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>> and thursday morning everyone thank you for joining us this morning. i am maria bartiromo thursday january 23 coming to you live from the real economic forum and davos switzerland were attendees are awaiting president trump's comments later today you will do a virtual speech later with bank of america ceo brian moynihan among those set to pose questions to the president after the remarks live this morning at 11:00 a.m. eastern deregulation, tax cuts expected to be top of the agenda stay with us for the speech from the president and the q&a which will come after, your top stories at 6:00 a.m. on the east coast president trump's remarks five hours from now coming on the heels of more sweeping action on the border, the academy in artificial intelligence with the president luring global investors into america saudi leaders pledging the 600 billion-dollar investment into america reaction coming up from carlisle group

cofounder and chairman david rubenstein live and davos futures indicated a mixed opening take about were looking at a fraction with for the dow jones industrial the nasdaq on 114 lower by 12 and a quarter and all-time high as a term probably holds on technology soaring investors buying into trump's trillion dollar plus investments in the last couple of days more on the stargate investment america for micr microsoft, vice chairman president brad smith coming up in the 8:00 a.m. hour. european markets look like this take a look at the numbers in london s&p 100 is down about four points they can't crown and peers is up 24 in the dax index in germany higher by 60 points. in asia a mixed story, the cosby index in korea john wanted a quarter% on the session, the biggest mover there, hang seng and hong kong done a fraction. back at home ice has begun arresting illegal migrants crossing into america the house

passing the laken riley act in a new poll shows president trump in the white house with a 52% approval rating while joe biden's approval rating sits at a two-year low after he left office, georgia the conversation already long strategic wealth partners ceo mark tepper, cheryl casone. "mornings with maria" is live right now. ♪ president trump addressing the world economic forum today and davos said 11:00 a.m. eastern he will speak by videoconference with a short discussion featuring question for bank of america brian waiting and in annable teen among others, trump joining sean hannity for the first sitdown interview for the inauguration in the oval office, he discussed reconciliation in

the importance of extending the tax cuts. watch. >> i like the concept of the one bill it could be something else it could be a smaller bill in the big bill but as long as we get to the right answer. i will say los angeles has changed everything. a lot of money is going to be necessary for los angeles. if they don't work with us on the trump tax cut extending that would mean the taxes will go up more than any tax hike in the history of our country but they will find us on that it's incredible they don't use common sense. in my opinion the democrats don't use common sense. joining me now the cofounder and cochairman of carlisle group david rubenstein the owner in the ceo of the baltimore orioles we were talking about that before you made the investment you do not want to confirm or congrats on that, thank you very much. assess the story for us president trump in office all

his priorities to tapping into energy to extending the tax cut. >> there's no doubt when you get president of 104 years out of office in a chance to think about what you want to do or could have done before you ready when you commit a second time we haven't had this except for glover cleveland and president trump is ready to be president in the second term he is a period of time where there's a goodwill's popularity is high and i'm sure who get most of what he wants out of congress. >> are talking about one or two bills doesn't matter to you. >> it doesn't matter to most people it deals with the reconciliation if you can get one bill it makes it easier because you don't have to worry about the filibuster in the senate i don't think he's going to worry that much or should worry about not getting his tax bill that will get through the other stuff will be more complicated. >> what will be complicated. >> some of the things to repeal for the inflation reduction act may be a challenge, some of the

things to impound spending that might be a challenge. executive orders may be challenged in court congress has it and he would rather have more votes in the house for sure and he is enough votes for anything to go through the foreseeable future and the senate he can get there what he wants. maria: what your take on the macro story, the academy expected to grow by two and a third% the conference board saying it will be helped by improving credit conditions obviously the rising stock market and the increase manufacturing, the international monetary fund is positive forecasting 2.7% growth in 2025, imf managing director join me on the program yesterday. watch. >> the u.s. is doing well and we expect it will continue to outperform the rest of the world. what we see at the heart of outperforming his productivity growth, in the united states

productivity is going up and up every single year. in the rest of the world where activities like sleeping beauty it is there but it does nothing for the economy. >> interesting divergence, yet the united states looking good a lot of optimism, europe not so much. >> postcode for the united states has surged past your use of a bigger gdp because if treated 50 million people board. but now we have a bigger gdp than europe 20 some percent or more, that is because our technology has been so superior to everything in your think about this you cannot get to doubt the day without using american technology, you don't need to use the european technology to get to the day. europeans are using american technology that is helping working technologies they have not recovered from covid quite as much as we did and they did not recover from the great recession like we did europe is not as strong economically as we are and they don't have a strong

leader in europe because of the political turmoil. maria: there is talk of structural change that is needed in europe, do you agree at. >> if they can do structural change that would be great the best thing they can do is combine the eu with great britain that's going to happen but they can have a common currency for all of europe that will because they don't have that if they can have one monetary policy one fiscal policy that would be good but they don't have that we have the advantage with the common fiscal, monetary and only reserve currency in the world that is one of our strengths the only reserve currency people have to buy dollars in the strong dollar is really helping the united states. maria: a great point, let me get your take on private equity in terms of evaluations there's a lot of expectation that we will see animal spirits and ipos and mna will private equity body into that do you think they'll look at evaluation and say i want to take the exit strategy now. >> yes, i do i think private equity firms have been sitting on companies waiting for the economy a little bit better in the m&a environment and ipos to

be better i think it's going to be here and less regulatory oversight, i do think it's going to be close to a golden age for private equity in the next two years or so. maria: what about transparency a group of pension funds pushing private equity firms to open up about fees and investment returns the wall street journal reported that the institutional limited partners association proposes new guidelines by private equity firms your thought. >> the largest private equity traded we have so much information i don't know more that we can get people not every private equity firm is privately traded but the big ones are privately traded and they believe the market and not against transparency but there's plenty of transparency already. what is your take clearly we have the huge investment in a.i. is that where the leadership will be in america or talk to us about the sectors, energy. >> energy will be attracted because president trump is trying to push energy were already producing 13 million barrels a day weather weekend do more that's going to

be a good sector artificial intelligence at all technology will beget defense will be good we have to replenish our stocks that we've been using for ukraine and israel so the defense will do quite well in the defense technology i think those will be strong areas and ultimately homebuilding will be strong to we haven't rebuilt our home stock for quite some time interest rates as they go down for people to buy homes. >> defense is a great point banks are big beneficiary of the d regularly push. >> banks are happy because adela entergy regulatory the person in charge of deregulatory has stepped down from the position and the banks are pretty happy, great to talk with you. >> thank you so much david rubinstein, were just getting started will submit a short break in investing in america, saudi arabia crown prince investing is 600 billion-dollar investment in the usa we will get you the details of the hot topic of hour. you watching worries of maria oe

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maria: welcome back we could get off at the hot topic of the hour, the crown prince of saudi arabia announcing the 600 billion-dollar investment in the united states over the next four years and perhaps even more, share consulting with the details. >> this is a tbd story, good morning to you, president trump and mohammed did speak yesterday, the first call with the foreign leader since returning to the white house the

saudi's u.s. over the next four years through increased investment and trade but no specific details were provided beyond that, the saudi press agency wrote investments can potentially go beyond the 600 billion-dollar number and unprecedented economic prosperity, during the inauguration on monday he mentioned the kingdom. watch. >> the first foreign trip typically has been with the uk but i did it was saudi arabia last time because it agreed to buy $450 billion worth of our product. i said i would do it but you have to buy american product and they agreed to do that. >> saudi arabia want to buy another 450 or 500 we will update for all the inflation. >> you said you're going to end the work.

>> saudi executive wars and talking about the saudi's he spoke with saudi arabian, you spoke with saudi arabian minister of investment back in november. let's watch this. >> saudi investors including the pr including our large corporate pension, the central bank which holds the international reserves has significant investments in the u.s. and hundreds of billions of dollars and that of course will continue because the u.s. is the world's largest economy. maria: how will trump's return impact u.s. relations with the kingdom of saudi arabia and what can you say about the potential for investing in america right now. >> strategic bonds that unite us are too strong for anybody to see them we are bullish in the u.s. for the strong academy that

this has. president trump has secured more than $1 trillion in private sector investment so far, by the way saudi arabia's foreign minister was speaking to davos where you work he credited president trump with securing the israel hamas hostage deal. nevada news break in between the two leaders it is incredible and that's what you get when you have a businessman in the white house somebody who's looking for investment watching "the bottom line" in terms of returns that is the point. >> a businessman that is respected when you look at president trump says i'm not going to hop on a plane unless you come up with 452 back $500 billion in mbs comes back and says let's make it 600 billion this is the same prince that would not take biden's call in 2022. now that we have a president who is pro-business pro-growth whose respected and powerful all of a

sudden the other countries are willing to do business with us into cheryl's point president trump has been president for less than 72 hours and he secured $1.1 trillion of economic investment in the united states that's over $15 billion per hour in the multiplier is much greater than that, the amount of jobs it will create the energy demand that will go to the data center all of that stuff is worth much more than 1.1 trillion to americans. maria: that is right this goes back to policy because businesses whether international or domestic understand that they're going to face very different policies from the white house they are not going to be afraid that they're going to get sued every three seconds and are going out more regulation and fees to pay because he's cutting regulation and taxes that's what this is about these companies want to be playing and the environment.

maria: when you tell a foreign leader like the prince and say, invest in america and i'm not going to hit you with a thousand regulations under the epa all because of climate change, bring all your money here are the rules the biden of initiation said no thank you and when you open it up or get into business in the fairway and what the messages and then the money comes the money flows. i remember when you were in saudi and he first came into power and you sat down with him for the lengthy interview at the conference that's where i really learned about what his vision was for saudi arabia. maria: when we were on the ground they were telling us how they were trying to open up saudi arabia they wanted to make changes around women i don't know how much ground they have been able they have been to move

on that front that was after and that's what mbs told me that day when i interviewed him thank you for raising that, we will slip in a short break, artificial intelligence is a top focus the world economic forum this year we will be speaking with the leaders in the business, quickly advancing the industry the ceo of sap christian klein live in dallas with what he's hearing on the ground and how the market changes with all of this investment we will get his 2025 company and industry outlook next you are watching "mornings with maria" live from the world economic forum and dabo switzerland. stay with us. ♪ and

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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. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. >> welcome back president trump announcing a joint venture with technology tightens openai oracle and softbank they are investing billions of dollars into american a.i. infrastructure the ceo is committing $100 billion to the stargate project upfront vowing to commit $500 billion in stargate over the next four years stargate data center will be in texas where the construction is underway and

this is an investment in a.i. and data centers, joining me to talk more about that the world economic forum and dabo switzerland the ceo of sap christian klein, thank you so much for being here a.i. a major theme, this will impact your company in the entire industry, your reaction. >> is music to my ears in the new president comes in and sees the technology that is a major driver for economic growth and productivity this of all model and here in europe and we invest billions in the u.s. and of course were in for that speculation and with a.i. if it's about oil and gas and manufacturing chemicals all u.s. industries will benefit from it, that is great. >> you agree this goes back to policy investors and policies want to invest because they know deregulation is going to happen. >> as a ceo were you to make investments and when you're

technology company you need less regulation and innovation and that's what i would say many companies also investing further into the u.s. because this helps to try innovation and let's not forget about that in the u.s. some of the greatest companies if they adopted new technology they cannot play into the world and starts with the u.s. and this is a key important move. >> sap the global leader in enterprise application and business a.i. tell us how you see growth in the coming few years because you're talking about major corporation wanting sap but there's a lot of competition to get the business how do you see it plain. >> competition great partners look at microsoft, aws they're very good and large language, sap has a ton of business data critical business data in the two coming together deliver high well on a.i. because you need to understand the business data in

the nonbusiness data to try for better consumer experience or more supply chains were fostering this kind of partnership because we believe are better together, then we can create more value for our customers. maria: what do it budgets look like in your view look ahead 2025 and 2026 are you seeing companies pony up and increase their budget for it. >> absolutely they are in certain parts of the world inflation interest rates are changing and a lot of companies see the technology as a key driver to drive productivity and more growth were confident about it going further to increase and look at economies that are not doing so well they want to use it nai as a lever to overcome the challenges. >> which sectors would you say are more poised to invest and increase their budget for it.

>> a top executive, digitization, work activity and more outcomes of different agencies is key second when you look automotive more and more to tech companies so it's very important on yesterday's company in the same for manufacturing when you look asset management a.i. can do so much to drive productivity these are some of the key industries. >> what a moment in time let's talk about the global economy there's a lot of optimism about the united states for discussint there is disappointment over your what is wrong with your what is holding the european economy back. >> i want to be super free when they do a new a.i. act we have in 27 different member states as well and then you have 28. then your over regulating europe is not a union for digitization in the banking sector and you have a big market but if you're not coming together you will

always suffer, that is the biggest thing and having leaders who want to transform enough to change things, technology is great but you also have the willingness encourage to say we're going to digitize this agency and were more productive that helps everyone, these two things have to come together. >> the leadership of the policy you hit on it a lot of people talking about that being structural in europe structural issues standing in the way one can they do about it. >> indeed when you look at the constitution of your it's not all the power they cannot say we had one a.i. act what's really needed we see this in the united states you need someone who can cut the deals and save us work together and unify your that's really needed her political leaders need to come together for a stronger coalition that is

not the case today. maria: that's absolutely right you don't have one leader in your, great to have you. >> takes a lot. christian klein ceo at sap, corporate, futures or mixed indicated a mixed opening investors are digesting the truck transition setting the expectation for the new year we are talking with ceo ceo. you are watching "mornings with maria" live on fox business from the world economic forum. we'll be right back. [sofi mnemonic] can a personal loan unlock your ambitions? oh yeah. consolidate bad debt and save money for your next goal.

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maria: welcome back but check markets, futures indicated a mixed opening nasdaq down 116, one half of 1% job industrial higher by 29 s&p 500 gone nine points take a look at market so far this year the stocks are higher with the dow industrial up 12% s&p 500, 22% over the last year and the nasdaq up 27% in 2023 from 24 packs group chairman ceo and founder in the co-owner of the boston celtics steve pagliuca with us once again. great to see you, thank you for joining us. what you make of all the investment in the u.s. >> it's incredible the whole talk of davos husband two things investment in america and a.i. and is dominating the conversation. maria: tell me why all of a sudden america looks much more

attractive with president trump's policies. >> basically eliminated regulation will have a lot of effects they talk about a specific housing program in their standard 20% of the housing regulation in both federal and state so loosening the regulations gives people optimism that we can get growth going back again. >> president trump signed a memorandum to deliver emergency price really for making families all executive departments to do the following, the lower the cost, expand supply we've had a supply problem, eliminate expenses and debt seeking practices that increase healthcare costs aluminate requirements that raise the cost of home appliances, create employment opportunities for american workers and eliminate climate policies that increase cost of food and fuel the wall street journal writing trump's agenda could extend the outperformance by making the u.s.a. preferred destination for

foreign investment, that's what we are seeing lower taxes and regulation a cheaper energy but the promise on terrorists get her experts from other countries this is from the wall street journal's, your thoughts. >> the number one thing is supply and increasing supply and less regulation will increase applied because the cost of housing will go down we are very high mortgage rates that are in the sixes and sevens in the country had a supply issue because it takes so long to build things that is so expensive, that to me is 8020 of the program i've not seen specifics that would be 80 - 20 to juggle in the states because a lot of state regulation double housing here or there, the whole country has to loosen up so we can house our people for reasonable cost. >> that goes back to regulation and policies that were too tight to allow the markets to breathe, let me get your take on the a.i. investment $500 billion from the three notable nai joining forces

with president trump of the stargate project, your thoughts. >> we really have to do that china uae, saudi arabia investing billions nai when you look at the state of a.i. today is rapidly exponentially expanding into building the railroad and highway system for country in the next 20 years a.i. can be everything and revolutionize everything, is getting ahead versus other countries is a really big thing. maria: i know you're investing in biotech we talked about this a long time ago tell me about the biotech investment what are you tapping into. >> we started an institute via works for profit but also for good to streamline the process and bring out therapeutics for customers in the best practices of universities and big pharma all one entity by michael belanger breyer and michael

chambers and we're going to put out therapeutics and everybody using a.i. and the best scientists cutting out the compliance cost in the time for raising money in the best of the brightest re-creating about lab basically in our sole focus is to get lifesaving therapeutics out there for people. >> that's incredible what specific areas are you focused on. >> cancer parkinson's and disease that are debilitating us. the other thing that is happening and why this is synergistic with the stargate program a.i. is so powerful that you can use and drug discovery and read everything that's author and say what are areas of drugs that can be used to exist today or new ones built in second bio manufacturing, how do you follow the protein, will this work in simulation, discovery and implementation, that's why we need the high-power computers and we need to think that were putting up of the united states and that will

give us a lead and help everyone's lives in the next 20 years we talked to the ceo and he was identifying a.i. as being able to identify the cancer and target specifically it's amazing to me on a practical sense how does that work. >> the way it works right now you really have to do mouse models and sometimes a human doesn't act like a mouse the need to human clinical trials a.i. can simulate what would happen in the clinical trial, you can run your drug against your molecules in the cancer and a.i. can simulate what would happen to the human body that will turbocharge you won't need years and years and millions of dollars to do the clinical trial you could simplify them, a.i. will help with the discovery of molecules in the implementation of the molecules we invested in liquid a.i. which is a narrow network technology which we

believe out of mit they study the words bring in as 203 neurons are worms brain 333 neurons how many do you think a human brain has. >> you're putting me on the spot. >> a million. >> 86 billion, they study the worms brain and came up with nero network technology that will cut the cost of loading the models so they can load a model for 80% less than chat gpt it cost 500 million to load the model and we can do it for 80% less of that that will also help and amplify the power of a.i. >> that is incredible, when you look at the u.s. in the optimism tell me how we get there no practical sense how do you think growth accelerates this year. >> i think it accelerates because of deregulation in the investment a.i. and when those investments pay off that's also going to cause us to build more

power structure a big effort going on the common world fusion that are very close to the energy coming in and going out will be more than going in fusion could be huge in the next five to ten years, why is fusion invested into the after power the facilities to get us the power to run the a.i. on the downside we have a large deficit in america and that may keep interest rates higher than i would like them to be i'm nervous about that and not wildly optimistic that many people are wildly optimistic but we have issues we have a unified country, resources in the ecosystem of the venture capital that they don't have here in europe i'm excited about the long-term and the development nai/healthcare/building the infrastructure that will allow us to process it will put us in a great place. >> that's what we have all the interesting data centers. great to have you steve pagliuca

joining us, how are the boss under boston celtics. >> they wanted over time in the last two and a with the day-to-day in the doing great and looking forward to seeing the guys. stargate speculation one of the tech buddies questioning whether there is enough money to complete the new a.i. project will tell you what elon musk is saying you're watching "mornings with maria" live on fox business from the world economic forum in dollars. we'll be right back ♪ ♪ (♪) car, this isn't the way home.

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welcome back another large wildfire breaks on los angeles county commissioner concerned with the details. >> president trump will be traveling there tomorrow the fast-moving wildfire is turning to the los angeles area the hughes fire has burned 10000 acres more than 50000 people are under evacuation orders parts of interstate five closed, red flag warnings that infect for friday morning the

fire 14% contained, high winds make it hard to control. president trump keeping another campaign promise with an executive order in the remote work for federal employees, agencies have until tomorrow and bring employees back on site 30 days to implement the changes a hiring freeze across the federal departments excluding national security and immigration it replaces biden's order for a work plan in place for 2029, microsoft linkedin is being sued by premium users who claim the private messages were shared with third parties without their permission that suit filed tuesday said linkedin use the messages to train generative a.i. the privacy setting allowing linkedin was quietly changed in september without users knowing about it plaintiff cea damages with privacy laws linkedin is calling these false and without merit openai ceo sam

altman, elon musk are battling it out over president trump's stargate project, sam altman taking asked to share details saying $100 billion will be deployed immediately however, elon musk questioning the funding he replied to sam altman and said they don't have the money and softbank haswell under 10 billion secured i have the on good authority this sparked a back and forth with sam altman praising elon musk before writing wrong as you surely know want to come visit the first site already underway this is great for the country i realize what is great for the country is always what is optimal for your company's but in your new role i hope you put america first. elon musk reposted earlier tree of sam altman supporting linkedin founder reid hoffman for donating money of course to harris and biden do not trump.

i know that was a lot i hope everybody at home can keep up with the back-and-forth it was a little crazy but at the end of the day sam altman and elon musk still support president donald trump. i don't know if donald trump will have to intervene but it's a bit of a back-and-forth and everybody is watching a play on the computers. maria: that is funny and are talking about how much money softbank has on the balance sheet. because they have 25 billion on the balance sheet the talking about the money not being there but is making a commitment. elon musk made a commitment of the $200 billion but to see the back-and-forth between the tech titans is funny. >> it is entertaining. it's almost juvenile but it's funny to watch. as it relates to softbank and whether or not they will be able to secure the funds, i can tell you i've been writing client review meetings the whole month of december i was talking with

clients and there is not a single client that i have who is not super excited about investing in artificial intelligence and specifically data centers and all the energy that we need to provide power to the data centers. i will tell you raising $100 billion or $500 billion i think there is a lot of investor interest softbank could open a fund for this and i think they could have the commitments very, very quickly. maria: i agree, what do you think cheryl. >> is interesting kevin o'leary was on the program last year and i remember him telling you at the time you'd been going to the middle east at the time this was a year ago saying i'm going to uae and talking to the investors it was all about data centers and building data centers there look at where we are now working to build data centers here working to build them in texas which is already underway which is where sam altman is talking

about were talking arizona and other states across the country that is a remarkable moment there is a lot of excitement and there's plenty of money out there. there's plenty of money to invest in the data centers and plenty of investors doctors build data centers but build tiktok and tablet all comes together at the end of the day, the details. >> you brought it up 6.86 trillion in money markets right now that has to go somewhere at some point. >> that's right i like the idea president trump knows what investments are needed and he also know specifically where we need to ramp up in order to stay competitive and beat communist china nai and the race to the moon and mars he wants to go to mars and says he's going to do that before his term is up.

he's talking about the areas of the u.s. economy that needed he knows what that is he's a businessman and putting his business acumen to work for the american people. maria: we will take a short break, go ahead. >> i think it's an exciting time that's all that was going to s say. >> it sure is president trump expected to address the world economic forum today at 11:00 a.m. eastern immigration expected to be a major topic as nasty for tatian to begin in the united states. the illegal crossings we will get into the details of the hot topic of hour after the break. you're watching "mornings with maria" live on fox business from the world economic forum and davos switzerland. stay with us. ♪

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maria: welcome back. good thursday morning, everybody. thanks so much for join joining us this morning. i'm maria bartiromo. it is thursday, january 23rd, just before 7:00 a.m. on the east coast. we're coming to you from the world economic forum in davos switzerland. president trump to address davos in a virtual speech four hours from now where immigration becoming a big topic of discussion. i spoke with imf managing director on how illegal migration is hurting the global

economy. >> for aging societies, good immigration policy is a must. countries in europe simply don't have the people to provide for the older and living longer generations. maria: that's a good point. >> so they have to think about a good legal way of tapping into skills and capabilities elsewhere. what i see here in the united states the focus is on illegal immigration. maria: yes. >> because if you have a legal channel that contributes to labor markets in the united states, as i heard also president trump commenting, that adds to the vibrancy of the u.s. economy but illegal immigration causes problems. maria: and it's causing problems across the world. italy is also dealing with it. back at home, trump's mass deportation operation is

underway. i.c.e. agents arrested more than 460 illegal migrants including those with criminal histories. the pentagon preparing to send an additional 1500 active duty troops to the southern border by the end of the month. trump speaking about this with sean hannity last night in the oval office. watch. >> the radical left, their philosophies and policies are horrible. they don't work. you look at crime, you look at what's gone on at the border, you have t terrorists in our country by the thousands, murders in our country by the tens of thousands. we have 11,000 people that murdered are free and walking around in our country and prisons from all over the world have been emptied out into our country by biden allowing it to happen. why would somebody say open borders are good. we're jails and mental institutions for other countries and gang members right off the streets from the toughest cities in the world are being brought to the united statesam