What's on the horizon for financial markets? At PJIM, it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals. Specialised across asset classes, but united in collaboration, our teams provide global and local expertise. Our investments shape tomorrow, today. Pursue your tomorrow with PJIM, a leading global asset manager. It's Jim Kramer here. You're listening to the opening bell on CNBC's Squawk on the Street. Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kingston here with Jim Kramer, David Faber at Post Night of the New York Stock Exchange. Futures are resuming their shop after Monday's closing highs for SAP Nasdaq. FET meeting begins today. The market shifts its focus from tech to the macro, although Oracle's tonight. Our roadmap begins with Apple joining the AI Arms frenzy. Big potential boost to the tech giant's product cycle, but is it too late to the game? Plus Eli Lilly's Alzheimer's drug gets unanimous backing from an FDA advisory panel. Those shares, once again rallying ahead of the open. And General Motors shares are also on the move this morning. That automaker's board authorized a $6 billion stock buyback. Let's begin with Apple the morning after it kicked off WWDC by unveiling what it calls "Apple Intelligence" to add AI features to its products. The company also bringing open AI's chat GPT to some apps, including Siri. Despite those announcements, the stock did close down almost 2% in yesterday's session, although Jim, I know, Milius says, "Don't be fooled by the sell-off." Yeah, and I talk with Ben, he and I are pretty much agreed. I spent all the time talking to Tim after Tim Cook, CEO. And I think that what you have to do is you have to say, "All right, if you put all these things together, time together, unless you own the pro or the pro max 15, you're going to want to upgrade." And not on any individual one. I mean, do you want to have your own emojis? Of course we do. I send an emoji with the sunglasses, I send them my kids all the time. Enough! Okay, I want to be a little more personalized. Like when your daughter graduates from high school, I want to be able to cap and gown, you know, go into Venice, whatever, but more personalized emojis. I'm sure that's going to sell a lot more. No, no, it's a, it's a pastiche, if not a mozical things. Right. And, you know, you want to get to Vision Pro, and I know you don't, you get 3D pictures of people who may have passed away that you get to be with, it's kind of cool. I don't know, I'm looking. Maybe you probably think I'm reaching. But I do like... I think that makes sense. Show me all pictures of me, Jim and David, out at night. Yes! Yes! It can do that. I think that's true of it. Us in the clubs? Yeah, yeah, yeah, but hear me out. Like, let's say you're doing an interview with someone, or you want to talk with someone. You know, he listens, you can tell him, listen, I'm taping you, and then it's pretty, it's a transcript. That would be very helpful. That would be helpful. I'll see the notes that you write, the secret notes you write from people I'm not allowed to talk about. And it's like, boom, this is it. So I think there's a lot of little things that add up to something that's incrementally revolutionary. It's interesting you mentioned the secret notes I write, because privacy's always been an important component of sort of the process, what they're bringing to consumers. You feel like that continues to be the case with what they introduced yesterday? I think that there's an assessment that goes on among younger people, which is that no matter what they sell your data, that's what they do, they sell your data. They say, listen, your data will be left with you. That means they sell your data, typically to like bad guys who are hackers. Right, Apple doesn't do that, it's going to be residing on Apple, and I think that's a very big difference. Some people say they're selling you down the river, I think, is the phrase. Those people are cynical, no, those are the people who said, and the Lily Alzheimer's drug will definitely not pass. I mean, there are people who are wrong. I mean, this is like, it would be, they'd make a lot more money if they could sell your data. I mean, it would be great. Like, you do Siri, and you say, listen, wake me at 3.30, and they have like something that goes on to 3.30, that's a program, you know, like CNBC, UK. Yeah, yeah, or CNBC Europe, or CNBC Asia. Yeah, come on, because you talk CNBC, put on CNBC. That said, you also made an important point, which is a lot of the compute power is going to reside on the device, I guess, I mean, which is good. So what are we going to get, and are we going to get more unveils from Apple when they introduce the next device when it comes to AI? Well, I think that it's pretty clear that it's not just going to be open AI. I think it's an evident, self-evident that it's going to be Gemini, too. There won't be a situation where they are, where they're going to say, listen, we're not going to let anybody else do it. This was, I was referring to the Elon Musk tweet, where he calls this a security violation, but it was interesting, it was interesting, B of A with a note on Alphabet on how stock closed higher yesterday, because in their view, some of these partnership details were not as robust as expected. Exactly, and that's why I think that, and Tim confirmed to me, listen, we're going to have many more announcements about who is going to be our partner when it comes to Apple Intelligence, which David, I think, is why, right when it was announced, that they were going to go with open AI, Alphabet stocks sure, because they realized, well, it's not one of the others. That's not, it leaves open the possibility. But how about Elon? Is David, is this boarding or on Petulence? Is it Petulence? Typical Freelon, but is it him? I mean, he comes after you. I guess so. Yeah. Although it was great that he got community noted when he said Apple's not, quote, smart enough to build their own AI, Gemini is exactly what it is their own AI. Well, you know, look what you're, he's a little conceited. Do you think that he has enough that he says 90% of retail is going to vote for him? What do you think? I think that for the compensation vote, which we're now two days away from, well, we're two days away from the annual meeting in Tesla, I think they're going to need a very large component of retail to both vote and vote in favor, given the institutional vote when you count the index funds, which obviously are not unimportant, is not going to go his way. There's, there's Elon continuing to sort of go on and talk about, right. So, you know, if they used XAI, I guess he would have been happy with that. Maybe he's trying to pave the way for them to use XAI for something down the road. Maybe he loses the vote. He goes to XAI and he, what, then he, oh, deals with, what do you, Erickson, the compensation vote? Yeah. Oh, lucky gee. That's LG. Sure. We're going to talk a lot about Tesla and that vote between now and Thursday. Yeah, the question, if he were, if they were to lose the vote on the compensation award that was voted on in 2018, but revoked by Delaware Court, if they were to lose that, you raise interesting questions. Would he do anything? Or would he just business as usual? It's not as though he doesn't have a lot of economics at stake here, Jim, to begin with, given his significant ownership already. But he said over and over again that if he doesn't have a certain 25%, what's the point? That's not Petrios, by the way. I understand you have a contract. How could they revoke the contract? Yeah. But what is that? What is that? What is what? You look at different things. I do look at different things. Oh, he follows Elon Musk on this. I do follow Elon as millions of other people do. I don't know. I haven't heard from him lately. I'd like to. If he wants to do an interview prior to the vote, I'm happy to do that with him as well. There you go. Yeah. Open invitation. He has an open invitation. Open A.I. invitation. How about, can we just come back to Apple for a second? Thank you. Well, you took us away from Apple just to make a point. You mentioned Vision Pro a moment ago. Peace and the times today, can Apple salvage the Vision Pro as Kevin Russo as his sits on the shelf collecting dust? Yeah. You know, I used to write obituaries for living. And I did feel after reading the commentary that that would have been one where I would have told people what home it's going to be at and maybe if they want to, they can send, well, wishes to the family. I mean, it was hard. I feel... It costs $3,500. No, but it's going to go to China. It's going to go to a lot of other countries. It's going to go there. China, Hong Kong, Canada, France, UK. You can order it pre-order at the end of the month. It's still cost $3,500. I'm not writing the obituary. I know you're not. We all, all of our viewers know how you feel about it. It has been underutilized as a tool in the enterprise to quote and recap. There was no Jensen Wong. Jim is feeling... You know how everyone, like, yesterday before I interviewed Enrique Loris from HP, he sent me the obligatory picture of him with Jensen Wong? No, I mean, you have to. But there was no Jensen Wong there. You know that? Yesterday. Yeah. No Jensen Wong. No. No way. I mean... You need a little Jensen. If you're going to do a presentation... You've got to get rid of Jensen. And anything related to AI, Jensen's got to be around it. No kidding. Even if he's just dancing in the background. Doesn't matter. By the way, B of A did note that NVIDIA broke the trend, tried it higher on the x-state of a split. I couldn't believe that. And I believe that. Today goes to 150. Yeah. In fact, there was nothing in that, but that's okay. My work has shown that over and over again, there's three days of churn. Three days of churn where you say, "Oh geez, what happened?" I guess that's the top. Because people are willing, David, to sell three out of ten. That's been the pattern. All right, Jim. But here we are, day two, so to speak, of the reaction. You look at all the analysts who weigh in. Nousement of Apple intelligence was a bit disappointing relative to expectations. That's UBS. Barclays sees no surprise in little incremental news after a strong stock performance leading up to it. Morgan Stanley event delivered slightly ahead of that firm's expectations. Now, Apple intelligence, Wells Fargo, said as a platform-leveling intro could stimulate a significant iPhone upgrade cycle. And there it is. It's hard. Right. Look, I think everybody who has something below, a 15 or below, is thinking, "Well, you know what? Baby, it would be cool." I mean, let's say David were to go buy it, and he showed me a feature, something that I don't have, you know, something like that. Then what would happen is, is that I would say, "I gotta get that. Well, how much did I cost?" You know, saying, "No, I got it free through T-Mobile." Mike Seibert. I did that because you know that there's a Comcast downgrade if you can be able to go and run with that. Oh, I didn't even see that, Jim. And even if I had, it would be unknown. Save it for the D. No. Actually, I think we've been sufficiently critical of our parent company. Yeah, you saved that for the 10th. I'm going to save that for the 11th. When we come back, more and more movers to get to this morning, including GM announcing this new $6 billion buyback, we'll talk some CPI ahead of the data in the morning. 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I mean, yesterday was lamb and it was KLA. And then at the end of the day, sky works. And yet, sky works isn't even, there isn't anything that made me feel sky works should go up, nothing in Apple that was new. I think that there's this piece today about banks and oils and renaissance. Wow. Wouldn't that be something that the banks and oils move? I know you mentioned, or maybe you were complaining about DuPont's price. I mean, what are they after too, Dan? I mean, I look at DuPont. I mean, there's Ed Breen. He's Ed Breen. Ed Breen. We're not just talking about like... Ed Breen. Ed Breen. He didn't fall off a turn up truck. Oh, Ed Breen. He's still around Ed Breen. He's been around a long time now. Yes, my age. Thanks for nothing. And you've been around a long time. He played against you. You think you'd be played for Council Rock? Now, let me tell you something. Yes. This three... He is running the breakup. Yes. Like Tycho. He's running the breakup. Yes. The stock is unchanged since he announced the breakup. Do you think that makes sense? I'm not sure, but I sense that you don't. I don't at all. No. I think this is a steal. So what explains that reaction? Is it just... It is... People haven't... Is there not a focus on the... Okay, let me focus on some of the parts. On some of the parts. You went in and you see... On Friday, I told club members, like, there are people who are saying it's a very narrow... The movie's got a very narrow approval from FDA. Okay. First of all, it wasn't approved from the FDA. So that was completely wrong. But second, it was the most wide approval possible. But that was an example of stupidity at work, which is allowed because the First Amendment, they remember. They really never had... They never had a problem with stupidity. Okay. And look at this. This stock is now 35 points since all the stupid articles that appear on Friday. But you know what? Hey, DuPont, the action's stupid. Why do we have to accept that the action's ever right? We don't. No. We're looking a little... There's DuPont again. We were looking a little... There we go. From Nvidia headquarters. And David would say, "You know, Jim, I'm really tired of hearing about Nvidia." Stock was what? Three? Did I really say that? Are you mucking that up? Very similar to... I mean, are you putting... I never said that. What I might have been tired of is trying to understand what you were explaining when you kept talking about simulations and the ability to build a digital twin and all those things. You did the arms akimbo thing that I hated. And you were the arms akimbo thing. Virtually everybody and trying to understand what you were talking about. But I never, never said I'm tired of hearing you talk about Nvidia. I could hear you talk about Nvidia all day long, Jim. Really? Yes. You know, your mother told me that. Mother, I think his mother was like all over Nvidia. She was not. Sadly, I wish. I wish. Yeah, I wouldn't be sitting here. Look, look, look. I didn't think that it was shocking to me that the stock didn't go down for yesterday. I mean, that is just not the usual behavior. But that does show you that like the opto upgrades, like there are people who still want to get right with Jensen. And I don't know what's going to take it because what does he have to do? I mean, yesterday I talked to Renee Haas and the arm chip is in the new Apple device. Nobody cares because Jensen's not in the new app. Are you on alert for Oracle tonight to say something about the software model that might not be positive? I don't think Oracle is going to say a negative word about anything. I think it's just going to be 100% where the data center team for the world will go to the world. Like Southwest says about the airline business? Ooh. Then their release yesterday was. I mean, my favorite line on that was like, look, we're doing great except for the financials, which is the equivalent of as my nephew and head writer and only writer said, but really how was the play, Mrs. Lincoln? Yeah. You're referring to the response to Elliot, the letter from Southwest. Yeah. It was our American cousin. I remember the, did you see any of it in a minute? I did not see the play itself. No. Well, you don't have to because you saw their selfless release. I did. Well, they say they're confident that they have the right strategy and the right plan and the right team, but they don't have the right stock price. Not yet. Oh. But the fact that it was a midnight surprise was Sunday. Guys were, any thoughts? Sunday call to Southwest. Uh, yeah. No, I don't have any thoughts. No, no, not you. I'm saying that that was, that's what Elliot was a surprise call. But that happens. That's what you do. Sometimes as an activist, you play it differently for each company, right? Different strategy, Texas Instruments versus, uh, versus Southwest, versus whatever may be coming. David, do you hear music? I do. All right. We're, we're the first time he's ever heard the music. Exactly. We're going to get David's take on the Paramount news from yesterday. We'll get Kramer's mad dash and countdown of the opening bell. Don't go anywhere. Earning your degree online doesn't mean you have to go about it alone. At Capelli University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals, to academic coaches who can help you form a plan to stay on track, we care about your success and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capelli.edu. All right. Let's get to a mad dash. We've got an opening bell on this Tuesday, about seven minutes from now. Trade desk is a company you actually, we talked about, I think, off camera. It's a Jeff Green strip, and you know, I was shocked to find out, you're talking about a market value here of some $45 billion. $45 billion. So why is it in your mad dash and what do they even do, you deserve that kind of a market care. Okay. So you're Netflix and you've got this advertisement here. Well, you've got inventory, but you don't know anything about that. You're a company that makes hit man. Okay. I won't give away. And what bothers me is that people don't realize that you give it to trade desk. That's why it's at $45. Look at this thing. This thing is just a juggernaut. Now, David, here's something because I know you don't care about cable lot. Streamy is now 38% of TV share. When it gets to be 110%, what happens to you? And Netflix announces new partnership with Trade Desk, NBC Universal partners with Trade Desk for the Paris Games, Disney plus Trade Desk, Roku, Jonathan Caner, where you listen to this, all these people are, they are not going with Google. There's a lawsuit about it. Yes, there's been sued by the Justice Department for particularly having a monopoly on this. Right. Jonathan's fabulous. Jonathan's fabulous. He comes on our show regularly. No. This part of the office. And I do think that what happens here is that this is the end of their antitrust case because it's like do my Apple. Because Trade Desk is taking all these contracts. Yeah. I mean, I'm winning these contracts. Right. I mean, if I were Alphabet, I would wonder whether, like, baby, Trade Desk has got a Abinopoli and all the new streaming property suit because they keep winning, Jeff Green keeps winning. But Jeff noticed that Alphabet had been, you know, a tough company that went to as an advertising representative. Right. But this is just win, win, win, win, win. Okay. And remember, this is the fastest growing part of all advertising in the world. Right. You're not going to talk at all about cable. I can't get you to talk about cable, Ken. What would you like me to say? I mean, by the way, the business is broadband. Broadband brings all these streaming services. No. This is a theme park. Streaming services to bear. So when broadband turns around, that's what moves the business. Okay. I'm just saying that these numbers are incredible. Can we go? I'd love to see a longer-term chart. Can we get one before we go, before we go away? Any chance of just looking at, I don't know, ten years, five years? You have anything? Eight years. There comes. Okay. Well, you know, that was, well, everything, you know, at person, people at home, but anyway, streaming is there, they're the, there we go, there we go, there we go. That's when you felt, this is when you felt that maybe a little bit really own the thing, but right now the ascendant one, the ascendant player is trade desk. And I don't think it's going higher, even though it's up 30% year to date. I think it has 20% growth year after year after year. I think it's the one you want to know. Thank you. T.T.E. All right. We got an opening bell just two minutes away, and don't forget, of course, you can catch us anytime and anywhere by listening to and following the spot from the street opening bell podcast. The meme rally continues to lose some steam. Game stops lower in the pre-market after two days of losses. Stocks down about 50% since Roaring Kitty's live stream on YouTube in the middle of the day. Friday, Jim, what does that mean? Well, I think that if I were maybe Ryan Cohen is selling in this at the market program, where if he completes it, the stock will go back up because then he has the possibility of becoming a different company. I think some property in the wall, it's adjacent for all I know. Look, this ATM is really important, and I think if you go back to Warwick to Keith Gill's presentation, he did say at one point he actually addressed the company as being that this is very important, this fundraise, is that it's different coming? That's one of the least compelling things I've ever seen. That's just wrong. You're completely wrong. You're so old. I'm not old. You're so old. You're so old. I'm still a human being on this planet. I mean, come on, man. He said nothing. He addressed his friends and read it. They all got a kick out of it. They thought it was a great deal. Kind of screwful, my gosh. Well, with the whole broken armies, and the band-aids, David doesn't understand the younger generation. I'm a dinosaur in their hand that made the effort completely attuned. First Horizon, celebrated in 25 years. I have to know exactly what it's called, a data streaming platform celebrating its third listing out of it. I'm going to tell you, I get a kick out of it, when I see the CEO and he's not the copy. He's with the people. Brian Jordan right over there. He's a remarkable CEO. He's been on the show. He's been paying a lot of everything. David, you remember the TV? Was it his TV broke the deal with these guys? I do remember that, yes. Well, you know, the government broke it. But this guy is the real guy. He's right there. And I think it's really a good deal to see the CEO with people, don't you? Yes. I think it's interesting to see the CEO down here and the other people. Yeah, that's right. No, I like that. I like that. PIMCO, by the way, does have a bit of a warning today about regionals saying the real wave of distress is just starting given the very high concentration of commercial real estate still on books. Also, the Huntington banks here just really brought things down, and then it's just marching revision. I think that we're all now familiar with different buildings that we see short sales on. David, there's just too many buildings that, and too many people remote. Do you know many people who actually come in every day to the office other than you? Other than us? Yeah. I mean, come on. When you're with people... I know, I do know a few people in financial services where that is strong. Yeah, Jamie. No, go through all of them. Blackstone, JP Morgan, Goldman Sachs. I mean, you go through, and I can add, I don't know, I don't mean to be leaving firms out. Some of you, they're all five days a week. Now Fridays are still tougher. Yeah, Fridays squishy. Fridays are tougher. Kind of like what McCrawland has over there, huh? How's he going? Well, he's going to find out how he's doing. Well, he did say today, Jim, not going to resign no matter what the outcome of the snaps. Moody's today did say these elections might be negative for the credit outlook. I was going to say, the only reason I really bring it up, because I'm not political about this stuff, is like, why don't you just go destroy your credit rating? I mean, like, we've done our best to destroy our credit rating, but with the IRA. But he's just kind of just saying, hey, listen, you know, anything goes. I mean, he's saying that cold-porter government there. The spread between French yields and the rest of Europe or German Italian spreads getting really interesting. She's Italian government data is a little more stable than I thought. It is, huh? Yeah. You had the thoughts about that going in, and now you're surprised on the stability side. It's Italian, Italy's got the North, the North is booming. North is booming. You ought to get a place in your Milan. You go to the Games, I'll put that down on the list of things I need to do. Thank you. It's true. Just tell Apple intelligence to remind you. Oh, my God. To buy a place in your Milan. Can it go through the listings and tell me exactly what the best place would be, and then call, arrange the mortgage financing for me in Lira, even though that doesn't exist anymore? They could do it. That would probably do it in Lira. Look, I'm telling you, once your friend has a 16, you're done. Now my daughter is the five original thinker. You see the bull case on iPhone revenue out of Amelia's? Well, it'd be 20% in fiscal '26. I love him, but he used the super cycle, and I hope he doesn't jinx him. Yeah. Because we had this fracking sand super cycle and the coal super cycle. Those were not as super as you think. They were super funny. By the way, D.A. Davidson upgrades Apple today, 230. They're calling this an analog of when we went from Napster to iTunes, and you essentially formalized a whole wave of contact. Yeah, I've read that. It was like, it wasn't a bison pick, though. I like a bison pick from those guys. No. I do think that, look, look, I remain, and I don't trade it. I'm not deviating. I think that the most interesting thing today that's happening is that Eli Lilly was up 30 last night, now it's down, which is Lilly's down. Yeah. Oh, yeah? I mean, it's flat. Right. It doesn't wait. Right. Yes. I mean, it's, but that was all in the market, the approval for the Alzheimer's? Well, I think that you had this big jump yesterday for people who realized that the discussions were all very positive, the 11-0, you knew 11-0 while the market was up. But I know that, look, I mean, there's obviously two components. You have a Nova Nordus mysteriously down, which was kind of like, "Okay, what's really going on?" I thought that yesterday when they spoke at Goldman and they talked about the pill next year, that was not revelatory, but people thought it was revelatory. Uh-huh. There's no big, I mean, largest company, is it large company in Europe at this point? I know, and AstraZeneca's a better drug company than they are. I really like AstraZeneca. Guys on Tesla, we mentioned it briefly when we were in the discussion about Apple, stocks not doing much, but, you know, we should get start to get some read, at least the votes will start coming in from the large institutions later today, right now still too early to say. And what I mean that I'm talking about, obviously, the important vote on Elon Musk's compensation plan. Don't forget, there is also a vote on reincorporating the state of Texas, as I've said many times that will require the majority of the votes outstanding to be in favor. So you need 50.1% of the outstanding votes, a bit different than what you need for the compensation plan, which is you just need to win. Obviously, Musk can't vote his shares, Kimball Musk can't vote his shares, but big institutions are going to be. The key retail, obviously, will be broadly supportive. One would imagine, and that is proving out to be the case, I think, least based on sort of the early, early reads here. But he has to take what? How much? How much did that read to? How much is? Yeah, like 90%. But you think it's possible? I think so. I think so. But what, you know, how the index funds are not expected to, we've heard from some others. Again, they may not be that large as shareholders, whether it's CalPERS, whether it's the Sovereign Fund of Norway voting against, but I think it was CalPERS, wasn't it? Yesterday, it was at CalSTRS. I don't want to confuse the two, but... We did talk to Chris Aelman of CalSTRS. Yeah, CalSTRS. Yeah, CalSTRS. Sorry, excuse me. I misspoke. Right. Look, I'm concerned. I think that there are people who are, there are people who just think, you know what? He doesn't deserve it. I don't know who these people are, but there are people who just, those people who bought it at 210, and they bought it at 230. Yeah, well, that's the thing. They're dealing with a shareholder base now, as opposed to the shareholder base then, which was a target price that seemed almost impossible to reach, as opposed to now you're looking at what will be significant dilution, and so... Yeah. Why would I want to pay that? What happens if you bought it if I don't have to? If you bought it at 250, are you going to vote for it? Or do you think, I mean, you want to vote for dilution? No, that's why I'm saying you're 90% may not be right. Meantime Baird with a note out today saying they do expect it to pass, Jim. People got Jonas at Morgan Stanley reiterating Ford Top Pick on their EV strategy shift. Yeah, I mean, I love Jonas. I thought there was actually absolutely nothing in his note, because this is a day where GM is once again proving that it knows how to move a stock with the $6 billion buyback, and Mary Barra quietly is the most, I mean, she's fed up with her PE of six. She won't stop. She won't stop to let stocks dramatically hire, and she gets zero credit for what she's trying to do, which is make a lot of money for shareholders. Meantime, B of A, looking at corporate client buyback last week, biggest weekly volume since 2010. Really? Yes. As this window has been pretty solid on the buyback front. That's very, very positive. In the meantime, I was doing some work on companies that are once they're booted from the S&P, how they do. They do very, very poorly, and I call attention to Comerica, which now yields 6%, so, you know, old-fashioned bank that's done well, and then suddenly it's like, "See you later from the S&P." The S&P, they've been very active, they've created the most active passive fund in America. Yup. Right? I like that. The most active passive fund. Yes. Well, they kick out Robert Half, they see you later, Robert Half. You're not doing well. Aluminum. That's bringing crowds, right? Yup. Yeah, aluminum, the heck with you. Let's, you know, let's get in. Go, Daddy. Right? Go, Daddy. Well, they had a kick, all right, it was a good move. You seen the Go, Daddy, Char? Not too shabby. Not too bad. You got too bad. Unbelievable. Who am I to criticize? Go, Daddy. Look at that. Wow. Yeah. It brings to mind a small business, and we didn't mention NFIB today, Jim, highest independent business survey, reading of the year, more firms, looking to increase capex, expecting a better economy, seeing easier financial conditions. When you tweeted that, I said to myself, you're the Fed, and you just got to be like, wow, we got to be really, we have to be longer forever. Not longer for long, but long, long, long, long, long, long, you know? Like long may she run long, like new, young, long, long, long may she, yes, yeah, you're right. A firm's up, guys, a firm holds about 6% on that Apple news. Let's tell you what the news was. A firm payment product expected to be available to Apple Pay users in the US. That would be later this year, so you will be able to check out online or in-app with Apple Pay on your iPhone and iPad and apply pay over time. That's helping a firm shares. They did say, though, they don't expect the partnership to have a material impact on revenue or gross merchandise volume in fiscal year 25. Where's Goldman on the card with Apple? On the credit card? I don't know. Jim, where is Goldman on the credit card? I think they're like, can we please be finished with this aspect of our existence? The Apple card has some help? Give it to a firm. Give it to a firm. Maybe a firm will take it. It's already built out, right? But Goldman doesn't want to be in that business anymore. Goldman wants to be in the high net worth business like they were when they were ascended. And ever since they decided to do this, the stock has been a horse. It's been secretariat, honestly. Or a firm. A firm. A firm. A firm. Yeah. Like the art and a firm. A firm. Yes. That's good. Saddle slew. Firmed. Firmed. Thank you, Secretary. It's buried. You guys need a place in Milan and your own horse. Oh, horse. Yeah. I like Poseidon. He's just like... He never owned a horse's job. He never got into that aspect. I had horses, but they were old Philadelphia police horses. Oh. They don't race well. By the way, how are the cows? Oh, my God. Have you seen any new pictures? No, I haven't. Oh, look at that. It's amazing things. Oh, they're beautiful. Are they your lock screen? Oh, they are. Nice. And by the way, Mason just had a boy. A bull. Congratulations. Really? Yes. You're a grand cow farmer. I didn't know she was pregnant. That's wonderful. Holy cow. As soon as you name them, I'm going to tell you these. You need me to give you them. You know that? I wanted to call it cow number one. That meant that there's going to be like a poor house coming. Oh. But no. No, you can't do that. You're a goner. You're a goner. Crystal. I'm trying to think of a segue like Zo Edis Jim, but I can't get to it. No, there is. Why don't we do one? No, there is. Because Ilanco came up with something that made it so cows don't give off as much methane when they burn. I didn't see that. That's actually a real climate change issue. You bet it is. Yeah. Oh, yeah. You think that it's just because we breed cows, we create more methane. And Ilanco has the solution. There you go. Other calls, Jim, might include a Shopify today, a JP Morgan, an online sale. You don't want to miss Initiate outperform 74. I like that call. Yeah. Yeah. I mean, this talk's been relentlessly bad. It's kind of bottoming here. Finkelstein, I thought, did a good job when he was on the show. He's not the CEO. He's president. This market still feels soggy. Soggy? Soggy. What does that mean? I don't know. Tony's soggy. I just-- Being held down. It's like a wet rag. Yes. I do think it's held down here. Sorry. You might expect a quiet day, right? Gluten's now off the most. It's been since. And then DuPont's back down to 18th since again, this thing. You see this private credit note from Piper Sandler today? I mean, you see everything, but it's not particularly positive. I'm not seeing a lot of reaction in sort of blue owl or Aries or Apollo. They're all not moving, but private credit, default risk is rising, recovery, rates are low, slowing, lending a headwind on normal activity. Wow. We'll pressure credit spreads. Gold, Mank, C&I, D&I, D&I loans are contracting, sorry, Carl. Expect private credit to follow. Just a lot of charts, by the way, as well, all of which may mean nothing, but they do seem to be digging in on the idea that perhaps the best of times has passed for private credit. You thought we would be safe with private credit? I think the phrase held to pay. I have a held to pay hashtag going and have for a while. My God, everybody coming out of school and being private credit, what are they going to be? You go sell cars at Carvont. They're not going to do anything. Because soon enough, our artificial intelligence will exceed our own intelligence. And so all human knowledge will be available to everybody, and therefore it will be a leveling. And then we're going to need some sort of, I don't even know what's going to happen. It's actually a good, I don't know if you saw, Hubertie's note today, Jim, of retailers who have this tech diffusion within retail where there's going to be some players that just manage the online, offline inventory better than others. Yeah, oh no, there's a real have have not. And I've got to tell you, I don't like this market. I don't like this market. It's just got a bad feel. It's just anticipated. Coming off the, yesterday was the topic. Yeah, yeah. I just don't, you know, when you see stocks like Newport on that note that, you know, the pricing's coming down for steel, and then you see the target hospital, you see this hospitality, you know, private prisons, GE, Vernova, the city didn't like that. One marathon. One was a very negative positive note. I mean, I'm just like filled with negativity. Well, as you might expect, the banks are, I got to be one of the weakest sectors. I'm looking at JP Morgan down two and a half percent Bank America, same. We're forced to Dow components, except for AXP, yeah, banks and utilities will lead you lower here. Just, you know, I just, and then next door, how's the next door doing kind. Kay and Dean, Sarah Fryer moved over to, she's now the CFO of OpenAI. Kinds trading up on that. That's odd. But they're the banks, obviously, is where we wait fed. Oh, man, see, this is what I'm talking about. I'm just, this is the field, just the field. But that's a good bank. JP Morgan. Well, I've changed tomorrow, though, to be fair. Right, but I'm saying we're anticipating. You're feeling on the market. We're anticipating what has to happen, Al, on what you just said about the small business. I mean, small businesses should be just being crushed here instead, they're optimistic. Well, on a, I mean, on a sequential basis, we know that NFIB's been historically negative on it. It's about everything. That's true. But I just look at the banks and I saw that roll over yesterday, led by H-BAM, which is such a good bank. NVIDIA's up. Isn't that all you need some? NVIDIA's up, Jim. There you go. Oh, I know that ad. And your Dutch pros, Jim, are actually down now on that secondary. On that secondary. Secondary, which is from the convert, that just, jeez, these guys want to get out of this dog so much, and it's actually a great stock. Do you see, there's another, there's a convert, I didn't say, I'm coming at you, I missed that one. No, there's a huge number of shares coming at you. It's just terrible. 8.6 million. What is it? Next day, our energy gym, investor day today. They priced the secondary and it worked. Next, yeah, that's a winner. Next there, the consolation energy, number one stock, that's all just data center, David. I know we mentioned GameStop right before they opened. Do we know where they are in terms of selling those 75 million shares as that continues to be pressured? No, it's a mystery. I guess I could try and find out. I just don't, I mean, it's Jeffrey's up. If you can find out, that'd be great. How would you find out? I make phone calls, it's something I have done through the years. Probably keep your job with it. Can be an effective way to find things out. Probably keep your job when they come for you in machines. Might allow me to keep my job, might, I'll talk to Jensen, see if we can't make something happen. Just kind of just license my likeness and my voice and just leave it at that. What do you think, Jim? Yeah, well, I gotta make it cold, David. Let's see if I can't get him. Yep, early out there. It is early. We have lost some early steam here. Dows down almost 400, about an eight to one down day. We will watch volume, which has been exceptionally low last few days. In fact, the four lowest volume days of the year have all come in the last three weeks. That's true. Yep. But the news flow's been pretty big. Yeah. On the down, only two names are up. UNH and Apple. Stay with us. Yes. Take a look at the breadth this morning. Not good. As we said, it was eight to one down, probably more than that at this point, 53.30, being led lower by a bunch of financials and even some travel names in there as well. Ralph Lauren, Tesla among the biggest losers. Dows down 371. Stop trading with Jim's coming up next. Let's get to Jim and stop trading. I've got a zeitgeist capture. This is a Jacob Morgan downgrade from Biden, neutral of Cleveland Cliffs. Now the stock's now down three and a half. They're talking at three and a percent. They feel auto-mentories, which is very important for Cleveland Cliffs. I've been replenished, growing CapEx needs through 2028, but I've planted out the stocks down 26 percent. But when you get a negative steel cycle, it doesn't end, well, it ends badly. This is still in mid, I think it's mid downturn, which is just very, very tough. I like this company very much. It's a good read on Reuters today, looking at deflation in China, where they are cutting price on everything from coffee to cars as Reuters puts it. I think that people have to understand that in terms of commodities, pal's getting its way. In terms of optimism, pal's not. We'll see the sentiment, but I look, I think that pal wins when you have everything go down in price, but then loses when there's still wage growth and there's still people creating jobs. I think he just wants it to be flat. But today's kind of a, I think, we're getting over with what's supposed to happen tomorrow. In the decision process? Yes. I'm going to get David Division Pro, and he's going to understand that the obituary is too early. Too early for that obituary? Yeah, it is. Are you exaggerating? Well, the real reports of that could be in China, France. It's very heavy, apparently. Yeah. Okay, ask between the Division Pro and Macron, which is going to be more, let's say, in the news, in a positive way. Macron. That's an interesting phrase. Macron is kind of, I'm aware of what's going on, I just don't understand the question. He says, "Listen, I'm going to stick around." Oh, like, they're going to want him to stick around. Reveals? That's his bet. That is his bet. There's a 28-year-old guy there who's incredibly important. And I think that we should have like 22-year-olds right now. Why do we have to have 20? The role of president in France is a powerful spot. It used to be. I mean, what do you call it? What? Do you call it was like what? 19? I got it. Jim, what's tonight? Kotara. Not just a natural gas company that should be doing very well, but this market's so negative it doesn't even care. We'll see. We got a little bit of a reversal yesterday. We'll see if we get one. Let's put that David back. It is. Very nice. Is it Jim? We'll see it tonight, Jim. Howdy. 6 p.m. Eastern time. You've been listening to the opening bell on 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/squawk on the Street disclaimer. [BLANK_AUDIO]
