and he went against the biggest companies in the world -- first, he worked with one company, qualcomm, and he did so well, then another company said, no, they would diss him. one after another the giant, the biggest corporations on this planet all started to just kick him to the curb, kick him to the curb, kick him to the curb. and you know what? he says -- he didn't give up. that's, why i think jensen's going to end up being one of the biggest inspirational persons in our country's history along with the steve jobs of the world. listen, these stories are out there. you just heard fawn mention only the folks in lynchburg really understood and knew the story about a nearest green. they're around you, they're people that you know. they're stories that you you know. go out there, listen to them and be inspired by them. here's liz. liz: and 31-year-old companies -- company, it doesn't just happen overnight.

charles: great point. liz. liz: it's a great message. we are witnessing some strange behavior in the market as we kick off the a final hour of trade. literally this minute we are watching the s&p very closely because earlier it had a blasted to kind of a brave new world, climbing above 5550 for the very first time ever. right now at 5,476, down 11 points. had been up about a 18. we're watching it closely. any gain at the close means the broader index will log its 32nd record of 2024. if it happens, you could thank gilead sciences, zooming right to the top of both the s&p and the nasdaq after a late-stage study on its twice a year injectable drug the fight hiv infection showed stellar results. gilead popping 8 right now. and then -- 88%. and you could -- 8 percent. and look at the other leaders. just one semiconductor name, amd, it is roaring higher. we do have are it up about 4.7%.

that's it, right? the only component there. but we've also got consulting giant act a venture in the number two position, up 7.5 percent. act censure may have missed on earnings, but it's second highest on the s&p thankss to a higher than expected revenue forecast. so there's that a.i. connection. then you ask what's going on with the nasdaq, it too touched a sizzling record stove and right now it's down 1544 points. -- 154 points. where is the name that piloted the overall market gains this year? yes, jensen wang of nvidia. nvidia did clock an intraday record or $140.76 earlier today, but now it has a dipped, it's now down 3% to $131 and change. the a.i. juggernaut maybe is

falling a tiny bit victim to investors taking profits after nvidia grabbed the most valuable company in the world crown right off microsoft's head on tuesday. and, look, right now while the year to date performance up about a 1166 -- 166% has trounced microsoft's 18% gain, mr. softie is back wearing the market cap crown. just by a bit, but it is now back on top. is there something deeper than profit taking though? it's a fair question going on in the chip sector. you can see all of the red on the screen. let's figure out what's going on. joining me now, scott redler who in january when nvidia was trading at 575 told our countdown viewers to buy it with a price target of 1250. i think split adjusted it hit 1400 or something today. incredible. and jpmorgan managing director phil camp rely who says it's time to look at a.i. opportunities, sure, but outside the u.s. scott, you had the great trade.

then this morning well before the market opened your note comes out, and you said this trade is looking crowded -- >> overheated -- liz: overheated. >> and could be the time to take a core position off. look for a short trade if you're active. liz: what did you see to of you put that out? >> i have a little antenna that's been in me since 1997, i've been trading the markets. it was just getting so talked about, so overcrowded. the eight time an hour rule, if you start hearing them eight times an hour, you have to probably take the other side of the trade. plus you had the rebounds, like you mentioned before. kind of weirding seeing some laggards ragly -- rally, that tip create happens on a triple witching friday and continues into next week which is the end of the second quarter. that's when money managers try and just get everything a little bit closer together so it doesn't look like there's so many extremes. for the next week or so we could get the laggards rally, the leaders retrace and then we get into a whole new type of

sequence that could start in the first week of july. liz: so scott is a technical trader, just so you all know that. [laughter] phil, you're looking at the broader picture at jpmorgan, and let's look at the broader dow 30. not the s&p 500, but right now you've got the dow roaring ahead. that's kind of unusual with the pattern that we've seen over the past couple of weeks where the s&p and the nasdaq were clocking record after record. the dow up 330 points, the leader looks like it was salesforce -- yeah, crm. nice move there. apple is the laggard. what a does this picture tell you? >> yeah, i think it tells us it's the time to take some profitses on some of these names that have run as we head to the middle of this year. but, liz, i can't stress enough how well positioned tech and some of these bigger companies are for this interest rate environment. these are the company that don't need a rate cut at all, so from a macro perspective they do two things. one, they're very resilient in a

world of higher rates and two is, importantly different from the dot.com era, they have the earnings the validate the valuations. these are themes that we think are going to be here for a long time. and as you mentioned, you don't have to stay in the u.s. it's not just about nvidia. 40% of nvidia's supply comes from taiwan semiconductor, a a sml is a, you know, a semiconductor -- liz: and that that's what you're saying -- >> yes, exactly. liz: -- maybe back a little bit slowly towards the exits of the heavy u.s. big tech market cap names and go into the big tech market cap names that are overseas. >> expe yeah and there are big sec la themes, a. i. and obesity trucksing this -- drugs, something like an ozempic out in europe, in denmark. you just don't have to stay in the u.s. liz: i'm glad you brought up the weight loss drugs because, scott, you had january 2nd, right here on the show, your very first trade of january 2024 was eli lilly. what was it then, and we look at

it right now with mounjaro and seppbound that are doing incredibly well. >> it came into the year it had a channel, it was digesting. there was so much enthusiasm around their drugs, and hay had even more drugs. they just got approval for an alzheimer's drug. that was the first stock to start the year, and that's what my community was focused on. then it hit the 700s and based again in the 800 area, and just a month ago a we're, like, we think this goes to 11,000. so nvidia and lilly have will led this market. the question now is there they be the leaders of the second half? i don't think so. it doesn't mean you need to abandon them, but you need to be aware that come the third quarter when new sequences start, you want to be idea outperformance is, and that might not be them over the summer if time. liz: phil, you just talked about a interest rates, and the big tech stocks are doing just fine, and they're pulling in revenue, for sure. we nona that that's -- know

that's probably a smart thing because the fed is not moving at the moment. we've alreadied had our seventh pause in interest rates, we're still at 5.25-5.5%. but how do other stocks especially when nvidia is a huge percentage of the s&p 500's gain this year, how coother stocks manage to rise? -- do other stocks manage to rise? >> yeah. i think their oxygen comes from just the lower macro volatility. if you think about a year like last year, liz, or even the year before, this three-headed monster of higher interest rates, higher inflation and probabilities of recession really held a lot of those companies back. so i think when we looked at the first quarter earnings season and we saw the language that these companies were using, they mentioned inflation, and they mentioned economic drawdown much, much less than they did in prior quarters. i think that's where their oxygen comes from, just a lot more certainty. what do markets hate the most? uncertainty. liz, the other piece here is there's still a fomo or a pain

trade here with all the a cash on the sidelines. if the economy is winning -- and we have a low probability of recession -- there shouldn't be this amount a, $6 trillion, on the sidelines which i always have to reference. liz: although i would say bank of america's investor survey came out, and they said that cash was at the lowest because people are pouring money into with stocks once again. till, i think you're right -- still, i think you're right, there are trillions on there. but what do you say, scott, that is going to be that magnet that pulse it out in a particular sector or name that you think x tech might do really well? besides lilly? >> well, there could be other names in tech. some names that carried the torch for the second quarter. it hasn't been that for the third quarter, so i'm going to stick a little bit with tech, but i think the third and fourth quarter, i think amazon is going to do much better. it's one of the few old fang names that have not made historic highs. i think that name's going to have a big move, i think apple

also finally broke out but still hasn't done what an nvidia or a microsoft have done. i think that's going to have a great third and fourth quarter, and also meta. not all stocks in the tech sector have been created equal even in the semis. amd hasn't been doing so well, and i think finally today it got put back on the map for traders to stick with for the next few weeks. and overall just lastly, you know, if you want a nontech name, i'll give you occidental petroleum. everyone has been watching buffett accumulate it, 28, 29%. that stock just pulled back. i think if you buy, the symbol's o to xy, for the next 3-6 months you could see good performance. liz: phil, looking overall at the picture and you can take bonds, anything into this area, when you look at the ability for companies to manage the current level of interest rates, what about the probability of recession? >> yeah. so we -- first of all, you can never assign zero probability.

[laughter] a lot of us have learned that a the hard way. we're at about 15%, that's about as low as it gets. and within fixed income we till like the high yield trade. it makes sense why this is a november recession -- no-recession trade. but the other piece 06 this -- of that is this has been a cycle of good behavior. homeowners refinanced, we know that. so only 2% of the high yield index is coming to issue this year, only 6% next year, liz. is that's the ability to manage the current level of rates. and these cash investors are being lap rahed by balance funds. it's not should you be in stocks, it's should you be in cash. so that's really the opportunity. liz: i know, it's like -- >> and i hate this 5% risk-free. it's not risk-free when you could make more in diversified solutions. liz: well, yeah. just look at the s&p and the

nasdaq. huge gains year to date. thank you so much. scott, phil. two 06 to our favorites here to on "the claman countdown." the housing market, speaking of greats, still stuck in the mud even as mortgage rates hit the lowest level since martha week. so why is mortgage demand depending on the city plummeting to multidecade lows, and what will pull the nation out of the housing market quick sand? oh, and this bonus, where can you find sub-200,000 homes in this country? the ceo of century 21 is here in a fox business exclusive and, yes, we have the map with those 10 cities where you can find sub-$200,000 homes. stay tuned, we're coming right back. anywhere real estate, ticker house, h-o-u-s, extricating itself from the quicksand. the stock is still down about 58% year to date. stay tunedded, we are back in a minute. ♪

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♪ liz: new housing data out today delivering kind of a gut punch for would-be home buyers hoping more inventory on the market could lower prices. housing starts in may fell 5.5% from april, coming in significantly lower than the .7% that analysts were expecting. and building perms last month dropped -- permits dropped 3.8% month over month, much worse than the anticipated .if 7% -- .7 percent increase. mortgage rates are still kind of inflated here. according to freddie mac, the average 30-year fixed mortgage rate came in at 6.87 percent today, 8 basis points lower than last week with. how is the housing sector going

to survive this strange phenomenon? joining us now, century 21 ceo mike immediateler. little to no inventory and paired with recent historical high mortgage rates, how do you get over that? or through it? >> liz, it is a challenge for home buyers out there, has been for the last four years. we are starting to see, in my mind, kind of a loosening and and shifting of the market depending on where you're going to be. we're now two years into this large runup in interest rates, mortgage rates which you guys talked about but, again, 7-7.5% is not abnormal. it runs around the 50-year average. i do think with the housing starts and completion numbers that you saw down, i think, 11% from last month -- 1%, we're still expecting them the put 1.5 million new units out, which is a good thing. and to be honest with you, inventory is starting to creep up, right? we have had a 38% gain in inventory year-over-year across the country.

now, that's driven mainly in a lot of markets like the florida, texas, california, arizonas where you are seeing a lot of new builds as a well. but that's a good thing for us. liz: century 321 has something -- 21 has something like 14,000 agents. what are they telling you about the mindset of not just the would-be buyers, but the sellers? >> yeah. we have over 50,000 agents here in the country -- liz: oh, goodness. >> 35,000 -- 135,000 worldwide. they basically say we're at a point where the market is starting to become more normalized, right? you are seeing price cuts across the country happening where, you know, a year and a half ago, two years ago that didn't exist. i think that creep-up in inventory the along with where rates are, we're one of the most price-sensitive markets with mortgage rates, and and that's really affected us over the last two years. they're basically seeing a market coming back to normal. liz: yeah, but not normal when it comes to the median price of a home in the united states. st. louis fed just came out,

federal reserve bank, and the median sales price of houses sold in the u.s. hitting $420,800. you compare that to 5 years ago, $313,000 -- >> that's -- liz: what factors could bring this down? >> yeah. i mean, i think you've seen literally about 150 out of 155 straight months in a row of year-over-year pricing -- liz: you've been counting, i know -- [laughter] a couple of years ago we were at 1126 months in a row. -- 126. >> that has to slow down -- liz: yeah, but how? >> more inventory. that's the only solve. i say this all the time depending on who you listen to, we're about 3.55-5 million units short in this country for what we need out of the household formation, the slowest decade of building we've ever that had and, honestly, that gets done at the local level, maybe in changing some of the commercial real estate that we have into houghs. as you know, multifamily still

continues to remain a hot commodity here across the u.s., and we just need to put more houses in the ground. liz: there are houses that aren't at $400,000. in ft, a new study is out by realtor.com, and they put in homes -- cities with the homes that cost $200,000 or less. with the most homes, you got two in florida, lauderdale lakes, lauder hill, and then you have got a couple in ohio, akron and cleveland. they're both in northern ohio. i've lived in cleveland, i absolutely adored it. go, browns! [laughter] rochester, niagara falls in new york. albany, georgia, lansing, michigan, rockford, illinois. >> i'm laughing because i'm a steeler fan, but that said -- liz: well, i'm sorry for you. [laughter] >> you're absolutely right. it's and florida are two the states with the most amount of building, so when you see that in the suburbs of fort lauderdale, people moving there, and homes are more affordable.

midwest cities that you just named, there are jobs in these cities, there is great living in these cities, there's good schools in these cities, and there's affordable housing, and it's going to drive the market. liz: let's just remember this, i've noticed, this especially people who don't live in the midwestern renal, they used to call it the rust belt. you don't hear that term anymore. they call it the manufacturing belt, and that would include act a ron, cleveland, detroit, lansing. >> and the i'lls of the world. -- illinoiss of the world. there's a couple in upstate new york right here on the lake, and there are affordable homes and great communities, it's a matter of finding a great professional that can help serve you in that market. liz: great to see you, mike. >> always a pleasure. liz: captain kirk had spock and now starlabs has its own sidekick. what company it is is and what they plan to do for the commercial space station the builder. arrow environment, city rid yum, those are the top holdings in

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liz: fox business alert, we need to look at the bottom of the is s&p 500. after calling out soft isness in several technology markets, they design, produce and assemble

electronic parts including printed circuit boards for company. while it did beat for its third fiscal quarter, j biel said expectingations for growth -- expectations for growth have weakened. we should look at palantir, and this is an interesting intraday picture. upsetting if you are long palantir because it was popping earlier. it went as high as about $26.57 before going into the red, now it's down about 1% at 25.544. it had gotten the original upside push after announcing it's the exclusive supplier of enterprise-wide software day management solutions for the starlab commercial space station. scarlab is that joint -- or starlab is that joint venture, airbus, mitsubishi and other firms. palantir's technology will be used to identify issues and predict maintenance. darden restaurants serving up a dividend raise and better than expected quarterly profit.

however, same-store sales at its olive garden chain fell for the second consecutive quarter. its acquisition of ruth's chris steakhouse fueled an 8.6% jump, but darden missed wall street's estimates for quarterly revenue. with all these conflicting good and bad pieces of news, the stock's up about 2%. olive garden may be known for its pasta dishes, never ending bowl of salad and the garlic bread sticks, right? if uh-huh, but there's nothing more identifiable to a restaurant chain than the smell of subway's freshly baked bread. and now the sandwich chain is launching a whole new line of products. the foot-longs. the foot-long dinners. subway's north american president unveiling the new offering, plus talking about the impact of inflation on the franchise. but how big is that foot-hong business now? -- foot-long business? "the claman countdown" is coming right, back. ♪

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liz: fox business alert, let's take a look at grocery chain kroger shares, dropping 3.75% after earlier rising. it's kind of how nvidia, palantir are behaving. they started rising and now they are down on a fiscal first quarter earnings beat. why are they down? well, kroger neglected to increase the full-year sales and profit forecast citing near-term pressures on budget-conscious consumers. and now one hugely popular item os on grocery store shelves all across the nation could be about to see a price hike. madison alworth is live in the produce if section at a midtown manhattan grocery store. i guess halted inspections of a couple of items are going to make them much more expensive. madison. >> reporter: hey, liz. yeah. i mean, avocados already, they're not the cheapest item at the grocery store.

they're extra when you get hem at the restaurant, and it's avocados and mangos that are having those inspections halted. the usda a saying that it's out of a safety concern for workers in the region in mexico where these are grown. so the u usda did not disclose a specific incident as to why they're halting the inspections from that region, but it does follow an attack and detainment of two department employees. so that is the region, that is the state in mexico where most of the avocados in the u.s. come from. and the u.s., the top importer of mexican avenue a caddos. we have an 81% share of the market. last year avocado exports to the u.s. totaled $3.03 billion. now, that top producing region, it has a history of crime and issues because of turf wars with drug cartels. this has created problems in the past. in 2022 u.s. had a temporary block on all a imports of avocados from mexico after

verbal threats were made to a safety inspector. that ban was lifted days later. we are is still currently in this pause in inspections. and when it comes to this pause, the longer it lasts, the more it could hurt both the supply and, therefore, the prices of avenue a caddos. avocado prices, they're already up this we're over 41%. now, the avenue a caddos that have been inspected and are ready to be shippedded, they are not impacted, so that is good news, and we do have new news out at the top of the hour when it comes the avocados. the u.s. department spokesperson of agriculture saying that the inspection of avenue a caddos and mangos, that will resume as swiftly as possible. they're just looking at the security situation, that is being reviewed. swiftly, that is new language that we haven't heard, that's brand new. the reality though is there's still a pause on inspections. not clear when that's going to be lifted. and the longer it lasts, the more expensive these green things will be. and this is a staple in the

summer. this is also a, liz, the peak fruit season in mexico, so it's a really bad time for this to be happening for mexico and for the consumer. liz: growing up in california, we had a huge avocado tree in our backyard, madison. and then my mother chopped it down, and we were, like, what? >> reporter: no! liz: what? we had free guac every single day of the summer. [laughter] mom, thank you so much -- >> reporter: you had it good, liz. ez liz had is the operative word. this pause on avenue a caddo inspections if we're talking about business, they might drive prices higher at chipotle, but mcdonald's already stung by fewer customers visiting their restaurants due to higher prices last quarter just unveiled a new menu item to lure in the budget-conscious customer. on june 25th, the golden arches will begin offering a $5 meal deal for 4 week at its u.s. locations including a mcdouble or mcchicken sandwich, small

fries, 4-piece chicking mg nuggets and a small -- mcnuggets and a small soft drink. subway is second largest fast food chain in the u.s. this week with subway two introduced the foot-long dinners to its sidekick menu nationwide after a wildly successful testing of i. the three new flavors are available for $3 each. let's bring in subway north american president doug fry. tell me about the testing and how well it went and what told you we've got to roll this out nationwide. >> absolutely. well, liz, i think as we look at the restaurant industry in general, we're seeing a lot of options for consumers that are calling out for value. and one of the challenges with that is sometimes we're, we see our consumers sacrificing quality for price. and at subway, we don't believe we need to have our guests sacrifice, so we listened to our

guests and we know at lot of the younger guests are looking for snacking on the go. and these dinners when we went out and test thed them were exactly that. guests loved them. we've got a pepperoni and and cheese, a chicken and cheese and a double cheese all wrapped up in this nice brea.d and they're state -- sitting next to me, and i can smell them. [laughter] making me really hungry. what i can say is the reason heir called dipper, it's all about the dip that hits. it's about white house. and -- choice. and our consumers said we love dipping, there are 11 different sauces to choose from. and it's also on trend where consumers are doing what they call swicy with. liz: no, what is that? >> sweet and spicy together. so you can take a pepperoni and cheese dipper and dip it in our teriyaki sauce, and it is perfect. liz: can you hand me own -- one of those? they're cut in two -- >> they are. full foot long there.

they're yummy. liz: pep pepperoni and cheese. okay. so a foot long, here we go -- [laughter] and it's filling. to me, i think that people really need to understand, people who are running these businesses, the consumers are done with the high prices. they have watched inflation down from four-decade highs back in june of 2025 -- 2022 now to just above 32.8% depending on what metric you're looking at. and if they're saying these are staying too high, we're not going to go. you didn't even wait around for that. are you seeing input costs come down? >> we've started to see our price, like food pricing and top ingredients have started to stabilize. we work really closely with our independent purchasing can co-op run by our franchisees, and that's about a using, leveraging the scale of subway to make sure we can find and buy out or look at the commodity markets and price that properly so that our prices across the market can stay fairly consistent.

and we can leverage that scale to make sure that we get the best pricing for our franchisees so they can have profitable products to offer at a great value because we're not sacrificing quality. and that is the key. i think when i talk about value, i really talk about price, quality and quantity. and for me, that's the value proposition that consumers are looking for -- liz: you're also running a buy one, get one free, bogo foot-long deal, app or online limited time. what is the response to that so far? >> response is great. consumers love it. it gives them an opportunity to get in and try one of the chef-crafted subs, find their favorite and continue with that. and it's answering the needs of our consumers as they reach out. our most loyal consumers have joined our loyalty program, and i think those programs are really important -- liz: just ask dunken, they've done -- country kin, they've done a great job with that. >> we relaunched it nine months

ago, and those loyal guests would deyou that's the best place to go for savings, for perks. they get free chip fridays, birthday rewards, cash back. in the last nine months since we launched the program, we've given over $60 million back in cash rewards to our loyal fans. and that's about putting value back in their pocket. liz: an acquisition was closed, they hold investments in jimmy john's, arby's, a bunch of other name, jam pa juice. how does it feel when you're talking to management above you -- because you've got franchisees, and they have to talk to you, but you have to talk to the work capital people. how is that working? is it working well? because we've spoken to other conglomerates, private equity guys who say it really helps because you can get rid of redundancies and things like that. if. >> what i love about this brand is it's about a collaboration, and it's a two-way collaboration. we collaborate with our franchisees, and our new owners.

i'm really excited about our new owners. and the strategy that we have is just moving forward even stronger. we've got great support, we've got great conversations going on. not only in the boardrooms, but in the restaurants. and and that's really key for our growth strategy, for us to continue. liz: okay. what other innovations are you working on? open the test kitchen for me. [laughter] >> we've got lots. what i would say is we're really listening and diving in deep to understand what the needs are of the consumer so that we can be nimble. we've got a chef team back in our head office that are always playing with new ideas, new concepts to once again extend the menu. we know that, you know, 99 5% of americans -- 95% of americans have a subway within 5 miles. and we know that we offer products for all americans. and that a means, you know, whether it be a $3 foot-long dipper or one of our chef-crafted foot-long subs, we have to appeal to all a different types of consumers, different type it is of appetites, different budgets. and that's really where we go

after a finding the right fit for the right person, and we listen to our guest really carefully. liz: you guys should know that, how seriously focused you guys are. they brought an air a fryer to make sure these were totally fresh. [laughter] they were in the green room kitchen whipping them up, so props to your team. it's great -- >> it's a great team. liz: it really is interesting to watch it, and you have the perfect last name, fry. douglas fry, thank you very mucu also have a foot-long cookie. >> we do. one of my family's favorites. liz: we showed a video of it. i kept saying, um, maybe they need to bring the foot-long cookie so we can show it, there it is. >> there you go. liz: no, just the food here. the tock of former president donald trump's social media company is stumbling -- tumbling again. charlie gas free mow here to give us an update on the trump coin which he talked about earlier in the week. that's next on "the claman countdown." ♪ ♪ if if

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. liz: justing up shares of trump media technology group the

parent company of the media site, truth social. is down 14-point%. in is part of a slide that began of former president's guilty in the hush money trial. investors have added worry, donald trump moving away no truth social, to other social media platforms including tiktok. charlie gasparino is here on that. there has to be more that is speaking investors. he loves to be everywhere? >> donald trump's fortunes are rising politically. you would think that would be a good thing for truth social which is one of his conduits to get his message out. however he is on tiktok. you know the company faces some really tough road ahead. i would say, this company's problems go beyond the recent guilty verdict that is a real issue. this company's problems involve it has operating losses, significant operating losses. it has a lack of user interest in it. twitter has got many, many more

times users and elon musk and is having a hard time figuring out how to monetize it. on top of all that there is essentially losses. you have, you have dilution going own right now. they keep selling shares. you had devin nunez, the ceo come out trying to blame short sellers and market makers like ken griffin for what is obviously a balance sheet problem and a business problem. so that casts even further doubt on whether management should be taken seriously. plus the dilution you can't ignore. there are, they have the ability now to sell much more stock which they are. that is going, means much more shares out there to short which adds downward pressure on the stock. plus people can exercise their rewards, mainly insiders. that means more dilution. put all that together this is a sell. this is the thing i said from the beginning, liz, on your show, you want, if you want to

invest, if you want to give donald trump a campaign contribution, give him, you're a small investor, give him a campaign contribution. thinking that you're buying into this to help him is not necessary, is not a good idea. this is a difficult, difficult business and, you know, no matter which way you cut it, you can, make 5% at a money market fund right now and sleep without throwing your money at this. if you want to trade around it that's your business, like all these meme stocks, whether amc which is down 99% from its highs, bed, bath & beyond which is out of business, people bought it as it was verging out of business, gme which gets pumped on a roaring kitty tweet right before the thing, right before management says it is losing money, any of these things, you know, you're rolling the dice. just be real careful. donald trump is definitely, djt is definitely a meme stock. we should talk a little bit about djt's crypto.

as you know we were all over the story. ellie did an amazing job and we did an amazing job essentially separating fact from fiction. martin shkreli was out running around, the "farmer bro," out maybe now is a crypto bro. he went to jail for various issues, he is saying this is a trump affiliated coin. apparently we have word from roger stone, key trump adviser, known roger stone for years, there is no trump affiliation with this coin. appears not to be the case. i'm not in the room with any of these people. i have no idea if martin shkreli spoke with barron trump, donald and melania's 18-year-old son, how he gets involved with this, shkreli has gone public wit. i have no idea if the conversations occurred. i tell you what roger stone is saying. roger stone knows the trump family pretty well.

liz: thank you very much, charlie gasparino. we have six minutes before the closing bell rings. the dow wakes up, everything else goes to sleep. the dow on pace for third straight day of gains. under 3/4ers of a percent. s&p down eight. s&p it is too close to call because we don't know what will happen in the next five minutes. any gain gives it a record. nasdaq solidly in the red, down 123 points. appears to be snapping a seven session winning streak. we should check in on nvidia now, at the moment down 3% as it battles it out for the world's most valuable listed company. microsoft snatched it back after nvidia briefly took the top spot above microsoft and apple. falling below, just a bit below, you can see, microsoft in the lead, apple in third place, barely. even still, the last time a big provider of computing

infrastructure was the most valuable company was cisco back in march of 2000. you can see on this chart that just two years later, amid the dot-com bubble bursting the stock plummeted, far left side of the screen. hit a low of $8.12. today it is at $45 and change but our down down closer very confident -- countdown closer very confident nvidia's meteoric rise will not have the same fate. he is betting on nvidia and two other big chip-makers in the space because of momentum. jeffrey small is joining me now. jeffrey, they say don't fight the tape. i'm hearing that is very much part of your message here? >> it is, liz and megacap trends like a.i. equal megacap exceptionalism but all you have to do is look at the numbers. the proof is in the pudding. the earnings are growing across the board for the mag-5, where we have five stocks carrying the market here. 60% of the return in the s&p has

come from five stocks, liz. where are the rest of the other 490? liz: doesn't that worry you? >> it really doesn't because i don't think we're living in a dot-com bust time. i see lots of growth going forward. the big question can nvidia double from here? i believe that it can. all it has to do is add 20% to its bottom line quarter over quarter instead of 700% year-over-year and it will more than double its earnings. that will easily justify the valuation of nvidia to, put it in fair terms we can understand, liz, nvidia has the same price to earnings multiple as costco, imagine that. liz: i get, i get it, jeffrey. let me play devil's advocate here. that is my job. nvidia is incredible business, it has long runway and he is wide one for great revenues. clearly that is very much the focus for some investors. a lot of people now own the stock. how many more are left to buy the stock? on top of that, we know that no

company is bulletproof, no matter how far in the lead they appear to be. i remember blackberry, blackberry had 77% of the smartphone market share and then they lost it all when the iphone came out. i mean, what are you looking for? >> i'm a pragmatist too, liz. i got to be honest with you, the majority of all fund managers are so underperforming the market it is not funny. everyone is clamoring for owning these mag-5, not owning enough. everyone missed the call the last two years. is momentum go from 700% growth on the bottom line to zero? no. will growth slow down? of course it is. there is competition coming it is starting to experience. nvidia will not explode 700% every year but possible for the mag three, mag four, mag-5 to add earnings for the next two years. when you do you shift? you shift when the fundamentals shift. the key is get out ahead of that

if you can. that is a hard thing to do, liz. liz: let's talk about citi, goldman, ubs, ever corp., upped the s&p 500 targets. looks like they're falling over each other to hike them. the s&p briefly went up 5500. 45574 right now, it kind of retreated -- 5574. tell me what you see second half of the year where do you see this is going. >> they're upping because of the tech sector because it is lifts everything up. price targets as far as my picks or price targets stars the s&p. liz: as far as the s&p. >> i think we close 5900 by year-end. liz: that is second highest. every core is 6,000. they made the big hike, highest on the street. what will you be looking for, you're a smart money guy, what will you be looking for, oh, tells you the herd is trying to shift a little bit, we know

sometimes not only do they shift but they stampede away from something? >> i think the key first ingredient is earnings, watching the mag-5 here. are they keeping up their run rates. are things starting to slow down? are they improving their top and bottom line numbers. that is going to be critical. the second will be the fed, how fast inflation is slowing or not slowing. can we see more than one rate decrease this year. those are the two dynamics that will really influencer prices going into year-end. liz: jeffrey, confidence, i hear that from you, thank you very much. jeff from small. markets close mixed with the dow leader up 289 points. s&p, nasdaq, russell in the red. [closing bell rings] remember atari the videogame company between asteroids found in the 1982. the ceo is here tomorrow to talk about the future that will do it for us. ♪. larry: mellow, folks, welcom