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tv   Varney Company  FOX Business  March 22, 2023 9:00am-10:00am EDT

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jersey most expensive, something to look forward to. but -- >> wedding season. >> a benefit of getting mayored during covid you couldn't have that many people at ceremony in the first place my husband and i only invited 60 people we were at, sorry pandemic, then -- >> guests grateful for it. >> a lot of people got married i didn't want to leave house thank you for not inviting me. >> we had open bar they had a good time. >> markets are higher, fractionally so, we got federal reserve coming out 2:30 this afternoon, to tell us if raising rates a quarter point, that is why i think you are seeing a quiet session this morning. >> no one making a big trade i am looking for no change or small change they say now done you get a rally out of that, great to see everybody, thank you so much have a great day, everybody "varney & company" begins now take it away. >> good morning.
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at the same time not rock the boat banking crisis interest rate hike 25 basis points is the odds on favorite move we are going to ask how we got into this mess big hint biden's spending power of printing, yellen says stands ready to quote intervene again, has he opened door for huge bailout, stocks this morning overall wait-and-see mode waiting to see what fed does, maybe 20, nasdaq down maybe 12 not much before fed decision reports, mostly a little bit higher this morning 10-year coming at 364, well above 3 1/2%, two-year well above 4% level two-year is now looking at can we get it 4.25 my goodness rates up this morning, bitcoin holding steady in the round 28,000
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bucks a coin 28.2, also by the way, trading in miami coin has been suspended, the city was banking on its crypto to bring revenue, we are talking to mayor who created the miami coin on the voluntary later, fox reports donald trump has not received any notification of indictment today, but some democrats having second thoughts about arresting a former president in the middle of a presidential campaign this moment, the trump haters around new york d.a. bragg are still running the show, we talk to mayor of california town tried to use housing you you vouchers to relief homeless problem. it didn't work well we focus on artificial intelligence, not something i understand after reading tom freed marn's column abo-- freedman's in "new york times" says it will change everything about how we
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do weathered march 22, 2023 "varney & company" is about to begin. . . ♪ might as well jump ♪ stuart: yeah, it's wednesday, so , the sixth avenue right outside our building is a little more crowded than it be on a monday let's get straight to this , come on, treasury secretary janet yellen gave an update on our state, on the state of our banking system. lauren, what did she say? lauren: "the situation" is stabilizing, if you're worried, well, don't, because similar government intervention could be warranted to protect smaller banks too. she was addressing the american bankers association, so a group of bankers, but also the american people who are listening, and that was a vote of confidence. did it quell these calls for treasury to come out and
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ensure all deposits no matter the size? stuart: so she didn't say anything about that directly? lauren: not that i recall. stuart: she will backup banks if they get into trouble. lauren: and people just want to pull their money, and that's not always warranted because the health of the banking system is generally safe. stuart: let's get a quote from what she said. she says the treasury is ready to save the smaller banks. here is what she said, roll it, please. >> the public should have confidence in our banking system and it's our intention to remain vigilant in the days and weeks to come, and as i said in my remarks, that means potentially intervening, if a smaller bank experiences the kinds of difficulties we've seen that pose the risk of contagion. stuart: well, look whose back. the bear himself, eddie eddie
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ghabour is joining us this morning. eddie, does backing up the banks make any difference to your bear ish outlook for stocks? >> it does not. look, the fact that yellen has to even come out and say that there's a potential to need to backstop for banks in my opinion gives people less confidence in these smaller banks, and so we have a banking crisis unfortunately and look, this goes well beyond the banks, right? think about the financial institutions that aren't backed by fdic. the shadow banking that have these same types of higher risk loans that are out there. they're going to start to see defaults there and there won't be any government backing. look at the end of the day, the government can't backstop every business and every bank and every depositor. this is a function of poor monetary policy and loose and zero interest rates for over a decade, and we just started this banking crisis a couple of weeks ago. just because yellen comes up and speaks about it doesn't mean it's going reverse itself
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overnight, so unfortunately, i don't think there's anything that they can do to stop this cycle. the good news is i think we're going to hit a bottom this summer but i think this last phase of the bear market, as i've told your viewer s and our clients coming into this year, is going to be the most painful. stuart: okay, hold on a second. i've got to regroup here. hold on a second. >> the next leg down or we won't get that bounce people are accustomed to seeing. stuart: i want to wrap this all together. you see an immediate drop in the stock market and it bottoms in june and then june is your buying point. that's how you're laying it out, correct? >> i believe we will hit, i can't say exact low in june but i think by june, we will be at new lows and we will start buying if that happens in june. i think we've got june, july, august, we have a tremendous amount of cash so we're going to dollar cost average in and get it really low prices in our opinion. look, on top of this banking crisis, we have a debt ceiling debate that now has nobody's
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focus because everyone is worried about the bank. in 2011 we had the same issue and the s&p dropped by approximately 18%, so you put a debt ceiling debate on top of a banking crisis, on top of the economy, going in the wrong direction, and i don't see how anyone can look at that objectively and be bullish. stuart: okay, eddie ghabour, we hear you. thanks very much for joining us, i know we'll see you again. >> thank you. stuart: change subject. senator rand paul not holding back on any indictment of former president trump. he says and i'm quoting now, " trump indictment be a disgusting abuse of power. the da should be put in jail." sean duffy joins me. this possible indictment seems to me to be the product of rampant trump hatred. any argument with that? >> not at all and stuart the problem with it is you have a radical leftist da, you have liberal prosecutors in new york city as well and if you go to trial on a case like this , you have liberal jurors, so there's
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no justice for donald trump. this is all just about revenge for a president and his policies and his supporters that the left hates. stuart: i agree with you entirely. now some democrats not happy with alvin bragg. listen to this. cnn van jones says the da should back off. roll it. >> it doesn't seem like the right way to go when you look at the history, it's not going to judge donald trump based on stormy daniels. it's going to judge him based on the elections, judge him based on the attempt, the insurrection i think that if i were alvin, i would wait for georgia to go first. stuart: okay, sean? do you think he'll back down? alvin bragg. >> i don't know. listen, he's becoming a household name for going after donald trump. the far left love that he's prosecuting donald trump and i think if you take a step back, stuart, i think most, you know, middle of the road americans right of senate, left of senate the traditional democrat even the traditional liberal, not the leftist, but traditional, they look and go you know what?
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in america we don't actually use the justice system to prosecute our past leaders. if we do this to donald trump, they are smart enough to go oh, well what happens next when republicans take power? do they do this to our leaders as well? how does this breakdown the norms in american society and those are smart americans but again on the left and the money donors, the activists, they're pushing them on and i don't know that van jones really has alvin bragg but to this point this could be disastrous for democrats, it could be a good thing at least in the primary for donald trump. stuart: yeah, in the short run, is this in trump's favor? is he gaining ground, because of what they are trying to go to him? >> in the short run, yes, it is in a primary and then i think it undermines i think democrats and van jones said this in his conversation, that they have a better case in georgia, the doj has other charges they are looking at which might be better than this. what you kind of ruin all of those cases if you go after, you
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know, such a garbage bookkeeping error if you will on the stormy daniels case with donald trump so it's a big mistake for democrats and by the way, you had donald trump chanted lock hillary clinton up, lock her up, but after he won most republicans weren't so mad at hillary clinton, they were like we have to put her behind bars. she violated the law but they kind of stood down so there's some campaign rhetoric that happens around these kind of things but you don't actually do it, but democrats and their hatred for trump and impeaching hip twice and now want to put him in jail and what they really want is him walking maybe in cuffs, maybe they get the shot with him in a jump suit who knows but they are going to play that and try to use it to their political advantage. stuart: i think the response to trump in handcuffs be severe, should we put it like that? that is severe reaction. got it. hey, sean? >> yes? stuart: will you be talking about bitcoin on your show this afternoon, the bottom line with dagen and duffy?
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6:00 p.m. eastern? >> stuart, you said it. people should sell at 25, stuart and we got back they were sitting at 28 right now, so, it's going well. listen, people get concerned about currency and finance and they come to golden and bitcoin which is happening right now. stuart: you still in? >> yeah, i'm absolutely still in and now i've started to buy some gold too and i'm buying high on my gold. we have $8 trillion on the fed's balance sheet going to 9 trillion, this is scary stuff, stuart. stuart: okay, you're right on that one. sean, good stuff. >> you can still get in. stuart: [laughter] shawn sean duffy you are already and we'll watch you at 6:00 tonight. governor desantis has not announced an official run for 2024 but if he did run, what does he think of his chances against biden? lauren: he's confident. he's very confident. he told piers morgan this , i'm running against biden, like trump and i are competing for the republican nomination.
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potentially i get that, but ultimately, you know the guy we're going to focus on is biden because i think he's failed the country. i think the country wants a change. i think they want a fresh start, new direction, and so we'll be very vocal about that. i'd call this his strongest indication yet that he is un officially official running for president, right? i mean, come on. and he said one thing. you can't win the presidency without the support of independents. stuart: yes. >> laura: he says he has though. he says independents in florida love what he's done to the economy, a budget surplus what he's done on crime. so if he could make that work, nationwide, maybe he'll get the independent support. stuart: thanks, lauren. coming up well check the futures first of all. we're 11 minutes past the hour. we've got some green, but not much, everybody is waiting to see what the fed does this afternoon. got it. coming up, the white house insists president biden is not being secretive on covid's origins. watch this: reporter: does the
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white house hope that the lab leak theory is not true? >> we don't have a hope one way or the other, peter. what we want is the ground truth wherever that takes us, wherever the science takes you, wherever the facts take you. stuart: well the intelligence collected about covid's origins is going to be revealed will that help us get to the bottom of it? over 13,000 chinese nationals apprehended at the border just since october. a huge source of income for the cartels. they pay a lot of money. nothing though ever, ever changes, does it? tennessee congressman mark green on that next.
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stuart: wednesday morning, we're going up at the opening bell but not by much, and that may change this afternoon when we find out what the feds going to do with interest rates. stay tuned. russia launched more drone strikes against ukraine overnight. america announced plans to speed up delivery of those abrams tanks. lauren: john kirby says the administration is moving fast to get ukraine the weapons that they asked for and the weapons that we promised to send them. >> the pentagon is working as fast as they can and i think they will have more to say here soon about adjustments they are making to try to see if we can get abrams tanks to ukraine a little bit faster than previously expected so we're working on that. lauren: that's expected by fall. so sooner. the timing of this announcement is key though, because the summit between putin and xi just came to a close. xi promoted this peace plan. it doesn't look like putin listened. overnight severe drone strikes, one hit an apartment building one an educational complex, and
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that's unfair to the poor people who live in ukraine. russia is making its attacks even more severe. stuart: its been grossly unfair for 14 months. lauren: and it keeps going so if there's a cease-fire then what? russia can we group. stuart: i want to bring in congressman mark green, a republican from tennessee joining us this morning. congressman, where do you stand on this? do you think we should send ukraine everything they need to win or not? >> absolutely. we need to give them every resource we can. stuart: good. >> vladimir putin is a thug, criminal. he's a war criminal. he's invaded a country and needs to be stopped. stuart: but congressman, there's a lot of people in your party who did not want to give them everything they want to win. they want to hold off. your party is split. >> there are certainly folks in the party who like a lot of republicans, want to take care of america first, right? so i get that, but honestly,
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twice in the last century, we waited. we had an isolationist perspective. we waited too long and it one up costing us hundreds of thousands of lives. i am not willing to do that, so let's send some missiles. let's send some tanks and let's keep american men and women home , plus let's deter china, right? so it's about xi and taiwan, just as much as it is ukraine. stuart: got it. congressman, over 13,000 chinese nationals have been apprehended trying to cross our border, southern border, just since october, 13, 702. this is a new source of income for the cartels, chinese migrants pay 30 to 50,000 bucks a piece, but you know, nothing ever happens. nothing changes, does it? >> no, unfortunately, this president is more concerned about future votes for his party than he is the security of the american people. we know 100,000 deaths due to drug overdose, 70-plus thousand
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due to fentanyl coming across our southern border and now, we had a whistleblower come to the community of course i'm chairman of the homeland security committee and we've had a whistleblower come to us telling us 25-30 a day in one sector alone with ties to the chinese communist party just being released into the country so we will dig into that on our committee, we will write legislation hopefully, hopefully it passes in the senate, and if not, then hopefully the american people, you know, the furor grows amongst americans that gets the democrat s to actually move. stuart: also, on china, i believe that you've reintroduced a measure to stop american companies doing business in china. i'm trying to think this one through. i don't see how you can stop apple doing business in china. that be catastrophic. >> yeah, there are certainly some businesses, we can't, the decoupling can't be 100% overnight, right? but we have a bill, i have
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actually two bills one is a near shoring bill that creates an incentive with low interest loans not using taxpayer dollars but through the development finance corporation to have companies move to latin america, that creates opportunity there and of course decreases pressure on our southern border, so basically, decreases our dependence on chinese manufacturing, and then a second bill that's bring american businesses home which incentiv izes american companies, manufacturing to come back to the united states and make products here. stuart: all right congressman, i'm sorry i'm out of time but we hear you. action on china. >> thanks. stuart: congressman green, thank you very much for joining us. what's the greatest threat to america? good question. we took to the streets and asked that question. what did people say? lauren: yeah, i paused when i asked myself this question. what's the answer? so people in austin, texas, were asked, is it russia? is it china, or is it climate change? stuart: oh. lauren: here is what they told fox. >> i currently think the biggest threat to us is
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china. >> humanity, went through thousands of wars and this be just another one but climate change, like we have to figure this out now. >> climate change i don't find to be a threat at all, and neither russia or china. i actually feel like one of the biggest threats we're encountering today is the world economic forum. >> i really do think that china has more resources, power, and like ability, efficacy to be able to be a threat. lauren: so as you heard, no one named russia. stuart: right. lauren: a lot of china on that list and there's a lot more concern about what china could do as they do not address climate change and grow their economy and their military. stuart: it was a guy with a european accent who picked on climate change. lauren: he looked like an environmentalist. stuart: what's this about an investment firm that advised obama-biden and has ties to the communist party? lauren: the firm is out of d.c., a former ambassador to china
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under both the obama and biden administrations was on its board and it urged chinese companies with ties to the ccp, alibaba, a chemical company, to invest here in the united states. its also been reported that hunter biden's firm, rosemont seneca had a 5% stake in harves, so there seem to be deep ties. stuart: a connection shall we say. check futures, please. i see some green. not much of it, in advance of the fed decision on interest rates, look at that. hardly any movement. the opening bell is next and we'll take you there. ♪ ha-ha! it was me the whole time.
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to see my ancestors' photos was just breathtaking. wow, look at all those! what'd you find? lorraine banks, look, county of macomb, michigan? oh my goodness... this whole journey has been such a huge gift for our family. stuart: on the markets this morning as we approach the opening bell, hardly any change in advance of the feds decision this afternoon. shah gilani with us this wednesday morning. all right, shah gilani. if the fed raises rates by 25 basis points today, as expected, how does the market respond? >> i'm going to go out on a limb, stuart, and say it's going to rally. i think the reason for that is that 25 basis points first of all is the universal consensus of what the fed is likely to do,
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and if chairman powell doesn't make a mistake in his commentary and q&a and reassures the public that the banking system is safe he might clear a path for the market to go 5% higher, because that means likely that the pause that everyone has been waiting for is probably coming next, and i think 25 basis points might be viewed as the last hike and there's clearance for markets and investors to get in. stuart: this is a monumental meeting of the federal reserve, isn't it? i've pushed and pulled, you've got to fight inflation, take care of a banking crisis. i think it's biden's spending and powell's printing that have created this situation. you going to give me a fight on that? >> no, absolutely not. 100% agree with you. we're not out of the woods by far. i know that we're looking down the road, looking at the debt ceiling but immediately in front of us is the banking crisis and i think that's first and foremost on the fed's table right now, though they aren't going to address it that way.
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inflation right now is a longer term battle. i think they have to first of all, stem the banking crisis and indeed we have a banking crisis here. it can easily result in contagion throughout the system and i think that's first and foremost on the fed's agenda. they may address that straight up, but longer term, we still have to fight inflation. prices are not coming down, and i think we're going to have more money printing going forward and more fiscal spending so we've got that battle ahead of us. stuart: okay but you've excited everybody by saying if the fed raises 25 basis points we might get a rip roaring rally of maybe 5%. we're all excited. don't let us down here, shah. i hope that's what we see. >> there's room for it, there's room for 5% move on the upside and a lot of money on the sidelines. >> [opening bell ringing] >> investors might take this as an opportunity to get in stuart: i'm glad you got that in three seconds before the market opens on this wednesday morning. here we go. shah gilani, thanks very much indeed. here we go. don't expect much price movement in the very early going. again, we've got this fed
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decision this afternoon. right now, the market has opened i see an even, two-thirds up on the dow 30, one-third down, let's see what we got here? the dow is open with a 16 point gain. the s&p 500 also, i think slight , no, ever so slightly lower. i'm going to call that dead flat as for the nasdaq same story. not exactly dead flat. yeah it is. it's dead flat. how about big tech? dead flat again. well, there's some upward movement but not much. meta, apple, microsoft, fractionally. amazon, alphabet down a little, alphabet is down two-thirds of 1 %. now, show me the regional banks, please. janet yellen is throwing her support behind them. we have a development, i believe , with pac west. >> so it looks like just in the last few minutes the reason why the stock is really under performing is that pac west says right now it's not prudent for them to raise capital. they do have $11 billion in cash on hand and they just said that they tapped atlas cash
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after a 20% deposit outflow. 20% in deposit outflows and we've heard that from first republic as well. yes they have $30 billion in those 11 banks, depositing money into first republic but don't forget outflows and withdrawals have been $70 billion, so that's double the deposit and the cash that has been put in, so i think pac west reigniting those regional bank fears and we will be hearing later on from jay powell. stuart: it occurs to me that's the key metric here. >> outflows. stuart: because that leaves the bank high and dry. >> yeah, and what about also this rescue as well because you've heard about jamie dimon, jpmorgan saying that he's trying to figure out some ways to inject capital, whether it's converting that $30 billion into out right equity purchases, instead of just deposits, but i'll tell you this is that probably need some backing from d.c., according to a lot of people. you need to guarantee these deposits for us to feel comfortable to increase that $30 billion, possible injection
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there. stuart: you know what, susan? here we go again. >> yeah. stuart: the meme stocks are back >> i wanted to note that ubs is now trading at levels before silicon valley bank went under, so that forced marriage between ubs and credit suisse apparently stock positive for ubs, believe it or not. stuart: i'm going to get to meme stocks i still think they are gambling chips but i'm looking and i see what is it gamestop up 44%. >> you going to have a rethink on gamestop? first quarterly profit in two years they actually made money for the first time in 24 months. can you believe that? but this is about cost cutting, not growth. sales did drop, but they were able to cut down on costs and inventory and they are really looking to diversify trying to get into other businesses like digital collectibles, toys. by the way if we can check in on the other meme stocks, gamestop is making money all of a sudden what about amc, even bed, bath and beyond which ryan cohen, chairman of gamestop, that start
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ed off that gamestop saga back in january of 2021 failed to turnaround bed, bath and beyond but his new turnaround target is nordstrom, so let's see if he can actually make make a dent there. stuart: in the interest of getting as much news in as we can i'll ignore the meme stocks for a second and move on to nike they have an inventory problem i think. >> china a big issue and that's where the inventory issue is. now the stock would have been up a lot more because they did have a great local day sale period in terms of sales and profit actually beating but inventories went up 16% and so they had to discount to get rid of this extra merchandise, so the positive is that ceo john do nahoe says they are past the inventory peak. outside of the china, business was pretty solid. guidance was light but again that owes to what's happening in china, flat-to-low single-digit revenue growth only. stuart: put on the screen please the electric vehicle makers i think there's good news in there especially for tesla if i'm not mistaking. >> yeah it was up about 1% in
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the pre-market so it's interesting we seen a decline here. the fastest-selling electric car now in europe, according to eu data. pentagon union data says tesla sold over 19,000 cars last month up by 50% year-over-year and you have to remember that tesla dominates the u.s. with two-thirds market share in europe, their market share is 25 % so there's a lot to go right but it's positive, that discounting is helping boost sales. meantime you have nio in china reiterating their earnings and deliveries but can you believe n io is half tesla in their own chinese local market? that's impressive for tesla and elon musk. stuart: i want to talk ai. we're going to cover that a lot on the show today. nvidia makes the chips. any announcements coming from nvidia today? they have an investor day. >> developer day yesterday. i thought it was really impressive yesterday, because you know, nvidia is seen as the undisputed king of artificial intelligence.
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at least one-to-two-steps ahead of everybody else according to wall street analysts unveiling numerous partnerships yesterday. new fast, sophisticated chips and analysts by the way if you can bring up this board, reiterating their bullish price targets. all of them kept, reiterated or even raised their price target. morgan stanley calling nvidia a $304 stock and that's why the stock is up 73% so far this year in just about three months time. marvel by the way another chipmaker, so this is why nvidia looks so good because marvel is another ai chipmaker cutting 4% of their staff. puzzling, but google by the way, i have now been allowed to use their chatgpt competitor bart but you've seen the google ceo saying there will be some hiccups and some flaws in the program maybe but i'll let you know. stuart: you used it? >> i have used it. it's kind of impressive let's get to microsoft quickly. stuart: please do. >> remember 1978 two biggest stocks on the s&p 500 what were
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they? think. stuart: ge and exxon? >> close. ibm and at&t. stuart: okay. >> close. so apparently so you have apple, and microsoft and the two biggest combo on the s&p 500 since 1978, 13%. i think because data only goes back that far but they are worth 13% of the s&p 500, and these stocks have really recovered i would say, if you look at i think apple is up 20% or so and then microsoft is up 15% so far, but also if you look at where the safety play is, it's not just in treasuries. its been in big tech. its been seen as a safe haven especially microsoft and apple which you have guaranteed earnings and profit and large balance sheets. safe haven. stuart: kings of the hill. >> yeah. you thought ge and exxon. interesting. stuart: well 1978 those are the days. susan great stuff thank you very much indeed. coming up a new op-ed reads this economies in the tank, banks are reeling, inflation is sky high
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and there's more biden isn't telling you. liz peek wrote that. i'm going to ask her what the president is not telling us. vivek are running for president challenging every gop joining him in every decoupling in china is he prepared for the tote that will join us in our economy? vivek will be here. experts warning your information , your children too are at risk for artificial intelligence. we'll bring you the safety concerns, next. ♪
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stuart: 11 minutes into the trading session and we've turned south, not by much, but the dow is down 40, the nasdaq is down 19. not a huge price movement. just wait until this afternoon and the feds decision. you know it's not just tiktok. there are now privacy and
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content concerns over artificial intelligence. madison alworth with us. is there anything being done to prevent the bad actors getting into ai? reporter: stuart at this point it just up to the tech companies there's no standards so we have to trust in them and the reality is, you know, lawmakers are saying we need to act now before it's too late, because we are at the infancy of ai. in a letter to the ceo's of microsoft, google, meta and snap , colorado senator michael bennett asked what safety measures they are going to implement for younger users, and whether they have evaluated potential harms, stating although ai has enormous potential the race to integrate it into everyday applications cannot come at the expense of younger users, safety, and well being. you know, a concern that it's also being echoed by security advocates, we're looking at it this week because tiktok is on full display with the hearing coming up and you can see how policy comes way behind implementation. now, tiktok has 150 million user s in the u.s. and washington
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is looking at it at this point. ai still in its infancy, but it is much more powerful than one social media platform. >> i think as a society and as policy makers, we tend to lag behind technology quite a bit in terms of where our policies then react to what's going on in the technology space. i think we probably can't afford to do that this time around. reporter: and ai is just getting started. google launched its own ai chat tool yesterday for experimentation, bard for public testing, the google ceo noting that "things will go wrong but user feedback is critical to improving the product and the underlying technology." even open ai ceo's that's the folks behind can't gp tv also voiced concern around security measures saying that others, i mean maybe even themselves might not put in the right safety rails for this kind of technology. stuart: you're about to say something. lauren: i'm just thinking the average age of a lawmaker is
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not young and we're still figuring out how to regulate smartphones and social media and now we've just moved on to ai and i think people's heading are just blowing up. reporter: right which is why we need to talk about it now before it's too late but ai moves real fast. stuart: let's do more talking about it. here we go. let's talk about it. i think it's the new big thing. if you want to understand what it's capable of doing, read tom friedman's column in todays new york times. he asked an ai expert to summar ize the work of a museum. that's random but summarize it in 400 words. he came out perfect, in seconds. he requested 200 words, perfect in seconds, in arabic done, mand arin done and shakespeareian form, created and done in seconds. ray wang is here. that was quite a column in the " new york times" actually. it really revealed to me the capacity of ai. so, i presume you've checked it out. who leads the implementation of ai? >> [laughter] well, here is the thing, right?
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we're in a situation where the tech companies as madison and lauren have been talking about are in charge and the policy makers don't understand the implications yet so the policies aren't out there so itself-regulated self-govern ed and it's important to have a few ethical principles that need to be there. for example, the algorithms. how they are done, they cannot be in a black box. if they are in a black box we don't know what happens. they have to be explainable. if you have bias say you accidentally discriminated against left handed people with purple hair, well, we've got to figure out how to solve that and if that's happening, we've got to be able reverse that overtime because you don't want it to learn something that's a bad behavior and of course we have to train it on a lot of data. we might be 90% accurate, might be 98% accurate but sometimes we have to be more than 98% accurate. we have to be 100% accurate and that requires a human touch and if you are worried about ai taking over the world we have to start with the hume about and end with a human to make sure that the computers aren't taking over us stuart: okay, forget all of that for a minute. whose winning the ai race at
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this point? which company, which stock? >> well the stocks you want to look at are definitely what's going on at google, microsoft, i'm here at the adobe conference , they have been announcing things they can do on the creative side companies like c 3, oracle have done a great job, and of course nvidia on the chip side as susan was saying earlier, nvidia is definitely a leader in gpu's but google is the leader in tpu's, which are even more powerful chips for ai. stuart: could you say at this moment, it is nvidia which actually leads ai, simply because they make the chips. >> for chips, yes, nvidia leads but if it's for technology and software, google is ahead. stuart: google? okay. why are they ahead do you think? what have they got the others don't? >> they've got the algorithms, the data, the engineers and the scientists and they'vevery got the applications that companies are already using. microsoft is a close second as well, but google has the more
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advanced data centers and infrastructure. stuart: yeah, that's what's important. the data center. the data that you can use for your ai, because artificial intelligence is a thinking machine and it learns from the data that comes at you and advances it. have i got that right? >> you're completely right and it's only as good as the data you have, and at some point, there's not enough data to make a precise decision, and that's why we have to getaway from all of the hype of it and to understand that we're going to run out of data at some point to make those decisions. stuart: in the unlikely event that i want to tryout ai, just suppose that i did, how would i get on the computer, type in some demand, where would i go to >> just go to the open ai website, type in who is stuary varney, you'll see your bios show up and it'll pop-up right there, who is stuary varney in a , you know -- stuart: don't do that. there's a couple thousand people doing that right now and i'm not going to be sure about the results. you know? okay.
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your times up there, fella. wrong direction right there, son no seriously, ray, thank you very much indeed. >> thanks a lot. take care. stuart: can't imagine what's happening now. lauren: [laughter] stuart: what is bill gates think of chatgpt? lauren: he loves it. loves it. he couldn't be more excited about it and he says ai is revolutionary as revolutionary as the mobile phone and the internet. this is coming from bill gates. he wrote a great piece which i also recommend reading. he predicts that entire industr ies will reorient around ai. businesses will distinguish themselves by how well they use it, so this is how it went down with bill gates. he had been speaking for years with the open ai team behind chatgpt and they came to him last year and he was very impressed with what they showed him so he said okay, go train it to pass the ap biology exam, because that test requires some critical thinking about biology. they did. they reported back. it scored a 59/60.
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stuart: oh, that tells a lot. lauren: that's all he needed to know. stuart: read bill gates. thanks lauren, don't forget to send in your friday feedback, e-mail your questions comments critiques to what will fed chair powell say about interest rates this afternoon and what does it mean for us? well, we went out on the streets and asked. we'll report the results, after this. i'm always gonna want to make a move, always going to be an up hill battle, sometimes i'm going to have to lose ♪
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and an increased risk of infections or lowered ability to fight them may occur. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. stuart: we all want to know if our money is safe and the banking crisis lingers doesn't it? ashley has been talking to diner s at the bar and grill in h obie sound, florida. nice title there, ashley. what are they telling you? ashley: you know what? the overall mood not too great. in fact i asked a young man about 10 minutes ago, how is the economy? he said it sucks and walked out the door so we can't talk to him but he kind of gave us his opinion. let me bring in harry mcarthur. your family has owned this joint for 71 years now, harry. a lot to talk about the economy, the fed looking perhaps to raise rates today, whatever, but
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what's your sense of the economy right now? >> it stinks, and we need to get business sense back in this administration because you can say what you want about trump's policies they were fantastic. his mouth was too big but his policies were fantastic. let's get back to good policies. you don't have to like a person if you like the policies. ashley: true, how is business here? >> even with this last right now we're at spring training so it's good right now. we're down this morning, i don't know why, but we're going to laugh and get through it. so it doesn't matter. ashley: that's all it takes a bit of humor. harry thank you very much. follow me through here. i wanted to talk to a gentleman by the name of robert. robert? you're a small business owner. correct. ashley: you're in the air conditioning business which is you think lucrative in florida. >> yes. ashley: how is it for you right now? >> it is difficult. my opinion, i guess probably start with the invasion of ukraine and i get it. right off the bat i get it. ashley: so you're worried the
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inflation of ukraine is putting money towards something where you here in america as a small business owner can't seem to get a loan from a bank? >> that is correct. i get it. putin and his goon platoon decided to do the invasion. it was the united states' duty and obligation to assist, and -- ashley: have you been able to get a loan to expand? >> it's extremely difficult, for how we sent billions to ukraine without a stroke of the pen but here people at home have extremely difficult, if not virtually impossible to get a small business loan. ashley: all right, robert thank you very much. >> absolutely. ashley: that's an interesting angle, stu, you see all of the money going elsewhere when people here small businesses so important to the u.s. economy are struggling to get the money they need. stuart: i get it. ashley thanks very much indeed. still ahead, south dakota congressman dusty johnson, 2024 gop presidential candidate vivek ramaswamy, martha maccallum, and the mayor of miami, francis suarez. the 10:00 hour is next.
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