If you look at the market at 30,000 feet, looks like it. While the nasdaq, which had been middle around in the red for the first half of the session, is up about a third of a percent. Right now the Dow Jones Industrials are doubling that percentage gain, up 234 points powered by, you know what . Lets zoom in to about 10,000 feet with the heat map, two nontech names, mcdonalds and home depot. Then, of course, in the third position here we have apple. So youve got two names having nothing to do with technology. And then lets switch it over to the s p leaders. Synopsis. Now, that is a tech name. It makes hardware and Software Products for validating chip design. Synopsis is gaining about 4 . Then aes gaining 5. 25 , thats a utility and Power Generation company. But International Paper far and away the winner here. Look at this pop of 10. 8 . When was the last time we saw International Paper leading the s p . I mean, not only leading, but hitting a 1year high. It did have a nice pop in december but lost all of that at the start of february when it dropped to 33 a share. This big move that brings the news the Packaging Company has named a new ceo, former kkr executive adviser andrew silvernail. He has deep industrial experience having worked at knew ifwell rubbermaid. So with nontech names flourishing right now, many of the chip maker es are falling. Youve got the sox index chock full, down threequarters of a percent. The big laggards, amd and marvell semiconductor. Its not a huge move, but perhaps analysts were looking for a huge upside move in nvidia after they blasted out blackwell to the world. The gb200 gpu, graphics processing unit, packed with 208 billion transistors on a circle silicon square single silicon square, promises to build and run realtime generative a. I. On trillion parameter Large Language Models at up to 25x less cost and Energy Consumption than their predecessor. So nvidia up about 1. 5 the price of the new chip . 3040,000 apiece. So why did much of the session, at least the first half of the session, did this stock fall in maybe analysts had predicted the price to be higher than nvidias current can hopper gp, fbu. For the moment web bush deciding to stay put and maintain its 1,000 price target. The stocks at a 897. 32 right now. Fox business kelly ogrady live in the newsroom with the Business Applications and implications of nvidias big reveal. Kelly, youre looking at nvidias market cap here above 2 trillion. Its let me just check, 2. 238 trillion. Reporter that is amazing, liz. And nvidia seems to have room to run. I was listening to jensen wang, his speech, and hes looking to go beyond a chip maker and create an entire ecosystem. The new blackwell line presents a massive upgrade from the hopper. That mold did catapult nvidia above that 2 trillion market cap number, but the ceo said we need bigger g pushess, and that is exactly what blackwell is providing. Its being billed as faster, large arer and more efficient. It will provide users five times more a. I. Performance power. Nvidia also a highlighted that blackwell is designed specifically to support the Core Technology that underpins those Large Language Models like cat chatgpt, so that really underscores how important the company sees these chat bots becoming. The chips will start to ship later this year, customers already include amazon, microsoft, google and oracle. Wang promised that blackwell will usher e in the next revolution. Take a listen. Anything you can ding cantize so long as theres structure, we can probably learn some patterns from it. And if we can learn the parents from it, we can understand its meaning. If we can understand its meaning, with we might be able to yen rate it as well. And so, therefore, the generative a. A i. Revolution is here. Reporter nvidias had monster run this year, up over 240 in the last year. But another announcement yesterday promises that theres still room to run. The company shared a new revenuegenerating software which allows customers to run and develop new practice on top of that the hardware. That not only provides steady the licensing revenue, but it gives customers a another reason to stick with nvidia chips as competitors seek to steal market share. And he says blackwell is not a chip, it is a platform, and that language makes you think of how apple and microsoft grew into entire ecosystems. Liz well, hes smart, and he knows we cant just be a chipmaking company. Dell kelly, good stuff. Thank you very much. You just reference ared intel . Speaking of the Semiconductor Sector and intel, we are expecting another major announcement out of arizona at intels chip manufacturing plant if tomorrow. Ill be speaking with Ceo Pat Gelsinger to discuss the future the Semiconductor Supply Chain in america and the big, hopefully for them, the big chunk of money that they could get from the chips act. All right, let me give you a fact. Led by nvidia, microsoft and apple, the largest 10 stocks now represent 25 of the s p 500 fact that is a record. Should investors continue to hitch their portfolio wagons to those stars, or do you get the shovels out and dig into way less loved stocks . Lets head right to the floor show. Joining me now, crossmark Global Investments ceo bob doll. This is a tough one, bob, because if a year and a half ago after these same names enjoyed extraordinary runup, which they did, investors if they had thought, you know, let me move if on, they would have missed out on more gains. Is now the time though to pick up the shovel somewhat signs are you seeing . Liz, i dont think its either or. I think its both and. Youve got to have in your portfolio things beyond these 10 stocks, but i dont think you run from the 10. Theyre nowhere near as expensive as they were, for example, at top of tech bubble the tech bubble. Are they extended on a momentum basis . Yeah. If you want to ache a take a little money off the table, thats okay, but you should not abandon these stocks. Liz les well, what, all 7 of the mag 7, do you have some that youd say, you know what . If let me leave something absolutely. So is were short tesla, and thats been a good move. We are overweight microsoft. Most of the others were a little bit underweight. So ive taken some money off the table. But if they pull back noticeably, which theyve had a few minor pullbacks, we would add to those positions where the earnings and cash flow are intact. Youre absolutely right, its not necessarily the mag anywhere sent seven anymore, youve got to go to the individual starts. Securities. Liz the fact that you guys are shorting tesla, to me, thats a big heedline are. Lets talk about the fact that the largest 10 stock, as we spoke about, they meet 25 of the s p 500. And on so much that, you look at the bullbear a ratio, explain what that is and why that is starting to look a little bit like somethings going to happen here. Yeah. Sentiment is a clear measure of what people think. Sentiment is defined, and the bullbear ratio, number of bulls to number of bears, is higher than its been in quite some time. And so you want to lean the other direction. Its among the reasons we with think that were vulnerable to some sort of pullback here, liz, along with some of the economic slowdown were seeing. But that bullbear ratio does have us a bit concerned. Wed be a little cautious. Liz youd be cautious. Bob, lets just bring up the Federal Reserve. The 2day meet meeting began today. Right this minute the federal open Market Committee is behind closed doors clust arerring, hovering, you know, coffee crotch, whatever it may be. We know that there will not be a rate move at least according to the markets. The announcement is tomorrow, 2 p. M. Eastern, and then the big News Conference is right during this hour. We hope everybody tunes in because it is often a market mover. But may doesnt even look like an option for a rate cut, and june is now at about 59 for fed funds futures. What are you predicting as far as how many rate cuts you expect this year . We do these 10 predictions every year, and our first prediction was were not going to get 6, and thats where the market was at the start of the year. Weve been using 3. And if 3 cuts is right, that means inflation will stay calm but maybe not go down a whole lot more anytime real soon. Look, the feds between a rock and a hard place. Theyve got to buy some time here so they can see more about the exhibitioner about the inflation statistics economy, about the inflation statistics before they have to decide to cut rates. The dot plots that is, what each fed governor thinks it is about how many cuts will happen will be interesting to watch. , and of course, the fed chair probably wishes he didnt have to do a News Conference post it because hes between a rock and a hard place. He needs some time to pass. Liz well, indeed. But i think overall weve been talking about this, the riskon behavior whether it is stocks, bitcoin which happens to actually be down. And, by the way, we have the top policymaker at a coinbase coming up because, boy, there is a lot to the talk about with those guys especially considering its the ohio primary. Gold has been hitting records. Oil is back on the move to the upside is. It feels like nothing shakess this market. From your experience over decades, do you get the sense that now we are getting frothy and toppy . If. Yeah, a little bit is creeping in, no question. Youre right. Look, the consensus out there io oversimplify were going to have a soft landing, dont worry about the economy. Earnings are going to grow double digit, isnt that great news . The feds not going to have to tighten anymore, theyre e going to start easing and inflations going to come down 23 thats a wonderful wish list. Ooh im not sure all of it hangs together. So at these elevated prices, im going to call it 21. 5 pe elevated. Id take a little money off the a table, liz, and wait for a pullback. Liz you know, maybe you gave a hint as to the financial weaponry that you are wrapping your clients portfolios in by saying that the you are shorting tesla. When did you start shorting tesla, bob . If its down about 30 year to date. Last year, quite some time ago as we thought the magnificent seven would begin to fracture and not all would do the same is. You know with, i didnt understand, i still dont understand the valuation. I think the fundamentals are mixed and the stock too often gets hyped. So thats among the reasons tesla as been on our shorting list. Liz yeah. I see forward persian ratio 57 at the moment that looks rich. Yeah. Liz a lot of those stocks are right up there. Bob, good to see you. Thank you very much. Thanks, liz. Liz all right. Folks, to recap, were 11 minutes into the hour, nvidia unveiling its powerful new a. I. Chip called blackwell that will reportedly replace thousands of general Purpose Computers and help out with a. I. And generative a. I. Big tech continues to reign, the largest 10 stocks now the represent 25 of the s p 500s index market cap. That is a new record. Something bob doll says should send i off a yellow flashing warning light. And the Federal Reserve kicking off its 2day policy meeting. The fed is expected to leave rates unchanged tomorrow but will give some major hints because of the socalled dot plot about how many rate cuts each of the federal open market Voting Committee members think will be this year. Now, with fed funds futures pricing in 2. 5 rate cuts in 2024 the down from 6. 5, ill call it 7 at the start of the year, its going to be a big day tomorrow. We hope you join us. Today though is the ohio primary as the candidates angle for donations. There is a new kid in superpac land that has a youthful group of diehard followers with diamond hands and muscle. The coinbase chief policy officer is here live to tell us how hes working to get politicians behind crypto, and we will ask who might be more sympathetic to his cause, President Biden or former President Trump. Coinbase may be slip aring todat over the past 52 weeks it has been pure gold or bitcoin for investors, gaining 205 . 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We already know that at least for now the election will be a faceoff between President Joe Biden and former President Donald Trump due to the fact that both have secured the delegates kneaded for their partys nomination. But its not just the white house at stake in this the election year. Voters or will also be deciding cryptocurrencys future at the ballot box. And coinbase is making a dramatic move to influence how washington accepts and deals with digital currency. The Crypto Exchange is part of the new kid in supera pac town ready to lobby for its crypto cause. Coinbase has poured pd 24 million into the first ever procrypto superpac if falled fair sake which has spent a heavily on the ohio primary. Joining me live from washington in a fox business exclusive, chief policy officer farriar. That is not pocket change, the coffers are up to about 85 million now. You just demied some of that deployed some of that cash super tuesday. Lets talk about ohio right now. Well, ohios a big election, obviously. Its a big state with a lot of crypto users. A lot of people are going to the ballot box to vote is. Weve been quite excited by the fact that the republican nominees in a very tough primary have all come out favorably on crypto policy. They want to keep the innovation in the United States. They want to make sure that ohio innovators have a place to build their businesses and create jobs. And were excited about that. I think thats the theme that a weve seen across the country. We have about 52 million americans who have bought crypto, and we at coinbase have felt like its our job to gave these people the tool they need to have a voice in the political toes. So between the superpac, the grassroots organization, theres a lot of exciting stuff going on. Liz i would imagine. And right now in ohio there is quite the battle for the senate seat which is held by democrat sherrod brown. He is a crypto e skeptic. Hes been very clear about that. In fact [laughter] i saw some of the things he had said, and he basically said crypto appeals to crime rings and scam artists. His opponent, bernie moreno, the gop candidate, much more embracing. I know that it would be seemingly obvious to say that the superpac would help somebody like moreno, but is that true . I mean, you just talked about 52 Million People who own crypto, and its split if between equally divided democrats, republicans and independents. So how does the superpac decide . Well, as you know, superpacs are independent organizations, so they make the decisions tactically about how they deploy their funds and it can impact the elections. Companies like ours and other contributors gave money to the superpac so this could make a difference. And they did very much so in the california primary. Think what our job is as a company is to serve our customers expect if broader ecosystem. And as i said, there are about 52 million americans who have bought crypto, more americans than have unioned cards, that hold own electric vehicles. And weve polled them and as have ore others