Faulty reasoning signals

• Ambiguity (Equivocation) - 20.5%
• Optimism Bias - 15.5%
• Post Hoc (False Cause) - 14.9%

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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Happy Friday. Tune in to "Squawk on the Street" at 11 a.m. ET for an interview with FCC Chairman Brendan Carr as his agency's investigation of ABC's "The View" continues. Watch live on CNBC or CNBC+.

Stock futures are mixed this morning. The Nasdaq Composite and S&P 500 are both on track for a winning week.

Here are five key things investors need to know to start the trading day:

Wall Street got a lift yesterday from chipmakers, which rallied across the board to push all three major averages to close higher. Micron led the way with a 4.5% gain in Thursday's session after announcing plans to invest billions more in the U.S. supply chain.

Here's what else is going on in the tech trade:

Meet Federal Reserve Chairman Kevin Warsh's new brain trust.

Warsh on Thursday released the names of the experts who will serve on five task forces charged with examining the central bank's operations. Some notable names include venture capitalist Marc Andreessen, Xbox CEO Asha Sharma, former White House Council of Economic Advisers Chairman Greg Mankiw and former Walmart CEO Doug McMillon. As CNBC's Matt Peterson writes, the members of the AI-focused task force appear to share Warsh's bullish stance on the new technology.

In other Fed-AI news, Anthropic has appointed former Fed Chair Ben Bernanke to its Long-Term Benefit Trust, the independent body that advises the company and appoints its board members. Anthropic said Bernanke will help it understand "how AI is changing the economy."

Delta Air Lines kicked off major U.S. airlines' second-quarter earnings season with a beat on the top and bottom lines this morning, reaffirming its earnings forecast for the year.

CEO Ed Bastian told CNBC that the carrier expects to hold on to its pricing power as it passes higher fuel costs onto consumers, predicting ticket fares and demand will stay strong. Delta passed about 60% of its higher fuel bill onto its consumers this quarter, Bastian said, adding that the number should approach 100% in the current period.

Oil prices fell on Thursday, but the Strait of Hormuz remains a pressure point.

Tanker traffic through the strait slowed sharply after Iranian attacks on commercial ships triggered renewed attacks from the U.S. Thirteen tankers crossed the strait on Wednesday, according to Kpler. An average of 33 ships per day crossed the key sea lane in the previous week.

Just five commercial ships crossed from Wednesday overnight into Thursday, according to data from Windward, but no outbound tankers crossed the strait during that period.

Speaking of airlines, Palm Beach International Airport officially became President Donald J. Trump International Airport yesterday.

The South Florida airport's code is set to change from PBI to DJT on Aug. 18. The renaming, brought about by legislation signed by Florida Gov. Ron DeSantis earlier this year, is expected to cost about $5.5 million, according to the airport.

The airport is frequently used by the president and his family when they travel to his nearby Mar-a-Lago club. Trump's son Eric Trump said the private jet owned by the Trump Organization, known as "Trump Force One," was the first plane to land at the airport under its new name.

Here are a few stories we recommend making time for this weekend:

— CNBC's Sean Conlon, Lee Ying Shan, Sarah Min, Joseph Wilkins, Justina Lee, Tanaya Macheel, CJ Haddad, Kif Leswing, Katie Tarasov, Jonathan Vanian, Ashley Capoot, Jeff Cox, Matt Peterson, Leslie Josephs, Spencer Kimball and Michele Luhn contributed to this report.

Josephine Rozzelle edited this edition.