tv Varney Company FOX Business April 12, 2023 10:00am-11:00am EDT
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stuart: wild on that one. thank you. good morning. it is 10:00 eastern. we better get to your money. we started with a nice rally. the rally just about holding, the dow still up one hundred 20 points, the nasdaq only up two, s&p only up 9. favorable inflation numbers, the market rallied to "the opening bell," the nasdaq just turned south. when impact of those inflation numbers is to bring interest rates down. the 10 year treasury yield is now 3.39, way below 3.5% where it was yesterday. bitcoin is solid at $30,054 per coin. that inflation. the markets, interest rates, now this. if you want to know what donald trump would do if he were elected to a second term you got to cut for 1-off a lot of noise.
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's legal challenges, his language, the insult, his over-the-top personality the noise a lot of people. tucker carlson cut through the noise, he had a long interview with him last night. with biden touring castles in ireland and answering no questions trump launched a full attack on biden's presidency. he called the afghan retreat a surrender, quote, the most embarrassing moment this country has ever had. trump is particularly upset by the $85 billion of weapons we left behind. he says brand-new helicopters and planes are being sold off to arms dealers. on taiwan, he says, quote, he threatened xi jinping if he invaded. he wouldn't say what the threat was but he said he was very tough on xi and xi at least partly believed his threat. trump is contracting his strong stand on no invasion with biden's weakness. trump talked about his relationship with putin, he
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said the russian leader loved ukraine and considered it part of russia. not when i am president said trump. he implied a strong stand would the turn the ukrainian invasion, biden's weakness encouraged it. on ukraine he asked, quote, what happens if it is an unwinnable war? he says we don't have any ammunition left, he worries about putin's nukes which he says are 500 times more powerful than the bomb dropped on hiroshima. the contrast with biden's striking. our president is now touring castles in ireland, hunter biden is on a trip, no press conferences. last word to trump, he says there guys, xi jinping and buettner, quote, top of the line. our guy, not top-of-the-line, never was. that's trump. lose peak with me this morning. that's a strong contrast, donald trump's strong stand versus biden's weakness, i think you agree with that. >> i don't think a lot of the
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problems we have would have surfaced if donald trump had won a second term and americans supposedly don't vote on foreign policy but they don't like being embarrassed, jimmy carter got drummed out of office because we were embarrassed in iran. look around the world, president biden says we are back. where are we back? every country seems to be turning their back on us, india talking about using the rupee instead of dollars for buying oil, saudi arabia going their own way, offended by everything president biden has done. in the middle east, we are nowhere, china is more aggressive by the moment and i put that at the doorstep of the biden white house. and the leaks that just came out, this thing about sending rockets to russia covertly after we have been fronting egypt for so many years, that is an unbelievable insult to this administration but those
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insults, even macro, even the eu our strongest ally where we are really back, they are saying let's go our own way because we can't trust the united states. i think it is offensive and scary. i think there's trouble brewing and president biden is the author of that. stuart: you've got a new op-ed that says the one pivot republicans could make to start winning again. i've not read the article. telus now. >> it is on abortion. i know this is the third rail of republican politics but we are losing elections because republican leaders have taken such a strong stand against abortion. we are the party of freedom and individual responsibility. to some point that has to weigh in on our calculus on what people should be able to do on abortion. my view is we got a very strong warning in kansas a year ago when they put in a harsh
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antiabortion law, 60 one% of kansas, a deep red state voted to overturn that. we saw in wisconsin, very critical swing status state that in the midterm elections added republican seats in their legislature just recently, supreme court contest went to a real liberal, why? abortion, which energizes young people and women to come out and vote. it is time for republicans to take a look at this. my view is, which may be very unpopular, you know i am not entirely behind trump for a second run, he's a guy who can do it. this is not a big issue for donald trump. he can blame abortion for losing elections, which he would rather blame instead of himself which a lot of pundits are doing but i think it is the right thing to do. it's a call for referendums in every state on abortion policy. some states want to ban abortions, but let's make this a democratic process where everybody has to say.
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stuart: and trump is the only guy who can do it, see you soon. manhattan district attorney alvin brad filed a lawsuit against congress and jim jordan claiming he's trying to undermine his case against trump. what is jordan saying? lauren: the chair of the house judiciary committee says bragg is intervening and congress has the constitutional right to conduct oversight. >> they use federal funds to indict a former president for no crime and when we want to investigate they take us to court. he wrote a book on this subject solely on this subject, done all kinds of interviews but we are not allowed to talk to him. the real interference is coming to our investigation. we have a duty under the constitution to do oversight and investigate things like this where they are interfering in a presidential election.
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lauren: his, he will hold field hearing about violent crime in new york. bragg calls that a stunt. as for the subpoenas regarding his office's, indictment of trump, bragg is trying to get a federal judge to issue a court order blocking them. this is getting very heated. stuart: whatever not heated? lauren: putting bragg on the line, violent crime is up 22%. really? stuart: not quite. let's get back to the inflation report. consumer prices up 5. 0% in the last 12 months. inflation cooling. we are looking at the market. inflation is cooling. that could mean the fed lays off rates, doesn't raise rates aggressively. i would have thought that was. to the market, do you see it that way? >> we got a lot of storm clouds.
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it is ultimately looking at, we had these rates up here. people need to remember is that when they raise rates it takes 270 days for the rates to impact the economy and bring things down but the fed is walking a tight rope, as we might see a hurricane showing up here. that's an interesting place to be. there's a difference between a recession and a financial crisis. we are looking at the banking thing is the financial crisis, is that alleviated, not sure, typically takes a year for those things to develop, we are just past the first month. stuart: you are not -- >> we are looking at -- stuart: you are not going into stocks big time at this point? >> who got portfolios the do both sides of the fence so hedging is important but i am personally looking at having more cash on the sidelines here.
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i think this trend will continue as the summer develops and ultimately there's going to be challenges in our economy. stuart: it will be a big drop for the market in the immediate future? >> we will see a fast drop. i hope this doesn't happen but we've got crises taking place right now like the biggest shoe to drop will be in commercial office buildings. most people are familiar with residential challenges in 2,008 but commercial challenges we have right now in 2023 are significant. work from home has led to people not going into the office, we have challenges with the inflation. we have to raise rates at the significant levels, there's one. $4 trillion that need to be metabolized here and local, regional banks are 70% of this type of lending. these guys don't have as much cash available to them. how are they going to make these loans and what impact will that have on the economy.
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stuart: there's lots of opinions at this particular time. thanks for being here. right now we've got the dow industrials up one hundred 80 points and that's a significant gain. american airlines is one of the movers, it' s down 7%. %. lauren: its first-quarter profit will be weaker than expected. they don't see inflation getting better. they play for jet fuel and labor, that's expensive. that is next week. stuart: tesco, not to be confused with the british supermarket chain. this is a wireless equipment maker. lauren: look at it go up, 86%. they have a merger deal with a couple of pe firms, $9 a share, 91% to the closing price yesterday. we won pay. lauren: extending the deal with the phoenix suns to be there jersey sponsor, almost 3%. stuart: the stock goes up because paypal is on the
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journeys of basketball. lauren: it is good visibility. it is the news attached to the stock this morning, people use paypal all the time to pay for things. stuart: i'm not criticizing, thank you. what's this -- what is this i'm hearing about kevin o'leary building a refinery? stuart: lauren: he says the us needs oil for at least 50 years. we can do all the transitioning to green we want, the plane is not going to fly on sunlight and he wants to help out, watch. >> i'm at the stage of my life where i want to do something big and the task i've decided to take on his i'm going to build a refinery in america. i will syndicate that. i don't know why i broke it here. it is going to cost
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$14 billion. i will syndicate that debt into equity and find a state that wants to work with me, get a permit and do the right thing for america. we have to have more refineries. stuart: he is very articulate but tell me you're going to get permits for a new refinery? lauren: if anyone can get a permit he might be able to do that. go down to the oil patch and they have oil sitting there because you can't get it to refinery. the last new major refinery was developed in 1977. stuart: good luck, hope you get it but i can't see you getting the permit, simple as that. donald trump says he will not drop out of the 2024 race even if he is convicted in the new york case. watch this. >> is there anything that could convince you to drop out of the race? if you get convicted in this case? >> i would never drop out.
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i wouldn't do it. stuart: martha maccallum will deal with that in our next our. trump accused president manual macro of cozying up to china after he met with xi xinping last week. you want to hear what the former president had to say about the unlikely friendship. leaked pentagon files, ukraine's air defenses could run out of missiles and ammunition by the end of this month. mike tobin has the latest on ukraine's offensive from kiev next. there's my little marzipan! [ laughs ] oh, my daughter gives the best hugs! we're just passing through on our way to the jazz jamboree. [ imitates trumpet playing ] and we wanted to thank america's number-one motorcycle insurer -for saving us money. -thank you. [ laughs ] mara, your parents are -- exactly like me? i know, right? well, cherish your friends and loved ones. let's roll, daddio! let's boogie-woogie!
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could run out of missiles and ammunition this month. mike tobin is in here. does this change anything for ukraine's fight? >> with all the talk of the ukrainian spring offensive there's the question of ukraine can handle what russia sends back especially in light of the pentagon documents. a lot of pressure is on mobile and defense teams. almost nightly and alarm was russian drones or missiles launched mobile air defense teams like the first president's brigade jump into action. old weapons like a soviet legacy antiaircraft gun. it works on propeller driven, irani and made sure he drones. >> does not fly very fast. allows us to react quickly. >> reporter: this gun was made in 1960 and holds a hundred rounds and they can load all hundred and 5 seconds but when you have coming attack drones
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every shot counts. for the cruise missiles they use man, portable khmer defense systems. almost 3 times his age. the first shot he ever fired in combat, the max 101 cruise missile out of the sky. >> translator: i didn't understand anything. this is my first rocket and i was very happy. >> reporter: document leaked from the pentagon show ukraine would run out of defense ammunition in mid-may giving russia an advantage in the skies. >> we lose the control of the sky, huge armada what they did in mariupol where they dropped freefall bombs. >> reporter: russia launched 7 drones and two guided bombs at ukraine last night. one of the guided bombs got through. night is falling in a short time. we will see what russia sends tonight.
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the mobile defense teams shoot down most of the incoming missiles and drones but still has the effect of terrorizing the civilian population. stuart: i bet it does. thanks very much. donald trump you should this morning about nuclear weapons. >> china has the beginning of a powerful -- russia and us are comparable. all it takes is one madman and you have a problem the likes of which the world has never seen. when i watch all the people talking about ukraine and how is ukraine doing, russia is sitting back, ukraine is being obliterated, they don't talk about the fact that he has equal to the united states in nuclear capability and destruction. stuart: us army veteran who served in iraq. can you see nuclear weapons being used on the battlefield
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in ukraine? >> it's a danger anytime american forces are directly or indirectly exporting a nuclear armed power. or an enemy that engaged with nuclear armed power as we are helping ukraine against russia. my question, we spent by some reports over $100 billion supporting ukraine in this conflict, that is more in inflation-adjusted terms than the us spent after world war ii rebuilding greater europe in the marshall plan. my question is what do we have to show for this. stuart: i want to go back to this, trump raised the issue of nuclear weapons. he was very strong on it. he called putin the madman. do you think putin would use a nuke on the battlefield in ukraine? that would be a huge step, you think putin would do it? >> that would be a major escalation. i don't think he would do it.
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the greater danger would be small yield tactical nuclear weapon, i still think that's a very remote possibility but it is a danger. it is something to consider. this is not dealing with iraq or afghanistan. this is a conflict with a major nuclear armed american adversary and as long as we continue to play this dangerous game in eastern europe the stakes remain extremely high. that risk has not been properly evaluated by -- stuart: trump warned the us is not prepared for war after giving all our ammo to ukraine. >> russia is making massive amounts of ammunition. sounds simple, they are maxing -- behind anything they are made before. we don't have any ammunition. we've given it to ukraine.
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we are not prepared to fight. i rebuilt our military, new planes, new tanks, new everything. they have taken -- the military that i've rebuilt and they've given it all to ukraine. stuart: are we ready to go to war? >> the answer right now is no. my sources in the u.s. army 70 fifth ranger regiment and other special forces units tell me that in recent weeks and months they've had everything including their rifles, they've been taken from these units, these lead american special forces units and sent to ukraine. the tip of the spear, the best of the best, the elite of the elite of the american military have depleted munitions capability to support this conflict in eastern europe. to me that is a mistake. we all know about the recruiting crisis taking place in the us military. i think the american military has been weakened by president
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biden, and his radical left bureaucrats in the department of defense who are not ready to fighter war right now. that's the hard truth. stuart: thank you for being here, appreciate it always. trump also sounded off on france's presidency manual macro after he met with chinese president xi jinping. what did he say about a manual macro? ashley: during a state visit to china he warned europeans not to become enslaved to us foreign policy, donald trump says that's just another example of america's growing weakness on the world stage. >> this crazy world blowing up in the united states has no say and macron as a friend of mine, kissing his ass in china. i said france is going to china. ashley: interestingly trump talked about his meetings with
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the chinese president and xi spoke english, at least one word. watch this. >> we shot 57 missiles into syria while he was having chocolate cake. the only time he said repeat, the only word i ever heard him say and it was meeting he speaks english. he goes repeat. that's the only time he ever said it. i think he speaks english. that is an unusual word. ashley: repeat. trump called xi a brilliant man, top of the line smart and said you went all over hollywood to look for someone to play the role of president xi, you couldn't find it. fascinating. stuart: i will change the subject completely. you may be interested in this. this news from buckingham palace, prince harry will attend his father's coronation
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on may 6th. megan will not attend. she will rain in california with their two children. archie and lindemann. 2024 contender nikki haley is coming out swinging slamming both trump and desantis. byron donald's just endorsed donald trump. he is here and he is going to react to haley's comments. is joining us in the belly of the beast, new york city. byron donald's is here. good morning. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts
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and more peace of mind... consider adding this. an aarp medicare supplement plan. take charge of your health care today. just use this...or this to call unitedhealthcare about an aarp medicare supplement plan. stuart: a strong rally at 9:30 eastern this morning. we lost a little of that rally. a cooling of inflation sparked this modest rally. i am going to start with serous logic, down 10%. lauren: apple supplier getting hammered on a rumor that the iphone 15 is changing. there are reports they are abandoning the solid-state button. it's like you feel like you 're pressing a button but you are not.
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the issues with production so they will go for the physical button to turn your phone on and off and change the volume. just a report that they would get hurt in that situation. we went and taken down 10%. tell me about microsoft. it is slightly higher this morning, the forecast, it's going much higher. neil: we got the report that they were softening. wedbush says their stock is going to hundred $15 from 290. they expect to grow at least 30% for the first quarter, they call that an enviable position in expect microsoft to gain market share. stuart: they could say it publicly and we get an audience of a million viewers. how about delta? >> they are down and down big partially on the american warning about lower profits but they are doubling down. i found this interesting. they are betting people will spend money for more comfortable experience so this
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summer they will have premium seats on every single plane. they report tomorrow. we should get more information. stuart: 2024 presidential candidate nikki haley sharply critical of her republican challengers in a new leaked memo. she says trump will be just more drama in the future and desantis isn't ready for prime time. that's part of what she said. look who is here. in new york no less. congressman byron donald's am a republican from the great state of florida who represents me in my house in florida. good to see you. wait a second. you have officially endorsed donald trump. why not desantis? he's your governor? >> governor desantis has been tremendous but it is where the country is today. you plated in the last segment. look what's happening around the globe. china on the move in our own
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hemisphere, negotiating a new way to transact for oil around the dollar. you need a president who will step in day one and get the country from a foreign policy perspective back on track not to mention what is happening at the border and various agencies. getting the budget under control, getting inflation under control. the next president has to hit the ground day one, be effective, know exactly what to do. one person knows how to do that, donald trump. he is doing the job, he did the job better than the current guy doing the job. stuart: have you heard from desantis? >> we haven't talked to him. it's not deliberate. everybody is busy, scheduling conflict but the decision is in the best interest of the country based on -- the governor has done a trauma this job for our state. stuart: is 48% of voters want trump to step aside.
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that's half the population, is that bothering you? >> we need to get the republican nominating process, step 2 when it comes to a decision between president biden if he's not rolling with what he said the other day, anyway, between that and donald trump the question for the american people is clear, who did the job better? it is without question donald trump did a better job as president, as commander in chief. stuart: something -- they don't like him, his persona, the insulting things around, his linkage, they don't like that. that is some people. stuart: i'm not in the business of liking how you talk about this person or what insult, i want results. i'm a results-oriented person, solutions oriented person. give me the guy who is tough and rough but gets the job done period. stuart: a lot of people are
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cheering you on right now but what are you doing in new york? this is the belly of the beast, new york city. >> nft, nonfungible tokens. stuart: i tended to dismiss them. what are you doing? >> one of those things being on house financial services, i provide my insight from a legislative perspective to various parts of our financial economy. nfts, whatever the future holds will be part of the financial system. it's important to them. they want to hear my thoughts. stuart: that will be part of the financial system. >> i don't rule anything out. one thing we realize, none of us know how the future will play out. people told us 14 years ago that they would stop too big to fail in the big banks got better. i don't rule things out. i will have an economy where everybody can come in and let
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the market decide if they survive and thrive. stuart: welcome to new york, a pleasure to have you here. don't expect you back anytime soon. have a good time while you are here. the house judiciary committee will investigate the fda authorization of covid vaccines. what are they looking for? ashley: the committee will investigate allegations of the biden administration interfering in the fda licensing of the covid vaccines. fda doctors resigned after president biden in august of 20 one called for adults to receive a booster shot which critics claim put undue pressure on health officials to authorize those vaccinations. congressman thomas massey from kentucky said the committee wants to look at all the records related to the fda
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review or covid vaccines, the panel investigating claims the two doctors felt the white house was getting ahead of the fda on booster shot and disagreed with the cdc involvement in fda decisions. should make estimating. stuart: the democrats convention will be held in crime-ridden chicago but as democrats moving, walmart is moving out. democrats never met a tax they like, your streaming subscriptions, a report on that is next. ♪ ♪
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stuart: twitter's former chief legal officer, right before the house testimony, suppressing the hunter biden laptop story. who does she want to pay a 6000 bottler legal fee? ashley: twitter and now she's suing the company to recoup, being close to $600,000. she was subpoenaed over their decisions to censor the hunter biden laptop story published by the new york post just before the 2020 election. the lawsuit contends twitter must reimburse other executives by more than $1 million. and and pushed for the removal of donald trump from the platform and denied twitter covertly limited some
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conservative accounts but did admit to the house oversight committee hunter biden's laptop story was not properly handled. stuart: we told you about a proposed 8% sales tax in new york on streaming services. lydia is with me. new york is not the only state with a streaming tax. >> there are 2 dozen other states that also apply our sales tax to streaming services according to the tax foundation. you can see states ranging from new jersey to texas. a few states target streaming specifically with an excise tax, treating streaming like cigarettes or alcohol and tobacco. this includes audio and video downloads, another 3 states,
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idaho, kansas and wyoming taxing audio downloads but not streaming. watch this. >> this is something we will see more and more, digital advertising taxes, social media taxes, various tech taxes, these will compound where lawmakers are seeing all these things that feel new to them and they say let's taxes from more. >> why are we seeing more and more of this, people cutting the cable cord depriving state of tax revenue, cable services subject to sale taxes and other fees so other governments are looking to recapture that revenue, and so in new york as you mentioned supporting a mass transit system which is controversial, mostly downstate in new york city but taxing everybody in the state to support a service. stuart: if it is new, thank you very much. youtube announced pricing for the nfl sunday ticket.
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what is the cost and what do i get for it? >> prices range from 249, to $349 during the initial promotion and those without youtube tv pay $449 for the season. those who subscribe to youtube pay $349, they get access, and $300 per season charge by directv who owns the previous rights, and $14 billion on the rights to the sports package. and subscribers are losing money on this package for years. stuart: even at those prices. now this.
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stuart: 60% of us americans would be uncomfortable with their doctor relying on artificial intelligence for health care. mark meredith is here. will we see a i replaced doctors or just assist them? >> right now we are not seeing any replacement but assisting is underway because this ai is rolling across healthcare systems, helping doctors, nurses diagnose, treat and monitor, and potential problems before doctor everwood. the bureau of economic
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research, a i could cut 5% in us healthcare spending, talking about saving $360 billion in the next five years. tech companies, one company looking to capitalize, aims to be nai copilot for doctors that process data, help with diagnosing patients and deploying this tech already to serve 30 hospitals. convincing patients this is the picture might be a tougher sell. the recent survey from pew found 60% of people would be uncomfortable if their provider relied on ai for care. >> patients don't trust machine over a human being. they are welcoming a machine to assist a surgeon or a physician in making a diagnosis or limiting care. >> experts agree doctors won't be replaced by a i anytime soon. patients will see more of this every day, and and that still
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time. >> carl frederick is with me. the director the heritage foundation tech policy center. good to see you. i need you to spell out in plain english if you can do it what rules we need on artificial intelligence. >> comes down to two things. one, transparency, two excellent ability. americans need to know how systems come up with the conclusions, outputs that they need. what are the inputs, the little black box. that the primary rule. >> you want to know what the input is. >> exactly. the training data, we need to know how these systems train, what happens when they go to the deep neural networks in come out with the conclusions they do when it comes to chat gpt, and it spits out an answer, how did it come up with
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that, what data is it looking at, how to algorithms get past? has the code designed? what are the inputs in the code? what words are put in the code? how does it work? stuart: it has to be completely open. algorithms for everything, completely open. can you do that? >> if you -- they were initially. in 2019, open a i created this chat gpt, they had gpt 2, the earlier models, they opened the large language model, let programmers to refine the algorithms by having more inputs and showing what they were doing. it is really tough but i think people like elon musk are looking for open sourcing everything they can. stuart: also pushing for a pause on artificial intelligence development. i don't believe you can do that, no way to get -- okay. we are hands off her 6 months.
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>> the surprised me about working in silicon valley. people don't work with knowledge of geopolitics, don't think about china and the adversary nation that will be forging ahead with artificial intelligence develop and, they want to master artificial intelligence by 2030. if we pause, the us takes a tactical pause what happens when china screams forward, this is a problem. stuart: who would impose the rules? was a congress or the tech companies themselves or independent body? >> good question, i advocate the united states getting more involved in these international bodies, these bodies determine the standards built into these machines and how this technology is used around. the rules of the road, china will do it for us. stuart: it is fascinating. thank you very much for joining us this morning. come back and explain it some more. thank you for getting the hang of this thing here. check the market please. 90 minutes worth of business,
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we lost the rally, the rally came because we got cooling inflation. ali has is a 24 point again for the dow, s&p is down. still ahead, washington congress and dan newshouse, peter morici and mark tepper. there's nothing like guaranteed weight loss and diabetes drugs like those in but giving people the results they want but is it moving us a step closer to becoming a highly medicated society? i will take it on in "my take" after this. ♪ there are some things that go better... together. burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices
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when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. >> i don't think a lot of the problems we have right now would have surfaced if donald trump had won a second term. every country in the world seems to be the turning their back on it. >> young people are so hungry for a cause, for purpose and meaning. that's why they have flocked to wokeness. i'm going to give them a vision of american identity. >> we are not competing to get generations of voters in the ways that we should be. 9 and if the gop does not wake up to this, they're going to the lose again. >> this soft inflation number is really reinforcing the fact that we are in an inflation now.
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