Carl Quintanilla, Jim Cramer and David Faber led off the show with the AI Trade: Semiconductor stocks took a hit and pulled the Nasdaq down from a record high, in reaction to a report that said OpenAI recently missed its revenue and user targets. The Elon Musk-Sam Altman trial enters day two, with opening arguments set to begin. The anchors also explored market reaction to earnings from Coca-Cola, General Motors and UPS — plus what their results are indicating about the state of the economy. Also in focus: Oil prices rise as the White House is skeptical about Iran's latest offer, the United Arab Emirates to leave OPEC, the high-flying stocks in pullback mode, Spotify's stock slump, Starbucks earnings preview. Squawk on the Street Disclaimer