Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Contania and David Faber. We are live, as always, from post nine of the New York Stock Exchange.

Coming up this hour, SpaceX shares under pressure again to start the week. Coming off of two negative sessions in a row, but still up sharply from the IPO.

We'll talk to an analyst who just raised his price target, says the stock is a buy. Plus,

a big exclusive interview ahead with the Apollo Global Management President Jim Zelter,

with his thoughts on funding the AI infrastructure buildout, and we'll, of course, get to the latest on Iran,

as the U.S. authorizes a temporary license

for Iranian oil sales. But guys, in honor of the maestro, Alan Greenspan, who passed away at the

age of 100, I wanted to talk about his most famous quote, which is irrational exuberance.

Remember in 1996, he warned of the markets, basically getting

ahead of themselves, potentially from the fundamentals. Here was the speech that really made history.

How do we know an irrational exuberance has unduly escalated asset values, which then becomes

subject to unexpected and prolonged contractions as they have in Japan over the past decade.

And how do we factor that assessment into monetary policy?

We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten

to impair the real economy, its production, jobs, and price stability.

But we should not underestimate or become complacent about the complexity of the interactions

of asset markets and the economy, thus evaluating shifts in balance sheets generally and in

asset prices particularly, must be an integral part of the development of monetary policy.

I read it in full because I think it's relevant to what we are going through today.

And a lot of people, you know, if he gave

this speech today, I think a lot of people would be wondering if the AI trade is irrational

exuberance. Now, of course, when Greenspan warned of this, there were still another few years

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