stuart: got to be precise about this. i'm going to go with the loan number. 89,445 and the answer is. 98,000 public schools, i did not know that. thank you for staying for the entire hour. the intraday high, solid round and send your friday feedback, varney viewers@fox.com. coast-to-coast start in five seconds. ashley: remarkable in that nvidia's selloff is not hitting the other big magnificent seven stocks down 3. 5%. %. when we look at this, remember where we were after the

earnings came out of the company talking about a third-quarter that might not be like the second quarter guiding people carefully but for a a while, 12%, that's where nvidia was. that is $200 billion in market value. bottom line is it has since come back from that. something to keep an eye on, no contagion affect among the magnificent seven or technology stocks, technology in general makes up a chunk of the s&p 500 and nvidia is a principal player in that advance, the s&p less than 1% from record itself, stuart told you the dow in and out of record territory if it keeps at these levels another closing record.

the isolation of this might be a development. susan lee picking apart. what do you think? susan: not enough for nvidia. nvidia did what the market expected which is beat and raise but didn't raid guidance by enough. it is 18 months despite the fact that they doubled profits from a year ago, nvidia buying back 50 billion in stock and raising the dividend by a penny a share with increased return not enough to take eyes off of the margin squeeze so the next generation ai chips get production that might cut into profit margins to 75%. those profit margins are phenomenal. it is around 46% in comparison

but nvidia is priced to perfection up 1000% since chet gpt was introduced and believers of ai will change everything. >> continuing to scale the ai models that will reach a level of extraordinary usefulness and open up, realize the next industrial revolution. lauren: despite the selloff, wall street is bullish i count it ten investment banks raising price predictions to the 160 price target area with $1 trillion ai spending, trillion dollars from companies and countries the next few years and in conversation, including

apple ceo tim cook accelerating spending, $200 billion, most of that going to ai chips by nvidia. it's a wider cultural phenomenon. they are now watch parties in bars on nvidia earnings days. have you seen one company with interest after work for earnings. ashley: neil: i remember when beating by a penny or nickel it seemed to do that but nothing like the social craziness around this one. this is not a contagion affect and hardly damaging in the scheme of things to nvidia stock, down 3. 4%. when looking at that especially

where we were, almost 12%, that is a mighty come back in and of itself and spillover for the magnificent seven, the other six doing fine. susan: when we broke them in the 4:00 pm hour, the other companies are spending, the magnificent seven, nvidia's biggest customers buying those gpos and blackwells from nvidia so there isn't any spillover. over and over again the demand is there. supply is the issue, they are lining up to get nvidia chips, making them and making them enough enough volume. neil: the future go away, front loading it.

great coverage as always. the chief global strategist, help me with this not to belabor the point, isolated so far as normally you get any sense, they catch a cold but the rest of the markets have pneumonia. >> reporter: price action is fantastic and built to be the super bowl. if i had a nickel to mention the stock, the hype is there. numbers were fantastic. what did we see last august? 155% year-to-date, best quarter crushed it, finished a dime on the day. then it went sideways, didn't have that wow factor. neil: what took the wow away

from the latest report. >> the report was unbelievable. they stepped the game up and up to their targets, the revenue beat 22%, that's fantastic. don't know if the blackwell chip got the attention or the concerns come from those stocks that say there could be delays. neil: did they keep stronger and faster chips? whether the demand would be there, concerns about supply to meet demand. >> everyone should relax, can't go up at this clip. neil: what do you see to the 137?

>> this is what i look at, 100 intraday close at 135. it is a new all time high, to consolidate for a little while from august to january sideways from 500 to 400 because of the 10 to 1 split. these stocks rotate from one to the next. 5, 6 sectors making new highs. nvidia is 6% of the s&p 500 but if you look at energy and utilities will not even 6% of the s&p 500 but those sectors, energy not doing well but utilities making new highs. ashley: neil: that the key part of artificial intelligence. that will fuel a lot of chips and electricity demand and energy demand in general. one analyst said that's why i

am placing bets on utilities because they are not as expensive to buy. >> utility sector, a lot of strength and want to look at data centers that are there to power this technology, the power you using a routine ai search on chet gpt versus a google search is 20 times more energy access to make that search. i heard that from the ceo. neil: looking at what you tell average investors, it was a great investment to have within a fund with new ai funds, and to it, start paring your gains in it or just hang onto it. >> timeframe long-term you put away. we are in the earlier innings of this ai revolution. the market overall, in the early third inning of a long-term bull market, headwinds coming up, september october.

september is the roughest month. we will see. august has proven to be okay. the of september can buck that trend. nvidia leaving the market higher, still going higher but a lot of momentum lost, still jittery from august 5th the. neil: on september the average decline was 0.8%. technology has seen a bigger hit in september. what else could hit the stock? one is a slow down because even wealthy companies are less disposed to spend a lot of money. >> could be a slow down. it's the end of the third quarter, people reassessing fingers. we are through earnings season. not a lot of headlines. we have to watch the fed. the first fed cut. julie: see the cut coming. quarter point coming.

>> didn't have a knee-jerk reaction after august 5th. he telegraphs these things, we got a quarter point, unless an employment tells us something next week, there's a lot of data but 1/4 looks like it is happening. we are in a cutting cycle that bodes well over the long term but we may have a few bumps in the road. neil: we want to pick that brain of yours later. you mention the personal consumption expenditure index following closely, favorite number of the federal reserve following inflation and the like if it is relatively tame we get a relatively tame report next friday and off to the races, too soon to tell. the ai chairman and ceo, what do you make of this post coming back to earth regarding nvidia? >> nvidia is one of the world's

great companies and information technology leaders, led for decades. not sure what stock might be doing today but a great company driving massive innovation. neil: i almost got the impression. i was here when the report came out no matter how you looked at it nothing week about it. you could talk about raising guidance concerns. i wouldn't call them concerns. it looked like the market was poised to want to take action and to take some profits and nothing the more intellectually purposeful than that. what do you think? >> i don't understand the vagaries of these equity markets. neil: you don't soil yourself

with that but go ahead. >> i know this man to be gifted, we coordinate with them very closely. they are driving massive innovation as relates to enterprise ai being deployed everywhere and social ai, these guys are huge. neil: let's take a look at the top of the show, the fact of the matter is this is an nvidia only moment where it's not the star performer but the other magnificent seven stocks are doing just fine, ai and related epfs doing just fine. what do you make of the market, you don't bother with that and look at the big picture but it seems the market is sharing the big picture view you have that

this is hardly an isolated bad case but a case of a company that got priced to perfection and perfection might still be there but it is not an indictment of this new technology. >> looking at secular change in information technology markets with cloud computing, internet of things, predictive analytics, we are looking at soon, $2 trillion market in enterprise ai applications and they are applications, this will be the largest market we've seen in the history of information technology. this is an event that runs a couple decades, the first half of the first inning, this is just beginning. this is huge.

it changes everything about the way we work, changes everything about the way we communicate, oil and gas utilities, you name it. this is huge and nvidia is important as our organizations like microsoft, amazon, google cloud. these are close partners of ours and they are deriving innovation at massive scale. julie: could a recession or slow down -- the momentum and spending associated with this will have disruption points. >> will market correct at some point? absolutely, the market always corrects at some point. does it correct 10%? did we see a direction? did we see a correction in the

dot.com error, you remember in 1999-2,000 we saw a correction but people thought the internet might be overvalued, was the internet overvalued? its three orders of magnitude larger today than anyone envisioned then. will this correct itself at some point? absolutely it will. we hear it's the end of the world. what do we see, thousands of ai companies going into business, absolutely we will. that being said, in the next couple decades as this runs out. neil: good seeing you again. a lot of things coming and a lot more coming that people won't appreciate today. we have one of my favorite, looking at banks, meredith whitney, much more important than that because she could seize on what the banks are doing and where they were investing, it's no afterthought that banks were big believers

in investing in this new technology themselves and ai so is there a connection to what she covers? you but there is. after this. ♪

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neil: the reason nvidia got so much attention is it is pervasive. they want to be part of including the big banks who need the technology to speed surfaces and they are big investors in the company's behind the it. meredith whitney, historic figure. i remember her looking at the possibility of a financial crisis in early 2007. a lot of people laughed at her. don't think they laughed 18 months because it happened just as she thought it would play out. good to see you again. you are not aging, that's another story. i was thinking of you on this. a lot of the banks got caught

in that. it fed on itself. the difference is a lot better capitalized but they too have invested heavily in ai, don't know whether directly or indirectly but it's a key part of their future. how do you see that working out? >> they have to invest in technology and lower costs. it's not getting expensive, it is getting more expensive in overall investment in cybersecurity and labor costs have gone up, not a lot of loan growth. they've got to economize anyway they can but one example, the banks didn't talk about ai that much. they think it's a game changer for sure, one company that didn't, 7% since april, rocket

mortgage, the largest originator. they focus intently in the quarter. a big part of the cost of buying a home, such a critical factor, housing market for the next few years, lowering costs for first time buyers, the home sale market, automatic appraisals lower cost. they can lower cost to homebuyers, or a big factor. neil: we got the latest mortgage rate news and it fell again, 6.35% versus 6.36%, versus 20% from a year ago yet refinancing activity picks up,

not so much mortgage activity. i wonder why that is and why that normal quid pro quo could be quid pro quoing. >> you need a two step process by another 150 basis points. and home prices coming down by 18%. that brings them back down 2021's level. that brings a portability down. not so much the down payment, the cost of a mortgage, principal interest is before you get into what skyrocketed in terms of homeowners insurance, you're required to have homeowners insurance, property taxes but all those are so involved that if you

have a down payment the cost is much cheaper to rent. neil: before i let you go, remember 2007-8, you saw it when nobody did and people think we are going into fall again, anything like that again? do you worry about that, it's the wildcard event? >> housing is responsible for that in 2008. it could be any event. if you have any scare, a temporary swell. a risk of anything.

neil: if we were giving away mortgages with no documentation, none of that going on and tough to get a mortgage. as far as preventing another meltdown probably good. >> there's a big percentage of consumers, 50% of households stretched. stocks down 30% and they said the consumers in a crash crunch. that is not changed since march 2022 when stimulus checks rolled off. walmart is not a low end consumer, even high end. you have to have a car, and a dollar store, that's the delineation.

neil: good way to look at it. >> one report that i'm working on now, how -- basically, how many, how i focus on, how many kids live with their parents, how many are on their family's phone bills, how many are living off of their parents, so much more discretionary spend. what i call the avocado toast generation between 24, and 38, they are propping up the economy, average consumer is struggling but strong portions of the consumer with high discretionary spend. neil: i feel uncomfortable, very good seeing you again.

meredith whitney, that's another phenomenon i never thought of. that is exactly what madison alworth, at the lower end they feel the pinch. lydia: i want to start with dollar general, the discount retailer has a strong pulse on the cost conscious consumer. dollar general missed expectations, revenue reported, expectation of $10.37 billion. they are under immense pressure. they are struggling in this economy, stock is down after the report came down, 29%. the ceo says it's not all on the consumer saying in a statement while we believe

soccer sales trends are attributable to a core consumer who feels financially constrained, we know the important of controlling what we can control. what we can control, inventory losses, shoplifting. that has proven to be an issue across the spectrum and locking up inventory is one of the only ways to deal with it but that makes for a tedious shopping experience pushing more people online. let's talk another retailer, best buy, raised its profit guidance after exceeding earnings and revenue expectations but good news not necessarily driven by those feats but by stabilization. the ceo saying as we look to the back half of the year with spec the industry to show stabilization. best buy has been in an attempted turnaround as they try to bring back consumer demand after strong covid sales, they saw the best sales on tablets and computing categories.

an area they believe ai will continue to help grow. let's look at burlington, this count clothing retailer up slightly after beating expectations, revenue up 13.4%, $2.47 billion year over year. i will end where i started, the cost conscious consumers pulling back getting deals when they need to shop, turning to burlington, shows exactly that. neil: that is wild and a good overview of who is making it and getting it done. this is the environment with two people running for president of the united states. she mentioned retail and what nvidia said about business. ♪

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>> i am mark meredith, the middle of the today campaign swing, since the county democratic nominee. it can generate a lot of help for republicans and hoping a big mistake to talk about flip-flops which can give them a chance to reset this race to reverberate in the polls.

the vice president hitting battleground states in multiple places becoming a nominee answering a few questions from the press pool, likely to face questions about policy reversals, slamming the border wall supporting funding. where donald trump is leading, the latest polling in georgia, by to points in the margin of error. >> never thought this would be a blow out race, we organized the campaign around institutional organizations in the battleground states that matter the most. >> reporter: harris and a running mate are they are reaching out areas where democrats don't spend that much time to attract people who may not have given the consideration to the ticket a month ago.

democrats are learning an important lesson that there is more to georgia than just atlanta. the events could be happening in the 5:00 hour. we fit 9000 into this arena and see if it's a sold-out crowd tonight. neil: kamala harris leads in georgia in this one poll. >> by fox polling by 2 percentage points and in nevada, arizona, one place trump is leading his north carolina. we 20 it was looking like the four point advantage, some of this is sticking get. >> as of right now. the republicans pointing out they believe this is momentum out of the convention. a lot can happen between now and then. early voting starts in october. there's time for republicans to make up some ground.

neil: you are wearing a tie right now, it's 88 °, yesterday was 89 and chose not to so obviously if there is growing pressure. could you respond? >> not since college have i had so much hazing by a friend. i am a fan of neil cavuto. neil: you are a great sport. take advantage of it and leverage that. another splendid genius. let me talk about that. you think paying more attention, georgia one did surprise you. the one state in which donald

trump was comfortably ahead. you always remind me these polls are fleeting and they change and they are changing fast, they are getting tighter and in the case of kamala harris she's flipping a couple of them around. >> in georgia, she was able to get back more black voters, women voters that biden was having trouble solidifying. the reason she's in rural areas of georgia is she wants to shave down those margins, get democrats in force to help her in this race, she knows she won't when every georgia county but if you pluck votes here and there, that could help. in georgia trump had republicans a headache.

voting during those elections to help democrats. neil: don't leap to electoral outcomes before we have an electoral vote but we were looking at various polls in the 93 electoral votes in the seven battleground states, she has 60 as things stand. it narrows a one point lead. that could make her president. >> the tremendous amount of money she's raise, $500 million in a month so trump before had the republican advantage on campaign contributions and democrats were closing their wallets, they did not want to throw good money after bad by supporting president biden so some of those ad dollars put to

work. expanded map, florida, north carolina a few months ago. neil: to remind you of this stuff, 2016 in the background states hillary clinton led by a comfortable margin in six of seven. more after this. ♪

neil: charlie gasparino warned you the latest company to pump the brakes on diversity and woke initiatives, the latest company to do so, not the last. what do you make of this? charles: it has to happen. i explained it all. go woke go broke. here is how i got on the story early, doing the deep dive into all things corporate welcome us which dei is part of. you have to hire base and race

and throughout the corporate ecosystem. george floyd's death in 2020 where companies went full on this. the supreme court started to review the case involving affirmative action and college emissions. the minute that happened i got a call from one of my sources, can't say his name, only as good as your sources. keep a listen. if they strike down emissions, dei, the whole woke corporate ecosystem will fall apart, dei has to be struck down, are we talking apples and oranges, employment practices here, two

main amendments to the civil rights act. title vii involves employment of 15 people. you can't discriminate. it sets up parameters which dei is based on. title vi involves public accommodations, can't discredit which turned out to be discrimination as practiced in public accommodations. if the supreme court is going to rule that on title 6, public accommodations, you can't discriminate negatively against white people or asians, that amendment, that title is the same aside from the employment part, it will carry over to dei and these companies have to scrub the dei practice.

neil: 40 is anticipating? charles: a few months after that the supreme court ruling came down with the decision in favor of getting rid of affirmative action in college admissions and that is when you saw dei start to implode. neil: have they gotten any blowback doing this? charles: some blowback. the human rights campaign. it is a progressive organization that used to say lb gt q plus people in this job and you know, human rights campaign pushing back. kamala harris gets elected president you may see a federal effort to impose dei. wouldn't put that past her. madison: the same companies go back to her saying we need to make money, got to make a share of it. charles: we could be sued.

the liability is real as it was in college admissions, supreme court said it and there are lawyers who can't wait to sue these companies. down the line they will have changed and they are changing. neil: we will be keeping all of that. the freedom capital markets chief global strategist, the fallout for corporate america on this might be a net net positive development here as they focus on what they should be focusing on. what do you think? >> can't wait to read charlie's but, he's written some good ones in the past so as far as fallout goes, this has been something esg and dst friendly stocks had their moment in the sun and have fallen back out of favor. i don't think it's one of those checkmarks people or investors put is one of the top five reasons to invest in a company.

if legislation demands more from them we will see what happens but i don't think it's going to affect stock prices over the long haul. neil: kamala harris won't like the direction this is going in. you can't fight the legal take on this. was wondering, the long-term impact on markets and these companies that are very quickly not woke. >> if you have an all democratic house and president, these things could pass. that's the great thing, the market tends to do best when we have divided government. if harris were to win and you have a republican house and senate the chances of these things passing are probably slim at best. while it is a fear that we have in the pushback and strength of

interest from these companies, it would be a struggle to modify plans where it's detrimental to companies over the long-term. neil: a lot of it depends on what's happening in the election, markets looking pretty good in 2000 going into that election, very late year, mid year when the internet was starting to feel the pinch and implode and a lot of technology stocks could have been a preview of coming attractions of gore in his race against george w. bush but you see it in the meltdown, wouldn't have helped john mccain if he were jesus christ probably. given these markets in this run-up that we experienced thus far, that could be on the back of the democratic ticket, couldn't it? >> when you look at election cycles you look at the strength

historically. 2008 was an outlier because of the financial crisis, didn't matter who was in charge. two cycles where donald trump was involved a, looking at what the market did in 2016 into the election, in 2020 going into the election. we had good years and sold off and stabilized as we hit election day, 2020 a different outlier, covid at the near-term low in both of those elections and once we got 70, both controversial election, democrats it and likely outcome, 2020, republicans didn't like the outcome. it was a surprise. we rallied and the way i have seen the market, as much as president of politics will come into play and make great headlines the market really won't care at the end of the day, and i like a rally at the

end. neil: showing you the markets, the one that moves the election how you are doing on those final six months of each of those, more after this.

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neil: the chip has not hit the fan. the consensus of a lot of estimates what's going on with certain chip stock right now. i should point out the other magnificent seven and broader markets. brian brenberg and "the big money show". brian: appreciate getting that chip shot in at the end. i am brian brenberg. lydia: i'm lydia hu.