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00 aha we have apple at 247. what is apple's real motivation. will it pump up the stock in the long-term. fox business news room susan li on the appleby. it really depen on who you k on wall street, you saw apple outperform the broader market and that announcement of its record u.s. investment web bush, dan ives putting out a note maintaining the 325 price target call on the stock and bank of america is still calling 2654 apple in the next 12 mo months, what did apple announce, the record $500 billion spent in the u.s. over four years. for years, not five years like they usually do that as a sped up timeline also 20000 new jobs and new a.i. server factory in houston, texas that is

significant for apple which tends to farm out the a.i. server needs the third-party provider like aws you avenue detroit academy doubling the research and development fund, apple ceo tim cook says we are bullish on the future of american innovation and remember apple tends to rollout the massive u.s. investment plans every few years but this is the biggest one yet it's almost 50% more money than they committed during the biden administration, president trump also thanked apple untrue social calling faith from the world's biggest company and what the white house is doing. you can say some of this higher spent can be attributed to the a.i. arms race that were in apple is trying to spend to keep up with everyone else who is pushing the a.i. by 20% this year. apple also tells me they are the largest customer of a 12 billion-dollar arizona chip factory from tsmc which just

started shipping chips next month. and trump impose earlier this month and the last term he get a waiver from trump and this time you are trump say apple might not be able to get one in the 265 tariffs are manageable in their view, if we have to see through the tariffs for a year they might have to raise prices by as much as 9%. hopefully the sales will make up for that difference. >> 56000 companies applied from the tariffs, morningstar we see right through it, it'll probably work, we will see.

thank you so much. 500 billion-dollar, it is rich even by alphabet, microsoft and meta standards in all three stocks have had a frigid february which brings us to the evaluation question out large, right now the average p/e ratio of the s&p 500 is around 28.7 the historical average is somewhere between 17 and 20, let's call it a rich evaluation is the market about the have a gallbladder attack joining us now ubs private wealth management managing director allie mccartney in texas investment lead portfolio strategist jack. we were talking with charles payne about the annual shareholder letter released by warren buffett by berkshire hathaway he did not mention the word high valuation but he bemoaned the fact that stocks are too expensive. he said often nothing looks very compelling very infrequently we

find ourselves knee-deep in opportunities. even his own stock is not compelling to him he did know share buybacks which he thinks brookshire is too expensive right now it is at a record high blowout earnings but do you agree with buffett, you been arguing the market is overly on the growth outlook is a reckoning coming? >> i think it's a little tricky yet to counterfactual's going against each other yet the headline barrage coming out of d.c. and that is creating the debt in sediments consumer soffit under confidence and any weaker economic data that starts to come out that has a fragile backdrop and that adds to think that's what we saw on friday the ism and. that came out on the soft side with a fragile sentiment backdrop any weaker data you can have a correction here, that is one thing were paying attention to. >> don't just throw out correction, by how much and when can you give me a timeline. >> if we fall back on the

seasonal pattern when you start to look in the second half of february into march those tend to be tough times for the s&p 500 it would not be surprising if we chopped wood over the next three or four weeks and it could be between five or 10%, having said that we gotta be careful not to extrapolate any slowdown in economic numbers into a recession. i think that's far off the table. we will slow a bit but that'll create a good buying opportunity that sets us up into the end of spring in the end of summer. >> would it surprise you that allie disagrees she's looking at data in the economy and allie state your case about the market. >> interestingly we talked about a set he set me up quite well i don't disagree i think you have to think about what the timing is, let's go back to what you said about where the s&p is trading. it is true that the average is trading at 28728 times let's strip that apart take the mag

seven, 493 are traded at 21 times and mag 730 times and the mag seven and if you strip out upper 20s earning growth for the mag seven and we think there's much less then you can make that work one of the things that i really do think that volatility between now and march or april because between now march and april we have a lot of things going on in terms of geopolitics and concerns about who's going to get. >> we don't know, what we are looking towards a stable three-legged stool in the third washington a president and a regulatory environment that want

to incentivize deals, decrease taxes and keep inflation low and all the three things are tailwinds for the u.s. market. >> jack let's stick with your narrative and it matches with buffett i don't want to put words in warren buffett's mouth but warren buffett is clearly poised and ready and preparing for a moment when and if there is a correction. you are too, what would you buy what is on your shopping list right now. >> we still think the cyclical volume are not giving up on tech so we like a barbell as we head into the back half of this year you may not have the same growth that you are expecting out of the mag seven that's why think you're going to see the broader tech spectrum catch-up it's looking at the broad equally awaited cues that the better way to take a stance on the tech

backdrop but at the same time things like financials you get to see the deregulation of the big boom as well as the discretionary still working you're going to get slowing on the jobsite but i don't think it's enough to crater, discretionary will be as well on that. >> i bring you back to warren buffett he is buying stocks he is buying stocks he bought constellation which is stars it is a consumer company. it is liquor and drinks. he bought domino's pizza and he bought pool corporation which is pool equipment. he's been on massie 90 he bought that before. if you look at nike is the best performer on the dow jones industrial pre-visit time for the consumer names to have their moment in the sun. >> i think the answer is yes. everything said was true about the broadening of earnings within the s&p 500. i think one of the things that is happening is all the tailwinds that we just talked about in addition to the part

and the level of value and evolution of a.i. is not going to accrue to the seven anymore. were talking about broadening and productivity in the biggest overhang which is why we are where we are and has to do with the tariff overhang, once we get to mid april and we have more clarity on the shutdown and the password and tariffs, think again we would likely see a double-digit year about 6600 if you think about how everybody in the last couple days has gone from overwhelmingly positive to overwhelmingly negative even if you look at where we were through friday at two-point to percent upon the s&p for the year. if you a extrapolate and analyze that it's another 17% year, i really urge people to remember

it's not as great as it is when it's an up day and not as bad when it's a down day but this is the time in the cycle and the level of volatility and what you want to do is not chase up markets but wait for they're down days. liz: we don't know what is coming to counterfactual but we get pce defense favor inflation data and were watching for udp fourth-quarter revision. again the data and the consumer if i may say so. jack, allie great to see you both. thank you so much. >> thank you for having us. starbucks says it's skimming the foam off the organizational coffee cup what will that mean for your venti almond milk mucky auto with an extra shot of espresso is that your order? the promise the new ceo is making to customers and the drink that is going away.

that is coming "the claman countdown" is coming right back the dow is a loan hold 146 the nasdaq 10116, s&p lower by three

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>> fox business alert shares of starbucks higher by 1.5% but the employee headcount is about to go down brian niccol issuing a memo saying that the company will/1100 corporate jobs or partners as he puts it but therese does and roasters will not be among them. in effort to streamline operations and speed up order processing starbucks will remove a few less popular beverages from the menu including several from frappuccino blended

beverages and the white hot chocolate going away. folks white chocolate is not chocolate i'm so sorry to tell you i've decided that nichol who quit his ceo job to run starbucks took the home less than six month ago, shares have jumped 24%. year-to-date the stock has gained 24%. domino's pizza is feeling the domino effect of missing fourth-quarter revenue expectations even though buffett is buying the stock not nike, domino's, the shares are down but they battled back from session lows the company missed expectation on u.s. same-store sales growth, domino's saying the consumer is truly the carryout option instead of delivery to avoid added cost. you can see from the intraday chart the stock is off the lows now we can look at nike we are dementia doing very well on the session top of the dow running

up the ranks of the dow and s&p. a big reason jeffries raising the stock to abide from a hold hiking t the price target to 115 to $75, the stock is at $80 jeffries cited the resilience and strong brand presence, the upgrade comes a few weeks after nike blockbuster super bowl ad and a week after nike said we're teaming up with kim kardashian and scams for nike scams, nike is getting cool again? investors lacing up the running shoes and sprinted away from crypto the runaway race began friday after crypto exchanged thieves have breached the system stealing a huge quantity of ether. were talking to the new ceo top cybersecurity firm tech knowledge he about the record-breaking one and a half billion dollar crypto heist in the battle to protect crypto wallets. judge jeanine pirro may battle it out each day on fox news

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>> fox business alert taking robinhood investors five and a half hours to start realizing that good news is actually good news shares of the brokerage opera john thune quarter percent but coming off the lows of the session putting much of the morning selloff in the rearview mirror the good news came courtesy of the security and exchange commission which announced on its website it has closed the investigation into the company crypto business with no enforcement action, back in may the sec from the previous administration warned robinhood it could be in trouble due to the stake in business where customers can earn rewards by putting the crypto on a block chain in exchange for potential gifts like more crypto rewards,

then the sec chair gary gensler said that the security and you're not supposed to be doing but the government's posture has changed since president trump took office and nonetheless were looking a bitcoin moving lower at the moment a little bit of confidence shaken but that comes in part because of criminal activity that's just come to pass we should look either at the moment after plunging on friday when hackers stole one and a half billion dollars of ether from a crypto exchange called by bit, either is recovering at the moment it stated that 2647 up a quarter of 8% the company ceo says it fully replace all the stolen assets that could have something to do with how their stabilized but how does this bode for the sector how is it done with the new administration wants to make

the u.s.a. crypto capital of the world joining us in the fox business exclusive technology ceo, he is the new ceo, congratulations, let's get right to it and very interesting to know you put it out statement on the by bit what did you learn from it, how did they do that? >> thank you for having me web three and the ability to move assets by leveraging block chain is an opportunity but the hackers are always going to go where the money is so removing assets to crypto currency whether hot wallet cold wallet we will see attackers taken advantage. were following closely we saw hints at checkpoints over the last summer. were you to look further into it and see what can be done to protect and a better protection in the future. liz: i was reading your report you put out the statement and

you said it shows a new phase of attack methods featuring advanced techniques that manipulate user interfaces. what does that mean in plain english, how did they manipulate the interfaces and what does checkpoint do to prevent something like this, these guys are getting more sophisticated. >> as a general phenomenon our networks are becoming more complex as they become hyper connected and if i try to imagine what these days look like from the attackers perspective. in many ways i'm sorry to say this it's almost visible, they can harness the power of a.i. to be more sophisticated and more at scale and this is another example of how the tax surfaces blowing up and becoming more sophisticated and leading attackers find new ways to attack new capabilities in our network. at checkpoint the way that we look at this is first of all prevention, we call this the

hybrid mesh networking were created a platform to protect the. liz: let's look at the state actors that are out there. it should surprise nobody that that is russia, china, north korea, those of the top state actors. president trump is really making overtures to president putin of russia. they are evil when it comes to these kinds of attacks. does that concern you would u.s. president is being very magnanimous true leader like that and doesn't mean anything for the security of our government electronic functions? >> global tensions are on the rise, we know that and governments like other criminal groups are always going to use the first and foremost tool in their war chest and cyber is a practical tool in the war chest

and we need to be cognizant of that and we need to call it what it is as networks whether it's government or financial systems are blurring. when we look at this from an international perspective we need to call it what it is. it doesn't matter if it's a physical attack or a cyber attack we need to consider this an act of terror or criminal whether it is physical or cyber. >> the cloud has been a boom for business obviously everybody is operating in the cloud companies are making a lot of money from the cloud businesses but it is also somewhat insecure is it not you struck a partnership with startup with and a bit on the show before, they are an incredible company doing things that a lot of enterprises are signing up for, what will the partnership do and how is it n

new. >> it comes to show our focus. our focus at checkpoint with the infinity platform is to create a real platform for real security to simplify the defender side when they secure the hybrid mesh this is what the infinity platform is all about but a real platform is an open platform and open garden architecture and this is a good example of where we bring the best of what we do in the cloud and the cloud network security and firewall in the capability to, the best posture management on the cloud in together to offer a seamless security posture for customers. i don't envy you if you like you have many sleepless nights wondering where the evildoers throughout the web in the cloud are hiding and trying to manipulate. but obviously you're doing something right. the s&p year today is up 2% checkpoint software is up 15% we

will be watching the tenure as ceo. thank you so much. >> think you've. >> it to see you. president trump is famous for the love of everything gold hearken back to new york city trump our with the big gold lettering but will his insistence on opening the board at fort knox and inspected the legendary depository in kentucky for american gold reserves be the golden ticket in his quest for accountability. we ask one of the very few people who has been inside fort knox. coming of the former republican governor matt bevin. he is going to tell you what he saw next. ♪ ♪

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billions of dollars in fraud so far and we just started. we are going to fort knox to see if the gold is there because maybe somebody stole the gold, tons of gold. liz: president trump making those remarks this afternoon in the oval office while hosting emmanuel macron, gold hitting another record high during the regular session $2947.90 an ounce. it's at the moment, even higher $2964. wow trump in the government efficiency chief elon musk are ramping up the push to audit fort knox which according to reports contains 147.3 million ounces of gold trump says he'll send musk to the legendary and goal depository to see if the glitter really pile is there. outside of authorized personnel,

visitors to the ball have been few and far between 1943 president franklin d roosevelt inspected the depository 74 the u.s. open the ball to journalists in the congressional delegation and in 2017 my guest today former governor of kentucky brought along the former treasury secretary steven mnuchin to visit. governor matt bevan was the republican governor from 201 2015 - 2019. you got to see what was inside of fort knox. thank you for joining us. donald trump is taking the golden role to heart. he wants to make sure it is there what did you see when you visited fort knox. >> and fairness thank you for having me on. i should clarify steve mnuchin secretary mnuchin brought me it was not me bringing him, the only one who has jurisdiction is a treasury the treasury department is the one with

jurisdiction it is federal property, the state has absolutely no authority which is why no governor in history has ever been in there. i was joking with you earlier. it would create global sensation if i came out and told you there was nothing in there but the reality there is an extraordinary amount of gold that is in there. i'm a big believer that audits are good, transparency is good, the people's wealth should be known and accounted for, no question but there is so much discussion to such a degree of absurdity and some measure about money being stolen. is it possible through the years things could be taken. it is but there is an amazing amount of gold exactly how many ounces, i cannot tell you it's been audited, secretary was on recently talking about how recently this past fall they completed the annual audit. i can tell you this. much of what is there is so secure they asked those in their

not to talk about the security processes. i can tell you it is so ridiculously secured that it is not possible to sneak anything out of their without giving away secrets, nobody is allowed to eat or drink in their and they know to the nanogram what you way going in and watch away going out and nobody among other things nobody is thinking anything out of there. i was able to hold one of the bars and they are 400 troy ounces. your average listener may not appreciate that there is not 16 ounces in a pound of gold it's actually 14.8 ounces 14.83 ounces because of troy ounces slightly heavier than a regular out but 400 troy ounces weighs a little over 27 pounds so one of the brics which is a small brick weighs 27, bibi 27.. it's pretty spectacular it really is.

>> i won't ask you to describe the security effects i respect that. i will ask you what does it look like how do they have it stored as a on ikea shelves, i'm dying to know. >> it's funny it's a good question and i thought about this as i realized elon musk is angling to get in there there are very few people on planet earth, he is only one who could conceivably walk into a room and see the value of his personal net worth in a single location and physical form. think about that so most equivalent to how much his net worth is. if i were him i would want to see a really one. it's interesting to answer your question again the specifics i won't go into. this not city to the pile in the middle the room i will say that it's highly secured it's aggregated in different locations appropriately so each of which is sealed and secure. when they were there they opened the seal on one of these areas,

you can look into the others but you cannot go into or touch the gold. one was open gold was taken that allowed us to hold it and see it. the probably the coolest thing in nome as mentors for anybody who loves the history of gold in the history of currency, 1933 double eagle which is a $20 gold coin 400 some thousand of them 430,000 produced in 1933, the government took them all and melted them down, 20 of them escaped they were stolen one of them is author in circulation. it is last owner was the president of egypt who bought it for $17 million many years ago the rest have been reclaimed are in the possession of the federal government and have been destroyed or in the vault i was able to hold one of those in my hands and as a kid fascinated with coins much like seeing a

bumper riding on the unicorn. this place is so secure for a reason because this is where they kept all the nations documents the magna carta, crown jewels from around the world so many things were restored there. it is ridiculously well secured, nothing is being snuck out of there. it is not possible you would have to have so many people in on it. >> i know you skydive dover fort knox i think we have video. but while we are showing that i want to ask you serious question. when you were governor you left your governorship with the state surplus this country has massive debt. elon musk is trying to cut a lot of jobs and while you were governor you were able to cut 6000 state jobs and you were

able to leave a surplus the last of our government or federal government was under president bill clinton he cut to a thousand jobs we barely scratch the surface, you are a businessman are you worried by chopping somebody jobs although it's not that many if you look at the clinton era chopping jobs at a time where we have inflation could trigger a recession which this country has skirted the past four years, there's so many things to unpack lesson outstanding question. let me go back to the beginning of the question when i was in office i was focused on the same thing that doge is during the four years recut 28% of all the regulation in the state of kentucky, thousands and thousands thousands of fewer people, than $1 million in payroll last after four years and had been there previously

that is out-of-state level of estate that sport half-million people. in my worried about the impact of such things at the federal level i'm not all tell you why this is not what will trigger a recession what will trigger a recession is the inflationary end result of having printed trillions and trillions of dollars which is what we've d done. i sat through the years of others with your colleagues on the network and talked about the debt which is in the 20s when i was in office it is now 36 and a half trillion dollars and to put this into perspective and tie it back to the start of the segment. if you took all of the gold that the u.s. reports to have it i believe we do have. people should note a fair amount is at fort knox but we have it in other places including manhattan and other safe secured locations. but if we took the sum total at today's absurdly inflated prices of $3000 an ounce it would have a collective value of 425 or

$435 billion. that amount of money if we converted all and sold it to pay down our national debt would not even cover one point to percent, not even one point to percent of our national debt that is the bigger issue. liz: servicing the debt. look on the screen he is one of five people, i'm exaggerating but who's ever been inside of fort knox he says the gold is there former governor of kentucky, great to have you, thank you so much. some of the world's biggest tech companies were talking about facebook that would be meta and ask in the crosshairs of the f fcc. are we looking at the rollback of the key legal protection that could lead to the wipe out billions of dollars in value. charlie breaks the story next. have to stick around for it.

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liz: fox business alert, federal communications commission chair brendan carr is exploring the rollback of the key legal protection enjoyed by big tech firms that could cost some of the most profitable companies in the world billions of dollars in value. charlie gasparino, what's he planning on doing?

>> section 230 of the communications decency act, a 1996 act that basically is the law of the land for the communications business. what was interesting was a few years before that -- and i covered this case, and this is bringing back at hot of memoriet room called prodigy, run by a company called prodigy. it was sued by our own old friend jordan belfort for allegedly saying nasty stuff about jordan. it basically went to the supreme court. jordan belfort won case. he wasn't a criminal at that point -- liz: let's just be clear, the wolf of wall street, yes. >> but he won the case. the supreme court said that if you're a chat room or whatever it was even though it didn't publish if -- it didn't print -- it wasn't the opinion of the people running prodigy, that if you print that information and you with show, and you take actions that make you a

publisher like you sort of edit stuff and take stuff down, you can be held liable for that. so they lost. communications decency act comes in 1996, and they're saying, people are freaking out. well, if prodigy can be held, it's going to screw up the internet, google can be held accountable, so so they put this clause called section 230, and it says if you're just running the show -- liz: you are the vessel through which people are saying things. >> right. now, here is where it gets even more complicated, are these platforms vessels. and what brendan carr is quietly arguing to his staff and they're talking about this is that they're not. facebook basically edited stuff, wouldn't allow anti-covid stuff the on its platform. throttle, the -- throttled "the new york post" hunter biden laptop story. twitter did the same pre-elon. google, it's been long charged that it throttles conservative thought both on search and on youtube. linkedin, same thing.

wikipedia, huge conservative -- people -- conservatives believe there's a huge liberal bias where conservatives get crush canned in their boy owes -- crushed, but -- bios. that might change. we're talking here, can and i'm not saying this is imminent if, but they're talking about, new procedural guidance on section 230 that says, well, listen, if you act in any way like a publisher, you can be held liable are. now, what does this mean practically? courts would decide whether in this, whether, you know, whether you -- whether they should rely on brendan's guidance if and when it comes. courts can reject it. conservative courts probably won't reject it. also this could go to the supreme court at some point. so this is, this is key, if this happens. we should point out that, you know, google -- and i, you know, liz, i did a search on cases that a get settled on section 230, and it's beyond sort of, like, postings on twitter and

stuff like that. it's tough that microsoft, you know, inadvertently had a software package that a got rid of certain types of e-mails. it's amazon with book reviews. it goes on and on. people bring cases x they don't go to discovery, so is they get thrown there out. if they do go to discovery now because of this, well, questions what? all these big tech companies are probably going to to settle because litigation isn't cheap, and that's where the money piles up if starts coming in. i will say this, i'm going to wrap, but i just want to say in this, something you can't do in 35 if seconds. again, this is a complicated story. there are billions of dollars at risk, but brendan carr, if he passes this, watch your tech stocks. they're already trading at 46 times earnings. liz: they'll be open to a lot of lawsuits. charlie, thank you very much. today marks the third year anniversary of russia is' invasion of ukraine. president trump this afternoon said he could end the war in ukraine, quote, within weeks.

he has said that before. our closer says if that were to happen a, it would be a tail awind for investors. -- tailwind. joinings now, horizon investment's scott laster in. a tailwind for which investors? if you own defense stocks, that might not be a tailwind, right? >> i think it might might still be a tailwind, because europe has come to the realization that they're a going to have to start arming and defending themselves, so i think what trump's doing is forcing them to spend more money. the big question in europe is are they going to do. that's they do have some deficit rules related to the common currency and everything. but, you know, as far as, you know, where this tailwind might come from, it would probably generally mostly be in europe: but resolution of something like this is going to be a tailwind to anybody that invests many if risk markets was it's one less really bad thing that would happen out there. europe would probably get the bulk of the benefit from ending this war. liz: okay. europe is not an emerging market

though. europe is a developed market. so you feel that would be an opportunity. and what about something like technology? i mean, that has been the whole push for a company like palantir and some of those data companies that can help sort of streamline the defense process. >> yeah. look, palantir's a great company, and we do think a company like that, and there are others like it that are really kind of on the edge, kind of leading edge of using a.i. in order to make, you know, to which is something that microsoft is talking about, you know, that's probably the next push we're coming to in the tech space, away from the hyperscalers and more towards those firms that are going to be using it. liz: scott, thank you very much. we appreciate you being here. markets close mostly in the red. we'll see you tomorrow. ♪ ♪ david: hello, everyone, and welcome to a special edition of "kudlow.