clydesdale. [laughter] >> where did this come from. >> they added the music, by the way and flare to the video. >> thirty minutes before the opening bell, let's check the headlines. kevin mccarthy said negotiators made progress in the debt ceiling. they were working last night until well past midnight and outstanding issues but they are making progress according to speaker mccarthy. markets have come off the lows, doubt industrial flat, nasdaq 300 points. nice call. >> take a victory lap. >> great to be with you all, have a great day. see you next week. varney and co. against next.

>> good morning, everyone. politics and money, big be a con with elon musk. it did not go as planned. the start was delayed, frequent technical glitches. desantis transferred to opec. he got his message out what interviewed on fox. a vague response from his opponent, donald trump congratulated wrong to sanctimonious for getting into the race. he said he would have to get used to attacks from misfits and low life. lauren is eager to help us and tell us what happened exactly what he had to say. big money story, nvidia, the chipmaker says it all. it blew the lid off dictations and forecasts walk lester future for chip sales.

stock took off the market around $395 a share, that's a an astonishing 29% near $200 billion gain in value, the biggest one-day gain for any company ever. look what that did to the nasdaq, nvidia pulling the other ai stocks higher, s&p up nicely up, nearly 1%. the dow is down but look at nasdaq 2.3% higher, 300 points. how about that. interest rates are up and fitch rating agency put america on credit watch negative fitch thinks we are borrowing too much. america is a much more risky place about that so they think. that seems to be a warning to biden who can't handle the idea we should spend less.

all the show, fox polls show trump with a commanding leader over desantis, that was taken before the desantis launch. the pool asked if joe biden is a strong reader, two out of three said no, he's not. look at the finances of black lives matter, not good. facing encrypted, giving hooch contracts to family, hundred million dollars from america's corporations who have egg on their face. we cover it all thursday may 25, 2023 varney and co. is about to begin. ♪ stuart: life house. >> that's the band, the group. stuart: it is official ron desantis no longer on the bench. he has launched, the are not

without technical glitches. >> is like the movie failure to launch. stuart: did you crash the internet? >> it was a disaster technically speaking. kant calls it success, twitter handle nearly 1 million people trying to get into the space room, essentially a conference call. it took 25 minutes and ultimately had to switch to a new room for the big event. it eventually happened, he lost candidacy for president of the united states did not attack trump by name, he went straight for biden. >> i'm running to lead a great american come back. we know the countries on the wrong track, we see the border overrun, crime infested in the cities, we see the federal government making it difficult for families to make ends meet and the president who's a listless vessel, not energetic and not dealing with the

challenges facing our country. decline of the country is not inevitable, it is a choice and i think we can choose a better pathway. >> that was after the twitter adventure when he did a formal tv interview with audio and sound here on fox. he did address what happened on twitter. >> we had a huge audience, the biggest they'd ever had, did break the twitter space so we are excited with the enthusiasm but ultimately it's about the future of our country. >> he raised 1 million in one hour online last night, that's pretty good. that's how that went on and the president is having fun with this, he tweeted a link to his campaign website. it works to raise money. [laughter] you can say what you will -- >> he says let's finish the job, i didn't think even started t that. talk about -- so off sorry to interrupt.

>> he decided to do unconventional rollout, an announcement, maybe unscripted and show off personality. that might not have been a success. stuart: he took a risk. it didn't pay off but appeared on fox, he was great. who's here now, charlie hurt. that was a rough rollout, did he recover in the interview on fox last night? >> i guess a little bit for a guy who claims big sock his confidence, 25 minute which was probably not what he was looking for but the other side is out of the normal people are on twitter so why they are boasting about having the biggest crowd size on twitter is not exactly winning the way ron desantis likes to

but once he got rolling, it was a good rollout, a lot to brag about. he's got a good argument to make, a great resume in florida but at the end of the day the problem is going to be people look at him and donald trump and stacy ron desantis borrowed liberally policy wise in his messaging donald trump so challenge will be convincing voters they want to go with the apprentice versus the real deal and it was interesting watching his interview, the interview that actually worked with trey last night, he went right back literally to talk about crowd sizes. he borrows everything from donald trump so that will be the the beginning. he owes his politica

entire agenda after the trump america first agenda and he's done a fantastic job carrying that out in florida and deserve all the credit in the world for that but people in florida, the reason they love him is because ran desantis has helped them in a personal way. he's got to figure out how to convey that enthusiasm to regular voters around thee polls after last night's event.

thank you, see you again soon. we've got to get back to the money story about nvidia, huge run-up in the premarket of $80, 29%, 394 close to a trillion dollar company. if it reaches $404, a trillion dollar company. this is all about a i. >> demand for chips used to process artificial intelligence applications. the forecast, what a blow up. nvidia says we expect sales of $11 billion, expecting 7 bil billion. that's huge and $200 billion increase overnight in the value ration, that's a record, who's never seen a company increase their market cap that much in 24 hours. nvidia gained the equivalence of across the overnight. stuart: double intel. look at that, microsoft up $9. >> they are all up. stuart: i want to bring in adam

johnson. you think nvidia nearly $400 a share, you think it's going to 600. >> i think it's too low. i'll tell you, it's difficult to model gross. lauren mentioned revenue for this quarter after they raised guidance will be 11 billion. for perspective in 2020, they had 11 billion for the whole year so effectively in two years they are making one quarter were used to take to make it a whole year so difficult to model that so i wrote this up in the middle of 2022 for my subscribers and stock was trading at 170. i said base case gets us to 475, my full case gets us to 200 and that was a year end a half ago when i wrote this up and rerunning numbers and if the

company is right, what they had said is there heading into a super cycle. every single computer now is to slope. the laptop in front of you, you go back to your office, all of our computers are to slope because chat gpt and other artificial intelligence applications become normal and we will need stronger computers which means we need new chips so that's right it's difficult to model that kind of growth and $600 is too low. stuart: look at your screen, extraordinary gains for related stocks, there will be up pull back at some stage. >> in the same way people say there will be recession, there will be but not this year and not next year and i think it's the same with ai. these things are running, will you chase it and buy it up 30%? i'm not. i already owns the stock for my subscribers but there will be

pull back and you will want to buy more because if we play long term, the super cycle of artificial intelligence, you want to own this the next several years and is going higher than 400, higher than 6 600. stuart: what a great way to start thursday. that was pretty good. good stuff. coming up, republicans want the nation to default. >> i think there are many in the republican party that want to crash the economy, want to send the country into chaos and catastrophe and think maybe it will help the election prospects in 2024 if the country is in chaos. stuart: i will think the left will brett and cut spending and that's what it's all about. desantis presidential launch technical issues but did the glitch spoil the message? steve cortez to back trump and now desantis. cortez is next

we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet.

i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

♪ >> that is saying each and florida. >> people are already there on their chairs. stuart: ron desantis running for the presidency and says his work in florida should serve as a

blueprint for the nation. ashley webster joining us, cut you out of bed. if we look at his record and for, would america look like? >> the question, i would say pretty good of all the gop candidates running in the primary, governor desantis can show up booming economy and the numbers back him up. the state's unemployment rate well below the national average at 2.6% compared to 3.4. florida was the fastest growing state in 2022 with net gain of 417,000 residents that's an average of 1142 residents everyday. no wonder is crowded. the state issued 200 and 12,000 206 building permits for residential units/or compared with just over 41000 new york and 118,000 in california.

compared to new york florida has larger population but a budget half the size. spending capital and floor comes in at $8300 while new york has almost doubled 15373. desantis touting his record to fox news last night soon after announcing his candidacy. >> make sure you call me a winner because that's what we've done in the state of florida and exactly what we would do nationally not only in the election but bringing all of these great policies to bear. >> the latest polling from fox news shows donald trump continuing to enjoy it a big lead at 52% compared to des desantis. 5% for mike pence who hasn't officially entered the race, nikki haley trailing with 4% and so on. these are early days but the trump desantis battle promises to be a doozy. stuart: it does and we will

follow it closely. thanks, we will see you later. desantis called out other members of his party with her culture of losing. what does he mean by that? >> the pledge i'll make for people is simply we need to win again as republicans, we got to dispense this culture of losing and if you nominate me, i pledge january 20, 2025 high noon i'll be the guy on the west side of the capital with the left hand on the bible and right hand in the air taking oath of office as the 47th president of the united states. no more excuses, we've got to get this done. stuart: steve cortez joins us this morning. a desantis guy. what you just heard, i take it was a slam on trump. >> this country is center right country yet our nation is governed as if the entire

country for a place like berkeley, california or new york city because we've been losing eminently winnable elections. 2018, 2020 and 2022. it's not because our agenda is wrong, not because conservative patriotic populist outlook vision is wrong, we have wrong tactics in many cases, wrong leadership so i implore the american people, let's look at the outlier, the success story who's booked the enforcement trend, the state of florida royalty and ron desantis specifically. stuart: did the glitches which the media makes the law on, did the glitches spoil your message? >> certainly not. as you know in life, any great commission has speed bumps. there's no greater mission then reclaiming our republic and online controls will just obsess over the optics. for those folks who narrow

crowd, ron desantis is probably not the candidate but for the masses, millions of american citizens incredibly concerned about the radical left doing to this country and our way of life, the way the radical left destroys our culture and economy, what they got to hear once the tapes rolled with ron desantis is a warrior leader who spoke for over an hour on substance with discipline and focus so when they measure the man and the leader on what really matters, he makes the most compelling case he can win the presidency and waiting is paired of but once he wins, implement a conservative policy agenda in office. stuart: look at this poll, trump made huge lead, this was taken well before last night offense but a huge 53 -- 20 leave, how does desantis make up the

difference? >> by telling the ron desantis story outside of the state of florida, americans don't know very much get about ron desantis so once we tell his inspiring biography, somebody who came from blue collar roots from the ivy league to the governor's manchin in florida, once we lay out the agenda, once that story is known, i firmly believe the polls will tighten significantly and also, national polls aren't relevant right now in the state polls, already far tighter the national polls so unconfident once we make the case nationally and it begins in earnest starting last night and we have the resources and excitement to do that, the american people will rally and see he's the man, the leader can save us from the radical left and what it's doing to the republic. stuart: i think we will see a lot of you in the near future. check futures, please. nasdaq up 300, a whopping gain

2.3%. nvidia has gone to the moon. opening bell is next. ♪

look at futures in particular pay attention to nasdaq up 300 points, that's premarket. want to talk about nvidia because this is an extra nice story. you may know last night about 4:00 eastern time, nvidia reported most importantly look to the future and saw a gigantic gain and ai chip sales. that's big. as you can see, the reaction this morning is up 27%. i might add if nvidia gets to a price of 401 and 60 cents a share it will be 1 trillion-dollar company look at that screen, all the other ai folks are up. >> we don't have taiwan semi on that graph and they are up about seven, 8% because they make chips for nvidia and everybody

and their mother is ordering processors to power jet gpt and competitors. we are in the early stage right now. stuart: i've been doing this almost 50 years and i've never seen any company, foreign or domestic gain $200 billion in value in one day and that's what nvidia did. >> $1 trillion company and the sixth largest in the world i believe. just like that. stuart: got to stop putting nvidia on our list of tech. microsoft is up $9 of 386, 124 on alphabet. apple is being dragged higher,

56 to the upside and $172 a share. susan has taken a seat, this is prior to the opening of the market. you're looking good. tell me about nvidia. >> obviously the report card, i saw the earnings release yesterday and the stock reaction so 30%, $250 billion in one single session, 250 and counting so a empty added thereto evaluation, almost seven times close to 1 trillion in evaluation, nvidia almost seven times the size of intel but the strange part, makes more than double sales each year nvidia does. stuart: the opening of the market 9:30 a.m., look at this, the dow is down a fraction.

maybe we can see the dow 30. an all-time high show me the s s&p, let's go through this. the s&p, nasdaq, i want to see the nasdaq. 223 points, 12,000 700. susan knows all about nvidia, big tech and ai. >> it's all about growth since we know nvidia is the biggest ai chip provider in the world and not only beating and they beat sales in the first quarter to start this year by the most in five years but the guidance was jaw-dropping 50% higher sales than estimates now forecasting $11 billion. total sales for the quarter the ends in july, wall street was euphoric, i was counting the price rates, 21, one full

upgrade, the highest on the street up to $600 for the stocks so roughly 60% upside if you can get it. j.p. morgan : 500 for the stock. nvidia is already the best-performing stock on the s&p 500 this year doubling one 100% up and then some and you can imagine the cofounder reward already one richest on the planet, across $30 billion 2630% rally we are seeing in the stock today. it's interesting nvidia doesn't make their own chips, the firm out the production to tsmc which makes apple chips so tsmc getting a boost and along with other chip names rounding and anything that has ai mentioned, the fact that they sell 50% more

chips for the july means demand is there, people want services and capital expenditure and reinvestment by the company's suggest it's a generative boom. stuart: split, dow gone 100, nasdaq up 200. >> a empty of 20% and it's not necessarily -- all chips are made equal because amd is a memory pc chip maker but as i mentioned, this is exactly the reason nvidia monsters result of the reason companies like amazon, meta and everybody else make their own chips right now. stuart: you got a story on microsoft warning hackers in china attacked our infrastructure. do you have anything more on that? >> u.s. china tensions themes are microsoft rally, they say the hacking group has attacked

and infiltrated critical cyber infrastructure in a variety of industries including government and communications so microsoft says they've notified the impacted parties and it doesn't seem detrimental right now so i think it's a warning state hacking exists and might be an advertisement with capabilities to fight this in cybersecurity room we are living in. stuart: never thought about the other side. >> services defend off state sponsors. stuart: some card companies reported but they are not fitting. >> they be on earnings but guidance was week, they are still losing money but growing 30% plus, it depends on how you value that. another cloud data company

booting cost cummings. they are raising guidance with command for cybersecurity and data analytics. they be outlook for the crowd, software maker as well. stuart: let's get the market and look at the retailer to make a different theme. stuart: best buy reported early. they saw a sales slowdown but the stock is up. >> earnings did come in better. sales did this but i saw foot traffic that concerned me down by 10% which was pretty much in line but they did reaffirm guidance. they did say they expect weaker spending on electronics and high inflation and higher interest rates, it means budgets are tighter. stuart: a nasty downturn, but traffic down 10%. >> think about what we are buying, staples and groceries

and necessities. there's a lot when it comes to electronics. stuart: recession indicated. dollar tree. >> we know despite the fact that discount retailers are doing well, dollar tree falling because they came up light when it comes to profits and that was a surprise given we talked about discount retailers doing well in this environment. stuart: the ratings agency has u.s. debt on credit watch negative, it sounds bad. >> they are warning if we don't get that deal, it has to be done by june 1. if that's extended, the 14th amendment to them, that's a risk of credit downgrade. that means if they downgrade u.s. credit rating, means we will all pay higher rates. 2011 s&p had that unprecedented national downgrade in the u.s., stock market, it's a big deal in the larger credit great so we are at risk here.

stuart: tell me about elf beauty, i thought it was a chain of stores. it's not, it's a chain of products isn't it? >> it stands for eyes, lips, face. stuart: i've got no memory. go ahead. >> it's a thursday heading into memorial day weekend. [laughter] you have cosmetics, sales jumped 80% or so. american eagle outfitters we talked about, you're not shopping american eagle for some reason and that's why stock is down, it's not great guidance. stuart: 25 years ago i was going through urban outfitters, i don't remember why. anyway, that was a fine report. coming up, crime spike inspired a bodyguard to ridesharing at nicknamed work with guns.

your driver will be armed. the family joins us next hour, police department had -- he's happy. some are worried he will monitor and target people in poor communities florida's governor onto santos in the race, his support behind trump but i'll bet he liked what desantis had to say about the military last night. the congressman is next. ♪

why now? i think it's because the country is going in the wrong direction, another four years, i think some of the damage will be

reversible. he's got to win and when you get an office, you've got to be able to deliver results and i think we've been able to do both as good or better than anybody in the country. stuart: ron desantis on winning saying the country is adding in the wrong direction. here is on the politicization of our military. rotate. >> i think what we need to do is a veteran's recognize our military has become a little sized. you talk about gender ideology, we talk about things like global warming and how they are concerned and thus not the military service. we need to return our military to focus on commitment, focus on core values and core mission. that be something i can take care of day one in terms of what's going on in your eastern europe, i'd like to see a settlement, i do not want to see wider work. i think it's completely unknowable what it will look like in january of 2025 but i

did not want to see the united states with our troops get a meshed in a war in russia or ukraine. stuart: joining us now, congressman from florida, mike walters with us. i know you are a trump guide but did you like what you heard from his head to support the military? >> when governors talk about the politicizing our military, getting them back to the meritocracy they've been in focus on defending america, it's music to my ears and a real problem. when you have west point with a lecture on how to understand your rage when you have the air force academy telling new cadets don't say mom and dad or boyfriend, girlfriend when we have the secretary of the army testifying or plan to take takes and fighting vehicles electric and put army basis on chinese made solar panels, it's a huge issue and i have no doubt --

it's biden's political appointees forcing this agenda on our military. stuart: i will show you what mr. trump had to say about the launch. it is a tweet, i'd like to personally congratulate him on finally announcing that he will enter the race for the president of the united states. hopefully will be getting the experience of left lunatics of our country without which -- okay. i get the message here. trump didn't hit him very hard with that tweet, did he? >> he didn't and a number of us have been advising and encouraging the president, let's talk about moving the country forward, let's cast a vision for getting the country out of this goal biden douglas into as he did in 2016 and i think that's what's going to galvanize support at the end of the day

and if we start talking about how we read secure our border, how we get the new deal back on steroids for manufacturing in the united states, bring supply chains home from china, getting the abraham accord going again, it's a reason i've supported president trump, he did so much first term despite everything thrown at him and i think he's the best prepared to hit the ground running to continue great policies. stuart: do you think he's home free? he leaves desantis which would be before last night's event, 53 to 20, a huge lead. i don't see how it could catch up. he's way out front now. >> there's an old rule and politics i'm a big believer in, two ways to run for office. unopposed and really hard. if president trump has to run

hard, not unopposed, you can't take anything for granted and always on any of us at any level, county commission all the way up to president you have to earn that vote in the confidence and trust of the american people and the best way is to lay out policies that will move lives forward in a positive way and defend this great nation and president trump best argument is before covid and disastrous lockdowns, was your life better off? across every demographic, everyone had more money in their pockets, cities and the country should or saver. the world was more stable and let's get us back to that. i think that's the president's winning argument. stuart: it sounds like the good old days. border, crime, energy.

>> for many republicans, they be thrilled with four years of trump and eight years desantis, we will take 12 years all day long, it will just take us that long to dig us out of the school in the last two. stuart: if trump is reelected four years, he cannot serve another term afterwards so some are saying a lame-duck the get go. >> i don't think so, i think president, a second term presidency. you are empowered to take the tough votes, tough senses because you don't have to worry as much about the political ramifications so i think it will be empowered to do a lot more and build on the policies when you just got started. stuart: i think you and i are just having too much fun but i like it. thanks for joining us. appreciate it.

twenty-eight minutes, go down 38 points, .12%. look at dow winners, quite a few especially microsoft, $320 a share, up 2%. morgan chase, ib and is on that list and goldman sachs. nvidia at the top of the s&p 500 up 23%. seventy dollars a share. nasdaq i'm sure will be the same story. nvidia at the top. amd up 7%. cadence design, etc. and etc. ai is doing well. the yield on the ten year treasury keeps on going up. right now 377. the price of gold, something is below $2000, 1965. bitcoin and action there, 263 is your price. the narrow range. coming up, don't forget to send

and friday feedback and questions and comments to viewers. foxbusiness learned first house advanced a bill to reverse the administration's mortgage and forces homebuyers with good credit to pay more. with got that report next. ♪

to pay more. grady tremble on capitol hill. do you think this might get support? >> it hasn't yet, the bill to undo the mortgage structure passed to the committee this week but on party line vote. this went into effect the first of the month, it raised fees for borrowers who have good credit taking out a mortgage while lowering fees for those with bad credit scores. congressman hunt the bill to reverse the roles tells me the structure is plain unfair. >> you could have someone whose low income but responsible and

manages of tight budget and pays bills on time and they could get hit with a higher fee so somebody who has plenty of money doesn't pay their bills on time, it's a redistribution of wealth, that simple. >> the congressman hopes the bill will pick up more support from democrats but the hearing about the mortgage loan, top democrat on the committee took aim at republicans. >> my colleagues on the other side of the aisle appeared to be more concerned about protecting the wealthy even if it's at the expense of those less intergenerational wealth. >> the same hearing head of agency who put the rule can and defended the fee structure so even after this criticism from republicans, it doesn't look like they have plans to reverse. stuart: grady tremble, thank you so much. quickly to the markets, nasdaq

up 157 points. that's not as good as it was at the opening bell it was up 300 but you've got a nice rally. still ahead, eric adams warned crisis destroying the city, he wants to suspend the right to shelter. he'll need is a new yorker, he reacts. a new wave of covid cases, doctor marty makary here to tell us what we need to know about the china outbreak and desantis says the make school choice a national policy on day one. school choice the republican national policy? question. bill bennett on the show in the 10:00 hour which is next. ♪

.. ♪ tourists tourists that turn into scientists. tourists photographing thousands of miles of remote coral reefs. that can be analyzed by ai in real time. ♪ so researchers can identify which areas are at risk. and help life underwater flourish.

♪

♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ ♪ stuart: can you hear me, a little rolling stones. a beautiful day in the white house.