larry: that's it for kudlow, thanks for watching, folks. ♪ ♪.

maria: good wednesday morning thank you for joining us. i am maria bartiromo it is wednesday march 20. wednesday news 6:00 a.m. on the east coast, the fight in texas deepens federal appeals gives an order the bars texas from arresting anyone entering the country illegally hours after the supreme court gave the go-ahead for the state to enact the law. we have the very latest, markets are searching for direction in their mixed on this fed did the federal reserve kick conclude the two-day policy meeting with the press conference 230 eastern we will hear from jay powell some clarity and whether they will cut interest rates in june, european markets mixed take a look at the eurozone uk is fighting to 3.4% level that is lower than expected the bank of england making the rate decision tomorrow. green across the board higher in the asian embassies, the house oversight holding an open

hearing on joe biden's influence peddling a misuse of public office. hunter biden was invited to testify publicly today he pushed for pretty claims that he will not be in attendance, were talking about who is said to speak today what we might learn when i speak with judiciary committee jim jordan, joining the conversation management president rebecca walser is here bullseye individually adam johnson is hear from advisor to prime minister boris johnson thomas corvette dylan is here. "mornings with maria" is live right now. ♪

>> is time for the hot topic of hour breaking news overnight a federal appeals court blocking the texas immigration law that would allow the state to arrest migrants to cross into texas into the border illegally the decision came hours after the supreme court ruled that texas can assume border security duties and arrest migrants who preach the border. i spoke with border patrol chief ronald potato about the federal government and state government. watch. >> texas is doing more to protect her border and national security homeland security the any entity except the front line of dhs the ruling to stay the sp for is a setback for sure but we know that texas is going to remain in the fight to protect us so we hope that the review goes quickly and that they prevail in the law.

maria: the appeals court was fast, last night we heard dan patrick the deputy governor in texas a working arrest people immediately. >> is like that was a response to the supreme court. i had to dive into the technical reasons the supreme court was wild and continuing and we feel texas did not join them or prevent them from starting to enforce and now the appeals court has which again to go against the ssc is alarming and we have to understand why this is the election in a nutshell this is an invasion and on top of the new decision from the district judge yesterday stating that they are allowed to have weapons. if you have 10 million people come to the country and they have the right to bear arms now we have an armed potential

invasion. maria: what you referred to is that obama appointed illinois judge ruling that illegal immigrants can own a firearm and carry a firearm. the federal prohibition on illegal migrants owning firearms is unconstitutional when applied to a noncitizen who has never been convicted of a violent crime, this is incredible, this seems like insanity. >> i understand why you say that but i support that the right to bear arms is the law of the land and guaranteed by the constitution and the bill of rights as his freedom of speech and religion and as is the right to a fair trial in a jury by your peers. if you support the bill of rights and all of the guarantees that the secret piece of paper insurers for americans any respect is the law of the land you have to ensure for everyone on the land. as awkward as that sounds if you say things have changed we can

do it for the group because of immigration is crazy now you are chipping away at the cornerstone of the great country, you cannot do that because of circumstances in the moment. maria: break it into the country illegally is not chipping away illegally. >> these are separate issues, there should not be illegals coming in across the border but once they are here they are in this land and there are laws in the land guaranteed by the bill of rights and you have to respect out of consistency, they should not be here but that's a separate issue. maria: unfortunately all these issues are one issue because you have a legal people from foreign countries coming into this country some of whom we don't know their motivations and intentions and now they're able to hold the gun. thomas your reaction welcome to the program. i sat here like a fool because i came in here illegally i should've sat by the river with the hotel and credit card and all these things. if you think about the politics, who is supporting this there are

not that many democrats are calling for an open border and giving guns to migrants. but the biden administration is pursuing so hard it's a real question why are they chasing it so much is not popular with anyone were not sure whether after the so desperately. maria: we have some idea when the census is done all in the sentence captures all the people living in a certain region in if there are more people in democrat run sanctuary cities then they will get more congressional seats so the congressional democrats are winning on all of this when it comes to the senses whether or not to be allowed in some way shape or form to vote is another question but there's a lot of people that expect that's the reason they're doing this. >> i don't want to believe about it looks likely. maria: this is a developing story. were just getting started. were to follow the breaking news all morning long.

national border patrol council brandon judd is here to give us a firsthand look at the border crisis in the impact of the late appeals ruling overnight and why texas enforcement is necessary for the country safety. the federal reserve march meeting is ending today we will find out where the central bank stands on rate cuts. we will cover that will become back. "mornin"mornings with maria" lin fox business. ♪ ♪ ♪

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maria: let's take a look and features for wednesday morning.

a mixed story the dow industrials on 36, nasdaq up to, s&p 500 lower. markets causing higher with the dow adding more than 3:00 o'clock on wall street ahead of the federal reserve rate decision commentary the dow industrials up 320 points almost 1%, the nasdaq was up 63 a third of 8% and s&p 500 by 29 points, one half of 1% interest rates the tenure has been hovering around 4.3% it is down 1.1 basis point sitting out four-point to 8% on the ten year the federal reserve is widely expected to hold rates steady this month at the end of this meeting today we will hear from federal reserve jay powell at 2:30 p.m. eastern after the meeting concluded at 2:00 o'clock and perhaps will get clarity on what the fed is on rate cuts, joining the fitz-gerald group principal keith fitz-gerald. great to see you, the fed is in a bind according to knecht

amorose who was with us yesterday with the wall street journal because the last month of inflation really were hotter than expected do you keep up the fight of inflation to take the inflation down with more rate hikes or do you deal with the market expecting that you very been successful in taking inflation way down and start cutting rates, what are you expecting? >> that's an interesting question. i am the latter the markets are forward-looking which is data-driven and data looking in the rearview mirror, i would like to see the strategic decisions going forward. maria: rebecca you heard from christine legarde from the european central bank. i want to talk about what you read from that. here is jim grant his interest-rate observer founder was with us last week and he made a compelling comment to me when i asked him about the fed's next path, watch this. >> you not expecting the cutting

rates anytime soon. >> they might decide that three osha is fine. maria: 3% inflation? >> yes concern over inflation and to focus on financial stability as they would define it. i think there's also a chance that the fed raises if they are confronted with an accelerating rate of inflation. i feel that they have no choice and used to say the 3.2% could not go up with an 80-dollar oil price. >> the federal reserve raising interest rates that is not a narrative pricing to this market right now. >> i will say the thing about his comments is what shook me, basically she stated even if we do agree the one rate cut there's no guarantee there will be an additional subsequent rate cut. it seems like they're very cautious pushing back against this worldwide pressure to lower

rates and i have to say when we look at the federal reserve minutes that, so far the fact that they state that they indicate almost 1 trillion of commercial real estate have to be refinanced into have to be refinanced at higher rates and that's good because liquidity issues and regional banks and there is quite a large portfolio to banks as well they are expecting this because i think that the pricing holding rates higher than longer. maria: even yesterday when i spoke with jeffrey locher, the former president of the richmond federal reserve he said right now the fed is not as restrictive as the markets think they are, he suggested they can become more restrictive, what you wanted you as an investor when you see the commentary mixed in with the moves that we see with the market nai and nvidia close higher it unveiled the blackwell a.i. chip during the annual a.i. conference and

they confirmed that the new chip will ship out this year but the cost is more than people expected, it's going to cost more than $30000 per unit. the stock is on fire and continues to do so out better than 1%. you say the a.i. bubble may be worse than the tech bubble of the 1990s. >> it is totally different than the 1990s our advice to clients we've been talking about this all week and month, now is the time where you focus on the best company and you take a deep breath, when in doubt zoom out this is where you have to make decisions as investors forget what the fed and politics, put your effort on the ceos, were putting up good numbers and products we can't live without services nvidia is a great example working on large customers, their buying every chip that the company can make for the foreseeable future. it is dirt cheap compared to where it's going. maria: that is incredible, dirt cheap, this is up to a 50% over

the last year and a lot of people compare the a.i. euphoria to what we saw in the.com era which we live through. i asked howard budnick about it and i put that question, the chairman and ceo of cantor fitz-gerald, is a and for you nvidia and a.i. a bubble? here's what he said. we don't have the sound. >> of course of a bubble, it's going to go on and on. >> i wish you were here to go up against keith and me. in 2000 the nasdaq was trading at 600 times the price earnings was 600, right now the s&p 500 is trading at 21 times and nvidia trades at 30 times earnings, 30 times earnings growing 100% nvidia is cheap i recently bought more. maria: because you sold it, i sold it to soon so i bought it

back. you have to admit when you're wrong i sold it at 675 and bought it back 875. maria: you initially bought it at. >> 175, how do you like that trade. >> in a capital gain to. >> here's the thing three defining character a and the '90s were high leverage companies you've never heard of everybody remembers the commercial, ceos love with leverage now you have large profitable and successful company leading the charge and the losses are limited to incubators nobody's heard of them for those part, the public is not on the hook and leverages a dirty word, when it comes to excessive it is functional leverage and this is a game just getting started. maria: we will be watching it. good to see you thank you so much. keith fitz-gerald. your morning mover the stock that we talked about the past team, up in the premarket, shares of the chinese retailer

higher by three and three quarters% after the fourth quarter earnings report analysts estimating a quarterly revenue of $79 billion at $11.45 a share pdd is facing pressure as congress could ban temu in the u.s. because it is a chinese company it is the owner of temu which is going a company like walmart, the stock is up 63% the last year we are watching after earnings. a shocking overnight reversal from a federal appeals court allowing texas from enacting the new border law, were talking about it when we come back. more americans tuning into streaming services how much are we watching and how much are they changing streaming to include advertising. we're going to talk about a coming out ♪ ♪

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court will hear arguments about a texas immigration law which allows the state of texas to arrest illegal border crossings on their land overnight the appeals court blocked the law hours after the supreme court gave it the go-ahead the supreme court said it was allowed to go into effect in texas could defend itself by putting illegal migrants in jail mexico's foreign affair secretary out with the statement they are refusing to take anybody back refusing to accept anyone the texas supports back to mexico and saying they have the right to protect their nationals living in the united states, joining the national portable juul counsel president brandon judd, great to see you, your reaction to all the changing headlines. >> i'm extremely disappointed. i know the courts have the rights to make decisions and we have to follow those decisions but it doesn't mean i can't be disappointed. we knew of the law was to go into effect we would seen illegal immigration in the state

of texas drop exponentially and as long as that happens we can go after the cartels and the money and we can go after what drives all of the illegal image gratian and we know it's not going to stop illegal immigration crossing at the southwest border is getting moved to arizona new mexico and california but it would've given us a model and shown proof that as long as you apply a consequence to a violation of law illegal immigration drops and that's what we know would've been the outcome of the law and by the outcome it would've proven that biden is incorrect and if he would've enforced the laws we wouldn't have this problem on the border we were extremely excited when the supreme court came out and rolled that they could implement it and now were just as frustrated that it can't be implemented because were not going to get to see that affect. maria: i heard the lieutenant governor dan patrick on fox news he said we're going to start arresting people tomorrow morning tomorrow morning we get the arrest going and then we get

the appeal were waiting to see what you all can do but didn't the flow slow down pretty substantially in texas because of the razor wire. >> it did all we have to do is look at shelby park right wing texas sees that area and we saw complete droplet illegal immigration in the area and it just moved to the outside of the area but it showed what we can do if we have the proper enforcement in a specific location. i want to go back to what mexico said they're not could accept anybody, that is the right but it wouldn't have mattered and the reason why if texas applies a consequence then there would've been a criminal charge on these people's records and that's what they don't want and we know that they're going to move the people coming into the united states are ultimately hoping to gain a pathway to citizenship or legal status in the united states and if they

have a criminal conviction on the record, that becomes much harder to do so we knew that they were going to move and that's what we want to see we wanted to be able to prove that consequences allow us to secure the border and if we have those consequences we will be successful going after the cartels. maria: what a change in sentiment in the backdrop for when president trump had remained in mexico in place in the u.s. and mexico have an agreement that illegal migrants would remain in mexico and now the mexican government same were not taken anybody back. what gets the story more murky what we've been talking about this morning the obama appointed judge ruling that illegal immigrants have the right to own and carry a firearm that judge shayna federal prohibition on illegal immigrants owning a firearm is unconstitutional when applied to a noncitizen who has never been convicted of a violent crime. adam johnson made the point this is the law of the land but my

issue with us some of these people coming in we do not know who they are, look at the got a ways were talking about 800 got away the day. if we have got a ways that we know are in the country and they came and we saw them on surveillance and they are here and intensively did not want to get apprehended, why? these people are allowed to carry a gun now. >> in this particular case i don't understand the ruling all you have to do is apply common sense to the law and judges are allowed to apply what the intent of the law is and they can extrapolate from there and look at this and say this individual is in the country illegally. just because a person has not been convicted of the crime we know that they are here illegally so we can clearly look at what the intent of the law in the intent to anybody that violates the law cannot possess

a firearm. obviously this person should not of been able to carry a firearm. i believe this will go before the supreme court you have to think that the supreme court is going to look at what is the intent of the law in the going to follow that. if they do that again overturn this decision. maria: you made the point this is the law of the land and i get that. but the fact that you know a portion of these people have already broken the law and they're supposed to say that's the law, have your guns. >> you have to be intellectually honest about the law and guaranteed by the constitution and the bill of rights certain inalienable rights, freedom of speech, freedom of religion the right to a fair trial, innocent till proven guilty, no illegal, unfair seizure, on and on and the right to bear arms and you can't just say political circumstances have changed.

for the moment we are going to suspend the bill of rights, you cannot do that. >> what do you say. >> is practically impossible to get a gun in new york city. it's impossible. meanwhile there is an effort to take away citizens guns, we can't have a gun but your illegals, go for. this is all it takes everyone here illegally is now saying were allowed guns there all getting guns. maria: insanity. final word. >> again i do think that we can limit the right to carry weapons we've already done that criminals convicted of a crime cannot carry a weapons of the bill of rights does not apply to them we can look at what the intent of the law is and the judge can do that. >> great to talk with you, brandon judge oiliness, quick break gate start and cicero fellow gordon chang is here will get his take on a hong kong security law that is worrying foreign executives we have a lot

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president donald trump vowing to restore trump's agenda after winning the ohio gop senate primary beating ohio senator matt dolan and secretary of state frank larose. >> is going to be very nasty for one reason, sharon brown cannot run on anything other than nastiness. he is no record he's an abject failure. >> marino saying i look forward to uniting our party in working to send him packing in november. now we have the race, that's one of the biggest races were watching on tuesday. another headline, to former top generals who were in charge with afghan withdrawal under president biden are private citizens and they criticized the white house how i handled the deadly evacuation from afghanistan. watch this. >> the fundamental mistake, fundamental flaw was the timing of the state department. >> one thing to have a plan

second the coronation of a plan. >> that was too little too late. >> it was my judgment are too little far too late. >> will the withdrawal led to the airport bombing that killed 13 brave american service members, 11 marines, navy seal and army soldier were no older than 31 years old the day that they lost their lives. finally chipotle mexican grill sought shares jumped more than 2% of the company's board approved a 541 stock split the chain plans to offer the restaurant managers and equity grant is the first ever stock split for chipotle is one of the biggest plates ever on the new york stock exchange the split will take effect june 26 here is to pull away up 74% over the last year. i always tell you anybody that puts guacamole on a solid is a genius in my opinion. maria: i agree with you.

hong kong lawmakers unanimously approved a new national security law giving the government more power to crack down on dissents. the wall street journal editorial board out with a new piece hong kong's giant leap backwards writing the law makes the territory more dangerous place for foreign businesses lawyers, journalists and especially local citizens by eliminating freedoms that distinguish it from communist china joining the gate start institute senior fellow and the author of the coming collapse of china and china is going to work gordon chang back with us. great to see you, thank you for being here. when the ccp first went into hong kong they threw down lots of new laws, one of them was called the prc espionage law, the new national security law is similar to that let's talk about the new national security law which does what. >> article 23 which was enacted criminalizes the gathering of

ordinary business information because it's so broad that's exactly what beijing did inside of china with the amendments to the espionage law that went into effect july 1. really what we have is in hong kong and china basically every business person can be swept up. hong kong says were not going to do that. the point is it's not hong kong that makes the decision. xi jinping in beijing decide they want to take a business person and take them off the street that's going to happen. maria: great point in some of the laws basically allow the ccp to march into any business that wants to march into and start taking intellectual property, putting people in jail the prc espionage law allows prc agencies to inspect the equipment facilities on related programs and tools of relevant individuals and organizations may read or collect relevant documents data materials or items in crp are using the power

surveyed american companies they did so to bain. >> in a month they did it to the us-based due diligence firm then they also didn't to cat vision and essentially what they did they said we do not want bad news, also we have foreign businesses that were disconnected from wind information which is the biggest provider of financial data and china, really was an attempt to control the narrative. maria: if they say you are doing surveillance you are giving away trade secrets, is the ccp to say what the secret what is not a secret. >> it's even worse than that, before the amendment in july they covered secrets, now covers everything related to national interest everything is related to national interest in xi jinping's mind which means everything is a crime, they did this to jack ma when he gave a speech in october 2020 the criticized bank regulators the following month he was taken off

the streets himself and his ipo was canceled. maria: that is right that's called disappearing somebody, all the sudden jack ball complains about the regulatory environment from the financial services area of the ccp law and we don't see him now for months she's totally disappeared. we know how this went on for jimmy lai, jimmy lai was a regular on this program and he was a freedom fighter, he is now in jail here's his last interview before they locked him up. >> now any offenses of crimes in the intimidation is very enormous is assigned of suffocation in the democrat states all the pro-democratic

legislators resign en masse. we will not have a voice or any fight or any demonstration in the street. i'm afraid hong kong if we have no news the world were will forget us. i expect to have to go to jail but i don't know when and for how long but definitely i will not be guilty because somebody who is determined to resist i would never admit guilty. maria: total shame for jimmy lai he remains in prison, later this morning the senate intelligence and commerce committee's will be briefed by fbi, d.o.j. and the office of director intelligence officials on the tiktok threat, the senate whether to bring this thing to the floor and does not

look like chuck schumer wants to bring it to the floor. it basically says that by dance would have to divest or risk being banned from u.s. app stores this is just another way the ccp is inside the gates of america isn't it. >> it certainly is august 2020 the intelligence unit of the operation army base themselves in china's houston consulate using big data to identify americans likely to participate in violent protest in then they sent them tailor-made videos and we know from the latest reporting that the tailor-made videos were tiktok's that is an act of war and also a violation of federal law which means the federal government could actually confiscate without compensation tiktok because what they were trying to do was bring down the u.s. government. maria: unbelievable. american businesses have been looking to china to try to increase their sale of widgets whatever they sell they want to sell to 1.4 billion people.

all of the national security issues have not been an issue for most of corporate america. i want to get your take on whether or not that is changing, tim cook is visiting shanghai ahead of an opening of a new retail store in shanghai later this week. iphone sales declining 24% china in the first six weeks of the year, you have a new op-ed titled wall street increasingly sees china as an investable, the country's economy is crumbling faster in xi jinping the mighty leader is determined to take china in the wrong direction, just the other day we saw goldman sachs come out and say putting money in china is not a good ideas on investable. >> this was stunning, goldman and the rest of the street love china for years and years, they know people are starting to say chinese stocks have lost $7 trillion in value since their peak in 2021. it is now the time to buy and goldman sachs says no one should invest in china and that's true

because xi jinping is starting to impose more strict totalitarian control and those controls affect business throughout two history losing to chinese leaders do this and every time it's a disaster not just for the economy but society as a whole, yes china is on investable. maria: one thing i'm waiting for a what you're waiting for is to see somebody in leadership, somebody who will want to do the right thing to pull the capital market lever get the communist party of china companies out of our exchanges and stop enabling american investors to fund the expansion of our number one adversary. >> absolutely. every dollar that we invest in china go to the chinese military we say the private companies in china and they're not connected with the military. xi jinping has military civil fusion which means everything a civilian company has its pipeline to the generals and admirals if they wanted which

means very different society than ours. by the way were talking about apple, it's been devastated inside of china because xi jinping wants its market share to decline to 0 because he wants huawei the national champion to take over. maria: the key spy machine huawei, huawei is used in america in some areas and i'm thinking why are you using huawei, imagine civil military fusion, we talked about civil military fusion i see that you call it -- >> xi jinping switches used to be called. maria: the fact that he puts military first tells you where the priorities are. >> absolutely we have got to understand the very different society than ours and that means that we cannot use the lens that we used to judge on society when we look at china. maria: they were probably not allow illegal migrants to carry guns i bet. >> no one can carry guns in

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fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. maria: welcome back the days of commercial free content coming to an end streaming services are being taken over by advertisements with a higher monthly fee for those who want an ad free experience recent report finds the average american finds more than three hours a day streaming content, zimmerman advertising founder and chairman jordan zimmerman, great to see you thank you so much for being here. i would ask about advertising as it relates to streaming this is a big opportunity. its ability to really target the customer even closer, tell us more about it. >> first of all, thank you for having me on, it's great to see you like always. tv is evolving and as we see all

media involved tv has evolved dramatically. over 300 million tvs in america but the statistic was staggering 21 million users streaming content just in the last year, that is staggering if you think about it. we saw this coming in 2012 and we saw heroic change and linear television called evolution. we started to build a hyper local data driven audience targeting platform proprietary to zimmerman and we said we couldn't have it anywhere so build it so we loaded it with 4000 data layers, that's everything you can think about about people 250 million adults,

so most every adult in america, 3.1 billion e-mail addresses, 300 million cell phones and 65 million connected homes. it is all driven by an agile id not by cookies because you all know cookies are going away. what does this allow us to do. anyone of your audience today for anyone of our qs ours and retailers and airwaves and travel companies anyone of the brands are discounted and we could right message to the right home at the right time through a dynamic creative platform. pretty amazing stuff that we can do but getting the right message in the hand of the right person is very important in the dynamic platform to what the content onto the platform and create ads that is dynamically within

nanoseconds into your home. that means you can have different messages going to different televisions or different homes i hope that gives you a little bit about how bigots changed. maria: that's what i wanted to 0 into because geography can actually dictate where the best place for a specific ad is because if you're going to have an advertising program where you want to show the ad in one region of the country and you know little designee in the region of the country, you don't have to put the ad out everywhere you are zeroing in on one area of the country one geography because you know based on the information that you just told us that is where the customer is. >> marie essay i wanted to buy your program and by mercedes-benz of america we

could target your specific audience people that are more likely to buy mercedes-benz. but let's take whatever current clients office depot, jerry smith runs the company and they have a trade on every store and if it's a city starts a couple blocks, for the suburban it's 3 - 5 or 6 miles and if it suburban it could be 30 miles it's amazing what we can do today when we really want to target that is after. maria: the shot is going in an outward docketing a great connection but i think what jordan zimmerman is talking about in terms of this program is going to enable people to actually put an ad on streaming you may not want an add-on streaming but you're going to get it if you don't want to pay up for ad free that that could

go in one different area of the country where you know that's where the customer is. >> it's even more than just locating an ad to a certain geography. it's what you want to see versus what i want to see and there could be different ads for each of us. maria: a.i. is enabling that. we'll get jordan zimmerman back soon. sorry about that with the shot going in and out. we'll be right back. stay with us. we worked hard to build up the shop, save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor, you're an owner. setting up the future for the ones you love. that's the value of ownership.

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