9AM HOUR: Nvidia Adds $150B to Stock Buyback; Oil Prices and Yields Surge; MongoDB CEO Leaves for Meta 9/28/26

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0:53Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla. Jim Cramer is back at Post 9 of the New York Stock Exchange. David Faber has the morning off. Coming off that 1 % gain for the S &P last week, thanks to that strength in tech, yields do remain in focus. Ten-year 522 as we get a jobs number on Friday. Future's slightly red here. Oil's off the session high, but Brent is above 106. The president says he's, quote, seriously considering that diesel export ban. Our roadmap begins with NVIDIA, of course, releasing a new AI safety software platform, setting safeguards to prevent agents from breaking out of containment.

1:27Speaking of AI, Anthropics Dario Amode joining the president for a White House dinner, the first one-on-one meeting between those two leaders. And then there is SpaceX launching the massive Starship rocket moments ago, reaching orbit with the spacecraft for the first time. Let's begin, though, with NVIDIA up in the pre-market announcing plans to boost its stock repurchase plan by a record-setting$150 billion. Meantime, the company released some new AI safety software today, which it says could have stopped hugging face. This is what Jensen Wong had to say about it last hour on Squawk. In order for you to deliver that agentic system in a safe way, you have to make sure that the sandbox around it, the force field, the playpen, you know, if you will, All of those systems are designed in a way that keeps the agent with minimal rights, whatever rights it has, it needs in order to do its job.

2:25No more rights than that. And that it can't it can't do anything that it's not supposed to. Jim, first off, it's good to be back. Oh, thank you. So much to catch up with you on. Thank you to everybody who said hi. They like the show. Yes. They love the show. Some of them, it's the only thing I watch. I didn't like that. It's hard when you're away. We're grateful that you're back at the desk on this. What is bigger? The buyback's historic, too. OK, look, the buyback is, I know I've been pushing for a half a trillion. Because it's on top of an existing buyback, it's$238 trillion. It depends on whether it's going to be Luca Maestri buyback, the former CFO of Apple, who was always there when the stock dropped.

3:06So he was there constantly. But when it dropped, he gobbled it up. If they do that, then you're going to see quite a move because there is just a lot of supply at times. They can't buy back stock in the last 10 minutes. Stock usually gets jammed down by the zero-day option people. But this is a very significant buyback. And I think if they're active and in there every day, it will change the trajectory of the stock. As far as the things that Jensen talked about, a lot of it was kind of covered. You saw a little bit of the slip there with Ezra Klein last week. And he's talking about it's an engineering issue.

3:42Yes. And George Curtis, who's integral, and he's the CEO of CrowdStrike, says that both he and Jensen were tired of the narrative offered by the AI people. Everyone could play a role, obviously, but they think they have it. And I know that when I spoke to Todd McKinnon, who's the CEO of Oktawer, a stock that got really pushed last week, he said, you know, every single one of these things has a signature. So you just block the bad signatures. Jensen and George are saying, listen, this is something if we all get together, we'll do it. I know that OpenAI was absent, but it is about changing the doomers.

4:17And Jensen hates the doomers. A lot of people felt that he's been self-serving. I think he's an engineer. He realizes, look, this is an engineering issue. We'll take care of it. Well, he said he hopes it's an engineering issue, because if it's not, we're all in deep trouble. Then you have to rely on the signature and you have to hope that Okta understands. I mean, Okta's an amazing company. Todd McKinnon is so not promotional, but he came on Mad Money and just said, look, Jim, we know this. We knew it. We can stop it. Basically, why didn't they use us? I mean, what are they doing? And I think that's the attitude among some of the people out there.

4:53Against that is this incredible move to say, unfortunately by the people, by the Saturday Night Live. Yes, yes. Look, we don't know what we're doing. It's run amok. And I think the run amoks versus the engineering people are going to have to have a real duke out. Yeah. Jim's referring to SNL over the weekend. Jane Wickline portraying Dario Mote on Weekend Update. That's just a signal of how it's creeping. It has crept into the zeitgeist. Well, Lorne Michaels, let me back up. In the old days, there was his fellow Johnny Carson. He had a 100-prin share. And if he came to him, then you knew there isn't anybody in this country who doesn't know it.

5:29Lorne Michaels is our Carson. I don't think he minds that because he's been in business much more than Carson. But when I hear Lorne Michaels see a diary, I just say, oh, there you go, because Melvin's more shrewd than Lorne. Yeah, this is a clip of not to put too much emphasis on it, but this was what we saw over the weekend. Sam Altman, myself, all the major AI players We have talked about this extensively And we are all on the same page here We do not condone what we are doing Shouldn't you be talking about the pros of AI? I mean, don't you guys keep saying that it's going to cure cancer? Yeah, so put it this way In 10 years, there's about a 10 % chance That cancer won't be a problem for anyone That was good But I think the key thing there is that there is some truth to that.

6:21They know that what they're doing is wrong. So then the question is, well, why don't I stop it? And so then the question is, again, can they stop it? Right. The coalition is saying, of course they can. Yes. On the safety on OpenShell, you did point out it's getting endorsed online by the likes of Chuck Robbins. Right. But I look at adults in the room. It always comes back to Chuck. Chuck has a great cybersecurity group, but Chuck represents a vast consensus where he rarely puts his name on something. And when he does, you better believe it's serious because he doesn't want to endorse anything that could have grave repercussions against him.

7:01Again, he's got a great security guy, he has great security. I'd just like to see Chuck on anything because Chuck thinks a long time before he says, here's how I feel. The irony of all of this, Jim, is that these worries emanating from the labs, like OpenAI, we're going to get a developer day tomorrow from OpenAI, where we are expecting them to unveil some kind of personal assistant. Well, I would like them to unveil a connection to this coalition, which is pretty broad. I mean, they're the only one that's absent from it. OpenAI? Like, do they compete against the first-mover advantage of Meta?

7:38I don't know. So this is one of the reasons we wish you had been here last week. Your view on Muse, on the Muse Spark, on the charm, on the disruption to the insurers and subscription-based businesses. There's plenty of software if you want to check your subscriptions. If you really want to entrust it with your cash sweep, good luck. I wouldn't do that. That's something I really want to do personally. But in terms of my day-to-day business, I kind of like it. in terms of trying to find what I want, I'm an Amazon guy. But maybe I shouldn't be. This seemed impressive. And I've got to tell you, I've got the glasses.

8:18One in six of us, I lost a lot of hearing when my eardrum blew out when I went to see Microsoft to get that deal for Goldman. Never came back. And I've got to tell you, if I could get that, one in six people have a similar situation. There's really interesting stuff that only Tim Cook used to talk about, where Zuckerberg's saying, listen, it's good for a lot, so I'll get the new glasses. There's a huge number of new glasses. This is Ray-Ban, but it's now much more than that. I have the current glasses, and I kind of like, what am I looking at? What am I looking at? Or where am I? Or what's going on?

8:53If I could have this be my personal assistant, there's plenty that I would like. Interesting. And then today, of course, we've got Meta launching Meta Enterprise, which we've talked about a lot as sort of white space, at least in their model. I think so. Look, I think that there comes a time that Jensen has talked about over and over again, CEO of NVIDIA, where it'll be, he said it today, it will be integrated. It's like this company will be, this company will be. But the thing that he misses is the companies that really need it are the companies that are the one-armed paper hanger guys. You know, the people just say, look, I don't know.

9:27I mean, Intuit? Do I do Intuit? Do I? And then she asks, do I need Intuit? And maybe it says, actually, what do you use it for? And it says, well, you can do this. No, we'll do that for you. So, I mean, it's quite exciting to hear what they may do. I go to the old, it was Rufus on Amazon, say, look, I want the cheapest raincoat, the quality raincoat. I mean, I would now say, listen, scour the world for the cheapest raincoat, and then maybe I'll go buy it. I don't know. I just feel like it's 3 billion people that are up for grabs. Yeah, yeah. And the war with e-com is beginning to take hold. Interesting comments out of Walmart in the FT, sort of pledging, we're not going to use your personal identity or anything specific about you to dynamically price in the moment at the shelf.

10:12I would have liked that. I go to Walmart and cheap it up. It really would be great to have a coupon. So, look, Walmart is legendary for doing just like this. I mean, one of the reasons why Walmart stock's been hammered so much is Walmart wants to come out of this period knowing that they're the lowest. They didn't raise price. The problem is, when does this period end? I mean, look, we're very blessed here in this country. In Italy, our electric bill went up four times. Now, there are not a lot of people, and we're fortunately of some means, that we can run the air conditioning. It was 95 degrees for the first three days.

10:51There are not a lot of people who run their air conditioning. And, you know, the government offered us a 40 % break to do solar panel. And we were trying so hard to find anyone. But they're so busy. I don't think people realize that over there, it's like you don't even want to look when you fill up. You've changed your life because you know that when you turn the lights on, it's like Jimmy Carter in 1979. There's a great many LEDs over there. And the B block, we'll talk about rates and inflation. But Goldman's got a note today, going into the winter, heating oil, airfares, gas prices, package surcharges.

11:26Those are all going to be layered on top of the consumer this winter. Yeah, and I know that there's a talk about banning the export of diesel, and diesel matters. But the fact is, that's pass-through. So, I mean, you think it matters. They don't do anything the past we would end. But look, we are now in a period where, sorry, inflation is embedded. And it's not getting better. I mean, if the Hooties take out in this canal, in this area, and if the Iranians be in this area, and if they smash the pipeline, we're not going to be able to rely on Ecuador. Yeah, I mean, we did get good news. It looks like the east-west is beginning to export.

12:04True, but at the same time, we have embedded inflation, which makes it so that Warsh has to play the role of Volcker. Yeah, as we await a lot of important macro data this week. Take a look at the pre-market here. Busy week is setting up. We'll get you into what's coming in the days ahead when Squawk on the Street comes back. Legacy credit scores only look at a brief snapshot in time, and that limited view often leaves millions of qualified credit seekers out of the picture. Vantage Score is changing that by modernizing credit scoring. Vantage Score uses 400 % more credit and alternative data to create a fuller picture of financial behavior, including trended credit data, rental payments, and timely utility payments.

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14:09We were mentioning oil before the break, the energy trade, of course, and rates very much front and center, Jim, as long bonds sort of stubbornly above five and a half. Yeah, look, you're not going to have a decline in interest rate, I believe, unless some of these repercussions end and oil comes back to, say, 80. Now, I mean, for instance, tanker rates are extraordinary. I even touched with Herbert Ernst Hansen. Haven't been in years. Nordic-American tankers are just shooting right up. And I say to myself, I don't care. I'm not talking politics or anything, but I think the White House has to be concerned that each week something becomes more expensive.

14:49It just does. And also, I got to tell you, I mean, you always hesitate when you see the Iranians talk about a doomsday if you're doing anything, because they seem to be capable of a lot of things that I think they are. Yeah. I mean, it's there is the good news, I guess, is like in September, we're averaging 12 million a day out of Hormuz. So the flow is happening, but the charges on it, it's very expensive to move. It's very expensive. And I think that's one of the things that just adds to the price they can get it. The price is not coming down, which is very, very negative. And the purchasing power of individuals really eroded.

15:26Yeah, we haven't gotten your temperature on a diesel van. I mean, you know, you can do those things and they tend to backfire. I mean, it would be great for a couple of weeks, but then they rooted some other way or something else gets sold a lot. Maybe, maybe regular gasoline that you would make into diesel. Those people down in Texas are pretty darn shrewd about trading because, look, we're great at it. But let's just understand it's not about diesel. It's about the complex. So between rates and oil, we have had these drawdowns in the industrials, transports, of course, even financials last couple of weeks.

16:03We got a nice chart, a gem of the percentage of S &P components above the 50-day. I mean, we're getting back to the March lows. You had about 10 stocks that really drove this thing. But they're 10 big stocks, and they're very exciting to people. SpaceX, very exciting. You get a positive launch. But look at that. I mean, look, we're going into earnings. You certainly aren't going into earnings with a head of steam. Maybe that's optimistic. So not coming in hot good? Yeah, not coming in hot good in September was supposed to be horrible. It's not so bad, except for if you're in small cap. Yes. And we always know.

16:37I mean, Goldman sort of reiterates it today, but post midterms are generally a good few months or a couple months. Would you be positioning for that? Look, I love gridlock. I mean, gridlock means no surprise. Gridlock means the president makes a statement and be like somebody, Hakeem Jeffries, some of the instances. Yeah, great statement. I mean, suppose I guess they listen. I think the American people, like Jefferson, you know what you said? You know, like Adams, Monroe. No, it's like, well, that's not happening. And that's a different world. We don't have that world. I'll tell you one thing, though.

17:07rate count, Jim, I think we're highest in about a year. Okay, now that's because the Bureau of Land Management opened up the Permian part of New Mexico, which may be the most fecund part of all of the Permian. I'm talking about a major, major group of fines that will reflect an increase perhaps to maybe 15 million a day. No one's talking about it. They opened it up. There's a land grab, and you're going to see New Mexico be in some ways bigger than Texas. So that's good news for OSX, Valero, Marathon, the Integrated, everybody? I'm going to bet on Chevron. Chevron? I'm going to bet on Chevron.

17:48It happens Chevron, Venezuela, Chevron, New Mexico. Chevron, it's not even expensive. Mike Wirth, pretty good. Oh, look at that. Okay, so it's down a little bit, but wow. He's figured it out. Yeah, a remarkable period here for Chevron, but essentially for the refiners, too, as they're running full out. Valero. I mean, look, I wish, you know, if I had to start all over again, you know where I would go on. Although I don't want to run something 100 percent, because I know that after a while those things get tired. Yeah, yeah, you don't want it to break. Nope. We'll get Kramer's Mad Dash countdown to the opening bell.

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20:28I don't mean to suggest these guys will cut the dividends. They got great cash flow. PepsiCo, Deutsche Bank, they take it from a buy to a hold. They say the turnaround's taking longer. Well, I mean, one of the things that's, you know, this is your start, you know, you're not going to get a 5 % yield. This is a great American company. You know, Coca-Cola's been in a different posture because Coca-Cola is not snack food. But they're just saying, listen, it just doesn't turn around very easily. And I'm devastated by this because so far they've gotten all the not-so-great ones, and General Mills had an okay number.

21:01But this is a great American growth company, always has. And if we put, like, a 10-year chart out, you would see, you know, this one's been a winner. And I can't call it that anymore. It does remind me of the two downgrades, at least, that we got of Nike last week where we had plans for their recovery. It made sense why this would happen. It's not happening, or it's taking longer than we thought. The Nike downgrades are pretty severe because they always emphasize promotion. They're obviously China no longer really a growth area. I actually found myself thinking, is this the worst single group in America?

21:41Has it passed? Like colored cereal. There are so many companies that, oh, man, in the scrum that it really doesn't matter whether Nike is better. I mean, like, yeah, like if you go to night, they won't tell you, but like there were new balance, new balance. They put new balance back in business. Yes. Oh, I mean, it's just not a good business to be. Well, and while you were away, we had McDonald's investor day. I mean, I have to imagine at some point, Jim, you're going to find value in areas like that on that or night or McDonald's or something else. The McDonald's people, thank you, John Banner, were kind enough to share everything with me.

22:16And I said, oh, this is kind of interesting. But I was the only person I think who said that. I think the headline became inflation sticky. It's going to last longer than we thought. It doesn't beef as bad. And look, someone in Washington has to recognize that there has to be some conclusion. Or you just say, you know what? We got an ear of permanently higher prices. Get used to it. Get used to it, America. This is the America you're going to see until Iran decides that it's going to do X, Y, Z. This is it. Why not just say it so we're ready? that's a tough message uh five weeks into the midterm i don't know what else to say yeah yeah we'll get uh the opening bell here in a few moments a reminder of course as always you can catch us anytime anywhere just listen to and follow the squawk on the street opening bell podcast we should have focused a lot more on hey we're building a bunch of new technology let the people using our technology speak to the benefits of it.

23:18I think we are way too self-obsessed as an industry about sort of looking at us, how glorious we are, and then we go off. And I think a little bit of that, I think, is what's not working. Microsoft Sachin Adela on the Sources podcast on Friday talking about AI's safety PR problem. It's an issue that has clearly gone mainstream. We mentioned SNL over the weekend a bit earlier, spoofing Dario Amode and his warnings. Plus, we got a new co-pilot on Friday as well. Yes. I mean, it's funny when you watch football, they always flash into the booth. There's co-pilot. What an advertisement. Better than anything you see during the commercial breaks.

23:58It's interesting that Sancho says he's a very humble man. And I'm watching again football like everybody else. And there's a show called Cupertino. And now these people are being made into even bigger. And I would say he's right enough. I mean, lower your profile. I'll tell you, I'll tell you, Jim, you know, Michael Hartnett of B of A did Wilfred Frost's podcast. Really interesting discussion where he said, remember, the rails were undone by two things. One was rates and the other was just societal pushback to these barons that seem to own everything. Well, I disagree. I love Michael, but I took a course on the Interstate Commerce Commission when I was in college with James Q.

24:42Wilson, a late lamented professor. And one of the things that he did say was that the ICC, much, you learn everything, that Congress decided to randomize. Congress was owned by the rails. They decided, here's the winners. It was the first issue of capture, the first time capture ever occurred. You keep hearing capture. Well, it was the ICC that did it. And the ICC was owned by the big guys. And that was the end of competition. They divided the country up in the same way that Michael Corleone divided, well, the country up. Yes. Dinner with the seven families. Let's get the opening bell here at the big board on Wall Street.

25:20Of course, it is Graco, a maker of fluid management products. 100 years since the founding, 40 since the listing. At the NASDAQ and Times Square, Scholes Technologies Group, a maker of components for solar power and electrical infrastructure. And at SIBO in Chicago, it's Alpaca Market, celebrating the recent launch of index options on its platform. Jim, we really have been circulating in this range around$7 ,700 for weeks now. Yeah, I was, you see, I am scarlet. Holy cow. Out at the house. Yeah, and it's faster than, I mean, I couldn't even find the dish where they put it in. I mean, it's$50 a month down from$200, thank you.

26:00And so I watched our shows on CBC, and I said to myself, wow, I mean, why is this market up? Oh, oil's down a couple of bucks. Well, why are these stocks flying? Well, oil's now down three bucks. We've got some sort of divergence that is not making a lot of sense, in the sense that if interest rates tick down per second, if oil ticks down per second, then you see a run in certain stocks like you wouldn't believe. Look, you just have to watch some of the semis. And it's not healthy. I admit it's not healthy. Periodically, you'll start seeing things go up. But I felt that the big story last week was that Meta came in with a sickle.

26:44You know, they do the sickle. And everybody figured out that, you know what, Schwab is going to, they're going to be killed. Allstate. Allstate. Ameriprise. Yeah, okay, so I want to be able to say to my glasses, I want all my money moved. Send it to, I don't know, Nubank. I mean, come on. It's your money. People are tending not to do that. Okay, I want the daily racing form canceled. I lost in Kentucky. They can do that. Look, I like it for just common sense questions and for shopping. I just don't think it will take, and I do like it for small business because they're really the people who can't hire and can't afford an account.

27:19But you do agree that they call it, I think, the customer inertia thesis, right? I like that thesis. I mean, who wants to sit on the phone for five hours trying to cancel your wireless plan or your cable sub? Well, you know, I think that Mark Benioff would say, look, if you took our products, then you wouldn't have to wait five hours because you'd have an agent on the line. Yes, yes. But look, I just, I like ease. I like ease of anything. And this is, by the way, Amazon's going to be hurt by this. Amazon's going to spring back. But I thought that the new version of Alexa would be my saving grace.

27:53But I wouldn't tell Alexa anything. It doesn't matter because she hears everything anyway. Yes, yes. I mean, whatever I say, she wants to be a, oh, boy. Do you think long meta short Amazon's a decent pair trade? I will never short Amazon. But you prefer meta. Right now, yeah, still. And I've liked it really aggressively because the club was, like, tired of me saying I like meta, I like meta. But I like Mark Zuckerberg. And Mark Zuckerberg is the opposite of what Della's talking about. I mean, he's so low-key in the last year. It's fantastic. And Meta's up$200 since you said it was. Exactly. I said it was$200.

28:25But when you had known, I had known. I mean, I did a whole conference call. I said, listen, what do I like? I like Intel and I like Meta. What else? Intel and Meta. Well, how about the other 30? You know what? I like Meta. And I just think that Meta, since I happen to like the changes they've done in management, including one today, that's pretty. Yes, let's bring that up. MDB. Desai is going to Meta. Yeah. Yeah, I mean, David Powell McCormick, that move was incredible. Now, this move was amazing because when are they going to have an analyst meeting? Tomorrow. I mean, I don't even know how you put a good face on that one.

29:02The only way you put a good face on that one is that Dibby in a chair is fantastic. Dev's in a chair. Now, I will tell you that Dev, as great as he is, I guess he's going to run the analyst meeting? I mean, I don't know. Well, I mean, I think they are affirming with the guidance they gave on the first, which wasn't that long ago. Dev stepped down in November last year.

29:24Actually, it's been a long time since I've seen something like this. MongoDB had a good quarter, and I really like Dev. He's a seasoned hand. But I don't like it went to meta the day before the analyst meeting. I'm going to put this under the bad form category. Yeah, yeah. That's optically a little bit troubling. Jim, your NVIDIA, though, 231, almost 232. Again, if they do the buyback. Look, I've pushed these guys in the buyback to the point that I knew that Jensen, I think he just got upset as if he had a whole lot pressed. Look, I said buyback. But that came from the fact that Luka Maestri, who I actually tried to get a hold of this week, but he's not worried.

30:07That'd be a great sit. Oh, my God, what a guy. I mean, Luka was unique in saying, Listen, every time I say, well, you ought to buy Netflix. You ought to buy that. You ought to buy that. He goes, you know, I got the stock. I have my eye on it. It's really pretty good. When it dips, I really am in there buying. It's called Apple. 40%. Go back 40 % Apple. And I think NVIDIA is going about almost$300 billion in free cash flow soon. There's nothing like NVIDIA stock. It's the cheapest stock. next year in the market of the major tech stocks now that Meta's made its move? We did get some additional information.

30:46I think their investment portfolio now, 13 public companies, 229 privates, to the degree we talk about the bank of NVIDIA, yes? Well, there was a moment in the Ezra climb, which is very funny. How much do you have invested? I don't know,$100 billion. He is the ecosystem. I think that what people realize now, given the fact that he is up on every single position, that maybe they were too harsh about him doing circular and not perceptive enough for him to realize that we do not have an ecosystem without him. Because we don't have a government like the Chinese, where basically everything's run by China.

31:26And so he made it happen. At one point, there was like, hey, listen, you're much bigger than the chips. And he chips it, Bill. He goes, yeah. You know, we have to be. I mean, look at what he's done, say, in fiber. Like, we would just be copper-centric if it went for his fiber move. If you look at what he's done with all, you know, every one of these, the Anthropics, OpenAI, you know, he was late with Anthropics. But what he wants to do is say, look, guys, we're friendly. And the one that he didn't have to do much with that worked out very well was Tesla. And, I mean, with SpaceX, that was weird to figure out where that was.

32:02But I think that what he's done is taken an industry and made us a leader. And the biggest mistake our country made was not giving it to China and therefore China having to work with us. And he always said, listen, don't worry about the PLI, the army. They're never going to write it on us. He dropped something that he should have used. He said, look, do we like the dollar as the world's reserve currency? We should have liked NVIDIA as the world's reserve chip. He didn't use that argument publicly. I know. And it was so perceptive that it was game, set, match. Well, he's long said China hawkishness in tech is the badge of shame, I think is how he put it.

32:39You've classically been a China hawk, but you pair with him on this one. I talk with some people in the administration. I try to explain to them if you're a China hawk, be with me. China hawk makes it so they're not going to try to even come in after us. They're just going to use us. And it's going to be like a bite dance. I don't know. There's some story about bite dance going with it and Alibaba. What the government didn't realize was that the way to disable a country's tech is to have it do it on our tech. But we didn't do it because somehow people believed that they would compromise the military, which would be the last thing.

33:13Can NVIDIA take out 236 or is there going to be a triple top? The triple top people will win on this one. I'm not kidding. It's a very technically-oriented stock. Yeah, I like that notion, though, that they are sort of America's answer to a state-sponsored backdrop like in China. You mentioned SpaceX, Jim. We did get Super Heavy Flight 14 Starship, which will deploy 26 Starlink V3 satellites. I think we got an initiation of SpaceX today to CLSA. It goes to accumulate 250. I think that's right. I know we had Kathy Wood on last week. Now, she says things that she likes to be on the high side of everything.

33:52But I did think, again, to continue to reference this great interview with Jensen. And he says, look, it's so expensive in data centers and so hard, we're going to have to put them in and out of space with Elon. Well, I mean, I think that that's going to be a reality. I think it will be five years. But these guys, Jensen thinks in a 20-year period and likes to work backwards. I remember one student says, how do you think? And he goes, I go out 20 years and then I go back. I said, well, how about going forward like six months? I said, well, Jim, I love the way you think. Yeah, that's a remarkable way.

34:24Kind of like the Mossesan 300-year plan, but more abbreviated. Well, that's just great. I mean, I love that. Overall, Jim, it's been similar stories like this kind of open, where you have every sector one way except energy. Today, it's just like that with energy, the sole gainer. You know, and I do feel like I should have just said a line in the sand. I want to own Enbridge because we're not going to cut off Canada and get that good yield. I want to own Chevron because Mike Wurst is the most international. Of course, he kept the Venezuela franchise. I had shied away from it. We sold one that got a bit from Devin.

34:59It was okay. But I just feel like I diversified incorrectly for the talk. I didn't think. I, like the president, thought this should be over again. I don't know. He trades a lot. Yeah. Yeah, he does. You know what we did not get you on yet is Oracle Force Majeure and what it did to Bloom Energy last week, which, by the way, Jim, is down again today, having recovered a little bit late last week. Yeah, I think that that's a great technology, and it will be used. I don't, look, I respect Oracle very much. I know Larry Ellison does more pledging his assets, but let's put it this way. That was a good quarter, and it really was.

35:43And I do think that Bloom is the answer in a lot of ways because they are the one that can be put up very quickly. If it goes down much more, I'm going to say, listen. Really? Yeah, because that's a very well-run company. I mean, it's extended to Blue Owl, which did try to argue, I think, last week that they will get paid, that these investors, these carry costs will extend even if the project gets delayed. Blue Owl's back to nine. Yeah, it's almost an eight-handle here this morning. Yeah, I'm still not there in the blue out. You know, no, I'm not there. I just can't get money because a lot of these stocks came back.

36:21It's true. You know what? And then, you know, we're watching. I don't know if you're watching ServiceNow today. For a moment there at the open, it was the biggest S &P laggard down six. Right. There's a big block trade or something. All right. Look, these stocks, they had this period that was unbelievable, went right into Dreamforce. and then ever since then it's just been straight down. But I don't think it'll ever go down to where it was because I believe that situational awareness was a company, it was a hedge fund that banged stocks down. I mean, I've seen it when I was a hedge fund manager where I saw bad people take down stocks very aggressively.

36:59You know, there's no uptick rule anymore. And I think that they didn't actually do it deliberately. They're just terrible traders. They wanted the stocks that they were buying to go higher. They wanted the stocks that they were selling to go lower. That's the classic case of what you do not do as a hedge fund manager, just because it's very undisciplined. Get a trader for him. Yeah, yeah. But you still believe that you think situational was the last of that kind of story rather than the first. I do. And I think that the saspocalypse does seem to be over at the same time when you have something like the Muse, people say, okay, what can it do?

37:37What can it do for small business? This was the thinking, is this Sascopalypse part two? Yeah, and my problem with that is that no one really canceled. I mean, after it was with Salesforce, their business is so much stronger than people expect. I think that change is very difficult in business. Even with Adobe, change is difficult. Now, Adobe, I get the$600 prescription. Muse, kill the prescription. Is that what I'm supposed to do? Kill that subscription right now. I mean, okay, so it kills it. But don't you think I could kill it? No, because I want to see if they ever cut the price. No, but you will admit that there is friction in canceling or getting out of things you've committed to, even unwittingly.

38:17No, no. You sign up for a free trial, and then you forget. No, I mean, if you saw the different things, my wife says, is there anything you don't get? But yes. But then again, I had days in, and it turned out I could watch every football game on Starlink when I flew home. Wow. Wow. I even stayed. Everyone's getting off the plane. I said, look, I got a minute left in this Cowboy game. I'll talk to you at customs. I guess it's Raven game. Yes. Well, tonight, Bears, yes? Bears, Eagles. You haven't had a problem with those. Well, it's true. They made a fool of us last time, and that's always one of those motivators.

38:54But it is in Chicago. And no team seems right. No team seems they know. There's a lot of three and no teams that are pretenders. Yeah. Have you had you on Peace Guy and the Settlement? I thought that was great. And today, Disney, Chapek, Iger. Yeah. Look, I think that those stocks, something happened. When you saw what happened to Comcast last week, I think it was just Twilight of the Idols. I mean, someone asked me on the plane, is there hope for Comcast? I said, look, Comcast generates a lot of cash flow, and they're splitting off the entertainment, so I actually kind of like Universalist and theme parks.

39:39But there's just a sense that TV is like radio. I worked in radio, and my contracts were going up, up, up, up, up. And then one day, everybody I dealt with was under. and I don't think these companies are rich companies, but wow, I mean, you've got to come up with more than just Paramount Plus which is what, a Sunday? See a Sunday? What was that advertisement? I mean, you know, the only time I ever watch this stuff is the NFL and all these shows, once again, except for Cupertino which is a law firm, it's cops you know, it's fire and you know, come on guys you know, I watch stuff on when you watch Lioness and when you watch Reacher, you say to yourself, I've read every Reacher book.

40:30Wow, what they do is so great. And then when you watch the Chicago-Boston, they should merge them. Chicago-Boston should get together and have one fire department. And then half the shows will go away. This has been your long-standing criticism of broadcast television, yes. I mean, I just, but you see all their ads and I say to myself, I have so much time on my hands because I don't watch and any of that stuff. Dude. Yeah. You mentioned SpaceX, Jim. Tesla today. JP Morgan sort of reiterates it's neutral. We are on the lookout for deliveries, and we'll see how those come in. Yeah, you'd be on the lookout for the takeover, for having to say.

41:06You know, is there really... Well, the guy's just waiting, and he's got... Elon Musk is... Someone said to me he's a really great businessman, and I said, no! He's a great business person. And we'll go down that path in Europe. It is amazing what he's doing. And you want to sell that stock, be my guest. I mean, the moment it goes down, he connects the dots. By that, do you mean merge Tesla and SpaceX? I mean, look, self-driving cars and robots are, according to Jensen Wang in 2016, good early call 10 years ago, he told me, those are the two biggest things that will ever come in our lifetime. And he's going to own both.

41:48And I just think, yeah, go ahead, sell Tesla. You might actually, you might miss that move from 362 down to 358. You don't want to get hurt like that. I mean, Jim, it has been an underperformer for five straight years, right? Look, I don't own it for the trust. I'm kind of interested in it. Really? Yeah, because I just think that I would, Musk probably wants to have 100 % control of that, you know, voting control. And I teach he is going to have self-driving cars. And I just don't want to bet. I once bet against him and the stock dropped. And it was a great call that I got back with him and being.

42:27And I know that he he doesn't he thinks I'm a suboptimal thinker. I think he probably imagines that about most people, don't you think? I think he hates me. But you know what? So I'm hated. I got a lot of people hate me, even some close to home. We're still glad you're back. Don't worry about it. Got some opening losses here. Dow's down about 250, hanging on to 70, 700, of course. Bonds will be important as we'll get a lot of Fed speak beginning with Barkin today at 130. Jolts tomorrow, ADP Wednesday, jobs number Friday. Don't go anywhere. Last week, a very important week for tech, obviously. Got some tailwinds out of comm services and information technology.

43:11There's a look at the heat map for the NDX this morning. A little bit of weakness in breadth, although that's been a story all across the indices last few weeks. We will get to stop trading with Jim in just a minute. Let's get to Jim and stop trading. First, I'll be wrong to tell you, it's great to be back. And it's great to see you. And you know where I was. And it's terrific. Now, I want to talk about something that almost never happens. The Justice Department, when they investigate an entity, they never drop it. They just say nothing. but they revealed that they closed the investigation of CrowdStrike that they had made a few years ago.

43:47They crushed CrowdStrike stock. And this is highly unusual. I wanted to compliment to George Kurtz that they actually went out and said, hey, listen, guys, that one's done. Now, as it is, CrowdStrike, Okta, and Palo Alto are going up today because they're integral. And by the way, I think that one of the things that's been missing all along with the hyperscalers, they never just sat down with these guys. Take a look at where CrowdStrike was when you go back to February. That was when Dario said, you know what, we can do it. You don't need him. We can. Well, it turns out you need him big time, particularly if there's liability.

44:17So I think it's a great thing for George Kurtz, Palo Alto, Nikesh Arora doing a terrific job. Okta, we've got Todd McKinnon. Those are the stocks to buy if you believe that you've missed what's going on this morning with NVIDIA. That is remarkable, Jim. There aren't that many. I think there's maybe 17 S &Pers that are doubles for the year. The three you just mentioned are all in that group. I'm writing a piece today about how one of the things, like diversification has really hurt me this year. I wanted to own Palo. I wanted to own CrowdStrike, which I own both, and I feel awful about diversification.

44:50And I wanted to own Okta. And Jeff Marks said to me, Jim, that's everything. And I said, sometimes you have to own everything. When you're in that sector and these companies, when Okta has this signature that you can stop it. When CrowdStrike has said from the beginning they have the product, Palo Alto said the product, and there's Dario, and there's Sam saying nobody has it. Well, I mean, talk to these guys. Talk to Todd McKinnon. He's not a promotion artist, but he has it. And you should feel much less doom and gloom after you talk to those companies than you do after you talk to the people who are not happy with what they're doing but are full speed ahead.

45:30it's the whole i'm gonna slow down i don't know they were going 100 they're slowing to 80 the speed limit 65 yes as as the sketch said we hope you can do everything in your power to stop me i mean okay lauren michaels you should be a stock analyst among the many things that you know he can do yes yes the great one jim welcome back thank you it's such a relief to have you back on the desk. We'll see you tonight. Mad Money, 6 p.m. Eastern Time. You've been listening to the opening bell on CNBC's Squawk on the Street. All opinions expressed by Squawk on the Street participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet, or another medium.

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