an area and it's a sector whose earnings are expected to grow 11, nearly 12% for the next three quarters maybe closer to 14% for the year. i like lilly, merck, johnson & johnson and they pay you a dividend as well to own them and they are all on sale between 20-25%. taylor: tell that person to stop calling you. brian: i think it was jensen huang on the phone. >> it's scott shelledy calling. taylor: kenny polcari, awesome, thank you so much. two hours to go until the closing bell. jackie, equity markets are closed tomorrow bond markets closed tomorrow at 2:00 p.m. for the day of mourning. we'll reopen on friday so there you have it. jackie: president carter's funeral tomorrow. forgot about that one sorry. sending it over to charles. charles: thank you, all, very very much and good afternoon. i'm charles payne this is "making money."

breaking right now, stocks under pressure, bond yields continue to fire higher, higher and it's also continue scuttlebutt over the impact that trump administration policies. you know, why i'm worried about certain dangers including the mainstream media and its news outlets. yesterday the washington post today cnn. brace for all those kind of things over the next four years, as far as the markets are concerned, you just heard about the conversation, nvidia, jensen huang, slamming quantum computing stocks. i think kenny is right to a degree, nevertheless technology continues to be amazing overall. we're going to talk a lot about these catastrophic wildfires breaking out here in los angeles. the l.a. fire chief warning that they are growing and so far uncontained and there are two confirmed deaths over a thousand structures destroyed thousands and thousands of californians under evacuation. the failures behind this , i've got a power panel to warn why, you know, this could have been

prevented. all that and so much more on "making money." so, i'm doing the show today from los angeles where on your screen, these raging and uncontrolled wildfires have already killed two people. they destroyed countless homes, residents. displaced thousands of people, and you know, i can't explain how scary and dangerous this is so last night as my plane was descending into lax, the airport, i could smell the smoke. we were 20 minutes away in mid-air, you could smell the smoke as we approached the airport so of course our thoughts and prayers are with everyone in harms way, and on that plane by the way, one family had lost their home. one family's home was in jeopardy and a lot of people while i waited in line to board the plane saying that they are just frustrated that so much of this could have been prevented so later on in the show we'll bring on our most powerful power panels to discuss that and some

other economic economy meets common sense and policy. that's where the stock market, another day of pressure. mostly due to a lot of non-stop scuttlebutt over trump's policies but also, more importantly, really, this 10-year bond yield continues to march higher and higher and higher, so you had a couple of things. on one end this is intriguing, because the federal reserve doesn't often talk about the stock market. certainly valuations but fed governor lisa cook actually voiced concerns over valuations. that's worrisome. on the other end of the spectrum though, and really, the reason the markets not lower, fed governor chris waller, he dismissed not only these tariff worries, he completely dismissed them but he feels very confident that rate cuts and that 2% target still being in the works so we've got a lot to cover out here from los angeles. luckily we've got some wall street's best we'll start in fact with one of the best. cfra chief investment strategist sam stobell. let's talk about the setup here.

we limped out of 2024 and 2,025 has been a struggle. what is that suggesting to you? >> well first off, i know that you are a reader of the stock trader almanac as am i. we've already seen a negative santa claus rally period and depending on how we close today, we could end up with a negative first five days of the new year, so history would basically say, yes, because of that it could be a challenging period, even though 75% of the time, when we did have that double down of the indicators, the market was still higher but by less than 3% on average, so i think it just indicates the uncertainty that is abounding in the market today. charles: by the way i had jeff hersch from the stock traders almanac yesterday and he did say it would supercede both indicators the january barometer so we finished the month higher and that could bode very well for the market for the rest

of the year, particularly considering we do have challenges. at the top of the list is this 10-year bond yield and i've been talking about this for a long time. first of all, i'm not a big fan of bonds haven't been for a long time. i've asked folks to move away from the 60/40 portfolio but more importantly they were zigging when they should have zagged after the first rate cut we were up 50 basis points, 70 basis points and now more than 100 basis points and everyone has theories. what's your theory driving the bond yields higher instead of lower like history suggests? >> well i think that it's the uncertainty surrounding whether we will or have got inflation at this point. yes, i think that we're in the right trajectory during 202s on inflation and i fear that the upcoming reading for later this month regarding the december cpi/ppi and pce will also show a backward up-step in inflation and so that could be a bit of a concern and

if we do see tariffs, deportations, et cetera, i think investors are worrying that that will increase inflation and as a result, investors are saying that that's what's going to happen to the 10-year yield. charles: i think that it's ironic because tariffs are in place right now. they've been in place since the 1700s. we deport people every single year who come here illegally, and i'm worried about the hype factor. although, although at the end of the day, if it proves to be unjustified, and send this market higher. have you made any adjustments to your portfolio based on these concerns? >> no, i have not. and also i guess based on what you just said it reminds me of the song by chicago, "does anybody really know what time it is." does anybody really know what is driving the stock market. they can make assessments but in the long run we might find out that those assessments were incorrect, so my belief is i'm still a bull with a lower case b. i still think that the market

will be higher by year-end 2025 but i do think that volatility will be picking up quite a bit this year. charles: so let's go over some of the ideas that you like. by the way i'm on board with you with the volatility thing as well. we looked even today some of the names that are down, i think mostly are "victims of the huge success they had" so folks buckle up, but you're saying hey. there's opportunities here. i know you like kinkedder morgan for instance, gillead science and rpm international and most of the audience is probably not familiar with that. >> it is a specialty chemicals company, and we recently lifted a buy recommendation to the promising margin expansion and expected favorable volumes that after rpm reported strong organic growth recently in all segments for this quarter, so a group in the materials sector that's an under performer, our feeling is its got nowhere to go

but up. charles: gillead science is one of the pioneers in biotech, i gave up on the space although it was hot last year. it's hard for me to know the winners and losers from biotech. >> i like to look at both fundamental and technicals. our lawry research group which is a technical research firm looks at power rating relative strength and gillead sciences is among the leaders in the healthcare space and the oncology franchise is making solid progress from a fundamental perspective and the momentum is behind it. charles: kinder morgan real quick, with 20 seconds. what's value proposition? >> strong balance sheet, good project backlog, demand appears to be back to pre-pandemic levels, and if we do drill, drill, drill, price might go down, but the transportation of energy will likely increase. charles: i like that. hey, sam, thanks great to have a voice of reason and someone so

highly thought of on the street to help us. really tough particularly being here in l.a. i want to bring in wealth enhancement group, senior portfolio manager and first and foremost we're here, in los angeles, you live here. i gotta tell you. living in new york, living in new jersey, working in new york, i had no idea. i had no idea until i stood in line to get on that plane last night how intense this was and as we approach and people were checking their phones to see what was happening with their neighborhoods, someone's house went down, their friends lost their house, i mean, their families people stuck in their homes, their sons and daughters. you live here. talk to us about that. >> sure, i've been glued to the tv just as much as you have and also glued to my phone just to hear about friends and family. i do have my sister-in-law whose closer to the fire and she was evacuated. i have friends who live in the pallisades, and co-workers that live there and they have been evacuated.

charles: your office is near that? >> absolutely i can see the fires from my office window so its been pretty devastating to just continue to watch it and all the smoke just billowing into the air. charles: well, obviously, our thoughts and prayers are with you and everyone else. the market has been started off pretty, not too great, right? listen. there's this talk, obviously you had these two magnificent years back to back. it's rare to have a third year as strong and so we've got a big divide here. on one end it's intriguing because wall street firms came into 2024 universally negative. everyone thought it was going to be an awful year and this year they came in cautiously optimistic and all say higher markets for the year because they don't want to have more egg on their face chasing the market higher. where do you see this market? >> sure so we're in the first year of a presidential year, and so usually, those years tend to be positive. now, we think it's going to be a positive year in 2025 but the path to getting there by the end of 2025 is not as smooth

as we saw in 2023 and 2024 and the magnitude isn't as large and we're already seeing it in the first few days. charles: is that an issue for you? i know you have clients i'll give you an example. on november 20 i mentioned quantum stocks that go up huge. i've come back and saille took profits and we'll buy them on dips. people buy when they hear you say buy but the greed, in other words, like what did i do now? what do you mean it was up a thousand percent? you didn't take any? are you having trouble getting people, getting investors prepared for a more rocky market after the last couple years felt like smooth sailing? >> sure. i think expectations always is an issue, right? level setting expectations for clients and for investors in general. everybody feels like things should go up forever, but -- charles: and in a smooth line. >> yes, absolutely and they don't. we have to use those opportunities when they do come down to buy, and not to chase after every all-time high. although investing in all-time highs shouldn't scare you away from the market either.

charles: right and the most important thing is not to panic. i think that's the most important thing. let's talk about ideas that you have here. salesforce.com. you talk about an amazing story. mark bennioff, who everyone loves on wall street. earlier last year people were like maybe there should be a new ceo. stock was down 14%. they got these a.i. agents. is that reason you like this? this seems like its made all the difference. >> absolutely, agent force and, you know, they are providing an update to agent force in the coming weeks so by the end of the first quarter they have a new version available with incremental features that will be available and i think this is going to continue to drive salesforce for quite some time. charles: lockheed martin i guess the defense budget, you know, where we are, the world i was going to say the world is on fire, that's not a great analogy today but this is a real shakey geopolitical situation. >> absolutely. yet the stock has come down quite substantially. charles: what do you attribute that to? >> a lot has to do with the level setting of expectations again. they provided an outlook through

2027 that miss investor expectations but i think now, it's at a much more attractive valuation. charles: exxon-mobile, you know, listen. crude oil trading in a pattern, but it's starting to break out a little bit. we had david bahnsen on last week who loves oil, a big trader there and he says he's comfortable with this range as the drives force for oil stocks. i guess you are too? >> absolutely. you know, in the first year, of the trump administration it was not energy wasn't a great place to be. we think it might be a little bit different this year. charles: yeah, well we know it's going to be drill baby drill. before i let you know what's your top concern? >> top concern i think for us is just the overall balance between growth, inflation, and the fed. i think that sums up 2025 and then all of the policies that will come up, all the headlines that might, you know, pop-up and create that volatility. charles: yeah. it's great seeing you. be safe. >> you too. charles: folks so much intentions has been made on big tech stocks but a.i. names also

going unnoticed as well. i consider beth kindick the absolute best en it comes to this. she's here to share her thoughts on what's been a consequential week at ces, and her picks are next. investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

(vo) weight loss. for so long, i felt stuck. but zepbound means change. zepbound is for adults with obesity, to help lose weight and keep it off. activating 2 naturally occurring hormone receptors in my body, it works differently. it's changing what i believe is possible when it comes to weight loss. it's changing how much weight i lose. up to 48 pounds. and changing what happens. don't take if allergic to it, or if you or someone in your family had medullary thyroid cancer or multiple endocrine neoplasia syndrome type 2. tell your doctor if you get a lump or swelling in your neck. stop zepbound and call your doctor if you have severe stomach pain or a serious allergic reaction. severe side effects may include inflamed pancreas or gallbladder problems. tell your doctor if you are experiencing vision changes, taking a sulfonylurea or insulin, having suicidal thoughts, if you're nursing, pregnant, plan to be, or taking birth control pills.

side effects include nausea, diarrhea, and vomiting, which can cause dehydration and worsen kidney problems. zepbound means change. and when it comes to weight loss... change is good. discover the weight loss you could be bound for. talk to your doctor about zepbound. at harbor freight, we do business differently from the other guys. we design and test our own tools and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love.

let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation

that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ charles: you know, for years, the ce is was like the place you had to be every year and for me it just faded away but this year it's the superbowl, the world cup, the world series all tied into one, so, you need someone to really understand what's going on. lucky enough we've got that person i'll bring in io fund lead tech all a list beth kindig. we've got to start with jensen huang, he was the center of the universe, moving markets and

listening to his presentation and a lot of it is still i'm trying to understand, but it felt like a blitz. he's going after everything and the company wants to dominate everything and yet, the stock opened a little higher yesterday and then was hammered. what's going on? >> hi, charles great to see you. i love buy the dip moments in nvidia. i live for those buy the dip moments. there were certainly monumental announcements coming out of ces. i'd point toward the personal a.i. supercomputer they announced to put it into perspective, for about $3,000, they are going to be able to handle a.i. models of up to 200 billion parameters. on the market today, qualcomm's $1,000 aip c can handle a 13 billion parameter we're talking models 15 times larger. this is monumental because many investors have expressed concerns about big tech companies not showing enough revenue, not having those big flashy applications that are pulling in all the revenue.

this facilitates that because not only can developers support a.i. from the developer side, but consumers will be able to use more a.i. applications so that was a monumental announcement coming from this week. charles: what about the robot stuff? i'm really pumped about the robot stuff. >> i think the words nvidia and robots should be said more together because i have always had the contention when it comes to autonomous vehicles, nvidia, the leading robotics and simulation company, would have the lead here over a company like tesla, and that was, you know, a big debate many years ago. tesla, tesla, tesla. all investors should be sitting up in their seats right now and see that nvidia not only is the common denominator with a.i. data centers. they will be the common denominator with autonomous vehicles. charles: you know, another interesting thing, exciting thing was microsoft saying they are going to spend $80 billion.

you just talked about what wall street has been griping about. one of the big gripes all of last year and the reason all these experts on wall street said bail out of the winners and find a good growth value stock was that the zscalers couldn't keep it up. you know, that news is absolutely phenomenal. talk to us about demand for blackwell and these other chips? >> oh, boy, charles. pay attention to those big tech capex numbers. they are communicating something very important which is that demand remains as we go into 2025 even monumental, perhaps, from this last week, was that jensen huang said blackwell is going to be on time, that it's being qualified and in production at every cloud service provider. those are music to every investor's ears. nvidia has led this market. this historic bull market for two year. we want nvidia to be on time. they confirmed they will be on time and we're getting confirmation that microsoft and many others are ready to spend. that sets up a great market

for a.i. come 2025. charles: beth? a lot of the names moved on this. a lot of smaller names i think were introduced during these presentations by jensen. aurora innovations for instance is one of them. you know, there's a feeling that these large names are going to eventually dominate and own all, everything and all these, you know, budding spaces but is there room as an investor for some of these smaller names to emerge and get a piece of the action? >> yes. resounding yes. especially when we look at nvidia so now we have these big tech capex numbers. we know blackwell is on time. what my firm is really looking very closely at is the a.i. networking stack, and that's because basically you have to realize that a.i. models are driving an exponential increase in requirements and that means that it's reaching the limits of the existing network. the existing network as you know today has to be overhauled and we know exactly when it has to

be overhauled. it's when black well arrives so there's many little components suppliers within the a.i. networking stock that we think will hit it out of the ballpark this year. charles: so as we move away and, you know, the hype phase of this goes away, you've already, you should see all the notes i've written as you've been talking by the way. what should we anticipate then next? are there distinctive now winners and losers from this and i'll give you an example. amd, there's always a hope they will get it together. they have done extraordinarily well considering years ago, intel had lunch regularly and the ceo is getting a lot of applause but the stock is struggling and it got a downgrade today. amd, taiwan semi, are the distinct winners and losers right now? >> that's a great question. nvidia is going to be the leader in 2025 and it's because of what they're doing with their product road map. they are moving a.i. systems

from # gpu's to 72 gpu's these other players cannot keep up whether it's custom silicon from broadcom or amd. however, keep in mind, charles as this continues, the pricing power that nvidia has almost pricing power will com moment will occur so give them that time. i would say 2026, 2027 i would not give up on amd, but with that said, right here right now, this is nvidia's market and it continues to be. charles: i'm so happy we were able to get you on today, beth. learned a lot just from our short interview. because to your point this is the place to be, this is where the money is made and where society is changing and i'm glad we have you helping us understand it. thanks a lot. >> thanks charles. charles: you know, folks. the problem with the headlines like the one that started us off today from cnn on trump's tariff plan is they aren't breaking news. they aren't breaking news, but get ready because it's going to

happen a lot. they are going to move markets and they may actually lose you money. i'll explain and try to caution everyone right after this. morikawa on 18. he is really boxed in here.

not a good spot. off the comcast business van. into the vending area. oh, not the fries! where's the ball? anybody see it? oh wait, there it is! back into play and... -oh no, it's in the water. wait a minute. are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business. ♪ whenever heartburn strikes, get fast relief with tums. it's time to love food back. also try new tums gummy bites. your loved ones are getting older, and they need your support. care.com is here to help. it's an easy way to find background-checked senior caregivers in your area. and some piece of mind. see why millions of families have trusted care. go to care.com now

your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. our advanced matching helps find talented candidates, so you can connect with them fast. visit indeed.com/hire wave hello to zane.

he's king of the... ping. for every 1 sentence spoken on a call, he has 3 comments 2 memes and 4 emojis to contribute. a flood of positivity... during every. single. meeting. but oh how his passion for product management takes your team from level zero to level... zane. you need zane. zane needs benefits. work with principal so we can help you help zane with a retirement and benefits plan that's right for him. let our expertise round out yours. charles: the economy, it was debate on just how strong it was last year, and certainly this year, that debate continues, and its becoming even more complicated. lucky. we have neely tamminga to join

us. let's just start with jobs because we've got the jobs report friday. adp out today. the adp number, missed wall street consensus but i think for me some of the more interesting aspects of it, the job growth and the same sort of areas, education, health services whereas something like manufacturing losing 1 1,000 jobs and losing jobs for three months in a row. your assessment of where the jobs market is and where the economy is? >> well you know, upfront, you're right. you're assessing exactly the right thing and that certainly has been the case out of the bureau of labor statistics data as well and that is the number one question anybody watching labor data in 2025 is. can you actually right size or budget size the healthcare social assistance, education, job areas while also boosting the private sector manufacturing, energy, and consumer services. you know, can we get a balance

of that as we transition from a biden to a trump economy? and that is, it's a big question, but this release isn't going to actually give us that answer. this is the transition release. these are the transition releases. charles: so what will you be looking for? what will you be looking for mostly on friday? typically i'm always looking at participation, right? i just want to see that people are looking for a job, first and foremost, and to me, weekly hours. i think that's underrated. we know employers let people go and at the same token if things get tight they are giving them less time. >> we agree with your metrics there, but what we would add to that and this has been a theme in 2024 of looking at the age cohort of the 20-24-year-old age demographic in what's going on in their employment. recall this past year, we saw unemployment rates reaching 8% for that age demographic overall and why does that matter? up 200 basis points versus

the prior-year versus 2023 and why does that matter? it doesn't matter just because they are the next generation but it is potentially a sign that corporations are willing to take longer term bets on their labor capital because that's an investment area, so we're looking for that age demographic as well as a leading indicator to the willingness to spend on labor capital. charles: and of course you always kind of lean toward that social impact of these numbers. one reason you're one of my favorites to have these discussions with is we're not just talking about numbers and differently, right? these are people, human beings and many of them are struggling and that's why we had the election outcome we had that shocked all of the experts. speaking of experts and i use it with air quotes, the federal reserve. what's happening with bond yields? are bond yields moving on anticipation of economic outcomes or should economic outcomes move bond yields? i'm so confused at this point. >> you know, my two cents on

this matter and i don't consider myself at all one of these experts, but my two cents on this matter is the markets just not convinced we've actually tackled inflation and chris waller, you know, fed reserve, was out today saying hey. more cuts are coming i think is the exact quote that went out there and that he does think we're making progress on inflation, which puts our attention on next week's cpi and ppi releases just square, you know, in the crosshairs, in the sights so i think we need to be look at that data closely next week. charles: so you know we talked about the societal and what's happening in real life, homeownership. the dream of home ownership fading away particularly for that young cohort you just mentioned. we look at some of the housing information, just in the last week. market index on purchases, down every week. year-over-year down 15%, refinancing is down almost 6%.

it's just the dream of home ownership from an economic point of view and also just from this idea that it's a part of being an american. it feels like it's really slipping away. has it slipped away to the point where it doesn't make even sense anymore economically? >> you know, it probably is going to be a little rockier before it gets better and there's two things to consider both the negative and a positive. on the negative side, recall our student loan repayments officially went back into play at the end of this year, and that means that those loans are going to start showing up on the credit reports and the credit reports show the delinquencies and so if that's the case, then perhaps the ability to borrow might be constrained which is also behind some of these numbers. now, what's the positive that can come out of this? perhaps we go back to the old days remember the show three's company? maybe we actually have people who live as roommates, which

could actually open up some capacity to spend on discretionary side so we're looking for some of those behaviors that can come out of something bad that actually might be able to lead to something good so we're watching for it. charles: if i was 22 i'd take that three's company setup, if i was the guy but i don't want to digress too much. knthank you very much i apprecie it. i want to take a second to talk about today's session. so for the second session in a row, the market opened under the influence of a new story, right? based on scuttlebutt, over the intentions of the incoming trump administration. now, yesterday, president trump quickly shot down that washington post report that his administration was going to pair back on tariffs plans. well then today, this morning, cnn goes the other way and saying that trump 2.0 is preparing to use emergency powers to bypass congress with these aggressive tariff plans. now here is the problem with these, right? neither one of them were really news. in fact one of them wasn't news at all and the other one was not

breaking news, so let's give you an example. these international emergency economic powers come from the act of 1977 jimmy carter was president, and it's not new. in fact trump had threatened to use these back in 2019, so a lot of reporters do this , when they use anonymous sources or just want to make up a story particularly if trying to create the narrative out there. they will take something that's happened before and say they may do this. of course they could do it, maybe they will do it, but i doubt cnn has anybody in the trump administration they are talking to after they actively campaigned for trump to lose. same thing with the washington post. i wouldn't take anything they say with a grain of salt except they do move markets. we saw this a lot the first trump term, folks, and it hurt investors a lot. often these stories were retracted. later, much later, you know, you get the headline on the front page and the retraction on page 52 of the newspaper. so, you have to be extraordinarily careful and as far as tariffs are concerned i'm going to go in deep detail when i get back in the studio

next week but we have tariffs, they have been around since the 1700s. this is not something new. in 2024 by the way, ed tariffs wasn't just america. canada went to 100%. the eu went to 35%. saudi arabia put tariffs on ev's and e-bikes in the great britain and the eu put tariffs on e-bikes, and semiconductors. the bottom line is they have been used. more aggressively. last year used very very aggressively and the trump tariffs stayed in place under biden and biden made them tougher so i think the hype over these are just please don't lose money in the market or sell a great stock because you're worried about tariffs or the latest headline. same thing with a whole lot of these other stuff folks. i really am worried about the role of news and news media on your portfolio this year and i think the last 48 hours proved that, but here is the good news. my town hall, unbreakable investor in the new guilded age as we meet the new mckinley era will air thursday, january 16,

live in new york city. we're on the cusp in my mind, and president-elect trump said it a new golden era for america. i think it can happen. i think we can unleash economic prosperity that could last three decades. that's what happened after president mckinley came into office. many people don't know about him. i'm going to educate you on him and the amazing parallels to donald trump. so, come. you want to see this live. join me, in new york city, in the studio, go to foxbusiness.com/charles paynelive. all right, folks, quantum computing stocks are getting hammered today. jensen huang took them to the woodshed. is it a buying opportunity? my next guest has names he likes and he will tell you why the smartest guy in silicon valley may have this one wrong. we'll be right back.

(traffic noises) (♪) the road to opportunity. is often the road overlooked. (♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. known for sharing what you love. no one wants to be known for cancer, but a treatment can be. keytruda is known to treat cancer. fda-approved for 17 types of cancer, including certain early-stage cancers. one of those cancers is triple-negative breast cancer. keytruda may be used with chemotherapy medicines

as treatment before surgery and then continued alone after surgery when you have early-stage breast cancer and are at high risk of it coming back. keytruda can cause your immune system to attack healthy parts of your body during or after treatment. this may be severe and lead to death. see your doctor right away if you have cough, shortness of breath, chest pain, diarrhea, severe stomach pain, severe nausea or vomiting, headache, light sensitivity, eye problems, irregular heartbeat, extreme tiredness, constipation, dizziness or fainting, changes in appetite, thirst, or urine, confusion, memory problems, persistent or severe muscle pain or weakness, muscle cramps, fever, rash, itching, or flushing. there may be other side effects. tell your doctor about all medical conditions, including immune system problems, such as crohn's disease, ulcerative colitis, or lupus, if you've had or plan to have an organ, tissue, or stem cell transplant, received chest radiation, or have a nervous system condition, such as myasthenia gravis or guillain-barré syndrome. keytruda is an immunotherapy and is also being studied in hundreds of clinical trials, exploring ways to treat even more types of cancer. it's tru.

keytruda from merck. see all the types of cancer keytruda is known for at keytruda.com, and ask your doctor if keytruda could be right for you. ♪today my friend you did it, you did it♪ pursue a better you with centrum. ♪ it's a small win toward taking charge of your health. ♪ so, this year, you can say... ♪you did it!♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management.

lock in let's go. rated e for everyone. [rock and roll music playing] xfinity. made for gaming. rewards members, get early access to an ea sports fc25 kit. visit xfinity.com/rewards. charles: so quantum stocks taking a quantum hit but my next guest says really the challenges these stocks had such a massive price appreciation in such a short period of time maybe that we're sitting ducks so to speak but he's bullish. i want to bring in wealth consulting group cio jim morning. jim, i said earlier in the show just off the cuff. i got an e-mail from someone, you know, a lot of people bought

the stocks and i've been saying for the last week, hey, you know, i had my subscribers, we're going to buy them on dips but no one buys them. no one sells, up 500%, go up 600%. two things i want tox we know they made big moves in the short period of time but this move down from jensen huang. do you agree the time horizon is potentially 15-30 years for these things to be relevant? >> good to be with you charles. yeah, i don't know if it really goes out that far, really. this is i think jensen huang was the one who said this and of course, he's kind of in some ways competing with quantum. you know, they are also collaborating with google as we know but like we didn't think it would take that long for a.i. either, so a.i. happened so quickly. same with self-driving cars. these things often we looked at these years ago and we said

self-driving cars is never going to get here. a.i. doing all this is never going to get here and yet we're here, and so i don't know if it's 15-30 years. it could be more like 5-10 years. charles: i happen to agree with you, jim. in fact, and i keep pointing out. on november 30, 2022 when the announcement of chatgpt, the fourth edition of it, the fourth iteration, 3.5, it was innocuous and just came out and it changed the world because everyone was caught flat-footed and the speeds and power it had maybe on drawing board thought it would happen five years or later. so, i just want to know you do own some of these names? are you looking at some point maybe to add to them on this dip? >> yeah, so, this is something that we're looking at as an investment committee. how do we position these things. it does demind me a little bit

of bitcoin when bitcoin was still pretty new. lots of volatility and so, you know, it's not for your average client. for me, i like buying the dips. i think there's a long-term story here and i think ironically that the a.i. might be able to shorten that timeframe to even less than five years, so if you can use a.i. to help solve some of the issues, that are with quantum, then that might be something that speeds it up. i think it's great that some of these companies are actually improving their fundamentals from a technical standpoint, this drawdown that we're seeing might get support right around here because we've seen this is an area of prior resistance so we might see some support in here, but from a fundamental side, when i put my cfa hat back on for a moment, the free cash flows are getting better. these companies are not yet

profitable. they are certainly far, far away from anything like nvidia or microsoft, but they are small companies and i would not be surprised if they got gobbled up by one of the larger companies, just because of what they're doing. charles: i do believe there will be a couple more moves to the upside, but i think the key is the volatility aspect of it. before i let you go i've only got 30 seconds. broadly on the markets, how are you feeling? its been a little bit of volatility here. how do you think you're going to shake out for 2025? >> yeah, i'm very bullish, charles. so i think that there's a lot of money in the sidelines. consumers are in a very good space. i think it that the economy is probably slowing more than what the markets are kind of, you know, factoring in right now, and the pendulum always swings too far to one side or the other so i think right now, the markets are thinking feds not going to do anything. they are just going to pause

for a long time but i think we might still get two-to-four more cuts this year and perhaps more. it's going to be good for the smaller companies. charles: yeah, it sounds like that's what waller was trying to help us understand. we'll see. jim, thank you so much. we really needed that help on that clarity. folks need hand-holding with these volatile stocks that are great when they are going up everyday but become really worrisome when they start to dip. all right, folks speaking of which these california wildfires, that's a really scary situation. i'm hear in los angeles. i could tell you right now, people are really worried, concerned, and also angry as hell. just how unprepared was the state and the city for this? wait until you hear. i've got a power panel to back it up, next. ♪ they taught me the value of a dollar, and how to use it wisely. ♪ those lessons are forever, and today i share them with all our employees.

it's why i team up with vanguard for our company's 401k plan, because everyone deserves to have someone look out for their financial well-being. ♪ vanguard. fifty years of helping investors be well on their way.

at harbor freight, we design and test our own tools and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love. whatever you do, do it for less at harbor freight. ♪ after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything.

(auctioneer) let's start the bidding at 5 million dollars. thank you, sir. (man) these people of privilege... hoarding the financial advantages for far too long. (auctioneer) 7.5 at the back. (man) look at them — unaware that robinhood gold members now enjoy the vip treatment — a 3% ira match on retirement contributions. (auctioneer) 11 million sir. (man) once they discover their privileges are no longer exclusive... their fragile reality will plunge into disarray. ♪ the palisades and it's an

absolute mismanagement by the city. we've got a city that's burning and there's no resources to put out fires. charles: wild fires ravaging southern california and fire fighters are working best they can to contain the damages and reports of hydrants being tapped out of water and not enough personnel for the job. bringing in heather and fox news contributor mary catherine ham. i'm in los angeles and stand untiling line to board the plane and people coming up to me and telling me the horror stories from the governor and now they're upset with the mayor. what do you think, these sort of things happen routinely in california to be caught this flat footed is really just -- it breaks your heart.

>> it is heart breaking and thoughts and prayers with all the clients, partners and friends on the west coast in that area as well. it's not just the fire, charles, but the smoke, it's the quality of the air, the fumes as a result of that so i'm glad you're safe, but these type of 40-60 miles per hour wind gusts, none of the fires have been contained as you said, the city there's a lot of local residents that are really angry at city officials and costings an estimated $10 billion to repair, and where are they? where are the tax paying dollars that support resources during times of crisis where fire hydrants don't have water or resources to fight this and happened in the past. where's the city when you need them? charles: i'm seeing the stories about dei policies that stop them from hiring white fire fighters and the inability to do proactive things and a lot of folks had a big part of this

problem is catastrophe could have been avoided if politics hadn't gotten involved. >> anything that's causal in the first few hours here and however, what we do know is that california's not great at governance and la is not great at being prepared for such things and there were warnings this could happen several days ago and we've known in the past the santa ana winds comes seasonally and everything was aware of and disaster is a disaster and some terrible things will happen no matter how well prepared you are and set the table as leader in your city or calendar or state with government resources and private resources to be as ready as possible and it's very clear everything was happening here and happening with the special session like the legislator and emergency session and the emergency session was not to deal with actual emergencies and designed to deal with resistance to the incoming donald trump administration. for that administration, they should put a point person on

recovery in california and re-covid rye in western north carolina and -- recovery in western north carolina to fix it as soon as they go into office. >> there's so many topics we're not getting to and going to get here and starting with you, i talk a lot on the show about the birth feraltity crisis -- birth fertility crisis and this was part of when economies change to this point, generational and gender conflicts result in a rapid decrease in total fertility. in other words, our society is a victim of its success and the more successful we are, the more danger we face of not having enough kids. >> the problem is looking at european countries and

scandinavian companies and designed with money and inventives to incentivize families to have more kids and doesn't work out well and the things you would think intuitively don't work, you have to have a cultural change inside your country to support family friendly environments play places at mcdonalds have dis-apriored and they create the villages they do need. charles: heather, i have a minute to go. jp morgan insisting that everyone come bag to the office and everyone got comfortable from the work from home and down to 40, 35, 40%. can we really continue to have the economy that's got us to number one in the world with this work from home policy? i tell you from my old company, i hate it.

>> diamond is not alone in the category and the u.s. largest bank employs 300,000 people and so i think a lot of other banks have or will already follow suits such as goldman was first in 2021 to say hey, come on back by it and then there's city groups for example and there's a hybrid approach but i think ultimately if you want to share a cohesive team and culture and values and ideas i believe it's hard remotely and can't replace the in-person meetings and something to be said from microsoft teams and going to have them reshape financial services and banking industry. at the end of the day, it's in person. charles: heather and kay, so much more we could cover and we will next time. that you can't both so much. liz clay man, ces, best place to be if you're in the tech world or stock market world these