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

Kintania, live from post nine of the New York Stock Exchange. Today, U.S. bond yields

during their highest levels in decades. We'll be joined by one top fixed income investor who

says the yield move is creating an opportunity right now.

With mortgage rates inching closer to that seven handle, we'll look at the impact on housing stocks

as Toll Brothers gets set to report tonight after the bell.

Plot CNBC out with its latest Disruptor 50 list, ranking the most promising venture-backed

companies. We're joined by the CEO of number five, corporate expense management platform ramp. Once again, an interesting split market where S&P's kind of hanging in there,

7350, even as yields do blow out. Ten year gets to 467, the long bond at five, almost five-twenty

this morning. There's been a little nibbling in utilities and health care today. Vicks still sub-18, despite some of the turmoil in bond markets, all around the world, by the way. Right, exactly. It's not just a U.S. phenomenon. Staples, real estate, also a little bit higher, but tech is not bailing us out today for the market. Let's start there. Focus on the chips, because we are seeing a pullback in several names to start the week.

Christina Parts and Evelos at the NASDAQ with more on these moves, Christina.

I think we don't have having some microphone issues here on the show. I wasn't sure if that was just us or if anyone can hear or work on getting her mic fixed up. But it's true if you look at some of the action today, it's AMD, Broadcom, Intel. Those are the big weights on the NASDAQ 100. Christina, I think we have you back with us. Yes. Do you? Sorry. Go for it.

Okay.

Awesome. Okay. So I shouldn't be smiling because semi-stocks are continuing the retreat today. Wall Street is really asking whether this is something bigger than it looks. But it's less like a fundamental breakdown and more like a positioning unwind, especially within the momentum names like Optica, which we'll get to in just a second. Hedge funds and retail investors have really piled into AI-related chip names in a big way.

And when that trade gets crowded, the unwind can be swift and painful.

So let's start with some of the names.

Intel, Terradine, Micron, AMD, all down roughly about 10% just over the last week or so.

The optical names that are, you know, often the leaders within the momentum trade,

the hardest hit yesterday and again today.

Lumentum down nearly 3% coherent, applied optico electronics.

That one's down over 5% right now.

Invidia, too, not spared,

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