Transcripts For FBC The 20240704

Action. Stocks are higher across the board at this hour as the s p 500 flirts with new alltime highs. If the index is up more than 39. 42 points at the close, that will notch its 17th record close of 2024. Ooh right now the s p 500 is up more than 1 , up better than 56 points. We shall see. We are tracking that index for the next hour. Now, this index getting a boost from oracle which is hitting a record high. A. I. Demand, charles just talking about it, powering strong cloud growth for oracle. As you can see, theres the stock, it is up almost 12 right now. And big tech is also helping to propel the nasdaq higher as a you can see on your screen by 221 points. At one point we were down 26 points on the nasdaq. What a reversal we have had in this session. Right now the techheavy index can on pace to snap. A 2day losing streak. Now to the dow jones industrials. As a you can see right now on your screen, another strong performance, up 272 points. At one point the dow in this session was down 58 points. The high for the session, 301. Were pushing towards that right now. Right now the dow is going for its fourth day of gains in the last five sessions, so were going to keep you posted. Now, even as boeing is dragging on blue chips right now, you can see boeing, that stock is actually down more than 4. 5 . Some other pieces of rough news coming out for boeing. Theres this f if ark a audit, and it found dozens of issues with the production of the 737 max. Airlines are reacting. Were going to get to that later on in pop stocks. But as you can see, boeing is under pressure. Now, Broader Market gains coming each in the wake of that slightly hotter than expected inflation report, cpi or this morning at 8 30 a. M. Eastern time. Lets dig into the moves with our floor show. Seaport if securities founder and president Teddy Weisberg and Wilmington Trust chief economist luke tilley. It is great to have you both. Teddy, im going to hit you first on this one because if everything is about the fed right now and the trajectory of Interest Rates, the best seem bets seem to clearly say that a june rate cut is on the table. Do we still have that argument to make, teddy . Well, im not quite sure. Whats amazing is you had a pretty hot cpi number this morning, and the initial reaction was negative. But then you look at what the markets cone today, perhaps its the done today, perhaps its the recovery of some of the high profile tech names thats driving the Broader Market. But the fact is the selloff we had in the techs which started a couple of days ago particularly with meta and nvidia where you had those two technical, very bearish 1day reversals, yet here we are 2 days later, and they havent gotten back all of what they gave up, but most of it. And the Broader Market is ab acting so well. Im not sure where were going visavis Interest Rates here, but clearly a cut in Interest Rates is certainly not on the table. And originally folks wanted to see it in marks now theyre talking june. I dont know, the economy seems stronger than a lot of folks are acknowledging, and perhaps Interest Rates are going nowhere. Yet the market is putting on a very, very good show here which is basically a sign that corporate earnings are very is good, and the u. S. Economy chugs along without any signs of a recession at the moment. Cheryl and certainly, that a. I. Driven theme continues, luke. I want to move on to you because i was looking at comments from the man who ran the boston the fed from 20072021. Now that hes out of the fed, hes being pretty clear in his language, and he says as long as continue to drift down, i dont see todays cpi report altering the view of a june reduction from the fed. And in particular, lets, you know, just to give our viewers some clarity, c pixs one thing. Weve got ppi later this week. Really its that pce report that we get towards the end of the month of march that the fed is going to react. And we have next week march meeting excuse me, next weeks feds meeting and another meeting, excuse me, at the end of april before you get to that june meeting. And if it seems that that pce index, luke, is really the one that is driving the feds thinking right now. Yeah, absolutely. Pce is their preferred inflation gauge. Well get that about two weeks from now, and it should be surprising a little bit to the upside. It follows cpi but not in the same mag any if tuesday, so it might magnitude. So it might move up a little higher than previously expected, but it ought to follow this report. Really i think the main thing here is that inflation is still pretty much meeting what thed the if had expected. Their most recent forecast from december still had core pce inflation coming in between 2. 53 at the end of this year. And inflation is definitely looks like its headed down towards that range. So as the fed said back in december, hey, you know, if inflation hits 2. 5, 3 by the end of this year, were going to cut 75 basis points, i think the market is reacting to that. Of these Inflation Numbers do point to a continued slowing. Look, with the cpi were down from a peak of 9. 1, now down to 3. 2. So its been cut by a third from the peak of inflation til now. Core inflation still drifting down. So the fed has slammed on the brakes, and all were talking about in the back half of the year is them putting their foot taking their foot off the brake a little bit. I think thats what the markets are looking at, cheryl. Cheryl yeah. Even a year ago we were at 6 , so even if they believe that theyre close enough to 2 target inflation, that may be enough to begin to comfortably cut rates. That is more the argument, i think, for a june cut. Luke, i want to stay with you and then take the same question to you, teddy, and and thats on the question of is the market too hot, are we overvalue ised, is this a bubble . When you start to see is these a. I. Stocks hitting high after high, the nvidia story, if you will, when your cab drivers talking about nvidia, luke, thats when people start to question whether or not its a bubble. You say were not there yet. [inaudible conversations] large cap stocks cheryl luke, im sorry. Luke, to you first. Large cap and especially some like nvidia, weve seen a lot of increase in valuation. But we have also a seen a massive increase in profits for nvidia, and to tell you the truth, relative valuations are not that high compared to history for the magnificent seven or however you want to slice it right now. Now, that said, were not all that excited about a u. S. Large cap. Were advising clients, and we hold a small overweight to small cap stocks because they still have a lot of ground to make up from their peak in early 2022. And we really think that theres more opportunity there because if the fed starts cutting rates, thats really going to help the cyclicals in small caps, its really going to help financials and especially the smaller and regional bankings. And we see more of an opportunity there. Were neutral weight to u. S. Large cap stocks. Cheryl teddy, if were not in a bubble, if this market if were dealing with reality, then if theres a lot of cash on the sidelines as you write and argue about, that means that once those Interest Rates do start to go down, it makes more sense to get into equities and get out of some of your cash positions. Well, clearly thats a dynamic that, you know, the fear of missing out, if you will. There is a ton of cash on the sidelines. I know a lot of folks, myself included and a lot of seaport clients, you know, put a bear hug around a shortterm Interest Rates which is still slightly above 5 and a great place to hide in a difficult environment. But now, of course, the pendulum has turned quite positive for equities, and so a lot of that money on the sidelines and there is a lot of it there, you know . Is going to slowly morph back into the equity markets which is going to help support the current positive trend. But keep in mind, cheryl, that theres nothing rational about stock the markets and stock pricing. We either get overbought or we get oversold. But theres no perfect if place for stocks to be. And perhaps we are on the overbought side of the spectrum spectrum, but i think the side of the fact that a stock like nvidia, meta and there are others within two trading days can completely reverse what was a negative technical performance of two days ago and get right back pretty much to where they were is pretty remarkable. It simply tells us that the market is unreasonably sound footed even at current levels. And i would agree with luke, i think the low hanging fruit is in the small cap, mid cap area now. They have lagged the large cap sectors and perhaps that is a good place to look at the moment. Cheryl yeah, yeah. Thats a great point. Im glad you both made that point. Teddy weisberg, luke tilley, thank you so much for joining me. Appreciate it. Just want to give our ruers a recap of whats going on viewers a recap. The s p 500 is on track to post a record close. It would be its 17th record close of the year. Cloud Computing Company oracle, top performer on the southbound. Strong demand on the s p 500. Strong demand for a. I. , and boeing is the worst performer after the faa found dozens of issues with the 737 max and the production of that aircraft. President biden and former President Donald Trump could clinch the democrat and republican president ial nominations tonight with multiple states hosting primaries and caucuses today. Voters heading to the polls for the democratic primary in the northern mariana islands. The Republican Caucus is being held in hawaii. Democratic and republican primaries are being held in mississippi, washington and georgia. But this years crowd at the polls in the peach state might look a little different than the last president ial election with americans flooding in from other cities to hubs like atlanta, marley entrepreneurs particular particularly entrepreneur. Since is 2007 2019, seven businesses value ised over 1 billion have started in atlanta. That may change voter dynamics, and thats where we find fox business madison alworth. Madison. Reporter hey, good afternoon, cheryl. Yeah, weve been here on the ground talking to entrepreneurs, and what they tell us about choosing atlanta is that this area has, its known for its affordability, it has a great Talent Pipeline if schools like georgia tech where we are right now, and its got a very taxfriendly Business Environment thats bringing folks from if other states and their Business Ideas to start their Tech Startups right here. Its helping the city grow into its new nickname. Georgia is earning the reputation as one of the Fastest Growing and most prolific tech hubs in the country. Sometimes referred to as the Silicon Valley of the south is. Not intentionally, but thats a great comparison. Reporter the businessfriendly tax structure and hoe levels of regulation in georgia have made atlanta a breeding ground for billion dollar startups. Garrett langley is a georgia tech grad and the ceo of fox safety. The security companys valuation has hit 4 billion. Literally whether its blue or red, clearly were in a purple state, doesnt matter. Everyones aligned that business is what helps drive safer communities. Reporter the countrys tech giants are taking notice. Google, microsoft, apple all a opening offices here in atlanta. And its not just tech. Georgia has taken aim at one of californias most lucrative industries, tv and film. While hollywood has lost hundreds of millions in revenue in recent years to other locations, the Film Industry spent over 4 billion in georgia last year alone. The best innovation in tech, entertainment and and startups no longer just in california. Really the state of georgia, very protobusiness. We want to see Companies Grow here, we want to build here. Probusiness. Cheryl and the companies that do choose to build here, they are seeing great success. So venture atlanta, which is a nonprofit that has been rah really influential in building out the infrastructure for startups here in the state, theyre helped their Companies Reach exits totaling 15 billion. You know, thats always a big goal for startups, to reach that exit or to go public. 15 billion, a really Successful End for those startups and a successful start for the Silicon Valley of the south. Cheryl . If. Cheryl yeah. As we start officially the runup to 2024 and the november election. Madison alworth, thank you very much, madison is. Appreciate it. And one of the hottest Young American tennis stars is sporting one of the hottest brands in the game. Up next, the coceos of on Holdings Tell Us why ben shelton passed over the likes of nike, fila, adidas and and others for their cloud tech technology. And heres a look at some of on holdings biggest rivals. Columbia, dicks to, lulu lemm morning nike, under armour. The only ones in the ed right now, nike and under armor. Claman countdown coming right back. Starting a business is never easy, but starting it eight months pregnant. Thats a different story. With the chase ink card, we got up and running in no time. Earn unlimited 1. 5 cash back on every purchase with the chase ink business unlimited card. Make more of whats yours. man what if my type 2 diabetes takes over . woman what if all i do isnt enough . Or what if. vo onceweekly mounjaro could help. Mounjaro helps your body. Regulate blood sugar. And mounjaro. Can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7 . Plus people taking mounjaro. Lost up to 25 pounds. Mounjaro is not. For people with type 1 diabetes or children. Dont take mounjaro if youre allergic to it,. You or your family have medullary thyroid cancer,. Or multiple endocrine neoplasia syndrome type 2. Stop mounjaro. And call your doctor right away. If you have an allergic reaction, a lump or swelling in your neck, severe stomach pain,. Vision changes, or diabetic retinopathy. Serious side effects may include pancreatitis and gallbladder problems. Taking mounjaro. With sulfonylurea or insulin. Raises low blood sugar risk. Tell your doctor if youre nursing, pregnant,. Or plan to be. Side effects include nausea,. Vomiting, and diarrhea,. Which can cause dehydration and may worsen kidney problems. woman i can do diabetes differently with mounjaro. vo ask your doctor about onceweekly mounjaro. Investment opportunities are everywhere you turn. Do you charge forward . Freeze in your tracks . Or, let curiosity light the way. At t. Rowe price, we ask Smart Questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. Better questions. Better outcomes. Cheryl we are less than six hours away from ben shelton taking on italys in the end wan wells open looking to end advance to the quarter finals. Meanwhile, the company that sponsors ben shelton is running into a little bit of turbulence today, on holdings. The stock is down a little more as you can see here, almost 13 they reported a surprising loss per share on and then their revenue actually missed wall street estimatesful still, the company and the leadership remains bullish. Lets bring em in, on coceo mark moore and coceo and cfo Martin Hoffman join me right now. Gentlemen, thank you for being here. Thanks for having us. Thanks forking having i. Cheryl so i guess, martin, i want to start with you on this move into tennis because youve been very well known among the running community, but now youre moving into tennis, and youve got sports wear coming up, martin. Why the shift into a new sport like tennis, and whats the outlook for you . So our goal is to be the most premium performance sportswear brand. And and we started if running, we are born in running, so we we brought a lot of innovation to the market, and it just caused all the success from helen winning boston and new york last year. And were expanded. We started with outdoor, were moving into tennis and also moving into training. It all a started a little bit with Roger Federer becoming a partner if of the brand and developing the first tennis product. But now we are super excited to really have some to have best players in the world, of course, ben shell Shelton Shelton who is so much fun the watch, and we really are all in for todays game. Charles cheryl mark, ranked number one in the world, do you find that sponsoring these top athletes whether its helen or its shelton, do you find that actually translates to sales . Becausing obviously, this is a competitive market, especially the Athletic Shoe market. Yeah, absolutely. I think the way we look at it is, is in the end we want people to be partnering with us and athletes to be partnering with us that inspire us and that, in the end, inspire other people to move p play tennis and sports. So the performances that are being delivered, you know, it really ignites other people and with the products that were showcasing together with them, it has a hugely positive impact in on as a brand. And one example was the u. S. Open last year where ben shelton made to it semifinals, and he was showcasing our product. We saw a significant spike in search for tennis apparel. We didnt have is it yet, but the good news at the french open well launch our first apparel if tennis collection. Cheryl oh, okay, i did see on the web site, apparel coming. The from. Open stay tuned. Cheryl martin, i want you to put your cp cfo hat on for a moment. Lets talk about the numbers. Obviously,ing youre getting some pressure on the stock today. But still, you know, you seem like youre still bullish that youre going to hit that 30 jump in Revenue Target for 2024. And then also youre still planning, i believe, to open up about, what, 1520 stores worldwide. So what we saw in the earnings reported today, tell us why that should not worry investors. Finish. So, first, we come off of a great if year, super successful year, 55 if growth on a Constant Currency basis is, 15. 5 adjusted ebitda in the 2022. We have that loss in the fourth quarter, but its purely an fx effect which is unrealized, so part of that is expected to come back. Last week we had a big investor day where we hate out our aspiration for the next three laid out our as prayings for the next three years. Our aspiration for the next year is even higher, we a had a really good start into the year. We think we can grow at least 30. We want to further increase our profitability to 1616. 5 . So we see a lot of demand. Retail, obvious, will be an important driver. We just opened Amazing Stores in paris and miami and portland. Apparel is doing really well, so is the tennis apparel that we just mentioned will be another driver. So we have a lot of tailwinds to the, to everything that we do. We learned a lot, and we are ready to execute. Cheryl all right. Well, certainly the bullish tone, maybe the stock will reflect that tomorrow and the next day. Before you go, mark i do want to ask you, go back to the coceo hat along with those running shoes, talk to me about the nil controversy with college athletes, because right now actually, today in washington theres a big hearing with a lot of these college athletes. The topic is name, image, likeness. These college athletes, they want to own more of their image, today want to profit from their athletic performance and their success. Is that something, mark, you could see your Company Going into, maybe pushing more for like sponsoring a college star, whether its basketball or running or or tennis . Is that something that youre looking at . Yeah, totally. You know, its actually a similar story as we spoke about with ben and iga. In the end, were trying to find athletes that want to kind of affiliate with on and want to partner with on and want to do this in the long run. And were super happy that we can start it already early in the process. So we have several nil deals, for example, in the track and and field space. We have some deals in the tennis space that were looking into. We have a Young Brazilian player who is now looking into with turning pro. So i think this really allows us to support athletes at a very young age and then develop with them together as a brand and capture their product input, capture their marketing input and how they see the brand with early early on. Cheryl before you go, real quick, martin, mark, since you started as a running company, whos the faster runner . If. Oh, marc is definitely the fastest runner martin is having more fun. Yes. [laughter] maybe i can run long or. Cheryl martin and marc, thank you so much for being here, appreciate it. Thank you so much for having us. Cheryl cheryl all right. Well, were going to switch or gears now and talk about, well, were going to go from sports to pizza and food. Who doesnt love pizza . The sky high price of a piece of new york spites saw could be going up even higher. If we are going to tell you why news Small Business owners are seeing red from all the red tape in the big apple. No more puns, i promise. All right, taking a look at pizza a stocks, dominoes, digiorno, well, nestle, thats digiorno patient, papa joshs johns, pizza hut parent yum brands, theyre all in the green and not sweating it. Well be right back. qb this is it. One play. This is when we find out. luke hey, quick question. Student body math proficiency, would we say its good . Fair . Satisfactory . player 1 what . luke like a percentage, if you had to guess. players hey, get out of here man. Get off the field. luke understood. players security grab him marci great studentteacher ratio. luke marci weve got to go marci we have got to go we bring you the real, indepth school info. marci what were you thinking . luke i dont know. I. Dont know. vo ding dong homes. Com its odd how in an instant things can transform. Slipping out of balance into freefall. the stock market is now down 23 . This is happening people. Where there are so few certainties. laughing look around you. You deserve to know. As we navigate a future unknown. Im glad i found stability amidst it all. Gold. Standing the test of time. As an independent financial advisor, i stand by these promises. As a fiduciary, i promise to be the financial steward that you and your family need. I promise to put your longterm Financial Wellbeing above any short term transaction. Everyone has a big picture. My job is to help you invest in yours. 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Cheryl new york city has a new mandate that is stirring quite the the controversy by cracking down on its most beloved food group, pizza. The new rule, which takes effect on april 27th, requires pizzerias and lots of bakeries using old wood and coal of fired stoves to cut pollutants by, get this, 75 . Finish lets go live to kelly ogrady at one of the most popular joints in the city, johns of bleaker street which is, again, one of the best slices in the entire city. Whats the reaction down there, kelly . Reporter well, yes, cheryl, i can attest, it is the best. Ive been eating pizza all day. The reaction is frustration. I mean, johns on bleaker actually had to spend 150,000 to install this filtration system. Other shops have had to spend in the tens of thousands, but it was really the labor that went into. I just want to show you a picture of how they installed everything to really drive it home. They initially had to blow out part of the wall because the chute was too small, and then they had this guy rappeling down to install stall that install that filtration system. Its not cheap or easy. This new law goes after wood and coalburning ovens like the one you see there, and the argument is this type of oven heats up to 850 degrees to get that cheese all nice and golden brown, but it releases particles into the air that pollute the environment. To so i want to bring in kevin jackson, hes the manager at johns on bleaker here. So in your experience, how much is this mandate going to impact that air pollution . Oh, its not going to impact it autoa all all. Its a very high carbon type of coal which mean its smokeless and almost particulatefree. Al although we complied with the mandate, it doesnt do much. Its much like if someone came up with a dice that, you know, helped with emissions on gas motors and they said, hey, what the heck, throw it on electric cars too. Okay, you can do that, but t not going to do much. This is kind of the same. Kelly it wasnt that black, smoky stuff we normally see. You spent 150,000, that was actually during covid, so weve already seen this incorporated into the price. What about these other small orer shops though . Are they going to be able to survive . Yeah, listen, its going to be tough. Dont forget, i did that three years ago. I dont know what the price of that will be now. Could be upwards of 200 for all i know. Its not a cheap thing. And i do feel other piecely piecely saws, theyre not competition, we like a thriving business in the city, we want everyone to survive, and its not going to be oozy with this. Cheryl kevin, appreciate your with time today. Cheryl, this right here, the average in the city costs 33. 65. It is cheaper here, but you think about shops having the pass more of that cost on to the consumer, theres not much wiggle room there. Ill send it back to you with. Cheryl well, and anybody watching in other parts of the country look to us new yorkers, pizza is, like, i mean, its part of our lives. I mean, theres pizza everywhere. People live daytoday off of pizza, so the average new yorker paying more, to your pointful and now theyre probably going to have to pay even more because of these stupid regulations. I said it, you didnt have to, stupid regulations. Kelly ogrady, thank you. Somewhat all right, weve got a fox if business alert for you right now. The Airline Sector going through a little bit of turbulence today. Southwest Airlines Says its going to cut flight capacity and reevaluate its financial guidance, the airline blaming lore than expected deliveries of boeing jets this year. United airlines as asked boeing to stop building the 737 max 10 jets. The carrier is going to switch to a smaller variant of the narrowbodied plane, and theyre going to place orders, get with, with their rival, airbus. Separately, American Airlines is down in the red. The company said they expect the higher cost of fuel if to put pressure on their First Quarter performance. As you can see is, American Airlines is in the red. Lets look at kohls right now. Kohls is forecasting annual sales and profit largely below market expectations. The Department Store the chain posted a steep iser than the expected drop in samestore sales in the fourth quarter. Kohls also announced its going to add babies r us to around 200 stores this fall if. That could be good for the holidays. Right now kohls is down almost 6. 5 . And youve got chinese smart phone maker, theyre formally going to launch their longawaited electric car on march 28th in china. So the new evs Sticker Price going to be made public on that date. The stock is urge surging. Company said that 59 of its stores in china are going to take orders for its new sedan. As you can see, right now its up more than 10. 5 . And taking a look at a this is interesting, paramount global. The stock is actually moving, theres an axios report that Apollo Global has reached out to the entertainment giant about a possible takeover or some type of asset purchase. The private equity firm joins a long list of potential suitors including allen media, skydance media, also rumored to be in this race to buy out paramount if global. As you can see, apollo group higher and paramount global is lower. Well, Paramount Pictures was the theatrical distributer for killers of the flower moon which came away emptyhanded at the Academy Awards on sunday, but oppenheimer nabbing seven gold statues at the oscars. There were 13 nominations. The film was shot entirely on imax if cameras which also earned the imax ceo a shoutout from the stage on hollywoods biggest night. We are going to talk with imax ceo rich gelfond on what he was thinking as the Academy Awards were on sunday night. Now to the s p 500, the index aiming for its 17th record close of the year. Taking a hook at the leaders in the s p, oracle. Cant stop the a. I. Revolution there. West pharmaceutical, nvidia and arch daniels midland all in the group. Claman countdown coming right back. Everyone say, space pod. cheese. [door creaks open] [ominous music] [ding] meanwhile, at a vrbo. When other Vacation Rentals are just for likes, try one youll actually like. He hits his mark center stage and is crushed by a baby grand piano. Youre replacing me . Customize and save with liberty bibberty. He doesnt even have a mustache. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire inspirational music [narrator] Wounded Warrior project helps post9 11 veterans realize whats possible. 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Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo its time to feed the dogs real food, not highly processed pellets. The farmers dog is fresh food made with whole meat and veggies. Its not dry food. Its not wet food. Its just real food. Its an idea whose time has come. Hi, im ben and ive lost 60 pounds on golo. guitar music with other programs ive tried in the past they were unsustainable, just too restrictive. With golo i can enjoy my food and the fear and guilt of eating is gone. And i see oppenheimer. [applause] yes, yes. [cheers and applause] op oppenheimer has 13 nominationses and has won 7 oscars. I want to thank mitch gelfond at imax and everybody else at imax for believing in this movie when it maybe didnt make that much sense to do so. Thank you. Cheryl that was oppenheimerer Producer Emma Thomas giving a special shoutout to imax ceo rich gelfond as she accepted the oscar for best picture on sunday night. The Universal Pictures Box Office Hit filmed on i e max cameras, and it took home the most awards or this year with seven oscars. Christopher nolan also won best director, cihlian if Cillian Murphy hook home the best actor took home the best actor award. Joining me now is the ceo himself, rich gelfond. Rich are, congratulations. Thank you. It was unexpected and, you know, really appreciated and almost i was there, and i almost fell out of my seat. [laughter] cheryl i was going to ask you, what because you normally dont hear the executives of any of the studios and especially the movie chains get a shoutout from the stage. Theyre too busy thanking their mother and this year e it seemed hike a lot of publicists got thanked. What was your reaction . If you stayed in your chair, what was your reaction to hearing that . Because it is rare. Well, you know, ive got to just say that we were very involved, you know, for years in that movie, and were also very involved with the nolans for over two decades. We is have very little to do being a movie chain. Were actually a company that creates awesome experiences. We dont own theaters, we license our technology worldwide. So the movie was shot with imax cameras, there were imax people involved in the make of it making of it. You know, chris and emma are are dear friends. Just one side, humorous story, over two years ago when he started working on it, he suggested that i read the book. And i said, you know, sure, no problem. Then i found out it was 700 pages with 800 footnotes and took up a lot of my summer. Finish we were very involved in a lot of movies but especially with chris and emma. And theyre brilliant in the way they conceive of things, and, you know, this movie was part nor black and white. Tenet was shot backwards, i mean, they take audiences where people otherwise wouldnt go, and theyre committed to working with imax, and were incredibly committed to them. So when i caught my breath, i was just, you know, my wife and i were both, you know, on the verge of tears because, as you know in this world, when you put your heart and soul into something, you dont always get appreciated. And they showed their showing appreciation to i hacks and our whole team, was just so we were blown away by it. Cheryl i want to talk about dune can because thats also shot on imax cameras. What was interesting was the shoutout for sell you lowed film. And i think most people were thinking, what is celluloid film . Is that something i need to understand . If explain why this became such a popular route for these producers for oppenheimer. Well, i think that that imax in general, its clearly the best Image Capture Technology and projection technology. So if youre, like, a master craftsman, so think of the greatest painters in history, they really wanted to show their work in the best way possible. And nolan and now with dune and others, you know, the Mission Impossible movies, jake bond movies, people james bond movies, people are discovering that audiences really respond when they see something filmed for i e max and shown in imax. And its not for them its artist ec. And our goal is to artistic. And our goal is to that facilitate their abilities as artists. So for oppenheimer, we did almost 20 of that film worldwide. Were closing in on 200 million if. And for dune, just this weekend it was the highest indebsing movie ever for indexing movie for us ever. So on eighttenths of 1 of the screens, we did about 22 of the global box office. You know, thats, those are just crazy numbers. So i think whats happened is not only the artists, but now i the studios are seeing the results of filming with imax if cameras, and theyre releasing in imax theaters, and its just become a way to differentiate your film and if cure rate in the film market and get audiences really involved. Cheryl yeah. I was looking at the latest Box Office Tallies for dune part two, 367 million globally just in the second week, which leads me to your outlook for this year and also for next because theres a couple more movies that are in the pipeline at Warner Brothers for 2025. Theres a godzilla movie as well as godzilla versus kong and another joker film thats in the pipe. So it seems like its these, its these blockbuster, longform, you know, they can be delivered in an imax theater but also shot on imax film. Was your phone ringing a lot more this week than the it has been in the past . If. Yeah, well, you know, theres those are the Warner Brothers movies, but there are a lot of other movies including deadpool that was shot with imax if cameras, and i think the slate is much better than the street is giving it credit for this year. But where imax is best is where its aweinspiring experiences. This year we also have a film coming out about the blue angels which is incredible, shot in imax. We recently released a film that we remastered about the band queen which, you know, as a fan i felt like i went in a time machine and went backwards. So its these experiences and shooting with imax cameras that make it so is incredibly special. And i think audiences, you know, one an jewish is vinyl analogy is vinyl, like, real music fans love vinyl. I think fans have discovered things shot in imax and shown in imax are truly special, and theyre coming in record numbers. Cheryl rich, i can say i knew you when. Congratulations on, of course, sunday night and all the things to come for imax. Rich gelfond, always a pleasure to talk to you. Thank you for being here e again. Thank you so much. See you, cheryl. Bye with. Cheryl well, lets talk about google. The Company Going on the offensive by restricting its a. I. Chat bot gemini from answering questions about elections. This is a global story. Coming up next weve got a. I. Proappropriate petety man disabout Parent Company alphabets latest move. Artificial intelligence, the etf quicker is iq, up 52 in the last year. Well be right back. D for my retirement. The second best . Stay healthy enough to enjoy it. So i started preparing physically and financially. Then you came along and made every mile worth it. Hi mom. At vanguard youre more than just an investor, youre an owner. Helping you prepare for todays longer retirement. Thats the value of ownership. A force to be reckon with. No, not you saquon. Hm . 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And having someone who can help you get there. The key to being rich is knowing what counts. Cheryl google putting even more limitations on its a. I. Offerings today after running into issue with geminis image generator a few weeks ago. The alphabet owned company saying it will restrict dem nyes chatbot answering about global elections. Until a. I. Gives russia and new tools so they wont sow division in the United States during a election year. Many are singing it praises. Pete is said one of the worlds 50 greatest leaders by fortune. The x Price Foundation founder and executive chairman joins me now in a fox business exclusive. Peter, thank you for being here. It is a pleasure to be here. A. I. For sure is an extraordinary wave. It is still early. Were still in the earliest days of this revolution and there is a lot of debate, there are a lot of people i call the boomers who are like we have to go as fast as we possibly can, those i call the doomers, slow down, we dont know what the implications are. In fact im holding a summit all of next week called the great a. I. Debate and well be discussing this and i do think it is the greatest invention we ever have had. It will revolutionize everything. Cheryl what do you make of googles basically admission that the chatbot has flaws . And look behind every a. I. Technology, every Great Technology is a Software Programmer or engineer and theyre the ones that are taking the heat right now within the walls of google and externally. How do you answer those concerns about what these engineers have created. An a. I. Chatbot isnt going to tell you something unless somebody tells it to tell you. Here is the reality this technology is not something were programing right now. We dont put the program in how to answer it. This technology is being trained on all of the data out there in the world and it is what data do you point it at to train it on. That is going to give you a certain type of answer. I know have known the google founder sincing the beginning. Sergey said we released it too early. Yes, these are the earliest days. I give a. I. Having massive potential to reinvent every single field, right . One of my companies, fountain life, uses a. I. To analyze mri images and ct scans, gigabytes of data about you which no human can possibly do. The a. I. Will give us the very best educators in the world. You think about it, google is free to the poorest child and the wealthiest child the same way these a. I. Driven Educational Programs and a. I. Driven health care is going to level the Playing Field and are there going to be issues in the early days . Of course. We do have to have these debates. In my abundance summit well be talking about this but at the same time, it is i think one of the biggest investment cycles well see this decade. The two biggest markets are Artificial Intelligence and longevity, massive opportunities. Cheryl before you go, the biggest risk do you think right now for a. I. , for the technology, the biggest worry . Yeah im not worried about Artificial Intelligence. Im worried about human stupidity. It is, it is a. I. In the short term is the dystopian use of a. I. I was talking to elon who i had on my moonshots podcast a couple times and saying listen, were seeing a 10 hx growth in a. I. Compute every six months. Ray chris while, who will be on me in a few days predicted human level a. I. By 2028, 2029. Guess what . As soon as these a. I. S reach human level the next year their digital super intelligence, right, way beyond. These are conversations we need to be thinking about today. Cheryl we all need to be having these conversations, peter. Thats why i wanted to have you on the show. Yes, absolutely. Cheryl believe me we are. Peter diamandis, good luck on the summit. We appreciate your time. Just want to say here real quick, tomorrow in a fox business exclusive we have treasury secretary janet yellen at 11 00 a. M. Eastern time. Just want to point that out to you and also joining us with his fixed income perspective, bringing in brandywine Portfolio Manager manager jeff mcintyre. Obviously fixed income youre still really bullish. I am. What a perfect day to talk about fixed income when stocks are rallying sharply and bonds are selling off. My view it is a great time to buy u. S. Treasurys just as a defensive hedge. It is an inexpensive hedge maybe down the road we get an employment report that comes in soft or something that suggests maybe a hard landing is in the offing. Right now consensus is towards soft landing. This is purely defensive but it pays you to be there. Cheryl so, are you worried about this move out of cash, out of fixed income, into equities if we, if a. I. Stays hot for example in the market . I view a. I. As a lens through productivity. A way of getting inflation lower. It is another reason to buy fixed income. I think that the cash will move into fixed income. Equities are near alltime highs. Fixed income offered good value and hey, it is the year of the coupon. Cheryl what is your Top Investment pick right now . Plain boring vanilla, 10year treasurys, layer on bonds as well, looking towards move and price appreciation. Cheryl you mentioned lam in your research notes. These guys were frontrunners getting handle on inflation. Well inflation is transitory. These guys were taking real inflation adjusted Monetary Policy rates positive. They were putting breaks on inflation early on. Youve been rewarded for being there. [closing bell rings] cheryl Jack Mcintyre thanks for being here. Now it is time for kudlow. Larry hello, folks, welcome t