fans if from both teams went to the hospital to show support. i was on the internet, on twitter seeing all of this videos of this caring, compassionate, humble young man who's that maniful to be in the nfl, and it really reminded us that's what the ethos of america is all about. listen, we're all praying now for california the mar's recovery, and maybe as an added bonus we might not the want to forget how we became a people, all of us, americans in that moment. not opposition, not, you know, scorn to our fellow human beings, buttal of -- all of us in this together. the game of life, the game of loving each other and, at the end of the day, even rooting for each other. that's what liz claman and i do every day, right, liz? liz: every single day, charles. i see you're out in l.a. at the best coast, just like us. [laughter] charles: i am. liz: he's a jersey guy, yeah. all right, charles, happy new

year. so good to see you. charles: happy new year. liz: look, whether it's the charles or might be else, the $64,000 or -- you know, we should call it the clash 64 trillion question, just because the calendar year has changed, will the rut become a groove in the new year? to the markets on first day of trading, the major averages opening in the red. the dow jones industrials down 119 points at the moment. s&p, which by the way, one year ago today hit the all-time record high of 4796. not so much. right now it's down 23 points to 3817. the russell, which saw 2 # % shaved away last year, is right now down another three-quarters of a percent, not too bad. the nasdaq, avert the children's eyes, i am so sorry to do this to you, but it's down 76 points, not a good start, down lee-quarters of a percent. -- three three-quarters of a percent. the nasdaq inflicted the most pain on portfolios, nose diving

33% in 2032. is it going to recover this year? i know a lot of you are asking that. that may entirely depend on the semiconductor sector, because if you tease out the chip stocks from the nasdaq, the nasdaq 100, investing last year in the tiny brains of every electronic device looked anything but brainy. i mean, if you look at the semiconductor exchange-traded fund, smh, filled with the best in class chip stocks, it fell 35% over the 52 weeks, and that was after a nearly 20% rally in the final two month ifs of the year. how is that possible? when every single piece of technology won't run without them? that's why we are kicking off the new year at qualcomm. yes, we are live in san diego at qualm come's headquarters. -- qualcomm's headquarters. if you're holding a smartphone, there is a very good bet it's got a qualcomm chip making it

run, but the ceo anticipated more than a year ago that it was i'm to diversify. they were way too focused in smartphones. so when the slowdown in handset sales in kind of the last part of the second half of 2022 arrived, he was already expanding into the auto world at hyperspeed. coming up in a fox business exclusive, he's going to pull back the curtain for the very first time on qualcomm's digital chassis development for the auto industry. it's a whole operation here. we are the first news network to ever be invited inside. how he is already taking the lead in assisted driving chips, we're going to show you qualcomm's concept car before it hits the consumer electronics show in vegas thursday and, yes, we will ask about qualcomm's future inside the apple iphone. all right, to stocks. you know it was a rough year for equities, look to the far left of the 52-week chart there.

the blue chips kicked off at 36,952 the, and it was pretty much downhill from there. but the dow was a bunny slope compared to the s&p's losses which snowballed right out of the gate. look at this, january of 2022, the s&p toppedded out at 4818 and then started the slow motion face plant, finishing up the year down 19%. don't forget february, russia invaded ukraine, that was a horror show for the s&p and certainly for the ukrainian people who continue to fight to this day. how is the best performing sector of last year doing on this first trading day of 2023? let's first check crude oil right now. down 4.25% in the aftermarket. it did bubble up 14% last year with. 14%, though, sounds almost quaint when you compare it to a basket of energy stocks in the xle, the etf, which erupted by 42% thanks in great part to occidental petroleum's 103% gain. i was looking at some of these

yesterday, valero, 64% jump haas year. conocophillips, 60% pop. will light anyone strike -- lightning strike twice for energy, or is there another generational opportunity about to emerge? let's get right to the floor show. joining me on the first trading day of the year, tomwide wyden here -- tom wyden here with me and dutch masters because dutch shorted the nasdaq 100 last year and made a ton of money. we're going to ask dutch in a second what his new raids are. tom, welcome. thank you so much for welcoming us to -- >> great seeing you on the best coast. liz: that's right. goes on from here. i love me some new york and new jersey. sort9 of new jersey. okay, anyway, let's be honest here -- [laughter] people are looking for the next big move in this the market and specifically a sector. what are you predictingsome. >> yeah. -- predicting? >> yeah, it was a tough year last year, but if you look at opportunities from a valuation

standpoint, and a lot of people aren't fan of china, there's huge opportunities. you look at the experts on wall street, they haven't seen valuations this low in over 20 the years -- liz: wait, let me drill down -- china? you're talking about china adrs. >> single-din can jilt price to -- digit price to earnings ratio. to some degree, liz, they've done it to themselves. the government hasn't been a big help, however, the government is stepping in. real estate is a big boom. also from -- liz: even with rising rates? >> well, with rising rates, we're not seeing them in china like we're seeing rising rates here in the u.s. liz: okay. >> and the other thing is the banking sector in china has been helpful to the economy. now, one thing we have to remember is there's a big problem out there with having chinese stocks listed on u.s. exchanges. but they've got two years to kind of figure this out. by the time that's all figured out and we've worked it all out,

the market's already going to have moved. so experts we talk to are saying this is one of those generational opportunities. liz: okay. now i get to just crack it open with dutch masters. [laughter] dutch, you've got to tell me what is the trade that you have already made today for 2023? >> hey, liz. it's a real honor to be on your show, the first show of the year, thank you! liz: you're welcome. >> we have made if four trades today. we're, you know, it's 2022 was a weird year. i found myself buying marine shipping stocks and fertilizer stocks, and it looks like 2023's going to start the same way. we're buying gold. we bought nugt, the etf. we also bought au which is a individual stock in the gold sector. we are shorting srs, and we

shorted lgih, lgi homes, as well. liz: why are you going long gold? what is your thesis behind that? pleasure. >> well, i think, you know, trader z, our resident genius, you know, he knows how much i hate gold and has been percolating -- [laughter] this idea for a while. the technical trade, the technical trade is there, and so we're going with what the charts are telling us. we think that, you know, with the dollar doing what it's doing, with the yen, actually, doing what it's doing, that's kind of driving the gold market. liz: you were kind of a genius, my friend, because you shorted the qqqs. what did that trade net you guys? >> 321% was the year to date for last year for carnivore. liz: okay. that was a great trade last

year, to short tech. but if you look over five years, the qqqs -- not the short, but if you look at short qqqs over five years, it's a disaster, down 97%. so does lightning strike twice? are you going whole hog into tech? >> so, no. you know, one of the things that's interesting is people always think that the when something is down or they're talking about the s&p being a value right here, things can go a lot further down than you think they can. and, for example, i'm sure there's a lot of people who bought ark and thought that that ark was a a value. it's now down about 8ing 1% from its -- 81% from its high. we see the s&p about 3210, which is down another 600 points. and if the recession is properly valued, the s&p ought to be somewhere around 2887. we i think that the first quarter's going to be just

terrible. we're already seeing that, you know, i it started in the green this morning, and, you know, what happens? you know, they sell it off right away. liz: yeah, yeah. >> and i think what's going to stop this and bring the, you know, bring the, you know, the fed if back around to a pivot is a lot more pain. liz: to that point, tom, the federal reserve. how do you see the pivot or at least the pause? is that going to come mid year, or will it come at the end of the year? they have said don't expect it til 2024, and how does that play in to people who are watching and saying i would like to invest some money? >> it's a balancing act, for sure, and all eyes are surely on the fed. most are saying we're going to see another 1%, and that's going to happen over the course of the year. but kind of what dutch is saying, we're still in inflationary if times. and gold, as far as his buy, is the right idea. it tends to be more of a second half player, liz. by balancing out in commodities,

especially gold, makes a lot of sense. however, you don't want to be long bonds. long bonds, especially long duration treasuries, corporates. stay away from those and specifically those etfs for at least the next six months. i think by the summer we're going to see a little bit of relief. liz: yeah. your gold trade is looking good today, dutch, up about 1%. look at tesla, it's another disastrous day to kick off this first trading day of the year. started off down about 9%, i believe down 12, then 13% to the downside, dutch. would you consider, you know, maybe nibbling a little bit here at this low, low pricesome. >> no -- price? >> no. tesla's dead money. hay kicked him out of the esg funds. he is no longer, you know, their favorite dude anymore. so the media and the people that run all these funds that are supposedly geared towards esg are not buying the stock, they're selling the stock.

i think there's a lot of damage that's been done to the stock technically. it's going to take a year for this thing to work out. liz: all right. it's great to have both of you. thank you very much. dutch, happy new year. oral, wonderful to have you here. >> great seeing you, liz. thank you. [laughter] liz: at qualcomm, right? i mean, of all places. >> who new. liz: semiconductors, you buying semis at least? >> absolutely. liz: good answer. [laughter] >> these pokes are producing in china. -- folks. another case for china. liz: thank you. with 2022 in the rearview mirror, michelle owe kicking into high gear for 2023 in qualcomm's new commercial. up next we're talking chips, everything, everywhere all at once with the ceo live from the san diego headquarters of qualcomm at their auto chip development site. we're going to show you the real life chip qualcomm's betting

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liz: talk about bloodshed, semiconductor stocks -- and we have just talked about that -- were just so incredibly ugly last year. the names that people love to

buy, intel, advanced microdevices, nvidia, intel down an ugly 52 the %. they all got smacked by both the slowdown in handset sales and the global supply chain mess. but qualcomm suffered the least. this is one of those least worst issues like the dow compared to all the majors last year. of down just under 42% over the past year, that's because maybe the market knew that the company is starting to go big in another area outside of their regular wheelhouse. of welcome to bc building here at qualcomm's headquarters in san diego, california. we are the very first business america, very first television network ever to be invited inside. this actually used to be a 7-up bottling plant, but this today is the future of qualcomm.

if five years ago, as recently as five years ago, you would not see cars in here, particularly cars with that a thing on top. by now you probably know that this is what helps assisted driving and maybe even one day i autonomous driving. that is what qualcomm wants to own. but how are they going to do it? they are going to do it launching off what's called the digital chassis. that is this thing in my hand. this is the chip that will help these cars do everything from infotainment, cockpit, engine, safety systems and so much more. yes, assisted driving, all of the technology right here on this chip. how will the new foray into the future affect the company, qualcomm, which has over the years been the biggest supplier of handset chips for smartphones at the very time that there's a deterioration in that business? let's ask the ceo, cristiano amon, in a fox business exclusive. thank you so much for hosting us.

>> oh, we're so happy you came here. liz: it's great to see you. you guys are still, obviously, in smartphones. >> bigtime. liz: tell me about demand, because that's been the big question. >> well, it's consistent what we said during the last earnings call. i think the smartphone, there's two stories for us. there's short term and there's long term. the short term, i think we've seen the normal cycle. the industry was running pretty hot, you know, when we had a supply shortage of chips, there was a lot of demand. and hen we have the macro, we have the china covid situation, we've seen a slowdown, and we are seeing this typical cycle of adjusting inventory e. now, the long-term story for business is great because we've been really focused on -- [inaudible] if you look what happened, people are buying their next smartphone is always a better smartphone. we signed a multiyear agreement with samsung, we even see now with the beginning of the new galaxy, it's 100% qualcomm.

and we're excited about, you know, the next change in 5g technology which is coming, which is 5g advanced. liz: okay. >> so it's going to be a great opportunity, and -- liz: i want our viewers to know that this is the home of the of gs, 5g, all the way down back to 3g back in the day for connectivity. now we're in the snapdragon 9, that is the chip that has been so incredibly successful for you. snapdragon 8, correct? >> yes. liz: how's the gen3 coming, not to push you along quickly? [laughter] >> it's coming along. we usually have to design those chips 2 the-3 years before they come to market, so we're tracking a lot of products of entry, but gen2 is great. it actually set up the benchmark for performance, own device intelligence and connectivity -- liz: everybody's talking about a global version. what headwinds do you see?

do you see signs of that? >> well, we do. and mostly it's been impacting our handset business in the short term the, you know? inflation had, in some markets, impacted the ability of people to -- liz: well, upgrade. let's call it what it is, right? people every year were getting a new phone. now they're not. >> and i think that has caused this short-term impact. now, there are a couple of things that could be silver lines as we look, because there was not just the macro. we also had the china lockdown can situation which now, it appears to be resolved. so the chai -- china market, it's a big market, and we expect that to resume growth. but we are going to take a couple quarters, as we said, for the inventory to clear up before we get normal demand. liz: apple was the one that sounded the alarm on the slowdown in handset sales. people were very concerned. first it was reports and then apple did come lu and say that

it is selling down. you sell the 5g modem chips to apple. apple has made it very clear they want to make their own 5g modems. the word has it, scoop on the street -- the. [laughter] in chipland that they have failed so far. they sill immediate you guys. what kind of -- and i know you're in a quiet period, but are you going to be in the iphone 15? >> look, we did say during our earnings call that we expect to be in, you know, the iphone launching in 2023. beyond that we're not making any predictions. at the end of the day, we are going to continue to be the company setting the pace of innovation in 5g connectivity technology, and we're always going to be available for apple if they choose to -- liz: are you friends with tim cook? >> absolutely. liz: you talk? you say, i mean, come on, let's -- we've been together a long time. >> i'm sure they will recognize

we are one of their best suppliers. i think we have, if you look at the quality of our technology in their products, and as i said, we'll be available for themthey want to continue with qualcomm. liz: qualcomm went public way back in 1991, and it was $16. now it's $107, all-time high, 185. we have so much more to talk about with cristiano amon. he is going to be joining us in just a moment. coming up, you've heard of soft war as a service, how about -- software as a service, how about vehicles in the cloud? we're about to show you the snapdragon digital concept car which qualcomm's going to be the unveiling at the consumer electronics show in las vegas. what is qualcomm's secret plan to own the car cloud? with the closing bell ringing in 37 minutes, the dow jones industrials increasing their losses here. sorry to say if you're long stocks this paris day, but who

knows what happens the rest of the year, right? s&p lower by 24, the nasdaq flagging 91 points. we are coming right back with more live from san diego, california, home to qualcomm headquarters. we are coming right back. ♪ ♪ -well, i'm not 100% sold yet. -okay, have you considered -- it's fine, flo. she's not interested. i get it. not everyone wants to save money. -what's she doing? -i don't know. renters and homeowners can bundle and save. for what? a trip to bora bora? bora boring. okay, you know what? i'm in. she's all yours. want some tacos? -eh, i'm not really in the mood. -yeah, you're right. so messy, all the napkins, those different toppings. -actually, i'm in. -yeah, you are.

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liz: consumer electronics show kicks off this week. of course, it's going to be massive, as it always is --

except last year, remember covid? it just chopped the attendee numbers. we're going to get more on that from gary shapiro in just a moment, the ringmaster at ces. but in the meantime, it has turned into one of the most important not just personal electronics shows, but auto shows. yes. it's all now about cars because cars have basically become computers on wheels. and this year qualcomm is absolutely determined to be in the driver's seat with that digital chassis chip that i just showed you. we are here at the b b and c building where they are doing all the operational development of auto chips for qualcomm. but they are going to be the showing a concept car that is already on its way to las vegas, but we are here first to show you the concept car that a qualcomm has sent to las vegas. tell us about this car, because our viewers are looking at some video of it right now. >> well, first of all, it's an exciting time for a company like qualcomm to be unveiling a

concept car. and it kind of shows how committed we are for the opportunity we have in automotive. when you look what this concept car is doing, it's showing what's possible for the future software-defined vehicles. as cars get connected to the cloud and you have all those massive screens in the car, a lot of things changes. of you have new services, the car learns about you. you have -- you can buy upgrades for your car, it can be a conference room, and i think that's what we're going to be showing with this car. liz: you've been to ces for many, many years. did you ever envision you would be there the as a car accessory -- well, not accessory, but the brains of these cars? >> yes. this is an exciting time for the company. and just to put it in perspective, right, we are -- there are today 150 million cars connected with qualcomm technology, connected to the cloud. just by 2030 we expect that to up increase to 2.5 billion.

if so it's incredible to see qualcomm becoming one of the leading automotive technology providers, and that's a new company. we're excited about that. liz you know, i'm walking through, guy, the b and c building here in qualcomm, and i see car and driver magazines. [laughter] i've covered you guys for a long time. this would not -- i mean, maybe in somebody's locker, i would think, but they're everywhere. this is the future, is it not? at a time where the deterioration in the handset business is very front and center, correct? >> look, the handset business, it's the world's largest consumer electronic product, but it doesn't grow. but the thing that was unique to qualcomm, we're realizing the technology we built for smartphones could be, cause a revolution in cars, how you think about the car being intelligent, being connected and not use a lot of electricity because you cannot put a server on the trunk of a car, but you need that type of computational

power. that creates a whole new growth engine for us. liz: i do want to ask you, as we look forward to the future, you've got something hanging over your head, and that is the arm lawsuit, the chip architecture company. discovery in that lawsuit comes in about, well, i believe exactly 10 days from now. it's the andth. the 13th. they are i suing because they feel that your acquisition of nuvia, the chip company, is -- the they didn't care about that, but they just cared you didn't renegotiate their deal before you started making those. where do you think that lawsuit goes? >> look, we're the largest arm customer today. we have been driving arm technology everywhere. if including -- including what we want to do now is starting at the end of '23 and in '24 we're going to be the having large scaling pcs partnering with

microsoft, building windows on snapdragon. it's very unfortunate that they took that position. it feels to us like a commercial dispute, but, you know, we're hopefully that things are going to get resolved. we feel very confident about our position, and we're moving forward designing our cvus. liz: and the auto business which i would like to just say they struck a deal recently with mercedes, but can we just show that one full screen of all of their customers, brad? it's amazing to me. maybe we should have shown who isn't on it -- [laughter] because every auto company, you now have a partnership with to supply these chips. >> yes. our technology became very relevant to the automotive industry. and the potential for technology to on continue to increase just, for example, in 2025 the we expect 85% of all cars in production to have some form of autonomy. pleasure and i think that's a

great opportunity for us and for the auto companies. liz: christian know awe amono, thank you for hosting us and all of your workers here. by the way, i do the just want to stress this is first time that they have opened up this building to allow us to come inside to view what's going on and the future, the foray into the auto industry for qualcomm. it's been around a long time. thank you very much. >> thank you. we're super happy you came. thank you so much. liz: great to have you. when we come back, we're going to look at some individual stocks that are on the move today. we already told you about tesla, that's pretty disastrous. we're coming right back live from san diego, california, the headquarters of qualcomm. charlie gasparino's joining us as well, so don't go away. get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away

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lauren: i'm lauren simonetti. you are looking now live at the floor of the house of representatives. right now markets all in the red

as congress moves on to a third round of voting to elect its speaker. that is what you are watching on the right-hand side of your screen. after republican leader kevin mccarthy did not get the required support in the first and second rounds of voting, losing in this one by 19 votes. this marks only the second time since the civil war that a party needed multiple attempts to choose its speaker. amc ceo adam aaron reassuring shareholders he's riding with them. tweeting he will not sell more of the movie theater chain stock, quote, anytime soon, adding i ride with you. the ceo sold more than $40 million of amc entertainment holdings between november of 2021 and january of 2022. last month amc stock plunged toward 22-month lows after announcing it was seeking a 1 for 10 reverse split of its common stock. the stock today down nearly 3%.

cineworld, the world's second biggest operator, announcing neither it or its advisers have participated in discussions with amc regarding the sale of any of its cinema assets. the company says it is launch. ing a formal sales process this month to find potential buyers for all of its assets. the group filed chapter 11 bankruptcy protection after the peak of the pandemic fell short of those required to avoid bankruptcy. wells fargo souring on molson coors after drown grading from -- downgrading from equal to underweight, also cutting its price target there from 52 to 45. it's trading down 4% now. well, awe paypal dropped 62% last year, worst year since spinning off from ebay back in 2015. after such a horrible year, andrew jeffrey believes investors have become ooh too pessimistic, so he's upgraded from a hold to a buy, also

raised the price target to $95. let's go back to liz claman live at ces. hey, liz. liz: hey. thank you very much, lauren. all right, from the golden state, which is where i am in san diego at qualcomm headquarters, to viva las vegas. you're taking a live look at the las vegas convention center which is going to be jam-packed with people including some very big executives from here at qualcomm in just two days for ces 2023. you guys know in the, this is my 15th year. the world's largest annual consumer technology raid show kicks off a day early with media day tomorrow while crews continue to transform 2.1 million square feet of exhibition space into you could call it a tech fantasy land. electronics for the home and, of course, for cars. the consumer technology association expecting 100,000 people to attend from january 5th through the 8th with more than 2,400 exhibitors, 200

conference events. and we're all split into 50 pieces because we're trying to get everywhere. we've got executives from john deere, amd and delta airlines, they all will be giving keynote addresses, and i will be also speaking live with ed bastion this week when i get to ces. joining me now in a fox fox business exclusion arive ahead of the big -- exclusive ahead of the big kickoff, the man behind the las vegas tech magic, gary shapiro. gary, you know, last year it was us and the cats and the dogs. there were very few people. qualcomm came, that's for sure, but covid scared a lot of people away. break some news for us. what numbers are you expecting? >> well, liz, when you come here, the show will be real, the way you did last year. you showed up. your entire team did amazing coverage. thank you for that. but the ces 2023 is going to be

70 bigger footprint. we'll have 2300 exthink about or to haves, we'll have 5,000 media from around the world. our goal is 100,000 people, and one-third of them had been from overseas. but, boy, the innovation this year is amazing. you talk about how big the auto industry is here with companies that are the car companies but also the companies that supply them like qualcomm and others. if ces is hot because the innovation that's occurred in the last years is being shown. last year was kind of a semi-full show, the year before we were purely digital, but this year we are back bigtime with a lot of great news, great innovation and people excited to be together. liz: and i'm hearing that it will be the largest congressional contingent. so you've got congress people, senators, you know, people from the house. tell me why this is suddenly such a high-interest, you know, opportunity the for them to

come. enter well, the best thing that could happen is if members of congress and people in washington come and see how real business is done, how big the innovation is, how they need good laws that allow innovation to occur without just going after tech companies and saying they're bad with because of some things when you have a platform, things are tiff -- difficult. we're having senators like senator mark warner, other senators from around, governors, lieutenant governors, ambassadors, others. but our congressional delegation is a record for us. we have the congressional black caucus coming. it's headed by las vegas member of congress for the first time starting this week, but as well we have republicans, we have democrats. but we have people who are willing to come. the weird congressional ethics rules which limit them to 24 hours, and basically heir going to try to learn as much as they can and see the real world. and when they leave here, they know that, yeah, you know what?

regulations, laws are sometimes necessary, but don't screw up what the u.s. is good at a, and that's innovation. liz: okay. i get it. there's some really fascinate manying people coming. the head of starlink for spacex is going to be there talking about satellites and communication during wartimes, which is exactly what we saw in russia. you're doing a lot of space, food technology in space. last year, of course, we talked with sierra, who, of course, is creating these rockets, so many exciting things. but i do just have to quickly say the tech industry as far as an investment did very poorly for a lot of viewers who are watching right now. you know, what do you predict for this year when we are finally through the chip shortage and, of course, there are still people who say that there are going to be the slowdowns in the handset world? >> well, the good news for investors is that tech the usually does well and pays off well because if you're innovative, if you're a company that can adjust and adapt, there's going to be a market if you can do it better.

but it's also very disruptive including disrupting other tech companies. there are segments of tech which are doing very well. the fact is tech prices are going down while other prices are going up. their getting more efficient. the supply chain issues are going away. but with we're focused on new areas also, solving world problems like food tech, for example. jose andres can, the great chef who has served 180 million milel be here. we're also doing health care, clean air, clean water, fighting diseases. liz: gotcha. >> tech is solving major world problems, and that's why we have such a global focus on what innovation can make a difference. it mate be -- it may be difficult in the short run, but in the long run, tech's the place to be. liz: oh, yeah. it's a part of our lives. gary shapiro, i'll see you op on the other side. thank you so much. >> look forward to seeing you. liz: and, by the way, fox is a partner this year. we are the media a partner for

ces. we're going to be on the ground all week long at ces beginning tomorrow, and is and on friday we're live from las vegas with ed bastion, terry duffy, and with such a focus on evs and autonomous driving, one company 's latest technology to bring driverless cars closer to reality. that's all friday, 3 p.m. eastern on "the claman countdown" live there from las vegas. yes, i will be right there. much more ahead. sam bankman freed has just -- sam bankman-fried has just pleaded not guilty to 8 counts of fraud, losing $8 billion of customer funds. charlie gasparino breaks it next on what is going to happen for the fallen crypto star. what are the next accepts? we're live in -- the next steps. we're live in san diego. the famous boardwalk along the pacific ocean. closing bell ringing in # 1

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♪. liz: one time billionaire ftx founder sam bankman-fried appearing in a manhattan

courthouse this afternoon. yes, look at that crowd, wow. he obviously flew from the west coast where he had been waiting and he pled not guilty once he got here to new york to all eight charges of fraud against him, not guilty is what he is pleading. the judge set a trial date of october 2ed in. sources tell charlie gasparino says a plea deal could be coming down the hike. get the latest from charlie gasparino. the plea deal, two cohorts already pled, right. >> yeah a lot of things is going on here, liz. the doj believes he has such a solid case against him they don't need his agreement on anything. they have him dead to rights. the other two, his, caroline ellison and the other gentleman who worked at alameda hedge fund which allegedly stole the money from the ftx crypto exchange and lost it in the markets, they

have pled, they have pointed the finger at themselves and sam bankman-fried loosening controls that allowed that alleged theft to happen. so they got this thing pretty wrapped up and they got sam bankman-fried, they think he is going to jail at least for 30 years. what you have here is interesting thing. he would like to cut a deal that keeps him out of jail for 30 years. he knows, his lawyers know the case is solid. they don't have to do anything right now. they can let him sweat a bit. my guess there will be negotiations for some plea deal at some point. it will be interesting to see how much the u.s. attorney caves because the case, right now from what i understand from sources that are pretty close to the situation, that are actually involved in the case this is a huge legal morass, liz. all those companies that are tied up in bankruptcy have hired people, hired lawyers. i speak with some of them. the, what we understand is that the u.s. attorney is not like, is not dying to go to the table. they're letting this play out.

they will let him sweat and let him read how he maybe spend 40 years in jail before they have any, entertain any talks. then it's, they will ask for some very high amount of time in jail from what i understand. that is where we are now. caroline ellison and the other gentleman, they will spend some time, because they were first in the door, you know, they get a benefit. you know what he should have done, liz? should not done all those interviews with all those reporters. he should have had his lawyer run in there, say okay, here is how it went down. liz: believe in his own press happens every time. >> crazy stuff. liz: goes on and on. charlie gasparino. good to see you. >> good to see you, liz. talk to you soon. liz: okay, another winning trade for most not all of the year last year but the u.s. dollar had a record start to 2022. just muscled higher. it ended up sliding 7.6% over

the past two months. the yen, on the other hand, yes the lowly yen did seemingly the opposite. with the federal reserve showing no signs of slowing rate hikes will the dollar repeat the strong start in 2022 and the year around how will that affect u.s. companies an stocks? joining us wolfgang kester. will we see repeat of a strong dollar. >> i think we are. you will see the stronger dollar, the fight of getting stronger currency, therefore fighting inflation, that is one way of doing it you are going to see. liz: what is unum per one stock that will hedge properly and benefit from a stronger dollar? >> i like being here at qualcomm, have to talk about qualcomm. they have done such a amazing time digitizing things. the cfo here was treasurer prior, they figured out how to manage liquidity and manage it.

that is a great pick. they understand currencies, how to manage liquidity that will be the story in 2023, what companies manage liquidity as well. liz: most contracts in u.s. dollars but a company outside of that opportunity, that has to really heavily hedge, who do you like? >> eli lilly. i think they do a really good job, gss, on the uk side. eli lilly does a good understanding what their exposures are and liquidity, managing it. that will be the threat going into 2024. liz: if an investor is watching they will not be disappointed? they will not get the currency headwind, by the way second quarter, remember everybody was doing currency headwinds, that is a real problem second and third quarter. who would you avoid with too much currency exposure. >> somebody has not been managing it as well surprisingly is apple. i don't think they have done a great job. nike is okay but not really good.

not getting on top of that with 99% hedge ratios. they're not doing it. liz: apple and nike, looking from a currency exposure, strong dollar exposure might not be the best -- >> stay away from that. liz: wolfgang, great to see you. >> always a pleasure. liz: just a second ago the dow turned positive first day of 2020. at least it is showing some moxie here, right? right now we look to close down about eight points. i'm not going to call the dow because it is too close to call there. the s&p, the nasdaq, and of course the russell, they're all in the red at the moment but the dow looks like maybe it might go positive. [closing bell rings] liz: it is new year's day, knew year's trading day. so glad you're with us. all you you guys last year came in droves. guess what? you're stuck with us. ♪ larry: hello, folks, welcome to "kudlow," i'm