from $1 million valuations to $70 billion even though they might be worth $10 billion. the problem is they go public to an unsuspecting public at outstanding valuations. this year a lot of companies are going to go public, and the a.i. angle won't even be part of the real business model. you must learn how to play a rigged game. facebook, they raised the piece price three times. they took the number up, they took everything. it crashed bigtime. it took a year to get all the way back. but if you bought it, you are really happy that you did. so you just heard what tom said. i would just add to that in this environment you want to make sure that you wait. and i mean, wait a very, very long time in my mind for some of these names. do not chase them. it is rigged. but you can make real money with it, and that's what we're in this for. right, liz claman? liz: rigged. it's all rigged! [laughter] charles, thank you very much. charles: see you later e. liz: you are so right.

59 minutes heft to trade, folks, stocks on fire day two. look at the dow jones industrials. not even at the highs of the session, right now up 291 points. had been up 376. nonetheless, when you put these two days together, yesterday and today, you're looking at 690 points of gains. s&p jumping 18 points. we've got the nasdaq up 36. earlier though, so we're definitely coming off the boil here. the nasdaq had been up 169. russell 2000, the percentage winner, once again up 1.25 or 26 points. but we begin with breaking news and kind of dueling headlines here. apple and the reddit ipo. as we kick off the final hour of trade, i need you to looked at apple. a major lawsuit by the department of justice and 16 astronaut attorneys general slapped -- state attorneys general slapped on apple is dunking shares of the iphone maker all the way to the bottom of the dow's barrel, down 4.25.

the stock the is tanking -- 4.25%. merrick garland announced the consumer electronics behemoth has allegedly violated federal antitrust laws by engaging in specific behavior that they say stifled competition in not the smartphone market, but choked off many other industries that rely on mobile devices to reach consumers. >> apple creates barriers that make it extremely difficult and, e pepsive for both users -- expensive for both users and developers to venture outside the apple ecosystem. when it comes to smart watches, apple not only drives users to purchase an apple watch which is only compatible with an iphone, it also uses its technical and contractual controls to make it harder e for someone with an iphone to use a non-apple mart watch. liz: oh, and there's a lot more. even more worrisome if than the hit that the stock is taking now down 4.33%, so as you see through the session it's getting

worse, the doj says it does not rule out seeking a break-up of apple as a possible remedy. trader keith fitz-gerald, by the way, is actually scooping up apple shares on this sell selloff. he's going to join us later in the show to explain why. in the meantime, that other major headline, the reddit ipo. 19 years after the social media community site went live on the web, it debuted on the new york stock exchange as a publicly-traded company in one of the most highly anticipated ipos in years, reddit -- which was priced at the top end of the trade at $34 a shower which gives it a valuation of $6.4 billion -- opened for trade at 1:15 p.m. eastern. the stock on its very first prohibit shot up to $47 -- print shot up to $47. eye of the session, $57.80. it has come off that right now. wert at $47.96. still a 41 percent gain. now, during the peak of the session the company had a market

cap of about a $10.9 billion. so as you see, it's moving around but it is still a win at this point. trading higher or by about $14.22. joining us now in a fox business exclusive, vanderbilt university assistant professor of finance joshua white. he also served as a financial economist at the securities and exchange commission. and we have an early reddit user, charles bayer, who declined reddit's offer to buy shares. charles, there has been concern that the stock could lose steam shortly after its opening trade because many of the users, retail investors, said they plan to short the stock. clearly, that is not happening yet at least. any regets? -- regrets? >> no regrets. you know, again, i think reddit's a great platform. i have no issues with the company. i believe that from a revenue perspective they're doing well. they're moving up year every year. upontyization wise they have --

monetization wise they have a lot of opportunity to bump up their earnings. so i don't have any issue with the company. my issue is more risk management and just, you know, or you know that, you know, or the ipo launch is going to be a little hectic which you're seeing today, obviously. but the real question is, you know, if you're looking to be a long-term investor, i would hold the stock for a long time out into the future, you know? you may want to wait for the volatility to kind of calm down because what you do see with a lot of ipos is you get that initial activity like we're seeing today, but then it will calm back down over the next couple months and level out to a more real a listic number -- real listic number to the stock. so for me, i'm more long term, and i didn't want to get in kind of this today act a at this time we're seeing. and, yes, in hindsight, absolutely, you know, hey, could i have bought for $34 and sold it for 57 if i'd a timed it perfectly today? sure. but no one has a crystal ball.

from a are risk management perspective, i would rather be on the side of safety thanking with someone who is going -- than being someone who is going to throw a bunch of to money in the ring and it doesn't turn out the way you thought it would. liz: and the reason you were given the option to buy anywhere from 1-1,000 shares is because you were one of the earliest adopters. you opened your account on reddit back in 2010. >> yeah. liz: i'm really interested to know about what price you would buy it at. you say you would consider buying it when the volatility calms down. at what price? >> well, that's a good question. i mean, obviously, they're not making money now. they haven't made money. again, they're closing the gap. they're getting closer to profitability. if you believe everything they're saying, they're talking about having addressable market in the trillions from an advertisement revenue if perspective. so theoretically, you know, if you look at price to earn, where

they're at now is negative, obviously. i would like to see something a lot more reasonable, i would think 20 20 a is a little bit closer -- 20 is a little bit closer. i do think, again, long term if they can capitalize on the advertising options they have as well as they talked about the a.i. potential play they have where they, you know, say, hey, we're sending out almost 20 years of data, we can sell that that for a.i.. you should go from from there. but right now i just want to see the dust settle a bit and see where it comes in. i would think this'll probably cool off a bit, into the 20s would be my expectation. liz: interesting. down to the 20s, probably. professor white, what does this moment in time say about the ipo market? if i'm holding up the s1 filing, okay? the s1 filing is what all companies that are going public are required by the securities and exchange commission where you used to work to talk about

all the great things about the company but also the worst case scenarios for the company just so that everybody goes in with eyes wide open. >> yeah. so -- thanks for having me on. certainly, the s1 filing is the sec's way of informing nervous of the risks of a company. of they're supposed to remain investment-neutral, so they're not necessarily approving the business model. they want investors to have full information to understand what the risks are of reddit and, hopefully, they can price that information in. and so for reddit, this is a big moment. it's a big moment for a tech and a social media ipo. it reminds me of snap in 2017. i think this could be a bellwether for the year, but we're not out of the woods just yet. so the ipo process, they had a really successful road show, you know, there was information coming out it was oversubscribed ised. they were able to quites at the top of their range at $34, and they probably priced it a little light so they would have that first-day pop that we're seeing today.

even if it closes at $47 in the 40% range, that's still a really good first day return. liz: new constructs, which is a financial web site, called it the return, reddit's offering marks the return of the junk ipo market, the junk stock the ipo market. is that fair? >> i don't know that i would call it a junk stock ipo just yet. so reddit is a 19-year-old company, and as we were just discuss discussing -- just discussing has not turned a profitability yet, but they're trending upwards ward -- upward, and the information coming out is they're going to continue to grow at 20 a year, or at least try. they have a billion threads that they can potentially sell or license to a.i. companies for training, and so i think with these new revenue opportunities it's, the path to profitability potentially there, they just need to execute. liz: okay. all right. well, right now it's down about $10 from its high which was $57.

but it's still up 40% from that first, from the ipo price there. it's at $47.86. professor, thank you. and, charles, do us a favor. when you do decide that it's time to buy, let us know. we'll have you back on. [laughter] >> absolutely. thank you. liz: thank you both very much is. okay e, overall stocks are rallying yet again to all-time records. the dow, the s&p and the nasdaq are hitting all-time highs. the dow inching closer to 47,00. we have it at 39,809. the s&p is on pace for its third straight record close. that would mark the 20th of the year. and the nasdaq is on track for its fourth record close of 2024. what's overall a behind this gain? chips are powering the advance once again. micron is at the very top of the leaderboard. that's an all-time high right now of $110.65 after the company issued a strong revenue outlook. micron is a key nvidia supplier.

envied ya, of course, is the 800-pound go ill la right now in a.i. chips. the rest of the a.i. board everyone from illumina to broadcom, take two interactive, lam research in that chip space. same goes for the s&p 500. super micro computer is gaining 15 -- sorry, that's micron -- is gaining 8.25%. we've got western digital moving higher by 5.5%. you could throw in broad cam once again, that's at the -- broadcom as well. could it have more room the run when it comes to the s&p at 5200? and if so, 5245, how much more further does it run? if let's turn to the man with the highest s&p 500 goldilocks target on the street. he is deutsche bank chief global strategist. binky, your bullish case for the pend of the year, 5500. do you believe today and is

right now we will get there? >> absolutely. it's definitely looking that that way. we entered the year with the macro community really looking for, you know, some kind of recession or some kind of severe slowdown. and the macro community and the forecasters have moved in the other direction. everybody's forecasts are changing basically every day on the macro side it's been the case. i would say the freshest forecast comes from the fed yesterday. they've got growth this year at 2.1%. most people would argue that's trend gdp growth in the u.s. i would argue it's probably a little higher, around 2.a 5%. 2.5%. and so, you know, what i call basically the cyclical overhang is lifting after a year and a half of everybody looking for a big slowdown and recession. it's slowly everybody is moving basically towards, you know, the cycle basically continuing.

i would argue a, you know, if you look basically on the corporate side, a casualtity of this very negative sentimenting of growth coming, you know, collapsing essentially was really the corporate sector. and if you look at ceo confidence, it's moved up tremendously. and really, you know, better guidance and earnings upgrades should follow. liz: i just want the say to our viewers we have people come on all the time, all the business networks do, and it's very easy on a day where the markets are skyrocketing or a day after they skyrocketed to say is, oh, yeah, that's my case. binky, you put in that bullish case at the end of last year. you also said that while the market has solid fundamentals, the perception -- [laughter] is so poor if on behalf of investors. but you felt that that was the wrong direction. you've been 100% right. >> if the fundamentals are good, the perceptions will catch up. that was the thesis is. and that's what's been happening soft is. liz: okay.

but then if you want to make some money off this market today as the markets are now hitting records once again, where do you go? >> so, you know, tactically the question is really the market has been running very strong. we've been going up since early november if basically at a 4-month, at a 4% monthly rate if you annualize that, that's 6 of 5%, and it's been going on -- 65%, and it's been going on for almost 5 months now, so you can't dismiss it. at some point there will be a pullback. i think it's from a very tactical, high frequency point of view over the next 3-4 weeks i think it's up likely because the cloud is still living, and while it is and everybody's raising their forecast, it's not a good reason to have a pullback. liz: but what's the good reason to buy? you say you like buyback baskets? >> i do. one of the key themes that is going on and one of the things that is creating, basically, this sort of, you know, gradual

move or steady move up, basically, this grind up in the markets is really buybacks and buybacks picking up. so the story with buybacks is very simple. if you think about earnings, translate that to cash flow. first goes to dividends, then to cap-x. what's left over goes to buybacks. and so if you look at buybacks and earnings, they move together. and the story here and the context is that in 2022 earnings fell, buybacks fell. in 2023 earnings recovered strongly, buybacks didn't. so buybacks in the fourth quarter started to catch up, and that's going to provide, basically, a steady bid until we get to the blackout period for the next earnings season. liz: good to see you. thank you very much. we'll see if that 5500 s&p levet 5245 -- comes to pass. much more on the semiconductor sector the later in the broadcast. we have more of my interview i with intel ceo pat gelsinger in about 20 minutes. you've got to hear what he says

specifically about the money that he got from the government yesterday. and the chips act a. now to recap, reddit soaring in its first day of trading on the new york stock exchange. the social media stock ticking under the ticker symbol rddt, chip maker micron hitting a record high amid soaring demand for its a.i. hardware, and markets, yeah, right now at all-time records. the dow, s&p and nasdaq, any gain will get it at a record at the close. all right, just 24 hours after the biden administration rolled out new tailpipe rules to push car buyers to hybrids and evs, infiniti goes the opposite direction. so what we're going to do is go out to fox square to unveil infiniti's new flagship suv, an internal combustion beast of a vehicle. we'll show you the coolest features and find out their strategy for selling it to americans. ♪

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liz: >> welcome back, folks, i'm kelly to gradegy with this -- kelly o'grady with this fox business alert. darden services is the parent company of restaurants like olive live garden, longhorn steakhouse, it is down just above 7% right now near the bottom of the s&p 500 after it cut its annual sales forecast citing falling orders from lower income if consumers. and guess though taking the guesswork out, shares of the apparel retailer are up 21% right now hitting a 0-year high -- 10-year high after beating on fourth quarter earnings. slower retail sales in its americas segment, but that weakness was offset by robust sales in europe and asia.

online apparel retailer evolve group also getting a boost on the session but well off its highs, up close to 1%. t.d. cowan upgrading the stock to outperform from market perform and raised its price target from 23 to $25. of course, or it's right around $2right now. and chewy, finally, getting i chewed up by investors after a issuing a lower than expected an annual sales forecast. shares of the pet food retailer or are down more than 8% right knockout -- now at this hour. multiple brokerage firms piling on with price target cuts. jpmorgan cut its price target from $25 to $22 and cited sizable headwinds with pet adoptions down 30 year-over-year. always sad to see that -- 30%. that's today's pop stocks. so let's go out to the woman of the hour, liz claman, live on fox square looking at some cool cars, liz. liz: oh, a very cool car, kelly. you have to see this thing. it is the infin if ty qf-08, the

flagship suv. it is a full-blown gas drinker, okay? we're talking about a gas guzzler. as the government pushes electric vehicles here in the united states. what is the strategy for infin ty and this -- infiniti and this brand new big, fabulous suv? that is all internal combustion? we are coming back to talk all about it. so much more straight ahead. stay tuned. pretty cool. ♪ ♪ it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown.

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liz: i mean, wow, look at the dow here, up 300 points. 2-day gains of 700 points. all right. the biden administration making another push to get america electrified. electrification of vehicles. we've got the environmental protection agency announce yesterday brand new rules to limit tailpipe emissions from newly-manufactured passenger cars and light trucks. this should start in 2027, they say. the epa predicts that the new standards could cut 7 billion tons of u.s. carbon emissions if more than two-thirds of vehicles on the road go either electric or hybrid. now, while the white house takes another step beyond internal combustion engine cars, one with of the biggest global car

manufacturers in the world is releasing one crazy new suv and, yeah, it's a gas gulper. nissan's luxury automakerrer infiniti has revamped its full-sized suv. it's called the q, and-80. it has -- qx80. the 2025 model has a v6 twin turbo engine, 415 horsepower -- [laughter] starting price? $8 the -- 82,000. goes all the way up to $110,000. ahead of its big debut at the new york international auto show next week, i need you to stop what you're doing and look at your screens. infiniti took the qx80 to new heights, literally, op on top of the outdoor deck at the edge of hudson yards. that's 100 stories high. that's the highest outdoor sky deck in the western hemisphere, and his dangles right above new york city. right now that car, the qx80, is ear in a fox square exclusive,

fox business up close and personal before it hits the dealerships this summer. let's bring in the infiniti americas group vice president craig keith. how did you guys get it up there to 100 stories high? i have to know. >> thank you forking having me -- for having me, i appreciate it. it was a work of art a by the team i. took a lot of effort and collaboration, but we had to cut the car in pieces and literally take it up a freight elevator and put it back together. we've got some behind the scenes footage that we'll share in a couple weeks. liz: okay, that is crazy marketing. well, let's talk about it because to cut up a car and get it 100 stories high, this is a beast. it is massive. what is different about this infiniti suv? >> well, i think we want to start with the design. the decan sign and the stature. it's -- design and and the stature. it's a beautiful vehicle. we launched a new visual identity last year, and this really takes on the design

language that we're calling artistly in motion. so when you look at the grill, if you look into the details, our design team really took cues from japan, they took cues from a bamboo forest in kyoto that actually leans in on top of one another as the stalks reach their height. and we've got our brand new logo, our infinite road logo, newly updated as of last july. and so when i talk about just the beauty of the vehicle itself, i think we've got to start with the design. liz: okay. now let's start with the car and the golly, gee whiz factors about it. you've got a new camera that is -- i mean, they're all over. there's a hidden hood camera. tribe that and show us where they would be around on car. >> yeah, yeah. so you've got a front wide view i camera, and it's a first technology. and ultimately, it allows the driver to see almost 1 is 80 degrees -- 180 degrees on either side. liz: this little guy. >> yeah.

and you've got them e on both sides. and so when your in the vehicle, the hood is almost invisible when you're using the camera x. can that that enables you to park. you can see objects that are close to the curb, on the ground this if front of the vehicle without having to lean over. you can look at the 4-inch screen -- 14-inch screen, and you'll see that. liz: it is an internal combustion vehicle -- >> it is, it is. liz: let's let our camera crews take a peek. look at that a. >> it is. and i know that we touched on gas and fuel efficiency. and what i'll tell you is we don't have our epa ratings just yet -- liz: yeah. >> but you'll hit 20% better efficiency with this vehicle. liz: okay. but we hear it's, like, 16 miles per gallon. >> well -- liz: that's, like, barely. >> the current g everything n is 14 city, 20 highway. combined, 16. but 20 on top of that -- 20% on top of that, i think, is a step

in the right direction. liz: you know, t not like infiniti is turning its back on electrified vehicles, correct? you've got a lot coming out. can you quickly touch upon those? >> i can. we confirmed last october at the japan mobility show. we've got a qe sedan, beautiful vehicle, fastback concept. and if we'll also have an suv. both are a nod to our prior heritage. we've always had sports sedans in our lineup, and with the suv, you know, we point back to the class-leading design. liz: i've got to tell you, $82,000 starting price is a little expensive here. >> you think? liz: who is this for in. >> thank you for that question. this is for the discerning couple tar focused on comfort and convenience. and i think a starting price of $82,000 agrees, the average transaction price in the segment is about $16,000. so we're -- 116,000.

so we're competitively placed. liz: well, here it is, you guys, the qx80. craig, thank you for bringing it right here, getting it down safely from 100 -- can you know what? can you look up here? if our building is in the 40, 40 stories. can you imagine going up 100 stories, schlepping this thing up there? good on you for making that big effort. >> thank you. liz: internal combustion. all right, high-tech cars and trucks, obviously, like the infiniti qx80, are increasingly becoming way more reclient on semiconductors. so on average -- listen to this, it's unbelievable -- every car has anywhere from something like 1300-1400 semiconductors inside them. intel sees that as a huge opportunity, right? and so they have been targeting the auto industry. i'm to going to have much more of my interview with intel ceo pat gelsinger coming up. he was hanging around a with president joe biden yesterday as the chip giant locked up

billions in chips act funding. a basket of all the semis is up dramatically over the past 52 weeks. in fact, up 57%. well, you know, thanks to nvidia and all the a rest of them, it's doing quite well. throw in the word a. a i., that lights a fire under all of it. "the they match countdown" is coming right back, don't go awa" ♪ ♪ rsv can severely affect the lungs and lower airways. but i'm protected with arexvy. arexvy is a vaccine used to prevent lower respiratory disease from rsv

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liz: back inside, much warmer here. we should take a look at intel at the moment. it is up about two-thirds of a percent. it was much high or at the open, but it is still overall a company that is riding high e from yesterday's major announcement that it will receive $8.5 billion from the chips and science act along with another $1 billion in federal loans -- $11 billion. the legislation is the biden

administration's response to the standstill many industries, particularly the automotive industry, experienced during the 2021 chip shortage with 11 million caring pulled off production lines -- cars pulled off production lines. now more than ever chip production, obviously, crucial. especially with prices expected to rise from $500 worth of chips in the average 200 car model to now $1,400 worth of chips by 2028. intel's ceo pat gelsinger tells "the claman countdown" he thinks the chips and science act is a really big step in getting the semiconduct orer supply chain on u.s. oil more stable but told me yesterday it's just the first step. to get the money, i mean, there's no such thing as a free lunch. this money comes with some strings attached by the government. chip e makerrer ors who receive, i believe, more than $150 million in direct funding, and that's you times many, must

obviously build in the usa. you're prohibited from expanding semiconduct or manufacturing capacity in foreign countries of concern. i mean, we can read china into that. i believe for ten years after accepting the money. you've got to provide affordable childcare for your workers, you can't use the money for share buybacks and dividend payments. which ones have been most challenging or costly, pat, to adhere to so far, and which ones were you able to get jettisoned in what i would imagine if were vibrant negotiations? >> yeah. and it has been vibrant negotiations. obviously, things like childcare, hey, or we already have some of the most beneficial practices in those areas, so they really weren't that hard to accommodate for us. we were already very focused on western manufacturing and investment so, again, that wasn't that hard to accommodate. some of the environmental review processes were ones that concerned us because we didn't want to just because we took federal money une cite a whole

other cycle of environmental review. so there was good negotiations around it. but taken together we're very happy with what we got done. liz: you know, the whole point of the chips act was driven by the fact that the u.s. was nearly entirely crippled when the chip supply chain hit massive log jams during the pandemic because so many links in that chain went through china and taiwan. what part of this money that you're getting from the government will remove if china specifically from the chain? >> what you'll see happen is, and it took 30 years, three decades, of, or you know, drifting of these supply chains to asia. and as excited as i am about the chips a act, liz, you know, it's threeing four years of effort to restore it is not enough. thirty years that these supply chains moved to asia, it's going to take us a while to rebuild that. takes a while for the factories to get built, for the supply chains around the factories to sort congealing on these new facilities and for us to

rebuild. and, you know, as the secretary of commerce said, getting back to 20% of the leading edge technologies this decade. well we're trying between the u.s. and europe to get to 50% by the end of the decade so that we truly have built resilient, sustainable and trusted supply chains for the future. and we are well underway on accomplishing that. and i think if we're sitting here at the end of the decade having gotten back to 50-50 of leading edge technologies in america, all of us are going to say, mission accomplished. and that momentum will continue to build into the next decade and beyond with the research investments that are part of the chips act as well. and i do believe that we're going to need a chips ii, right? we don't fix this in three or four years when it took us three decades to lose this industry. but i certainly believe by 2030 and beyond we're going to be a course that the industry will have been rebuilt, it will be self-sustainable, the ecosystems will be rebuilding, and the

world's most advanced chips and a.i. capabilities will be right here in america. we'll be satisfy ifing our economic requirements and our national security interests. this is a great. pat: for the future. liz: -- path for the future. liz: poem have to understand that the chip making process, and you know this, pat, involves companies that churn out everything from semiconductor-grade chemicals, you need high purity sulfuric as a sid, plants which are unrelated to you guys but you need them, testing companies sulfuric acid manufacturers. nikkei asia has a report indicating many of these suppliers who were all in to build right near you in that arizona foundry area have kaled -- scaled back or put on hold because the cost of building a plant in arizona has ballooned to something like 4-5 times for what it would be for building costs and labor. don't you need them to be up and running before you can start churning out the chips? >> well, obviously, you knowing, we need to congealing those

supply chains, rebuild every as aspect of that. obviously right now there's a huge focus on the manufacturing -- or the construction work going on at these locations, and those will ebb and flow as projects go on. we're also niche9uating a cycle in ohio of getting the chemical suppliers, the refiners, the other equipment companies there locally. and in new mexico and the progress in that facility is already coming on line. so i believe this is all of the next steps of the chips program, is rebuilding the supply chains as well. and until they're there, we're importing many of those capables of higher costs, higher environmental footprint, and we want to get those refineries, or those other elements of the supply chain right here next to, you know, the factories. liz: people who are complaining, oh, the government is spending so much money, those were the same people who were complaining that they couldn't get chips in their cars, and the supply chain was a mess. why are we depending on china.

so this gets us at least closer to the line. i do have to bring this up because last time you were on and we got so much response and positive response with your answer, you talked about your experience running a company with a very large presence in israel. just a week or so after our conversation you were given a grant from us israel to expand your got site where you've already had an existing chip plant if just 26 miles from the gaza border. talk to us about the timeline on this project in the midst of a war. just give us an update, if you could. >> yeah. and i continue to be so proud of our israel teams, and they've continued to move forward on that project. it's, you know, progressing smoothly. we expect that facility to come online in '26. this one comes online in '25 here in arizona, that that one in '26. and it plays an important piece of our overall manufacturing footprint of but the resilience of the israeli people just

continues to be incredible to watch. and that's across the design activities, the business but also the construction work that we have going on there. so they continue to, you know, advance those programs very well, and i'm proud of the efforts. obviously, we, of course, feel for the humanitarian requirements of, you know, the conflict therement. but fundamentally, we're doing great business can and israel's a great place to do it. liz: i want thank you, pat, and tell you that my mom always said it was tacky to invite yourself to something, but i'm inviting myself and our crew to the day in 2025 when the first chips start rolling off their equipment. [laughter] i know this isn't an aa assembly line. can we come in we want to be there when it first happens. [laughter] >> hey, you have a personal invitation from me to put you in a funny suit -- liz: i'm ready. >> of course, you know, we've got to dress you appropriately, right, to go into one of these facilities. but you and i, we're going to take a tour when the first chips

come out of this facility, and we're going to have a lot of fun doing it. thank you so much, liz, and it's going to be a great day. liz: i'm ready to be hermetically sealed. thank you very much. i know, i was tacky. i invited myself and the crew. austin's already packing, right? yeah, or they're all coming. the first overture started as a green shoot but now is there a truly budding bromance between a potential suitor and the ceo of paramount if global that could bloom into an actual sale of the media giant? charlie breaks brand new information next. dow jones industrials up 291 is points. ♪ ♪ love is in the air. ♪ love is in the air ♪

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apollo but to investment firm redbird capital. helping to fuel the rumors? a meeting between former president of nbc universal turned redbird executive, jeff shell and paramount ceo bob bakish. charlie has the details. >> i think the reason why the stock is falling the number released by "axios," journal and others, we confirmed it as well, i want to say eight billion dollars or nine billion dollars, that is a lot of money, $11 billion is much more than its market cap. that bid, if it is real, who knows, is sort of unrealistic in this sense, for a chunk of the property, for the paramount movie, film business which is not what shari wants. she wants to keep it all together. unclear if she gets the money, remember this is complicated ownership structure with shari redstone owning something through an investment vehicle

calls national amusements, which is majority shareholder of the voting shares of paramount. it is very complicated. liz: she wants whoever buys to get her stake. >> that is why people think the redbird, skydance, redbird run by a jerry a long time investment banker. he hassing are people working atfirm. jeff shell, former head of nbc universal. jeff zucker former head of cnn that is why people think that deal is most likely. another reason people think that deal is most likely, that there is a connection between shell and bob bakish and ceo of pair are paramount. they are good friends. it wasn't a meeting sitting in the stands with 5000 people, just so you know. it was a private luncheon cut on by casey wasserman. liz: luauser man's grandson.

>> a swore ray of 100 powerful people were in there. what is interesting about this, casey wasserman, big media executive, paramount owning cbs. the nfl, super bowl was a cbs game. we should also say that roger goodell, the head of the nfl was at that that soireee the key to this, the sports rights that cbs controls. liz: nfl. >> nfl. they did the super bowl, knockout ratings. so it was all in this one little thing, this one little soiree. there is synergies in management and personalities, always, always matters in these deals. this is a fluid situation for all i know. redbird skydance, skydance owned by keith ellison. son of -- liz: david ellison.

>> son of larry ellison one of the richest men in the world. who is behind some of this stuff. his money is backing up -- it go blow up tomorrow. that is why people are putting money on that deal. not saying it will happen. for all i know apollo comes in with 22 billion, i have no idea. for a private equity firm to buy something like this would be interesting, right? sounds like it is a little bit pie-in-the-sky. anyway this is where we are. management synergies are here, shell, bakish, friends, going to the super bowl chatting. what else could you ask for. liz: hordeuvers. we have look at new kid on the block of a spiking high as $57.80, reddit right now is at 49.91, still a gain of 46%. okay, here we go. apple, we have to look at that. it is still down for the count, down about 4% after the department of justice hit the company with a sweeping

antitrust lawsuit. apple intends to fight the doj probe. we can put up its statement here. the lawsuit threatens who we are, our principles, kind of technology you expect from us could be hindered. there is somebody scooping up shares in the last few hours. he is trader keith fitz-gerald. keith, what were you buying, how much and why? >> i was being very judicious about this because headlines are headlines. i bought enough to be comfortable and enough to be interesting if this thing rebounds like i think it is going to. i bought several times as the decline continued. liz: this doj investigation actually started under the trump administration but the biden administration forged ahead with it. what you heard, the accusations do you think there is legitimacy to these antitrust allegations? you. >> know, again, i'm not a legal expert but here's the thing, right? if you study history, you look how this stuff goes i don't think the case is well-founded.

it is based on the sherman act of 1890 which stipulates customers have to be harmed. in fact what is happening customers enjoyed huge benefits. they can't buy enough apple products. i think the case is misguided. i think they're trying to prove something that doesn't exist. reminds me of the situation with microsoft which was a whole lot of stink, a lot of wasted dollars before they ultimately settled. liz: keith, you have been gutsy, and you buy when a stock that you love is down. buffett would say that is exactly what you should be doing. thank you very much for opening up your order book for us in this last couple of seconds. here comes the closing bell. folks we are looking at three major average record closes. [closing bell rings] second day in a row for the dow, s&p and nasdaq. tomorrow democratic congressman ro khanna from california on the possible tiktok ban. ♪. larry: hello