gravity of makers in realtime and the real extent of the problem is becoming clear till years after ward and heine sight had officials with the actual depth of the recession in realtime and might have voted for a larger fiscal stimulus package and maybe not hiking rate sos much and federal reserve research note that had revisions were more pronounced when they're nugget negative and go down a whole lot more. politics plays a role and bottom line they jump this and admit as much, this has crushed our economy and this has crushed everyone and all this data does is buy time for economists and buy more misery for america. liz claman, over to you. liz: if you want two different opinions, ask for -- if you want four different opinions, ask two economists. charles: not going to say my joke about asking economists and screwing in a lightbulb but i know you'd get it.

liz: thank you, charles, we're off session lows and if you're wondering why the dow and nasdaq is stuck in a sea of red in the final hour of trade, pull up one stock and it's apple. apple is having an unusually rough session and shares are down about 3.9% getting very close, if not at the low of the session here. price is $182.28 and dragged lower on wall street journal report that china ordered government officials at government agencies to stop using apple iphones for anything work related. in fact, they don't even want people to be bringing the iphone to work. apple relies heavily on china as a major market and dominates the high end smart phone markets and you can understand why this might hurt apple if that kind of ban spreads to regular people in china. we do have it as we say down about 4% at the moment. if you look at dow jones industrials, which is losing 187 points, the reddest blue chip, yes, it is app and will then you

see it is followed by boeing. boeing is down about 2.25% and that's followed by am general, j&j, mcdonalds and am ex, apple is the -- amex and apple is the biggest laggard on the nasdaq 100 and it's dropping about 1% at the moment on track for its third down day in a row. and the headline hurting etfs with exposure to the iphone maker. for example i pulled this out and pro shares ultra tech etf is falling 2.3% now off the lows of the session but apple accounts for 16% of its holdings and this isn't helping the bulls either. boston federal reserve president susan colins said during a morning speech given the continued strength in demand by the u.s. consumer and u.s. businesses, it's too early to take the recent improvements or cooling in the data as evidence that inflation is on a sustained path back to 2%. now, just to give you context here and fed's preferred

inflation gate and core p ce rose 2.4% in and it's safe to put a finer point on it and fresh data came in minutes later and ism service index for august came in at 54.5 and hotter than expected 52.5 and key inflation component that's called prices paid index hit a h 58.9 compared to the prior month 56.8. well, any surprise of bond yields with the policies and began soaring and now very close to high of the session and up 0.4% and the 10 year yield and of course tends to have a tracking of the fed funds futures and also as you know, mortgage rates and we've got the 10 year at 4 4.299% and all that tackled higher oil prices and dollar hitting a fresh six month

peak and all plays into the market in your portfolio and floor show trader kenny polcari and allen nuckman. allen, look how jittery wall street is and vicks off the highs of the session and earlier hit a one week high of 15.29 and we're at 14.49 now and that was at 1:00 p.m. eastern. is this apple? is it susan colins from the boston fed? inflation data? >> i think it's a lack of earnings. we don't get earning season started really till october and we're in the last couple of weeks and we have about three weeks left to go where we don't have the facts in our face. we are having the earnings estimates come -- growing as we get closer and closer to the earnings but that's what the market needs to move forward. we've seen a price pause, we've been going sideways here in the s&p after the big break out. seen a price pause between 4400 and 4600 here for almost three months and a break out of the range about 4600 hitting 4800

and new all time highs once again. liz: yeah, 4800 and at 4460 at the moment for s&p and, kenny, you started seeing everything that's rate sensitive really spasm. the u.s. dollar, green back right now, just pierced its march high as you've pointed out. i've been really reading all your notes this afternoon and you've been on it and what's the message the market is sending us if you spin it forward for the next couple of weeks? >> listen, i think you and i have been talking about this and the market is telling you, it's the time of year and we know that . the market is telling you that while people do not expect a rate hike the week after next, i think the market is telling you that it needs a rate hike. that things, that inflation is starting to turn it is head up and the fed should not pause here because they'll take us right back to 79 1980 when they paused and reaccelerated and that's what jay powell doesn't want to do and that's what we're

seeing with a stronger dollar and rate goes up and more money coming into the dollar and pushes the dollar up and commodities down and oil is a whole different story because of what's going on in saudi and russia with production cuts and that's not reacting to the dollar and the next couple of weeks and fed meeting and find out what they'll do and if they pause, they'll live to regret that day. liz: okay, let me tell you and this isn't what we want. it's what we see and what we hear. i'm just letting our viewers know that. we're not saying rates again, but you have to listen to all of these fed heads. do you not? alan, what's the option market saying from the fed heads that we're not there yet and we don't want to do what kenny said and that's quit too early. >> there's a 50/50 chance the

fed raises rates in november and there's a pause and that's what markets tell ugh and i go with what the markets say and there's a 50/50 chance and we'll see what the data says in the next few weeks and look at futures market and look out to end of 2024 and rates that are at 5.25 right now are going to be down on the 4.5 level, 4.25% and saying over the course of the next year that rates will decline a full percent. that's very, very positive and that's what i'm hanging my hat on for this momentum move to continue. liz: the options market is very, very famous/notorious for predicting and certainly it's part of the herd mentality to get a sense of where the market may go with the puts and calls out there. what are you seeing with individual stock and in which sectors? >> what i've seen is all this become new again when it cops to tech, we're seeing cisco, orace

and mattel break out to highs of the year. nvidia, apple, meta, amazon leading the way and microsoft and tesla taking a pause and about 5 or 10% off and looking at it as a opportunity and second chance opportunity and you saw that in intel with a run earlier this spring and took a pause and then taking off new highs once again. i like what i see and there was a lot of leveraged options buying and that's money flow for me. for me i follow where the money goes and money going into options and there's a good idea where the stocks go and they're going to get a better payoff with limited risk. liz: kenny, in a way, you've got to say that you want to allocate money to the underperformers and in a way that's what we're seeing with the options market and looking at l cisco and intel have done pretty well compared to some of the bigger tech guys. >> right. but you do want to allocate

money at this point to the underperformers and some of the big names that will get unnecessarily wacked; right. 57 l has more room on the -- apple has more room on the downside and they're trading off and going to provide a opportunity and on the larger scale, you want to look at things performing broadly and they're underperforming and financials are underperforming and lots of opportunity there and adding to the portfolio and getting to that period and go into where i think alan is right, at some point next year they're going to cut rates but not till the summertime i don't think. certainly not happening in the winter or early spring and they're going to finish raising rates at the end of this year and hold them for an extended period of time. i think that takes us at least till the summertime. liz: now we're dropping a bit more dramatically with apple down more than 4% at the moment to $181.98. if you look at dow, you can see that reflected, now the dow is down 217 points. still not the low and low of the

session loss of 350. you're making noises. >> apple's a member of all those indexes and as apple goes so will those indexes. liz: quick thought, alan, really fast. >> i'm still price positive and looking for a positive pop and don't know what the actual momentum breaker will be for the catalyst and i think that we're still in a very strong trending market and you can't disrespect that. liz: all right, no disrespect of the bulls or bears and we've got inflections. >> alan, let me buy you a drink. liz: oh, i don't want to see that . i want to witness that. that would be amazing. kenny and alan, great to have you guys. thank you for being our floor show traders. defense stocks in the spotlight right now as the war in ukraine and money going to the war in ukraine takes center stage. breaking news, secretary of state antony blinken on the ground in kyiv and just

announced a new ukraine aid package totaling more than $1 billion. could it mean for business more military vehicle maker oshkosh. the ceo is here next and look at the company supplying ukraine with the switchblades, suicide drones, aeroenvironment blasting to 2.5 year high earlier on first and a quarter revenue beat and raise on full year sales and guidance stock up 22% right now. "claman countdown" coming back in just a minute. don't go away. ♪

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that microsoft says a chinese hacked stem of e-mails stem from a microsoft engineer's corporate account. in a blog post published today microsoft said the engineers account was penetrated by hacking group and american officials say the group stole e-mails from the u.s. state and commerce departments and the stock taking a bit of a hit here down about a third of a percent but certainly not at lows of the session. in other breaking news, u.s. secretary of state antony blinken in the last 20 minutes announced new aid for ukraine totaling more than $1 billion and that's $665 million in new military and civilian security assistance. he made the announcement in kyiv, he's on the ground there with president zelensky of ukraine. the pentagon announced today a new security assistance package, that one worth up to $175 million for ukraine as a russian missile strike killed at least 16 people in the country's

eastern region of the country. what does this mean for the military maker. it's resistance and ambush protective altering vehicles in the morning and you're altering things ands company is a leader for the manufacturer or defense and fire emergency and also commercial vehicles worldwide and i'm joined in a fox business exclusive and this breaking news could really affect you and i know it's hard to judge because we don't know and you don't know what the department of defense picks and chooses but you have equipment they want and do have right now. >> sure, by the way. we appreciate it and we're about 20% of our company's defense vehicles and we have primarily tactical vehicles to the u.s. dod and those are primarily vehvehvehicles that move peopled equipment really efficiently and

safely where they need to be and that kind of conflict? liz: heavy duty mind resistant. >> trying to protect these people to get to where they need to be. liz: are they on the ground in ukraine right now? >> it's supplied by the dod and i don't have specific knowledge to what they're putting where in that conflict but we're their biggest supplier of tactical wielded vehicles so you can kind of take a guess as to whether or not they might be there. liz: since the war began a yearing a -- more than a yearing a, the department of defense with the pentagon sent billions and billions in military aid specifically and the new aid involves millions of rounds ammunition and all other kinds opportunistic military hardware that would work in the theater of war javelins and air defense systems and all kinds of ammunition as well. if you were to wrap your arms

around it without knowing what they're sending of oshkosh's equipment there, since the war, how has it affected your bottom line? >> i can't quantify exactly how much. we do a little over $2 billion of business with the u.s. dod and u.s. dod positions are equipment where they think that they need it the most and that equipment is needed to move everything you just listed to places where they need it to be effective with it. liz: let me try and reengineer this question then. your second quarter financials and net income of $175 million, $267 a share die luted and compared to just 49-cents from a yearing a. so to me it looks like you had a massive jump in profits from revenue. >> i will tell you, we do a lot more than defense vehicles at oshkosh corporation and we're a

big construction equipment supplier and largest manufacturing truck in the world and do a lot of different product and a lot of growth was driven by our recovery from the inflationary period and supply chain disruption and that's really, you have to look at whole picture of our portfolio and see what drove those earnings but it was a nice return to profitability after a difficult time during supply chain disruptions. liz: obviously x defense with a very robust does and recently bringing back to defense, there was a tank contract because the military would like to see the newest version of a bradley tank and you did not get the nod. general dunnages got the nod and ryan metal with the contract. key bank analysts came out and said one miss and oshkosh should really consider alternative options for the defense

business. i know the answer but are you, would you consider? >> i will explain this to you. our core business is tactical wield vehicles that i just described and what's exciting about our business and i will talk about our defense business is where we're investing for the future. so we've looked at where the department of defense wants us to invest in programs going forward. combat vehicles, we've won programs like the striker and that's a great place to win new business and we've won it there. we're going beyond the department of defense to u.s. postal service and designed and developed most innovative and last mile delivery vehicle the world has seen called the next generation delivery vehicle for the u.s. postal service. this is the vehicle that's going to allow the u.s. postal service to modernize, to give their carriers the right vehicle to deliver e commerce packages and putting our investment and putting it where we think we can make a big difference in

productivity for people that work at the government. liz: it is an ev? >> yep, it's an ev. liz: it's delayed? deliveries are delayed? >> it's not delayed. it's on time with production in 2024. liz: u.s. postal service had impression it was but you say no, it's not delayed. >> i think the postmaster general would agree with me that it's not delayed. liz: all right, then. just to quickly put a final point on the thing, you're not exploring strategic alternatives for the defense part of your business. >> we're very happy with our defense business. we're happy with the positions that we have in the department of defense in a world of being a prime contractor to the dod and sometimes you win a program and sometimes you don't. you tend to invest your money where you think can make the

biggest difference for the dod. beyond that with regard to the portfolio and the combat vehicles investorring in last mile vehicles and -- investing in the vehicles and ram's service and that's driving big growth and good for their operators for the postal service. liz: how is that part of the business doing, commercial vehicles. >> aerotech vehicles. liz: absolutely. >> this is a great addition to the portfolio and we've been participating in the airport markets for years and airport rescue for fire fighting vehicle and find the work platforms and any airport you walk through when we've long said there's a lot of purpose built equipment here that we'd do a really good job supplying with aerotech and now making all the equipment that you see at airports. liz: isn't it true, they've got a 75% market share in north

america? >> yeah, when you walk onto an airplane at a commercial airport and see them moving with aircraft around the tarmac and that's most likely our equipment doing it. liz: the stock is up 29% 29% and year over year and it's a really solid stock story. what is on the horizon that you're most excited about beyond everything that you've just talked about. >> we're a technology company and the markets and when you're serving somebody that does tough work and whether it's a soldier on the battlefield and working 150 feet in the air and what you want to do is give them as much autonomous functionality as you can to make it easy for them to do their work. they don't have to worry about the equipment. they just have to worry about job that they're there to do.

and that part of our business is so exciting because we're driving productivity gains in every end market that we serve and putting electrified product, which offers better performance than internal combustion so it's an exciting technological time for us. liz: john pfeifer, ceo of oshkosh, thank you very much for looping us into the picture. >> thanks, liz. liz: entertainment selling off after the move psychiatry theater operator disclosed plans to sell up to 40 million common shares and not the only entertainment company dealing with drama and how disney is making spectrum cable subscribers jump through hulu hoops to watch must see sporting events. yes, i said hulu hoops. charter is second best performer on the nasdaq right now. it's moving higher by about two

and three quarters percent and with let's call it 35 minutes left to trade, that gain is not enough. it's not helping the nasdaq down about 362 points. we're back in a minute. do not move. i'm ordering you. ♪ what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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by 35 and nasdaq down 179. by the way, the s&p and nasdaq have both sunk below their 50 day moving averages. the dispute between disney and charter communications remains unresolved. charter spectrum cable customers in an absolute tizzy and they've been countily blocked from watching espn, which time asking terrible here. it's carrying the u.s. open tennis tournament and soon monday night football as well as of course abc, fx and disney channel. the two parties failed to reach a new carriage agreement. charter ceo christopher win friendsatfoxnews.com said charter may -- winfrey said he warn that had it could be broke and shifting from the trad traditional cable bundle to streaming and not helping streaming player withs legacy channels out there and warner

bros and paramount falling 2% at the moment and warner off the lows of the session and down 1.6% and they feel the impact not just of those comments but charter. bloom burg washington reporter that warner bro discovery offering at no additional price on the max streaming service for a short period later this year. again not helping wbd in the green. the company announcing officing office spate and roku announced a 6% reduction in the staff in march due to pull back in advertising spend.

pipeline operator and m bridge falling 5.5% on track for largest percentage decline since june of 2020 after announcing plans for three natural gas and dominion energy for $14 billion and they'll facilitate the creation of the largest natural gas utility franchise in north america. some question the impact on embridge and dominion shares not fairing much, much better and down 1.5% after bank of america called the deal valuation disappointing and well below expectations and multiple brokerages cutting price target on dominion. they were on the lorer end of

expectations and southwest said it also expects third quarter revenue per available seat mile to fall by 5-7% compared to previous guidance of a drop of 3-7%. however, southwest operated more than 19,000 flights during the holiday weekend and achieved a completion phacoor to have nearly 99 -- factor of nearly 99%. southwest sounding alarm with alaskaen and united airlines having a turbulent third quarter and united and faa made a brief nation-wide ground stop yesterday due to a computer issue and not related to high energy costs and head winds compiling together and the sector faced a bunch this summer and officials are demanding answers from the transportation department. grady trimble is live at reagan international airport with more on the tail spins and aviation. grady. reporter: hey, liz. yesterday it was a tech issue

because of internal software update at united and those problems fortunately only lasted for about 40 minutes before they work it had out and got the ground stop lifted for united and today as we look around here at this airport and at airports across the country, the good news is we're not seeing those residual delays and cancellations and this is not the first time a tech problem has grounded flights this year. remember back in january, the faa issued a nation-wide ground stop for all airlines because of it is own technical issues and that did cause a travel mess. on top of that, near misses on runway around the country increased 25% in the past decade and pete buttigieg telling americans flying is still the safest way to travel and acknowledges he doesn't know exactly what's causing the increase in near misses on runways. >> as we work through the data

and assess what's happened, there's no single cause or issue that explains it. sometimes we've had issues with pilots and sometimes we've seen issue withs controllers. sometimes we've seen an issue with ground crews. reporter: passengers want answers and so do politicians. yesterday house oversight committee chairman james comber and a group of republicans requested information from the transportation department saying recent issues are "placing the safety of americans at risk". you mentioned, liz, related to aviation not so much this particular issue and the increase in jet fuel prices last time we saw jet fuel prices raise as much as they have recently and saw air fare go up for you and me and that's something to look forward to heading into the holiday monthss and summer winding down and

could mean you and i pay more for plane tickets. liz: gray scale telling the sec chop chop as it moves forward and the recent court victory. same crypto investor in the "claman countdown" house and the holy grail of the crypto world will happen. if a spot bitcoin etf comes through, will that help the price of the crypto regain some of the pomp. two year treasury yield spiking above 5%. woe are coming right back. talking crypto and bitcoin. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf

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liz: gray scale investments ratcheting up the pressure after legal victory against the secusecurities and exchange commission one weeking a in a letter sent to sec yesterday,

gray scale urged regulatory body to reconsider the application to turn it is bitcoin trust into a spot etf. is a spot btf going to happen this year? there's hunger games going on with a whole bunch of different fun companies and we need to get answers and gary gessler testifies in front of congress this week. anthony pompliano here in studio with us. finally not in the tv box not hidessen away. glad you're here. first of all, what do you make of gray scale's latest win and then the letter sent yesterday is the pile on really happening? >> yeah, the great part about america is when there's disagreements between participants and regulators and go to court and lay out arguments and high priced lawyers on both sides and doing what they can to convince a judge and the judge came down and sided with gray scale in the

situation. what the sec has to decide is are they going to allow this conversion and that's not the only part they have to evaluate. they have to look at fact there's other etf applications out there and kind of a great race, do we get gbt conversion first or etf applications? i think we don't want to have a financial market where regulators are playing referee in the sense of choosing winners and losers and we instead want to create fair markets and so from my personal perspective, the best thing to do is approve them all at once. gbtc, convert blackrock, ark, other filers. liz: van eck. >> part of what we've seen in prior etf applications that have been approved and get out there first they get assets. liz: fidelity, what's more basic and accepting in the world than fidelity. they're applying with bit wise and blackrock everybody got

geeked up about it and now it's around $25,000 and change. why is that? >> bitcoin is a macro-asset and it's a highly liquid asset and 75% of bitcoin in circulation is held by people in the last year that have not sold. the price has gone up and down and back up. they're not selling. ultimately what we're watch asking the same setup in 2020. going into 2020, there was this kind of inverted yield curve and people leaving job and heading towards the recession natural rights approach period. covid happens and we get tons of money printed and that coincides with the bitcoin habit and price goes up 100% sports grill we're watching that exact same thing here and command and supply and going up 100% again. liz: this is a trillion+ market cap now and investors are in it and some like it and for the sec to dig in its heels beyond, what they're job is to do and protect

the investor and there's some legal minds out there and i want your opinion and they're speculating that simply to make their case against a spot bitcoin etf that the sec would possibly roll back its green lighting of the bitcoin futures opportunities that they have already put out there. can you put the tooth past back in the tube on bito and bitty and the futures trading operations that you could participate in now. >> he who makes the rules can change the rules and i don't think it's likely and tend to think there's a lot of speculation around this stuff and we'll get etf applications approved by the end of this year and 100 days or so left to go and blackrock knocking at the door and fidelity and another key piece is they're so focused on etf and not looking at macro impact and one thing that came out is bernstein came out with

the prediction and dollars on block chain and going to be about a $3 trillion market cap and that's important because there's $125 billion today. they're predicting just dollars alone going from $125 billion to $3 trillion. if that happens, bitcoin and rest of the crypto currency market is $3 plus trillion and that's a market maybe over a trillion today. these are huge upsides. upsides. liz: there's some that remember what happened to terra and luna and fell below $1 and saying these are simply $1 equals a coin is a little questionable. >> that's where i think people have to pay attention to what are the regulated ones. what we're seeing now is we're seeing a lot of -- jp morgan came out with jpm coin a whiling a and that was a american bank. liz: some are backed by u.s. treasuries and that's fair enough. at this particular time get you on coin base up 119% year-to-date and it's been an absolute brilliant performer and it's getting a lot of love and

favored surveillance sharing partner with many of these etfs that are filing to do a spot bitcoin and have to work with the nasdaq and specifically what do you make of bitcoin's prospects here and they're looking quite stable if you use the term stable. >> there's an investor in coin base for a long time and ipo and one thing the business has been able to hang it is hat on is the leader of the american financial system and you wanted to look at bitcoin and crypto concernty and they continue to hold that position. you've now seeing not only do they serve retail investors and 80-100 million users today and now they're introducing things like lending to institutions and creating more financial services around these assets and out mattly it's a business if the industry works it appears coin base is one of the infrastructure winners and it's the investor attracted to it. liz: good to see you in a tie and suit and served six years in the army and thanks to you for the service and for coming here

to talk to viewers. >> happy to be here and we'll do it soon. liz: thank you. i'm looking at apple down 4.05% and it's really the main reason that certainly the dow is down about 189 points all though there's lots of red on the screen and apple is the big laggard. we're coming right back, don't go away. ♪ let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection.

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liz: rising mortgage rates, sky-high home prices are not just driving away potential homeowners but also investors, many of whom have spent years making successful bets flipping real estate. as mortgage demand plunges to a 27-year low, madison alworth in the fox business newsroom, who is backing away from the market, why, madison? >> reporter: real estate investors are pulling back in a major way. real estate investors are buying 45% fewer homes compared to a year ago. that is the biggest decline since 2008. it also outpaces 31% drop in overall home sales. you look on the inventory end investors are holding on to their properties rather than flipping. at the end of 2021, 13% of the listings on the market were owned by investors. now just eight percent. seems part of the reason why there is money to be made in high rent prices.

so why sell? especially if your property has a low mortgage rate. that doesn't help with the low inventory problem though that we have, really across the country. the lack of inventory also keeping home prices. for real estate investors who are only in the market to make money, don't have the sentimental value that us homebuyers have, that is a sign to pull back. but looking for a bright side in all of this there could be some good news for families. according to redfin, seven in 10 investors purchases are single family homes. without them reaching out to owners and competing there is more room for actual families. >> 18 months ago, 24 months ago, it was not uncommon to have 15 offers on a home and have three to five be investor offers. now if i even get one investor offer on a home it is not likely to be, the type of over my

client wants to take. >> certainly if investors are pulling back a little bit, it should make things a little bit easier for first-time home buyers. >> reporter: now of course though to be a homebuyer there has to be a home available and you have to be able to afford it. mortgage rates, they're at 7.18% and the talk within the industry they could go higher especially with the economic data we're getting showing the fed could be increasing which means the mortgage rate would go up even further. liz? available, homes available, the inventory is just so thin right now, madison. thank you so much. closing bell ringing in about four minutes. dow, s&p, nasdaq we do need to point out well off session lows but still seeing broad losses. the dow, s&p are on pace for second negative day in a row. nasdaq down for a third straight session. it is percentage loss leader, down 1.1% or 154 points. we are moments away from the company that was able to nab

a.i. as it is ticker symbol. 3 c a.i. reporting estimates. the software provider is expected to report a loss per share of 17 cents, wider than the 12-cent lows a year ago but the $71.9 million in revenue expected would be a 9.6% jump year-over-year. let's bring in our "countdown closer" to share his a.i. plan. michael mags more than two billion dollars in assets as the chief investment officer at sylvan capital management. it is not c3.ai, what do you like here in the hot space? >> we like nvidia. we talked about it on your show a couple times now. i think it is best positioned for the a.i. boom. these are the primary arms dealers with gpus growing north of 50%. taking lion's share in the processing space with real dollars. not a hype story.

not a pretend story. they're selling more units to more folks. we think they lead the a.i. generation for the next few years. liz: yet the price-to-earnings ratio is 113 right now. i would say, what about amd? ambd's p-e ratio at the moment is na. so as you consider looking at other opportunities you're sticking with this very staid play even though people might be overpaying for it? >> yeah. we don't think they are. the funny thing about the numbers rising so quickly and, nvidia's ability to beat expectations in the last couple of quarters and then raise guidance still, really tells you that forward expectations are wrong. we don't know exactly where the earnings are but every time they have opened their mouth for the last two or three times we found out that the stock wasn't really that expensive. in fact was probably more properly priced. if you have a longer term horizon we think nvidia is the place to be. amd doesn't have a product that

can compete at this point, nor does anybody else. this is a one horse race. we want to stay with it now. liz: let's broaden the discussion here. we have quite a sell-off at the moment in apple. apple is very much reason because it is in nasdaq and s&p, it is in the dow. the dow lost leader today. the same with the nasdaq 100. what do you expect for the technology world at the moment? i mean this is basically a china headline where china is branning some government officials reportedly "the wall street journal" says from bringing iphones anymore to work and using them for work business but you know, is there a broader picture that you see developing for this back half of the year when it comes to the tech play? >> you know, there is a little bit of additional risk today. this feels a little bit tit-for-tat from china. we've been squeezing them on semiconductors. we've been sabre rattling with

tiktok, what they can't to temper some economic connections with us. it is no drastic surprise china's government would come back with some sort of a response. apple seems like a pretty easy target in this regard. there is sensitivity around apple today, more than 50% of your together in technology focused on china you could see a little bit of multiple compression. but often these things are sabre rattling and fast forward a month or three, they don't quite execute the same. we're not really a broad risk too tech at this point. [closing bell rings] liz: thanks, mike, there is the bell. i know you hear it. michael. p-a ratio is 39. minnesota vikings up -- ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so all of a sudden world oil prices are soaring