that's upward pressure on builders. there's a lot of negative head wents, we need to turn that around. the more we build, the cheaper housing will get. charles: the animal spirits we see everywhere can that seep into the housing market? >> the existing home sales data, show to pop in sales. that is like mike tyson in around 2 of the fight. the housing market does not have the legs for several more rounds of higher rates. that's a burst from lower rates going into the fed cut. of the reverse course. charles: that was a great analogy. liz claman, you have a monster guest coming up. liz: when it rains it pours.

we are getting slammed with multiple headlines living the markets as we kick off a final hour of trade. the dow spiking 542 points off session lows, the s&p up 40, nasdaq up 20, the russell has had an incredible session, up 42 or 1.8%. we will get behind what is propelling the stampede and a second but look at bitcoin, blasting back to session highs on news breaking in the one:00 hour. securities and exchange commission chair gary gensler who is perceived as the biggest foe tweeting this afternoon, he will step down the day donald trump, the self-described crypto president takes office. the action in bitcoin is fascinating. at 11:00 eastern it touched a new record $99,057. it retreated a bit and as soon as the gansler news hit the tape it took off like a rocket

ship, the closest it has gotten to $100,000. it stands at $92,000. we show the big moves in other cryptos but nvidia has in this hour swung back, a record of one hundred $52.89 intraday after "the opening bell". shares were ricocheting, tried to go up, went down again. down to one hundred $47.99. last night, the ai chipmaker reported a raise for the third quarter and said there is unquenchable thirst for the blackwell gpu, the graphic processing unit, the most powerful ship ever made. so hot, nvidia says, the supply/demand imbalance will continue for the next several quarters. they can't fill all the orders fast enough. the ceo of the most important company and stock in the blazing hot ai space and the

most valuable company now will be front and center this hour. nvidia's top dog jensen wong is here with a fox business exclusive. look who is leading the dow stampede? salesforce at the top up 4.3%. the software giant getting a look from the reveal of a first of its kind or ai tool that salesforce says will allow businesses to create a what mac, quote, limbless workforce to develop the ai platforms before they deploy them. if you wonder why the nasdaq is up, look no further than alphabets. shares are getting hit by the wrecking ball, they are down 5. 4% off of session lows on news the department of justice asked a federal judge to force google to sell the chrome browser.

a judge ruled google illegally held the monopoly over rival search companies. we barely scratched the surface of breaking headlines. the president and chief investment officer on a day like this. and whether you trade in fast-moving market. >> nvidia reminded us the ai revolution is alive and well. the investment opportunities don't just exist in nvidia but in all those ancillary benefactors over the ai revolution like data centers and the cooling solutions that are desperately needed by the same data centers. it's encouraging this rally is extending beyond the mag 7o other names because that means there's more room for this bull market. liz: the name that isn't there

is supermicrocomputer. it is soaring 15% on our shout out that jensen wong gave them last night. this stock has been under attack because a lot of people in the wake of its previous accountant and a new one, they are a great customer. they are nvidia's third-biggest customer when it comes to these data centers, you can stretch it out and see what it has been doing after the bad news and people are buying. >> nvidia is at the hub of the system. if they indicate supermicro is one of the important clients that will only benefit them going down the road. that means they are throwing them a lifeline that could support them in the future and there's other benefactors for dominance.

the data center business, they had problems with overheated servers. several other companies rose in price. they were a nice and solitary play for nvidia's growth. charles: what spread beyond technology, salesforce getting of the biggest bump because it made this agent announcement but look who else is up in the dow leaders, nike, goldman sachs, sherwin-williams, this is a broader based rally. >> it is extending beyond the mag seven. going back to 1946 there have been 12 bull markets with an average duration of 5.3 years. 178%. two years into this bull market the return of 50%. this time could be different. as we just hit historical

averages we've got two more years to go and another one hundred% in upside potential. liz: we have dr. seuss characters with one eye going this way and when i going that way is one i is on bitcoin. we have $1000 of $100,000 for bitcoin and a bit of shaky news that didn't -- gansler will announce he's stepping down january. micro strategy, the world's largest holder of publicly traded bitcoin, and the fame the short seller saying this is getting too -- disconnected from reality. >> i would argue it has been disconnected from reality for a long time but we have a trump administration that is pro-crypto and pro-bitcoin. that could lead to more upside potential. how do you put a proper valuation on it?

charles: they remain bullish on bitcoin but are hedging the position because the volume has become detached when it comes to micro strategy. thank you. let's bring in noah hammond, gerber kawasaki etf is nvidia. interesting that it took a while for investors most of the session before they realized the a huge jump year over year in revenue is good news. >> in more demand coming. we put in our notes we thought the day would end for nvidia. it's a strong stock with multiple portfolios. the videogameing player, something people haven't been talking about a lot, focusing on buybacks because last quarter they announced a

buyback which they contributed over the last -- liz: we should look at the intraday high, $152.89. it makes sense that noah has a lot of money here but we need to bring up the idea, this is ahead of our big interview coming out, they are saying we start to see a little bit of froth when it comes not just to nvidia about the whole space and we are watching every step of away, red-hot gains for snowflake. we will tell you about firing of the data analytics provider stock and we are just a few minutes from my exclusive interview with jensen wong. we will ask how he plans to deal with the problem them every single ceo would love to have, too much demand and not enough supply of his new ai

chip every company wants, the blackwell and we will get his prediction on who ai will replace in the working world and who might survive. he will give a.that answer. the claman countdown is coming right back, dow jones industrials up 555 points. ♪

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liz: look at snowflake shares. they are popping 32.5% ahead of their best day since the company went public in 2,020 after snowflake reported better-than-expected results on the top and bottom line. revenue jumped 28%, for fiscal 25, snowflake a strict product

revenue to grow 29% to $3.43 billion. snowflake announced a multi-year partnership, model maker anthropic. pdd holdings getting slammed on the session 10.5% after reporting disappointing sales and profit. earnings missed expectations for the first time in seven quarters and the brightest margin in four years. this is a chinese e-commerce company. we know what is happening with of the slowing chinese economy. the company cited intense competition in the region. john deere up 8% to its highest level after better than feared results. revenue fell 28% versus expectations for a 40% decline.

they say thank gosh it wasn't that bad. there having high borrowing rates. they cut guidance in may but now slicing even more of that guidance, net income of $5 billion versus $5.8 billion. outrage in israel right after prime minister benjamin netanyahu offers a $500 million reward to anyone who returns hostages taken by hamas terrorists last year. the international criminal court issues arrest warrants for the israeli leader. is relapse ambassador to the united nations is here to respond to all these developments and more coming right back.

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liz: we need to show you crypto, x rp and ether. everything is jumping get here. spiking get here, ether is better by 8. 7%, bitcoin up 5%. x rp which gary gensler filed suit against and had been going after 6. 4% % to $1.19 on news that gary gensler will step down on donald trump's inauguration day. let's turn to the international

criminal court which you should arrest warrants for benjamin netanyahu and the israeli defense minister accusing them of war crimes after israel moved to defend itself after killing 1200 mostly civilians on october 7th next year. that means benjamin netanyahu and gallant would face the risk of arrest if they travel to one of the court's 124 member nations. they should an arrest warrant for top hamas military leader, already killed in a strike. the icc is after benjamin netanyahu and gallant for crimes against humanity during the israeli military strip including starvation as a weapon, directing attacks against civilians. the warrant comes as netanyahu ramps up efforts to bring israeli hostages home up.

there are 65 hostages presumed to still be alive in gaza and benjamin netanyahu is offering a $5 million reward per captive to any palestinian or anyone who helps secure their freedom. israeli ambassador to the united nations called the icc decision diplomatic terrorism. define democratic terrorism, diplomatic terrorism, if you could. >> another attempt to attack israel, comes to the criminal court, the prime minister of israel, a strong jude -- judicial system and a terrorist organization for the first time and do the same to the us, the western to apply sanctions against the icc with terrorism in afghanistan. we are fighting because we have no choice, we are 101 hostages.

what does he expect us to do? abandon the hostages? even after the call continuing with the wall, bring the hostages home. ashley: liz: $5 million per hostage per captive, anyone in gaza could get to freedom. where is this money coming from? >> the iowa government. to help us get out of gaza, we value life, helping us, talking about babies, activity for more than a year, going a long way back home. liz: i am thinking of the redheaded babies so many people, their hearts broke seeing these terrorists took them as hostages. we hope they are still alive.

>> no sign of life from them. we hope they are still alive but we don't know. the un is not capable of doing much. we are not abandoning them despite the pressure. the security council tried to pass a resolution which called for a cease-fire. it mentioned them without a condition. let's talk about these hostages. that is unacceptable. if they are released, you can move on. liz: the allegation is the starvation the world is seeing in gaza is due to israeli military hindering aid from those people in gaza. we saw a report where a bunch

of aid trucks were -- they held up these trucks and took the aid. why does the icc not understand that? >> they know the facts. this is a situation -- liz: can i be fair? we've seen lots of video. we know there's a huge number of a population, children suffering here. let's call it hunger, that is an issue. not saying israel is the reason because israel has a right to defend itself but they acknowledge that part of it. >> like you mentioned we don't stop aid going to gaza. the hijackers, going to the right places to coworker nate

with humanitarian efforts. the only way to build a future is to get rid of hamas. the sooner the better. people at the un, from eliminating hamas, not helping the people of gaza. liz: the hostages, back to them and this 5 million-dollar reward. money talks. has there been any response from the announcement of the awarfrdy releasing these captives? >> it is still early. a few hours ago the prime minister issued this announcement. people are afraid of hamas, torturing them. the people in gaza are suffering under the occupation of hamas and hope some intelligence will allow us to bring back hostages. liz: we've seen the video of the female soldiers who were taken hostage in 2023. it is heartbreaking.

>> russians, french, british, not only israel, people forget about hostages. we cannot forget about them. liz: ambassador to the united nations, thank you very much. we are going to be joined by donald trump's nominee to be the next us ambassador to israel, mike huckabee will be right here on the claman countdown at 3:00 p.m. eastern time. the ai revolution is powered by world's largest company by market cap, nvidia pushing out its new blackwell chips as fast as they can to upgrade trillions of the world's computers. the founder and ceo of nvidia will talk about the incredible demand for his high-powered -- you will get it straight from him and if he thinks ai will take your job. so much more from nvidia's legendary leader jensen wong who joins us in a fox business

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liz: the world's most valuable company is on a tear this year. shares of nvidia have soared 199% and account for 22% over the s&p's gains this year. the tech take naps share price has been at a record, then dipping in the red and then up as investors parse through the third quarter earnings report but the company's revenues do not lie, nvidia sales have increased every quarter and every quarter the company has beaten analyst estimates. what does the future look like for the company and more importantly how is ai going to change the way all of us do our

jobs. we talked about all of it, ai, how he is shaping of the industrial revolution. joining us now in a fox business exclusive is jensen wong. thanks for joining us. >> nice to see you, great to be here. liz: the superlatives to describe earnings and your outlook ranged from full steam, full throttle, incredible but the headline emerges that you have a headline most ceos would love to have, demand for two of your products, orders for your blackwell chips far exceed the supply you have. what's the most important step you are taking to speed up the process to fill these orders? >> i appreciate that. hopper and blackwell are two magnificent computing systems.

these two systems reinvented computing altogether from software written by humans on cpus to machine learning, creating these networks that make possible artificial intelligence running on gpus. as the world modernizes the data centers, one trillion dollars of data centers around the world, the demand is incredible. we are ramping both of these platforms incredibly hard. we had a record quarter, got into a record quarter next quarter, we'll go from $0 billion of blackwell to many millions of dollars of blackwell so it is going to be an incredible thing but demand is incredible. liz: how big is the backlog for the hopper and blackwell system. the successor, are you seeing any customer behaviors that says we will wait for the newer

lack well modeled? >> people are modernizing data centers. they need to get going. what i advise people to do, they are doing that, we are going to create new systems every year, there will be something you you can purchase next year and then cost average your way through. the reason it is cost averaging as if we increase performance every year effectively are reducing cost for any amount of computation you want instead of the classical data centers. several hundred billion dollars of go into machine learning and ai systems. we have hundreds of millions of dollars that we will do the next several years. liz: for all these companies whether they are tech or basic

enterprise spending on ai, $350 billion. the 800 pound gorillas in the ai space who are desperate for your chips, meadow, google, microsoft, i would love to know how orders are filled, who gets preference? does it go by who ordered first-order size of the customer? >> if you don't place an order it is hard to fulfill that. most have placed orders. we tried to be fair with every one so they could all get their ai infrastructure up and running and make sure their infrastructure is ready so between us and them, no since shipping computers of the data center and power and readiness of the system is not there. we work with all our hyper scalars, and at this point

everybody has stood in the blackwell systems. oci has shown pictures of it, google has shown pictures of it. i think it was last night. saudia announced they will have previews for their customers pretty soon and they 've got their system up and running. everyone is proud of the system and we are racing get to get there. liz: we are talking hundreds of thousands of people dying to get their hands on them. can i get clarity on the question of the overheating, the report that said some of these were overheating. if it is true, and a rack problem. they are to the right.

>> it is probably somebody doing engineering integrating systems. in the beginning there are all kinds of issues. we are just doing engineering. we know how the blackwell systems work and all the technology works because four of them are standing up. a lot of them working in our country and within customers companies. and in good shape with grace blackwell production but we have thousands of engineers doing things so i am not sure what they heard but it's a non-thing. liz: it is a long way from 32 years ago when you founded the company. as you begin to see this come to fruition when it comes to generative ai i am interested

to know about pricing. you did say a few quarters for fiscal year 26 of the you would see some issues fulfilling these orders, how do you keep that the same? >> we always do pricing based on value delivered. we are rigorous with the simulation of these ai factories. the way to think about this, here is of this machinery and you apply energy to it and what comes out is ai. we call it generative ai. in a lot of ways it is like generating electricity in the last industrial revolution, the large machinery called ac generators that produce electricity. we are now producing this miracle called artificial intelligence. liz: you said you are transforming every industry around the world and we see that.

you have the loudest voices in silicon valley. ai has hit a wall, it has plateaued, it can't go further now. name two reasons, due to lack of gpus and training data almost like he was pointing the finger at nvidia that you are not getting these out quickly enough. what do you say to that? >> demand is greater than supply. we need to get more out. we work with thousands of start up companies called ai native companies. from the ground that they are built to be nai company from the ground up. this is a company we developed, capabilities and products and services. it is hard to keep pacitti and

infrastructure available for every one of them. that's the reason we are ramping blackwell so hard. with respect to ai, there's fair discussion about scaling laws, scaling law says the larger the model the more data you treat it within the more computing you need, the more effective the ai becomes so that is where we are with respect to the demand out there. we are running as fast as we can. liz: you are standing pretty tall and holding ground, the outlook is impressive too. customer bases in india and the you have to hold back on china depending what regulations are in the united states. the middle east had some real

ambitions here. >> in just about every single country they realize their nation's data, their language, the digital language and codes there nation, and they now realize they have to take the digital data, 2 nations intelligence. they have to do it themselves. they have enjoyed, largely in the united states. whether in the west or the east, every country jumping onto the ai revolution. liz: what do you say to people who are concerned about this?

they believe ai will turn us into digital slaves and the machines will rise and control all of us. you've had these discussions before. what is your gut reaction to that? >> ai can do a lot of our tasks. they can't do 100% of our jobs. the big idea, that ai would do one hundred% of somebody's job is very very unlikely and impractical any time on the horizon. and i will do 20%, 30%, 40% of 100% of the jobs in the world so that means ai will revolutionize everybody's jobs. it is really important that everybody should learn how to use ai. they are not going to lose their jobs to ai. they are going to lose their jobs if it happens to someone who uses ai.

that is the most practical way of thinking about it. jump on ai, i encourage everybody to use it. if you hadn't had a chance to use chatterjee pt or perplexity, these are incredible, you use that every day. liz: i would imagine you do. don't replace newscasters and journalists. >> you are in great shape. liz: thank you very much. we appreciate it. in the wake of nvidia's report have you seen the subsequent price action? there's a warning signal for all investors. the training hurts compass can be way off. the options market predicted a massive post earnings move that never materialized. the top nvidia analyst, bank of

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liz: fox business alert, dow holding on to 503 points after gains. with the closing bell ringing in nine minutes, bitcoin continues trading 24/7, and right now it's at $97,755. it came within about 1600 of 100,000 per bitcoin earlier today to. the right now it's gaining about 3.4%, and it really is spreading like fire to the other names in the space and, of course, it was triggered in great part because sec chair gary gensler posted on twitter earlier today that he will step town from his post many january when president-elect donald trump gets into office. so as we look at bitcoin, let us spin it forward and look at some of these names. marathon digital right now is having a really strong session, up about 5%. flip it over to hodl, that's one of the bitcoin, spot bitcoin etfs, the vanek bitcoin trust is up 3.8%.

we should look at ibit, the ishares spot bitcoin etf you have about 3.6. but they saw never if before seen, those are their words, money coming in. i believe it was just about 48 hours ago, into this etf. of course, donald trump has said he is going to go all in on crypto, that he will be the crypto president. and let's look at the proshares bitcoin strategy etf going about 3.6%. we should look at nvidia at the moment. nvidia shares, very interesting price action here. earlier in the session right after the close it hit an all-time, intraday high of about $152.89. then it went into the red. it is now up just about half a percent, just over half a percent to $146.76. finish what was interesting is the price action not just today, but ahead of the quarterly results which came out after the bell yesterday. ahead of the results the options market was predicting a pretty

massive 9.8% swung in either direction -- swing in either direction once the earnings were released. if that were to have come to the pass, it could have resulted in a near $300 billion change in nvidia's market value. while analysts were expecting that move, we can't get it.. -- we didn't get it. not even close. let's bring in one of the top semiconductor analysts, bank of america's senior semianalyst, he's got a buy on the stock or -- the semi analyst. you just heard jensen huang, the founder and ceo of nvidia, articulating this unbelievable strength and the good problem to have which is we've got so many people waiting in line, they go across oceans at this point. sovereign companies, not -- sovereign countries, not just companies. what jumped out at you in that interview? >> thank you, liz, for having maine i think the nvidia thesis is that a.i. is really the best neighborhood in technology, and nvidia in our mind is the best

positioned and the best value in a.i. i think it's as simple as that. and what jumped out at me when listening to their call yesterday and then the interview that you had is, first of all, the trend is real and durable. this is not a one-year cycle, you know, this is a cycle that can go on for ten years. it's not just cloud service providers, it's enterprises, different countries, states and regions. everyone wants to have their own infrastructure. we think that requires the con conversion of nearly a trillion of deployed infrastructure to accelerated infrastructure, and that can go all the way until the end of this decade, number one. number two, this is not just a chip game. you need to have scale in silicon, in systems, in service ware, in the supply chain, and there's only -- in software, and there's only one company that can bring all of those together because it requires a turnkey model. you have to put all of these pieces together. so i think it's really that combination that it's a real and durable trend that we think lasts for many years, and we

think this company is on the forefront of delivering this and partnering with their key customers. liz: i mean, the eye-watering jump in revenue year over year from $13.5 billion to $a 35. 908 billion this time around -- 35.08 makes me wonder what's your projection for the current quarter. we know what jensen's projection was, but what are you looking for? >> sure. liz, i think it helps to look at, you know, what the trend line has been and what is actually driving this growth. if you remember, the semiconductor industry and, in fact, the technology industry has been driven by moore's law, right? and what was moore's law, that you were double the entity of transistors every 12-24 months. but in -- many look at the new fields of large language molds, the underlying demand and technology needs are changing 4-5 times a year, right? so this is unprecedented level

of change. and even when nvidia says their coming -- they're coming out with products every year, they're already slower than the pace of which the technology is changing. and if to drive insights from all that data, it does require a lot of up front computing infrastructure. so broadly speaking, we think the demand for accelerator chips this year is going to be 100 billion, we think the it doubles to 200 bill next year, and -- billion next year, and by the end of the decade, we could be looking at $4-500 billion in accelerator chips. that's what i meant by a multiyear trend in transforming the global infrastructure. liz: we mow that meta has put in a massive order, some of them the current iteration, the-er. but xai and elon musk just built that the huge a.i. data center in nashville to run his xai platform of grok, that chat bot. everybody is rushing here. so there are people at the back of the line, maybe smaller companies, who might get frustrated and start going to

other companies. who's sort of the next best thing? and i know there's a huge gap between nvidia having this huge lead and everybody else, but oceans rise, empires fall as hamilton said. so i'm just wondering who could possibly get close to this empire at the moment. >> sure. so the large companies, you know, whether it is amazon or microsoft, each of them have internal custom chip options, so they will work with the likes of marvell and broadcom. some of them will also look at amd. there are, i think, at least 30 or 40 start-ups who are also -- so it's a fairly competitive industry. but when we're to look at market share right now, nvidia's 80, 58% of if market -- 85% of the market. the last few single-digit percent is from these start-ups. but if i'm a start-up, right, first of all, to prove my

business model i first need to show to my vc that i have access to enough of this computing demand, and i cannot bid that cluster internally, then i have to go to many of these public clouds, and that is why you see the microsofts, amazons and googles of the world wanting to build this computing infrastructure. it's not just an internal workload, they have to be prepared for all these start-ups who want to build these applications using generative a.i. so the field is competitive, but what you will see is in most fields of technology nvidia tends to keep 80-85% market share. liz: vivek, we're paid to look for so-called black swans and potential problems. it's not nvidia i worry about. her very exposed to taiwan semiconductor. for people who don't understand, nvidia designs the trips, taiwan semi fabricates them, puts them together. do you see any concern at all

about possible black swans? >> yeah, i think in semiconductors we have a global industry that is extremely profitable, but one reasonst is profitable, liz, to you are your point is that there are -- to your point is there are these kind of pools of excellence, right? you have certain group of companies who are exceptionallingly good at designing whether it's nvidia, broadcom or others, there's another group of companies exceptionally good at manufacturing, some which is exceptionally good at packaging and memory and so forth. so i think alignment between all of them is extremely important. if any part of this chain breaks, it's tough for the entire industry. i would say more than that, what we also keep an eye on is what is the capital spending intentions for their customers. liz: vivek arya, my thanks to you. dow looks to close up 461 points. we will be right back here tomorrow. ♪ ♪ larry: hello, folks. welcome to "kudlow," i'm