yeah, at the top of the totem pole but we're hard working people. they're spending and kind of nudged this way right? spend a lot of their money, keep up, go into debt, they spend the rest of their lives servicing that debt, and it just goes on and on and on like the proverbial hamster wheel so i get it. i understand the disillusionment and there is something wrong and i think getting back to the conversation i just had with david webb, we're the republican party is going, i think is where it should have started going a long time ago and i know listen even in this building we've got a lot of strong conservatives who believe in the old conservative principles, but the focus on corporate bottom lines over everything else, i think those days are over. and i think it's time to start focusing on more americans. liz, over to you. liz: i have a message for genz, because you and i know a lot of people who came from nothing and scraped their way up. grow a backbone, not a wishbone.

come on, people. charles: you know that's good but then the speech is only five seconds. liz: [laughter] okay then you get out of there early. charles thank you. charles: see you later. liz: holdup, everybody. can we put up a dow intraday? take a look at these gains at the moment. jumping 723 points right now, pretty much the high of the sessions. what is this? is this the trump trade? is it the rate cut hope trade? maybe the earnings trade that has stocks heading into orbit? well as we kickoff the final hour of trade we're going with all three. that's what we're doing. the dow looking at monster gains right now, best day in more than a year, the s&p only needs a two point gain to clock its new record. the s&p is powering higher by 31 points. the nasdaq had been the laggard but it just in the last couple of minutes turned positive. it had been up more than 100 points and then it dipped. was falling and what do we have now? a gain of 19 so the nasdaq is coming back up along with the broader market and then you can see the russel 2000 up 3.25%

unbelievable but let's get to the blue chips and the dow heat map and here is the earnings trade piece of this coming in. united health group pushing the dow to an all-time high after reporting a second quarter profit beat and revenues that rose 6%. dow members are hitting all-time highs including american express, goldman sachs, jpmorgan and amgen of course as you know, goldman and jpmorgan had reported earnings tuesday and monday respectively. what about the rate cut hope trade getting a boost from an appearance by the financial markets federal reserve chair jay powell. yesterday at the d.c. economic club he gave the message the markets wanted. a rate cut will come before inflation finally drops to the fed's target rate of 2%. the last piece of this rally puzzle, the trump trade, the increasing likelihood at the moment that the former president will retake the white house in the upcoming presidential election has stocks moving higher but of all the indices, the russel unloved for so long,

is far and away the biggest beneficiary of the trade as we're calling it. in the last few hours it shattered the two and a half year resistance sealing so we're bringing in the billionaire investor whose king of digging up the unloved and ignored stocks and making them mario gabelli joining us now. mario, russel up 10% over just the past five sessions, compared with 1% for the s&p. what do you think is pulling the rest of the market or at least the little guys, the unloved ones, out of the cave they've been in? >> it's a great way to frame it. we're marathon runners so we've been buying the ignored and unloved stocks in terms of our analysts we have 35 analysts that cover industries but when they do that, liz, they cover them from large cap all the way down to small and the number of analysts that have been in the business that work for firms have declined substantially and

they basically cover large cap stocks. it's the economics of the business. then the etf's, and the short-term trading. now, when we step back and say what happened? you hit on most of the dynamics that are taking place. the perception that powell is saying we're not going higher. we're staying high but we're going to go lower. the fact that he cut the amount of money being withdrawn from 95 to 60 trillion, billion a month, that's going to be continue to be there so then the question is how cheap is cheap? and how do i make money over the next three or four. the second part is that 15% of the russel is financials and they are financials with the banks, what they did on friday, they ignited, they ignited the notion that hey, maybe my net interest margin they call nim flattening out will start improving and maybe what they call htm, hold to maturity accounting for , okay so that's it.

liz: what we were looking at, mario, because you're talking about financials, yes, the big financials are looking good, but the russel 2000, 17.2% of the russel is made up of financials. we're talking regionals and some of the smaller bank names. if you look and see what they have done in just the past four weeks, it is pretty impressive. now, do you see that really spreading to the rest of the markets? >> well, again, the notion of looking at earnings and looking at the multiple. the multiple is a function of interest rates. interest rates are a function of the inflation outlook, as well as supply and demand. so i think we have a perception that barring any geopolitical dynamics, and some other dynamic that we're not able to foresee like a problem in private credit, basically you should have a sustained multiple and at this high level with earnings improving and you're going to start seeing that in sectors. look at what happened to the housing market in the last 24 hours. liz: they are going gangbusters.

>> the fact that interest rates, i buy a house for $400,000 which is a lot but it's what a new house might cost. 20% down, 320,000, if i could save 1.5%, that is a significant amount per month. liz: right. >> so the notion of affordability and we're easing the housing strain, which has inflationary implications as well, so there's a lot going on in that regard. from our end, we don't own some of the bank stocks. we own them, but the ones we like are based in the south where there's going to be growth inflation takeovers, friendlier rules and not as much commercial real estate. independent of that, what else works? think about sports. right now, right now, we're waiting for the all-star game. last night you saw the home run derby. we like atlanta braves. we think that's going to be taken over. the mlb is a function of the pitch clock, the hispanic market, really good fundamentals and then you've got major league

baseball getting a new contract at some point. independent of and sports and news like you're doing now. those are the dynamics that drive viewership. i hate to say this but being a local, the knicks and the rangers stock the last time i looked 24 million shares at 197 we think it's worth twice that. liz: yeah. >> so take advantage of that and then if you want to play, yeah, go ahead. liz: yeah, so i've got to tell you because there's news breaking about warner brothers discovery and it's right up your corporate love-making allie, maybe. warner brothers discovery is speaking more than 6% right now and the headline is that bank of america, apparently, says that exploring strategic alternatives would create more shareholder value. earlier this week, warner brothers discovery was lower than discovery shares had been 10, 11, 12 years ago. this has been rather disastrous

if you are a shareholder who bought a couple of years ago when warner brothers merged with discovery. a, what do you think about that and b, that leads to the paramount issue, which of course you are a major shareholder of voting shares. you're the minority, the majority of the minority so to speak, and there are so many questions about what you want to see from that merger. >> yeah, let's talk about content. for the time of the gladiators to the time you and i would go see shakespeare to the time we had silent movies and call it television, the future is a.i. you're seeing it now in part with the gaming that activision was bought by microsoft, and a great job of that company. what can warner brothers do discovery? now i hate to do this to you but i'm going to give you some data. they had 700 million shares out. they issued 1.7 to at&t. their shoulders dumped it, it's

a 20 billion market cap on the equity, and then you have 40-odd billion of debt so i'm paying $65 billion for the house of zazlov. what am i getting for that? they spent 17 billion a year on contents and i think he's very good as a individual to run the businesses. obviously has the headwind from strategic streaming and the cost of doing that, but on the other side, there's going to be a consolidation of the streamers. we saw this in all the industries in the past and as a result of that, i think he'll be at the forefront of benefiting. paramount is somewhat different. the problem is not with paramount. paramount has 650 million shares the stock is selling at let's call it 12 but it's 15. that's $10 billion and then you got 11.5 billion of debt and if i were able to sell-off some of the spectrum, that they have in the tv stations spin-off of the tv stations it could be down to six or seven.

liz: but you said july 12 skydance had said and officially said, we are merging with paramount. okay? and they offered those of you with shares, like you have, which are class a shares $23 a share. shari redstone of course of national amusements which had the real controlling shares of the class a group, we don't know what she got for her shares. you have said you're on this fish bowl, operation fish bowl you want to know what she got. my question to you is what do you think be an appropriate premium, because she got a premium. what do you think be an appropriate premium, mario, that she and national amusement should get relative to what you and your shareholders are getting? >> well, liz, two types of shareholders. the voting stock, there's 41 million shares in rough numbers of the voting. she has 31.4. let's call it 31. of the 10 million outstanding, 700 of my clients that i work for and that i will fight for basically own the voting

stock, so under delaware law, some of it may be changed but under delaware law, does the majority or the minority have a right to vote on this? all i want is a fish bowl. liz: you want, well what's the premium? >> i'm not going to give you a number. liz: why not? >> the premiums are justified. well, because you know, until i dig in -- liz: does she got 30 and you got 23 would that be okay, per share? >> no i think it's totally wrong. we went into delaware court and have asked for under section 220, we asked for and we're waiting to get it, the books and records to determine how much of the amount that skydance paid of the 2.4 billion, 1,750 according to the data they provided publicly went for the assets, so they own 30 million shares of paramount voting, 30 million of non-voting. they have some theaters and i don't know what else is in there, so let's not guess at

that. let's dig and do what i do everyday and that is just like you, just like you, liz, you go in and get a laser and focus on what you're going to ask me. that's what i'm doing with regards to what i want to find out for my clients. liz: let me know when you get that paperwork from the delaware courts because we want to know too. we want transparency as well on this paramount situation. thank you. >> it comes via paramount. thank you and i'm delighted to be with you and remember, i'm ignored and unloved as a valued investor. i'm the tortured value analyst department here. liz: i know, i'm shedding a tear for you, mario. thank you very much. billionaire investor. and self-made from new york. good to see you. great to see you, thank you, mario. >> entrepreneurial. thank you. liz: always and act it have its investor is taking a stake in online dating company much group. we'll tell you who it is and whether investors think it's a match made in heaven or hell. "clayman countdown" is coming right back. the dow exploding higher by 714

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liz: big macer" rally here for ththe dow and the s&p and ys the nasdaq is in positive territory once again. fox business alert investors are swiping right on shares of match group after activist investor starboard value disclosed a 6.5% stake in the online dating company. look at this gain, 7% here. match group's portfolio includes tinder, hinge, and okay cupid, and here is the deal. starboard's managing member jeffrey smith says match stock is deeply undervalued. what does he mean by that? shares are at $34.32 and trade at a pe ratio of 16 but have whitherred is that 36%?

28% over the last year. that's why the activists are sniffing around. shopify is dropping no longer shares of the e-commerce company snapping a six-day losing streak after banc of america securities upgraded the stock to a buy from neutral, bank of america also hiked opportunistic's price target to $82 a share at 69.31 implying a 30% upside to yesterday's closing price. the gains here, about 8%. let's call it that. investors are logging out of reddit after loop capital cut its rate from a hold to a buy. loop maintained its $75 per share price target above current price at 69.58 but did express concerns about reddit's current valuation. reddit is up nearly 70% over the last three months, so yeah, it's looking very rich here for some, because it is not profitable. shares of trump media cooling off as well today to the tune of

8.25%. this follows a very strong rally in the wake of the assassination attempt on former president donald trump. the parent company of truth social has still gained 22% over the last week. speaking of donald trump, his vp pick, j.d. vance, voted against us funding bill for ukraine that passed in april and also says ukraine should seed some of its territory to its russian invaders in order to end the war. what does russia hawk kyle bass think about that? he's next, live with us. and tomorrow, you've got to watch or set your dvr. the man beating nike at its own running game. berkshire on brooks dan sheridan joins us tomorrow on fox business and talk about how he's doing it. it's exclusive. we're coming right back. dow is up 729 points. do you charge forward?

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>> president trump has promised to go in there, negotiate with the russians and ukrainians and bring this thing to a rapid close so that america can focus on the real issue, which is china. that's the biggest threat to our country and we're completely distracted from it. liz: ohio senator and now republican vice presidential nominee j.d. vance telling shawn hannity that he is revealing where he stands on both the war in ukraine and the china tiger. his ukraine stance squares with gop presidential nominee donald trump, but trump's actions on

china are maybe a little bit more blurriment when he was president trump hosted chinese leader xi-jinping at his mar-a-lago residence and even went so far as to say "we love each other" when describing his relationship with xi. now the former president is threatening a flat 60% tariff on all chinese imports to the us if he becomes president once again. joining me now live is hayman capital management founder and cio kyle bass. kyle you have sounded the alarm for years about the danger china poses both economically and militarily to the us and quite frankly the world. j.d. vance is with you on that, but what about the two drastically different sides of donald trump? if he gets elected, which side do you think she will get? the we love each other or hard tariffs and we're going to be very hard on china. >> yeah, well first of all, it's good to be here, liz. second of all, i think you have a scenario where if you look back at the trump presidency and

trump 1.0, you had a national security council that was focused on the risk that china poses to our national security. whether j.d. vance is on board or not and i love what he's saying, you know, if you look at the director of national intelligence's report to congress each year, in no ambiguous words are the fact that china represents the greatest threat to us national security and has for many years so the fact that someone in the executive branch is finally deciding that that is the biggest threat and that's where we need to focus is good. as far as trump, you know, he's a businessman, so when you hear about 60% tariffs on roughly 600 billion of imports, that's a revenue raising bid by about if there's no substitution or trading away, that's 360 billion in revenue coming to the federal government from chinese importers. we all know that what's going on between the us and europe on auto tariffs, on high-tech

tariffs, on everything that's going on and trade tensions between our countries, it's actually a wise move. start with 60 and then walk some of it back, but that's why i think trump is -- liz: biden's going with 100. 100%. >> biden's going with 100 on cars and trump is talking about 60% on everything across-the-board so we have about 600 million in total imports from china, so that be , you know, $360 billion worth of revenue and then trump's also talking about 10% flat on the rest. liz: okay. >> of imports from around the world which are raising another call it $230 billion, so you're talking about revenue to the us government of roughly $600 billion and that's real money and that's before we start thinking about taxing foreign investment in the us. think about this , liz. the saudis, the chinese. anyone that invests in us markets from a foreign land pays

absolutely zero capital gains or current income tax, while the us population pays whatever us taxes there are. liz: exactly. >> maybe the free ride should be over and we should just simply level the playing field and start taxing foreign investment like we tax domestic investment. again those things are pretty easy to do. you could probably get to a trillion of revenue that way pretty quickly. liz: 300 chinese military aircraft last month alone have buzzed over taiwan so there are huge tensions there. as you look at where we are militarily and what we be willing to do, and that goes for either a trump presidency or a biden presidency, is there one side that you were supporting more than another? we had elon musk, the billionaire, coming out and saying he's going to give more than, well it's a report that he would give more than $40 million a month to trump super pack, waiting on confirmation of that but there are many wealthy people including persian capital's blackman, who said

he's in. what about you, kyle. have you picked a side yet? >> you know what? i'm an independent and i vote with let's say i wear my heart on my sleeve. i think the national security of our country is vital to the next 30 years. i think the last 30 years were economics. the next 30 are national security. clearly, my views are that open borders are a massive security risk to our country that won't, we won't go the full effect of biden's open border policies for the next decade or so but let's just say the barbarians don't take the city until someone holds open the gate and unfortunately, biden's held the gate open to the united states for almost four years now and let in more than 10 million let's just say illegal immigrants and some of those are special interest aliens who come from nations that harbor ill-will, potential terrorists or china being national

security threat. liz: huge concern. so i'm on the side of the republicans on these issues in a major way. liz: what about ukraine then. let me bring that up because obviously, you have said that putin is a huge danger. many on both sides of the aisle agree; however, donald trump has said he doesn't like the forever wars. i don't think anybody does, but j.d. vance specifically back in december said ukraine should cut a peace deal with russia, and give up at least some of its territory to end the war. the invaders, i mean, i don't know if anybodies read ab about poland and what germany did in 1939 but this is really worrisome. are you concerned about that stance regarding ukraine? >> yeah, i am. i think, you know, there is that hads republicans that are let's just say being vocal about china being our biggest threat and then we need to focus all of our attention there. i believe that we have an existential threat and it's

the threat of, you know, basically, the alliance of bad countries or countries like china, russia, north korea, iran, all working together against us and i believe that anyone that thinks we should draw a line on russia's advances and call it quits and just try to figure out how to tell putin the madman, we'll just kind of give him what he's taking and just call it even should go reread the munich agreement. we're not going to have another munich agreement. that would let putin retrench and attack again. you can't appease madmen. you can't appease putin. you can't appease xi-jinping. you can't appease kim jong-un or the ayatollah for that matter. they only understand one thing and it's strength, deterrence and actually sometimes conflict, and so unfortunately, i think these people, the madmen are

moving us towards a conflict and i think if we defund ukraine or push for some crazy peace deal, what i think that'll be a major mistake for the west and i think europe really understands that now more than anyone does, because they are on putin's front doorstep, so i think that when you think about what we've "given" to the ukrainians in terms of financial support, when i actually get involved in conversations with people that are opposing this , i ask them a few simple questions that nine times out of 10 they can't answer. i say how much have we given to ukraine? how much financial support do we give them annually? and let's just say it's around $100 billion. you say wow that's a lot of money but yeah, how much money did the us government spend last year and they typically don't know that answer. it's 6 trillion. so would you spend 100 billion on a $6 trillion expenditure number to defend democracy and

putin? i would do it all day everyday but by the way we've only been giving ukraine the weapons to stay in the war. we haven't helped them win. we need to play to win. we haven't been playing to win so i would argue that we need to go harder on ukraine. liz: kyle, i think your stance, pro republican on some and very concerned on others about the gop positioning is very much what a lot of americans are grappling with and maybe in two months when the november election happens, or three months, we shall see how difficult it is when people walk in the ballot box. kyle it's great to see you thank you for joining us. >> great to see you too, thank you. liz: investor kyle bass in texas. a programming note. tune in, special coverage of the republican national convention continues tonight. 7:00 p.m. eastern right here on fox business. we want you to watch. in fact just throw your remote away. just leave it on fox business the whole time. mario gabelli minutes ago on his fight for shareholder transparency regarding

the paramount skydance deal. listen. >> we went into delaware court and have asked for under section 220, we asked for and we're waiting to get it, the books and records to determine how much of the amount that skydance paid of the 2.4 billion, 1750 according to the data they provided publicly went for the assets, so they own 30 million shares of paramount voting and 30 million of non-voting. they have some theaters, and i don't know what else is in there, so let's not guess at that. let's dig and do what i do everyday and that is just like you, just like you, you go in and get a laser and focus on what you're going to ask me. that's what i'm doing with regards to what i want to find out for my clients. liz: charlie gasparino is here, and the upshot is he still has not heard what shari redstone's family got for their shares. he knows he got 23 bucks. he wouldn't bite when i said

well would 30 be an appropriate premium? charlie: yeah it's interesting. he's the last guy you want in the weeds during a 45 day period, it's open to shareholder loss. i spoke with him on friday. you and i did a hit on friday where we talk about potential shareholder lawsuits. i called him and he didn't call me back until we were off the air and he tells me, charlie, in that voice, that he filed whatever it was. he says charlie i don't even know what it is. i think it's a notice. he goes i don't even know how to use my netflix. by the way the guy is so smart. i mean, beyond belief, been doing this sort of fundamental value analysis on stocks for years. he is the man at that. liz: he is, bottoms up. charlie: i asked him if it was a lawsuit. he said no it's preliminary lawsuit but this is what i don't get. i spoke with jerry card last week too. i spoke with him about the deal. the head of redbird, who which

is like a partner with skydance on this. they are essentially a joint ownership in many ways, right? redbird people are working, jeff zucker will probably have a role. liz: jeff shell is already. charlie: david ellison from skydance is the ceo i guess. and jerry said to me that one of the problems during this whole interim when they were negotiating going back and fourth is that there was so many talks, so much talk about lawsuits they couldn't reach out to mario gabelli. liz: they weren't allowed to. charlie: that's what the lawyers told him and it's because he wanted to bring mario in. bring him in the room and they said you can't do it. you can't do it, you can't do it and then he said we're going to go out and we are going to bring him in the room now. liz: paramount's trading at highs in the wake of that hadsgabelli interview, the high of the session. charlie: i think a lot of

the stocks are up, warner brothers, discovery. liz: okay. you always do it and then i do it and you're like well the rest of the markets up. charlie: the markets up 700 points. but you know, i think, liz, the story here is that when they never reached out to gabelli. that's what gabelli told me. mario told me this. they never said let's have dinner. let's have lunch, coffee. let me go to your office. let's just tell you mario, you're a big shareholder, you're important, you could cause a lot of problems for this deal and i can tell you people that have been working on this deal say the shareholder lawsuits are going to come in whether he joins it or not he isn't saying yet but i'm telling you the fact they haven't reached out to him to do a personal one on one even after saying it is bizarre. they invited him on a conference call. you're mario gabelli. i mean, he tells me, he goes i was on the conference call

for 10 minutes. it was late. they called me and then i hear what's that guys name? greenfield who asked the last question about something and they never called me, charlie. liz: they should let him in with ritz crackers. charlie: i would go bring egg plant parmesan, go to his house in greenwich with a bowl of spaghetti and woo him. liz: with gravy. charlie: i should say gabelli grew up in the same neighborhood as my father. huge philanthropist for that neighborhood and immaculate conception church which he gave a lot of money to which i was baptized in. liz: and then the devil got to you. charlie: [laughter] liz: you guys remember the french astrologer? up next we have the modern day version, jason calacanis joins us next on his latest presidential prediction and it involves a white house whistleblower. stay tuned we're going to get that and his thoughts on

a.i., so much more with jay cal, coming up.

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liz: folks we have 17 minutes left to trade. if you look at the markets, all green on the screen, but it is the dow that's having its best day in more than a year. that is a record, 40, 931. if we get there, the s&p 500 which is on track for a record will mark the 39th peak this year alone. its been unbelievable but we're looking at double records, dow, s&p and the russel, nice broadening of the market breadth. new york times reporting on a blunt message. california democratic congressman adam schiff gave to donors at a fundraiser, he said it be a wipeout for democrats if president joe biden were to remain in the race. this is yet the latest

indication from biden's own party that the 81-year-old should exit the race, after a series of gaffs he made during his debate against donald trump the president recently stumbled again at a press conference at the nato summit in washington. he referred to his vice president kamala harris as vice president donald trump and while introducing ukraine president zelenskyy he called him by his arch enemies name russian president putin. to silicon valley where jason calacanis, well-before the disastrous debate predicted that biden's questionable mental acuity, jason, should lead to a hot swap or a switcheroo. you're a self-described centrist but you above any other business leader, jason, have been most vocal about biden needing to go if the democrats want to win. no hot swap yet. do you think it'll still happen? >> yeah, i think it's absolutely going to happen, obviously, the tragic assassination attempt on

president trump and the poor individual who died in the audience, you know, that's going to put a delay on this and probably buy him a week or two but i am fully convinced that in the next 10-20 days we'll see a whistleblower come out and explain exactly the details of president biden's cognitive decline. liz: when you say whistleblower, what do you mean by that? somebody from inside the white house? >> 100%, inside the white house, inside the party, inside the family. i think watching what we've seen in these interviews and then biden ramping up the interviews is not helping. it's making it super-clear, as you pointed out. mistaking whose the vice president, whose zelenskyy, whose biden. if this is the best we could do as a country, and certainly for the democrats if that's the best they can do in fielding a candidate that's not good enough and right now trump is going to run the table especially with the selection of

j.d. vance, which is an inspired choice and we can get to that in a moment there's no way for them to win and the number one job of a politician as you know is to stay in power so there's a very disfunctional situation within the democratic party right now, where they are not listening to their constituents, the country on some very basic facts number one. they don't want joe biden and they don't want to put somebody in cognitive decline in charge of the free world, and if you can not understand that basic tennent, you're just not fit to win the white house and so i think that they will have the whistleblower any day now and then there's going to have to be an investigation. who knew what, when, and the fact that their press secretary is being dishonest with the press who are diligently trying to figure out what's going on, on behalf "american people and the free world, and they won't even allow him to take a cognitive test is

the height of arrogance and insanity, and i think that the way this will get broken wide open is that somebody will just simply take one of these reports, the health report or a conversation or a text thread and they will leak it and those people will be heros to the american people because even in this last six months, i don't think any of us feel confident in biden's ability to handle the escalating situations that could occur in the middle east, russia, or china. god forbid any of those situations become acute. liz: all right so you're predicting in the next 10-20 days a whistleblower will come out and talk about how serious the situation is about president biden's cognitive decline. that said, are you surprised, jason, at the shift in silicon valley lately? because silicon valley, heart of california, they've traditionally been very

pro-democrat. now, could this change, because right now you've got everybody from elon musk to your own bestie david sachs, a self-made billionaire. >> both my besties. liz: and coming out and fully endorsing donald trump. there appears to be a wave and i think that that is not an understatement of a switch for many of these people. that said, do you think that it would change if a different candidate came in and who would that candidate have to be? who are you thinking about? >> yeah, so to take your first question. there's a misconception about silicon valley being left. it's actually libertarian and it's left-leaning libertarian, obviously if you've been to san francisco, pretty accepting place, obviously, and but they really are libertarian. less rules, more sovereignty for individuals, more fluidity in capital markets, and so if you try to decelerate the economy, if you try to decelerate the pace of technology, that is not a

winning platform in silicon valley and the way they look at biden and the democratic party right now and the sort of socialist democrats before that, elizabeth warren and that crew and they are kind of irrelevant obviously. liz: who would grab the attention? >> i think any two moderate candidates could win. i know this sounds crazy to think about ceo's like bloomberg or schultz from starbucks or jamie dimon, but you know, somebody in that range or any governor whose moderate i think could possibly challenge trump at this point and i do think trump is beatable so i don't think the republicans should rest on their laurels. the ability to craft two candidates after knowing who the vice president selection is going to be and what the trump 2.0 platform is is obviously a huge advantage. they can basically pick the people who will run perfectly against them and that

is an advantage. i think trumps going to win it. selecting j.d. vance, somebody whose half the age of trump and biden, and who is pro-capitalist -- liz: and worked in silicon valley. >> yeah, and he comes from silicon valley. that's actually going to resonate and i think part of what we're seeing in the markets is people have now started to bake in the last month or two that trump is going to win and when he does win that's going to be great for capital markets because we'll see lina khan be relieved of duty and then you'll see m&a which is a critical part of the ecosystem kickback in. liz: absolutely. stand by, jason, because we need to pick your brain on the business world and technology. if there's a laggard today, folks, it could be the chips although we have the nasdaq back in positive territory. j-cal is coming back and he knows all about a.i. and we'll talk about the excessive spending some people think may

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liz: this just breaking, billionaire elon musk is posting on x that he will move its headquarters to austin, texas,

which is also the home of tesla. this comes just 15 minutes after musk posted he will move spacex's longtime headquarters from hawthorne, california, to star base, texas t. the ceo said, quote, this is the final straw. california governor gavin newsom if signed a bill into law that prohibits schools from requiring parents to be notified if their child identifies as transgender. clearly, elon pushing back on that, saying he's pulling his business out of california. let's bring back the current california resident -- [laughter] cohost, entrepreneur, angel investor and friend of elon, launch founder jason calikanis. elon musk's inner circle, what do you think about that? >> i don't speak fehr loan, obviously, but he was retweeting me in this instance, and -- for elon. if you're a child, and i'm a parent, i think you are as

well -- liz: yes. >> anybody who has kids, if your child was suffering from bodies more fea, a condition in the dsm5 or whatever they're up to in psychology now had this disorder, you would not tell the parents? that seems absolutely deranged. and, or you know, it seems just as deranged to me -- and i have great sympathy for any if family or my child, certainly, or any adults suffering from bodies moreover ya or gender issues i have infinite sympathy for them. i'm sure this is an incredible struggle, and i know families have gone through it. that being said, i don't think i've ever met a parent who would want of to have this information hidden from them, and i certainly don't think i have met a parent who would want to do surgery or give, you know, hormones to an underaged child. there is a big movement that's occurring now called detransitioning, and there are a group -- the first cohort of people, of children, tragically,

who were pushed in some cases or failed, they're reporting themselves they felt they were pushed into gender identity at very young age, i'm talking 10, 12, 14 years old until your brain is fully formed which takes into your early 20s, were pushed to the take these hormones or do surgery, we're going to look back on this -- liz: it is, it's a lot of confusion, and i will say we now just have one minute because there's been so much breaking muse to get your thoughts on the a.i. bubble. huge amount of spending, j-cal, are we going to see at least a mini bubble burst? >> i don't think so. and i'll tell you why. i do think that the companies who are doing the spending had huge cash reserves, google, apple, etc., amazon. they had no where to put it because lina khan wouldn't let them buy companies. you froze h and a, they said, hey, let's doe ploy capital and invest in these concern deploy capital and invest in these huge

server farms. completely dysfunctional use of capital. they should be investing and buying in start-ups. this is what happens when, you know, an administration puts their thumb on the scale of the free markets. and, you know, just -- we need free markets to operate freely. it's kind of baked into the name, isn't it? liz: i couldn't agree more about free market capitalism. nvidia right now down 1.a 5. that is, of course, the poster child for the a. a.i. revolution. j-california, thank you very much -- j-cal, thank you very much. dow closes at a record, up 726 the points. s&p, that's a record as well. s&p, that a makes it the 39th record close of 2024. that'll do it for us. stay tuned for "kudlow." ♪ ♪ larry: hello, folks. welcome to "kudlow," i'm larry kudlow. according to a new report, u.s.

it