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

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.

We kick off Q2 with futures a bit cautious, unwinding part of yesterday's comeback. Terraf uncertainty rains ahead of tomorrow's Rose Garden event.

10-year 415 is about a one-month low.

Our roadmap begins with stocks coming off their worst quarter since 22. Wall Street is on edge

amid fears that Trump's tariffs will be more severe than expected. Plus Johnson and Johnson shares

under pressure this morning, at least ahead of the open, a federal judge rejecting the company's

latest talc resolution offer. And Intel's new boss making his first public appearance as, of course,

its CEO, Lipputan, saying and laying out his plans to overhaul the company.

Total heavyweight. Okay. We have to talk about lots of it too. Whatever you want to

talk about, we'll talk about, Jim. I like that idea. Let's get to the markets though as we start

this new month and this new quarter, Jim. People are trying to run through the themes that set the tone

for Q1. They argue tariff uncertainty, government cuts, and fears of an AI bubble.

You got any problem with those?

I think that they're missing the point.

I think it's inflation, inflation, inflation.

And I think the tariffs are inflationary, and that that's what people are really thinking about.

And I think that's extending to our market, which therefore

means that there's not as much spending, which means the consumers pull back, which means you've got

to be careful. I think that's the correct narrative. AI, I think, has actually gone to the

point where it's so hated that you've got to, you have to stick your neck out and buy some

AI, particularly with Open AI, with Open AI, I have a $3 billion valuation, soft bank spending on.

...