Good Tuesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Cantania and David Faber. We are live from Post 9, as always at the New York Stock Exchange. Coming up this hour, first on CNBC interview with the CEO PepsiCo, RamonGuarda, as the company tops Wall Street expectations

and announces plans to lower prices. Plus, Palantir shares heading higher after solid

earnings gaining background on the year. Long-time tech expert Patrick Moorhead tells us why

he thinks the quarter quote, validates the AI bullcase. And speaking of AI, Elon Mutz says

he is combining SpaceX with his artificial

intelligence startup XAI in a record-breaking deal. We'll talk about the strategy behind the merger.

Let's get to the markets this morning. Dow Industrials did hit an all-time high this morning. First

time in a few weeks. Joining us here at Post 9 this morning is bespoke investment group co-founder,

Paul Hickey, talking about all kinds of interesting divergences lately, Paul. Good to see you again. Good to see you. I mean, we should mention what's happening with tech. I mean, it's European techs getting taken apart. Biggest laggards on the Dow are IBM, Salesforce, Microsoft. Yes. What do you think this trade does. So I mean, I think what we're seeing is it's a reflection of the broadening out

trade.

So we saw in the month of January, seven sectors outperform the S&P 500.

And the reason they were able to do that and the S&P was only up one and a half percent

was because tech was flat.

So you saw this situation where money is coming

out of tech and it's going into the more cyclical sectors of the economy and that's a reflection

of what we're seeing in the strong economic data that we've seen and it's just investors

are broadening out their horizons and tech and questioning some of the valuations in the space.

So does that continue?

I think it will continue.

You know, we've been, you know, big proponents of the broadening and out trade for a while,

probably early on it.

But, you know, in tech, we still like tech, but some of the mega cap areas we're less attracted to.

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