brian: it's in honor of the former co-owner of the the own of the giants, his father was a fan of the duke of wellington. that's an interesting name -- >> the real question is why is it called a pigskin? [laughter] brian: we don't have is enough time to do the research are on that -- [laughter] we can't figure that out. taylor: so no one's rooting for the eagles? i'll root for the eagles. dagen: i'll root for the eagles. nfc. taylor: we'll make a bet. whoever wins gets a gold bar from costco. jackie: no! [laughter] if we're not signing on to that, brian. i'm saving you. taylor: this is fun. we made it through day two, right? we're here to do it again, and charles payne, he's always here to do it -- charles: glad i wasn't in there today, that's all. looked like a lot of fun, thanks a lot. good afternoon a, i'm charles

payne, this is "making money." breaking right now, there's a little bit of rebound, but there's still a ton of buzz around deepseek and the lasting impact it's going to have on the race for artificial intelligence supremacy. of course, the poster child for a.i. has been nvidia ever since they introduced chatgpt and lifted the stakes and obviously sparked the tech spending spree the likes of which we've never seen before. now remember, yesterday nvidia lost close to $600 billion. to put that in perspective, it's half of berkshire hathaway and more than oracle, unitedhealth, mastercard -- they lost are an entire exxonmobil yesterday, right many? so the s&p 500, it finished lower, but beneath the surface i've got to tell you, service the really, really intriguing because there were far more advancers than decliners. and that's just the s&p 500. the s&p, almost 70% of the stocks are were up. mid if caps, small caps, same thing. beneath the surface, there was a

lot of buying and a lot of action. yesterday's session, get this, for the first time in the history of the s&p 500 going back to the late 1950s, the index was down about 1.a 5% and more than 300 stocks were up on the session. this has only happened a few other times, right? we're talking 250 advancers, and the market being down. april 14th, 199. april 19th, 19999. and april 12 2th, 2000. somewhat ominous dates, right? one thing is for sure, after two with years of being powered by technology, the rally has indee. the only hinge down this year is technology -- thing down this year is technology. what makes this even more intriguing is institutional investors, not retail, intu -- but institutional investors all at a technology conference this month if predicted technology by far would be the best perform. up 42%. a year ago, only 31 percent of the folks believed that.

everyone has been all in on this. of course, all of this was before deepseek which, by the way, mark andreessen calls a sputnik moment. i think a little bit better wit- [inaudible] but still we'll give him some props on that. let's bring in nancy tengler. you like this sputnik moment? is that appropriate? >> i think, the charles. i have to tell you, by the way, every time i see people, they talk about you. [laughter] is he really nice -- charles: i've got relatives everywhere. [laughter] >> anyway, yes. i think there's a little bit we need to ten back and be just a little suspicious -- step back. we know9 that the chinese government announced a $1.4 trillion stimulus that included a.i. in the fall, and then we see, we hear reports that there's 50,000 h-100 nvidia chips being used by -- if the that's true, that's over a billion dollars. so $5.6 million development in a month if or two, i think the market is stepping back and

going, wait, maybe this isn't what we think it is. charles: right. you know, then you have the andreessens saying it is earth-shattering, monumental. and even nvidia put out what i thought was an odd statement. they didn't push back that much, arguing the chips harp used were okay, legit. not how many, but the chips themselves. >> yeah. charles: the does change your opinion though? because a week ago a it seemed like a slam dunk, day a centers, a.i., all of these things s. that still the same? >> it might be just a little bit different. i mean, if the costs go down, that's good for everyone, but i don't with see the fortune 500 stepping up and saying we're going can -- going to use deep fake -- sorry, that was freudia- [laughter] which crashed yesterday because of capacity. i think the enterprise names are till going to be going to the standards that a we've been talking about. and if it expands use cases, that's goings to to expand spending, and i think that could be powerful.

charles: a week ago a, early last week, the big story was the stargate project. >> i know. charlie: you have all these big wigs, these billionaires, so the stock pops, oracle pops here, you know? if all of a sudden a it's down here. >> yeah. charles: you still like this though. you still like oracle? this whole tar gait project? >> i do -- stargate? >> oracle is the cheapest for training on generative a.i. training. and i also think the timing of the deepseek announcement was a little curious, on the heels of stargate. so, yes, just be patient. don't jump in with both feet. look for opportunities and add slowly -- charles: right. and i just mentioned the data centers. look at move. day -- data center move, of course, came down a little bit yesterday along with nvidia. but we still, i mean, the data center thing, we still are way behind. isn't there still doing -- going to be a race for these data centers? >> yeah. and i also think quanta services

got clobbered. there's going to be the demand whether every 100 data a centers or 50 day saw centers. use -- data sents. be rational and not run for the hills. charles: you still like pwr. you also say 2025 is the year of software. we saw this late last year, right? i think salesforce.com kind of set the pate pace there. i think all three of these were either flat or up yesterday. yesterday was interesting, the bifurcation in tech. it kind of told you that were the sort of deepseek winners, for lahr can -- lack of a better alternative term. >> we've owned service now for years, as you know. we've been shifting owl our whole allocation to to software. amazon was our stock for the decade. they're going the report next week, i think that's going to be positive. now reports this week, low 20% earnings growth. and spotify, we just graduated -- these are all members of our 12 best ideas.

classer charles what's up with spotify? why is everyone so excited about them right now in. >> we owned it x then we moved it into our 12 best. haas year they were able to generate earnings. margins expanded, advertising is growing. they opened up the platform for joe rogan, and this year earn earning's growth's going to be 58%, next year 28, i'll take it. charles: great seeing you. >> good to see you in the new studio. charles: thank you very much. nvidia also now, of course, has a real dubious distinction as the largest one-day market cap loss many history. now, here's the rub, it's also a had that distinction on other several days and, guess what? it's always a come roaring back. in fact, yesterday retail investors bought close to $600 million of the stock, but they were not alone. let's bring in eddie ghabour. welcome back to the show. >> thank you. charles: so here's the vesting thing, yesterday lost are almost

$60billion in nvidia -- 600 billion. a few months ago they lost $279 billion, came back. not long ago, $228 billion, came back. lost $212 billion, came back. it came back every single time, and i i know you said you and your clients were buyers yesterday. >> we didn't go into the day thinking we were going to to buy, but down 16, 17, we had to jump in. so clients that were underweight nvidia, we put cash to work, and then we put the other half of cash into other areas of the market. nvidia to me concern now, they had a lot of technical damage. we want to see it hold the 122 level today. we want to see how it closes and finishes. i'd like to see where it is on accelerating volume. charles: broadcom made the list, by the way. to one talked about it, but it's been a huge winner, and it got hammered as well. are you looking at that that at all? >> we actually are. i think it's going to see what this administration says and

more importantly what the earnings reports are going to say in this coming week. a reduction of spending on a.i. charles: i a want to talk to you about earning. boeing had, i thought, a so-so earnings pop. the reaction to earnings, i want people to see this, the best they've been since 2018. soyou post the right number and you give the right guidance, the street is rewarding you. and that was sort of the central bullish argument for most of folks on wall street who thought this would be a good year. they said it had to hinge on earnings because the multiple expansion kind of got pushed out there. >> that's exactly right, and that's why stock and sector selection in 2025 is critical, because i don't think '25 is going to be a very easy year to navigate. what we've seen so far this year is i think what you're going to have to prepare for for the rest of year. charles: be a little bit nimble and very, very selective. we are bonding out just a little bit though, right in i think we have another chart -- oh, we don't. the broadening out. you know, last week we saw

stocks trading above their 50-day moving average go from, like, 10, 12% to about 40, 50% x. if even yesterday, right, the market's start thatting to broaden out here. are you liking that? >> absolutely. yesterday was not a bad day in the market -- charles: started off like 69% of the s&p was up. >> everyone's saying market crash. it was an nvidia and an a.i. crash. but yesterday was a bullish sign for us. we saw this broadening out, so we're broadening out our portfolio too. i look at that as a very health- charles: you like the financials. >> absolutely. deregulation, m&a activity and some of these banks are bond desks are going to the see a lot of activity. this is a pretty good moment -- charles: how important is it that rates can come down for the smaller mid-sized and smaller banks? >> this is interesting, i think if the fed doesn't cut rates, the long end stays where it is because when they cut rates, it's inflationary, and we don't need that that. if they stay where they are,

it's going to be very bullish for those in smaller names. charles: xly? >> amazon, tesla. we bought. [laughter] a position yesterday. we're going to wait until earnings -- we bought half a position yesterday. charles: everyone's watching tesla bigtime. and met a fatah held up -- meta held up yesterday, holding up today. open source, you know, they just announced 60 billion, maybe they'll have to spend a lot less than that. do you think maybe they were some sort of deepseek winner as well? >> absolutely. meta, we came into this year, meta and nvidia were our top two plays. small business tentment, through the roof. heir going to get so much ad revenue if business, and if deepseek actually is what they say it is, they're not going to have to spend nearly as much on a.i., i'd love to see that at 700 post-earnings. charles: great seeing you. yesterday was obviously a reality check for the market, especially for big tech. the question is how long will

the volatility be with us? but if there is going to be volatile, how do you take advantage? the charts will help you figure it out. no one better than mark newton with that. he'll break it down for us next. ♪ let's see how far we've come ♪ maya knows how quality care can bring out a smile. but it's been a few dog years since she was able to enjoy a smile of her own. good thing aspen dental offers affordable, complete care all in one place. and new patients without insurance get 29 dollar exams and xrays.

plus 20% off treatment plans for everyone. loving our patients unconditionally. it's one more way aspen dental is in your corner. check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪) meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself. (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. ♪ liberty mutual customized my car insurance so i saved hundreds. with the money i saved i thought i'd get a wax figure of myself. oh! right in the temporal lobe! beat it, punks! only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ by linking our tiktok accounts with the family pairing tool, it's easy to make sure what my teens are watching on their tiktok is safe and age appropriate. just like family movie night. nope. family pairing on tiktok. ♪

charles: all right. really, really great news for long-term investors. despite the anxiety out there, look at this market, right? this is what you call a trading channel. this goes back to the beginning of the rally. look how we're just else inned right in the middle -- nestled right in the middle of it. if you're worried about it, this should make you feel better. but, of course, there are concerns, right, because this rally was, of course, spearheaded by semiconductors, right? by nvidia, the biggest semiconductor out there, and hardware stocks. yesterday there was quite a bit of pressure. how much? semis saw their worst session in five years. that's how bad it was. but cool because my next guest says that this deepseek situation is actually creating a buying opportunity. so let's bring in fund strats

global adviser managing director mark newton. welcome back to the show. that's the great debate. i haven't seen wall street this divided on anything in a long time. a lot of of folks are saying, this is it, it's all over, the jig is up -- [laughter] okay? the other folks, no, this just makes it a better environment for investors and for all the players. >> look, we haven't seen that much deterioration in technology9. we've seen some rotation, which is different than tech actually going lower, so a shift into software does not mean tech is rolling over and we need to sell the market. that's a key point. a little bit of, we saw in nvidia with, obviously, the s&p remains in great shape. we've had a really nice move x breadth has been supportive of this, you know? as the market has broken out, breadth has expanded, and now we're in sort of a waiting game. even if we moved down to 5900 into the fed, that would be a big buying opportunity simply because fear has gotten elevate- charles: where do you get nervous? >> -- remain in good shape.

charles: somewhere around here? >> i would be nervous if these lows are broken. i do not think that's going to happen. it cannot get under 5800, so i don't think that's going to happen. charles: above 5800, you're still pretty comfortable. now let's get more specific. nvidia, making a little bit of a bounce today. i think what worries me is i've been in a long time, and every time it gets to a certain level, above 140, 145, something happens. >> it's all based on your own personal time frame. because it has a great longer term trend there, we've just been sideways, it is the a short-term concern to see huge volume to the downside. charles: this is volume right here. >> three times average volume, the biggest of the year and largest in some time. is so we want to see that repair. we want to see nvidia start to regain prior lows harp broken. technically, that would be a good sign. for the timing being, look at meta, look at microsoft, look what's happening with other socks within software. there's no need to have to cons rate on nvidia. put it on the

back burner -- charles: folks, this is -- the software versus semiconductors, right? so igb versus semiconduct ors. and, of course, software last year took a backseat the hardware. that started changing mid year in the summer and now, of course, you're saying this is the play right here. software. >> yeah. when you look at a longer term chart, we've actually seen a meaningful 5-year breakout of, actually, software versus the semiconductor sectors. so this started last fall if really when nvidia and some of the others peaked out temporarily. in the last couple of days, this has taken off a hike a rock. it's bull bullish short-term and intermediate-term chart. if you were going to pick within technology, you want to to favor software over semis -- charles: i mean, that's a huge short-term can be. >> we've seen the bifurcation, and you see the amds and the intels, they just can't get out of their own way. and and people that don't use technicals, they try to buy dips that that just aren't working. favor those that are at or near

all-time highs. charles: i've been talking about the broadening out of the rally and one way people measure that is with equal weight rsp. it's come on somewhat, but you're saying it's too early to buy into it. >> the longer term trends are still favorable towards technology, heavily weighted towards tech. this is a goodstein sign for the market -- good sign for the market, but i don't think it's going to last just yet. i think we're going to to have some more turning down in the weeks to come which means tech reasserts itself after a earnings and, you know, if anything, that's great for the market. tech is 30% of -- we want to see tech work. it's great to see everything work. for right now it's a little bit of rotation, and you have to respect that. charles: big tech earning start tomorrow after the chose, the next week or so. the setups are there, that will be our confirmation -- >> tonight line -- bottom line, the downside is 5800 at the

maximum. the upside is to 6300 or so between now and the next if couple of months, so a huge risk-reward that favres the -- favors the upside. don't let the deepseek spook you out of this market because it's going to the prove temporary. charles: great stuff. thank you very much. all right, folks, of course, there's more ways to play a.i. than just nvidia. we kind of talked about the software side, but there's even more nuances and, guess what? they've been putting out etfs. we're talking about going beyond picks and shovels next. ♪ ♪ [cheerful music] [phone ringing] not all multimillionaires build their wealth the same way, you have... the fearless investor. the type a cpa. the boot strapper. the boot maker. hee-ha. but many do have something in common. we all trust schwab with our wealth. thanks to our award-winning service, low costs and transparent advice,

every day, over a million multi-millionaires, trust schwab with more than three trillion dollars of their wealth. ♪ military decoration awarded by the united states government. the tunnel to towers foundation and the congressional medal of honor society recognizes valor beyond the call of duty. britt slabinski, a recipient of the medal of honor himself, sat down with fellow recipients to hear their stories from their military service to their transition into the veteran community. it■s nothing we won, right? we're pretty vocal on that, saying, look, i didn't win anything like we're a recipient of this. you're going to highlight me for the day.

we're four guys get killed. never crossed my mind about receiving the medal of honor. never. i was told i was being put in for it the day after the battle. the highest level of valor. you want to understand, why did these people lose their lives? why aren't they in my place? can't refuse it. we don't have the wear if you don't want to. they feel you earned it. people think war ends the moment you get home. no. war sticks with you. for me, it was like i was in a fog. really? for. for several months. you're literally on the edge of life and death at any moment. and then 12 hours later, you're at home and you're going to birthday parties and you have to go back to assimilating that life. it's fascinating how many of our brothers and sisters. it■s a significant problem. end up on the streets. tunnel to towers is taking a leadership role. and specifically when i think about the veteran homeless population. we as an organization, we have gaps and it takes partnerships to come in and help us fill those gaps to ensure that nobody is left behind. and that's what tunnel to towers does.

we just recently gave them our citizen honors award, recognizing all the great work that they have done. it's a fulfilling a promise to this nation, saying that, tunnel towers is gonna give you smart homes, pay mortgages. there's no level of recognition that rises to what is being done on behalf of those gold star families. and we're not forgetting you. never forget. go to t2t.org and donate $11 a month. thank you.

charles: we've been talking about this so long, right in a lot of market observers casting sort of this emergence, of debt -- deepseek -- [laughter] try saying that three times fast, as a death knell for technology. but in many ways it looks like the exact opposite. just if my to own personal anecdotallal observation, i put together some names that yesterday and today look like massive winners. my subscribers are long half of those names, but i'm really thrilled with them. meta, microsoft, both so far look like they could be winners in all of this. i want to talk about the broadening tech and a.i. story because it looks like that's what's really happening here. investment strategist ya murphy

joins me in studio. -- cynthia murphy. it's interesting to me because the headlines and the news itself felt like, oh, boy, the a.i. story's over, the tech story's over, the rally is over. but looking under the hood, it's the exact opposite right now. >> yeah. i think what's fascinating is it shows how much we built the a.i. story around nvidia stock and the mag 7 stocks, and we forgot about everything else. a that wasn't exactly, i think, misplaced because moat most of the growth has been in those names in the past year, but we kind of knew the story is broader, and we kind of were pricing a stock like nvidia a to perfection. nothing can go wrong or that stock was going to have some correction to do, which is what happened yesterday. so i think we built the vulnerability in these names because we put so much focus into them. maybe this is a good thing because we take a step back and remember that a.i. is not only a long-term theme, but it's cross-sector, cross-industry, and it's much broader than just seven socks.

charles: we're going to talk about opportunities there, but i want to go to a piece you wrote on rekindled growth but diversification taking hold because that's one thing i've noticed, i've been talking about, the industrials, the materials, financials, you know, those are doing well. i just had mark newton play it off saying that's not the case yet, but what do you think? you know, it looks like something's happening there. >> yeah. so if you think about it, if i go back to december, so many of the conversations i've been having with advisers it was all about the concentration risk, everybody's very top-heavy, really overexposed to the big, you know, big tech. and so we've been talking about, hey, diversify. be smart about this. allocate across different sectors. look for valuation opportunities. and we thought the message was taking hold x. if then you look at the month of january after the inauguration, and it was the all a big tech growth. that's' the thing that investsers are doing. so i think they're starting the understand, i think an event like yesterday is again another remind per of why it's important

to diversify. so we're starting to see some demand going into small cap and mid cap stocks or different types of -- charles: right. you brought up risk. you also wrote about a leverage the etfs, which are fantastic, right in. >> if you like high of course train -- octane type of investing. charles: they're going up. qlt took a massive hit, yet the money keeps pouring into them. i want to talk about this broadening out because you've got different a.i.etfs, and i want to ask you about a them. thnq, what is that? >> artificial intelligence e, f. what i love is it's an example of an investment idea for right now it's exactly that broadening of the a.i. theme. if you think about how that fund performed yesterday, only 12 out of 55 stocks in that portfolio were in the red. everything was up in the green. and there's stocks in there that are up almost 30% so far in 2025. charles: right. >> so it's a much broader, you know, it's way beyond semiconductors. you have industrials, you have e-commerce, health care, all

sorts of other -- charles: aiq and zap. >> zap is a brand new fund, and what i love is it's u.s. electrification, they call it, etf. which is we talk about the electricity demand for all the a data centers for powering a.i. the does not is have the infrastructure to the see 50% growth -- charles: so you don't think that story has changed with yesterday. we still need lek lek try 3eu case -- electrification. >> 100%. that's a long-term bet, and i think that's an interesting fund that a captures through that -- that through equities. charles: i got 20 the seconds for, and aix. >> it's a similar broadening concept. they focus more on the creators of the a.i. rather hand the adapters -- than the adopters. if you don't want to to diversify so much into other industries, it's an interesting fund, xaix. the message is broaden it out. it's not just an nvidia story,

it's not a semiconductor story. there's so much more here -- charles: i love it. i love that you find these diamonds in the rough, so to speak, and it makes it easy for a hot of these investors. -- a lot of these -- a lot easier for these investors. charles: take a listen to this. >> the release of de chinese coe a wake-up call for our industries that we need to be laser focused on competing to win. charles: all right. so that might be actually a rare understatement if from president trump. my next guest actually says that china has shocked the world on several fronts year. i want to bring in face founder geopolitical strategist velina. this deepseek situation, it's interesting to me because they actually put out a release in december about their large language modeling progress, and

then there were tweets about it. some people pickedded it up, and it took from there almost a month if before somehow it hit the front of wall street's minds. >> well, obviously, and i will just refer to trump's quote, it's been a wake-up call, because the winner takes all, and we are in the middle of this technological competition over, you know, supremacy, over deciding what kind of global order it will be. is so it's a tech cold war 2.0. and right now, i mean, the whole chinese community has been shocked about the revelations leading to this new a.i. strategic asset. it's not just big tech community. this is national asset. this is something that china's going to use to catch up with america because the united

states has great leverage. and here, as i said, it's going to be about deciding who is going to win this war because this is something that we had already in the '70s between the soviet union and china. similarly now a.i.'s going to to be -- [inaudible] charles: now, you also a mentioned recently in a post that a chinese company surpassing elon musk and star link in terms of translating day data. what's going on there? >> well, china's satellite has actually achieved this record 100 gigabit per second laser transmission which is another example of first space-based technological competition. so a.i., again, is linkedded the it, but it's not only about artificial intelligence, it's about space competition. remember, now that they describe revelations as a put if nick moment and once again -- sputnik

moment, and once again we have two front-runners, america and china, here competing over supremacy. charles: right. the military news also that you pointed out i think might be as frightening. and, again, you just don't hear it anywhere. and it's ironic because you've been warning about this sort of dragon-bear thing for a while. it feels like others are starting to take your warning seriously. boil it down for us. >> yes. very shortly, the dragon-bear is not a strategic alliance, it's just the modus operandi of strategy toic cooperation between china and russia and all relevant.com nays -- dominance including a.i. but also defense coordination, coordination in the field of commodities, energy, food, agriculture and, of course, you know, trade, economic portfolio. is here we have two powers that are catching up and trying to create credible counterweight to the american global projection.

charles: wow. it's frightening stuff. i'm glad you put out the work that you do, and i invite everyone to pay attention. very elina, thank you very much. >> thank you, charles. charles: scott bessent is in, he's been confirmed as treasury secretary, so what are we talking? universal tariffs? no income tax? if how about a bitcoin reserve? jim thorn to help break it down right after this. ♪ i'm going off the rails on a crazy train ♪

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.

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 t—mobile's 5g network connects a hundred thousand delta employees so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t—mobile for business.

charles: all right, so the the big fed meeting tomorrow. everyone is wondering how powell and company will react to the recent comments and actions from president trump. now, some former fed officials, let's just say not enamored, right in op-ed in the "wall street journal" titled a critical look after -- at trump's economic plan. this is by alan binder. what bothers me is the way it starts off a, the second presidency of donald trump off the a wild start. the violation of the constitution. this is the federal reserve official, folks, golly. he did go on to the say, well oring i'm an economist, so i'll

stick to those. give me a break. despite those venomous words, my next guest says current members of the fed are actually warming up to trump. joining me now, chief market strategist jim thorn. i mean, looking at this, a guy over at bloomberg who used to be on the fed, he hates trump. there's some folks particularly under the biden fed that probably don't like trump, but you think they're warming up to him. >> sure. behinder is a keynesian. trump is a libertarian, and he loves milton friedman. we have got to expect these folks at the fed that are keynesian, our extreme progressive left, to freak if out at trump's policies when they're moderate. if it is -- so what you're getting is you're getting waller, you're getting williams and you're getting goolsbee trying to -- charles: goolsbee? >> yes. charles: really? >> what they're talking about is, look, a lot of the stuff the fed is talking about, tariffs are inflationary.

no, they're not. charles: right. >> increase in productivity leads to an increase in the natural rate of interest, no, us it doesn't. it's a decline. so these guys have got to the start pushing back because their reputation is at risk because they're not following third-year macroeconomics. charles: let me pick up on that because scott bessent was approve proved yesterday, right? confirmed as next treasury secretary. a fair amount of dems voted for him, and i think they think he'll moderate trump. what do you think? >> he's talked about it moderate, right? if trump has said they think it's a great revenue generator. charles: right. >> he wants it to be moderate. the thing the about bessent is he teaches economic history at a yale. he understands where with we are in history. what i look at it is if there's something that we need as a secretary of treasury, it's a guy like in this. and -- charles: by the way, he's also made a lot of money in the private sector. of he's not just someone who teaches this sufficient is the -- >> he attacked the u.k. pound

with soros against the gold pay. the guy knows what he's talking about. charles: right. >> and when you listen to him, the interesting hinge is it's logical, it's thoughtful and it's centrist. and when he was going through his testimony the, you know what was interestingsome yields peaked -- interesting? yields peaked. the bond vigilantes breathed a sigh of relief. charles: right. >> the dollar started coming off the boil. we have an adult in the room. charles: right. >> no more do we have janet yellen and the progressive left spending money hand over fist. so i'm very bullish on -- charles: or issuing debt to try the tilt an election that only ended up costing taxpayers extra money they didn't have to spend. i want to ask you ab taxes. my income tax, of course, we doesn't have it until 1913. president trump talks about this a lot. is it feasible? i mean, i love it, but is it feed feasible? >> why not getting it down to 15%? you have been on this, i've been on this. this is america 2.0.

this is going back to the 1800s. this is alexander hamilton, this is mckinley. this is using tariffs for if revenue generation and protecting u.s. industries. mr. trump is going to follow through and do what he says he's going to do. he's a man of his word. nobody should be surprised. charles a charles speaking of which, there was just a really, you know, great press conference and a lot of questions about this, you know, freezing federal loans and grants. you know, it seems to me, jim, that president trump is going after the bureaucracy. you know, you've got to be able to break that the up. if indeed you're going to drain the swamp and get the government to work on behalf of the americaning public, right? >> yes. so why is wall street, why do they pin him with he's not friendly to the deficit? this guy's going to stop the unbridled, crazy spending in washington. i mean, where is the common sense? charles: before i let you go, you're also an advocate for a federal bitcoin reserve. >> yes. it solves the debt problem. charles: it really does? >> it does.

and so when you think about what it does in terms of backing, if we back bitcoin by the u.s. dollars and u.s. treasuries through stable coins, we solve the problem. the bitcoin standard replaces the petro dollar standard. and here's the interesting thing, i didn't come up with this idea. it was paul ryan, and he wrote about it last year. all i'm doing is basically on the, putting myself on the shoulders of paul ryan's op-ed that was happening last year, the ex-speaker of the house. and, by the way, charles, mr. ryan and mr. trump don't like each other. charles: right. but you know what? when it comes to solving america's problems, sometimes people get together. >> they do. charles: good stuff, my man, as a usual. so much more to talk about here including a cautionary tale on the heavy-handedness of government. i've got an amazing power panel. and also my take, my take on what canada is doing to their citizens. let's put it this way, they're

making them freeze their you know what off. i'll explain more when we come back. ♪ somewhere over the rainbow way up high -- (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. ♪ (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.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

dexcom g7 is one of the easiest ways to take better control of your diabetes. this small wearable... replaces fingersticks, lowers a1c, and it's covered by medicare. not managing your diabetes really affects your health for the future. the older you get, the more complications you're gonna see. i knew i couldn't ignore my diabetes anymore because it was causing my eyesight to go bad.

for my patients, getting on dexcom g7 is the biggest eye opener they've ever had. i couldn't believe how easy it was. this small wearable sends my glucose numbers right to my phone or my receiver. with just a glance i can see if i'm going high, low, or steady. so, i can make quick decisions in the moment. now, i'm a superstar. my a1c is 5.7. my a1c has never been lower. no other cgm system is more affordable for medicare patients than dexcom g7. don't wait! call now, and talk to a real person. transportation is one of the largest contributors to global emissions. the world needs a better way forward. at westport fuel systems, we're pioneering alternative fuel systems, enabling the world's engines to run cleaner and perform stronger. westport fuel systems.

charles: all right, folks, with we know it's not unusual for societies to destroy themselves or, yoknow, somehow, you know, do things to deliberately harm their citizens. in their minds, for the greater good. [speaking in native tongue] charles: so primitive societies went so far as to make

sacrifices, right, to appease the gods. others created myths, right, the keep ambitions in check, right? this is how we get the story of inning rahs or proif mete yous, just to maim a few. more recently, we saw germany dismantle the most powerful industrial economy in europe all because of the green party. and it reminds me to always be vigilant about what's happening out there. and i've got to tell you, it hasn't gone away. in fact, on that score, our neighbors to the north are starting to give germ a run for their money concern germany a run for their money in all this climate stuff. tart ising this year ottawa, they have this new maximum idling time in the winter, right? they just introduced it, they say to make the air cleaner. so if you're not -- if you're in the car, you can let it idle for, i think, three minutes as long as it's above 0 elsing yous. but get this, if the car's unoccupied, you can only let it

idle for one minute. think about how nuts that is, right? i think it's ironic, because this is coming from canada where many elected officials have taken to calling president trump a dictator. there are also critics here in the united states who are making this sort of claim. but think about this, deporting criminals, slowing down government spending so we can audit what's happening where the money is going, that's not being a dictator. in fact, the power-mad caricature these folks are looking for, i think, comes better from the woody allen classic, baa bananas. >> all a citizens will be required to change their underwear every half hour. underwear will be worn on the outside so we can check. if. [laughter] charles: now, that's a dictator. joining me now, walser wealth management advisor rebecca walser. thank you, ladies, for being here. two extraordinarily successful

businesswomen. lily, met me start with you. trump, he's bringing the hammer down. everything that he ran on, everything he ran on, he's sending criminals back, he's trying to clean up the government, and he a had his first shedown over the weekend, colombia. >> that's right. charles: initially they said a, no, we're not going to take 'em. didn't take long for the president of colombia to change his mind. >> oh, yes. and i am colombian-american, charles, as boy you know, we have an operation there. these tariffs can be catastrophic for any economy. so coffee, flowers, oil, so much we depend on with each other's trade. this was a moment of tension that, ironically, became a showdown for the world to see -- charles: right. >> -- that president trump means business. charles: right, right. and of course there's people this week, rebecca, colorado. they're actually protesting, like, sending back criminals. gang members. so what happens -- what's going on in america? i'm really -- what's happening

to us? >> we're not a dictatorship, but if we were, those people's names would be on a list are, and we should be deducting what people are paying -- i'm glad you didn't start with me, because i was really worried about the underwear checks. [laughter] i can't to be involved in that conversation. charles: one day we may have to go there. by the way, trivia. ottawa, from what i understand, it takes at least 15, 20 minutes for the car to warm up. you both live in florida -- >> texas. >> moving to i'll florida. >> warm enough. charles: how long would it take you? a minute is certainly not enough time. >> listen, we don't ever get cold, but winter's been freak cold, and you need to turn the car on five minutes in florida, in tampa, before you to go. those automatic car starters should be taken out if we can't actually use them. >> right. and when the noble agenda das for a green, better planet outweighs, you know -- charles: common sense.

>> -- it's just not going to be adopted. >> i mean, they're really making people suffer. hey, i want to get, show you guys something. we just had the first presence press conference for the trump administration, and i gotta tell you, leavitt did an amazing job. one particular side i want to share with you and get your thoughts on it. >> after research and study, the drones that were flying over new jersey in large numbers were authorized to be flown by the faa for research and various other reasons. many of these drones were also hobbyist, recreational and private individuals that enjoy flying drones. and meantime -- in time, it got worse due to cure to curiosity. this was not the enemy. charles: i i mean, rebecca, golly, i saw one of these drones and i tweeted about it, and people said i was nuts. the question is why wouldn't the biden administration just say it was faa-approved?

>> yeah. there's manager here, charles, and i think she did a great job -- charles: she did an amazing job. i gave her an a. >> that did not happen under their administration. let's get transparency here. there's something beyond the surface if level, there is something deeper, and i think unless you actually experienced one and you actually saw how actually industrial looking and large these things were, some were 6 feet -- charles: they were gargantuan. >> these are not hobbyist. i appreciate the faa's statement. why we couldn't get more transparency in the last administration, not cool. >> i love that we're paying attention to the skies. we're actually looking up and being diligent. charles: you're chilling out and all of a sudden you look out your window, and you're like, yeah, what the hell is that? i want to ask you about deepseek. are you worried about it? >> i love the phrase innovate or die, and competition pushes for that. but the fact that they can be more efficient and cost effective should raise the an antennas for any developer here

in america. also the market volatility, and we can see how very quickly one innovation disrupts everything that we were taking for granted and so bullish about. i think this is time to double down on investment and show off what america can do with its ingenuity. charles: you buying it? >> this was really born out of a hedge fund and someone when disdains experience, charles. they like to take new people that don't have the experience because what happens? if oh, let's discover. discover this new -- let's just not assume going into it that we know exactly how the machinations are going to play out. and that is what was beautiful about the fact that there can be this a.i. friendship without the massive quantum computing expense which is the problem with the expensive chips -- >> and you know what, charlessome if the open source culture that comes with a.i. development also raises concerns because it's going to to democratize all these technologies that we think are our ip, but they're really not. charles: all right. so many america we create. china, they replicate or copy, and in europe they do the exact

opposite. you just talked open, right? we've got a minute to go. apparently in europe they're banning the foremost catholic prayer app. i'm not sure what's behind this but, golly, lily, this just blows me away, you know? and, of course, they've already arrested a lot of people in the u.k. for making disconcerting posts on -- not threatening, but things that concern them. what's happening? >> so this is very dangerous because where is the line between protection and suppression? when you are being persecuted by your beliefs, the catholic prayer app, the most popular app that was widely downloaded after the super bowl, actuallying, that is very, very concerning. it e sets the precedent, and we know it's a slippery slope that is going to just impact directly our freedoms and religious speech. >> it's big brother gone bad. charles: big brother gone bad. i think that's the best way to put it. let's push barkment ladies, thank you very much. liz claman -- liz: i'm going to be big sister gone bad. [laughter] charles: you been that for a long time.