Transcripts For FBC The 20240704

Right now are hunting high and low for a catalyst to push the markets to maybe a new record. Right now not having much success. The dow, which lost 96 points at the closing bell yesterday, is down another 85 after squeezing out ap an 8point gain yesterday, the s p 500 losing 10. The nasdaq at the moment down 81. The russell, both of these also saw points added on the board tuesday, but now theyre looking at goose eggs or worse. Nasdaq down 80 points, the russell 2000 down 10 points. Now, the bulls might not have to wait too long to find what theyre waiting for; that is, if salesforce comes in with solid earnings, they report quarterly numbers after the bell. This could be an Artificial Intelligence market driver. I mean, maybe not on the same scale as nvidia perhaps, but with why salesforce . Lately salesforce has been leveraging its a. I. Driven einstein copilot platform which enables customers of theirs to multitask and and get work done through conversational means. Ahead of the reveal the stock, which has soared 83 over its past year with, is flat at 299. 39. We do have web bush upping its price target. So well be continuing to watch this up until we bump up against that closing bell. But as we wait to see if salesforce lights a fire under the markets, bitcoin, yes, burning down the house. After blasting past 57,000 yesterday, the crypto getting a second is wind. Now, earlier this session it sailed above 60,000, and around 1 p. M. Eastern it went totally parabolic. Well show you the line chart here. It sprinted to 64,000. Now, right now it has moderated just a bit. Its at 61,045. [laughter] but the alltime high of 68,789, that was back in november of 2021, appears to be finally be in sight again for the bitcoin faithful. And now all the spot bitcoin etf ifs charles and pomp if were just talking about, they were just approved january 10th, they are hitting fresh highs. A couple of things at work here, but the main one is that it has never been easier to invest in the cryptocurrency because of these exchangetraded funds. Its become more many of a liquid market and a bullish momentum for bitcoin increases. As that happens, that is bringing the cryptocurious investors to these spot bitcoin etfs, some of them gaining as high as more than 7 . All right, or we need to show you treasury yields, its two minutes past the hour, they are falling which is helping equities come off their lows. The 2year yield which yesterday touched a 2024 high is pulling back just a bit, 2. 5 basis points to 4. 67 . The 10year down 3. 4 basis e points to 4. 27 . This after new York Federal Reserve president John Williams gave a speech on long island that basically reiterated what the market already knows, the central bank is not yet ready the cut interest rates. Williams was then asked during the q a what he sees as the danger of assuming inflation has been doused enough so that they could cut rates. I think one mistake thats easy to fall into is thinking that this is all behind us, the effects of the pandemic, the war and everything and that now were back to normal. But were still seeing kind of repercussions and, you know, things happening that a followed from that period from the pandemic and some supply chain issues that can reemerge for various reasons. So i am optimistic about the direction, you know, we are in terms of maximum employment pricing and our goals, but im also a, you know, recognize that theres quite a bit of uncertainty out there. Liz okay. So when he began speak weeing, the dow was down 103 points and right now down 67. So no the real shocker or there. Does that mean that its all up to earnings to drive this market right now i . To our floor show traders, Peter Tuchman live from the New York Stock Exchange and seaport securities teddy weisberg. Peter, is anything emerging on your screens, any pronounced flows with 58, 57 minutes left to trade that could shove the markets in either direction . Right now its hard for me to focus on any particular stock is. For the last two hours of trading, im hyperfocused on the s p 500 specifically. And i would say that within the last five minutes weve seen a significantal arely in the spiders, for sure. We were down 17. 5 handles literally when i got on, you know, to come and talk to you, and now were only down 9. So i think youre seeing overall a little bit of a breath, maybe its a little bit off what mr. Williams said or not, but the market is sort of trading in a strange range. It seems that theres sort of a tight spot where people are looking for any kind of a little bit of a tip to just kind of scoop stocks. So for me to pick one would be sort of irresponsible. I think right now were seeing a nice little rally in the spiders coming into the close. Liz im glad you put it that way. Especially when you can see so much of the movement down on the floor of the nyse. Teddy [laughter] he just talked about how theyre hunting again for perhaps another catalyst. Where are they going to find it . Where are investors looking at the moment . If. Well, i think, liz, this is the problem, you know . Were exiting earnings, just about done. The earnings have come in better than expected which has been the case for many, many quarters. Going back almost as far as i can remember. And its always been a reasonably good period for the markets. But as we exit earnings, then the focus returns to all the unknowns that are out there, and theyre still there. Its the direction of interest rates, its the fed, its the economy, its geopolitical events and, of course, now we have to throw in its an election year. Markets can deal with just about anything, liz, but they cant deal with the unknowns. I think the markets have been terrific. Weve had a great february, ends tomorrow. We had a good, we had a good november, december, coming ending 2023. Averages are at their alltime highs. I think were kind of due for a little pause here. I think the markets are going to generally slide into some kind of trading range. And without a catalyst, i dont see what the catalyst is, quite frankly. Without a real catalyst and all these unknowns, i think were just going to trade in some kind of trading range. And if anything, the buyers will probably be negative not positive simply because were trading at the highs. Liz yeah, i see that. But, peter, that said, there is always a trade. Theres always a way to make money. And i dont know if that means that you go into the unloved sectors that have been waiting for their moment. You know, look, i think it would be interesting for people to start looking obviously, nvidias that trading at report highs. However record highs. However, there are a number of other stocks within the a. I. Space, some of them are in the russell. We saw theres a stock, soun, its called sound mound, i think its called, and and im not an adviser or stock picker, but its fascinating to see a lot of people still are dying to find some stock with exposure to a. I. That is actually affordable for your everyday retail trader. It was a 1, 2 stock coming into the last couple of days, and it spiked up to 8 yesterday trading now around 6. 50, 7. Liz yeah. Look, if you can find a stock that has exposure to a. I. That is reasonably priced, that may be many look, no advise ising here, but its a fascinating thing to see that because obviously, look, the biggest numbers movers have been a. I. I will definitely mimic what teddy said which is markets can deal with anything except the unknown. Right now once earnings season is off, were obviously looking today we have gdp, tomorrow pce. You know, obviously we saw cpi and ppi come in last week a little disappointing, yet the market did not even give the market the Investment Community did not give the market a moment the even sell off. By the end of that first day, we saw the market rally into the close, and weve seen bullish posture since then. So liz yeah. The market is amazing. Liz youre talking about let me just clarify right now in the market. Liz peters talking about sound hound, and it did get a price target hike as a im looking at it earlier today. Were looking at northland Capital Raising the price target to 5. 50 from 4. Its already past that right now. 6. 52 at the moment, up 207 . Dead key, know thats not exactly your style teddy but you also for a year and a half if have been really, really touting the shortterm treasury yields. Is that trade still something that you feel is important to have in a portfolio . Yeah, i do, liz, because i think in spite of, you know, all the positive rhetoric, and and peter points out a. I. , you know, i dont think theres anything cheap in a. I. No matter where you want to go. The fact is there are still so many unknowns out there. Markets have traded up. You know, weve had a great month as i pointed out. Anybody thats been in the market has probably experienced that. Finish the fact is theres still so many unknowns. Treasuries are still a great mace to hide. Basically riskfree, over 5 on your money. I mean, you dont have to be a Rocket Scientist to figure out where you want to go. There are certainly sectors. You know, i like the insurance sector, i like tech, but in particular meta when we talk about tech. I like the energy stocks. I think, you know, maybe ive been doing this a little longer than peter though. I think i knew peter when he had hair [laughter] clearly. Ive been doing this a long time, and i think always keeping eye one one on the exits is a good thing to do. And when you dont know what to do, treasuries is a great place to hide, and i still think its a good place to hide. Liz teddy, peter, i love you both with or without your hair. Fantastic. Youre our classic traders, we appreciate it. Thank you. All right, folks, despite all the handwringing over high food prices, yes, inflation, diners at cava are throwing money ott at cashiers. The fast casual restaurant scene sales blew out estimates. So whats the secret sauce behind the explosive expansion . Is it something in the lemon herb tahini dressing or Something Else . The ceo of cava joins us next, and, you know, cava has been following in the stood footsteps of other successful foodie results this month, chipotle is gaining twothirds a percent, shake shack up 1 . We are just Getting Started on the claman countdown. Dont go away. 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Ill be there. With my arms wrapped around. Liz put down what youre eating and look up at the scream. [laughter] beyond meat shares are going above and beyond. Take a look at this gain, 35. A 5 35. 5 , on track for a record percentage increase after the Company Reported a beat on revenue and announced plans to cut costs and increase margins. Todays report triggering quite the squeeze in beyond meats very heavilyshorted shares. Do keep in mind it has been a very difficult couple of years for beyond. Shares are still down about 45. 6 over just the last year, but today its a great day for those who believe in that company. On the other hand, shares of med train kwan fast casual train fast cava have enjoyed a 135 aevent, up about 35 from where it opened for trade for the first time, that was back on june 15th. Cava hit an all alltime high yesterday after reporting a 52 revenue jump and a surprise net income of 2 Cents Per Share in the Fourth Quarter. Analysts were looking for basically break even. Cofounder and ceo brett shulman, ive got my knife and fork, and i need to thank you for opening a cava within 2 miles of where i live. Thats been a boon. Finish. Well, hey, liz. Great to be back and thanks for having me. Were glad we can get your favorite mediterranean meal closer to your home. [laughter] liz these numbers are pretty incredible. If you could point to one single strategy that pushed you to this double beat, what was it . I just think its the real proof point of how our food being received across the country. This unique cuisine where taste and health unite. And the results are really a demonstration of the powerful brand were building, the categorydefining brand, the extraordinary potential we have and the tremendous work of our team really delivering on our strategy to bring this cuisine to more communities across the country. Liz i know that analyst estimates are a very inexact science in some cases, but the same store sales number looked really its a happy accident for you guys, but it looked very odd to us. It was such an incredible beat. They were looking for 5. 9 growth. Your actual number came in at 11 plus percent, 11. 4 . How do you, how do you sort of wrap your mind around that, and is it really that people are ramping up their spending on your more premium offerings . Well, we have seen a consistent growth of premium attachments, things like our honey chicken or craveable pita chips or those fresh juices that we make in house. But with i also think its a testament to the growing awareness and interest in mediterranean cuisine. Weve talked about the shifting demographics, how peoples pallets are shifting a palettes are shifting, and we deliver on that great proposition where a taste and health unite. With our initial Public Offering last year, with the many restaurants weve opened over the last few years in communities across the country, when we open in communities, people may not be as familiar if with our food as other cuisines, they trite, they like it, they come back for more, they tell their friends, and the sales continue to grow. Liz yeah, i see that, definitely. The mediterranean diet is so hot. People do want to be healthy. It is more expensive to eat healthy food. I would like to know about your cost at the moment and what youre seeing with food inflation. Tomorrow we are getting that all important core p if ce inflation number, the personal Consumption Expenditure number that the fed loves to look at. What is your sense of the consumer, his or her health out there and what you have to spend and how you avoid passing on too much of that to your customer. Yeah, its something weve been focused on intently the last few years, and its its evidenced by the fact that we have not taken as much price as some of our peers and really tried to deliver a great value proposition. I think the increase in premium attachment shows that and indicates that, that we deliver a great value where people can still add that and not break their budget. And we do it in a number of ways. I think our format is very efficient, is able to deliver, again, that cuisine as at a value proposition. And you think about our supply chain efficiency and our direct sourcing model where 87 of our ingredients are sourced truckly and our vertical integration. We actually just came online last month with our new state of the art 55,000 square foot Production Facility in southwest virginia. That is in complement to our existing 30,000 square foot facility in maryland, and this is where we produce our chefcrafted dips and spreads, think that feta [laughter] we do it at scale with quality and consistency that were able to deliver to that guest with great value in the centralized, these centralized facilities. Its just another way that were able to deliver high quality cuisine at an affordable price. Liz makes sensuous yeah. And, you know, one of the other things were doing, the legislation in california, the 5678 a. B. 1228, predecessor the fast act, we are not going to pass along those liz this is the employee pay, right . Yeah. So this is about a 30 basis point impact. This requires, you know, minimum wage to accelerate at a much greater degree than planned, but we want to invest in to our team and our guests. Liz can i present you right there, because we hear from a lot of people who own businesses similar to yours, if you raise the minimum wage, youre going to lose jobs, people will go robotic. And youre not saying that . Well, theres no question that automation if continues to grow in our industry as a way to become more efficient with our businesses. But our mission is to wring heart, health and humanity to food, and i dont think wed be living up to the humanity piece if we were a restaurant that was strictly robotics and automation. We want to use technology to enhance the human experience, not necessarily replace it, and we want to deliver that great mediterranean hospitality to our guests. And people still want social connection. We have great digital channels. We have 31 digital drivethrough pickup lanes, our own digital order system, but 64 of our occasions, guests are opting to come in to our physical space and engage with our team members. So we want to support those team members and not tax our guests to pass along those costs. So weve incorporated that in our fullyear restaurantlevel mar someone guidance. Liz good. Good for you. Brett schulman of cava, thank you. Good to see you. Thanks, liz. Liz a whole new lexicon is sprouting up around Artificial Intelligence, perhaps the most controversial word that louis hallucinations. Thats when Something Like this on your screen happens. Artificial intelligence Large Language Models generate responses that either are factual hi incorrect like making the pope a different race than what he is, nonsensical or disconnected from the input prompts like these requests from googles gemini a. I. We are about to have a full report on what googles ceo is saying now about his company and what they are doing to fix this issue. The globalx Artificial Intelligence tech etf, aiq, you just is had Peter Tuchman if talking about all things a. I. Its gained 46 , this basset basket of a. I. 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Hmm get paycom and make the unnecessary, unnecessary. See you down the line. Liz you dont see this very often, one of the biggest drag on the nasdaq at this hour,al pa bet. Shares down just under 2 . 32 european media groups from 17 countries are hurling a 2. 3 billion lawsuit against the tech giant over guyings googles Digital Advertising project practices. Ceo Sundar Pichai is putting out another pyre over the companys gemini a. I. Platform. A tuesday memo to employees has been obtained by fox business, and in it it says that googles staffers are working around the clock to fix the image generation feature after critics pointed out the a. I. Producing inaccurate images like the covers of the New York Post last week depiction of americas first president , george washington, as an africanamerican. Joining us now is kelly ogrady with the details of the memo, whats next for google. Kelly, it doesnt look like a simple fix. Its going to take a while, right . Reporter definitely, liz. You would think so. But google has said numerous times they plan to relaunch their image Generation Service within just a few weeks. I spoke to engineers in the space outside of google just to get a sense, they said this could be a quicker fix around the guardrails of the sat war software, but some are saying you would need to fully retrain the a. I. In that memo, by chai did admit the company, quote, got it wrong when it came to the errors in geminis responses. He said going forward, quote, well be driving a clear set of actions including structural changes, updated product guidelines, improved launch processes, red teaming and technical recommendations. We are looking across all of this and will make the necessary changes. I will note i think this is an important point, he didnt apologize even with the chat bot unable to condemn pedophilia as wrong. Now, the stock is taking a hit for a number of reasons today but has lost 109 billion in market cap in the last five trading days. From my experience in the corporate world, Something Like this, it really takes a long time for pichai to address the issues himself. Gemini isnt seen as Mission Critical across the company. I spoke to some sources within google, they share the a. I. Has yet to be rolled out across googles full suite of destruct products, so its looked at more as an Marketing Tool currently. Regardless, its not working. Senator hawley is calling for Sundar Pichai to testify before congress again, renewing calls to repeal section 230 and,s liz, if this debacle leads to Something Like that, it would require companies to deploy massive content moderation resources. That could meaningfully hit googles bottom line. Back to you. Liz kelly ogrady, thank you very much. Yeah, five trading days, thats certainly a bruise. Thank you. Apples pivot to a. I. Is dominating wall street notes that come out, right, every morning. Now, following the report that apple is abandoning its ev project, here is one. Ubs says apple ditched its plan for an electric car to focus big on a. I. Bets. Ubs is expecting a, quote, huge announcement at Apples Worldwide Developers Conference which may include a new a. I. Processer in the iphone 16. Bank of america coming out and saying that the apple likely see a, quote, strong refresh cycle for the if iphone over the next few years due to generative a. I. And Morgan Stanley saying apple abandoning the ev race could improve its operating margins. Although shares still down about 1 , its within a rough couple of been a rough couple of days for apple as well. No love for dating app bumble which is hitting a record low, down 14 today. The companys forecast for First Quarter revenue falling short of estimates. Bumble is also slashing about 350 jobs as a it deals with a slowdown in user spend. Wall street analysts breaking up with their price targets. Amongst those flashing, wells fargo cutting it down to 15 from 19. And jpmorgan cutting to 17 from 20. Theyre both too high at the moment, bumble is at 11. 33. Unitedhealth group at the very bottom of the dow and third to last on the s p 500. Several reports say the department of justice has launched an antitrust the probe into the health insurer. The company drawing scrutiny after broad withingenning broadening it reach across the health care sector. It has also acquired doctors groups and that, of course, has grabbed the attention of justice department. Right now shares down 3. 25 but off the lows of the session. Ground breaking medical technology could soon be available through medicare, and one biotech is ready to help aging baby boomers hold on to their hearing. How many of you have started to see your hearing degrade a little bit . Billionaire minnesota timber wolves owner glenn taylor and envoy medical ceo brent lucas are here next to tell us how their middle ear implant could change the lives of hundreds of millions of americans and people around the globe. Its a fox business exclusive. Lets check the leaders on the dow to heat map. Boeings been a nice surprise today for those who own it, up 2. 7 . At the very top after it said its embracing the quality and safety demands that the federal Aviation Administration if just handed down. Claman countdown is coming like back. Coming right back. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Rich is being able to keep your loved ones close. And also send them away. Rich is living life your way. And having someone who can help you get there. The key to being rich is knowing what counts. song in french book in the hotels. Com app to find your perfect somewhere. luke this will be a gold mine of local intel. Just you wait. marci right. So, tell us about this corn festival . stylist 1 oooh you got your corn pudding. You got your corn chowder. marci so. Is it safe around here . stylist 2 sometimes. luke if a family of eight were to need a cold plunge, where would they find it . stylist 1 . And then they dip it in butter, then bam, it goes right in. stylist 2 . Really cute vampire bar. stylist 1 the reverend does like a blessing on the corn. luke donut shops. How far from here . marci no eyebrows . luke think of how light itll feel in the summer. Weve got to run. Eleven thousand more neighborhoods to go vo ding dong homesdotcom. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire from pep in their step to shine in their coats, when people switch their dogs food to the farmers dog, the effects can seem like magic. But theres no magic involved. dog bark its just smarter, healthier pet food. Its amazing what real food can do. Somebody would ask her something. And she would just walk right past them. She didnt know they were talking to her. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason. Weve been the brand leader for over 75 years. When i finally could hear for the first time, i could hear everything. Enjoy sweet offers during our limited time. Love your hearing event. Call 1800miracle now. Liz with less than three days before a government shutdown, yes, a government shutdown, congress is racing to pass a shortterm funding bill. The house returned to session today after a 2week recess with Speaker Mike Johnson telling fox news chad pergram, quote, were in progress, and our gop sources tell us that the house plans to vote tomorrow hmm, on a 1week continuing resolution. Theyve kicked this can so far down the road that a things look completely flat. Meanwhile, majority leader Chuck Schumer said an the knot on the Senate Floor Today he hopes a deal will pass very soon. Thats forcing critical initiatives to the back burner including the hearing device coverage clarification act introduced earlier this month. The bipartisan bill looks to clarify that implanted hearing devices are different than hearing aids and, hence, should be covered by medicare. One of of the bills biggest backers outside congress, envoy medical, the only company to have a fully implanted hearing device approved by the fda with another device, a fully implantable cochlear implant, in Clinical Trials right now. Here in a fox business exclusive, the companys eau ceo, breaths lucas a breath with9 lucas along with glen taylor. Brent, to that news that is pushed to the back burner here, if congress did get its act together and pass that bill, how impactful could it be . Well, it could be very impactful for the company and also for people that need access to unique hearing devices. One of the things that you will realize when you start to follow the hearing implant space is theres not been a lot of competition in the space, not a hot of innovation. And part of that is because of the reimbursement challenges set forth by medicare and ore Government Agencies other Government Agencies. So itd be with hugely impactful for us and also our business. Liz glen, before we get to how it works, you were so impressed by in that you have put major financial backing behind it. What grabbed your attention about this company, envoy . Well, the same as most of the companies i invest in, its the people who brought the project to me. Brent and a group of engineers brought this project to me saying its something they could do, but they needed financing and somebody that would believe in them. And its a longterm commitment, and the more i got to know them, the more i believed that they could do this, and i have poured money into it to get the winning results that we countly have. Liz brent currently have. Were looking at an animation here, and i would love for you to explain. You got one of the esteem devices. Thats the one that that has been approved by the fda, so it is in the true sense of the word a unicorn, and theres only one thats been approved by the fda. How does it work that makes it so much more valuable than previous implantable attempted, you know, theyre tinny, you know, its been very, very is unsuccessful in some cases. Yes. No, the esteem, and i hope you can see it here, its a little hard on the zoom, i know, but thes esteem is a fullyimplanted active liz lift it a little higher. Im sorry. Liz thats okay. The thing ill draw your attention to is the sensor. Thats what makes envoy medical unique in every day. This sensor is not a microphone, this sensor sits on the opt cls inside the ear, so the sound will come down your ear canal, hit your eardrum, and we will pick up the vibrations from your eardrum. And then to transfer to the cochlear implant, we use that same sensor for the, for the acclaim as well. So, again, were using that sensor to pick up sound from the vibration of the membrane, and then we stimulate using the electrode similar to the other Cochlear Implants out there. Liz glen, when you looked at this, is it something listen, 48 480 Million People around the world have hearing loss of some sort. And then, of course, the outright people who are deaf. This is just a Ground Breaking opportunity, is it not . And how do you feel about this waiting on the testing that the acclaim is going through at the moment . Are you encouraged . Well, im definitely encouraged because its been success after success. But we want to get it to market so so it does real good. Its the patients that im really concerned about. People need it. People know were developing it, and theyre waiting for it. So we just gotta get it out there to the doctors so they can implant it. Liz brent, the approved implantable, the esteem, how much does that cost . So the total allin cost of thes esteem is about 25,000 including the device and the surgery. Liz yeah. But when you look at the cost of not treating your hearing loss or undertreating your hearing loss, its far greater hand that. For example, cognitive decline, early cognitive decline is now associated with not treating your hearing loss. People with untreated or undertreated hearing loss loss are more likely to fall and require a hospital stay. Theres also people that have to go into Nursing Homes earlier because they dont treat their hearing loss by themselves. They cant age gracefully in their homes. So we believe both of our products, which are fully implanted, the only pulley implanted fully implanted devices that were aware of in both fda approved, the esteem and in trials, the acclaim, theyre the only two fully implanted devices that will allow you to live the rife you deserve. Liz well, its striking a chord, and people can hear it, certainly, who are watching right now. When we started the interview, the stock was up about 6 . Theyre liking what they hear, its now up 78 at the moment. Granted, its a 2. 21 stock. We know those can be very volatile. As we finish up, and we want to hear about the acclaim and every development as it proceeds along the testing phase. Please. Glen, ive got to ask ask you about the timber. Woolf s. There are reports that arod, al sand drink rodriguez, set to acquire the controlling stake in the timberwolves from you. Okay, give us something. We want to hear if thats going to happen. Well, i would just say that were still waiting for the paperwork. You know how long that takes, so at this point im still running the club [laughter] and i have the responsibility. And were doing really well. Theyre working on a project to come up with the money and get the deal closed in the next couple months. Liz are you going to miss having ownership, or have you gotten all you wanted out of it . You billionaires love to own nba and football teams. Well, i their proposal, im sure, will let me have a pretty good sized ownership in it in the future too. Liz okay. All right. We just want to let our investorviewers know that that now the stock has been halted for volatility because its had such a significant gain while you guys were talking. But at the moment, or well be continuing to watch this moment about envoy medical and the timberwolves. Thank you both for coming on. Our pleasure, thank you. Thank you for having us. Liz bitcoin also kind of going parabolic earlier in the session. It is inching closer to its alltime record high. Right now its gaining 5. 8 . Whats going on to get it there, and is the boffo energy usage required to mine the cup toe the crypto going to be an eventual roadblock . Charlies going to break something on that next. Lets look at the crypto minors, because those are the guys that need the big servers. Riot blockchain down about 7. 5 . Hive is also a down 7. 6 . But all three have had incredible gains over the past year with. Were coming right back. The day you get your clearchoice dental implants makes every day. A lets dig in day. Mm. A chow down day. A take a big bite day. A perfectly delicious day. Mm. [ chuckles ]. A love my new teeth day. Because your clearchoice day is the day everything is back on the menu. A clearchoice day changes every day. Schedule a free consultation. After last months massive solar flare added a 25th hour to the day, businesses are wondering what should we do with it . Bacon and eggs 25 7. Youre darn right. 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I. impressed ay i like it who wants to come see the future . get your Business Online in minutes with godaddy airo liz breaking news, bitcoin on an absolute tear. It has pulled back slightly. Ed Worlds Largest Digital Asset barely touched 64,000, the highest level since november of 2021. It is at 60,178. That is gauge of 6 . The surge in trading demand crashing the u. S. s Largest Crypto Exchange coinbase with some User Accounts showing balance of zero dollars. Coinbase giving an update in the last hour saying customer trading is improving on its app. That client assets are safe. I will chip coin base stock. That would be pretty smart to do. It shot 212 a share. Now 20dollars. Is that up or down. Liz its a gain of 1 . Whole crypto universe is taking off. It is way behind us. Were in a new sort of phase. There is momentum play if youre pieing this stuff, if you think, there is a good case to be made this thing hits and goes beyond its its high, alltime high i think was 69,000, right . Liz yeah. 68,000, i had it written down. 68,000 and change. Were right there. And the reason why because you just cant create enough bitcoin to meet the demand of retail getting into it. Liz only 21 million of them. Here is the thing where it can really go higher. People are not taking it into account. If Financial Advisors start to mainstream crypto as part of a asset mix, stocks you, bonds, c, crypto, it becomes mainstream at Morgan Stanley or merrill lynch. Were not there. This could take off. Be that as it may there are growing pains, which is structure of crypto. You mentioned after foe mentioned coinbase. Liz yeah. The infrastructure buckling under wicked amounts of trading. That is not all. You have kracken and binance also experiencing server issues. Theyre having, some of their trades are having a hard time settling and you dont really know and when this sort of stuff happens, given what happened with ftx, with the Sam Bankmanfried fraud, im not saying these are frauds, people start freaking out. Liz the whole gulping energy issue is huge. That is on top of everything else. This is something crypto people have to worry about, figure into their calculus to buy this thing or not. The Biden Administration will come down on this thing, no doubt. Gary gensler has not been dissuaded from cracking down on crypto. They will appeal the ripple case they got a partial victory. The ruling is no hackneyed. Liz they will go have miners as well . They go after everything, miners. Liz energy let me finish. Youre not getting to it give me a break here. Im trying to report this out. Youre sitting theyre, who are you, mike wallace . Im sorry about that. Mike wallace, i watched insider yesterday. Liz red haired wig. Biden administration. Larry i know from my sources in Democratic Party circles, in terms of crackdown on crypto the notion that crypto takes up too much energy, particularly bitcoin because it needs to be mined, they think theyre on solid ground. So they will go after the miners. Liz right. They will go after, every part of the infrastructure they can to slow it down and so just be, figure that into your calculus when youre buying this stuff. On the flipside of that crypto has one big, huge, advocate on its side. You know who that is . Liz peter schiff. Im kidding. He hates it. No. Larry fink. Liz yeah. No better person to have on their side, larry fink not just the Worlds Largest money manager, he is basically unofficial advisor to both republicans and democrats because he sits at blackrock at 10 trillion. They have to know what he is doing. Liz knows what investors want. He is a food risk manager. He calls bitcoin right now a store of value. So that is a big on the crypto ledger, so to speak on their side, over gary gensler. I take fink over gensler on this battle. Liz that is really important what you flagged. Thank you. Liz you have to model into yeah, yeah. Thank you, thank you for not interrupting me when i said that. Liz after nvidia reported stellar earnings in part due to Artificial Intelligence chip sales because they have an he can extraordinarily hot, now tech investors are turning to the Company Whose ticker is literally a. I. We are minutes away from c3. Ai reporting Fourth Quarter results after the bell. Analysts are expecting a loss per share of about 28 cents, revenue of 76. 14 million f analysts are correct it would be a bigger than expected loss per share and lower revenue from the previous quarter, while c3. Ai struggles with profitability, our countdown closer says, dont waste your time on that one park your money in a different a. I. Play. We have palumbo cio phillippa lump bow. Give the viewers the name and make your case. It was super exciting, sales up 20 yearoveryear. They had the commercial business up0 yearoveryear. Margin went from 22 1 2 to 34 . Return on Investment Capital is north of 10 problem. A financial standpoint they did a great job and crushed it. The key thing for pal lynn tire, youre seeing palantir. On the commercial side of this is tremendous, not really for palantir but for the whole industry. The thing about which is important, of the spend in the digital revolution that were seeing right now is under 500 billion. It is expected to go to eight to 10 trillion over the next 10 years. Think about the spend rate and what it means for Companies Like palantir and nvidia that are out there. Liz for those of you who dont know palantir has two big businesses. They do a lot of data work for governments and what really caught fire is their commercial business, and they struck a huge deal with the entire hospital infrastructure in great britain. That is really interesting. They have a deal with the cleveland clinic. We covered that with the ceo alex carp, but phil, what could be the dark cloud over a. I. . Some people think it has gotten very, very bubblicious . This is the part i think investors really got wrong. It is what i said before. It is really simple math. Think about back in to thousand with amazon and ecommerce. Think where ecommerce was then and now. Amazon was making no money. They had no market. Streaming video with netflix in 2007. Look at streaming video of overall market cap. Were in early stages of a. I. That is what investors have to understand. I understand the whole multiple situation, but the key thing is the spend rate going forward. That is key for these businesses. Liz looking at the markets from 30,000 feet. Big one tomorrow were getting core pce, the read on inflation the fed watches most closely. What are you expecting and if like cpi, the Consumer Price index it comes in hotter than people expected, what does that really tell the markets about investing in equities . Im a big believer inflation is over. It has come down precipitously from its peak. Youre seeing it sticky because of wages and a tight labor market and on the services side. Ultimately well get down where the fed needs to get down to. It may be longer than anticipated. Think about where we are today. It is tremendous move down were not going straight down too, but with Artificial Intelligence the supply chain issue has really subsided. Really number one thing for inflation issues. I see us come down to two. Liz it is lifting the markets over the past year certainly. [closing bell rings] phil, great to see you. Thank you so much. Here we go, the closing bell, the dow ending near session highs. That means it is down about 30 points. Red on the screen today. Tomorrow you have to watch the final hour, see how the market reacts. David hello, everyone, welcome to