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 Cainter here with Jim Kramer,

David Fabry at Post 9 of the New York Stock Exchange. Nasdaq 100 looks to open higher by about 2%

on the back of AMD's strong guidance. Got a Fed decision today, the BOJ hikes, and some dubbish macro data has the

tenure, just 12 basis points from a three handle. Our roadmap begins with a flood of corporate

results, including Microsoft, new CEO at Boeing, Starbucks, with a cautious consumer and

Pinterest tumbling on weak guidance. Bus we, of course, are awaiting the Fed. Futures are rallying on this last trading day of July as investors seek new clues for the

rate cut path ahead.

And this hour, we're going to be joined by the CEOs of AMD and T-Mobile.

Of course, we're going to break down the quarters with both.

We'll talk about the AI boom, the state of the consumer, a lot of other things as well, Carl.

Let's begin with Microsoft this morning, beating earnings and revenue estimates, but this

miss on cloud a bit pressuring the stock in the pre-market, certainly on the call last night.

Sajun Adela did discuss Azure AI growth and CAPEX.

Obviously, the Azure AI growth, that's the first place we look at. That then drives

bulk of the CAPEX spend. Basically, that's the demand signal. Because you've got to remember,

even in the capital spend, there is land and there is data center built, but 60 plus percent is the kit. That only will be bought for

inferencing and everything else if there is demand signal. So that's, I think, the key way to

think about capital cycle. Jim, you excoriated investors who sold last night too soon.

Yeah, well, they're a bunch of clowns.

You have to wait for Amy Hood.

Amy Hood is the CFO.

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