maria: all right, welcome back. we've got 30 minutes before the opening bell sounds on wall street. all about the fed if today. >> boy, i'll say is. fed coming out, and they're not going to lower rate, but i think they're going to signal about when they are going to lower rates. i don't think it'll be march, i do think it'll be, you know -- maria: may? will they take the prospect of higher rates off the table at this point? we're also a watching big tech. google is down 5 plus percent. we've got earnings coming out later in the week. it's been great talking with all of you, thank you so much is. have a great day, everybody. "varney & company" picks it up. stu, take it away. stuart: good morning, everyone. it's the day after microsoft and google reported, it is the day before apple, amazon and meta

file their reports. this is the week when we find out if america's tech giants deserve their very high stock prices. microsoft, slightly lower after reporting solid profits and revenue. alphabet down after reporting ad revenue that the analysts didn't think was good enough. where are we right now? microsoft is actually down $2, there you go. overall, the dow, s&p and the nasdaq are a mixed bag this morning. the dow's a up 36, but the nasdaq taking it on the chin. that's because some big tech stocks are down. you're off 187 points on the nasdaq. interest rates a little lower, we have the 10-year right at 4.01%. the 2-year around 4.32 last time we checked, 4.29 now, down a bit. now, watch jay powell's presentation this afternoon for hints on with where rates are going. bitcoin coming in at $42,700. gas going up again, $3.14 is the average for regular, that was up 2 cents overnight. diesel up 1 cent at $3.93.

politics. the president making waves on two crises.. -- he says he has decided what to do with iran. a senior military leader in iran says iran is prepared to respond if attacked. on the border, he says he has done all he can do. he is still blaming the republicans. and now look at this. in times square, new york city, two police officers beaten by a migrant mob if. four arrested. they were released without bail. the border is out of control, our cities out of control. the republicans are moving to impeach if homeland security chief mayorkas. they say he has refused to uphold the law. on the show today, elon musk's pay package voided by a judge. she says the $56 billion deal is excessive, unfair and it doesn't say what work he does to make that kind of money. the super bowl looms, and we have the president of the san francisco 49ers on the show. what does he think about taylor swift? reports suggest she will be at

the game in vegas. what's wrong with that? send your opinion to varneyviewers@fox if.com. wednesday, january 31st, 2024, "varney & company" is about to begin. ♪ ♪ ♪ finish and it's a great day to be alive. ♪ i know the sun's still shining when i close my eyes ♪ stuart: it really is. i feel good about it. much better than i did yesterday. let's put it like that. lauren: we're happy you're here. stuart:ed glad to be back. big tech center stage. anyone with money in the market probably has a piece of tech. all right, lauren, you've got the numbers, and you've got the stock reaction. they're larp google's down almost 6%. i can give you all the numbers, but i think the bottom line is the margin of the beat was too maul for wall street. too small for wall street.

tease are companies that are victims of their own success. they really are. let's start with microsoft, $6 62 billion in revenue. they grew as sue a better they have a 53,000 if a.i. customers, but wall street was looking for a stronger forecast going forward. then the unfortunately google which is down the -- you have google which is down the most. ad revenue was strong, at $65.5, but wall street was looking for a couple hundred million more. and that was just one part. that wasn't overall revenue, that was just their ad revenue which is a big part of their overall business, but nonetheless. what we could be seeing here was the bar was now set low for apple to impress us because maybe investors have discounted these stocks so much, apple will say whatever they're expected to say, and investors will have a different interpretation. stuart: we'll see about that because apple reports after the bell tomorrow.

the nasdaq way down, off nearly 200 points because of the big tech losses, all in the nasdaq, of course. mike lee with us this morning. mike lee, are you buying microsoft on the kip today? -- dip today? >> yeah, absolutely, stuart. i'd just like to say that, you know, i've been saying this for two months on your program that wall street has a fundamental misunderstanding as to how much money corporate, what they refer to as enterprise customers are going to pend if on artificial intelligence vis-a-vis the cloud. one of the reasons why google is down is because their capital expenditures, their investment in their own company is going to exceed what wall street wanted them to spend because they are investing so heavily in artificial intelligence and the cloud for their own company. okay? both microsoft and alphabet absolutely blew the doors off their cloud estimates which were off. it was an aggressive estimate

off a massive base, and it blew the doors off -- doors off. their guidance exceeded expectations, even the rosiest of colors. we are in the beginning stages of one of the largest corporate investment cycles into technology, specifically the cloud and a.i., that we have ever seen. stuart: i've got limited time, so is you would buy microsoft and you would buy google at these prices this morning, you'd buy them, you'd why this dip. o.k., let me move on finish. >> yeah, absolutely. stuart: o.k. nvidia, that's crossed $600 a share, 614. is your price target still $700 a shower? if -- a share? >> stuart, i think you buy it now and you get multiples of this stock over the next couple of years. they are the biggest winner from the earnings last night because of this investment in a.i. which cannot happen without their chips or gpu units. they are the key winner from last night. stuart: okay. mike lee, thanks for joining us. you're a big tech guy, i can tell. turning to politics, president

biden says there's nothing more he can do about the board or crisis. roll tape -- border crisis. >> i've done all i can do. just give me the power. i've asked the very day i got in office. give me the -- [inaudible] stuart: have you noticed every time he speaks in public it's got the roar of helicopters in the background so you can't hear what he's saying? will cain joining me. all right, will, has biden done all he can do to fix the border? >> come on. come on, stuart, he's done all he can to whats orer bait the problem at the border -- exacerbate. he's literally taken proactive measures to make sure the program remains. taking away remain in mexico, literally taking down the border wall and selling it off for scraps. yeah, he's done all he can to stop the crisis at the border. he's done all he can to exacerbate the crisis at the border. stuart: i think you're right. and it's not going to get any better in the immediate future. i want to segway to another

story and get your comment in just a moment, because i've got disturbing video from new york city. it shows nypd officers being attacked by migrants. take me through it. lauren: this is near a my grant shelter in times square. a pair of nypd officers were trying to arrest a migrant when they were mobbed by a group of migrants kicking and punching the cobs. five of them were arrested, four released without wail. one of them -- without bail with. one of them has two open cases nor assault and robbery in new york city. what does it take to deport these people? they're here illegally stealing, hitting cops and then our criminal justice system doesn't even hold them accountable. it's ridiculous. if that doesn't make your blood boil, i don't know what does. stuart: will cain, come back in, please. please r these migrants were later released without bail, one of them has two pending cases for assault and robbery. i think there is something profoundly wrong with biden's america. have is at it, please. >> well, so here i want to

address something off of this story, stuart. there seems to be, i think there still is, a misconception or, rather, a dated idea of what, what it is, illegal imgrainlt gration. i think a lot of people's minds, oh, that's the guy that's working in landscaping or the housekeeper who is trying to create a better life having illegally come over here from mexico. and i'm sure to some extent that is a percentage of what's going if on. but literally, this is, we're talking about something entirely different that has happened over the past 3-5 years. and you can see it. although it's anecdotal, it's not hidden. it's not buried in stats, you know? i live in texas. i spend part of my week in new york, stuart. you can ride the subway, and you can see women from venezuela with babies strapped to their backs in, like, papoose in a way that no one says in america is an appropriate way to carry your child. they'll send their kids out begging, and this is something you don't see in america, children begging person to

person on the subway. i can walk around the upper west side of new york and see groups of men, and these are men who you can see on their face, they're disenhance chanted. -- disenchanted. their single, they're middle-aged, and these look like hard men. this is not what you thought of in the '90s. and this is all manifesting into a moment like what you're can reporting on just happened. it's all -- when you're in new york specifically because it's all jammed together, you do feel like you're a moment away from this news story. stuart: yep, you do. i need your judgment on this. "time" magazine, quote, biden owes the country a new vice president. actuarially, he has a one in three chance of dying before the end of a second term, so his choice of vice president this time around a looms large. will with, isn't it too late the change the vice president? >> is it too late to change the vice president? i don't think it's too late to change the candidate for president. i really don't.

i still have trouble believing -- stuart: oh, i think it will happen. i agree with you 100%. i agree 100%. >> so vice president? easy work with. [laughter] stuart: okay. we'll leave it there, will. thanks very much for being there. always a pleasure, will cain. thank you, sir. check futures, we've got some green on the board for the dow industrials, but the nasdaq way down, nearly 200 points off. big tech take it on the chin. coming up, joe rogan slammed his former home state, california, for their soft on crime policies. watch this. >> with i used to be a part of the bubble. i was 100% a left-leaning person who lives in los angeles. who lived in los angeles. it's gone, like, full communist. it's out of its [bleep] mind, and their approach to law enforcement is so insane. stuart: the sheriff of riverside county is going to join us. he's seen a sharp increase in the number of chinese nationals crossing the border. he'll be on the sew. -- on the show. big tech ceos will be

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stuart: social media ceos are on capitol hill this morning. they'll testify before the senate judiciary committee on what they're doing to safeguard children. grady trimble joins us from capitol hill. grady, what can we expect today? >> reporter: well, stu, expect the main focus of the hearing to be on child sexual exploitation on social media platforms, but don't be surprised if other

topics related the protecting kids online come up like cyberbullying, harmful content on social media platforms and at least in the case of tiktok, its chinese parent company. lawmakers are going to grill some of the biggest names in all of tech including meta ceo mark zuckerberg, linda yaccarino, elon must bees' pick to run -- musk's pick to run x. she's never testified before congress. and tiktok's chief executive also be with here, he faced a grueling hearing here last year. we got our hands on zuckerberg's opening statement. he's going to highlight how facebook and instagram have new rules to protect kids online and call for legislation to give parents more control of what their kids see. also mention some safety features that facebook and instagram have roll ared out in the past couple of weeks. but he will downplay social media's role in the increase in mental health issues in kids saying mental health is a complex issue, and the existing

body of scientific work hasn't shown a causal link between using social media and young people having worse mental health outcomes. of all the companies that will be here today, only one, snap, is publicly supporting the kids' online safety act. that's bipartisan legislation that two of the senators on the judiciary committee introduced. >> they need to be put on the spot, and all of them need to be asked will you endorse kids' online safety act. we can't relie on them anymore. they've lost trust. >> reporter: and for its part, x says only about 1% of all of its users are between the ages of 13 and 17. but it says it's investing heavily in protecting kids online. it's adding a new trust and safety center in austin, and it says since twitter became x, it also increased by telephone times the number of -- ten times number of employees who can report kids and issues on social

media to the national center for missing and exploited children. stuart: got it, grady. thanks very much, indeed. member of the judiciary committee, senator marsha blackburn, joins me now. the senator will be asking questions today. senator, if self-regulation isn't working, what form of regulation do you actually want to see? if. >> what we need to see, stuart, is the kids' online safety act passed where you give kids and parents the toolbox they need to disable these algorithms, to not be subjected to content that is going to lead them to self-harm, to bullying. those are the things we need to see. stuart: so you want to open up the algorithms that social networks use. they are most unwilling to do that because that gives away their secrets. >> and what we know is that when our kids are online, they're using them as the product, and they are trying to keep them online longer. their business model is built on addicting children to the

screen. teenager thats are spending 8 -- teenagers are spending 8-8.5 hours a day on these screens. the longer someone's on the screen, the richer the data. the richer the data, the more money they make. so they're putting their profits ahead of protecting our kids online. stuart: senator, you're speak out against tiktok building an office in nashville, your home state. >> yes. stuart: what's your problem with an office in your home state? >> the problem is tiktok is owned by bytedance, bytedance in part by the chinese communist party. they store users ' data the in beijing, and also tiktok doesn't want to compensate our artists and entertainers for their music. their artificial intelligence protections are not in place, and then you look at whats happening -- what is happening with the way they are adversely impacting the millionth of thousands, ounce -- the mental

health of thousands, hundreds of thousands of kids in this country and, no, we do not want to have tiktok sitting on music row when we already have a major label that has pulled all of their content off of tiktok because tiktok will not fairy compensate those performers. fairly compensate. stuart: last one, i want to the talk taylor swift and the super bowl. vivek ramaswamy says the super bowl's rigged for the chiefs to set up taylor swift's endorsement for prescribed. she tried to unseat you your last campaign by endorsing your opponent. it didn't work, did it? >> no, it did not work. tennesseans, like most of the american people, are focused on issues. they want that southern border secured, they are tired of seeing people run across it, they are tired of this push to make illegal immigration legal,

and they are sick and tired of paying more at the pump and more at the checkout counter at the grocery store. stuart: clarity on three issues in three minutes. senator marsha blackburn, you do this really well. [laughter] see you again soon, i hope. >> thank you. stuart: by the withdraw, don't miss the super bowl preview with the san francisco 49ers' president, he's going to join me in our 10:00 hour. it's been nearly a year since the toxic train derailment in east palestine, ohio, biden still hasn't visitings but i believe -- visit is, but i believe that's about to change. lauren: yes. it's a year later. the epa a made this decision to burn the contents of five tanker cars filled with toxic chemicals because they didn't want them to explode, but the chemicals polluted the air, the water, the residents were sick, they were mad. the epa a chief went there several times. former president donald trump went there. biden never did. now he's going to go at some point soon.

is he going to be welcomed all this time later? and what will he say? stuart: what does he gain politically by going to in this fraught situation? he can say, well, eventually i got there, i did go eventually. that's kind of a negative -- lauren: campaign promise, i said i'd go, and i went one year later. maybe there'll be an announcement on what he's doing to fix the rails? stuart: i think we're going to show you some video with big tech ceos arriving on capitol hill. they're going to be grilled on child safety. who's that just arrived? okay, we got that. all right. let's see, what have we got now? what's next? lauren: this video is making me dizzy. stuart: just like me yesterday. [laughter] check futures. i see some green for the dow industrials. it's a huge loss for the nasdaq, down nearly 200 points. the open opening bell is next. lauren: microsoft and alphabet. stuart: yeah. ♪ i know we can go hire ♪ i e

keep on climbing up ♪ ♪ (♪) (♪) (♪) (♪) (♪) (♪)

stuart: quick check of futures. the big loss is the nasdaq, down nearly 2000 -- 200 points. shah ghailani joins us. which stocks that have dipped are you buying first? >> microsoft. it hasn't dipped enough, i'd like to see is it dip m but i don't think anyone's ever going to do any wrong by buying microsoft either here, really at new highs or on any kind of dip. i'm looking to add to a substantial position on a dip. i don't know that i'm going to get to see 5 and maybe 10 so % dip if the market turns around here. i think we could see some profit taking if the rest of the week we have some negative news from some of the other big tech names. i think we could see a selloff as we're seeing a little bit this morning. in any case, that is a great time to buy microsoft. the same thing with amazon. i'm not so sure amazon's numbers are going to be top of the pops. i think we may see a little bit of a selloff in amazon. those are great dip-buying opportunities. those two companies are going to continue to do well.

microsoft if still, stuart, my favorite stock of all time. stuart: i love to hear a you say that. google, i think they're off about a 6%. where are we, let's see google, they're down 5.33%. that's a dip. you're not guying -- buying that? >> not yet. we don't own google right now p. i'm looking for a little bit lower on google. i think if we see, again, some bad numbers on thursday from some of the other big tech name, i think think the names have gotten dusted up today, probably go down a little further, and we'll be looking for google at 10% off of its highs at a -- as a buy. we've got a little further to go. stuart: i get the impression that the rally in big tech is running out of stop. okay, microsoft is looking pretty good, o.k., but the rest are of them running out of steam? what do you think? >> a little bit in the technical sense. you can say a lot of these names are overbought. stocks don't go up pair bollically. this is like a hockey stick thing where they're just i through the roof with good

reason becausen earnings have been sold, that's e where the growth is in big tech. that all makes sense. but the kinds of gains these magnificent seven have had are a little bit overdone, i think, and and so profit taking is probably in order. a healthy thing, in my opinion. stuart: i don't know whether you have a model portfolio, but if you did, what proportion of that portfolio is taken up i by big tech? >> 80%. stuart: whoa! that's called concentration. [laughter] and you've been -- >> that's where the froth has been, stuart. stuart: yeah, i i see that. you must have done well with all of them. >> yeah. i mean, you can't not do well when the stocks are doing well because the companies' underlying prospects are continuing to grow. stuart: a few of my relatives are very happy about you, shah ghailani. [laughter] we'll see you again soon. all right. we're at 3 seconds, 2 secondses, 1 second, there you are, boom, it's 9:30. the stock market is open. dow futures -- i'm sorry, not futures, the dow has opened with a gain of 55, 56 points.

there's more winners than losers among the dow 30, so the cow's up from the opening bell. what's that? if yes, 38 if,5544. new all-time high. intraday, of course. but there you have it, not bad, 38,5. the s&p 500 also on the upside -- no, i'm sorry, it's down 26. that's about a half percentage point lower. and the nasdaq, well, there's the big loss. that's because of alphabet and the other big techs which are down this morning. got it. big tech on your screen, microsoft if has now gone higher. you've gone to $409 a share right after the opening bell. when the news came out yesterday morning, i'm sorry, yesterday afternoon, microsoft was down 10 points. lauren: it was a good report pro. stuart: it was a good report are. lauren: my grandfather used to wear a t-shirt that said i'm not perfect, but parts of me excellent. microsoft is excellent. stuart: i like that. it's a good one. let's start with elon musk. he just got his $56 billion pay

package canceled by a judge. what happened? lauren: yeah. an investor sued tesla, he said musk is distracted and his pay package is way too big with. a delaware judge agreed and said it was approved by a board that didn't act in the best interests of tesla hair holders, and they were -- shareholders, and they were too chummy with musk. musk needs a new pay package. he does want 25% voting control of the company, but is there a climate for that or power right now? look, you pay your ceo for performance of the company. he got that $56 billion because he has to fill these 12 metrics, pie in the sky things he that had to do. he did every single one of them. stuart: he did. lauren: he did every single one of them. stuart: i wonder if that could be with reversed? lauren: well, they have to appeal, first the delaware supreme court and then the u.s. supreme court if they choose to do that. stuart: now if, i know boeing reported before the opening bell this morning.

i see they're up 2%. what's the story? lauren: revenue up 90% -- 10%, they're dealing with safety concerns. their commercial business, very strong. defense business, struggling. the ceo, david calhoun, says we have much to prove to regain confidence of regulators and the flying public, but he does not think boeing has lost that confidence. it could be one of the reasons the stock is up. stuart: if you're interested in dip buying, boeing may be a -- lauren: at 203? or us with it better at 198? stuart: yeah, sure. chip maker amd. wait a second. they were flying so high. this is profit taking the. lauren: profit taking, and it's not perfection, but it's excellent. the ceo, lisa suh, said amk could double the a.i. processers that it sells this year to $3.5 billion. i mean, doubling their a.i. sales? not enough for wall street. amd, and we've learned this, we've spoken about this this month, they're one of the few companies that has chips almost

as a good as nvidia's. stock price is up 130% in the past 52 weeks, but wall street just wanted a little bit more from them, and they noted two other points of weakness in gaming chips and in programmable chips. so let's say an automaker is one of your customers, they would buy those chips and customize if them as they need. that as slowed down a little bit. stuart: and the stock's down 4%. okay. there's more job cuts at a major corpse. it's called pay paypal -- corporation. lauren: 2500 jobs, about 90% of their staff -- 9%. the relatively new ceo says this year is the year of change. remember, we had meta, the year of efficiency e? this is the year of change. paypal is streamlining care operations, and they're starting to use a.i. more so, make faster checkout for customers, give you better product reviews. so -- stuart: and fewer e staff. lauren: fewer staff as a result. stuart: there isn't a single day that goes by when we don't

report a company with a significant job cut -- lauren: it makes them more nimble but bad because it means more job cuts. stuart: starbucks, i'm sure i read it, they had a disappointing report. lauren: it was terrible. double miss. cut their full-year growth and said worldwide sales only grew 5% which was disappointing. for wall street that was better than feared. i mean, go figure, right? wall street basically believes the brand is strong. if you look at -- everyone got a starbucks gift card over the holidays, a record amount, $3.6 billion loaded on those gift cards. they're still very popular. they did deal with the boycott because of what's going on in gaza -- stuart: $3 billion dollars? lauren: $3.6 billion. stuart: wall massachusetts i know heir splitting their stock, but they've got another announcement. lauren: they're opening more stores, about 150 in the next couple of years including many here in the u.s., at least one of them welcome back a supercenter.

that's where the managers can make $404,000 a year. does this revitalize brick and mortar retail? if. stuart: well, they are the largest brick and mortar retailer in the united states. if they expand, what's that say about a walmart itself and the consumer? lauren: right. stuart: they presumably feel the consumer's got the bucks to go out and buy. lauren: yep. and they're doing everything to keep their employees, paying them more. now a three for one stock split. why would they do that? $3w shy of an all-time high. if they cut the price in three, it makes it more affordable for people who work there, so they're going to do that at the end of february. stuart: the stock is up just a fraction, about two-thirds of 1%. check the big board, we're up 100 points. new intraday high for the dow and it's climb, 38,560. dow winners headed by, who have we got -- lauren: should be boeing. stuart: yes, it is. 3%. microsoft is now up, $6, now they're back to $414. down 101 on the earnings report, up $6 is the next morning. not a bad swing.

lauren: now you're in a good mood. stuart: that's a new high for microsoft. yes, it is, the producer just informed me. visa is, goldman sachs on the list. s&p winners, paramount global -- lauren: byron allen. stuart: cardinal group. lauren: what was that? stuart: i can't read at this distance. [laughter] nasdaq winners, tar bucks is up there. adp, lucid, constellation energy, siriusxm radio. the 10-year treasury yield, where is that this morning? is it below -- yes, below 4%. that tens technology the -- helps technology. 3.97. gold, not done much recently, $2,064 per ounce. bitcoin, roughly $42,000 and change, 42 z 9, to be precise. the pice of oil, it's the at $77 per barrel. coming up, president biden claims he has done all he can to secure the border, but his 2024 challenger, rfk jr., is not

buying that. roll tape. >> the border patrol is utterly demoralized. you could stop this very quickly. and there doesn't seem to be any interest in the wide withen administration doing it. stuart: we've got a texas congressman to reply on that, congressman pat fallon later in the show. why get a 4-year college degree when so many companies no longer require a degree at all? mike rowe is going to join us. he says the 4-year course is shameful, that is his words. and the fed expected to hold rates steady today, but what you're going to see is what powell says about rates in the future. he'll be on deck this afternoon, and we've got a report on it. we'll be back. ♪ ♪ -- i'll be ready. ♪ you keep me -- ♪ you keep me safe ♪

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stuart: all right. 12 minutes' worth of business this wednesday morning, the nasdaq still way down. big tech's losing some ground this morning, but look at the dow industrials, now up 108 points. all right. we'll get the fed rate decision at 2 p.m. eastern time later on today. edward lawrence joins me. the thing to watch this afternoon is surely what powell says at the press conference. are you with me on this? >> reporter: you're exactly right, and it's widely expected we'll have another pause at this meeting. when you look at the fed's favorite inflation rate, pce inflation, it's under 3% for both overall and core inflation. federal reserve voting members have indicated this meeting would likely be a wait and is see to how that lag effect in monetary policy is working. here's the san francisco fed president mary daley talking with me on january 19th, right before if their blackout period. listen to this. >> we are not there yet, and it's far too early to declare victory. so while i think it's appropriate for us to look forward and ask when would policy adjustments be necessary

so we don't put a stranglehold on the economy, it's really premature to think that that's around the corner e. >> reporter: the markets were first indicating that the the rate cut could be in the march meeting, that's the next meeting. but today the feeling it could be with now may. here's the situation, kpi inflation overall -- cpi inflation overall is rising, it's still over 3% core is close to 4% on that measure. we've had several jobs reports come in hotter than expectations for december. the unemployment rate staying at 3.7%. sense january of 2021 -- since january of 2021, credit card debt is up more than 40%, americans have a record $1.08 trillion and growing and that's serviced at much higher rates. former fed members see all of this adding to a always today. >> they're going to be talking about march or may if at this meeting. the outcome is going to be we're going to keep our options open. we want to look at the february numbers, and they're going to insist on that. i think he will at least try to.

and so it's going to be let's wait and see will be the message. >> reporter: so and the key then is what you said at the top, the tone of the fed chairman in his news conference today, does he make the little pivot, does he point to maybe not the next meeting, the meeting after that. we'll have to see what i actually says at that news conference. back to you, stu. stuart: edward, thank you very much, indeed. we like to concentrate on big tech on this from program simply because it's so valuable and has so much money. microsoft and google reported yesterday. we get apple, meta and amazon tomorrow the. tech guy ray wang joins us now. ray, somebody must have bought the dip in microsoft because, what is with it now, it's up just a fraction, but it had been up $6 just a moment ago. did you buy this dip? [laughter] >> i definitely did, and and i think this is a good time to actually make a buy. a lot of people took their profits9 from the earnings report. but there's a lot more to go here. and i think the important thing

is we're just at the beginning of the a.i. revolution. and so there's going to be a lot of pull from a.i.. you saw that already, almost 6 percent of that pull in a.i. actually drove the cloud revenue side on the microsoft piece, to it's definitely something to buy during the dip. so if you can, jump in. stuart: okay. no bounce yet for google. that's quite a big dip that's going on there. again, are you a dip buyer? it's down 6. are you a dip buyer in in alphabet? >> have not yet on the google side, but i think the best thing to look at it is microsoft is winning the war on sales execution, google has the better technology on the other end. and at some point these two playerses are still going to do very well in the long run. google's challenge really is driving sales in the cloud and actually being able to continue to grow that, but both companies, the downside is really they've got a lot to invest in cap-x in order to actually fulfill the demand, so that means upgrading data centers, technologies, and that's billions of dollars of

cap-x that investors are worried about. stuart: yeah, but they've got hundreds of billions of or dollars in capital, haven't they? why are they so worried about $10-20 billion to make a.i. work? >> you know, they have been playing to the markets. you see that both companies have made job cuts throughout the year. they've also actually been trying to manage the street 's expectations. a lot of it is really because of because, you know, the growth expectations that they need and the amount of investment they need to actually get to those numbers still the requires them to have a lot of free cash flow and cash flow on the sides. stuart: nvidia, i believe they're still down as of right now. that follows a warning from another chip maker, amd. what's your forecast for nvidia? if did you once tell me it's going to $700 a share? was that it? was that you? >> welsh yeah. nvidia still has a great run are. it's got 12-18 months of a -- gpu lead. amd is going to catch up in terms of providing gpus to the

rest of the market, but the challenge now is the expectations are so high. and and that's -- people took a little bit of profit taking and, of course, waiting a little bit to see what the fed talks about today. so the rate decision, as to whether it pauses or rate cuts are actually going to impact the big tech stocks a lot more than people realize. stuart earlier this morning we were talking to shah ghailani, and he says that 80% of his portfolio is in big tech. if i asked you the same question, what proportion of your portfolio is in big tech, tell me? >> it's 90% -- [laughter] and part of the reason is this is where the action is. if you look at the fortune -- stuart: hold on a second, ray. on the left-hand side of the screen, i've got mark zuckerberg just arriving on capitol hill for his testimony in front of the senate judiciary committee in about 3 minute ifs' time. he's -- 13 minutes' time. he's defending his organization against charges of child. child abuse is wrong, not protecting the safety of

children on his social network. i see he's wearing a nice shutter suit today. 20 years ago testifies famous for the hoodie. there's going to be some grilling. ray wang, if you're still there, tell me -- >> i'm till here. stuart: -- do these hearings questioning child safety on social media, does that threaten social media with serious reform? >> there's a need for reform. if you look on x and if you look at facebook, you look at instaand tiktok, a lot of content that's inappropriate and it's beholden to those providers and networks to take those down and take them down rapidly. we saw what happened with taylor swift as well, there's a lot of misinformation, deep fakes, and a.i.'s making it a lot easier. so in the middle of an election year, over half the populace is going to be voting for a leader, we need to make sure these safety controls are in mace if not just on private networks, but in general especially looking at deep fakes and brand security.

stuart: yeah. they have me worried. ray wang, see you again soon. coming up, biden thought migration was a winning issue last time around in 2020. this time it will likely lose him the election. that's my take, top of the hour. transgender swimmer lia thomas has taken legal action against world aadequate withics. that's the body that regulates swimming competitions. she wants to overturn the policy banning transgender women from participating in women's sports. women's events, i should say. we have that report next. ♪ ♪ you make me feel, you make me feel like a natural woman ♪

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stuart: transgender swimmer or lia thomas taking legal action against swimming's world governing body. alexis mcadams has the story. on a bra what grounds? >> reporter: she says this is all about discrimination in this case, and most importantly, thomas has an eye on the olympic trials and says she wants to be competing even though she's a trans woman swimmer. so lia thomas is the first openly trans athlete, here she is, winning an ncaa division i

title. she's suing the world aquatics organization. that group, which is the world governing body of swimming, has actually prohibited anyone who has experienced male puberty from competing in elite women's swimming competitions. thomas says those rules are just unlawful, so the court of arbitration for sport saying msr if competition is a legitimate sport being objective and that some regulation of transgender women in swimming is appropriate, but she doesn't think this is fair here. so the organization telling fox news that the policy is based on advice of leading medical and legal experts as well as athletes saying, quote, world aquatics remains confident that the its inclusion policy remains absolutely determined to protect women's sport. the group also added an open category, this is important, for trans if athletes to compete. gw law professor who i talked to has handled hundreds of sex discrimination if cases and says that could be the best option here.

watch. >> an open category is fair to everyone, allowing them to compete against females where they have this tremendous, unavoidable strength, size, heart capacity advantage just as a blatantly unfair to all a girls and women, and it would discourage girls from trying out and becoming proficient in sports which is exactly what we tried to get rid of with title iv. >> reporter: so the olympic trials are in june. experts tell me it's unlikely the case would be heard by then, but as we've seen, she's been pushing for major changes here, and to get into the olympic trials, i think, would be a hug- stuart: it would be a dig deal. alexis, thank you very much, indeed. still ahead, liz peek, san francisco 49ers' president, marta mccall thumb -- martha maccallum, mike rowe. they're all on the show next. ♪ you can go your own way, go your own way ♪

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