Good morning, im david asman in for stuart the varney today. Meta is bleeding cash. The companys lost 200 billion, thereabouts, in market value since their report after the bell yesterday. Now, Mark Zuckerberg says he plans to spend billions more on artificial intelligence. That had investors a little concerned. Meanwhile, gdp for the First Quarter coming in well below expectations. That accelerated selling. The dow is now down 447 points. The nasdaq is down 276 points, so its going to be a wild day for trading. Lets check the Interest Rates. The 10year just above 4. 6. Its now 4. 7. 2 right now. 4. 72. The 2year is up over 5 . You get a 2year bond for 5 right now. Not Much Movement for bitcoin, trading around 63,000, 63,5. Gold is trading around 2300 an ounce, its up a tick, just 4. Oil trading around 82 a barrel. And now to politics. Wow, what a day. Very busy day for donald trump, and it started early. He made a Campaign Stop this morning. Trump is making a big play for new york. He was greeted by hundreds of construction workers chanting usa. Hes now headed to court for day seven of his new york criminal trial. We are waiting for the judge to rule on whether or not the former president violated that gag order. The Supreme Court, meanwhile, is going to also be hearing arguments on whether donald trump is immune from prosecution in special counsel jack smiths federal election interference case. Those arguments will begin at 10 a. M. Eastern. Plus, were going to have live reports as protests continue to rage on College Campuses across the country. Its a very busy thursday, april 25th, 2024. Varney company is about to begin. Finish if. David oh, thats perfect. Cant stop. You cant stop donald trump, thats for sure, and that is the red hot cherylly peppers chili peppers foreseeing what was going to be happening years and decades after that song came out. Lets start with Donald Trumps surprise visit to a construction site before his hush money trial. Hundreds of cheering Union Members turned out to meet the former president. It was quite a scene, lauren, wasnt it . Lauren i see hard hats, i see orange hoodies, so its construction workers, yes. But even some regular people, lifelong democrats perhaps looking to change their vote. Heres trump. [inaudible conversations] built a lot of great buildings in this city with these people, and theyve given me great support. Theyre really amazing. [inaudible conversations] theyre very, very talented people. They dont get the credit for it. Very few people can do what they do. Lauren and you heard in new york city chants of we want trump. Trump now headed back to a courtroom in new york. David what a day. Lauren what a day. David and doesnt seem any worse for wear. I think he enjoys it. David can i think it energizes him. I think thats exactly right. Thanks, lauren. Well, despite the rousing enthusiasm trump just got from construction workers, President Biden yesterday claiming again that donald trump was not the man for Union Workers. Roll tape. Donald trumps vision of america is one of revenn and rately e abuse. A defeated former president who sees the world from mar rah rah a lag go and bows down to millionaires, who looks down on Union Workers. David Kaylee Mcghee white, it certainly doesnt look to me like the Union Workers there this morning were looking down on trump or trump looking down on them. Just the opposite. Exactly. Its for the same reason why a lot of autoworkers back in my home state of michigan are warming up to the former president again. These are the obama, trump, biden, probably trump again voters that everyone talks a lot about, and it reflects this class divide that is growing in the United States thats really a political divide. More and more weve been seeing how the Democratic Party has become the party of the educated, the rich and the elite. Meanwhile, the Republican Party is attracting those Blue Collar Workers that feel theyve been left behind. Theyre attracting minorities including blacks and hispanics. Can is and trump just happens to be the person who might be able to bring that coalition together. David by the way, shawn fein, the president of uaw, said that the vast majority, his phrase, of his workers are going to be voting for donald trump. Stave there, i want to get to the latest on the antiisrael protests at colleges. Lauren, take us through that. Lauren its spreading like wildfire. These two will have pal stint propalestine protests have spread to 50 colleges. So at the university of southern california, the protests have ended, but that campus is still closed, 99 3 arrested. At the university of texas at austin, texas state troopers literally on horseback shut down the protesters after a arresting more than 30. And youre looking at new york city. The epicenter of these protests at columbia with university. You can e still see some of the encampments. The deadline to clear them pushed back again, now its tomorrow. At Harvard Students set up tents in the harvard yard. And what i find remarkable is that President Biden will be in new york today, yet wont visit any of the universities and likely wont address the proof hamas prohamas if protesters. David unbelievable. 9 silence, just silence. Well, the white house once again pressed on antiisrael protests. Roll that tape. This is a deeply painful, painful moment for many communities, and we understand that. But the president believes that free speech, debate and nondiscrimination on College Campuses are important, theyre important American Values and that and so hell always be very clear, we will always be very career about that here. Career about that here. But protests must be peaceful, you know in students must be if safe. When we see violent rhetoric, we have to call that out. David so, kaylee r as lauren said, bidens coming to new york, but hes going nowhere near hes not doing what speaker johnson did yesterday, what donald trump is talking about. Again, its the contrast between a focused presence of donald trump and the kind of funnel ifinging with issues if he deals with them at all of President Biden. Well, and even worse, it seems that biden is doing everything that he can to avoid strongly and clearly denouncing the antisemitic rhetoric and behavior that weve seen on College Campuses from young adults my age, by the way. Its almost as if hes coddling young voters because he needs their vote. And whats remarkable here is that the Biden White House is making the exact same mistake that ousted harvard president claudine gay made. You might remember her in famous congressional testimony where she also tried to draw this line and avoid clearly denouncing antisemitism by appealing the free speech. The problem with that, of course, and the reason why she ended up having to resign was with that, yes, students, of course, have free speech rights. But you do not have the free speech right to threaten other students, so became spate intimidate other students, and when you have students screaming we are a hamas, thereby endorsing terrorism, that is exactly what theyre doing. David right. Its more than antiisrael, it is proterrorist at this point. And if they take to the streets, the new york police said were going to shut them down. The way its happening at the university of texas. And and so there are con front ifations coming, we can tell confrontations coming. Kaylee, thank you so much. Thank you. David meta plunging despite their earnings beat yesterday. What is the issue, lauren . Lauren wow, down 15 . A. I. Spending. This comes from the Mark Zuckerberg, we will grow our investment envelope meaningfully before we make much revenue from these products. That is a direct quote. A. I. Spending is a drain for the company. It could hit 99 billion this year. When and wheres the payoff, thats what investors are saying. David when and where. Lauren, thank you very much. Well, the markets see it as a bad sign. The dow is down in premarket activity 45 points, thats 454 points, thats over 1 , but look at the nasdaq, again, premarket agotivity. Adam is here with us. So what is your take on meta, first of all . If i know you have been bullish on that despite would you buy in . Absolutely. I own it, and if i didnt already own it, pied be buying david youre not buying more in. No, ive got a full position. Upset about gdping with lower than we thought, meta spending more on artificial intelligence, im just not concerned about that. To put it in perspective, david, as either you or lauren mentioned, theyre locked 200 lopped 200 million off meta because expenditures are going to be more. You spend another 5 billion on a. I. , but you lop 200 billion off the market cap . Doesnt make sense. Its disproportionate. David would they could they, by the way, challenge nvidias lead as the a. I. Company to buy into . No, because they do different things. A. I. Makes chips that enable a. I. To happen. Facebook engineers write code that then uses 56789i. And uses nvidia chips. Said dead all right. Lets switch to something you mentioned. These gdp if numbers were shocking. We were expecting 2. 4 growth, the actual came in at 1. 6. Correct. David huge loss. And with rising innation, even the fed is admitting that the inflation is not only stickty key, but it seems to be going in the wrong direction, that adds up to stagflation. I know. And i was preparing myself for your using that word because if thats something we havent seen since the 1970s. David well, we saw a a little bit two years ago as the inflation rate began to come down a bit. Right. And just to clarify for our viewers, stagflation means growth is going down david which is happening. Inflation is going up. So its the worst of all worlds. Now, you know, as my old boss and mentor used to say, smoke the pipe, stroke the dog, hang on. [laughter] lets just take a breath. We till have gdp growth of 1. If 6 are you laughing lauren . If. Lauren i never heard that. Well talk in the break. [laughter] david quickly. We still have growth of 1. 6 . Its not like we have con traction, its just not as much as we thought, and we dont have as much growth because people respect spending as much, and theyre not spending as much because of inflation. David adam johnson, what a pleasure to see you, or thank you very much. One professor at columbias going after aoc. He says the congresswoman is, quote, an agent of chaos. Roll tape. And aoc, im just hes an agent of chaos. Thats the name. Aoc is agent of chaos. This is the not peaceful protest, and shes just, shes lying to the people. David and guess what . While a lot of prohamas professors are still on campus, that a professor is now banned from campus for holding a projewish rally. Weve got the story on that. Meanwhile, the Supreme Court is hearing arguments today in trumps immunity case, but trump is stuck in new york city if because the judge in the hush money trial prohibited him from attending. Former acting attorney Matt Whitaker on that coming next. Ameritrade is now part of schwab. Bringing you an elevated experience, tailormade for trader minds. Go deeper with thinkorswim our awardwining trading platforms. Unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. And sharpen your skills with an immersive Online Education crafted just for traders. All so you can trade brilliantly. David checking futures, its still lousy. Looks like its going to be a lousy e opening. Were just is about 15 minutes away. Dow futures are down 470 points. Look at nasdaq can, wow, 323 points to the negative. A lot of it has to do with that gdp number much lower than what was expected. It came in at 1. 6, we were expecting 2. 4 sphwhroocht meanwhile, the Supreme Courts going to be hearing arguments on trumps immunity in the election interference case. David can spunt joining me now from the Supreme Court. Take us through whats going to happen today, please. Reporter hi, david. The arguments begin promptly at 10 00, and a little bit under an hour. Its going to be a big day here at the Supreme Court. We expect arguments to go probably two and a half hours or so. And whether or not the justices like it or not, theyre going to enter the nerve center of the 2024 president ial election. Now, donald trump, the former president , was charged by special counsel jack smith with attempting to try to overturn the 2020 president ial election. Donald trump says that he shouldnt face charges because the alleged acts happened while he was till in the Oval Office Still in the oval office. Here he is this morning, just a few hours ago in new york, talking about the Supreme Court case behind me. We have a big case in the Supreme Court on president ial immunity. A president has to have immunity. If you dont have immunity, you just have a ceremonial president. Reporter special counsel jack smith said e that trumps behavior continued after he left office, he should be prosecuted, full stop. Now, this trial was originally supposed to kick off here in washington, d. C. Back in march, but its been delayed because the Supreme Courts going to take over this. If the Supreme Court justices side with jack smith, the special counsel, were going to go ahead and probably see a trial, david, later this summer or early fall. If the justices decide to give donald trump his wish and pronounce that he has full immunity, we may not see a trial at all here in d. C. We should hear at the latest by the end of june from the justices. David . David okay. Going to be a very important decision. Thank you very much is, david, appreciate it. Former acting attorney general Matthew Whitaker joins me now. Thanks for being here. I first want to take us back to what happened with donald trump today because hes facing in new york this gag order, we dont know exactly how the judge is going to rule on whether hes violating it or not, but could what we saw this morning trump going out and campaigning be considered something that he shouldnt be doing with a gag order . And if so, isnt that direct election interference with his campaigning for the presidency . Yes, it would be, david. Good to be with you. I think the judge is going to be more focused on what hes sending out on truth social about witnesses especially. I dont think, you know, he is certainly entitled to campaign, and he is certainly entitled to do it outside of court hours on wednesdays and on weekends. But that being said, we are very close. If this court muzzles him from doing anything outside of this court, then i think that is clear election interference. But this whole thing, as you know, is election interference, because its keeping him off the campaign trail. David it is, indeed. I just wonder whats going to happen about a his decision to appear as a witness as a lot of lawyers are saying, look, let the court hang itself on this case because theyve been making so many mistake, this court in new york. What do you think . Should he avoid becoming a witness and give them any kind of information they can use against him . Yeah, david. Ive tried cases both as a prosecutor and a defense lawyer. You dont make that decision until the end. If to see how the evidence comes in, how you feel its going with the jury, the read you get on the jury. So its premature to say that. I like his attitude that hes unafraid to take the stand, but he might not have to because the case is so weak. David all right. Lets move to the immunity e case. This is really a big one because it could affect if jack smith and whether he gets a trial before the election or not. Its looking at whether trump as president had immunity to do what he did after the election, specifically january 6th but all the stuff leading up to that. And did that, and im going to use a come pri calculate complicated phrase from an old Supreme Court case, did that fall, quote, within the parameter of his duties. What do you think about that . Yeah. Well, i think what he did is most likely did fall within his dauts, but the challenge that the Supreme Courts going to have today is theres been no fact finding. Other than the papers that have sort of been alleged, the court has no facts. And if so i think one of the most likely outcomes is the Supreme Court sends this back to judge chutkan to try to get some factual basis so they can make this decision. But that nixon case, theres a clinton case, but theres no criminal extent of this case. And one thing i would point, david, you remember the pull baa loo around hullabaloo around whether he ordered Seal Team Six to murder a a assassinate, thats not what theyre going to be hearing today. And so thats a more interesting scenario, and thats why i think hes boeing to get a lot of benefit of the doubt on the immunity question. David can right. By the way, Trump Lawyers didnt bring up that, it was the judge with a very hypothetical case, and the answer a was not as the media responded, the answer was very carefully phrased. Very quickly, if the Supreme Court sends it back to the courts, does that delay this trial until after the election . Yeah. I think theres little likelihood at this point that this case or my of the other cases except for the current trial are going to, you know, make this november deadline. But that being said, you know, jack smith really want withs the try this case before the election. David yeah. Hes salivating Matt Whitaker, thank you so much for being here. Good seeing you. Good sewing you. David it is going to be a tough day on wall street at least after the opening bell. Weve got all the futures down significantly. Dow is down 484, nasdaqs down 316. The opening bells next. This is how we roll husband we just want to have enough money for retirement. wife and travel to visit our grandchildren. Fisher Investments i understand. Thats why at Fisher Investments we start by getting to know each other. So i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. wife what about commissionbased products . Fisher Investments we dont sell those. Were a fiduciary, obligated to act in your best interest. husband so how do your Management Fees work . Fisher Investments we have a transparent fee, structured so we do better when you do better. At Fisher Investments, were clearly different. Everybody wants super straight, super white teeth. They want that Hollywood White smile. New sensodyne clinical white provides 2 shades whiter teeth and 24 7 sensitivity protection. I think its a great product. Its going to help a lot of patients. Spring into savings this moving season with pods. Save up to 25 now on moving and storage. And see why pods has been trusted with over 6 million moves. But dont wait, save up to 25 now. Visit pods. Com today. David all right, just minutes before the opening and, whoo, look at that, the dow now down 514 points. Again, premarket. Nasdaq down 305. D. R. Barton joins me now. D. R. , you are bullish. Its good to talk to a bull as were seeing some bear activity in the markets. But specifically, i want to talk about amd, the chip e maker. Why do you like amd . You know, theres a couple of technical reasons i really like them, david. Its going to be continuing to be a player in the a. I. As well as kind of the picksshovels part of picks and shovels part of a. I. Digging in to help with some of the memory things, the other processer things that arent graphics processers, although the graphics processers are really strong, right behind nvidia on technical side. So also they have a point in time right now where weve got a very good cycle low that i think we have a good place to buy anytime over the next down of weeks couple of weeks that could do really well through the summer. David okay. D. R. , intel, another chip maker, reports after the bell today. Theyre just trading up, i think investors are waiting to see what the financials look like. But intel is taking billions and billions from this chips act. Im just wondering, is amd doing the same, or is there some kind of unfair advantage . I always hate it when, by the way, government gets so involved in trying the direct economic activity. But it is what it is. Weve got the chips act and billions are going there. Do they have an unfair if advantage over amd because of all theyre e getting from the chips act . Well, i dont think they have ap an unfair advantage there, david. I think amd is going to, going to do okay on the outfall of the chips act. But weve at also got to remember that were competing against companies that are getting Government Support all over. So its almost a leveling of the Playing Field more than an unfair advantage. Im not that huge fan of intel. Theyve missed a lot of their engineering points to make the ultrathin coding chips that have been make being them for years. So plaguing them for years. I am not a huge far of intel for a place to put my chipallocated money. Amd, nvidia, marvell, i like all of those. David and very quickly, does it wore worry you that gdp came in so under expectations . I think adam, adam nailed it earlier, david. Yes, it does worry me a bit, but its one number. Id like to see our next one come through as well. But i tell ya, it is manager to keep an eye on something to keep an eye on, but i dont think that the stagflation is going to happen in one quarters number. David all right. And soft landing, you still think we can get there . I still do, and i think the strength that we have going into the election, the seasonal strength the will help us as investors going into november november. David great to see you, d. R. Are. And there you can hear, the opening bell on the markets, it is starting out to look bad for all of the markets. If dow the dow trading down about 534 points in premarket activity as we rook at the opening bell, it looks like actually, we do have some winners on the green, about on the screen. About 12 winners. Did i count that right . 13, actually, right now. The s p 500, if we can switch over to that, that is down about a 68 points. Thats about a 1. 3 3 down, its just trading just over 5,000. And on the nasdaq, boy, that is really taking it on the chin. Its down over 2 right now, down 332 points. Of course, a lot of concerns by the way, the 2year treasury, i dont know if we can show you that, but the 2year treasury is over 5 right now. Lauren november highs. David were back the really, or really disturbing numbers on that. Its good if you want to put some money in a sure thing for a couple of months, but right now it is at very distressing time for nasdaq, to see those Interest Rates rising as they are. All right. If we can go into we had some earnings before the bell, lauren, and caterpillar, talking about taking it on the chin lauren the dows down almost 500 points, and caterpillar is responsible for 200 of those negative points. Look, its a bellwether for the economy. S its a beneficiary of the billions of dollars of infrastructure spending. But their revenue missed expectations, and tear warning of weaker sales theyre warning of weaker sales because machinery demand has cooled as the economy, as as a referenced by g gdp, is slowing. David adam, you got some thoughts. I dont own the name, but they actually beat the earnings pretty significantly last night, and its the revenue number which is always the signal to me. When you see better earnings and even solid guidance, and then theres one number thats off and the stocks down a lot. , usually that means the algorithms are hitting that one negative if headline. Im admittedly a little skeptical of cat being down as much as it is. David i love those little fit did bets you give. Ive been in this thing a long time. La lapp lauren wrist ifal Bristolmyers Squibb is down 3. 5 , they cut their profit forecast for the year after two acquisitions in the past year. Theyre also cutting costs. The 2200 job cuts, typically saving money helps the stock go up but not in this case. David teafd what about American Airlines . Lauren okay. So they missed their revenue if, or First Quarter revenue numbers, but you know what . This stock has turned with the market. As a i was preparing this and looking at the numbers, the stock was solidly higher. David interesting. Lauren theyre positive on the Current Quarter because they see Business Travel coming back in a big way and summer demand is red hot. But even American Airlines is down. Lets help from it to southwest airlines. This should be down bigtime. They, too, missed their First Quarter revenue david ooh, almost so . Lauren not as many that travelers are booking at the last minute. Thats the impulse buyer. Theyll typically spend a little bit more. And now theyre pulling out of some of the airports because of the boeing plane delays. Southwest is a loyal boeing customer, and they cut their plane forecast from boeing three times. David i just is to ask, adam, i once had people express remember people express airlines. Oh, yeah. David Freddie Laker was the englishman, this was ron burr. He was the head of it. He started it. It was on the heels of the deregulations. Right. David i saw that stock go down to zero, or first time i had a stock that went actually down to zero. Would you ever invest in an airline . I actually own delta, and im very happy with it. I bought delta for subscribers and more my money for my Money Management clients around 20. Its a brilliantlyrun airline. Im very comfortable owning delta. Its the only unone ive ever owned. Said did all right. Lets switch to something on the ground, ford. Lauren, ev sales are not doing well. Theyre till losing money on ev sales. But we see the markets up the stocks up little bit. Lauren a rare green arrow today. Their profits were better than expected. Fevs, not the case. For evs, not the case. 1. 3 billion losses in the quarter, expected to hit 5 billion on the year. How are hay making their financials work . The theyre selling big trucks to big commercial david once again, yeah. Lauren a lauren and thats helping them. Also sell more hybrids, you can slowly transition a customer into an ev. So thats david and an old favorite in tech, ibm. Software company. Lauren the deal is valued at 6. 5 billion, and hashicorp is up 4 . Theyre a Cloud Software company. Ibm is doubling down on their cloud business. They know that companies immediate to manage and store day in their a. I. Programs, so ibm is aa quiring them to help companies do that. Ibm, yes, its a software provider, but its also a consultancy. And you have their client pulling back on their spending because of a slowing economy and super high Interest Rates. David two big names reporting after bell, google and microsoft. What are investors expecting . Lauren lets do google first. Obviously, both names are down today. About the two as, ads and and a. I. , and how do they intertwine. Will the Google Chatbot steal from googles bread and butter, which is their search business . If you can ask a. I. Everything, what happens to search . If expect revenue of around 78 billion. For microsoft, its actually all about amazon. Is microsofts a. I. So good it can take market share from amazons cloud which is the a a ws . Microsoft cloud, azure, is expected to grow by 29 . David adam, youve pot some thoughts. Look at the screen right now. Alphabet is down 4. 3 , microsoft is down 4. 3 david exactly the same. Remember we were talking about algorithms . Thats them at work. Thats not individual investors saying, oh, need to sell because meta was so terrible. No, thats the algos shorting stocks to push the market down. David you got a couple of stocks for us beginning with salesforce. Yeah. I love best in breed companies. Salesforce number one in Customer Relationship management. The stock is down, oh, what, 15 because there was talk of their being a company. People didnt like that because salesforce has been on a quest to improve margins. If you remember over the past year and a half, there have been a number of activist investors who have come in and said youve got to improve profitability. Theyve done that. If they had bought this company, margins would have gone down. So they have listened to the market, and theyre not buying it. David quickly, palo alto networks. Number one in cybersecurity. This stock is down 20 from earnings last quarter simply because theyre changing the way they sell the product. So customers are shifting from buy products quarterly to buying the hole challenge package annually. That pushback on sales, itll be final. Own this dip. David adam a johnson, thank you very much. Coming up, remember when the chief executive at npr said reporting the truth, quote, might be a distraction . Roll that. Our reverence for the truth, might be a distraction thats getting in the way of finding Common Ground and getting things done. David the truth, a distraction . Catherine mayer now says critics are disforting her comments distorting her comments. The trump tax cuts, meanwhile, expire at the end of the year, beginning of 2025. Biden says if he is reelected, theyll be dead forever. Does that mean youre going to be paying more in taxes if hes reelected . Heres a hint, its in the thousands. Good news, meanwhile, for travelers. You may be entitled to automatic cash refunds next time your flight is canceled or delayed. Well explain how you might get that that cash back next. Muck. The screams all sound the same looking good, guys thanks vacations are better with the credit gods are on your side. Im coming up rewards once available to the few are now accessible to the many. Earn points for travel with credit one bank, and live large. Its time to feed the dogs real food in the right amount. A healthy weight can help dogs live a longer and happier life. The farmers dog makes Weight Management easy with fresh food preportioned for your dogs needs. Its an idea whose time has come. When you need to prepare for unpredictable adventures. gasp you need weathertech. [hot dog splat. ] laser measured floorliners front and rear. [drink slurp and splat. ] scream seat protector to save the seats. [honk ] theyre all yours were here hey, i knew you were comin. So i weatherteched the car can we get ice cream . We can now. Kid proof your vehicle with American Made products at weathertech. Com. With gold and copper prices pushing towards alltime highs, u. S. Gold corp is advancing its environmentally friendly gold and Copper Mining project and creating american jobs in mining friendly wyoming. With a Proven Management team and board, a tight share structure, and a solid cash balance, u. S. Golds portfolio of worldclass assets are creating American Growth and homegrown Strategic Metals as the us moves towards an electrified future. U. S. Gold corp. Hi, im ben, and ive lost 60 pounds on golo. I currently suffer from nerve damage which kept me bedridden for six months. I was very overweight and depressed. I was skeptical when i first ordered golo, but the condition i was in, i was willing to take the chance, and the chance turned out to be my lotto ticket. Golo gave me back my life, and thats why im here. announcer change your life at golo. Com. Thats golo. Com. David markets have not improved. The dow is down 538 right now, the nasdaq is down 318. Thats over a 2 welsh just a tick under a 2 loss on the nasdaq. And here are the stocks accounting for all of the dows losses. Caterpillar, ibm, microsoft, and salesforce about which you just heard from adam a johnson. Meanwhile, Retail Investors pulled back in the first half of the month. Whats going on, lauren . Lauren Research Shows that Retail Investors pulling back dramatically so far the in april, likely was they had to settle a big tax bill, so they wanted to reserve some money. But demand for individual names did hit a 40year low. David can i cant reserve any of my money after i paid off my tax bill [laughter] it was hard this year. David it was. Thank, lauren. So are you prized surprised by this drop in demand, adam . Well, its troubling. And i think you have to look at it in the context of inflation. Right . We have less money to spend, therefore, we are spending less money. Thats inflation if in our faces. You know, we were talking earlier about meta, and i said im far more concerned about a gdp and personal consumption than i am about meta. These companies are going to be fibro. But when you start fine. But when you Start Talking about the erosion of purchasing power and people just being down, upset, depressed, having to work multiple jobs, yeah, no, thats real stuff. David yeah. And by the way, subor berg, i wouldnt bet zuckerberg, i wouldnt bet money against him. You may not like what he does, but the guy is a genius. Lauren yeah. And if tiktok is, indeed, banned, his company will benefit. David thats true. Adam, thank you very much. Lets bring in ray wang. Ray, how are you in good to see you. I want to talk, first, about nvidia which, of course, was pushing the whole a. I. Agenda front and center. What is happening with it now . If i mean, how is is nvidia still a buy from your perspective . Its one of the few stocks up right now. It is. And after the Earnings Announcement if from meta, you realized they were going to spend billions more on a. I. Which means more chips, more investment in nvidia. And we may hear more about that between google and, of course, what we hear on the microsoft side later today because were going to see theyre also a investing more into a. I. And that basically means [inaudible] and that means nvidia a wins. David now, adam just reminded us what nvidias doing with a. I. Is different than what meta is doing with a. I. However, do you think zuckerberg in any way feels challenged to compete with nvidia or are they separate in their own lanes . Adams absolutely right, tear two different things. Nvidia basically provides the chips, meta if uses the chips to actually make ads and connect folks using what theyre going to do with a. I. And, of course, googlemicrosoft use those chips to power Cloud Computing can allows everyone to do all their software or and everything else. So nvidias a base technology that makes a. I. Possible, and then everybody takes it from there and does something elsewhere with it. David i want to talk about rubric, the ipo for rubric. Its backed by microsoft. Im not exactly sure what that means. Whether microsoft if is just funding the i e po or funding it e before the ipo. What do you think . Its terribly by oversubscribed right now which means a lot of traders are already in it. They got the inside stuff, the inside track on that. Is it too late if you like the idea of rubric to get into it . It probably is a little bit late to get into preip if o, but i think the main thing is youve got a 5. 6 billion ipo. We havent had a hot ipo market in a while, and people are waiting for the market to open up so a whole bunch of these startups actually have a pipe on the back end so theres more investment in other startups. Its been kind of closed. I think last years big epo was arm. That was great. Whats next . So this year we have reddit and now, hopefully, rubric goes out and people are waiting for a couple more. David so or very quickly, once the ipo comes out, im not exactly sure when thats going to be today, but you expect it to jump above the binning the beginning price . Theres a lot of interest in it. Rubric is data, its security, its part of the components that help fund the a. I. Story. Theyve been touting that apt i. Story in terms of the road show in terms of conversations, and i think thats really why people are really interested on the ruin are rick side. David right. And viewers, we will let you know as soon as thats settled. Thank you, ray. Well, the administration if just passed a couple of new rules entitling air travelers to cash refunds when a flight is canceled. Lauren or sounds like good news. Lauren i mean, it is. But President Bidens pet peeve is fees, so he wants to get rid of more of them, and he is. Airlines will be required to give you instant cash refunds not only when your flight is canceled, but if you your domestic flight is delayed for 3 hours osar more or your International Flight is delayed for 6 hours or more. Airlines will have to disclose up front for the charge for the checked bag, the carryon bag and any change fee that comes from changing your reservation. I mean, its good news david maybe thats why airlines are down. Lauren of all the problems out there, the demand for travel is red hot. Its almost, like, can you try to fix another problem . Because were still traveling. David good point. Adam, those are good changes for travelers, but is it going to hurt the Airline Stocks . You have dell that. Yeah. Deltas such a wellrun company. Think about it, they own a refinery as a hedge against oil prices. Amazing. They service other airlines airplanes, so they make if money on parts a. David and their service for customers is so appreciated by those of us who travel. Its a premium product. You pay e a little bit more, but i think its worth it. And, again, its the only airline ive ever owned. To your question about these new penalties david right. My only hope is that there is an exclusion for weather. Airlines cant determine the weather. So if the flight is delayed because of rain, its delayed because of rain. David watch for that caveat. The caveat is in, its acceptable. Yeah. Poor service is one thing, weathers another. David adam, thank you. Coming up, even with the additional aid sent to ukraine, Biden Administration officials are not fully convinced that ukraine can win the war. Christian whiton on that. And the founder of ari max and the real estate guys calling the current tate of the housing market, quote, chaotic. But there may be some buying opportunities in new builds. That report is coming next. Country roads, take me home to the place i belong. West virginia, Mountain Mama take me home, country roads the road to opportunity. Is often the road overlooked. At enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. Because we believe the more ways we all have to move forward. The further well all go. So, you have diabetes, and your glucose is heading low. [ alert sound ] dexcom g7, the most accurate cgm, can alert you before you go too low. Now, thats more peace of mind with dexcom g7. 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 innovation in Health Care Means nothing if no one can afford it. At evernorth, were helping to unlock barriers. Using our 35 plus years of pharmacy benefits Management Experience to save businesses billions while boosting medication adherence. Helping Plan Sponsors and their members be at their best. Thats wonder made possible. Evernorth health services. David and now this, Realty Experts are calling todays housing market, quote, chaotic ebb. Potential home buyers want more homes than we have listed while sellers remain sidelined. Jer by will gerri willis joining me now. Reporter luck, negotiation room, new home sales, new homes, new Construction Market is where you want to look. Look are, ohm buyers frustrated by the lack of invenn tore in existing homes are turning to new homes as is Spring Market gets underway. Listen. A normal market youre going to find about 1012 of home sales in my given in any given month are new or newly constructed homes. Were seeing up to 3040 of people buying homes are buying new homes. Reporter big change there. New home sales in march rose nearly 9 from february as buyers opted for new construction. And thats, of course, because high Mortgage Rates now above 7 that the impacts not just buyer, but sellers. In fact, according to a new if survey from redfin, nearly 40 of homeowners say they couldnt afford their house if they had to buy it today. Builders are goosing sales by buying down Mortgage Rates, offering discounts and building smaller homes. A lot going on there. Look, the nhab outlook is rates will come down by year end. Buyers also want prices to fall as well and, of course, thats not a sure thing east. David . David and and particularly, adam, when you have these very disturbing signals from gdp growth today, much less than expected. Do you expect Interest Rates, i mean, with inflation continuing to comp down to 6 . Well, now what were talking about is the fed caught between a rock and hard place, right . If growth is slowing, well, then maybe they need to lower rates to tim late the economy, and stimulate the economy x. If inflation is actually rising, they cant do it. David right before an election. The chairman would go the down in history as being a political manipulator of rates. Potentially, yes. David yeah. No, the feds got a hard choice to make. David adam johnson, ooh ive got to say goodbye. Thank you for having me. David still ahead, montana governor austin deknutson, Steve Hillson and macy petty. The 10 a. M. Hour of Varney Company is next. Thought i was lost but then i woke up in love. This is btv Business Television this week, reunion gold. Discover the treasure that lured a veteran mining titan out of retirement. Arizona sonoran. We tracked the development of a tier one discovery in the heart of americas copper country. And prime mining dive deep into the sierra madres of mexico for their promising hunt for gold. Discover companies to invest in. Watch at btv. Com. Not