and i am jealous, i would love a snack on my way to work, that would be lovely. i will take it any time. this is a first world problem i love to see, this, we live in america. charles: fast food giant makes major recipe changes, to appease rfk junior. i love it. jackie: the fda has been fine with it. i say yes yes yes. >> this is incredible. you need to make food healthier for americans and switching out vegetable oil would make a difference. you are eating french fries but you can make french fries healthier and that's a good american change. charles: over to you. liz: look what happened to the

markets. we are seeing investors, out with sexy momentum stocks. we can look at the dow, this is not the low of the session, a loss of 95 points. the higher the session, the gain of 451. the big stable names like paris am, scotch tape, building materials, cleaning supplies and travelers, mcdonald's and chevron, those are the ones that are grabbing the green. nvidia getting close to session lows losing 5.5%. salesforce, amazon, microsoft, sexy name struggling. we should drill down to nvidia after trouncing quarterly earnings last night, the chip king has been an moving target at least from the early part of

the session. it opened higher, topped $135, wind down and we are low $123 and change. it has gained 7% the last month compared with the dow's drop, a classic what have you done for me lately reaction, wall street is unimpressed with the jump in revenue and when you look at data centers sales, they sort 93% post earnings. jensen huang told me fears of server farms to run a i would drive up. listen. >> we are teed up for some great buildouts of these data centers to produce essentially what i call ai factories with transform energy if you will into digital intelligence and digital intelligence tokens, basically artificial intelligence. we have several years of buildout to go.

liz: his conviction in ai, longer thinking artificial intelligence is rocksolid even as the trump administration looks to tighten curves on exporting his chips to china. i talked to jensen huang about that, my full interview coming up. investors are having trouble granting his enthusiasm, enthusiasm of just about anything. the dow jones industrials doubling the losses we saw at the top of the session, we just blue out the low. his enthusiasm notwithstanding all investors are seeing is the sell button. ai chip and data center related stocks, supermicro to taiwan semi, they are dumping out at the moment but what we are seeing, fear selling on fresh tariff headlines out of the

white house take hold, the s&p is down 67 points. the lower the session was 59 so what are we seeing? real problems, down 42% or 391 points. for donald trump to hold the press conference with the prime minister of the united kingdom, that should happen any moment but this morning he announced he would double tariffs on china from 10% to 20% and forge ahead with the 25% tariffs on imports from canada and mexico, march 4th, and euro zone imports april 2nd but let's look at the vicks? the market was showing no fear, was up 7.4%, and warren

buffett, in the past four quarters has been selling stocks and you don't want to miss out on gains because of one scary day but are we starting to see investors reaching for their coats, is that right or wrong timing, let's get to the floor show. ubs managing director and senior portfolio manager jason katz. on nvidia, piper sandler covering the chipmaker. this is a story where we go macro first, we are seeing a shift in sentiment but maybe the shift in sentiment started last week. if you look at the american association of investors where they paul american investors for week ending february 26th. you saw the bearish camp get a lot more crowded. what is that telling you about the state of mind of investors right now? >> i speak to investors every

day and the numbers you are noting have to be taken with a grain of salt, look at the demographics of where they are doing their surveys sometimes those numbers get polluted based on politics. that being said the momentum trade is losing momentum, the school of what has worked is not working. the momentum etf is down 6%, rotation into the more defensive part of the market and it is all predicated on the self-induced, i won't called the moons. i think it's by design, confusion and uncertainty around tariffs, deportation and dogee. ashley: are they disappearing? >> i'm not implying that all. a self-imposed -- liz: why sell? >> i don't think you should. if you believe in employment will have around 4%, gdp, 2% to 3%, earnings are likely to come in at 10% this year so what you

are seeing is trump doing what trump said he was going to do, create uncertainty, use it as leverage from the standpoint of extracting concessions and once he gets of those concessions, the consumer which drives the fast majority of our economy may take a deep breath. it has to happen sooner than later because it could become a self-fulfilling prophecy if it doesn't. liz: when you are looking at the selling momentum, it is focused on nvidia despite the fact they trounced earnings projections. what do you do on a day like this? >> thanks, the reaction is a classic case of shrunken reaction. they had good results. we think they sold out the rest of the year, they can't make enough of this platform ship. 450 million in the october

quarter, to a million in blackwell sales in the january quarter. you can't ask for a better set of results. this is something investors wanted but maybe they wanted, and ai players well-positioned as nvidia in the near or long-term. to be hands down on a day like this, it is cheaper. liz: people said because they couldn't fill the orders, every one trying to spread their bets against cross micro devices are broad.com. when you look and you hear what jensen huang said and look at what the company is doing and the demand for better and better chat boughts, he said the new longer thinking ai

models require 100 times the compute of what we see today when it comes to these prompts on chat gpt at best in class, is it not nvidia? >> it absolutely is. the long-term thinking or reasoning models taken down a complex problem and break it into smaller problems and come to an answer it methodically but this allows them to do a super complex process as far as coming to the end result and this requires anywhere from 10 x or 100 x. we are already at data centers. think about this for a second to. and average data center is going to be 100,000 gpus. and average cpu server used to be 5000 units, we are 20 x over

cpus and out bringing 10 to one hundred on top of that. nvidia will give you chips that are 20 times more efficient or 30 times more efficient but approaching hundreds of these units. these aren't super complex chips, one of these boxes has 1.2 million parts, made in the 350 factories around the world. these guys are scrambling to meet demand. investors are hung up on a hiccup in the margin but that is short-term stuff. liz: jensen said he has customers that are very anxious, they have managed to close the gap between supply and demand. i want to continue with jason katz. as we look at the 10 year yield this is interesting. we have seen a flight to safety at the moment in treasury bonds

and earlier today, we saw this at a 3 month deal, right now it is 4.26% and volatility is starting to spike. how do you read into that, don't sell because of a bad day or bad couple of days theory but makes you wonder. >> the inversion of the yield curve is supposed to be a great predictor of a recession which never materialized from the first time it inverted. if you take a step back and look at this in the context of two years in a row of 20% gains and the earnings nvidia just reported, these companies are growing earnings into their higher valuations, multiples don't seem as high. this is markets digesting the uncertainty.

dogee, spending cuts. it is a consumer economy and the consumer is fickle. liz: you don't get into the weeds and the options but scott bauer, a very popular trader who comes on the show flagged me today that apparently when it came to the options market, a whale, they don't know who it is, a whale had basically bought something like 275,000 call options all with different expirations and the bat was volatility will spike. does that kind of thing, should it? >> it shouldn't. when you talk about this, the fact that it was over multiple explorations suggest someone is making a calculated and probably good but because we are not going to be divorced from this uncertainty for the next 2 to 3 months but if you are an investor you have to ask

your self, the medicine we are taking with respect to addressing the deficit better deal with that short-term pain now because the consequences long-term will be far worse. this is a good thing. liz: thanks to harsh. jensen -- jensen huang, i asked him what he think about deep sea, the chinese chat bought after it caused the value of his company to drop $600 billion. he will be interested in his thought on that. 's relationship with donald trump, he just met with him four months ago and what he sees as the next phase of ai adoption coming up. dow jones industrial down one hundred 11 points. while investors have a bitter taste in their mouth after swallowing of a's report, they are reacting totally differently when it comes to red robin. yum. the gourmet burger chain

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liz: we need to punch up an intraday first. year to date, the s&p dipped into negative territory. positive into the session, any loss of the close of 75 points or more, we are at 74, we were following 75, we will lose all the gains we've seen for the year. we are keeping an eye on the s&p right now.

burger chain sizzling right now, the turnaround strategy, the burger chain did post wider than expect fourth-quarter loss. revenue showed signs of life thanks to reintroduction of its royalty program which attracted 1.5 million new customers for a total of 15 million members. part of the plan involves closing 10 to 15 of the restaurants last year. part of a larger strategy to have cash underperforming locations. pay down debt and have different locations. the online marketplace, they gave lackluster guidance for

the quarter, gross merchandise, total value of product sold on ebay and crazed 4% to $19.3 billion, the current quarter, ebay said we are looking for a drop from 18.3 to 18.6 billion below the street's 18.8 billion forecast. steve priest, blaming it on significant economic uncertainty. compelling them to cut discretionary spending. what's look at shares of snowflake jumping by 6. 8%. %. the storage company top fourth-quarter explanations. 11,000 customers with a net revenue attention rate. and to open ai's models onto

snowflake's ai platform. what an is wider than expected loss, revenue mess and decline in sales for immediate company stock, investors in warner bros. discovery are skipping up shares and the runaway hit the white lotus a wall street media analyst richard greenfield, whether that is a good idea, next.

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liz: we continue to see the selloff, nasdaq down 390 points. could be legions of shareholders who bought warner bros. discovery shares at $70 finally see a payoff? not yet but if you bought wbz yesterday we are up 6. 2%. shares are topping the s&p and the nasdaq 100. they were up 9% earlier but a little selloff and the broader market. in june of 2020 one when the deal between warner media and discovery was first announced and today you are down 65%. wpd is partly alone when it comes to legacy media company stumbling down the mountain. paramount shares traded at something like $47 and now down

73% when it came to the $11 it is at today. down 5.5%, it is not saving it. they reported earnings, is there light at the end of the tunnel? let's get to rich greenfield. let's start with warner bros. discovery. the number of subs they added for their streaming offerings certainly impressive. not bad at all, you are looking at 5.6 million subs added but they lag it behind disney. do you feel it for this company. >> i think the reality is there's a little bit of relief in warner bros. discovery. they lost the nba, they sued the nba. there was definitely sort of widespread concern that that was going to be, quote,

terminal for the company, they would get dropped by distributors. we were confident they wouldn't. they were able to re-sign deals with comcast, charter, directv and for all the challenges facing all legacy media, even losing the nba was not going to be catastrophic. the cfo said they see a $700 billion benefit on the cost side, they will have a nice pickup in lower cost structure. that is why the stock is moving. there is hope that wbz is a seller of its assets over the next couple years. the only reason you should be buying stocks and legacy media is if you really believe a transaction is possible. we don't think there's going to

be transaction with wpd, the only stock that could get acquired or the assets could is fox. right now, there is hope for wbz doing something strategic over the course of the next 12 to 18 months. liz: if you look at fox, the parent of fox business, we need to disclose that, the gain over the past year, 93%. they announced they are going to offer a streaming bundle of fox news, fox business, fox everything, why sell when you're finally starting to get, we don't know if they will get but we get real traction. >> it is actually less about streaming to be honest. the reason fox has done so well versus the group as they resisted losing money on streaming. if you look at most of the media world, they've gone head

first into streaming, not done a good job, they've got these things to breakeven by cutting back on programming and cutting marketing costs, but these are not really driving time spent. youtube, netflix and amazon prime video, none of the legacy media covers, fox has done so well, they resisted losing billions of dollars where everyone else has been like lemmings, jumped in line and literally lost money, billions of dollars after billions of dollars, comcast's lost $10 billion. and why would they want to sell, from a succession standpoint. to have locklin run it long-term. the way the trust works will

not be as simple or easy. to ensure the future of fox. >> warner bros. discovery, the path of profitability very murky. paramount sold itself or is trying, not entirely all the way through. morningstar did an article of the top 15 companies that lost the most shareholder value, destroy shareholder value over the decade and paramount is right in their. any point buying a company that has legacy media vapor trail? >> it is very hard when you are trying to balance the past and future, it's really hard to operate.

it is why if you look at stocks we've been excited about, netflix, spotify, they are not burdened by the past. even disney, you pull up the disney stock chart, paramount and wbz, you pick up a 10 year chart on disney, stock is down but you lost money and ten years in the walt disney company, let's just say a lot. the reality is when you look across the sector, good to have a good house on a bad block, because there laser focus, rupert and lackland honing in and being very smart, selling off a good chunk of the company to disney and disney taking a bath on that acquisition. skinning it down. that's where the stock it is today.

>> i thought it was "the claman countdown". >> it is driving the near term. fox news, it is like the 6 the broadcast network if you look at his ratings, fox news is so far above and beyond, given the red wave we saw in the elections the amount of advertisers embracing fox news that had never been advertisers before, don't know about fox business specifically but fox news 120 new advertisers since election day, there's a major shift in terms of what advertisers are comfortable with, you see it on x formerly known as twitter but you are seeing a real change in where people put add dollars, great news for fox.

liz: great to see you. on that note we appreciate you coming on, appreciate the legacy media names even if they have sexy straining attached to the. one of the leaders at the center of the ai revolution you know is at the pinnacle. it is nvidia. the founder and ceo, jensen huang, i talked to him after record quarterly report and i peppered him with questions about the future of ai. here was elicited this response. >> that's a good question. liz: what was the question, stay tuned. he will hear it next on "the claman countdown". 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.

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liz: breaking news, open ai hitting the table with this announcement, the launch of its newest and largest ai model, gpt 4.5. it promises significant update

to the large language model, underlying chat gpt. open ai's ceo sam altman post on x, quote, it is a different kind of intelligence and there's a magic to what i've not felt before. nvidia makes the chips powering the magic of artificial intelligence would what is ahead? on the heels of quarterly earnings let's bring in jensen huang. let's say by nearly every measure was a record-breaking quarter during the conference call, you rattled off a list of tech giants, automakers, healthcare, the mayo clinic is losing ai to piner drug discovery, they are all incorporating it but do you see a sector that is slow to embrace artificial intelligence and be more aggressive in adopting ai? >> that's a good question.

everybody is racing to adopt ai. i would say it this way, number one, the core technology builders, model builders and the companies that are building consumer oriented to ais, search, music recommendation, video recommendation, all of those product recommendations, consumer ai adoption is incredibly fast, the frontier models, trying to build the next generation frontier models going to the next level. then there's areas that are developing, almost like a digital workforce, digital marketing people, software engineers, and so on, that area is developing nicely and that will come next. the next phase after that is

what we call physical ai, ai that understands the laws of the world, the physical world, things like inertia and gravity, object permanence, and and each of these industries are coming in waves, they are building on top of each other. liz: we need more eggs. as we look at demand it is clearly sizzling but there were reports of one hyperscaler, canceling data center leases. are you seeing no trimming or scaling back for data center buildout. >> data center, it is huge. the vast majority of that data center ask used to be our

located to general-purpose computing, traditional data centers. and not only is the larger the amount of it is far greater. we are seeing a very robust growth spread compared to last year and we are teed up for some great buildouts of these data centers to produce ai factories which in the future will transform energy into digital intelligence and we call them tokens, artificial intelligence. we have several years of buildout. liz: i got to ask about the new chat bot, china's deep seek is pushing up the launch of our 2, successor to january's popular are one chat bot from may to as soon as possible.

do you know if the upcoming deep seek model uses nvidia chips, which ones and how concerned are you the cheaper ways to train models might mean fewer sales of the chain which is popular right now? >> deep seek is fantastic. what deep seek has done is open source a new type of state of the art ai model, reasoning models are models that think. instead of you asking the chat body question and it instantly spews out an answer, does a really good job doing it, but now the chat bot, the question, step-by-step, reason about it, it might produce several different versions internally in its head, choose the best answer before it presented to you and it turns out the

reasoning ai models discovered a new scaling law that says more compute you apply to thinking, the smarter the answer. it is the opposite, what deep seek has done is opened up a whole new field that consumes an enormous amount of nvidia computing capability, just about every ai developer has incorporated either r1 or technologies like r1, chain of thought, reinforcement learning, search, and so on to improve the quality of their answers so what happened is the next generation of ai models has caused demand to be really hard but the papers of deep seek does a good job describing the hardware they used and they

also used the hardware that is controlled, the innovation of that team is terrific, they found a way to develop algorithms and software that takes advantage of the computer but that is what computers, engineers do. they are smart about whatever computer you get, smart phone or a pc or nvidia gpu or game console, they find a way to develop great software for it so it -- the big idea is deep seek has opening reasoning ai. liz: do they use the pricier chips? they weren't really chipset that moment but the trump administration is working, it wants to further blend china's technological advancements curbing us-made semi conductors sales. i won't say what was in your organization, did you leave the

white house after meeting with him feeling better about nvidia's global business, more concerned? >> i left the white house with great new relationships, clear understanding that the administration is going to work to understand the market, to understand ground truth and what is happening. of course, i'm enthusiastic to work with the administration to achieve its goals and want the administration to succeed. if you look at where nvidia's computers are going to china and compare it against what we just launched, the record-breaking quarter, the comparison of the technology anywhere from 20 to 60 times higher performance is what we have in the united states and

so every day that goes by, the export control, technology is further behind. in a lot of ways it is another way of saying every day that goes by we make the technology slower and slower. the conversation is good and we are happy to share with the administration everything we know to make the best decision. liz: i want to talk about what you said on the call, ai models incorporate advanced algorithms that enable it to plan, to reason and adapt over longer time frames, it requires 100 times more compute. how is the development of the so-called wrong thinking going to impact people's everyday lives in the near term? >> every time you use chat gpt, you can see the quality of the answers has improved tremendously so reasoning or

long thinking allows it to break the problem down step-by-step, process the problem and might come up with several answers internally, select the best one before it presented to you so the net answer is you will get ai that is smarter, present to you better answers and be more useful. liz: a lot of people watching are using it, ai curious, dipping into it and it is advancing at the speed of thought. i know where you have gotten today by anticipating best and worst case scenarios. do you envision a day when ai can be powered by something other than semiconductor chips? >> where every semiconductor takes us in the coming decades, there will be computers that have to be built and whatever new technology comes along i am certain we are either inventing or using it to invent a future

so we are fairly clever about computers and we love our work and whatever the future is we will help create it. the thing that's really cool about the legacy filament nai is it is opening up all kinds of new use cases. ai research assistant and drug discovery and scientists discovering new material for energy production, maybe it's a new ai used to help us with manufacturing. in the workforce with different reasons. and exciting in the future. we appreciate it.

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liz: fox business alert, president trump is taking questions right now at a joint news conference with british

prime minister keir starmer at the white house. president trump saying he wants u.s. taxpayers to be reimbursed for the cost of u.s. military and humanitarian aid to ukraine. he's working very hard to get the war in ukraine to end. tomorrow president trump will sign an agreement with ukrainian president zelenskyy to develop ukraine's minerals, rare earths, oil and gas. apparently, that meeting is going to be around 11 a.m. eastern. trump says the minerals agreement will be the basis for the future relationship between the u.s. and ukraine. all right. despite comments last night from attorney general pam bondi that a new round of epstein files would be released today, there was something that came out, but some skeptics are predicting not much new information is really included9 with the new documents, and they're only in the hands of a furyk right, charlie? is. >> yeah -- few, right, charlie? >> yeah, this is very strange. she's been teasing this, pam bondi has, for a couple days

now. she actually said last night, it's disgusting, what will come out. you know, i'd be real careful here, you know? if i'm -- i'll give you a little story. i was doing a story on jeffrey epstein back in 2019. i was with a very rich dude, and i basically said -- they said, what are you working on? he's a billionaire, and you would know who with this is, kind of household name at least many in new york city real estate circles, i said is, ah, i'm doing something on epstein, and i don't know how the get in touch with him. he pulled out his iphone and gave me his number. this guy obviously met with jeffrey epstein at least once. he had his number. i did call the number, and epstein did call me back, and i did a series of interviews. you can see a lot of my reporting in "the new york post". i did it on air. my point is that just because you said hello to to jeffrey epstein or met him about a real estate deal or met him -- remember, guy us -- was a high-end wealth manager. you met him about a

philanthropy, he was very big in raising money for philanthropy, doesn't mean he was convicted -- accused of -- that's where throwing these names out there that said hello to epstein once ten years ago is absurd. listen, donald trump obviously knew if epstein. doesn't mean donald trump was involved with him, in any of his me fair if yous stuff. they creased -- nefarious stuff the. bill clinton, same thing, you know? bill gates. i'm not saying they were best friends, but bill gates and, you know, they did something along the lines, the name came out. liz: what you're saying is you can't triangulate -- >> it's called guilt by association. and i will tell you this, when i interviewed epstein and, again, the full quotes are hysterical. you google by name and epstein, epstein once said to me, don't

call me a pedophile, don't call me a hedge fund manager. the only thing worse than being called a pedophile is being called a hedge fund if manager. he considered himself a wealth manager to very rich people. but he did say this in conversation, jeffrey, just doing my job calling you, i'd like to hear your side of the story. he goes, charlie, i've had a lot of friends over the years, a lot of famous people, not that they're my friends anymore. i'm paraa phrasing, but this guy was a mover and shaker. he was very rich. you want to hear something else if despite his disgusting personal life, he was an excellent wealth manager. he was excellent at the tax code. that's why people like leon black went to him. he knew how to save money on taxes. so i think we're going to see a lot of names, a lot of weird coincidences. we're going to hear at lot of people, oh, going to have to defend themselves because they said hello to him once or had a cup of coffee with him. but i'm telling people, be careful here for guilt by

association because just because you said hello to somebody doesn't mean you're a pedophile or did something -- as a matter of fact, i bet -- i don't want to be blanket, but everybody i know, they met him. they weren't involved with him in the sexual stuff. liz: everybody's innocent. okay, well, we'll see. charlie, thank you very much. as the closing bell comes up, about 30 seconds away, we're not at session is lows, but as a pretty grim picture for the s&p 500 which is now in negative territory for 2025. the dow has lost all its gains. we're looking at a loss are of about 197. nasdaq down 587. the s&p down 97. tomorrow we get the federal reserve's closely-watched inflation indicator, the pce. and last day of trade in february might be a big day. hope you're here. ♪ larry: hello, folks. welcome to "kudlow."