Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantoneo with Jim Kramer at Post 9 of the New York Stock Exchange.

David Faber is the morning off. Final day of January, Fed decision on deck, some weariness around mega-cap tech earnings.

But more signs of wage, disinflationation and does that build the case for a

March cut 10 year 401 our roadmap begins with tech earnings alphabet Microsoft

among the names dragging the Nasdaq and SEP lower CEOs of Boeing and

AMD will join us to discuss their respective results and a Delaware judge

strikes down Elon Musk's 5656 billion Tesla pay package.

Let's begin with Microsoft and Alphabet set to drag down the tech sector despite beating estimates.

Light guidance with strong growth from Azure, while Alphabet's ad revenue came in short of expectations.

Here's CFO Ruth Porat talking about the parent's outlook on last night's call.

The step up in CapEX in Q4 reflects our outlook for the extraordinary applications of AI

to deliver for users, advertisers, developers, cloud enterprise customers, and governments globally,

and the long-term growth opportunities that offers.

In 2024, we expect investment in CapEx will be notably larger than in 2023.

Notably larger than 23 when they did 11 billion. This print street was not even at 10.

I hope it's going to be larger. They have a lot to do. They've spent very exciting time as we hear from Lisa Sue. I think that this is a quarter that suddenly we didn't care about Google Cloud. I mean, I was just praying that Thomas Curry put up some good numbers. Google Cloud. He puts up great numbers. And then suddenly we're shadow boxing. We have other things are doing wrong. They are doing some layoffs. Yes, do I like how much other bets loses? No. Come on, Ruth. Let's do better on that. But, no, I mean, look, the stock's down because it went up a lot. I thought it was a very, very good quarter. They don't like to specify how much they made in YouTube, which does bother me.

I was hoping they give us some granularity on a Sunday ticket. They did not. But this is still a tremendous way to reach customers. Google Cloud's doing well. If the stock were, if the stock had

not been pushed multiple times by people who said this is the cheapest of the significant six or whatever, then this wouldn't have happened.

So those who want to sell it now, be aware that there weren't any people on Wall Street that really said, you know, what, sell or downgrade.

And one of the things that we've learned from the seven or six or whatever you want to call it, is that unless there are downgrades,

unless people come in and they just say, listen, we're selling, then what happens is you

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