leaving the station. i lost that chat. [laughter] 45 seconds to 2 p.m. let's do this. stocks are getting higher boosted by strong earnings. take a look at where we are for the week as well, green across the screen which is pretty surprising given where we had been. the dow now up for a second week in a row. i mean, after meta, i i think we were all worried about what was happening. but really then finally other big tech players came in, maybe saved this market. jackie: it felt more brutal this week than what we're seeing now, and that's why i think to the point at the top of the show, this may be just a blip, and markets will continue to march on. there's still not great options to park your money. taylor: yeah, well said. brian: you know where i park by money? taylor: with "making money," with charles payne. you set me up for that -- can. charles: park it with me, jackie, i'll hold on to it. [laughter] thanks a lot. have a great weekend. good afternoon, everyone. i'm charles payne. this is "making money."

breaking right now, stocks in rally mode, right? a little bit of a sigh of relief with this latest inflation read. the gdp number was such a shock. >>er. listen, this market still has a whole lot of unanswered questions, and still we don't know what the fed is going to do. it's hard for them to cut based on this week. meanwhile, investors are cheering earnings from alphabet and microsoft, both pretty strong. but was the message if really about a.i.? maybe the life span there's a lot longer than we thought. and president biden trying to do his best winston churchill impression. unfortunately, his aim is defight america's capitalism. i'll explain that and so much for more on "making money." ♪ charles: all right, so my first guest says the reaction to the initial read on first quarter gdp was a little overdone but points out that a higher rates are a risk to equities. i want to bring in chief investment officer, founding partner jack, ablin.

jack, i think the good news from this gdp, it's because of the gdp report you've got to think can the his e per was a little higher, so the core number was a little hotter. probably the street still had this sort of sigh of relief. but there's a lot of angst in the air. we can all feel i. and what i'm curious from from you, how important is it that we get rate cuts this year or at least the perception of imminent rate cuts to keep this rally going? >> yeah. i think we need at least the per perception of rate cuts around the corner to keep the rally going. keep in mind that every time the chants of a rate cut declines, mag 7 outperforms the average stock. and that's great. problem is now mag if 7 and that mega-cap tech is getting pretty stemmy. we've got some good news on the earnings front, but we'd really love to see the average stock catch up to those mega can-cap leaders. charles: in your mote you -- note, you point out that bonds

and stocks began to converge right at the begin beginning of the year. does this suggest that outside of interest rates maybe there are some fundamentals now? maybe the fundamentals are playing a better role and probably a more important role with these stocks? >> well, that's it. stocks are a function of really two things, earnings growth and dividend -- and, i'm sorry e, multiples. and multiples are a direct result of the corporate bond returns and the yields. now, keep in mind earnings growth has pretty much remained the same from the beginning of the year. that's good news. but bond yields, the 10-year treasury yield, went from 3.8 to 4.7 without any impact on multiples. so i do think that all other things being equal, the stock market this theory should be down 10 is %. not up, you know, over 5. charles: but to your earlier point though, so much of it concentrated even though we saw some ebbs and and flows at one point coming into the year i think, like,90 90% of the names

were above their short-term moving averages and a week ago that went down to less than 20%. just how -- what else can lead? what else can actually take the rally baton from these names out there and keep the market, a sustain ised rally going? >> sure. you know, without rate cuts we, obviously, would love to see earnings growth. but the other key ingredient could be productivity. so as, perhaps, a.i. starts to infiltrate and work its way into the corporate bond world and we start to see some benefits, that could actually provide a boost as well. we're already starting to see, you know, the employment cost index. even the wages are going up. the employment cost index which takes into account productivity is actually going down. charles: right. >> so that's great news for corporate profits, and perhaps that's a reflection of what's going on with a.i. charles: jack, again, reading your note i saw you talked about this big move in gold. not from an inflationary point

of view, but as a proxy for gee political -- geopolitical tensions. i'm watching the communiques out of beijing with secretary of state blinken, watching his counterpart saying the u.s -- you know, talking tough, of course, about china's economic model, also supporting russia. felt like they even to gave them an ultimatum, but china saying america has to choose between stability and a downward spiral. they sound like fighting words. when does this sort of stuff start to really hurt the stock market? >> yeah. i mean, it's remarkable. one of the things i worried about when i saw gold just kind of defy the fundamental environment was that our investors worried about, for example, our, you know, fiscal situation and all the debt can we're taking on. you know, keep in mind that that interest expense is going to start moving ahead of defense and potentially medicare, according to the congressional budge office. that, i think -- budget afters. that, i think, is thankfully

unfounded because the dollar is so strong. if gold was really telling us that, then the dollar would likely be weaker. so i think you're right, charles, it is a geopolitical hedge on uncertainty, and gold is moving higher as a result. and so is oil. if you looked at oil and gold since the early 2022 when russia invaded ukraine, they're moved -- they've moved in stair step together. so i think that is a geopolitical hedge and is one that probably for those, you know, that want to protect the portfolio in the event of some unpredictable outcome, could be an interesting hedge at least near term. charles: hey, jack, we've got -- i'm running out of time, and there's two things i want to do. i want to share some of your dividend ideas that you've got with the audience. i know cvx, chevron which reported this morning, i think ped tronics. this is another one that you're looking at -- medtronics. there's another one that you shared with the producer?

>> mcdonald's. the common theme here is high quality companies. these are rock-solid balance sheets with stable and growing dividends. if all of these companies have reasonable dividends. they're not the highest in the market -- charles: sure. >> but look at those, our projected dividend growth rates. 9.9%, 5.5%, 7.2. northern where inflation's going to come -- i don't know where inflation ooh's going to come in. charles: i do want to give you a shout-out, i think you shared seven ideas last year and only one is down fractionally. you've got some home runs in there, so we always appreciate. we just flashed it on the screen. google up 37%. capital one, i think that's 47%. conoco, 25% general dynamics, 27%. that's a fantastic track record, jack. thanks for sharing with the audience. have a great weekend, my friend. >> all right. you too, charles. charles: see you soon. all right, folks, my next guest instead of panicking wants you

to be ready to pounce. you know, like crouch and pounce? i think that's the saying. rob luna, luna wealth academy founder. you see the s&p 500 moving down to that 200-day moving average, holding which, okay, listen, that would be wonderful if it happens. what are the things, why the pressure? what's going to continue to pressure this market down to that level? >> well, i i think it's going to be earnings, charles. and even more than that, look, when we came into this year, we were predicting 4-5 rate cuts by the fed. that's come down to 1. with the inflationary can and gdp numbers, that might not even happen, quite honestly. i'll be quite honest with you, we pulled back 5%. when you do that, you normally go to 10%. we had meta come out, not so good numbers. i thought that was going to be the catalyst. growth to listen to the market, charles. as you know, the market's telling us it wants to go can higher, so i want to buy the dips. it may or may not happen, i think you've got to be the ready to buy these pullbacks. charles: yeah. i mean, it's really a

fascinating session today. i think of the gdp number, if it hadn't been such a shocker and braced us for a little bet of a stronger pce number, we might be down lower today. but any excuse this market gets to rally, it equallies. you're telling investors they've got to be a part of this, right? >> you have to listen to the market no matter what you think, no matter what consensus is, charles. the market is going to tell you what it wants to do, and if you're listening right now, it wants to go higher. i think that's the trend you have to follow. charles: what's your assessment on earnings season so far? >> i think it's been pretty good, charles. look, this whole narrative of a soft landing is what we're seeing, and that's why we're wrestling with this idea of are we going to be able to cut rates in an environment where we don't really need rate cuts. i think that's kind of what the market is adjusting to right now. i think your last guest was talking about that in terms of multiple expansion, and i would have thought if we were going to get rate cut, that would have contracted, but it hasn't. which leads me to believe the market's predicting a lot better

earnings in the months ahead. charles: i just i put some of jack's ideas from late last year. you give us a lot, so i've got to give you some props too. let's go back a year ago, last april. some grand slams, my friend. take a bow. nvidia up 190%. williams-sonoma, 132%. amazon, up 86%. are you still holding those? >> still nvidia, still in amazon, still in williams-sonoma. they actually, it's one of our dividend players. so besides being a great capital gains, it's also a paid a good dave dent -- dividend that's been increasing, so we still -- charles: you rich people love williams-sonoma. you shop there, you own the stock -- [laughter] i get it. a couple that are down from that same period, bumble and cvrl are. are you still in those? >> so i am not in bumble, i'm not in cracker barrel. bumble, we're staying on the sidelines, however, cracker barrel we're looking to get back in. we've got a new ceo, i think that stock the turns around. it's got a good dividend. charles: they got some hella

chicken fried steaks, my e man. [laughter] before we let you go, i know you've talked about snap. i was shocked that they had a, quote, good earnings report, right? if really the only reason to be in the stock the last couple of weeks was maybe in they kick -- if they kick tiktok out. you like the fundamentals. i guess you're still holding. >> yeah, still holding. i was actually there with you on valentine's day, and we gave this one away. look, they've got the platform, they've got all the eyes and ears of the young general ration. they're e going to start monetizing it, probably going to take a little bit of time. a little sooner than i think, but our value is $18 so i think there's another 30%. if you missed out on it with this big pop, i think there's some room to grow can over the next few months. charles: sounds good. rob, have a great weekend. all right, folks, big tech firms really putting tons of money into a.i. in fact, you'd be shocked what percentage of overall cap-x goes

into a.i. so how does the little guy compete, and how do you make money on all of this and where do you find these ideas? tyler red key is the best on the street, and he's here with us next. ♪ simply the best, better than all the rest. ♪ better than anyone, anyone i ever met. ♪ i'm stuck on your heart ♪ students... students of any age, from anywhere. using our technology to power different ways of learning. so when minds grow, opportunities follow. ♪

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1-800-217-3217. that's 1-800-217-3217. charles: all right, so yesterday was the semiconductors, today it's software, folks, that's in the spotlight. this after strong financial results from microsoft which, of course, is the largest component of igv. by the way, the software etf, it's still meandering between a 50 and 200-day moving average, sort of like no man's land. the question right now is the software story, is it just now becoming a chapter in the artificial intelligence novel? joining me now, co-head of u.s. software equity research at citi, tyler radke. tyler, golly, microsoft, they're spending the cash. but, you know, so is pet that. meta's getting punished for it, microsoft being rewarded for it. what's that all about? >> well, i think the main difference is microsoft has a

proven if track record in spending cap-x, right? they weren't trying to do the met verse, they have great distributioned models to sell these services to enterprise companies. we view cap-x as a signal of strength, as a signal of future a.i. demand. so we're thinking they might spend $70 billion next year on cap-x, maybe 80 if things really take off. charles: wow. how are you going to -- they going to buy back their stock if that i do that? [laughter] -- if they do that? charles: we had a screen up a moment ago while you were talking, and it's just sort of amazing in my mind because, listen, we want these companies to invest the sort of money, cap-x, but this is the copse traited s&p 500 cap-x, and you can see just the top 10 companies, 29 of the s&p, you know, cap-x, 54% of r&d. it's like, you know, i love entrepreneurship, i lo to see someone -- love to see someone go in their garage and tinker

with something, make the next whatever, but how can anyone compete with these large companies? it feels like they have a moat around them, and they get so big, the government gets upset and realizing all these new rules, they put another moat around them. they're the unbeatable, aren't hay? >> it subtly is an arms race. you're seeing massive cap ex spends, microsoft, google also doing those things, but at the same time these are providing a lot of opportunities for smaller players. you can go to microsoft, it's so much easier to build your next start-up because you don't have to go out and buy that hardware as that company. you can focus on what you're really good at, which is building -- charles: as long as it's not microsoft's business. you still have a buy on it? >> we do. it ticked up to 495 post the earnings last might. charles: so then you're going to have to adjust the target. enter yeah. well, it -- >> yeah, well, i think the main thing from last night is their

numbers went up, but i think microsoft rightfully tried to temper expectations. charles: sure. >> you don't want people getting too far ahead of themselves. so if i just look at consensus estimates, they roughly held flat for next year. but i think as you get into the next quarter, the next 90 days are an exciting tile. people are going to be excited about the next positive estimate revision in the stock, so we like it. we think the stock the should be up a little more than it is today, but something to look forward to. charles: what about service now? if that was another favorite of yours. >> that's right. yeah, similar to microsoft we think they're really well positioned on the gen-a.i. theme, they have their financial analyst day in vegas coming up in about ten days. we think we're going to hear more on the generative a.i. theme. ultimately, we think that business can accelerate their growth this year. this is a business that's growing earnings and cash flow roughly 30-40% a year, really at the forefront of delivering gen-a.i. innovation across the back office a, middle office

processes which is really what customers are trying to solve for, that next leg of productivity. charles: it's interesting, we're talking about all the money tata these companies are spending and informing, rather, but i think -- investing, but i think what they all have in common too is fantastic management. no matter how much cash can you have, you have to have the right person at the top. so i want to talk about three more speculative ideas. we've got can less hand hand a minute to go, but -- than a minute to go, i love these stocks, i've made money on them, i've gotten scorched. [laughter] they're very volatile. hubspot, 767 and elastic, 155. what is it about these names? >> yeah. i think they're in unique positions in markets that are still transforming but still very early in their share gains, right? you could look back 20, 30 years ago, microsoft, oracle, sales force were very small companies. so we think these businesses can grow into something very large over time. they have very strong the competitive positions, good management teams for the most

part, and we're confident they can be very covet, down -- profitable down the road. heifer all kind of in different industries -- they're all in kind of different industries. charles: so the crave yacht is they're extraordinarily volatile, but if you're a long-term investor who wished they owned microsoft 10, 20, 30 years ago a, keep these moo hedge fund if -- these in mind. >> definitely can. charles: all right, tyler, appreciate it. all right, folks, the biden administration, they've declared war on capitalism. we're going to talk about a famous win s&p son churchill speech and why it's applicable with this right after this. ♪ ♪

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churchill, but it popped into my head as i was going over all the efforts being made right now and on the drawing board by the biden administration to defeat american-style capitalism. let me tell you, they plan to leave no stone unturned. joining me now, american action forum president doug last holtz-eakin. it was kinded of cute -- [laughter] >> i don't know -- [inaudible] with winston churchill. [laughter] charles: the white house is trying to win another war though. before we get into the stuff on the drawing board because the american action forum does amazing work with its regulatory blitz, i just, you know, from inauguration day to april 19th we saw the staggering rules and stuff. and before we get to that, i want to ask you just your thoughts on what we're seeing, you know? you've got these tax proposals out there, you've got some other things. well, you know, what? met me -- i teased this, i might as well go with this for the audience because you put a lot of work into it.

the 851 final rules, $1.4 trillion, let's call it, 267 million hours of pape paerwork. so at the end of the day, does the american public at least get a t-shirt for surviving this blitz? it just seems nuts. >> it is literally overwhelming to me. i've never if seen anything like this, you know, in one week they put out the same burden of regulation that the obama administration did in two terms, and i just didn't think that was possible. we just report these numbers. we don't do the calculations. we're take taking their word on the cost of these, so it could be more than this for all we know. but the scale of the regulatory state now is just overwhelming. it really is. and the way to think about it, charles, you can accomplish all these things with taxes. these are just stealthing taxes. this is an enormous burden being put on the business sector. charles: you mentioned the obama administration. so many officials, economic

officials from that administration have called out the biden administration for their ham firstedness on a lot of -- ham fistedness on a lot of these things. >> i really think it's amazing. we sort of expected big government in the sense of big tax, big spend. that was the campaign promises. didn't expect the micromanaging of every aspect of economic life, and, you know, they're utterly comfortable with industrial policy, picking winners and losers on a scale we haven't seen in some time, this enormous regulatory assault. anyone who has followed the sec carefully knows that it's a daily occurrence as they come up with something new for people to comply with. charles: right. you know, doug, a lot of chatter in the last couple weeks about our economy, the debts the strong dollar. i'm talking from if our allies, folks thatly don't criticize america. you wrote about this last week with that imf warning saying that we pose, quote, significant risk to the global economy. what are they concerned about and and what are they trying to -- what were they trying to get the administration to

change? >> well, in the 221st century we've seen dead even relative to the size of the -- debt even relative to the size of the economy do nothing but rise. and that's a concern. what the imf is flagging is that the u.s. has not displayed the ability to manage its finances. and they're not saying the u.s. economy is broken or that we don't have the ability to pay off these debts. what they're saying is you just keep incurring more, and this needs to be a check on this. you have to get some fiscal sanity into the forecast. and that's really important at this point. we have big chunks of the social safety net that are financially not sustainable. we have huge debts and and we're not changing direction at all. charles: yeah. i mean, we've got a great economy, but we've also to a degree we're paying a price for that great economy. i've got less than a minute to go, but i've got to ask you about the capital gains tax that's starting to facility out here, some of the thing things we're learning about it. again, one for the record books. >> 44%, unbelievable.

there is this fiction that somehow the rich live on a different economic island and you can do whatever you want to them, and it'll have no consequence. the sad reality is that they've singled out these individuals because they have large are amounts of invest if, capital, and that is the source of jobs and investments and productivity for workers. and in our research if you take a dollar of wealth tax, 60 cents is paid for by workers if the form of lower wages. this is more of that same. charles: yeah. doug, we've got to get you on more often, man. you are fantastic. i read your work, so i appreciate that. talk to you again soon. if. >> thank you, charles. charles: so my next guest says that the united states may already be in a recession. i want to bring in qi research ceo chief strategist danielle demartino booth. danielle, what are you seeing out there? >> well, charles, i think what i'm seeing is the rearview mirror. in the sense that we keep getting more revisions. the bureau of labor statistics put one out a few days ago that

showed that we've actually now got payrolls that have turned negative, contracting. but again, these are not the reports that you hear an non-farm payroll friday when we all crowd around the data the on those friday mornings. these are the initial reports that we hear about. but these revisions, they keep pushing us further and further back from where we thought we were. and, you know, my greatest concern is the media's not doing enough really to cover this subject. charles: right. i saw that thing the go by in a blip, and then i couldn't even find it. i googled it and couldn't find it. wait a minute, we lost jobs? the government admitted that? speaking of which, the initial jobless claims i don't look at anymore. i don't know what's going on with that. it's the same number every single time. but we are seeing other signs of swift employment deterioration, right? this u.s. service pmi was an unmitigated disaster. and it feels at some point one of these fridays it's going to come out in the real day. not the real data, but the government data. >> you know, charles, i've lost

in our sat stickses, and it's very -- statisticians, and it's difficult for me to say that. i know there are some great, wonderful, hard working people, but some of these releases simply don't add up. but what we've seen in the month of april, which is a seasonally-benign month for layoffs, typically companies come out of the gate in january and that's the big month for layoffs, but we've actually seen the number of job cut announcements out of corporate america surpass in april that which we saw in january. we're at 105,000 and counting. and it e seems like every time companies report their earnings, they're doing it with a kicker that says, hey, we're going to lay off 2,000 people or 1,500 people, whatever it is. charles: right. >> these are real people. is so it's just curious to me that what we're seeing on the ground is simply not reflected in the data. and i'm not a conspiracy theorist at all. it's just, it's a complete aberration that somebody in the former ussr might be able to explain to us. charles: yeah. and maybe we'll read about it in

pravda. by the way, you're not the only one. i know a lot of apolitical folks who are saying there's something wrong with the data. peeking of which, i just spoke to one, doug. we were talking about this imf warning about the u.s. economy. greg hip, he wrote a piece in the journal yesterday. he seder our economy's a beast because of -- said our economy's a beast because of all the debt. we've got all this deaths out there, we're pushing debt out there and then we brag about it as nominalal gdp. how is that different than the economy we've seen out of china? >> it -- you know what, charles? it is not different in any way, shape or form. look, right now public sector spending, which is inherently inefficient, if you've got the ceo of taiwan semiconductor actually saying i understand the chips act was going to be good in its intent, but he's never seen such inefficiencies in terms of taxpayer outlays. right now the public sector is sucking the life out of the

private sector -- charles: right. >> and i think that's something we should appreciate. we have to spend less as a country to let the private sector really come out and drive the economy which, by the way, is american. if. charles: yeah. hey, danielle, before i let you go, so i'm looking at all the data, of course i thought about you with these new home -- these new car loan rates are just nuts. i mean, mind-boggling, through the roof. but then you see this morning personal income and consumption. consumption up again. it comes at, it comes through our savings. our savings rate is 3.2%. you know, of course, you and i know economists, they come on on the show and say as long as a people are working, we can do this forever. we can't. there's no way we can keep mounting debt, higher interest rates, lower savings and say it's going to go on forever. >> yeah. we're in such a strange, surreal world. it's very unusual for the average u.s. household to be spending more to service their non-mortgage debt than they do

to service the debt on their biggest asset on their home. but yet that's exactly where we are as americans burned through their savings like nothing i've ever seen. so this is, it's as if the american household is taking its cue from uncle sam in terms of how to not keep their book. we're living beyond our means. this has got to.com a halt at some point, and it will, charles, once the savings is completely exhausted. charles: well, that won't be far from now, not at this rate. that's going to be 3-4 months. in the meantime, that doom spending is real. danielle, thanks a lot. have a great weekend. >> likewise, charles. charles carl folks, let's get to some of this money mail p. thomas b. says i'm addicted to your show. i retired two years ab after a life of working and informing, and you constantly confirm that my choices have been directionally right for the risk and return that i can live with. data rules, use it. thank you so much, that's very beautiful. another writes: enjoyed the town hall, way down. the age of aquarius will have

many opportunities for the good of humanity. amen. and biden's capital gains tax proposal has a lot of folks fired up including moses. he says nobody will invest in anything, seems like an amazing idea if you want to destroy an economy. and kp morningstar, removing my incentive to be prosperous will not fix a missed rent. no, it e won't. keep the comments coming on twitter@c@cb -- @cbpayne. coming up next, kevin ma. what he's buying right now. ♪ ♪ the day you get your clearchoice dental implants makes every day... a "let's dig in" day...

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dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi with xfinity. charles: all right, so the fed when they embarked on this rate-hiking mission, the idea was to take liquidity out of the system. now, it is true their balance sheet has come down. it was almost $9 trillion, it was 8.96 trillion, and it's down to about 7.4 trillion. that's a lot of money in two years. however, actions taken in the aftermath of the svb failure pumped almost as much money back into the system. knop, that cash is beginning -- now, that cash beginning to fade fast. the blue line is the cash fading, and the big question is there that yellow line, the

stock market, go along with it? joining me now, kevin mahn. kevin, i mean, the markets love that liquidity -- [laughter] >> who doesn't? charles: yeah, right? it's starting to fade away a little bit. how concerned are you about the impact on the market? >> i'm concerned about the impact on the economy. the last time i was on your show, i think i said the markets got a little bit ahead of themselves in 2024 pricing in the perfect execution of a soft landing by the federal reserve. everything, charles, that we've heard or and seen over the last three weeks confirms that the forecast for a soft landing, i believe, is cloudy at best. charles: but there was a time when you thought it was possible. >> there was a time when i thought it was possible. but over the last few weeks gdp at.6% -- 1.6%, the fed forecasting growth to slow to 2% over the next three years. they raised their inflation forecast to 2.6%. that smells like stagflation to me. as a result, i still believe that rate cuts are on the table for later this year. charles: really?

>> yes. charles: and you said cuts, plural, more than one. >> correct. right now they're e still forecasting, charles, three rate cuts this year -- [laughter] according to the last dot plot chart, and there is a path forward -- charles: although a lot as a -- has changed since that last dot plot, and powell seems to have spoke. en to be it. powell's not saying anything, he's sort of saying, hey, listen, at least what i read between the lines, we're going to push these cuts out, but we're still going to cut. now there's some chatter, scuttlebutt that maybe they'll have to hike rates. >> i can't imagine them hiking rates. if we think back to the last time when the fed -- charles: what about that gdp number yesterday and the prices on that? they rutted pretty high. even today pce core was higher than expected. >> yes, but they raised this year to 2.6%, what was yesterday, 2.8%? pretty much in line with with their ultimate forecast, yet they still kept those three rate cuts on the table. i think they could still do one in july -- charles: what would you rather have them the err on, the side

of hiking once too many times or cutting too early? >> i'd rather them, obviously, lean in to the side of cutting too many times. that's obviously have bullish for stocks and bonds, but i think back to the mid 1970s, the last time they cut too soon, inflation came roaring back. they're in a tough situation. charles: yeah. powell promised us he would be volcker, not arthur burns. let's talk about earnings season. coming into today, 5% of companies beat -- 59percent of companies beat on revenue. earning, listen, they always find ways to beat on the bottom line, but are you okay with earnings so far? >> i would rather see the breadth of earnings growth continue. right now technology is leading the way once again just as they have in the markets over the last 15 months. it's forecasted that technology sector will grow earnings year-over-year by about a 20%, yet that's only forecast about half of 1% for the s&p 500. that's concerning to me. we need that breadth of growth. charles: let's talk about opportunities because you still like this a.i. universe --

>> i really do. charles: you say that's where the opportunities are. software, we had tyler radke here earlier concern. >> he covered that. [laughter] charles: he covers it every day. >> we'll concede that to tyler. charles: taiwan semi's interesting. >> yes. charles: they're been up in and down, in a way, they sparked this last leg of the a.i. hype, and the more recent earnings report was disappointing. you say stay with it. >> they have 60 percent of the world's share of chips and they also a got a grant because of the subsidiary they have in arizona. charles: all they've got to do now is find someone to work there. >> that's right. [laughter] charles: the locals are nice, but, you know, brt. >> yes. charles: this the has become a favorite on the street. are you concerned it's getting a little crowded? >> we were early to brt. now people don't think of an industrial stock as part of the a.i. game, but they supply the energy if solutions, the infrastructure and the cooling solutions that data centers need. i think there's going to be more

out there, but for if now -- charles: probably not a big hurdle to compete, but to your point, they've got one hell of an early start, and they built a really good reputation. and digital, you like dlr -- >> in the data centers they've got a yield of 3.4%, they just announced a joint venture with blackstone to build $7 billion of data centers in paris, frank further and even northern parts of virginia -- frankfurt. charles: great stuff, kevin. >> thank you, charles. charles: president biden made history with this latest poll, but it ain't the kind of history that anyone really wants to talk about. the national press secretary for the trump campaign if will join me in studio to respond to that. and also what's happening with gen-z? we'll be right back. ♪

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charles: you don't have to be a pollster to know that america's become a very unhappy place. just scroll through the aisles of a supermarket, stand in line to pay for gasoline. it is much deeper than that, and there's no doubt it's playing a role in president biden's approval or lack thereof. this is approval of presidents at their 13th quoter on the jos. the lowest ever, far below president trump and almost half of eisenhower's. if joining me now, the national press secretary for president trump's 2024 campaign, karoline leavitt. you know, i mean, even your team when this kind of stuff comes out, even your team had to be shocked. i mean, this is -- listen, lady gaga said he was great.

how can he be at 38%? [laughter] this is a disastrous poll for joe biden, no doubt. i mean, he is polling 10 points behind jimmy carter, for goodness sake, who was often deemed as the worst and weakest president in american history. charles: right. >> but when you look at what joe biden has done to our country over the last four year, it's not surprising. he has forced americans to suffer through the worst inflation the crisis in a generation. all americans are seeing the devastating consequences of a wide open border that e has no plans to shut down, and americans are living in fear as we watch war break out all over this world, now protests erupting on college campuses across the nation. and he has no good plans to end all of the chaos that he's caused. charles: gallup also has a poll on groups very satisfied with their personal lives, and it's so intriguing because i'd say that president biden has been the best president ever for the elites, for the 1% college grads. >> yeah. charles: they're the only ones that are positive for 100,000 or more, married which we always

think the a -- is a good thing, religious, this is good. education, though, college grads are 54% and, of course, these are the folks that are going to have their tuition paid by people like maybe this construction worker, i don't know if you saw -- well, you were there. >> i was there yesterday. charles: he was cool about it, but that was quintessential new york. what would you say to president biden, short and sweet, i think we got the message. >> that's a message that americans across the country of all backgrounds feel because it doesn't matter what race you are, what religion or god you preach to. it matters -- can joe biden's policies are hurting all americans, hispanic-americans, latino-americans, african-americans, women, men. that's ooh why you see president trump has never been in a stronger position to win, and joe biden is so incredibly weak. the only people left in america that support joe biden are out of touch elites in hollywood. charles: another thing i have to ask you about because this harvard or youth poll is mind-boggling.

there must be 15 things here, at the very, very, very bottom are student debt in terms of most important. at the very, very top, inflation. >> yes. charles: this is crazy. so these are voters, 18 to 34, that the democrats have been taking for granted, and i don't think they can do that anymore. >> what this speaks to is joe biden has a massive base problem. young people are a demographic that democrats and joe biden have long are relied on, and they no longer support his candidacy was his e policies have ripped them off, and they're realizing it. the top three issues were inflation, health care and housing. all of those speaking to the rising costs of life. and joe biden's america. and bidenomics has made the american dream completely unattainable. my message to young people, if you want to attain the american dream, you've got to vote for donald trump in november. charles: i want to show you a tiktok video to that point. i want you to put on your relatively young people hat and explain this. first, let's share it with the audience.

[no audio] charles: so there's no sound and it's pretty good. i'm glad there's not because my man cannot sing. [laughter] he's saying, essentially, he was not born to work. he doesn't want to get dirty, you know, he -- there's a big push in this country for young people to think like this. you know? to sort of work is bad. but the flipside of that is the ceo of norway's oil fund said america's successful because they work harder than the europeans. what do you say to young people that a trump presidency, how could that change their lives? >> it's going to make live for affordable. it's going to make the american dream more attainable. mortgage rates are nearing 8%. under president trump they were a record low 2.655%. you just talked about the cost of a car loan, right? it is 8%. life is unaffordable because of joe biden's policies. we not afford four -- cannot afford four more years of it. and if we want basic, fundamental values like being able to purchase a home or have

a family, we can't afford four more years of biden. charles: thank you very much. enter thank you. charles: folks, i want to ping on that for a moment because a big deal out there is capital gains tax, should there be a second by the administration. -- second biden administration. i think it would destroy the economy and put americans further at odds with each other. you think there's friction right now. the idea, part of this is to impose a minimum income tax on the wealthiest taxpayers, and it's based on what they're saying is preferential treatment for unrazed gains, but here's the thing -- unrationallized gains. these benefit high wealth taxpayers and exacerbates income and wealth disparity. they claim that reforms to in this would actually reduce economic disparities amongst americans and raise revenue. but what this is, it's a race tax. the proposal if points out that greater white ownership of homes, stocks and businesses is inherently unfair, so they would tax certain incomes a 25% minimum. also they would include

unrealized capital gains. so if you have something you bought but never sold, they're going to tax you. it's nuts and it's bogus. by the way, it does nothing for black people other than to suggest that they can do nothing for themselves, except that maybe government, government will go out there if you give them the ability to take from someone and give it to you. but we know the government won't even do that. they're the worst middleman of all time. you could put a redwood tree inside a giant chipper, the government chipper, you know what comes out on the other end? a 2x4. they gouge up all the money and they just front. so all i'm telling you is this promotes loft, internal anger and strife and the antithesis of what america's all about, growth and freedom. i hand you over now to kelly o'grady in forly claman. liz: i'll take it -- kelly: hello, everyone, i'm kelly o'grady, welcome to "the claman countdown." we love to see it, markets

looking to end