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

Kentoniet and Mike Santoli today. We are live, as always, from post nine of the New York Stock Exchange.

David Faber has the day off. Chip stocks are seeing big gains and big swings this morning,

actually, as Taiwan Semi's report raises questions for analysts.

They're lower right now. We'll talk to Ben Wrights as familiar, us about the volatility.

Plus, Open AI chairman Brett Taylor with us this hour as his AI startup uniform Sierra launches new enterprise AI tools.

And Netflix, getting ready for quarterly results after a rough year so

far, down around 20 percent will get you ready for that report. First, though, two big pieces

of housing data to cross the tape. Let's get to Diana. Morning, Diana. Good morning, Carl. Let's start

with pending foam sales in June, down 5.4% from May and down 0.3% from June of last year. That is a big miss.

The street was looking for flat. Now, this count is based on signed contracts. So that's people

shopping in June when mortgage rates kind of bounced around a narrow but higher range.

Regionally, sales were down everywhere with the steepest drop in the Midwest, and that's actually where

homes are the cheapest. Now, the realtors said in the release, this is about higher rates and

higher home prices. So again, all about affordability. Now, that's the buyers. Let's move to the

builders. Home builder sentiment in July fell two points to 34 down from an upwardly revised

reading of 36 in June, according to the National Association of Home Builders.

That's also a miss.

Sentiment has stayed below 40 for 15 consecutive months, the longest such stress since 2012.

Now, anything below 50 is considered negative sentiment.

Of the indexes three components. Current sales conditions fell

1.37, future sales expectations down two points to 43, and buyer traffic fell two points to

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