Bring in show music, please.

Hi, I'm CNBC producer Katie Kramer.

Today on Squawk Pod.

Sarah Fryer, the CFO of OpenAI, are we in an artificial intelligence bubble?

A lot of prognosticators want to call it like we're on the sugar rush.

We're not.

It's more like the railroads or the build out of

electricity than anything I've seen. Making the magic sauce for consumers of AI and waging an historic

innovation debate. We think AI is the biggest thing, the biggest era that we've seen to date, right?

Those of us who've had the benefit of living through the

internet era coming upon us, mobile era, AI's bigger than all of that. An extended interview

with one of 11 candidates for next Fed chair. We're pulling for you so much, just so we can say

David Zervos, Fed Chair and CNBC contributor. David Zervos on tariffs and getting back to 2019.

The glory days?

Well, at least for the Fed's balance sheet.

That was a neutral place.

There were no rate hikes, no rate cuts priced in.

We were sitting at a 2% yield curve flat.

We had a balance sheet of 20% of GDP, no QE, no QT.

It was about as neutral as it could get with the Fed at its mandate.

Those big interviews, plus Target has named a new CEO,

and more chipmakers might get in on a government deal.

...