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 David Faber, alongside Jim Kramer.

We're live from Post 9 at the New York Stock Exchange, Carl, enjoying a well-deserved day off.

Oh, yeah. Yes, as we all deserve them as well. Take a look at futures. I don't know. What's that say to you? Anything? Anything at all?

You know, we have a whole show to do. Yeah, we got a whole show. Exactly. That's what it says to me as well. Thanks, Jim. Our roadmap does begin with a pause for the big tech run-up this after a surge of more than 20% of the last three months. The NASDAQ did not to its first decline in six sessions.

And as you just saw, futures, you know,

well, doesn't say much anything right now, but maybe a bit of softness.

We're going to talk about the big banks because they're boosting dividends,

and that follows this week's stress tests.

We're talking about City, Wells Fargo, Bank of America, among others that

are also trading at record highs. And OpenAI, Sam Altman, with some strong words from Meta and the company's

recent talent poaching spree. That is meta coming after a lot of Open AI employees. And there you see it.

Missionaries will beat mercenaries.

Let's start, though, with the recent run-up in technology stocks.

Last line on Mad Money, Jim unveiled a new acronym for three of the mega caps.

Take a listen.

Not fine.

Not magnificent seven. just M&Ms.

The sole survivors are the brutal quarter from what used to be the most captivating group in the market.

Yep, only three of the mega-caps finished the first half at all-time highs,

and it's worth trying to figure out how that happened.

How did Microsoft, Invidia, and Meta managed to triumph, especially when all of their stocks had hit some pretty

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