. Yeah, we got a mad dash coming up, though, so Jim's got to get ready for that. And we do appear to be, at least on track to have a strong open after, of course, a rough week if you were long stops last week. Now, two pigeons be moaning the fact you can stream direct TV satellite-free. These humans can stream all the top-rated national news channels on Direct TV, and now with no satellite dish. It's just in weather, sports, election coverage. Direct TV has it all, but something is missing. The satellite dish. What are you doing? I'm reporting the news. Back to you, Bob. Here's some news. You're a buffoon. Stream the top-rated national news channels. No satellite dish. Visit DirectTV.com, internet-required, top-rated news based on 20-23 news and ratings. My dad works in B2B marketing. He came by my school for career day and said he was a big row as man, then he told everyone how much he loved calculating his return on ad spend. My friend's still laughing me to this day. Not everyone gets B2B, but with LinkedIn, you'll be able to reach people who do. Get $100 credit on your next ad campaign. Go to LinkedIn.com/results to claim your credit. That's LinkedIn.com/results. Terms and conditions apply. LinkedIn, the place to be to be. All right, there you have a look at the names that appear to be ready to gain in the very early going here. When we get started with trading, less than six minutes from now, arm holdings. One of those names. Change of pace. Yes. Come to the semis. After a rough week last week as we've said, we've got a lot more for you. And by the way, don't forget, you can catch us anytime and anywhere. Listen to and follow the squad on the street opening bell podcast. All right, let's get to a mad desk with Jim and then we'll have an opening bell for you. Okay, David. It's a 140 pages. Yes. It's the government's case against Google starts today, which is, of course, alphabet. People can be forgiven if they get lost and how many different lawsuits we have the DOJ having to do with the, that one case is already concluded, but then they're going to figure out what to do. And Google lost that. That was the one that you've been focused on for a long time. Yes. Point them monopolist. How about advertising? Yeah. Yeah. The reason why this is important is it's directly involved in earnings per share. Because this is about 13 billion advertisements a day on the web, every day, and I'm just going to quote from the-- 13 billion a day. Yeah. And I'm going to quote from the document, "One is industry behemoth, Google, has corrupted legitimate competition in the ad tech industry by engaging in systemic campaigns, a seized control of the wide swath of high tech tools used by publishers, advertisers, and brokers to facilitate digital advertising. David, it is damning, and I got to tell you, before a trade desk, I would have said meaningful. Now I don't even know if it's Jermaine to the issue. Because why? Because trade desk has a much better way. Because people really want to advertise on Netflix. They want to advertise on Peacock. They want to advertise where the viewers are. And this is much more about print and much more-- a lot of YouTube. But I just think, yes, if you want to be in the closed system, sure. Knock yourself out. Which is the same way. This is not the only system. This is not the only system. This is not the only system. The government's case is not going to be strong. The government lost that. Their own trade desk has overrun this. Trade desk has become such a juggernaut that I have to question what I'm going on, whether Google can even be a monopolist. But you know, David corrupted legitimate, that's very negative. The case is beginning today, and we will see, right, Jim? Well, look, Google keeps 30 cents in governments far more of every transaction. If this can be proven, that is a nightmare for the advertisers, but they all know it. They just accept it. It's where the eyeballs are. It's like the abscores, they'll play out. But there's also no other place to do it. Exactly. That's not the ball. Not the ball. It's like the abscores. It's really good. Not the ball. Not the ball. Not the ball. Let's do that matter. I'm not sure how intense that is. There it is, the opening bell for this Monday morning here at the Big Board Medical Device Company Metronic celebrating its 75th anniversary. Well, tonight, only a 20. Oh, yeah. Japart, I have it right here. Look. It's going to be on marriage, Jim. That's later tonight. Over at the NASDAQ East West Bank Corp, based in Southern California. The Asian American community did the analysis. How about when was the market down like it was last week? Well, it was in March of 2023 with these banks were on the Red Hot Cradle. So happy anniversary. Yes. Happy. You survived. Happy anniversary. All right. Where do you want to start this morning? What name, if any, you know, we should we just keep an eye on Dell and Palantir, both of which obviously are added to the S&P 500 and they're for benefiting from that? Yeah, sure. I want to go. I want to go. I want to be a little more serial. Okay. I like when you're a serial. Double. Thank you. We got an upgrade of New Corps today. Okay. You know, the reason why this is important is where are we in the cycle? What's the new court? New court. Okay. Where are we in the cycle? Meaning that can you start buying the sick and fools because we're about to cut or do you have to wait? And I think that J-P-1 wants to get it ahead of the rate cuts, which is really historically the right thing to do. There is a new court update about how things are going and I don't think it'll be that good day because the price of steel keeps coming down in this country because of steel from Mexico from China and yet the president is far more concerned about nip on steel buying US steel than they are about imported Mexican steel, which is really Chinese. Is it? How are they able to do that? All right. Lorenz. If you know it, don't, doesn't, doesn't everybody else know it? Yeah. It's open secret because we call it out of China all the time. We think that China is still the greatest market, blah, blah, blah. I mean, hello India, get your act together and you can take over the whole world, young versus old replacement of the demographic China because you've referenced Japan already. Yes. You don't want, you get a stagnant growth of population. You eventually get stagnant. Well, they're a demographic decline as, by the way, take a look at the numbers in South Korea and any number of other countries, our country benefits from immigration. Otherwise, they are not talking about it somewhat similar. Good luck. And I want to talk about immigration. No, immigration, that's the hot, but that's the third rail for me. I'm not touching that. I want to saw a mouse electric kid about it. It is nice that we only talk about politics when forced to. Well, immigration keeps wages down, but I don't know if you're... Yeah, it does. By the way, what happens when you put tariffs on goods and you, and you... Well, stop immigration and force migrants to leave in terms of wages. Well, unless you're Hamilton, I'm kind of against it. Isn't that going to be inflationary? Of course. Of course. Is it a one-time though? And then you sort of... Well, yeah. I don't know. I mean, when you see tariffs like that, obviously you think about 1929 to '32, and realize how wrong they are, or you see that, I mean, maybe it's invoking Hamilton. Maybe Trump has saw the show. The show's pretty good. Yeah, so pretty. They've been sawed twice. I think he occasionally would watch... It's very pro-tariff the show. The show. The show. Whatever it is. You know, it handled. It's very pro-tariff. You don't think of that, but... Oh, the show. You mean... The Broadway. The Broadway show. It's very pro-tariff. Oh. Ham was a denationalist. Yes. So, maybe I'm saying Trump might have seen the show. That show. I've been talking about our show. No, not our... Oh, David. I'm talking about Ron Chernow and Hamill. Stop! I've read the book and I've seen the show. What a writer. Yeah. Miranda's show. I know. Right. Incredible music. I'm going to reference Broadway. Okay. In my regards to that, let's move on. All right, I'll move on. I'll move on. Happily. Where do you want to move? Well, I do want to go back to the idea that we have to worry about A.I. since everybody else is. And the reason I say it, David, is because is there a level where people feel confident in not selling Nvidia? Did we reach it today? Nvidia was down big last week. People are saying the chart is okay, but David, Nvidia is still the verb done. The soul. It's the soul. That's S.O.M.E. World War I, right? You're talking? I switch wars all the time. I know you do. It's the case shot. You go back and forth with your wars. Nvidia is up three and a half percent. Well, Sam, but can you hold it? Of course not. It plays it now, David. If you watch the volume, it trades like GameStop did. It's got a lot of zero date, you know, zero 30 options. Yeah, I know. The kids love playing zero day options on Nvidia. They're going to see a grandpa just said. And all I can say is I wish our grandpa. Yeah. They go between FanDuel and making their bets on the game tonight. Well, why not? I mean, they dance the over on Nvidia. They have the over on Nvidia. And there's zero day options on Nvidia, so that makes you a complete anachronism. Well, they have no difference to anybody in any way. It's a knockout pool. And I don't know what it says for me, because I just sit next to you. David, I play daily fantasy every day here. Oh, that's good. And right now, I did not start Nvidia. I started Richardson, Shaequan, Barkley, and Cooper Cup. Can you believe how great I am? No, I didn't really do that. But, David, this is the reality is that Nvidia cannot finish up. Wait, the long knives are out for Nvidia. Oh, by the way, there's a sense that it doesn't matter when you buy it. Oh, one day, one day, the demand will, will, uh, will diminish for their chips. It should be now, but the spokespeople. At some point, the spending will slow. The spokes, right? Well, we also had, we had a great number from Brogom and Hawk Tan. People hated it. David was hated. And Hawk watches the show, Hawk Hadron. He watches the Eagle Fan. Yes. Uh, watches the show. Yes. And, uh, all I can say is, holy cow where the people want to sell that. That was a super micro light decline. Okay. Never mind. Nothing is like that. Again, we need to point out the fact that the stock of Brogom is still up 60% over the last 12 months. Yeah, my chair will show some. You know, it was, it was in the, I think it was in the 800 billion dollar. Almost 800 billion dollar market cap club for a while. Yeah, it wasn't, you know, it was like Berkshire. They don't count the 800 and 900. They're like, no. They need, you know, why? Because they haven't been, you go to DraftKings. They actually give you 200 billion. You can get the, it's called the, uh, it gets points. Right. You watch DraftKings for where stocks are going. Killer. No idea what you're talking about. Well, I'm just saying you mentioned that people are playing DraftKings. I said that, listen, you get Berkshire Hathaway in 200. Okay. Oh, I see. You're, you're making it. You're doing it. Okay. It took 36 minutes before you said something that I completely didn't understand. I get more. Common 300 record. Yeah. What was the record? How long we went before you said something that I had no idea what you're talking about. Oh, that's okay. But now, now you explained it. So now I kind of understand. Yeah. Well, it's like the number of trades. We do the number of trades that how a roseman does. We do number stories here. Harry Roseman being the general manager of the Eagles. Everything. Oh my God. It's only 10 minutes. Now the football season started. You're going to be like this every day. Actually, this is the last day I'll do this unless you, unless you ask me directly. How's that? You're going to, you're talking about football. No, it's done. Football's done. I'm looking at my executive position on top bone and I'm swearing. Football's done. Okay. Go ahead. All right. Good. That gives me something else we can talk about. We got an interesting dispute between Disney and DirecTV. That gets into my area. You mentioned the gyms. People still have DirecTV. People still have that thing on the roof. That thing. We have to cut down the trees. People who are still on DirecTV. It's terrible for you. You still have DirecTV. We still have DirecTV. Yes. That was true. Environment. This dispute, really in large part because it brings in some larger issues. We never talked about the potential demise of the sports joint venture venue. Remember that one? Yeah. Until a judge here in New York issued a preliminary injunction going along with Fubo saying, no, no way. This thing's a little $2 stock there. That's a ripoff. But in that decision, the judge also discussed the long held practice of bundling where a content company would say to the distributor, the cable company, you'd want this network where you also got to take those networks even though nobody really wants them or watches them because we have them and you've got to buy them. And in this dispute, Disney, I should say DirecTV has directly referenced the decision by that judge. In this part of it, there's no power to that. There's nothing enforceable. But she did point out basically saying, you know, that in the context of the venue joint venture, negotiations, Disney insists on bundling and penetration requirements. And the district court judge in New York found in the context of that, they were unlawful and competitive and bad for consumers. And they go on to say Disney wants the first DirecTV to carry a fat bundle. Of course, the less desirable programming, while itself, it offers skinnier bundles of programming that consumers want. And they've never considered a good faith complaint. These circumstances and DirecTV may well wish to bring one in the future concerning Disney's conduct. They have a five year licensing deal that ended. Of course, that is the distribution deal. And so if you are a DirecTV customer, you're not getting ESPN. I don't want you to date tomorrow night. You didn't get to watch the open USO. You probably don't know if America won or not. America lost. America lost. I do think that this. Although there were some interesting people in attendance. Did you see who was in the front row there at the USO? You mean you're on Musk and Zaz? Correct, yes. You like that? And Bobby Coding. Bobby Coding. And Barry was on the other side. The Microsoft. I mean, I guess, I don't know what Lucky's working there with the beard and the last. Nelson Pelsluk? Is it Nelson Pelsluk? And the backwards hat? Well, there's Musk. Interesting, there's Bobby. Musk is also at the same time doing a deal between AI and Tesla. No, he denied that. He denied that. He denied that. That's interesting. That article basically said some journalist is a liar after a few. Well, that happens a good deal where Musk comes out and denies something that's been reported, but it's never completely clear what's actually true. Tesla shares, by the way, are up 3.7%. How could it not be? I mean, it's great. They either got a check from AI or even better than got the AI. They didn't have the mail. I don't remember talking a down-home about it at the company's chairman because, you know, there is that question as to, well, how do you apportion resources from one to the other when he controls, obviously, and has raised a lot of money for XAI and then, obviously, Tesla, which is using generative AI in terms of itself driving and doing and, apparently, having great success potentially. The most, maybe anybody, competitive car in China without, with a price differential, rather, I think the Neo, red pill, green pill, whatever, the Neo is, frankly, the cheapest car on Earth. Yeah. And yet it drives like a chart. My wife took a Neo out. Did she really? She loved it. Where was she when she was able to do that? Europe, yeah. It's like, you know, fantastic. It gets, like, 17,000 miles of the charge or some ridiculous. You do wonder, again, back to China and the ubiquity of their EVs and the battery. When did you cut down? The fact that they control, basically, the battery. Right. Industrial complex, whether and how they're going to be able to dominate so many markets other than the U.S. I have an interesting question for you. Sure. Would we be better off just letting it be a free-for-all here? Oh, my. Allowing U.S. to buy automobiles for $13,000. Well, then, the only thing that people would be happy for in Detroit would be the line is looking really good because I got it there. One more reference. Because I had to tell you, David, if you brought those cars in, do you remember syllables and credit reporting by South America? I do. Well, it took one-third of the market instantly. Well, they would take one-third of the market, obviously, too, because right here, you get them, David, they would be the price of, like, you know, your cable bill. But they're subsidizing that entire industry. Should we not benefit from the subsidies? Yes. I'm not saying that-- And you're like an advocate that? You have two presidential candidates who are going to speak strongly against that, I'm sure. Right. At tomorrow night in the debate. That would make America bad again. What would that do? Well, it would benefit consumers in the short term. It would be amazing. Same thing about solar panels, which they dominate. Why don't we just-- Well, fine. Why don't we just wipe out everything we make here. They want to spend all their money subsidizing their industries. We already did that. We wiped out every single factory town there is. Vice President-- You're right. You're right. Okay. That's a good-- It's a-- You're right. Have you noticed when you put people on from the White House or from the public and party, whoever, they know you even attempt to be what their job is? I don't know what we were referring to. Well, you can come on and you have to identify yourself as being no longer really affiliated with the administration because you're going to talk about-- Yeah. Candice, we just have to be a little more mindful when we have these people on. Because they talk a pretty good game. This has nothing to do with what we're asking them. But that's always the case with politicians. Well, I know that. Well, I'm just pointing out that I don't want anyone to think that people come on or necessarily-- I'm trying to do this for the country. I'm trying to do this for the candidate, which would be good for the country. Just a little, kind of. I do want to circle back quickly, if I can, Jim. The dispute between Disney and DirecTV and other distribution deal dispute, although interesting that they're bringing in that decision by the judge and venue. The venue itself, though, remember, it's Fox, Warner Brothers, and Disney. Given the delay, the fact that they probably can't get this thing up and running if they even wanted to and for football seasons, mostly over, you've got-- Warner Brothers only has one more year of the NBA. By the way, remember, that case is also going to be going on. And then you've got Disney launching ESPN, its own streaming product next summer. I just wonder whether venue will ever see the light of day. I don't know, but I would say that we are at this period where Netflix had a really bad quarter, not that long ago, and everyone lowered numbers. And never since then, Netflix was coming on. I'm not seeing these different other options. These streaming coming along is being significant. Maybe you can tell me which ones that haven't peaked already. No, I listen. We come back to the same thing we've talked about now for years, which is the need for consolidation and scale amongst the streamers. Right. So you do have to, including the likes of Omax or Peacock or Paramount. Well, I don't know if that can happen under Harris administration. Very much unclear. Very much unclear. Let's actually come back to regulatory because we've had one trial that's starting today. That's tapestry Capri. Right. Accessible luxury. Yep. And where there were a lot of questions about whether and why they brought an action, that being the regulators. Right. We've got another trial that continues that seems to be going pretty well for the government, but not a surprise perhaps for us, which is Albertsons and Kroger. Oh, well, okay. So Kroger's just decided to buy Alberts. David, I need you to say something that the government may not seem to be aware. The company that would be buying the overlapped stores is probably better capitalized than the two companies that want to merge. Well, you're talking about the decision to divest many of the stores to CNS. That said, so far in terms of what we've seen and I'm relying on the analysis of others who are listening. The government's made a pretty strong case and or at least the CNS has failed to make a good case as to why it is in a good credible position to be a real competitor. This is all the remorse that came from the deal where Safeway was purchased and Safeway sold things to Hagen, sold a lot of stores to Hagen. Hagen immediately went bankrupt in the stores. Many of the stores were sent back to Safeway instantly. But if you've got a favorable judge for the government and if you're failing to make the case that they're a credible buyer, that's not looking so good for them. No, it's not. And yet strangely enough, I would be a buyer of Kroger here because they're doing so well on an operating basis, despite the fact that Costco's doing well. I mean, you're talking about a couple of majors, Costco, Walmart, and Amazon that do grocery. But obviously, you know, you have a very good player in Kroger. Yeah. Rodney Mullen is very, very good. Changing, uh, do you want to sit here? No, no, just some very happy news for somebody that you and I both know. Who's that? That would be my producer, Kerry Caulfield. Kerry. Yes, or otherwise known as Kerry. There she is with her husband, Pat, congrats to them both. Last Tuesday was the day, the big day. We've been waiting eight pounds, 11 ounces. Welcome to the world. Lucy Corcoran, Landy, uh, we're very happy, uh, for, uh, both Kerry and Pat. She worked for both. She's works. Yes. She's half a good a mother. She is a producer that kids going to have a great life. And I'm sure of course she will be totally twice what she is, but she's an amazing producer. I will miss her course during this period of time when she's going to be taking care of her baby. They actually finally give enough time to parents. Yes. Yes. That's a good issue as well. Yeah. Child, you know, how you, how you care for and support a child, not just in the early going here. No, I think it's fine. In terms of family leave, but really throughout is a, is a very important place. And it's gotten worse if you, not nearly as much as in Europe. Oh, do they go, do they have to go to work? Oh, they, everyone can see this in the boat. I was just saying you go. It's like, all right, your health care, your college, yeah, you don't work that hard. Your economy is not that good, but I mean, life is life, man. They have. Eventually, we're all going to, you know what? I have to tell you that the wine consumption in Europe is almost as if there, we haven't linked it to any of the problems I think we have in this time. Not great for you. No. Thank you. Coming off a rough week, man. I'll tell you. So let's not have a wine. One glass. Just one nice glass. All right, you're buying. I am not buying. All right, I'll buy. I'm good. All right. Let's pour it in. Oh, this. You've got to pick the place. With my lawyer whom you're familiar with. It's a big, big firm. Yes. M&A work. Yes. That came in at a bottle champagne. Oh, I got stuck with it. Did you really? Yeah. Sometimes you get stuck with the belt. You can handle it. No, we have to get stuck with the boat because we can't let exactly this. I remember once we went out of that billionaire and you paid a couple of times. Oh, I've been hosed repeatedly about billionaires. Let's get to the bottom report. Check out how treasures are faring this morning. Not an important part of our overall market. Is it? Well, we haven't talked about it for 48 minutes, but we will right now. Ten year. I mean, of course, it backed off dramatically. That's your continued concerns overall about the economies you might imagine. We're getting closer to September 18th, 25 or 50. What do you think? I still say 25 because he's a considered man, Jay Powell. He doesn't want to panic us with a 50. All right. We'll be right back. Join CNBC and boardrooms game plan conference. That's tomorrow in Los Angeles. High powered event. It's going to bring athletes, owners, investors, innovators, all of them together. They'll be exploring the dynamic intersection of business sports, music and entertainment panelists such as Kevin Durant, Jessica Alba, Epic Spiegel, you can scan the QR code or visit cmbcevents.com/gameplan and that'll get you registered. We'll be right back. All right. We're going to do stop trading and let's come back to Apple, Jen. I'm going to issue a non-pannock alert. Apple has historically not necessarily outperformed the watches. Apple then immediately, there've been a couple of watches that have been down and people instantly, instantly analysis that the one launch indicates that sales are bad. I would say there's a lot of expectation. There's a lot of hope and very hard or equal to hope, particularly in a market that just really doesn't like tech. I'm watching and video sync when we started. There is just an overwhelming belief that you got to get out of anything AI. It's really kind of-- That would be bad for the market overall, wouldn't it? I think that you're-- No. I think you did. Captain Obvious, you nailed that one like you can't believe. You know what I mean? It's like to say I have a keen sense for the Obvious. He changed me. It was kind of far. It's go time, David. That's all you need to know. Glow time. What does that mean by the way? I don't know. Wasn't that like when you went into the test helicopter? Yeah. Was that glow time? Oh, God. You mean when I went underwater and had to do the-- I think it was glow time. All right. Bring me back to that. I'm glad I'm-- That was an amazing question. I'm glad I'm good at water. I'm not allowed to-- I want to get-- I want that submerging helicopter thing. That was a life memory. That was a life memory. I loved your training for it and the actual trip. But many of your pieces are-- Thank you, excellent. Yes. All right. What do you got on the show tonight speaking of life changing? Okay. I have met Tronik on tonight. And met Tronik is a company that is a very pro AI. And I put it to Jeff Martha, does anyone care? And he said they should. But the more important thing with the stock is that it sells the 16 times extra journey. And it's like a company that has done well here taking the share from the 9/7. Members, that's now a share donor as they call it. Yeah. Share donor. Mm. Sounds ominous. Yeah. I want you to have a good time finishing the show. Thank you. I'll see you later. I'll see you at the busy piece in the interim. I will read the commercial. In the commercial. $12,000 worth. Word piece. I'll also keep an eye on the markets, which is you've seen her up to a positive start. Of course, that after last week's down week, significantly down. Keep it here. You've been listening to the opening hour of CNBC's Squawk on the Street. All opinions expressed by the Squawk on the Street participants are solely their opinions and do not reflect the opinions of CNBC, NBC, Universal, or their parent company or affiliates. And may have been previously disseminated by them on television, radio, internet, or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy. But only as an expression of an opinion. Such opinions are based upon information, Squawk on the Street participants consider reliable. But neither CNBC nor its affiliates and/or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Squawk on the Street disclaimer, please visit cnbc.com/squawkonthestreetdisclaimer. Now, two pigeons be moaning the fact you can stream direct TV satellite free. These humans can stream all the top rated national news channels on direct TV and now with no satellite dish. That's just it. Weather, sports, election coverage, direct TV has it all, but something is missing. The satellite dish. What are you doing? I'm reporting the news. Back to you, Bob. Here's some news. You're a buffoon. Stream the top rated national news channels. No satellite dish. Visit directtv.com, internet required, top rated news based on 2023 Nielsen ratings. [BLANK_AUDIO]
Jim Cramer and David Faber explored how investors should navigate the market after the worst week for the Dow and S&P 500 since March of last year – and Nasdaq's worst one-week decline since 2022. New iPhones and AI in the spotlight on Apple's "It's Glowtime" product event day. How should you play Apple and AI now? Also in focus: Brian Niccol's first day as the new Starbucks CEO, Palantir and Dell to join the S&P 500, the DOJ vs. Google antitrust trial, DirecTV's complaint against Disney, Elon Musk's denial.
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