Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber and Mike Santoli.

We are live, as always, from post nine of the New York Stock Exchange.

Pearl Pintanilla is off today. Coming up, Tesla shares moving in reverse this morning after mixed results and a big increase in CAPEX guidance.

We'll talk to an analyst who says the stock is a sell and could lose two-thirds of its value. Plus, the CEO of

NVIDIA-backed AI firm Reflection, which is positioning itself as America's answer to deep-seek

and is reportedly eyeing a $25 billion evaluation. And then details on some big post-earnings moves from Service Now and IBM,

including what IBM CEO told me about the global economy and the impact of the war.

I just wanted to start off with what we're gathering about the economy right now, which is jobless

claims. And the good news is jobless claims are uneventful. We haven't really

seen any big spike up. If you worried about corporations pulling back and getting nervous, you

would see a spike in jobless claims. Americans filing for unemployment benefits. But what we've seen,

you know, we're on trend here. 214,000. It was a little higher than the 210,000

estimates, but it's right in line with what we have been seeing lately, especially on jobless

games. If you want to make a case for the economy doing well, being resilient, and the job market

not being a problem, you look at the weekly jobless claims. These are continuing claims,

those that, you know, are more longer term continuing to file unemployment claims. And again, you know,

they've been a little bit elevated, but haven't seen any big spike there. So what are we hearing

from companies, which is sort of more of an immediate take on what's going on out there with

the economy as a result of higher gas prices in the war.

Southwest CEO echoing sort of what we heard from United earlier this week.

Like you've heard from others, they say we're seeing broad-based demand strength.

That strength is in all geographies.

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