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 Ketanay with Jim Kramer, David Faber,

post-9 of the New York Stock Exchange. Futures do point to some more pressure on tech as software

comes off the worst day since last spring. Bessett goes to the hill. ADP is amiss and

decelerates for the third straight month,

but yields are higher. Steepest curve this morning in almost four years. A roadmap begins with

a threat of AI wiping out $300 billion in value in software and data stocks in yesterday's sell-off.

Plus AMD shares, they're taking a bit of a hit this morning after its forecasts yesterday fell short of some expectations of the analysts who follow the company.

Company CEO Lisa Sue will join us exclusively.

That's just moments from now.

We'll talk about the quarter, the outlook, and perhaps a lot more.

And Jensen Wong, speaking with our Jim Kramer, saying invVIDIA's plan to invest in Open AI remains, quote,

on track and that there's no drama with Open AI.

Let's begin with tech this morning. Nasdaq's coming off the worst day in a couple of weeks. Software,

of course, got slammed on fears that AI will replace the work of some major names, Jim,

the IGV, getting down to about eight times price to sales?

Yeah, now the IGV was really the culprit.

I think a lot of the stocks are in the IGV, including two of the top ten are cyber security companies.

Oddity here, CrowdStrike, one of the highest, is a great partner of Anthropics. So the idea that Anthropic is somehow

going to drill George Kirch's company, seems highly unlikely. They're buddies. So the stock is down

today, and I'm just going to call that plain and simple wrong and an opportunity. How much can

they disable Microsoft? Not clear, I don't think much at all. I think that one could bounce. The two that were really hit, one, Thompson Reuters, and that made sense because it says that, listen, you don't have to go to outside counsel, you can stay inside. I like that very much. And then Gardner, they're saying, listen, they do that magic quadrant. How about if we measure magic quadrant versus your own? Those were the two use cases. Now, everyone then panics and says the use cases are everywhere. David, I have to tell you, there are some limits to the use cases. Anthropic is not going to destroy the world. This notion that Anthropic is eating everyone, you know, I think this mortgage burden may be over. Maybe a little bit overdone. Yesterday, certainly it was everything.

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