Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber. We are live, as always, from post nine of the New York Stock Exchange. Coming up this hour, more big name earnings rolling in ahead of results tonight from Tesla and IBM. We'll talk to AT&T CEO, John Stanky,

about his company's quarter and how new iPhones factored into those results. Plus, SEC Chairman

Paul Atkins will be with us to talk crypto, potential changes to quarterly earnings, and how

the shutdown is impacting the agency's work. Also ahead, a big winner in the AI trade. We'll talk to the CEO of Applied Digital up 300% this year,

just announcing news of a multi-billion-dollar AI factory deal.

But guys, as the earnings roll in,

we continue to monitor for signs of demand from consumers

and on the economy, especially because we don't have any official data because of the shutdown,

though we will get CPI on Friday.

Did have a chance to hear from Wells Fargo, the biggest banks, one of the biggest banks in America.

CEO Charlie Sharp spoke to him at the Economic Club of New York yesterday, and boy, did he sound

bullish and enthusiastic about what's happening in the U.S. economy and with U.S. consumers.

Listen.

Consumer spend is up in debit cards. Consumer spend is up in credit cards.

And it's up like five or six percent year over year every single week, week after week after week.

Fuel prices go up. People spend a little bit less on everything else.

Field prices go down, they spend more. And it's true of all the other categories that

you see. There's this general level of growth and spend that you see. Consumers are spending,

but they're not drawing down savings to do that. If you look at overall savings rates, deposit balances are increasing slightly, and they're

not doing it at the expense of credit performance.

He talked a lot more about credit performance.

I'll share with you more comments next hour, especially on some of the bumps we've seen

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