After the worst day for stocks in almost a month, Carl Quintanilla, Jim Cramer and David Faber drilled down on Tuesday&#x27;s sell-off — sparked by investor concerns about valuations of stocks in the AI trade. McDonald&#x27;s shares moved higher as Q3 same-store sales growth overshadowed a quarterly miss. The anchors reacted to the Democrats&#x27; big election night, including Zohran Mamdani winning the New York City mayoral race. Also in focus: The Elon Musk $1 trillion pay package vote just one day away, bitcoin&#x27;s fall below $100,000, &quot;Faber Report&quot; update on the Novo Nordisk-Pfizer bidding war for obesity drugmaker Metsera, Cramer previews Wednesday night&#x27;s Mad Money &quot;Back to School Tour&quot; episode at Harvard Business School.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AI Valuation Fears, McDonalds Rises Despite Q3 Miss, Mamdani and Dems' Big Election Night 11/5/25

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Transcript

[SPEAKER_A] Hello, I'm Laura Castleton with Janus Henderson Investors.

[SPEAKER_B] We work to help our clients achieve superior financial outcomes and fulfill our purpose of investing in a brighter future together. To learn more, go to janushenderson.com. Thy ticket, Lady Jennifer of Coolidge. Well, many thanks, good sir. Hereth my Discover card. They accept Discover at Renaissance Fairs? Yeah, they do here. Discover is accepted at the places I love to shop. Get with the times. With the times, you're playing the lute. Yeah, and it sounds pretty good, right?

[SPEAKER_C] Discover is accepted at 99% of places that take credit cards nationwide, based on the February 2025 Nielsen report.

[SPEAKER_D] Market-moving insight and analysis. Join Jim Cramer, David Faber, and me, Carl Quintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber here at Post 9 of the New York Stock Exchange. Jim Cramer is at Harvard ahead of tonight's Mad Monday. "Back to School Tour" at the university's business school. Meantime, futures trying to creep into the green this morning after that gut check for those AI and chip-related names. We'll get to that, the shutdown, Election Day results, and today's arguments in front of the Supreme Court on tariffs. Our roadmap begins with the state of the AI trade after big tech comes off the big drop. AMD is the latest to get punished after its latest guidance.

[SPEAKER_C] Plus, the health of the consumer. McDonald's misses earnings estimates and other major restaurant chains have been warning about the overall consumer environment. And Democrats win big on election night. Key races, of course, mayoralty here in New York, but perhaps more importantly, Virginia and New Jersey in terms of the governor's races. We'll talk about any fallout for Wall Street and the business community.

[SPEAKER_D] Let's get to the markets, though, in this AI trade after that sell-off yesterday. Jim, it sounds like you were a little leery this morning about what you're calling an up open. We'll see if it holds.

[SPEAKER_A] Right. Well, I just don't want to see things just completely go the positive way. I mean, NVIDIA was down, I don't know, at 4:00 was down like $1.80. And it's come all the way back. It should have been down $1.80. I don't want it to open up. Palantir. Well, let's just hope that the 2x Palantir aren't playing havoc. That's what I saw yesterday. I saw what I thought was— I'm going to give Alex Karp a shout out here— conceivable manipulation to try to get the stock down. But what I'm focused on is something that just came out, which is kind of where I think that people are headed. It's a Morgan Stanley Why Google Cloud Could Grow 50% in 2026 piece. This is the kind of research that comes out. Just when you think that they're going to give up the ghost, you start reading...

AI Valuation Fears, McDonalds Rises Despite Q3 Miss, Mamdani and Dems' Big Election Night 11/5/25

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

AI Valuation Fears, McDonalds Rises Despite Q3 Miss, Mamdani and Dems' Big Election Night 11/5/25

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.