Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintanilla

and David Faber. We are live as always from post nine of the New York Stock Exchange.

Ahead this hour, a number of chip stocks ripping higher again this morning after Micron joined

the trillion dollar club and propelled the NASDAQ to a record high. We're going to take a look at how much more a room is left in the rally. And speaking of rallies, the CEO of Applied Digital with us after a 500% gain over the past year for his company's stock. We'll talk about some of the news they just made around data centers. And we'll get to some of the big moves here in retail this morning on the back of earnings,

including Dix and Bath and Body Works.

You'll hear from executives at both of them and a resolution to the drama at Lulu Lemon.

First up, though, trying to sort of tally what's going on with the consumer out there

as a result of the higher oil prices and the higher yields. We did get a clue

on how those higher mortgage rates are impacting folks going out there to buy homes. Mortgage

demand falling 8.5% from the prior week. That's the mortgage app volume. There's the 30-year

mortgage rate, which is obviously elevated.

And so the mortgage refinancing demand falling 18%.

This is no surprise.

We've seen these higher mortgage rates.

There's going to be an impact, you know, consumers responding to them.

That's the bad news.

The good news is there's still a lot of optimism around there, whether it's this self-perpetuating story around higher stock market or just the fact that unemployment still remains low and folks have jobs and wages are rising.

We got this consumer confidence number, which was better yesterday, but what I wanted to pull out was the optimism on stock prices.

The percentage of folks that expect stock

prices will increase. This is after already high levels. And you can see those numbers are

pretty elevated there. That, I think, reflects a lot of the optimism that we talk about every

single day in the market. And fact that despite you know concerns about

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