The global chip rout, Cerebras earnings, the PGA Tour's next chapter and more in Morning Squawk

In the latest update from the financial world, investors are navigating a complex landscape. Stock futures have shown a positive trend as trading opens, despite all major indices closing lower yesterday. Notably, chip manufacturers, including industry giants like Micron and Intel, experienced a downturn as the AI infrastructure boom showed signs of cooling. This shift has left investors seeking refuge in more stable sectors. In a significant development, President Donald Trump announced that Iran has assured the U.S. there will be no tolls or extra charges for ships traversing the Strait of Hormuz. This statement, shared on Truth Social, comes with a warning that any misinformation would prompt a halt in negotiations. Meanwhile, Treasury Secretary Scott Bessent confirmed that his department would manage the release of frozen Iranian assets as part of a deal with Tehran, despite pushback from some congressional Republicans concerned about the agreement’s concessions. On the horizon, the Federal Reserve is poised for potential changes under Chairman Kevin Warsh. The search for the next Atlanta Fed President, who will participate in future Federal Open Market Committee votes, has resumed, indicating a shift in leadership focus. Candidates previously considered are being reevaluated, including former Treasury deputy Michael Faulkender, though his current status in the running remains uncertain. In corporate news, shares of Cerebras Technologies, known for its AI chips, fell by 10% in premarket trading following its inaugural earnings report. The company reported an impressive 92% revenue increase year-over-year but provided disappointing guidance for gross margins, projecting a drop in the second quarter compared to the previous period. In the realm of space exploration, SpaceX's stock managed to rise 1% yesterday, snapping a three-day decline, amidst caution from short-sellers hesitant to bet against Elon Musk. Lastly, the PGA Tour is gearing up for a transformative season with a new tournament structure set to launch in 2028. This new format will introduce two distinct series based on skill level and revive playoff events in a match play format, diverging from the traditional medal play. As excitement builds for the upcoming Travelers Championship, fans are eager to see how these changes will unfold. Economic indicators released by S&P Global indicate that workforce reductions in U.S. factories are approaching levels last observed during the 2009 recession and the pandemic, adding another layer of concern for market watchers.