Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintan here at Post-N-N-Tolley here at Post-9 of the New York Stock Exchange. David Fabers on assignment today. And Sarah Eisen's going to join us in a moment with an exclusive with Palantir CEO Alex Karp, live from the company's New York office talking about the tech sell-off, AI, the war, and more. As the market's here trying to get off the opening lows, VIX still holding 20, Mike?

Yeah, I think when you had a 5% intraday range in the NASDAQ 100 yesterday, the VIX is not going to calm down immediately.

We've seen the last two days that the opening tone does not necessarily dictate how the rest of the day goes.

So the big question is, did we just get this helpful reset in the most

overheated parts of the market? Things like the NASDAQ 100, get a near approach of its 50-day

moving average semis, obviously in a 10% pullback. We've kind of reset to early May levels on most

of these major indexes. And under the surface, it has so far mostly been a fitful,

kind of sloppy rotation into economically sensitive areas. And that sort of has held. Today's

CPI number definitely seemed like it was taken as a bullet dodged because core was softer than

anticipated. And clearly the market was

maybe braced for something that could have been hotter. I don't think it changes the story.

Oil's not doing anything to get the market excited. It's still kind of sleepy in this range.

And so I think the cyclicals can kind of have this moment to take up some of the slack.

I think the big question is whether, you know,

it's going to be that easy. If it's going to be this painless, we just get this little wobble to

the downside after you did have a lot of froth. And of course, you know, the street continues to

anticipate this supply that's about to hit. And really what the message, I think, of the supply

is and the lineup of big

IPO is coming. And the requisite selling that you'd have to do. Cramer continues to look at

Nvidia, Bitcoin Gold, and we talked about Bitcoin before the show. It's all plausible. As I said

yesterday, it's undisprovable that that's what's going on. I think, though, it's much more

about the story we tell ourselves about what's happening, that's really taking hold. In the past week, total volume in

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