we're now up about a half a percent if on the dow, 212 points. nasdaq, 362, up 2. thank you, nvidia. nvidia. s&p is up almost 1.25%, more than 1.25%. mark, there's just so much to say about nvidia. >> there is. and it's carrying the market right now. i mean, look, at some point i'd expect invid ya to potentially cross over that $2 trillion threshold. look, it has become the third biggest company in the world after only microsoft and apple. it's pretty remarkable where this thing has come other the course of the -- over the course of the last 15 months or so, and there are price targets at $1200 and and higher i. cheryl: it's amazing. mark tepper, lee carter, thank you so much. that is it for me, but "varney & company" is up next. stuart varney, a lot to talk about this morning, and good morning, sir. stuart: good morning, cheryl. a lot to talk about. good morning, everyone. artificial intelligence is taking the market by storm.

nvidia, to the moon. a.i. chip stocks straight up. it was a real stunner again from nvidia. we'll bring you all the numbers in a moment, but for me, the key to this huge rally, look at it, up $78, the key to this rally is in the words of the ceo. here's what he said. the year ahead will bring major new product cycles with exceptional innovation ises. now, that is a very positive outlook. nvidia's stock right now is up, what is it -- where are we? if $77. i was looking at the percentage. $77 a share. we'll follow it throughout the show. the dow industrials, some big tech companies which are dow 30 stocks, their sharply hire -- they're sharply higher. look at that nasdaq go, 59 -- 359 points, that is over 2%. it's the on fire, that a nasdaq. other markets not affected, look at this, the yield on the 10-year treasury coming in at, what is it now, 4.33 right now.

up a little. the 2-year was at 4.70 moments ago, it's at 4.70 now. bitcoin, $51,000 and change, 51,1. gas, no change again, $3.27 a gallon for regular. diesel, no change again, $4.09. there's a lot going on in politics. the president is preparing a pivot. he's shifting policy right before his state of the union address. he's just extended his giveaway to student borrowers, now he's preparing executive action a on the border. he wants to look good and reverse his negative ratings. the state of the union address is two weeks from today. but the president has the ongoing problem of his mental and physical decline. wednesday in california nancy pelosi held on to the him and led him around the tarmac to avoid the media. and when he did come before reporters, he had to have someone else answer the one question the president was asked. on the show today, at&t, verizon, t-mobile users report cell phone outage as. trouble from coast to coast.

some having problems with 911 calls. it's not your phone, it's the network. they're working on it. and we'll stay on top of nvidia, both the stock the rocket and what a.i. will do to our everyday lyes. do you remember what life was like before the internet arrived? well, a.i. is arriving now, and nvidia's a ceo says you ain't seen nothing yet. thursday, february 22nd, 2024, "varney & company" is about to begin. ♪ if. ♪ ♪ boom, crack the sound of my heart. ♪ the beat goes on and on and on ♪ stuart: i think this is very clever. the song is boom clap. that's a reference to nvidia. >> we all clap for it to go higher. stuart: very good, adam. glad you're on the show to finish my sentences. sixth avenue still the relatively deserted.

let's start with the biggest stock story of the year, nvidia. look at that premarket gain, $77 a share. it was a blowout report. lauren? lauren: i was hoping you were playing taylor swift, because this is a taylor swift moment for technology. ceo jensen wong says we're in year one of a ten-year cycle to spread a.m. i'm sorry to every single -- a.i. to every single industry. revenue tripled in the quarter with, more than $22 with. -- billion. profits grew more than ninefold and they guided higher. there's excitement, excitement around nvidia. and it's lifting all boat withs. boats. no one is talking about growth stalling. where's that conversation? there were two weak spots in this report card. it was china. but then the nvidia says, well, we're sampling two new chips to get through export controls, and competition. because you have meta, microsoft, they all want to build their own chips, but nvidia's reportedly offering to try and and help them. where are the weak spots?

does this tree grow to the sky? look at the stock. with if we can put it back up, because the other chipmakers are up too. it is scheduled to add $250 billion in market cap today meaning it will be very close to a $2 trillion valuations. stuart: at the end of the day, $2 trillion again. lauren lauren again. stuart: got it. check the markets real fast, this is the overall big picture, dow up 200, nasdaq up 350 points. adam johnson with us this morning. >> yes, sir. 9. stuart: by the way, do you have a new price target for nvidia? if. >> i upped it to 900 only two weeks ago a, and now i think i'm probably too low. i put a 30 persian multiple on earnings of $30, so 30 times 30 gets you to 900, if and i think that's too low. what's amazing is that last year the company earned $12. most analysts on the street hi e they're going to earn $20 this year with, they're going to be upping their estimates. i did that, obviously, two weeks

ago, now it's a question of just how high can it go. and, by the -- by the way, is 30 the right multiple? maybe nvidia should trade at more like 35, maybe even 40 because if it's a transformational stock. i know that starts to, you know, the skeptics would say, adam, you're drinking your own cool aid, and i get that, it's fair -- kool-aid. but we are talking about artificial intelligence, and as lauren just said, it's transformational. the ceo talking about a 10-year growth -- can. stuart: there must be a lot of people hearing you say you've got a much higher price target for nvidia, but they're scared to death of buying in after an enormous rally like this. >> i would tell them not to be scared. i bought some this morning early. yes, i've already bought some, i'll follow it up. and remember, i'm saying this as a guy -- i feel a little stupid, but i want people to understand portfolio management. it's important. i got my subscribers in at $175, okay, about two years ago. my first target was 475. because the stock had moved up

so much, i sold it at 475, my target. it went to 675, i told a little more because it gets too big, but now i'm buying it back. lawyer lawyer trees don't grow to the sky, or do they in nvidia's case? >> well, which is why when a stock goes to your target, you sell a little bit. it did what you thought. and if things change and the story gets better, you might buy it back. and that's what i'm effectively doing. stuart: i presume your subscribers are happy. >> they are happy, yes. and as long as it keeps going up, they'll continue to be happy. and then at a some point -- lauren: it's trimmed in the past year. stuart: and i'm the guy who didn't get in. lauren: you thought about it yesterday. stuart: i did, i thought about it. >> i put it to you this way? if you think the stock is going to 900, then paying more today at 750 is okay. lauren: bern bernstein -- >> what do you think's going to happen tomorrow. stuart: gotta that move on. lauren, we have these major cell

phone -- we couldn't have our team conference call at 5:00 this morning. lauren: we don't know why this is happening, we don't know the cause, but at&t says some of our customers are experiencing wireless service interruption. customers said we couldn't call 911, couldn't send texts, make phone calls. there's a tracking web site is, as of an hour ago, 74,000 disruptions at at&t. across the country. so it's wide e spread. then people are saying, well, we're having issues at t-mobile and verizon too, but those company have come out and said our networks are fine. the issue is you're likely trying to call someone who has at&t. so this looks like an a a, the and, the problem. we do not know the cause, but it's not because you didn't charge your phone or pay your bill. it's a network issue. stuart: okay. let's turn to politics. we have another poll on biden's mental health and fitness to serve. go through that one, lauren. lauren: two-thirds say he's too old, a 64%, according to a quinn

by yak concern quinnipiac with. now flint, 62 say he doesn't have the physical fitness for a term two. but in a general versus trump, he wins by 4 points. go figure. stuart: but -- lauren: but -- stuart: that's a big but here. lauren: two, three weeks ago he was up by six points, so that lead is narrowing. stuart: let's move on. lawrence jones joins us now. he's from the golden egg diner in surfside beach in south carolina. lauren are -- lawrence, biden's lead seems to be narrowing. what's the feeling about a head to head matchup? [applause] >> hey, good morning, brother. you know, when you look at the rcp average, the former president has about a 2% lead right there. i think when you talk to people of south carolina, the border's obviously the number one issue. they feel like there is a surge, and, i mean, it's not just a feeling when you look at the photos and the video of our cameras that show the flood.

but inflation is also getting folks. i want you to, if you with allow me, stu, to talk to this business owner. you said that it's crippling businesses, the inflation. >> yeah, absolutely. it's crippled us the last four years. we can't take another four years. we will be out of business if he he stays in office. and so we need to do something. all of us voters, you need to get out and vote, because it's not our businesses -- if not, our businesses are -- the last four years we've suffered so much. the inflation rate, we can't keep up with. building materials have grown almost 600% since 2020. and so now it's to the point where you can't afford it. you can't afford to build a house. look at the interest rates. the interest rates, you can't afford a house today. >> thank you, ma'am. you hear the raw emotion, stu, because this is personal for focus. when they're going to the grocery store if you have a business, and remember, this is not about personality as it relates to the former president. but even you have black business

owners on msnbc a couple weeks ago saying high was just better for us. we were building more in our franchises. we can't do that right now. and i think, you know, the last election was about emotion, and you have the luxury of having an emotional decision when things are going well. but i think when people get to the voting booth, they're going to vote based on their pocketbook and what they see at the border, stu. stuart: lawrence, you're in south carolina, that's where with you are right now. >> yeah. stuart: what does the that crowd feel about the primary on saturdaysome? is it haley or trump that that crowd is for? >> so i think it's donald trump. i did a poll with the folks that are here. i had about four people that are undecided, i may have seen five to six haley supporterses. she used to be the governor here. but when i said donald trump, and you had folks in line here since 3 a.m. a, stu, the crowd just erupted. [cheers and applause] and it's because they know him, they feel like he was good for

business with, and they feel like he's going to be the guy that secures the border. so it's deeply personal, and there's still people coming in here. we didn't have seating in here because it was so packedded. and, by the and large, they're supporting the former president. stuart tooth lawrence, i think they also rather like you and "fox & friends", and thank you for coming on the show this morning. you're a good man. see you later. >> you got it, brother with. stuart: coming up, president biden says neither republicans nor the supreme court can stop the him from canceling student debt. roll i. -- roll it. >> -- every month to pay their bills. but even as they pay their loans, their e debt decreases, it doesn't diminish, because of interest rates. and i thought i'd make a lot more sense to relieve student debt for families and grow our economy. stuart: is he undermining the principle that if you borrow money, you've got to pay it back? it's a good question. the president is considering taking, tiff action on --

executive action on the border. this may if be a political necessity for him because the border's one of his biggest political problems. former acting dhs secretary chad wolf tells us what biden's executive actions may actually accomplish. that's next. ♪ ♪ bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining 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. when enamel is gone, you cannot get it back. but you can repair it with pronamel repair. it penetrates deep into the tooth to actively repair acid weakened enamel. i recommend pronamel repair. with new pronamel repair mouthwash

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♪ finish. ♪ ♪ if. stuart: okay, bottom right-hand corner of your screen you can see what's happening on the market especially the nasdaq. it's up 345 points, nearly 2%. move on to the border. the president is considering executive action. former homeland security chief chad wolf joins me now. look, chad, i think this is a political necessity for the president because he's under such immense pressure. is that what's doing this?

is that what's forcing him to do this? >> well, it is it's a great question. the real question is why hasn't he done it before now. he had all these authorities two years ago, one year ago, he could have been doing a lot of executive action to stem this crisis is for a long time now. so why he's choosing to do it in 2024 after three years of just a us to havic dry sis -- historic crisis, i think, is the unanswered question. stuart: we don't know what executive action he's proposing to take. we haven't got the details yet. but what dawning? i mean, is he likely to really close the border? is he going to do that? >> i don't think he's going to do that. rook -- look, i think that there's a variety of different executive authorities that he can use. the one that's being mentioned the most right now is what we call 212f which is the ability to turn individuals and migrants around almost immediately, very similar to title 42. this is what the administration should have done as title 42 ended almost, you know, a year and a half ago now.

they chose not to do that, and then we've seen what's happened since then. so what i would say is if they are taking executive action a, welcome to the party. i'm not sure where you've been for so long. this crisis didn't need to go as long as it has. you had some authority to address it. and, again, why they're waiting until year four to do it is beyond me, and i think the american people kind of see through this. i think your with earlier point, maybe politics is at play here. stuart: the trump campaign has a plan for mass deportations and military migrant detention camps. chad, do you believe that a trump administration could actually -- i think we've been through this before, do you think a trump administration could actually deport if 7 million people? >> well, it would be an extremely difficult, but that's not to say that you shouldn't try. you should certainly start removing individuals, and you need to start, obviously, with the most dangerous ones. you also could start with the

1.5 million final orders of removal that are out there on the streets today. so there's 1.5 million migrants that have been before an immigration judge, and the judge has said you have no legal right to be here, but yet they remain here. so there are some -- you got to prioritize, and you got to let i.c.e. removal officers do their job which they haven't been able to do under this administration. so i think there's definitely some steps that you can do to initiate that. whether you could do all, you know, 7, 8, 10 million here in the next couple of years i think will be very difficult. but, again, i think you should put your best foot forward, you should try. i think that's what the american people want to see, that individuals that have come here illegal lie that have no legal right to remain here should be removed. stuart: chad wolf, thank you for joining us this morning. we appreciate you being here. thank you, sir. i'm going to turn now to the migrant crisis at the local level. new york city's mayor, eric adams, says his administration

is slashing spending on migrants. madison alworth with me. which spending on migrants is he slashing? >> reporter: so he's putting it at 30% cuts. that is what they say, they're going to cut spending by 30%. and the focus is going to be on renegotiating housing contracts and also a focusing on those 30 and 60-day notices. that's the notices that the migrants are given to say they have to be kicked out. little known secret, the it's a right to shelter city, so if you get kicked out, you can reapply. but the city is saying 30 cuts. and that's good news for the rest of the city because, because of the migrant crisis, central city -- essential city services like trash removal, libraries, they all had a 10% budget cut. they were supposed to get another 5% this spring, the city has also canceled that a because a they're been able to cut back on the migrant crisis. all of this is expected to the bring the fiscal cost of the crisis down. so it was anticipated to be $12 billion over four first e call years, now the mayor's saying closer to $10 billion.

so the move if has republicans on city council starting to see a glimmer of hope including one councilwoman. her district was the one that had the students kicked out so that migrants could have a shelter during bad weather. she said this to fox business last night, quote: the city is faced with realities which us republicans have warned about from if day one, that as unreasonable and unsustainable for new york city to house everyone from around the globe at the expense of new yorkers. hopefully this minor reduction in migrant spending is a beginning of the end of the crisis for our city. but $10 billion, that's still a lot of money, and some of it going to programs like the preloaded debit cards for migrant families. analysis shows some families could be making from $12,000-15,000 a year on those cards, and the program could cost billions of dollars if it's expanded. big concern, are you putting migrant families above those in our own city like those on

s.n.a.p. benefits. stuart: doesn't amount to a hill of beans, the $2 billion, 2-year cost cut and you're still handing out $50 million in debit cards. you're still going to do that. >> reporter: that's still on the table. stuart: madison, thank you. the governor of new york, kathy hochul, says her state cannot handle any more migrants. they need a break. [laughter] so who is the governor blaming now? lauren: republicans. she says republicans own the border crisis. stuart: what? please. spare me. >> 175,000 migrants who came here, they came here for a better life. they came here for a job. but our city and its resources are absolutely overwhelmed. we need a break. i'm working to get people jobs. they're here, i'm going to make them work and get them jobs. but until then, we need some relief at the border, and those republicans even in one state like new york, ten of them can make this happen. and if they don't, this'll be a wedge issue and against them

this november as well. i'm putting them on notice, you broke it, you now own it. stuart: i have to break in here. that makes me mad. lauren: i bet biden says the same thing march 7th on the state of the union. stuart: what a disgrace. lauren: he caused the crisis, but it's becoming political, and because the senate did not pass the negotiated bill, republicans are starting to get the blame. >> and, by the way, a negotiated bill that said, oh, it's okay if up to 5,000 people just stream in every day. of course republicans opposed that. it's crazy. why is 5,000 migrants streaming in every day somehow acceptable? stuart: and they blame the republicans. >> it's crazy. lauren: we own the crisis. stuart: you know, i'd better move on because we've got good market news to give you. look at this, the dow's up 200, and the nasdaq on the back of the nvidia gain is up 339 points, okay? we'll be back with the opening bell. ♪ ♪ come on over down to the corner, my sisters and my brothers, of every different

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stuart: oh, i see plenty of between on the screen this morning, dow's up 200, nasdaq up

343. show me nvidia with, it's up $77 at $752. that's 11%. huge. ivan covers nvidia and joins us now. i've advancer you had, i believe, a $770 price target for nvidia. it's almost there now. do you have a new price target? >> well, i'm in the process of updating my model and my projections but, yes, i'm going to be raising my price target. this was another incredible quarter followed by strong guidance as nvidia continues to actually drive the a.i. investment trend and theme across every aspect. and to quote tom siebel from c3a a i, every company is going to have to be an a.i. company, and nvidia remains the core of this investment theme and this whole i.t. investing trend. stuart: one more for you. you also coffer intel. do they -- cover inintel. what's your price target on

intel? >> my price target is $86 on intel, and i also have a buy with. and and they are -- not only do they make the processers that go into desktop pcs and servers and laptopses, but that's where the connection begins in a.i., and they are also continuing to further this a.i. trend with this concept of a.i. everywhere. and also everyone asks me, well, what's the next nvidia. well, there's no company that will replace nvidia. i think what you're going to see is that qualcomm is going to enable this mobile connectivity of a.i. intertaste -- interface with the a.i. functionality they are continuing to build in their snapdragon processers which are on over 3 billion mobile devices. stuart: ivan, i'm out of time, but thank you very much for your analysis especially on intel, $80 a share is your projection.

all right, folks, the market is open, and we've opened with a huge gain for the nasdaq. i'll get to that the in a second. nvidia has opened at an all-time high, no surprise there. s&p 500 also at an all-time high. let's start with the dow industrials. just opened. up 240 points. .6%, significant gain. if you look at the dow 30, there is a preponderance of buyers, that means stocks going up. how about that? if the s&p 500, let's have a look at it, all-time high, just hit it. i guess this would be an intraday high at 5,047. it's up 1.3%. the nasdaq, show me the nasdaq because that's where the huge gain is going to be. will you look at this. the nasdaq is -- big tech. can you show me the nasdaq? lauren: up 320 points. 2%. stuart: thank you very much, indeed. there she is. up 330, 2.03%. amazon is up 2%. meta, 2%. microsoft, 1.8%.

alphabet, 1.1%. and apple, not the biggest of gainers, but it's at 183. another look at nvidia, please, now that the market is open. there you have it, it's up $77, 11%. lauren: eyeing $2 trillion in valuations. stuart: that's right. now tell me about the chip makers. lauren: let's pull them up on the screen. i like to -- like to look at super micro. it's up 747% in the past 52 weeks. stuart: it's up $113 today? lauren: yeah. another 15.5% today, so it's probably up 800% this year. i mean, these gains are fantastic. broadcom has doubled in the past year. ark md has doubled -- amd has doubled in the past year. we're always talking about the next big thing. let me just kind of illustrate a.i. for a second. microsoft, you'll like this, openai is working on something called sora. you can text artificial intelligence to create a video and then eventually add sound to that video. think of the chips that are

necessary if to train such models. i mean, this is the stuff that's happening. and that's just one example. stuart: in this has really got you excited, hasn't it? if i can tell. you're pumping -- pumpedded up about that. [laughter] it's good stuff. all right, change the subject. some earnings reports came out before the bell including moderna which is up 8. laura: i'm more excited about this. -- lauren: it was a surprise. they reported earnings of 55 cents a share, and i'm going to give you the expectations. wall street was expecting a 99 cent loss. so amazing. they're diversifying past covid. they've got new drugs, think cancer, rare diseases, and they're trying to leverage their m pressure na -- mrn if a technology. that one they're expecting a green light from the regulators for an rsv vaccine. stuart: wayfair, deal with them fast, please.

lauren: still reporting a loss, more active customers if. there you go. stuart fourth thank you very much, indeed. [laughter] a couple of ev makers. way, way down this morning. look, the bloom is off the a ev rose, isn't it? lauren: do you feel bad for rivian? stuart: no. lauren: i see more of them on the roads. their headlights, they just look so happy, right in a little different from everything else out there. no one cares. >> truly, nobody cares. stuart: lauren: they're cutting 10% of their salaried work force. they're losing money on every single ev that they make. burning through cash because they're building a new plant in georgia. this year 57,000 vehicles is the forecast. [laughter] we were expecting 81,000. last year, more than 57,000. there's no growth. because there's no demand. stuart: is so it's down 24%. lau lauren yeah. stuart: lucid, is that -- lauren: when they went public three years ago a, they said we're going to make 90,000 vehicles a year. do you know what their forecast

is for this year? 9,000. a tenthth of the estimate given three years ago. they're also cutting prices. see, the luxury car makers don't want to cut prices, but they cut the -- stuart: here's another one you should deal with real fast because with i want to talk about nvidia, big tech and all the rest of them. boeing. they're down 22% -- lawyer lawyer don't you own some boeing? >> no, i sold it at a huge lo. worst thing i ever did. what have they done with the guy who runs -- or ran -- their 737 max -- >> ed clark, he's out. he was head of the 737 max unit. the guy in charge of the factory that build the jet where, you know, the door plug blew out on the alaska flight. but they're also creating a new position to oversee quality control because so many of their recent issues have been because of lapses in production. stuart: fair enough. that's a long-term turn around. lauren: went a little long on that. adam, you're with up. [laughter] stuart: adam's withs us, and he's got if some stock picks

include willing uber, and i'm very pleased that you like this because i've got a thin sliver. >> i think uber do you believes from here. tiewfer stuart doubles? >> yeah. and if i'll tell you why. they are putting ads on their platform. now when you're on your uber stair staring into your screen, there are going to be ads that pop up. so you're a captive the audience. i think that that ad a platform is going to add $2 of earnings over the next three years. so earnings instead of being $3.80 will be $5.80. you put a 30 multiple on that, excepts you to 160. i'm the street high. none of the analysts on wall street have started to model ad revenues, and they're going to. stuart: you know, johnson, i really do like you. [laughter] >> you must clearly be long uber. stuart: what are you doing tomorrow? boston properties, you like that. you've been on it forever. >> and i thought it was important as we talk about these momentum names going up, uber at new highs, nvidia, talk about commercial real estate. it's hated. and and i mean hated.

and yet boston properties is, they wrote the book with, they are the rolls royce of office space. they only is have the best with buildings in just six cities around the country. it's a niche. it's trading very cheap at nine times. occupancy is 93. they're writing new leases with 6% price increases. they have pricing power. and, by the way, the the stock yields 6%. so, you know, if you want -- and it's still way down. it's starting to percolate. it's quietly starting to percolate. i think you can double your money on boston properties. it's not as sexy or glamorous as nvidia, but i think you can double from here in part because it's down so much. not only are they going to survive, they're going to drive. stuart: boston properties will double says adam a johnson. check that big board. we're up 220 points, 38,837 is where we are. dow winners headed by salesforce, then ibm, microsoft,

american express and visa. s&p 500 winners, top of that list, nvidia, of course. it's up $84. that is 12.5%. synopsis -- okay, let's get to the nasdaq winners. that's got to be headed by nvidia, and it is. synopsis, advanced micro devices, 6%, cadence and marvell technology. some big winners today. back to nvidia, 758 right now, 759. up $85, that is 12%. how about that? stock of the day, the week we, the month, possibly the year. coming up, please don't forget to send in your friday feedback. i want to know what you thought and what you think now of my italian accept. watch this. accent. so let me try something. it's expensive to get out there and date. >> it's extremely expensive to get out there and date. >> cost you too much money, stuart. stuart: the hand alaska. >> you have got to play into the hands, a little of this, a lit

of that. stuart: is and what does that mean? >> that means it's too expensive. [laughter] stuart: what do you think? the did i get it right or make a fool of myself? [laughter] send your thoughts to varneyviewers@fox.com. getting serious, there's this: president biden pushing ahead with costly handouts and spending plans, but folks are a dealing are with rising prices and growing debt. we have a report on that after this. ♪ ♪ ♪

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♪ you were always so dedicated... ♪

we worked hard to build up the shop, save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor, you're an owner. setting up the future for the ones you love. that's the value of ownership. stuart: okay. the magnificent seven, they've accounted for most of the market's growth in the past two years. that's the market's growth. with today's rally, nvidia now trails only microsoft and apple in value.

economist peter morici joins me now. peter, is our economy -- forget the market for a second -- is the economy too dependent on these seven huge tech companies? >> well, first of all, it's great they're doing well, and we should want that. however, so much of our economy is not doing well because it's not cost competitive. for example, chip making, automobile as and so forth. and right now the administration is taking a lot of this and squandering it so that we're basically living off these seven companies. it's very similar to what went on in ya pa pan in the 1980s -- japan. we all knew about sony and toyota and so forth, they were invading our markets. but so much that was underneath them was rotting away. and i'm very concerned that with the wrong economic policies, we've squandered the great opportunity that's being created by what is essentially the next invention of the wheel. stuart: okay. you've got an op-ed that says americans deserve a better economy than what biden or trump can give them. all right, peter, if it's not

bide, if it's not trump, then who does give us a great economy? >> well, it's minute that doesn't want to rely on protectionism for one thing. is a 60% tariff on china's exports and a 10% tariff even on our friends in britain going to do us any real good? all it's going to do is cause general motors to become less efficient, to raise the cost of building a semiconductor factory which is 45% more than what it is in taiwan or korea to 75%. is having these big deficits, one likes to cut taxes, the other tries to spend too much. we need someone who's going to take us back to fundamentals of fiscal responsibility, you know, an absence of monetary ease and making american companies compete. stuart: it's not going to happen. it's not going to happen, is it? i mean, if trump wins, he imposes these tariffs. if biden wins, you keep on spending and growing the debt. >> well, you're assuming that both of them are going to be nominated. let's see exactly what happens

over the next three or four months. trump may well be convicted of something, biden may cam to his my come to his seasonses. biden is starting to pup up in the polls, if he's down 5 points by april, maybe the democrats can persuade them to step aside. it's not the wrong thing to say we need someone else. stuart: okay. is there a politician that that you know of who is proposing the right policies for our economy? >> i'd like to tell you there are, but there's so much reacting to these two characters. for example, there really isn't is ea republican out there with an agenda. tim scott, nice guy. why did he want to be president? the governor of florida, i'm anti-woke. that's nice, but that's not enough. nikki haley has never if really staid what she wants to do with the country. she basically attacks trump, hinges on to some of his policies. she's the most attractive candidate out there but, frankly, she reminds me of a pry brainer. stuart: oh -- librarian. stuart: oh, stop it. that's an unfortunate

characterization -- >> well, what i'm getting at. no, no, no, i didn't mean it that way. what i'm saying is that she basically will give us what's sort of in the books. she doesn't have, you know, a new vision for the country, and that's what i'd like to hear from her. stuart: your outlook though is negative, because if we're not going to solve the debt problem, we probably will impose some tariffs, so your outlook for the economy regardless of politics is negative over the long haul. >> no, i don't think so. my feeling is, is that these guys are doing so well that we can manage 2, 2.5% growth, but there's a real danger that either trump the or biden could go overboard and take the economy down with it. stuart: all right. >> right now there's so much momentum coming and, you know, maybe nikki haley will come in, and that would not be a bad thing. stuart: not going to happen. >> she would take us in a better with direction. stuart: peter, i'm out of time, unfortunately. i'm sorry do cut you off in your prime, but we'll have you back. >> okay, take care. stuart: families continue to grapple with rising prices and

growing debt can. edward lawrence at the white house. let's start with household debt. where's it stand now, edward? >> reporter: absolutely. now a record $17.5 trillion. now, some that is mortgage, but some of that is also credit card debt. americans are paying more because of higher prices. the government is also paying more, and since president biden came into office, he has made 131 executive orders, many of those creating programs or commissions that need funding. polls continue to show the american people don't see positive results coming from the president's policies. under this president consumer spending on food and household makes up now 11% of americans' spending. that's the highest level since 1991 when baseball officially banned pete rose from the hall of fame of. since the month president biden came into office, overall inflation is up 18%, and now the administration is back to blaming companies. >> their profit margins are still highly elevated, and, you

know, they're using a level of pricing power that, you know, may have made sense to them at one pointment but at this point, since they themselves are rah realizing savings as costs come down, they need to start passing those savings forward to consumers. >> reporter: and americans see that under president biden the national debt hit another record $34 trillion. that means each citizen would owe about $102,000. this is what we hear. listen. >> i think people rah are really concerned about the economy. s i think if they can, you know, improve jobs, just make sure that the economy's in great shape. i think that that's what everybody needs right now. >> reporter: and, stu, the polls are showing that americans just don't feel the economy is there yet. back to you. stuart: we see that too. thanks, edward. coming up, trump's lawyers ask the new york civil fraud case judge to delay enforcing the $355 million fine. new york state attorney general

letitia james says she'll seize his assets if he doesn't pay up. we've got the latest on that. and look at the bottom right-hand corner of your screen. nvidia is up nearly $100. ♪ ♪ i got mouths i've got to feed. ♪ so i'm gonna make sure everybody eats ♪ nage it well ♪ ♪ jardiance! ♪ ♪ it's a little pill with a big story to tell ♪ ♪ i take once-daily jardiance ♪ ♪ at each day's start! ♪ ♪ as time went on it was easy to see ♪ ♪ i'm lowering my a1c! ♪ jardiance works twenty-four seven in your body to flush out some sugar. and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur.

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stuart: trump's legal team now asking for a 1-month delay in enforcing the $355 million civil fraud verdict. liz a ya hu live outside trump tower in new york city. lydia, what are trump's attorneys saying about letitia james? >> reporter: good morning, stuart. they are aa causing the attorney general's office of an unseemly rush to the judgment after the attorney general, letitia james, said earlier this week she was ready to seize trump's assets which include his buildings if he's up able to pay that massive fine. and, stuart, this comes as there are now growing concerns about the mar statute james -- particular statute james used in the case against trump. legal scholars tell me that the statute she used is technically correct, but they question whether it was appropriate. one issue is that the statute does not require proof that

anyone lost money, no requirement for a victim. and the former chief of taffe for then-attorney general andrew cuomo wrote this in a "wall street journal" op-ed earlier this week, quote: it is worth considering whether in the quest to get mr. trump, many of our public officials may be pressing the law in ways that will outrid the cases against the former president. essentially, he's saying this is bad precedent and raising concerns about whether this law can be used again. other reel scholars say -- legal scholars say this law must change. >> i think it should be limited to injunctive relief when the relief is sought by the attorney general. perhaps you can enable victims to seek monoif tear relief -- monetary leaf, but there were no victims here who would seek monetary relief. it shouldn't be that the attorney general is allowed to do that. >> reporter: and, stuart, business leaders are also raising concern, real estate investor grant car done said thats he is now pulling babb on

investment -- back on investments that he a had planned for later this year. we're not even a week out from that judge's decisions. and fall continues. stuart: liz yarks thank you very much, indeed. nvidia is up $92, that's 13. people are scared to get into it at this level, but they're e getting into it, because it's going up from where it opened. >> well, they shouldn't be scared because it's actually cheap, and it's cheap. because earnings have tripled. stuart, think about it this way, you go out and buy the s&p 500, the pe multiple on the s&p right now is about 20. given the fact that earnings have gone up so much on nvidia, it's trading at 25. so you can pay 20 times for the s&p, you can pay 25 times for nvidia and get 300% growth. which do you want? stuart: stuart i'll tell you, the dow and s&p 500 have hit all-time highs. adam, thanks for being with us for the hour. still ahead, or mollie hemingway, mike huckabee, jon taffer, after this. ♪

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