Jim and Jeff discuss the share drop in this semiconductor stock. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake
Squawk on the Street
Cramer's Morning Take: Nvidia Earnings 8/29/24
Jim and Jeff discuss the share drop in this semiconductor stock. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake
CNBC Investing Club Disclaimer
- Duration:
- 5m
- Broadcast on:
- 29 Aug 2024
- Audio Format:
- mp3
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What matters frankly are two things. One, we're still overbought, which makes it difficult to be able to do much. And the decline in Nvidia stock and the reversal to decline in Salesforce stock. And these are happening, I think. Because in the end confidence has been shaken in Nvidia. And that's reverberating throughout. And the reason why is frankly this was the mortal Jensen mom. They did not deliver the chips, people expected. And so therefore all the way down the food chain, everybody's prepared. Well, to be fair, it was still better than what analysts expected. We already, you know, look, a lot of anticipation into the Nvidia earnings last night. The stock is down. Although it was a revenue beat, earnings beat, better than expected. God, this is versus analysts. But I mean, the market is holding in quite well. Yes, yes. Although there was a lot of, you know, people were worried that Nvidia, you know. Well, they didn't trade it at 116 last night. You have to take a look and say, okay, Nvidia's going to earn $5. Say, you know, literally in 2026 or $5. And you've got to give it some multiple than that. And I think you should at least give it a six. So people are trying to figure out exactly where we're going here. I'm certain, you know, a 26 delta ball and a fuck. Look, I've got to tell you, this right here is a sign that people believe that, wait a second, I thought I was one of the greatest horse of all time. And it just, and instead it crumped. Now, we have to get all these people out. Anybody who feels that has got to go. No one gets across the river, George, who came to play with that. And that's what people are thinking about. Sure, fine. I mean, it's also, look, what was the intraday high? 140, down to 20 bucks from there? Not all that bad considering it's up 140%. But let the people sell. I do want to get into some stuff from the quarter though. So they did acknowledge the Blackwell delay. And that changed to the GPU mass to improve production yields. But they're at the ramp, expected to begin in Q4, continuing to fiscal year 26. People expecting to ship billions of dollars in Blackwell revenue in the fourth quarter. In the meantime, Hopper's still selling you incredibly well. We're getting ready. The ROI that the cloud servers will arrive from these chips. Maybe some gross margin disappointment due to the Blackwell ramp. But one thing that had caught our eye, we were talking about this this morning. It's just the idea that the Blackwell needs to be liquid cooled. And the data center's not air cooled. And Jensen talked about, there's a significant number of data centers that I want to go liquid cool. And that's what Dover plays into. Right. That's one of the reasons why I said to you, Dover, we're restricted on. I know that we're over bought plus five. But I want to buy some Dover. Start your day with my outlook on the daily market every morning at 10 20 a.m. Visit cmbc.com/morningtake to access all the benefits of being a CNBC Investing Club Network. All opinions expressed by Jim Kramer on this podcast and in connection with the CNBC Investing Club are solely Kramer's opinions and do not reflect the opinions of CNBC, NBC, Universal, or their parent company or affiliates. And may have been previously disseminated by Kramer on television, radio, internet, or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Kramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior. Investment or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Kramer. 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