lou basenese, did the fed wait too long before cutting rates?wn -- >> that's the fear that's manifesting right now. everyone was worried that jerome powell could stick the landing on a soft landing for the economy. the u.s. gymnasts for gold, they did it, i don't know that anyone has confidence. if this economic data keeps coming in weak, it's going to be an indication that powell needs to cut more aggressively. stuart: ouch. j.d. vance is at the southern border today. it's his first visit as the republican nominee for vice president. alicia acuna is in tucson. what is on vance's agenda? >> reporter: well, hi, stuart. j.d. vance specifically picked the tucson sector along the border because it is the busiest for the cbp. we can take a look at those cbp numbers right now. especially when you're talking about encounters in fiscal year 2024, close to a third of the more than 1.4 million along this section of of-mexico border -- of the u.s.-mexico border. vance arriving last night for a rally using the stop to focus attention on what the trump-vance

lou basenese is with us. lou this morning, almost predictable -- [laughter] no, no, no, no, eli lilly. kudos to you, you're looking for eli lilly months ago. >> it was in the beginning of january, and people said it was overvalued, but i said it was still in the early innings of growth. and i told you on monday that a strong report could bolster the markets, and that's exactly what we got. sales up 36%, profits up almost double that. and it's not just their weight loss and obesity drugs. they have an anticancer drug and a colitis drug that have added billions to their sales. still very early on. if you look at zepbound, their obesity drug, they started filling prescriptions in november last year, this is a trend that's going to play out, and this is how you invest over the long term, find thematic trends, get in on them early and ride them until they don't work anymore -- stuart: yeah, but it just sounds like the pop that we had for nvidia. i mean, we've got people on the street predicting $1100 a share for e

lou basenese, what do you make of that on nvidia?e target -- conservative price target and nvidia would become a $4 trillion cap company and they have to deliver perfect results and i don't like those on investing and bet that apple beats nvidia to the $4 trillion market cap on the hope of ai and they're going to be propelled by new ai growth and for nvidia, that's priced in and i'll take a dollar bet with chris that apple gets there first before nvidia does. stuart: just incredit card and will hold that money. thanks very much indeed. art initial intelligence is straining the power grid. ash, come on in, please. tell me, how much power is ai using? ashley: more every day by 2030 and davis centers in the u.s. alone could consume as much electricity as much industrialized electricity and energy supplies are falling because of coal fired plants in the next six years and computer warehouses to power the interpret and, yes, ai could require up to 400 terra watt-hours of electricities and more produced by the uk than in 2022. the effort t

lou basenese with us right now. for my money if you're looking at money he is the most important game in town for the time being, jerome powell. >> he is. he holds the power of the interest rates right now. i think like you mentioned in the intro here. we're looking at 50 basis points, people calling for more possibly two weeks ago and now we have -- neil: you to your credit were not melting down. >> no, and we said let's not get selective amnesia. fed powell was saying before that that look we'll be constructive, data-dependent. the data came in weaker than expected two weeks ago and everyone freaked out to make it worse and later the next week -- neil: you know what i think also was wise? it didn't want to do the bidding of the markets and look like it was held captive, that i get because every fed chairman, fed policy board says that, but if they had moved early, had they done something big, it probably would have sent out even bigger panic signals right? >> i think we talked about that and i said it be a catastr

lou basenese we me now. the number of jobs added revised down 818,000.very little reaction from the market. is that because rate cuts are already baked in? >> i do believe that is case. you remember about a three weeks ago a we were panicking because we thought the economy was collapsing and people were calling for an emergency fed cut. i think it's a foregone conclusion we're now going to get a cut in september. these weaker than expected jobs numbers, look, we know the labor market's cooling, it's just not collapsing. i think that's the saving grace. as long as the fed acts, investors will be appeased and happy to keep buying into this market. stuart: if we don't get, i mean, in the unlikely vent that we don't get a rate cut in september, what do you think happens? >> yeah, i don't think that's even a possibility, and that's coming from the guy who said we don't need a rate cut even this year. i think we need it, it's going to the happen. if we didn't, that would be powell trying to really stay out of this election. i don't think he could, i think that

"varney & company" is about to begin ♪ ♪ >> there is only one story, a global market selloff, lou basenesewith me to help cover this. are you bashing the fed like everybody else. >> absolutely not what good does it do to point the finger at the fed. i know the fed will take most of it but if you look at bidenomics in the way we handle inflation, the economy, tax regulation, that is contributed to the point where were at right now but the fed will get most of the blade because everyone is afraid they acted too soon. here's the thing let's step back, we had two bad economic reports, if we get a few more this week that ism services and ppi and cpi next week if those coming good it'll be called on the western front if they comment that everyone will start blaming the fed and you will see a lot more selling. stuart: if you think we got more numbers, positive numbers you can have this turnaround. >> i think you need something to stabilize were in a panic market, nothing national it's all psychological and josie fed presidents come out, one scheduled on thursday one or two others that will come o