Good Thursday morning. Welcome to Squawk in the Street. I'm Carl Kintaneo with David Favis.

Seymomodys with us here, post nine of the New York Stock Exchange. Sarah Eisen is off today.

Big show coming your way in a moment. Open AIS chief, Sam Olman, joins us exclusively from Sun Valley

as the company launches a new version of Chad GPT today.

We'll talk with Palo Alto Network CEO about the intersection of AI and cybersecurity as that stock is writing big gains for the year.

And we'll get to the latest on Iran with former Trump National Security Advisor, H.R. McMaster.

First, though, we do have some existing home sales data. That is just crossing, and Diane Oleg has the details for us, Diana. Well, David, existing home sales in June dropped 2.4% from May to a seasonally adjusted annualized rate of 4.09 million units, according to the realtors. That's a miss. The street was looking for a slight gain.

Sales, however, were 2.8% higher than June of last year. Now, month to month, sales were down

everywhere except in the Northeast. This count represents closed sales, so contracts that were

likely signed in May when the average rate on the 30-year fix was still moving higher.

You remember, it came off its February low due to the

Iran War. Now, inventory at the end of June was 1.56 million units down 0.6% from May, but up 1.3%

from the year before. That's a 4.6 month supply. Six months is considered a balanced market

between buyer and seller, and that kept pressure on the prices. The median in June

was $440,600 up 1.8% from the year before, and that is the highest home price on record.

One quarter of all sales were all cash, down from 29% last year. First time buyers made up 33%

sales up from 30% a year ago. And the Realtors Chief Economist, Laura Seun, said the seesaw in sales that we've been seeing lately shows how sensitive buyers are in changes to mortgage rates, although they're still bumping very high right now. Back to you guys. Kind of in a tight range last couple of weeks, so, Diana. Thank you, Diana. Oh, look on some housing. Let's get to the market action this morning. Nasdaq is in the lead in early trading. We talked about some of the strength

in semis over software today, Mike Santoli. And now a little bit of a downside reversal in energy as well.

Yeah, it's always one thing against another. So actually dramatic push and pull action between

semis and the rest of the market and also within the AI trade eight weeks ago today s mp first hit 7500 the high was 7517 it's exactly where we are

at this moment but below the surface there's been a lot of questions about whether the acknowledge

overheating in semis and the crowding in there had reset enough coming into this

...