Good Wednesday morning. Happy New Year. It's midnight in Seoul, where they are already ringing in

26. Happy New Year in Asia. We're welcome to Squawk on the Street. I'm Sarah Eisen here with David Faber.

We are live from Post 9 of the New York Stock Exchange. Crowell-Kentania is off this week.

Coming up this hour, Mohamed Alarian will join us with his big takeaway from a largely upbeat year

for markets and a list of the key questions facing investors in 2026.

Plus, the CEO of Applied Digital is with us. That stock up more than 200% this year and just announcing plans to spin out its cloud business.

Nike, the third worst Dow stock this year, but CEO Elliott Hill is putting his money where his mouth is and betting big on a rebound, we will fill you in.

But first, David, promise more charts, right? Charts of the year.

And charts that really defined, I think, some of the major macro themes of the year.

So we talk a lot about affordability and how inflation still feels high and is straining household budgets,

even though the over the top line numbers have been better than expected.

One area that's really really been a pain point, coffee prices, right?

So one of my charts is the price of coffee.

It's not just about tariffs.

Actually, I would say if you read some of the

research on this and talk to the analyst, it's mostly about the weather and supply shortages,

you know, in places like Brazil and Vietnam that were really a while ago, but that hit the

market with the lag. And that's why prices have gone up so much. The tariffs didn't help,

certainly in places like Brazil, because

that's where we import a lot of coffee from. But the president did announce some relief on the

tariff front in places like beef and coffee. And then coffee prices did decline about 6% since he

announced that. So that should be helpful. The other good news story here is that does But that does give you a good sense. I mean that's a significant expenditure increase

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