work, you want to the headache sure you put some money to the work for you. i honestly think that number should be at least 90%. here's something also really just leaps out at you. 74% of married folks own stocks, 48% do not. so here's the thing, for the yolo crowd, for the fomo crowd, ease up a little bit. life is long. it's actually longer when you grow old without money, and it could be a lot more fun when you grow old and you have some cash, right? remember, miami beach, cabo, they'll be there in 30 or 40 years, i promise you. the stock market is the greatest wealth creation machine ever, and i'm glad americans are sticking with it. i know you are too, liz. liz: what about the r are ofl -- rofl crowd? [laughter] charles: oh, man, they're just having fun. they don't care what's happening. liz: i know. get serious, people. stocks are selling off and maintain thing losses even as

the recently released fed minutes that came out just at the top of last hour show that officials are less certain about the need for further rate hikes. they did agree though that inflation is, quote with, unacceptably high and declining at a slower pace than expected. so it is the not just the anxiety over the federal reserve and what they're going to decide next time around in less than a month. the markets cannot shake the fact that the house speaker, kevin mccarthy, defendtively -- depintively announced today there are two red lines the republicans will not cross as negotiates barrel toward the default deadlineful trading losses accelerating at the moment, dow jones industrials down 274 points. flip it over to the s&p 500, and we continue to have red on the screen here. it's losing 36 points or just under 1%. the nasdaq is also down at the moment, 24 points or -- no, that was the russell. 109 points. yeah. but the russell is actually the, we're keeping an eye on that one because it tends to take

outsized hits. for the moment, it's the s&p that is down the most. as we continue to watch all of this this situation, actually, it's the -- yeah. i'm sorry, my screens are a little crazy here. st the russell. the russell is down 1.33%. less than eight days left before the treasury department says the u.s. will run out of money. to pay its existing obligationings. the rating agencies which, among other thing, assess the financial strength of countries are on high alert approaching downgrade button. the last i'm the that happened was friday night, august 5th of 2007, and the following -- 2011, and the following mono, august 8th, after s&p had down graded the u.s. from aaa to aa+ after a contentious debt ceiling battle, the market cratered, triggering $1 trillioning in losses. coming up, we have an assessment of mccarthy's red line. when the rating agencies will run out of patience.

he's working up a brand new assessment for you from washington. he's going on the up just about four minutes, but that angst is shoving wall street's fire index above the key 20 the level. right now, at least most of the day, we've had the vix jumping about 10%. we're there right now at about 20.46. and even though we have seen signs that the consumer is holding up through all the drama, that jitteriness is still very much there. there's the vix at the moment, just off the highs of the session. let's talk about that consumer. abercrombie & fitch looking at its biggest percentage jump in is # -- 11 years, nearly 30% to the upside driven by a quarterly profit beat and a hike to the its annual sales forecast. the retailer popular with millennials says its move away from denim bottoms to non-denim bottoms -- i'm guessing that's khakis? -- is working for its customers. gotta look at kohl's too, sales fell more than expected, but the

stock's moving higher by 6.5%. it had gained as much as 15% earlier. let me get over to tech land for you. cyber e security names are topping the nasdaq 100. palo alto networks and crowdstrike the right at the very top. palo alto zooming skyward on a double beat for the quarter, shares up 6.66%, and rival crowdstrike is gaining 3%. here is the problem though whether you're looking at these names like netflix, o'reilly automotive or lumina, we've still got spasms, serious runs -- ones, in the regional banks. ed suddenly very messy again and kind of trading like meme stocks which we referenced about a week and a half ago. we said watch out, people are trading these things. it can be a little dangers. but kre -- can be a little dangerous. the kbw down more than 1% here. we are looking at these names and so much more. so let's get right to the floor show. joining me right now, david

treynor. let's get to it, david. are you paying more attention to the fact that the fed says inflation is still unacceptably high or this looming debt ceiling? >> i think it's the more about the fed. look, i love the sensationalism of the debt ceiling, liz, but i think we've seen show before. it always ends the same. we're not going to the default. it makes for good media, makes for lots of clicks, but 59 the end of day i think it's more of a distraction, and i think the eye's got on the on the fed. that's going to to really move markets. i think markets are underestimating what the fed's going to do in terms of raising and keeping rates high, and that's something obey attention to, for sure. liz: okay. as an investor, you're not selling into this market, are you? >> certain stocks, for sure. i mean, there are plenty of super expensive stocks that remain in the market. i mean, nvidia's an obvious one. we did a reverse discounted cash flow analysis on that and show it's got to grow revenues at 20%

compounded annually, so that's, like, crazy expensive. but there's some regional bank socks we think could be really inexpensive as well, and a lot of these good banks are babies being thrown out with the bath water. liz: yeah. although every single one of them, least at my last check, was in the red, main ones that we watch. ing there are about 114 in the kre e. but here we go, pacwest is now down 6.5 the %, western alliance down 3%. you see it here on the list. so i think we need a little guidance here. what what specifically are you looking at? i know you've got some names, but the common thread that runs new all of them, i would imagine, is they actually have positive cash flow. what else? >> yeah. i mean, whit en-- when it comes to the banks, we want to pay close attention to totally quid fit ratio -- tole totally liquidity ratio. those are things you want to pay close attention to. headache sure that the unrealized losses aren't blowing

up those ratios. that that's for the banks. for all the other businesses, liz, we're looking for strong fundamentals, right? yes, cash flow, strong and rising returns on investment capital and cheap valuations. for us it's all about risk-reward, right? i don't want to the take the more risk than i should, so a cheap valuation combined with a really strong cash flow sets up for a great risk-reward. to your point, we don't really know what's going to to the happen. when bank stocks are trading like meme stocks, these are crazy times. liz: indeed. >> you got to be the smart9 and disciplined about how you invest. that's what we think. liz: discover, cisco and ford motor company. grade to r -- great to see you, david can. jm jpmorgan's chief -- jpmorgan's chief economist is warning despite fact david says it's a lot of drama with the debt ceiling, he is warning that the odds of passing the june 1st deadline with no deal between the republicans and president biden to lift the nation's

borrowing limit is now 1 in 4 and rising. and his note to the clients came out before house speaker kevin mccarthy went before cameras just before noon to say that while he will never give up on negotiations, and he actually believes there will be a deal, republicans have two red lines they will not cross to get a deal. here they are. >> speaking with the president, i told him who two things, we will not raise taxes, and thousand we have the highest debt at any time to american history. so i justty it's common sense, it's reasonable and it's the ration rational that we spend less next year than we spend this year. liz: in the meantime, credit rating agencies, they are closely watching the developments and could slap the u.s. with a down grade which would be incredibly painful for the markets. [laughter] we already showed you the $1 trillion that was wipe off back in 2011. shai is the bipartisan policy center's director of economic policy. he is joining us live from

washington, d.c. and, shai, we know what happened the last time the u.s. got downgraded during the debt ceiling drama. how thin codo you get the sense their patience is right now? >> well, they are very, very concerned, i can tell you. they are trying to get every speck of insight they can as to how this conversation going, and it's changing day by day, hour by hour. we really can't ard in order on complacent. i know prior guests said we've resolved this situation numerous times in the past, but when we're keeling with the full and credit of the united states and credit rating agencies, financial markets, households, businesses, we really can't just assume that this is all going to work out. so i am cautiously optimistic that in the next 24-48 hours we'll make progress towards that deal. the good news is that i think the contours are pretty clear at moment. they've outlined where the two sides are, and they've narrowed those differences. 9 the question is can they now frame it up in a way that they can sell to both republicans and democrats. liz: you know all of this stuff.

you have your own way of calculating when so-called x date is. is it june 1st? is it june 8thsome we're hearing a couple things. we know the june 15th is sort of the next infusion of cash that comes from quarterly tax revenues, but, i mean, we know there have been fewer tax the revenues coming in here. >> yeah. you put your finger on it, liz, which we estimate what we call the x date, when the government will no longer be able to make good on all of its obligations. the challenge is that there are hundreds of billions of dollars, as people know, coming in and out of the government each month, and trying to predict exactly what those cash flows are going to be is difficult if not impossible with any precision. not even the treasury secretary, janet yellen, can know exactly when this date will arrive. so she has said the her communications that she is not confident beyond june 1st that the u.s. can continue to pay all its obligations. we expect this date to the arrive sometime between early june and early august, but we've flagged that june 2nd-13th

period as a period of elevated risk. each day that we go through there where congress doesn't have a keel and the president hasn't signedded an increase in the debt limit are, we'll be playing with fire, and we could see reactions from credit rating agencies, from financial markets that is correct lead to the a disastrous -- that could lead to a disastrous effect. liz: we've got the 10-year yield at 3.718% and once again that very short 1-month t-bill, four weeks that people can mark their money, has hit yet another record, third day in a row. we're at 5.65. shai, thank you very much for at least making us more worried. [laughter] i guess -- >> thanks for having me. liz: all right. there is actually an irish online gambling site where you can bet on a u.s. debt default, but no matter what you're betting on, every bet you make, every team you stake, geocomply is watching you. the tech company has quietly

turned the job of tracking bettors' locations into a billion collar business. up next, how does geocomply verify where hundreds of millions of americans are making their bets? the cofounder is here on how it's become the go-to firm for geolocation tracking in the online wagering world. closing bell, 49 minutes away. we've got the dow dow jones industrials down 265 points. a lot going on, folks, so a glad you're betting on us right now. "the claman countdown" is coming right back. ♪ ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life.

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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. liz: you gotta look at draftkings year to the date. it has gotten a royal boost, up 110 is %. the online sports betting industry here in the u.s. overall has totally exploded,

last year it generated $7.a 5 billion in revenue and is expected to balloon to $23.2 billion by 2030. the company that verifies each of the billions of transactions -- yeah, the bents -- it's called geocomply it's quietly become the sports betting verification business. it analyzes and certifies users and where they are in the state where sports betting is legal to the make sure that it's legal, and they do so by tracking wi-fi signals. gps and cell tower data before a wager can be accepted. geocomply counts just about every name in the gambling sector as a customers. -- customer. caesars, golden nugget, draftkings, 365 ig, the, international game technology -- on and on and on, even the amazon and the united king kingdom's bbc network. joining me now is the geocomply cofounder and ceo.

anna, last year sort of at beginning of last year, the whole industry felt like it was the really slowing down and suck in quicksand. now fit it -- now it feels like it's growing again. what are your numbers looking like? because you verify billions of trades. >> yeah, we are still seeing high growth within the u.s. gaming market, in particular if since the launch in massachusetts which was well followed. we saw 128 million transactions is since the beginning which was, launch was march 10th. liz: 128 million? i know in massachusetts i saw that there were about 8 million trades that weekend or bets that weekend. so now you're saying it's jumped to 128 million just since march? >> since march 10th. and on average we see about a billion transactions a month. liz: wow. a billion a month overall. you guys are sort of the police of these transactions. you are the ones who verify. tell us how you do what you do. >> sure. the u.s. is quite a specific

market where we have a requirement to locate exactly where a user is to insure that they are in the state that the operator holds a license. and so the secret sauce to our data is not just to verify the gps is and wi-fi data that's on the device, but to make sure that data has not been tampered with so that we can fight crime within the industry and make sure that the operators are compliant to federal and state regulations. liz:well, i'm thinking about the super bowl this year. now, the super bowl was held in a state, arizona, where it was legal to online bet. however, one of the teams -- [laughter] obviously, the kansas city chiefs from missouri, missouri it is not legal. so how did you intercept all of those bets from if people who maybe were using vp pn and trying to hide where they were -- vpn if and trying to hide e where they were in missouri to the make their bets? >> well,ing that's where the secret sauce comes in. we have over 800 checks these

days to make sure that the location data that we're detectings has not been tampered with. and when you have you have games like the super bowl where fans have been following their team all season long, as you can imagine, many americans want to place bets on their favorite them and, therefore -- team and, therefore, try very hard to the make sure they can do that. we stay oakes the -- focused on following what fraud trends are out there and how many people can circumvent location data to make sure that we block it every single time. liz: how many do you block? would it be a day or a week somehow do you judge these things? >> so our goal really so educate americans to to know if you're in a state that isn't legalized to talk to a local politician to try and get a bill as passed and to to educate those that are within a state on what they need to do to make sure that they are not going to get caught up with geolocation requirements -- liz: right, right, i get that. but, you know, how many -- because i saw that around the super bowl you blocked about

16,000 on one of the first days? i'm not sure exactly of the metrics, but how many times whether it's a day or a week do people try and squirrel through and, you know, shimmy through the system? >> millions of times, yeah. we see a lot, even just people that are in -- [inaudible] jurisdictions and trying to the access the u.s. betting system, the access the bonuses that are available to americans. it's an appealing market for many to participate in. liz: how do you get paid? do you get paid per verification, or is it a contract with, say, amazon or bet mgm? >> we contract with the betting operator, the ones that you listedded before, and the contract is usually for geolocation compliance services or fraud services and sometimes identity services as well. liz: one last question. so it's legal now in 33 statements and washington, d.c., but -- states and washington, d.c., but what happens when it's legal everywhere, if that

eventually comes to pass, and locations don't these to be verified? what does your business model look like? >> sure. well, the regulations actually fit with the federal regulator the insure that each licensed state is verifying users are in that location. and what we see in the market today is that each state has different rules and regulations and different points of taxation. and so the requirement to locate a user is likely to stay and unlikely to see utah and hawaii legalizing online sports anytime. liz: utah and hawaii, the holdouts. great to have you, anna. we found this a fascinating story. and as we continue to follow it and watch it, keep on the good fight, i guess. [laughter] >> thank you for having me. liz: busting all the verification people who are trying to squirrel through. thank you very much. drug shortages in the u.s. are approaching record emergency levels. why are patients facing delays now in getting life saving treatments, and what are

lawmakers doing about it? our report live is next. closing bell, 38 minutes away. you gotta the look at the nasdaq here it's down about, just under half a percent, down 55 points, well off the lows of the session which had been down 144 points. but still red awe across the screen. ♪ ♪ nc bank, you can find us in big cities and small towns across the us, where our focus is to always support the people who live and work there. because you call these communities home, and we do too. pnc bank. ♪ ♪

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liz: with about 3 # 3 minutes left to trade, we have stocks paring their losses at this hour. the dow now down 165 points. we've got the s&p down 19, the nasdaq lower by 54. investors are x-ing out xpeng on fears of winding losses. the chinese ev maker's stock is sinking 4.75% after reporting first quarter sales nearly cut in half there a year over. they delivered just over 18,000 in the latest quarter compared to the more than 34,000 in the first quarter of 2022 and reported an adjusted loss of 19 cents per share. xpeng's results are weighing on broader market. tesla down 1.25 percent. stellantis down 3%. turbo tax maker intuit looking anything but turbo-charged at the moment. shares are down % -- 7% after the company reported a revenue miss for the third quarter and gave a disappointing profit forecast for the fourth quarter.

intuit said that the business was hit by fewer tax filings, what did we just talk about with shai? fewer tax filings. compared with the pandemic era. shares of petco health and wellness hitting an all-time low after posting -- posting a first quarter loss. the stock right now down 18% to $8.35. it was also paired though with a year over year-over-year revenue increase of 5.4%, specifically from veterinarian clinics jumping 25% in the period. however, the company reaffirmed soft full-year guidance given the challenging macro environment. you know, investors are tuning out the good part and only listening to the bad part here. last week on "the claman countdown" teva pharmaceuticals ceo outlined the company's new growth strategy which includes starting to move away from producing generic drugs and allocating more resources to research and innovation and, yes, maybe the higher margin, more expensive drugs.

the move is adding even more pressure to the current u.s. drug shortage. fox news' gillian turner is live in washington, d.c. with, i guess, gillian, what lawmakers are doing to make drugs americans need to survive more readily available. >> reporter: well, liz, right now there's about 300 drugs we're learning that are in short supply if across the u.s., particularly acute this week is the shortage of chemotherapy drugs that are used to treat major cancers found in the u.s. like breast, prostate and lung cancers. oncologists tell us that hospitals and patients are feeling these real world effects. listen. >> sure, the drugs that are impacted most profoundly by the shortage are ovarian, uterine, cervix cancers, cancers of the bladder, esophagus, testicles, head and neck cancers also are an important group of cancers for the which this is a mainstay. and it's important for people to

be able to be cured of these particular cancers. >> reporter: many doctors have been relying on work-arounds using alternative or second choice drugs. but oncologists say they don't have that luxury. >> the chemo regiments that are set up are very precise and for a reason. you really don't want work-arounds with chemo or immunotherapy because it's an art. the art of treating cancer should not be jeopardized by shortages. >> reporter: the root cause of the shortage, according to a new senate study, nearly 80% of manufacturing facilities that produce active pharmaceutical ingredients are located outside the u.s. 90-95% of generic sterile inject9 bl drugs used for critical acute care rely on key starting materials from china and india. >> if you want to get manufacturing back into the u.s., you want companies to have a healthy margin that they can reinvest in their manufacturing facilities to make sure that

they're modern. you need to pay them to do that. >> reporter: the biden administration has said that this drug shortage is a national security issue. it has a white house team now dedicated to looking at it. but, liz, so far meaningful solutions are also, unfortunately, in short supply. liz: well, you've got to figure pharmaceuticals along with semiconductors are equally as crucial, gillian. and as we look at some of the big pharma stocks, it's on them. maybe you need the partnership with the government. >> reporter: that's what the experts are telling us. liz: gillian turner, much appreciated. investors are dreaming of a new tech super cycle driven by artificial intelligence. and here are the stock gains to prove the dream is actually becoming reality. chatgpt investor microsoft up 31% year to date, and a.i. chipmaker nvidia -- which, by the way, reports after the bell -- has more than doubled. up next, tech vc extraordinaire

eric hippo tells us if the hype will live up to the expectations and what a.i. ventures have caught his eye and his money. josh johnson had a dream, speaking of dreams, that he bought to make a reality. kid from louisiana wanted to be a famous comic. was he ready to move to chicago, sleep on friends' couches and go weeks without a proper meal to pursue his comedic fever dreamsome absolutely. you have got to hear how he urned an open mic gig to late night national tv writer and finally the big stage. the most viewed comic on comedy central, that's him now. he tells his story on my newest everyone talks to liz podcast episode. very inspiring. you need to hear this. download it now, now, now wherever you get your podcasts. closing bell, 28 minutes away. the dow down 128. still some real indecision and jitteriness on behalf of investors and the markets about the debt ceiling talks. ♪

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>> this quarter we're excited to the announce our collaboration with leading a.i. companies including openai as well as anthropic, and we're going to leverage a fed rated approach to a.i. which allows us to use our large language models as well as leverage those of the companies like i just mentioned and allow our customers to the leverage their models as well. liz: so just hours after zoom's cfo talked with the countdown yesterday about their new partnership with anthropic and its chat bot assistant claude, anthropic, just a few hours later, announced it completed its series c funding round raising $450 million. zoom was a participant, but in this a.i. arms race, so were google and salesforce whose division competes with soo. as the investor crowd leaps into all things a.i., what does a veteran tech, vc guy thinks?

let's bring in eric hippeau who was an early investor this hundreds of companies ranging from fin-tech venmo to news site axios. he's here this a fox business exclusive. now you've got this funding round that includes rivals, it almost feels like velociraptors sniping at each other, all trying to get a piece of one type of pie. >> hi, liz. i think it's just a realization that if you are going to build a basic large language model like openai, like anthropic, you're going to need hundreds of millions of dollars if not billions of dollars to the build and maintain those models. so very few companies are going to be able to do this. of course, you've got the big ones, you've got google, meta, you've got microsoft. but you also have some start-ups like openai and anthropic, and i think people like zoom are realizing that they better kind of join the crowd and be allied

and investors in some of them because they won't be able to build it themselves. liz: what happens, say, eric -- just give us a sense, because you've dealt with this over many, many decades, when google wakes up one day and maybe decides we want to to swallow up all of anthropic, we want to buy the whole thing. >> well, google certainly could afford it. but they themselves have bard, their own llm, their own generative a.i. mold. i'm not sure what the benefit would be of that. and it would probably be under a lot of scrutiny from the regulators. so i kind of think it's doubtful that they'll do it. liz: you know, it was just a couple quarters ago that the venture capitalists were very concerned. they had started to close their wallet, then the regional banking crisis happened and everybody shut down, and suddenly if there is any money to be had to invest, they're throwing it at a.i. how much of a believer are you in artificial intelligence?

>> i am and my team, we're huge believers. we think that it's the, you know, i've worked long enough that i remember the pc revolution and the mobile revolution. this is bigger. it will awe affect pretty much every aspect of life whether it's culture or business or personal. so it's very big. but it's early. and i think it's early to throw hundreds of millions of dollars as we've seen marley from the west -- particularly from the west coast vcs at what, you know, are credible teams but basically kind of ideas at stage. and we don't really know, you know, it's hard to pick the winners when it's that early. we don't really know which products, which features will actually be features that are basic to the, you know, to the main platform such as openai or really viable stand-alone, growing businesses. i think t it's too early. it doesn't mean that you can't make some bets, but i see people

making hundreds of millions of collars worth of bets. liz: -- dollars worth of bets. liz: you just closed last september two funds with about $230 million altogether, and you used that money to seed some of these company. you and i talked last year i want to to say, and -- yeah, it was late last year. you said, like, you had so many vcs in the early part of 2022 and the late part of 2021 pouring so much money into early stage companies that their valuations got way too expensive for smaller vcs like maybe you guys. you know, does that send a warning signal at any point if it's so specifically focused on one single sector? >> well, first of all, we always find a way in, you know? we always find teams that are developing with products that -- understand that if you start up, if you start many life overvalued, you're going to have a lot of problems in the future in terms of raising money at

valuations that make sense to investors -- liz: what are some of companies that you're using fund money to seed? >> well, we are doing some a.i. investments. we are very focusedded these days also on climate, electrification, energy in general. we do a lot of work and we continue to do a lot of work with robotics, automation of all kinds. certainly, health care. you know, we're less focused on consumer right now. we, as you remember, we were pioneers in direct to consumer commerce and were able to get some of the most iconic brands there. that's not something we're very focused on. but i think that the constant for the next few years will be a.i. liz: what do you make of this, and it happened today at "the wall street journal" conference in london where eric schmidt, the former ceo of google -- and here's the quote, he said a.i. could pose existential risks.

we've heard that before. but he also said it could harm or even kill people. as someone who is helping fund the industry, do you know what he's talking about? do you agree with that? >> i think he was specifically talking about security in the sense that, you know, with a.i. it will be a lot easier to create fake content. we just saw a video this week about a fake explosion at the pentagon which for a quick moment kind of crashed the market. this is just the tip of the iceberg. i think that we're going to see a lot more of that, and i think that's what he's referring to. and if you consider that we are going to have a presidential election next year, if we don't get our arms around this and are able to identify fake content much faster, then, yes, there'll be -- whether this will kill people, i think it might be a little hyperbole. liz: i agree with you on that, deep fakes could cause deep

problems. eric, good to see you. >> nice to be here, thanks. liz: thanks so much. all quiet on the crypto the enforcement front at the securities and exchange commission, but could the agency's silence be the calm before the storm? charlie breaks that next. and, by the way, the white house saying minutes ago that that president biden and house speaker kevin mccarthy will hold debt ceiling talks when the time is right. when is the time right? because the clock is ticking down. mccarthy will give us the latest on the negotiations right to you courtesy of "kudlow," 4 p.m. eastern. a live interview that you do not want to miss. closing bell, 15 minutes away. dow is down 226. stay tuned. ♪

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half a percent right now. we are monitoring the situation. we got a red day across the board for cryptocurrencies. bitcoin is moving lower along with litecoin. bitcoin is down 3.6%. 26,235 bucks. ethereum down 3%. xrp down just under 3%. amid a tough economic backdrop, potentially more enforcement action on the way from u.s. regulators, charlie, who have been quiet lately. >> it is an interesting move that bitcoin has made, not today, but, this thing is well off its lows. a lot is ftx related, with sam bankman-fried and that thing blew up flight to quality to ethereum and bitcoin. there may be other indigestion for crypto. here is where it may come from an old friend the crypto industry, gary gensler. i'm saying that sarcastically. here is what we know from

securities lawyers representing clients under the gun in the crypto industry. from what we understand gensler is what has been described as a second leg of enforcement actions this industry. described from these same lawyers. these are securities lawyers. a lot used to work at sec. you work at the sec. you then go into private practice. the word he is flogging that is the word i heard, flogging his staff to bring crypto cases along with the ftx debacle. he thinks he has good law. here is where he wants to bring the casings at least i understand from the read i'm getting. i'm only as good as my sources, this is what they're telling me. the read is they're looking at any case related to unregistered digital coins being sold that registered securities. that could mean both the sort of creators of the coin, the companies that are using it to finance whatever operations they have, like ripple, like the case

against ripple which is has still not been settled. still going on. liz: a long time. >> and exchanges, okay? so that's what i understand. it is all encompassing. he is pushing for it. we should point out, there is meeting tomorrow at the sec. apparently meeting with the commissioners occurs when they talk ben forcement cases. from what i understand this will likely be part of that meeting. so stay tuned for more crypto cases coming soon. and again on this whole issue of securities. now one point before i wrap it up, if ripple wins the case, this kind of becomes a moot point. it will be very hard for gary gensler to bring cases of unregistered securities if somehow the courts set a precedent that says you can issue these things and you don't have to register them. even if you use it to build out your platform which ripple did partially for their cross-border pavement system.

if they win the case, meaning the sec wins, i think gensler is smelling a win based on what happened at ftx and a lot more. you know, you know what will hit the fan. liz: something is hitting the twitter fan today. >> what? liz: where. ron desantis is supposed to unveil his campaign. >> this is brilliant. you know, i don't want to say too much about this i know you have other guests talking about this, right? i will say this is pretty interesting from a business standpoint. remember, donald trump runs truth social. don't have half, hatch the traction of twitter an desantis doing this on twitter is kind of a thumb in his nose, thumb in his eye over that. liz: also elon musk said he would support desantis so. also unique way of doing it. >> it is amazing way. what people at the desantis camp are telling me they are

guarantying massive, massive pickup on this, that he will be, this is like, if he is ever going -- he is behind in the polls but this is a really interesting way to play catchup. liz: very modern way of doing it so we'll be watching. >> i think so. liz: charlie, thank you very much. charlie gasparino. closing bell, now is on track to close for the fourth down day in a row. the s&p and the nasdaq are on pace for the second day in a row of losses. the dow is losing 270 points. s&p down 32. nasdaq down 82. as we told you earlier today's release from the minutes of the most recent ted meeting, fed officials still think inflation is unacceptably high. and some of those in the room said additional interest rate hikes are likely warranted. still the fed funds futures, this is the market mechanism you can use to bet on these things is pricing in a 14% chance of a rate cut by september. that had been 11% earlier today

but it is climbing. our "countdown closer" though is pricing in a totally different scenario. he is peter maloof. 210 billion assets under management. creative planning. what is the scenario you're pricing in and how are you investing through it? >> good to see you again, liz. i would be stunned if i were to see the fed start to drop rates. there are a lot of components of inflation the fed has no control over like oil and food and i think, i think they might even raise rates one or two more times, at best level off. i take the fed at their word when they say they plan on no rate cuts this year. i think they're not bluffing the market. i think they're targeting this year and if they do it will be at the very end. liz: we warned on "claman countdown," warned our viewers over again, market is

voting machine, they ever been wrong many meetings, they will pause. they are not, they are on a mission. so what do you like in this atmosphere? you mentioned today, energy. today oil spiked 20%. a huge draw down in weekly reserves. that is interesting. we're back up to 73 bucks a barrel. >> there is no end in sight what is happening with ukraine and the fed has no control over that and that is a very big inflationary component. if you look at the large cap stocks u.s. and globally, overseas doing better than the u.s. so far this year, really the outperformance has come from big tech and energy. if you pull those away, for example, pull big tech out of large cap index we're negative year-to-date. the market softened a little bit, not enough for the fed's tastes. i think they're going to have to keep on going. that we'll have a lot of different opportunities as we approach year-end. liz: you don't even call it

parking your money. you like very pointed investments. overall they involve chunks of the s&p, not necessarily the s&p 500, right? you like the mid-cap 400. you also like the core s&p 500. you just mentioned tech. we've got nvidia reporting after the bell and yet at the top of the show our floor show trader was saying you know what? be really careful to reach that price-to-earnings ratio. the valuation is still absolutely nuts? >> not just from nvidia, if you take apple and microsoft which make up 14% of the s&p 500, apple by itself is bigger than all 2,000 stocks in the small cap index. it is absolutely mind blowing and that is what has lifted up the large cap index. we're not seeing widespread resilience. much to the fed's dismay it is holding up a little bit but they, you know, they're going to want to see that soften a little

bit but once we do get towards end ever the year, market is very forward-looking, i think we'll start to see a broader recovery are. right now we've seen inflation remain in place. things that we're consuming but asset prices which the fed really want to hit, they're just been hit a little bit. it is big tech covering it all up but by year-end we'll see a change. >> peter mall luke. once again great to have you. this is a day we saw volatility start to bubble up. the vix above 20 for the first time in three weeks. [closing bell rings] the markets can't get in the ring. they're in the red. we see a deadlock in debt talks driving default fears. stay tuned to "kudlow." he has house speaker kevin mccarthy at the center of it all. larry: hello folks, welcome to "kudlow," i'm larry kudlow. all right, hate to do it, i know

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