I am carving out with a bowl bit and it is leavinh some burning marks.
My project is set at 18000 rmp .375 coutout at .157 per pass speed is at 40.
Does this mean my bit is dull or is it moving to slow should i bump the speed to 50 or 60?
Yes, if the wood is burning the machine feed rate needs to move faster/the speed of the tool rotation needs to slow down — but if the tool is not sharp/in good condition/has lost its temper, then that will need to be addressed.
If there is one wood that will burn easily it is cherry. There is a lot of resin in cherry and it is almost impossible to cut cherry on a table saw without getting burn marks. So as @WillAdams suggested speed up and bring your depth of cut smaller. It may take longer but depending on your machine type the .157" is likely too much. A large bit tends to heat up because there is a lot of surface engagement. So a .375" bit is not huge but for most CNC machines that is getting up there considering a lot of cutting is done with .25" and .125". So the bigger the bit and the deeper the cut the more heat is generated and for cherry you get burning. By reducing your DOC and speed you generate less heat in any one spot.