come out when they're just kind of rehashing the same old ideas over and over and over again. maria: i don't know. >> and i think it's a contradiction to go after streaming revenues when we know what's happening with the dreaming revenues for the big media companies. it's actually compression, and everybody's trying to figure out the model. good luck trying to take a bite out of an industry that the industry itself hasn't yet figured out to make it profitable. maria: we'll see if this informs at all on the autoworkers' strike. they're on their seventh day right now. >> everyone's on strike. the nurses, screen writers, autoworkers, strike season. i don't know. maria: i do know, it leads back to bad policy, and that is inflationary. mark tepper, kaylee mcghee white, thank you so much. see you again tomorrow the, everybody. "varney & company" picks it up now. stu, take it away. stuart: good morning, maria, and good morning, everyone. we're in the last two days of summer. there is dramatic news today on politicses and money.

first of all, the new fox business poll, main point among south carolina gop primary voters, the rise of nikki haley, she is the former golf of south carolina -- governor of south carolina. among iowa gop primary voters, donald trump maintains a 31-point lead over ron desantis. a dramatic announcement from the if white house. nearly a half million migrants from venezuela will be are given work permits. they can live and work here legally for 18 months. let's get to the money side of things, sharply high treasury yields. when that rate goes up, mortgage rates go up. the 2-year yielding now, what, 5.16, 5.17. 5.16, it is. all right, that's not popular with stock investors. the tow is going to be down, the down and the nasdaq is going to be down on the opening bell. and we have some personal news to share with you this morning. our boss, rupert murdoch, is transitioning from chair of our

parent company, fox corporation. in a note to employees today, he says he's decided that in november he will move to the role of chairman emeritus in both fox and news corporation. he says going forward his son lachlan will be the seoul chair -- sole chair of both companies. this in his note, he says he's been, quote, engaged daily with news and ideas, and and that will not change. and he says he will still be an active member of the fox community, reaching out with thoughts, ideas and advice. he goes on to say, quote, our companies are in robust health as am i. our opportunities far exceed our commercial challenges. we have every reason to be optimistic about the coming years. i certainly am and plan to be here to participate in them. but the battle for the free come of speech and -- freedom can of speech and, ultimately, the freedom of thought has never been more intense. my father firmly leaved in freedom, and lachlan is absolutely committed to the cause.

in a news release today, lachlan congratulated his father on his 70-year media career. he says we thank him for his pioneering spirit, his steadfast determination and the enduring legacy he leaves to the companies he founded and countless people he has impacted. we'd like to add our gratitude as well. rupert murdoch created all of this and so much more. his life's work has left an indelible improhibit on the -- imprint on the global media landscape. we thank him for letting us be a part of it all. it is thursday, september 21st, 2023. "varney & company" is about to begin. ♪ ♪ ♪ stuart: we're going to get right to this, fox business has new polls out of iowa and south carolina. a couple of key primary states, obviously. lauren, take me through the numbers. lauren: you're going to see

trump at the top the, but his lead is not expanding, and he does the not hold the matter. let's show you. south carolina, 46% of likely republican primary voters there pick trump. nikki haley in a distant second place with 18%. ron desantis at 10% and south carolina senator tim scott at 9. let's flip it to iowa. trump also with 46% support. desantis is in second here, 15%. but look at a nikki haley. she's in third place, but her support went from 5% in july to 11% now. and vivek ramaswamy slightly grew his support to 7%. my bottom line, number one, polls offer solace for trump contenders. his lead has not widened. number two, nikki haley now in the top three in two new polls. could she be the alterer the nate should trump not be able to run or not be able to do it? stuart: good questions, and i'm not going to rye to answer right now -- try to answer it right

now. todd's with us. what do you make of haley's recent surge in the pollsesome. >> we said it the morning after the debate, nikki haley had an amazing debate, and this proves e debates matter especially if you have a commanding performance like she did. that said, i will say i wouldn't worry as much if i'm trump about the south carolina poll because look who really did well in south carolina, nicki hailey and tim scott -- nikki haley and tim scott. who's from south carolina? nikki haley and tim scott. you need to do these debates -- lauren: and do they attack nick i key haley now? vi e celeb got attacked in the first debate. >> i thought it was going to be desantis the, but you raise an interesting point. are the knives going to be out for nikki next week? stuart: we will see next week. lauren: less than a week. stuart: check those markets, please. down 160 on the dow. look at the nasdaq, down nearly 200. that's down 1.25%.

better take a look at that 10-year treasury because that's the motivating force, i think, in equation. the yield is moving up 4.46%. remember, just yesterday at this time you were looking at 4.3%. doesn't sound like much of a gain with, but in the bond market that is huge. the fed didn't hike. powell pointed to rates staying higher for longer. rising treasury yields. are stocks this trouble, real trouble the, david? >> hey, great to be with you here, stuart. i do not believe that the stock market has kept up with the carnage that we've seen in the bond market, all right? and so one of the things that we're seeing right now for this higher treasury yield is just one of two things. so, number one, we had janet yellen surprise us to the upside here that we missed our budget by a mile and we need $1.9 trillion just to finish the second part of the year. that's the equivalent of 10.4 billion extra in printing every

single day. you couple that with a fitch down grade, that means that we're less creditworthy, it's more possible for us us to borrow money. so as we're looking at the ted and we're looking at this idea of easing coming and that's what's been driving these markets right now, the big update yesterday was that the dot plots went from pricing in a 1% price cut next year to just going down to half a percent. i think this is what powell's talking about when he's saying higher for longer. you know, we were supposed to be in easing here as of july. that didn't happen. now we find ourselves, you know, looking at a lower amount going into 2024. so there's not a lot of great news here with this higher treasury rate though because it's the really hitting the mortgages -- stuart: well, exactly. i want to get to that point. 4.47% yield on the 10-year treasury. that's the baseline for mortgages. looks to me like we're going towards 8%, 30-year fixed rate

mortgages. are we? >> i completely agree with that. in fact, i've been saying this for a couple of years now. we're probably going to get to a much higher interest rate environment on mortgages, and we're probably going to have to consider 40 and 50-year products as we looking out into the future. if we can't get rates down because the u.s. is not as creditworthy, we have to borrow at i higher rates, we're in a different credit cycle today. so extending duration is the way that you can improve that but, ultimately, there's going to be pain and carnage if this continues. stuart: existing home salings out at 10:00 -- sales out at 10:00. david, see you again soon. >> gm and stellantis have announced layoffs because of the autoworkers ' strike. grady trimble still on the picket lines and joining us this morning. stellantis the just made a new offer. what do you know about it? >> reporter: stu, neither the union nor the automaker is saying much about what is in that offer. the union just says that they

are reviewing it, so we'll have to wait and see if it's the type of proposal that could end this strike or if the uaw is just going to throw it in the trash yet again. i can tell you from speaking with the workers, they are getting ready for this strike to ramp up tomorrow. >> we are fighting very hard for equal pay. we want to be able to live and maintain, to take care of our families without living paycheck to paycheck. hey, we gotta shut down more plants, let's do it. i'm ready. >> reporter: how long are you willing to picket? >> as a long as it takes. >> were prepared to stand as long as we need to stand. >> reporter: so that's what the workers say. here's what management says. general motors' president mark reuss out with an an op-ed in the detroit free press in which he says amid rhetoric are of the leadership, the flow of misinformation is not fair to anyone. royce goes on to say that the latest offer from gm from a week ago before the strike would have

seen about 85% of current represented employees earn a base wage of approximately $82,000 a year. he went on to dispel, in his view, myths that the uaw is spreading. meantime, you mentioned those layoffs, stu. gm officially is idling a plant in kansas. that means layoffs for around 2,000 workers. that's on top of the 600 employees that ford already laid off at this plant in wayne, michigan. and stellantis is temporarily laying off about 70 employees in ohio. more could be on the way for 300 workers inup. and, stu, that -- in indiana. and that's to say nothing of the suppliers who produce products for the automotive industry the. they're seeing layoffs in the hundreds if not thousands seven days into this strike. stuart: it's spreading and it hurts. grady, thank you very much, indeed. come back in here, todd. not much sign of progress in the strike there among the car workers, but any signed -- sign

of progress, i believe there is, in the hollywood strike. >> yeah, a little. hollywood writers and producers could be nearing an agreement to end the strike. there were productive, quote-unquote, high-level talke. the two sides have been divided on issues of i pay, the size of writing staffs on show and the use of a.i. more negotiations set for today. we do have to remember the actors also on strike. stuart: let's not forget the actors. coming up, bret baier sat down with saudi arabia's mohamed bin with salman. here's what he said about the possibility of iran getting nukes. roll tape. >> when we are concerned with any country getting a nuclear weapon, that's a bad, that's a bad move. my country using a nuclear weapon, that a means they are having a war with the rest of the world. stuart: well, next question, where does this leaf

saudi-israeli peace talks? the administration expanded work permits for nearly a half million venezuelan migrants. we've opened pandora a's box. texas congressman pat fallon, where where because he stand on this? i'll ask him, he's next. ♪ ♪ 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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stuart: the administration is offering work permits to to nearly a half million venezuelan migrants. hillary vaughn on capitol hill. hillary, what is congress saying about this new work plan? >> reporter: stuart, democrats we talked to insist that these new work perks are not going to encourage people to cross the border illegally, but more people are coming.

fox's ground team at the border capturing stunning video of one of the largest caravan of migrants crossing illegally into the in eagle passes, texas, yesterday with. now some democrats admit there is some type of crisis happening at the border. is the border out of control? >> yeah, there is a humanitarian crisis at the border e. >> reporter: is the border e out of control? >> what is -- our immigration system is broken, and it's a humanitarian crisis. that's what's a out of control. >> reporter: president biden expanding legal status for almost half a million venezuelan migrants here in the u.s. is something democrats on capitol hill have call for as a way to get migrants off the street but blame republicans now for why people are coming in the first place. is this really sustainable, to have almost all-time high numbers of migrants coming across the border illegally? >> what we need is for republicans to stop talking about open borders that a

facilitate smugglers. >> reporter: so, stuart, democrats accusing republicans of basically doing free advertising for the cartels. stuart? stuart: we heard that. [laughter] good stuff, hillary. thank you very much is, indeed. i'm trying to restrain my laughter. congressman pat fallon is with me now from the great state of texas. congressman, you heard the news, nearly a half million venezuelans will be eligible for work with. who's next? nicaraguans? honduranss? have we opened pandora's box? >> yes, stuart. i can't believe what i just heard. we we actually call a spade a spade, the border is wide open. the mexican drug cartels have been controlling the border for years. president trump had a great policy, wait in mexico while your asylum case is adjudicated. joe biden doesn't do that, so of course we're going to get more of a bad thing. stuart: where does it stop? are we going to do the same thing with other countries? it seems like we've really

opened ourselves up to a new blood of migrants. >> there's -- flood of migrants. >> there's no doubt about it. if you really want to look at the numbers to determine who bears fault, the fact that in our entire history we never had a month of over 200,000 illegal border crossings, never. under joe biden at a one point it happened 10 months in a row, and we're at 13, 14, 15 months urn his, quote-unquote, leadership in the white house. so, clearly, the blame lays at joe biden and the democrats' feet. stuart: however, if they don't work, we have to continue can coi paying for them for just about everything. if they do work with, this can pay for themselves to some degree. isn't that something of a saving grace, to allow some to work? >> well, again, as you mow, there's decades where people have come across the border and they plan to work illegally anyway. but this is like putting a band-aid on an arkansas tier y'all wound. -- arterial wound.

you treat the it by putting a clamp on it. we need to secure the southern border, and joe biden doesn't have the will to do so. i think the american people are getting increasingly impatient, and we're going to see dramatic change 14 months from now. stuart: okay. congressman, as you know, we're close to the deadline for a governor shutdown. my question to you is can you get those five republican holdouts to agree to any kind of deal? >> yes. stuart, i'll be very candid with you. i was in that meeting for, gosh, it was about four hours last night, and it was productive. the republican conference is like a family. excitement we're a dysfunctionae a disfunctional family, but we really hashed it out, and is we got folks to come to agreement. we've got folks on all sides of the ideological spectrum, and i do think by today, tomorrow we'll have that hashed out. we are going to bag -- pass, i think, the defense bill today, which is good, so i think we'll get there. stuart: you're convinced that we can get agreement on a spending plan of some sort within the next, is say, 24-48 hours?

>> within the republican conference. i'm being optimistic e about that, ye. i can't guarantee that, but i'm one small cog of the machine, but i do think we'll get our houses in order, if you will, and pass something. stuart: the d if you don't, you know the republicans get the blame. >> of course. that's the whole point. we need to have a majority not only in the house, but in the senate and eventually the white house in 14 months. we've attached h.r. 2 which really was an omnibus border security bill onto the continuing resolution. we do that and then chuck schumer and joe biden decide to shut the government down, they'd rather shut the government down than shut the border, that's going to hurt them. stuart: thanks for joining us, sir. >> thanks, stuart. god bless. stuart: pennsylvania senator john fetterman responding to the change in the senate dress code. what's he i saying about what he

will wear on the senate floor? >> actually uses a word i'm not going to use on air, exhibiting the same class with his language writing, quote, if those -- i'm not going to say it -- in the house stop trying to shut our government down is and fully support ukraine, then i will wear a suit on the senate floor next week. again, always hearkening to the democracy angle, right? fetterman has been at the center of the furor since chuck schumer stopped enforcing the dress code requiring coats and ties for male senators on the floor. around the time fetterman's statement was posted wednesday, stu, he was presiding over the senate while wearing shorts and a short-sleeve, button-down shirt. stuart: okay. you don't get any respect from anybody if you dress like a slob, especially on the floor of the united states senate. that's my opinion. >> it just shows how far our norms and decorums have gone. this is not right. it's not that he's a bad senator because of it. we can get into other arguments as to why he's a bad senator, but it goes to a lack of

civility, a lack of structure, a lack of civility. stuart: well, not just in the senate. standards are falling everywhere. lauren: the only place, in my opinion, people still dress is when they fly first class. if you go through an airplane, the folks in first class usually have a button-down shirt on, a blazer, and then you head towards the the back and you see the pajamas. stuart: right. lauren: it's true. that's the only place where there's some sort of decorum. >> we don't have order in our society, and we see it in our legal system and we're seeing it filter down to planes, to churches, it's a mess. stuart: got it. thank you, todd. check futures, please. i'm seeing an awful lot of red ink. look at the nasdaq. when 10-year treasury e yields go up, the nasdaq tends to go down. yield's up, nasdaq down 182 points as we speak. the opening bell is next. we'll take you to wall street. ♪ ♪

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stuart: going to bring you up to speed on the market with a few minutes before the opening bell, down 150 on the dow, down 173 on

the nasdaq. show me the 10-year yield, moving up to 4.46%. gary kaltbaum with us gary, treasury yields up, big tech down, energy prices surging. $2 trillion deficit. does that look good for stocks, gary? >> uh, not in the mere term, and i can tell you even though the big indices have is held up decently, the average stock has not. what you simply have here, stuart, is for 15 years you had ben bernanke and jay powell printing all a kinds of money to keep interest rates down. they created the inflation, and now they can't print money anymore. this is the real market accounting for massive amounts of debt and deficits by this country. just remember, the more debt out there there, the higher yield you need to pay to account for it, and you're seeing it right now. our real market is screaming. and keeping fingers crossed we're getting closer to a high than a low, but mortgage rates

just hit a 7.6% on average. you've got to go back to the year 2000 for that. that's not going to help housing which is a big part of the market. credit card interest rates have skyrocketed. there's a lot of things that is have to be worked out, but the problem remains, $2 trillion this year deficit which is more than all of the federal spending of the year 2000. it's the sheer insanity by our government, and we're getting the comeuppance, and we're the victims. stuart: is the 10-year treasury yield the key indicator for how stocks are going to go in the future? >> 100%. i've within saying for months now, i've been telling you forget the fed. they don't matter right now. it's all about yields. if yields go higher, bad. if they come down, good. but you also have to had in the kicker. you've had oil prices go from 68 into the 90s. that is a gargantuan tax on the consumer going forward as well as business. if both of these things stay elevated, it cuts into with profits of companies,9 cuts into

margins, and you typically cut into stock prices. and you're seeing it right now. stuart: you just mentioned we've got 67.6% more -- 7.6% mortgage rate. do you expect it to get to 8%? >> uh, yes. because that is not accounted for the last week. so i think we're going to get close pretty soon. it's just tough going right now. just remember, the economy is used to very low rates for a very long period of time. the economy's going to have to start getting used to higher rates for a period of time. and, again, i have to say this, let's keep fingers crossed it does not get worse. who knows, the 10-year could go to the 5, could it go to 6, could it go to 7? anything's possible with how much debt and deficits are out there. stuart: you're talking serious stuff, gary. thanks for being with us. right now it's 9:30 eastern time. the market has opened, and i'm sure it's going to open way on the downside. when the dow 30 open, we'll show

you that board. mostly in the red. get 'em open, now. i've only got three or four winners, a ton of losers. and right if the get go, the dow is down one-third of 1%. how about the s&p 500? yeah, that's open, and it's down .65%, nearly -- down nearly two-thirds of 1%, put it like that. that's 28 points. the nasdaq, i'm expecting a big drop there, you're down 1% right from the start, 13,334. i can't imagine any big tech stock is up today, and they're not. microsoft is down again, apple, 174. met that, 296. -- meta, 296, and amazon, 131. down $4, # 3. cisco just announced they're buying a software company, splurge. is this a way -- splunk. is this a way to the gain a. a.i.? lauren: you better believe it. cisco makes the networking equipment, and it wants to put

a.i. into the security and the overall operations for companies. that's why it's the paying $28 billion cash for splunk, that is a 31% premium to their close yesterday. and this also is sets up a conservative curing revenue -- recurring revenue stream for cisco. think of it, software as a service model and recurring revenue. stuart: they really wanted it. lauren: yeah, they tried over a year ago. didn't work out is and now they got it. stuart: fedex, a pretty solid gain, i think. yes. even in a way-down market. you're at 5%. i know they reported yesterday. what was so good about it? lauren: well, they're benefiting from cost cutting, $4 billion over 2 years by merging express and ground, then the ups strike. the yellow trucking bankruptcy. fedex put numbers on it, they say our ground units delivered 400,000 more packages each day because of the strike threat, 5,000 additional freight if units because of

cabrera-bello. they're expecting to -- because of yellow. they're expecting to hold that share. fedex actually delivers car parts, and management said, look, going into the big holiday shopping season, they said overall demand was muted. so it's not all ponies and unicorns. [laughter] stuart: it's still up nearly 6%. big drop for broadcom. put it on the screen, please. you're down, what, 3%. lauren: yeah. stuart: does this have something to do with google? lauren: absolutely. google plans to drop broadcom as its a.i. chip supplier as early as the year 2027. why? well, google could supply its own chip because that would be a lot cheaper for them. did you know for the h-100, nvidia are doubled prices to $20,000? so of course every company wants to invest in their own chips to save money in the end. this is bad potentially for broadcom because they're seen as number two two when it comes to the a.i. behind nvidia. but if google gets in, it's

really bad for broadcom. stuart: ford motor company. they're not happy about the british softening their stance on electric vehicles. ooh, what is ford saying? lauren: their u.k. managing director says any delay on the ban of selling new gas cars risks the ev transition that ford has invested hundreds of millions of dollars into. with nine evs from ford on the european market next year, this is the exact quote: our business needs three things, ambition, commitment and consistency. and rishi sunak's move undermines all three. i thought that was harsh, but if you prolong this, you delay the mandate, you give consumers the choice. if you have the choice right now, do you buy an a ev where you can't find a charging station where you need one and you're paying a higher price or a gas car, you would choose the latter. and ford is saying you're pushing us into the former. you can't bail now.

stuart: i can't see biden retreating either for exactly the same reasons are. you've made all these commitments. you can't go back on them. that would not be easy. then we've got crave owe. some said it was a lackluster debut yesterday. down again today -- down today. lauren: it's a tech company because it helps companies target customers with better marketing e-mails, for instance. some numbers are important. the pricing of the ipo was $30. it hit 39 but now it's turned 32. very muted reception in the debut week. this is a profitable tech company, which surprises me. so why is wall street so unsure about a company that is profitable? two reasons. the fed. the tech trade overall is being sold off because of the higher for longer message from the federal reserve. and if you look at klaviyo along with instacart and arm, they had very stringent free flows. that could impair the price discovery when you don't have as many shares available, the price is hyped up when in reality9 the

companies aren't living up to that hype that is behind this ipo market revival. stuart: look at instacart. they debuted tuesday. is it now -- at 31, is it actually below its ipo price? lauren: it went below $30, that was the ipo price. the hesitancy to back tech in general, but for instacart, where's the rub coming from? it's a big economy -- gig economy stock, it did great during the pandemic, but what's the next catalyst? are you ordering more food on instacart right now? no, people aren't. i think that's why investors having second thoughts this week but up today by 3%. stuart: okay. just above its ipo price, fair enough. nio, a chinese ev-maker. what's this about them having a smartphone? lauren: an expensive one, like $1,000. i think they want your data. it's for china between $890-1,030 u.s. it goes on sale one week from

today. they're selling this phone that does 30 different things for your car, it can unlock it, park it, it's all cool, but i think it just gets you in the initiation o ecosystem if your -- nio ecosystem. stuart: well, the market don't think much of it -- lauren: i know. maybe it's not a very good phone. stuart: darden restaurants? they had a good report. they're down one-third of 1%. they've got olive garden, longhorn steakhouses, i think. take me through it. lauren: they raised menu prices, just not as much as system of the competitors that helped them. their revenue rose 11%. the reason, in my opinion, why the stock is down is what the ceo said, the customer is starting to have a little less confidence, and pricing in the try might have caused a little bit of this. stuart: i can understand that. lauren they know the consumer's pulling back because of what they have done to the menus because of what the supply chain has done to them. stuart: lauren, thank you. don't forget to send in your

friday feedback. the good, the bad, the ugly, whatever it is, varneyviewersfox.com. send it in. we're just getting this, and this is important, over 10,000 migrants were encountered at the border just yesterday alone. that is an all-time record. remember e when mayor adams said new york city can't handle 10,000 migrants per month? well, the border just had 10,000 in one day. we've got a lot more on that for you. "the big money show" hosting an american town hall with special guests vivek ramaswamy, tim scott and betsy devos. sounds like this will be about school choice. a preview of the big money playbook show next. ♪ there are. ♪ ♪ big money around the world ♪

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stuart: on the markets, a selloff. i'm going to use that word. the the dow is down two-thirds of 1%, and the nasdaq is down, what, 120 points, the best part of 1%. want to get back to cisco buying splunk. ray wang is with us. ray, why is cisco paying a 31% premium, a very big price, for splunk? why? >> two of the hottest things in the boardroom are a.i. and cybersecurity. splunk uses machine learning to look at the data to find patterns. when you bring those two together, that's a huge market especially in term eses of what boardrooms are are asking for, trying to protect their network, understanding data vulnerability and, of course, trying to get into the a.i. market. stuart: cisco's stock is down nearly 3%, but would you still call it a win for cisco? >> in the long term, it's a win it's going to add $4 billion of arr every year for sis eco, and more important ily, cisco's got

the reach to continue to sell splunk into their model. both companies have data in the cloud and also on premises, and cisco's able to capture that and bring it together. stuart: i want to put tesla on the screen for a moment. non-union, of course. are they the big winner because the union is striking ford, gm and stellantis? does tesla win this one? >> stuart, tesla won before the strike, during the strike the, and they're going to win after the strike. and here's why. tesla's running at $45 an hour, uaw rates are at $66 an hour, they're asking for $132 an hour. that's a difference in labor costs that's is so huge that they're never going to be able to catch up. when you move this ev transition, you get it the vertically-integrated market, tesla's in automation already and already put most of their jobs in automation and their factories are at least 20 years i ahead of the uaw's and the big three. stuart: cathie wood of ark investments always goes out on a limb with up and coming tech

stocks. she says tesla will hit $2,000 a share by the year 2027. i me that's way out in the distant future -- i know that's way out in the distant future, but almost 8, 9 times what it is now. what do you make of that? >> that that's actually interesting. that means it's not just the car business. there an electric energy grid business, there's a mapping business, they're an autonomous business, and there's at least some other services you're i putting into that calculation on the base case. it's not unimaginable. it is the on the high end of that side. stuart: do you think elon musk can handle it all? >> so far we've seen him be able to do that whether it's going out to space exploration, neuralink in terms of connecting the mind and body to machines, so so far there the hasn't been any cracks, but it's the been an interesting and definitely an exciting ride. stuart: apart from twitter, some would call that a failure, i'm not sure how to characterize it, but apart there that, are there

any other significant failures attached to elon musk? >> i would say early on in his career when he was at paypal, but it's been a good ride. [laughter] stuart: it really has, hasn't it? $2,000 a share for tesla, i guess that elon musk would be worth, what, pretty close to a trillion, wouldn't he? >> it would be close to a trillion, but that's not including what spacex is going to be when the i if po hits in the next few years. stuart: it is going to ipo, spacex? >> that that's the rumor. we'll see what happens. there's been rumors and thoughts about this, but maybe we were in the ipo market that lauren says, hopefully a comeback is here. stuart: buy on speculation, sell on the news. ray wang, thank you very much. see you soon. show me amazon, please. they've unveiled a new, smarter version of the voice assistant. i'm not going to say the name, because it'll go off around the country. lauren: alexa. [laughter] stuart: terrible the. >> i made a horrible decision naming a child near a name

alexa, alexis. it's a disaster. lauren: why? >> as it tries to catch up on generative the a.i. amid stiff competition, it's more conversational, offers realtime info. thought the old one did it, but i guess not. reverse the models or algorithms that create new out put from the vast amounts of data they are trained on. that's shorthand for all that stuff you say when you're in your room and alexa hears it, it's going to be available soon here in the u u.s. i for one, i don't like any of this stuff. i don't have it, and i'm sorry i named my child what i named her, it is the going to mess her up for the rest of her life. stuart: in all seriousness, can you not change -- you don't have to say alexa, you could call it susan or something, couldn't you? >> i don't know the answer to. that sue? do we we know the answer to that? lauren: he stumped us all. siri is siri. >> -- change your name?

lauren: i don't think you can change it unless it's your personal robot. stuart: oh, okay. lauren: what would you call your personal robot? >> don't say susan -- stuart: winston. >> very british. stuart: chatgpt. i understand that the use of it it is on the rise again. is that because kids are going back to cool? lauren: yes. chatgpt saw a 12% pump bump in traffic because the kids went back to the classroom. but has the novelty worn off just a little bit? we had the peak earlier in the summer, then it flattened because the kids were off -- the. stuart: have you ever used it? lauren: no. stuart: todd? >> no. lauren: i've experimented with it. why do you think kids are using it? stuart: makes life easier the -- in school, right? lauren: to cheat. but also i was reading a report, to help them with family and friend conflicts, anxiety, mental health issues. they ask chatgpt certain

questions to help them get true life -- stuart: chatgpt is therapy? >> isn't it less about the answers and about getting to the answers, you steel yourself for the -- journey? lauren: the philosopher. stuart: let's face it, the border situation is flat out, out of control. do you know this? over 1010,000 migrants were -- 10,000 migrants were encountered at the border just yesterday alone. that's a new all-time record. leftists like pramila jayapal can blame the republicans, but voters are blaming biden. that's my take, coming up top of the hour. ♪ ♪ we got to fight the powers that be. ♪ fight the power, fight the power ♪

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♪ stuart: ah, yes, big tech censorship, here we go. a federal appeals court ruled the biden administrations cannot tell social media companies to remove content. edward lawrence at the white house. all right, edward, this isn't stopping biden's campaign from doing just that, right? >> reporter: no, exactly.

and the campaign is now setting up a strategy to deal with what it calls misinformation online. now, the election could be won or lost online, on social media companies. the campaign, the biden campaign setting up a working group to deal with this. we're told that campaign is going to be more forceful in pushing back on information that gets posted. this is a new avenue for campaigns in recent years. last friday former president donald trump accusing democrats of weaponizing misinformation. listen. >> they're misinformation people. disinformation and/or or misinformation. a lot of people don't know the difference. there's very little different -- difference, but we'll say it's both. kiss information, misinformation. they say we want to run against trump, we're dying to run against him. first of all, we won in 2016. same people said he won't be able to beat hillary clinton. now they say he won't be able to beat crooked joe biden. >> reporter: so any push for campaigns to work with social media companies is separate than the court case that's being

considered by the u.s. supreme court. that case only deals with government interaction. supreme court justice samuel alito paused an order by a lower court to limit contact between the government and social media companies until tomorrow. yesterday the attorney general says there's still contact over vital issues. >> the idea of putting sexually-explicit material about children on the web is another area that that we are continuing to investigate and to prosecute and to ask the social media to take down from their sites. >> reporter: now, this contact between the government and also campaigns and social media companies will increase, it seems, into next year. we're going to have to see what kind of engagement the companies have with campaigns specifically. back to you, stu. stuart: we'll see. edward, thanks very much, indeed. todd's still with us. what do you make of the biden campaign's misinformation board? >> it's the an important distinction edward made, because all the misinformation,

quote-unquote, that they want to stop vis-a-vis the administration, they can now do through the guise of the campaign. the decision by the courts have said what the biden administration if is wrong both from a first amendment perspective, and i had dr. jay bhattacharya on earlier, he said science is how you arrive at an ultimate decision through that questioning and answering. if they're allowed to do it through the guise of the campaign, they're still going to be able to put out there what they call misinfo, i.e., everything about vaccines, everything about covid. and the american people, if they're fooled by the campaign, are not going to be the getting the right answers. stuart: thanks very much, todd, for being with us. still ahead, mbs says if iran gets a nuke, they will too. where does that leave saudi-israeli peace talks? christian whiton on that. president biden said nearly half a million venezuelans will get work permits. the does brandon judd approve of

that? i'll ask him, because he's on the show. britain's climate goals have been delayeded, could biden do the same? douglas murray responds to that. the 10:00 hour of "varney & company" is next. (sfx: stone wheel crafting) ♪ .. 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? ♪ ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is.

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