brave. it's not the same as being fearless, but i will not let fear paralyze me. charles: i got to tell you, it was truly a great moment for me in my life and i cannot thank president don lofie and the board of westminster college and the students that were just so absolutely fantastic. plus, it's so amazing to get away from new york city sometimes but, you know, we talk a lot about the doomed nature of young peach in the country, doom spespending and doom scro scrold at westminster college in the heart land, right now we've got our future is very, very bright. something i'll never forget and always grateful for. hand it over to ashley webster in for liz claman. ashley: terrific stuff, charles. those students very lucky to hear your message and heart felt

and very, very well said. charles payne, everyone. great guy. thank you, charles. yes, good afternoon, everyone. i'm ashley webster, and we begin this final hour of trade with a fox market alert. the bulls, well, apparently running low on energy after a stampede start to the month of may. nasdaq as you can see holding onto gains, largely up about a third of a percent led by apple, tesla, and nvidia. s&p 500 swinging between gains and losses down over essentially flat right now and in the dough, the dow is off about two tenths of 1%. the blue chip index is coming off its best week of the year so far last week but the dow now in jeopardy of snapping an 8 day winning streak. we shall see. intel's gain, not enough to keep the dow in the green. intel up around 2.5% but not enough. it is leaving leading the index and chip maker reportedly nearing $11 billion deal with apollo to build a facility in

ireland. it will need a little luck of the irish and shares down nearly 40% and back in the u.s.. very cautious ahead of big wake for economic data and data the fed will consider for future rate decisions. tomorrow we're going to get producer price index for april. that's a big year. then on wednesday, even bigger the consumer price index and analysts expect headline inflation to rise by about 3.4%. that's compared with 3.5% in march. meanwhile, the earning season, it's slowing down but there are a few key reports that have yet to be told. tomorrow we're going to hear from dow component home depot as well as china's al alibaba and thursday hearing from wal-mart, a real bell weather and under armor. the state of the consumer and

market's path forward w. that in mind, straight to the floor show, joining us this afternoon, drydom pierce, cio of pension wealth management and slate stone wealth chief market stat jazz and good friend as always, kenny polcari. gentlemen, thank you for for being here. obviously the big story this week is the cpi, the ppi. we know that the fed is going to be looking at this very closely. what are your expectations? if it's hodder than expected, you'd see running for exits and markets go down; right? >> yeah, i expect it's going to come in slightly higher. not tremendously but up a tenth of a percent. not going to be surprised but not necessarily sure the market will be that surprised but i would expect to see us pull back because that would support the

rate cut they're telling everybody is coming and not even saying more they're saying it's coming by the end of the year. craig:t ashley: i think this is all in and analyst and the u.s. economy is cooling down and it's predicting three rate cuts. one in september, one in november, one in december. is that wishful thinking? what say you? >> i think it's a little wishful thinking is and we're probably more in the two rate camp and really leverage to the very ebbed end of the year.

not see ago lot 06 movement down and pullback on inflation and it's in the direction we want. i don't think the fed has room to cut three dimes and at risk of reigniting things and we're in the scamp of maybe we get two rate cuts but they're very, very close to the end of the year. ashley: tech has been strong since the beginning of the year but anywhere else you like or still about tech? >> well, you talk about magnificent seven, but we really believe in the 493. the whole rest of the market. you're beginning to see earning beat of earning beat after earning beat and we're kind of moving this where the rest of the market is beginning to participate. we're lofty on s&p and that's because you had seven or eight companies push it and take those out, you really have s&p that's got a pe ratio in the 17, 18 so it's got a little room to move. we like the 493 because we think that earnings are going to be

good and that we're going to see companies continue to do very, very well in this environment. ashley: the earnings have been good but the barfs set so low that maybe it's not as accurate a measure of where the companies are. 96% of the companies reported better than 80% beat the estimates and that's usually a bit ahead and it's usually in the mid 70s, maybe 74, 75% and this quarter better than 08% of estimates and this point yes, the barfs lowered and the forward guidance from a lot of companies was not nearly as bad as some people expected as we were moving into the earning season versus now moving through it. i think the forward guidance was fairly good and decent, which is what has helped us to -- for the market to rally.

you know, i do think that tech has gotten a little bit ahead of itself and i think it's been that way for awhile so i'm not chasing those names, but other names to dryden's point, the other names of 4934 names and the two stables or financials or energy are all -- even utilities are up 7% year-to-date and have performed nicely and investors are starting to look further out of the center to help build their portfolios. ashley: that said, kenny, dryden, what do we do, buy in may and not go away? >> l lean in and recognize the market has a little room to move through the rest of the year and the beat goes on taking a look at earnings and we had earnings recession and move from a rolling recession to rolling recoveries. and you're going to see this in a company by company basis. we're actually continuing to see things on a company by company

basis moving forward through the end of the year. ashley: yeah, that's all very bullish given that we're so dependent on the fed and what's happening with inflation. the stock up more than 7.5% and apple seeing gains on reports that the iphone maker is moving closer to a partnership with openai for its devices. interesting. meanwhile, google paired alphabet, they got news and fell on it. about half a percent and also there are concerns of more competition in the search area could be on the way. the stock down only half a percent. meanwhile, openai unveiled its latest updates to chatgpt. in a live stream conference just

hours ago. kelly following it all and joining us with the new details. kelly. >> hey, ashley. the big announcement is the new flagship model gpt4.0 and faster and free and immoves capables across text, video and audio and ceo sam altman said our new model gpt4-0 and it's best mod and he will smart, fast, and natively mul multimodal and understand tampa bays and commands and respond. i demoed the new model. a bit gimmicky at sometimes and gpt4-0 gave problems and gleaned how users were feeling in a tone of voice and it's similar to what you experience in normal human conversation. what we didn't get, ashley, was a search product that could compete with google. now sources do tell me that

openai is working on that, but we didn't hear about that today. the other big focus though was access for everyone. listen to this. >> a very important part of our mission is to be able to make advanced ai tools available to everyone for free. we think it's very, very important that people having the same idea. >> the models only available to people that pay a monthly subscription. this is important to our mission. we want to put great ai tools in the hands of everyone. now remember, just six months ago, sam altman was fired and rehired over ethical concerns alleging he was putting profit above safety. that emphasis, ashley, on access for all today, i don't think is a coincidence. listen, they tease a bit at the end there's more to come. they say their next big thing

was coming soon, maybe it'll be search, ashley. ashley: maybe, that's what everyone is looking for and we all want to be multimodal so that's everyone especially aim, is it not? kelly, thank you so much. appreciate it. fascinating stuff and more to come, clearly. all right, now this, memorial day is two weeks away and unofficial start of summer driving season and with oil, just under around $80 per barrel, could we see prices at the pump head higher or lower? top oil the ticker uso up more than 22% over the last 52 weeks. not bad. the claman countdown is coming right back. ♪

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ashley: well, branson and west texas crude both moving higher and crude about $79 a barrel, brantley crude at $-- brent crude at $79.31 and inflation data tomorrow and wednesday, crude has been under pressure on science of the fed -- signs of the fed likely to keep interest rates higher for longer, which in theory would hurt demand for oil. joining me is the oil associates president andy lipow. great to have you here. begin with at talk of inflation this week. higher rates can hurt oil demand, is that what you think and what do you expect? >> good afternoon, ashley. that's what i think and because of higher rates and they stay high for a longer period of

time, it starts impacting on the economy, which eventually causes a consumer to cut back on spending as they're spending more on higher interest rates for autos and cars. a barrel and brent more widely used, is there this kind of range louisianaing into the near term future? >> in the near term 80-85 a barrel and lackluster demand in the united states as well as china and less than the market expected and at the same time that oil production continues to increase and the united states, canada, brazil, and giana and see that opec+ themselves have trouble sticking to their production cut quotas.

ashley: we have russia and ukraine and a russian area was hit and we have whenever else going on in the middle east and yet the price of oil has not gone through the roof. >> that's right. if we look at ukrainian drone attacks on russian refineries, they've been quite successful in damaging those facilities and what that means is that russia has to export less diesel but also turns that into a gasoline inquarter. but on the other hand and you hit the russian refineries and that means in order to maintain their revenues, russia has to export additional kwanties of crude oil and keeps the pressure on brent and wti. since october 7, when hamas invaded israel the hostilities

and we've seen many tankers are re-rooting resulting in longer voyages. ashley: chuck schumer saying he's urging the ftc to basically pump the brakes on chevron's proposed deal with biggest argument to these, you know, deals is that ultimately the consumer loses out pryors go up. do you agree with that?

>> i don't think s. we've seen oil prices trade between $40 and $140 over the last couple decades and what the oil companies have found is that they need laryngoer scale and size to account for the greater adjustments to make and we talk about the basin and fracking quite a bit and next tranche of oil in more extensive areas around the world in order to explore and result we're seeing consolidation and oil industry. ashley: what is production in the u.s. like right now when it comes to oil? down about the same or more? >> it's down but then it was upwards and what i would say during 2024, the annual average will be an all time record of

13.2 million-barrel as day and contrast that to 20 years ago, our oil production in the u.s. was really a measly 5.4 million-barrel as day. nothing to sneeze at. ashley: yeah, interesting. finally before i let you go, couple of weeks from memorial day and beginning of the summer driving season, what are you expecting gas prices to do, andy? >> we'll see gasoline prices drop about 5-10 a gallon and inventory about 4% higher than this time last year and gasoline demand year-to-date is a bit less than a year ago. ashley: good news. i'll hold you to that, andy. thank you very much for joining us this afternoon. always appreciate your expertise on oil. andy, thank you. diamond hands coming roaring back thanks to a figure at

center of meme stock craze. coming up, what it's doing to game stop. it's a wild ride, isn't it? even though liz is out today, you can get your claman fix by listening to this week's edition of everyone talks to liz podcast. liz ice special guest is the cofounder of opi products, and she shares her rise from being the daughter of hungarian holocaust survivors to the queen of the nail polish business. quite a journey. liz will be part of the brand new fox business rundown. it's a biweekly podcast to catch you up on latest developments in the financial world and what it all means for your wallet. that debuts may 20th and drops every monday and friday. don't miss it. by the way, scan the qr code on your screen or if you're driving around listening to us on radio, go to foxbusinesspodcast.com, apple, spotify or wherever you download your favorite podcast.

lots to talk about. the claman countdown is coming right back. ♪ ♪operatic music♪ ♪

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ashley: game stop roaring higher after roaring kitty returned to

the social platform x posting an image of a man sitting forward in his chair. it's a meme used by gamers when things apparently are getting serious. game stop halting higher and trading halted several times because of volunteers andtity. it's up 73% and -- volatility and up 73% and other stocks are moving higher. we'll have more on the meme stock reboot later in the show with charlie gasparino, who i know has lots to say about this. by the way, reddit, another meme favorite if you remember also popping higher today, up nearly 8%. and penn entertainment is down and bank of america thinks it'll

generate lier losing and the generation in land projects is weighing on the stock leverage and penn entertainment down 1.25%. square space announcing it'll go private in a $6.9 billion all cash deal with private equity firm and the building platform spent three turbulent years in the public market and shareholders getting $44 per share in cash and square space founder and ceo will continue to be one of the largest shareholders. the deal by the way expected to close by the fourth quarter of 2024. the stock as you see is up more than 13%. incite at top of s&p 500 after unveiling plans to buy back $2 billion worth ovstock and bio-pharmaceutical company with a cap of around 11.9 billion started a dutch auction to purchase up to 1 point

62 billion and agrees to par which you say up to $328 million of stock from board member julian baker. last month incite struck a deal to buy clinical stage drug development for $750 million inside up 8%. now you're up to speed. coming up next, the future of warfare relying more and more on rrobots and putting more hands n the tower of soldiers bringing battle drones to the front line and ceo of performance drone works here to show us the very latest tools. by the way, the roboglobal robotics index is ticker robo, r the last six months. we'll be coming right back. ♪

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ashley: israeli military ports of entry customerring on northern gaza today and says hamas terrorists are trying to reassemble in the area. the operation in and around the jeff gee camp began -- refugee camp began saturday with shelling and gun battles and israel claimed it cleared that area of hamas and dismantled its infrastructure earlier in the war and. costume as hundreds of thousands of pal sin anne donovan -- it comes as hundreds of thousands of palestinians are

expecting potential assault and that assault not sitting well with the biden administration. grady trimble in the fox business news room this afternoon with more on the plans to delay military help to our country's top ally in the middle east. grady. >> yeah issue ash, white house officials are standing by their decision to hold up that shipment of bombs to israel and they're trying to prevent amusive israeli operation in rafah that will lead to more gazan deaths. >> we'll ensure that israel receives the full amount provided in the supplemental. we paused the shipment of 2,000-pound bombs because we don't believe they should be dropped in densely populated cities. >> democratic lawmakers reaction to president biden's decision to withhold military aid is highlighting the split within his own party and 26 democrats signed onto a letter asking for

a classified briefing on this decision. with democracy under assault ashed the orlando world, we can't undermine our ally israel especially in her greatest hour of need. america's commitments must always be ironclad using the president's own word, ironclad there. but other more progressive lawmakers are praising president biden's decision. republicans for their part are rebuking him across the board and as president biden tries to appease both the pro israel and pro palestinian members of his party, new reporting from the washington post says the admin vagues is offering israel intelligence if the country agrees to scale back it is operations in rafah. >> we are conditioning it on any activity

>> they want a briefing from the white house security council and want ashley: russia reigniting efforts to take over kharkiv after launching a surprise attack over the weekend. ukraine military forces pushed russian trooped to the ukrainian forces continue in the meantime to rely on drones to attack key

targets inside russia. meantime a new startup is already working with the u.s. military to help revolutionize drone technology and the way it's used in war. performance drone works, it's a startup backed by guest shark tank director matt hikingens is the creator of the autonomous drone that can execute missions for navigation or drop bombs on enemy targets and already has a multimillion dollar contract with the u.s. special operations command. so joining me now in a fox business exclusive rse venture ceo matt higgins and performs drone works and cofounder ceo ryan. ryan, what sets the c100 apart from all the other drones out there currently? >> yes, thanks for having us.

>> yes, thank you. it's a variety of admissions and last minute resupply for blood, odder thans disposal and surveillance and recognizance and really allows a single soldier to deploy their own air support right from their backpack. >> i was on the ground and helped rebuild the trade acceptabilitier and it was on gourd and working on this for almost a decade and this is so vitally important to the national interest of the united states. we need to inc bait a domestic drone industry and i personally got involved because of what's called valley of death. this is a vast wasteland from the u.s. government for reservice connected and have program of record and it's so farred for those companies to make it through the valley of

death. myself and my partner steven ross, we've put almost 50 million into the company to get here and help the u.s. get a leg up in this industry with small robot ibrams. how easy to be shot down or to be hacked? >> yeah, they're 3d precision small instruments and they're relatively hard to take out of the sky. like wise to be hacked is also difficult. we're seeing evolve is a fast cat and mouse and respond and playing out in realtime. ashley: can the signals be jammed or have antijamming devices?

>> yeah, it's quickly evolving away from large drone enorients and it's being gentlemanned from norway to the ballet ticks to the middle east. it's stopping small robotics and seeing quick cat and mouse games play out. ashley: these machines, matt, they've changed what typical war looks like these day asks doing an awful lot of things without doing human homes in side and so many activities and occupied by a soldier and explosive ordnance and send a drone to take it out and that's more ordnance.

>> it's a paradigm shift in the u.s. government and they're moving quickly to become entrepreneurial to enanyone this technology to proud sprout on the home front and a bit of disadvantage and the government has a program called replicator and it's worked in the united states to ensure that we learn from the ukraine and ready for the future of robotics. ashley: right. ryan, let me ask you this, i can't think of another word but how local can the weapons be? have we seen the full potential yet or is there another step or two up? >> yeah, you yanis is a great example and a branch for robotics making 3 million small drones per year and just last week, the generals came away to say they're more effective than anything in the tool set and small drones are here for a complete change in paradigm shift in the way we deliver

things to the battlefield. ashley: matt, other robotic weapons out there that we don't know about yet? >> certainly are. i mean, again, this is the future and we see what our adversaries are doing in the investments they're making and russia is learning and there's a lot being developed and that should make you encouraged about what'sing going on in the united states. ashley: very good. we have to leave it there. fascinating stuff. congratulations to you both. matt hikingens and ryan gury, thank you both for coming on the show and telling us what's going on in the world of drones, that you can't very much. thank you very much. >> thank you. ashley: moving on, meme stock craze of 2021 reigniting as retail investors pile into stocks once involved in one of the most spectacular short squeeze and wall street history and charlie gasparino is here to tell us if meme stock fans can do it again and playing dumb money. charlie break it is next.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. inside every splenda product is a mission. to help people live happier healthier and longer lives by making it easier to cut out sugar. from our factory to our stevia farm, splenda's team of over 2000 individuals are dedicated to helping people live their best lives. taking pride that everyday millions say “i use splenda.” and now sweeten drinks wherever you are with splenda zero-calorie liquid sweeteners. try all three. available in the baking aisle. ashley: it is like 2021 all over again. if you look at the performance of the meme stocks, particularly gamestop, take a look at that,

71% at this hour. retail traders may be having deja vu but how are the short sellers feeling this time around? are they interested or feeling the pain? our charlie gasparino can answer that question. charlie, here we go again. >> i had less grey hair again. i think you did too. ashley: i did, yes. >> this is tough day for short sellers, crunching numbers. this is fairly heavily shorted stock since the beginning of the year. 26% of the float. it is not astronomical. but for good fundamental reasons. this is not, this is not a company that is knocking it out of the park. if you looked at the recent earnings they have not been great. this company still hasn't turned the corner even though it does have a dedicated group of investors still in the stock. other investors of some of these

meme stocks are out. bby, bed, bath & beyond they're gone because the company is out of business. amc, if you pull up a chart of amc it might be going up on the news of this but after the 10 for one stock split it is worth, that is 50 cents in reality. up way up, 81%. this thing is worth 52%, 52 cents and 30 cents or 29 cents before today. again i don't think it is making money. i think it still has real balance sheet problems. gamestop has a more loyal base but still i can tell you short sellers who got crushed today, the numbers are bloody if you add them up, short sellers today are eyeing this stock. what they're saying to me is simply this, ashley, when this thing gets above 30 when they're going in. by the way some of their numbers are pretty wild. shorts are paying 4%. that is some astronomical money

to borrow the stock. it is hard to borrow. i think shorts are down so far because of today, $1.18 billion. i get a lot of my research on short selling from s-3 research bob sloan's operation. it is one of the best data crunchers on this market activity. when they say over there, when this thing starts peeking above 30 look for short sellers to come back. it gets above 30 when you have short-covering. that is when you have to replace the borrow, by buying the stock. then you can put in more shorts. that is what people are counting on. that this will not last forever. why did this happen? we kind of buryied the lead. roaring kitty or kitten? ashley: kitty. >> he posted that. that is the guy that started the whole thing. if there is ever a reason to buy a stock ashley, this has got to

be it, right? just think about it, forget warren buffett, forget interest rates, the roaring kitty posting a meme that is a great reason to buy a stock. just think about that. just think about that. ashley: does that mean we'll see you fighting on social media again, charlie, with some of those amc apes? >> i don't know. they have gotten their heads clobbered so badly they are undercover. gamestop was down big time before this year. it was down 30%. i will say this, ashley, one thing before i turn it back to you. gary gensler is worried about payment for order floe which is essentially good for small investors because it allows them to buy stocks through robinhood at no fee. he is worried about climate disclose thursday about corporations. you think there is a scandal under every crypto. he is bringing all these crypto companies to court. ashley: right. >> yet the, so that's where he

thinks the market is broken, not when you post a meme, when the roaring kitty post as people on twitter or wherever he posts at, weird meme a stock goes up like 90%. but that's fine according to gary gensler. ashley: but not crypto. >> but you know ripple is bad, something evil with those guys, ethereum, that might be bad. you know, got to know what everybody is doing to stop climate change, like that is really going to stop climate change, because companies in china and india are going, oh, god. ashley: exactly. they're not playing the game. >> they're not playing the game but this is okay. you know, whatever. ashley: it is a funny old world, charlie gasparino but if anyone can make sense of it is you and just looking at that cartoon picture today, just really says it all, what the heck, right? what the heck. >> looks like he is sitting on

the toilet a little bit. maybe he was. maybe he was. that's a chair. it would be the same thing, wouldn't it? ashley: i don't see a toilet handle so -- >> would it be metaphorically, almost the same thing, isn't it? ashley: yeah, really. getting flushed. we'll leave it right there, charlie gasparino. >> before this gets really dirty. ashley: more gray hairs after this interview. yeah, right, thank you so much, charlie. let's move on. the closing bell ringing in under five minutes from now, whew. the dow on pace by the way to snap its eight-day winning streak which was the longest since september down about a quarter of a percent. the nasdaq on pace for the second up day in three. it is all very muted because investors trading water right now waiting for the inflation data coming out tomorrow and wednesday. all right. moving on to this. blue owl is a firm that is set up specifically to provide

private capital by financing jumbo loans for companies. joining me is blue owl capital cofounder and president, mark lipshutz. >> thank you. ashley: great to have you. how does blue owl make it money, let's begin there? >> blew you'll is the management company that manages a series of different funds which is designed by both institutional investors and individual investors but blue owl is paying fees to do a good job managing those funds to deliver outsized returns for the risk to the investors in those various pools. there, blue owl, we're a high growth, all management fee centric business. we achieve very attractive predictable trajectory upward in earnings. this is distinctive in the land

of alternatives. we don't have carried interest. it is, 92% of our capital or revenues come from permanent capital. it is unusually durable, predictable and still high growth model. ashley: what kind of rates do you charge your borrowers? >> so the rates we charge are based on a spread as you would expect both the bulk of our lending business, we manage pro-forma $200 billion in assets today half of which is in direct lending and in our direct lending business is it is almost all floating rate. our rates are reset on continuous basis to the companies we lend to, so our investors benefit from inflation protection through the floating rate participation and it depends and spread to underlying fed fund's rate so to speak.

that is how we calculate that interest today. that means depending on the loan some are paying somewhere between 10 and 12% depending and these are really high quality companies. on average the companies we helped money to have over $200 million in ebitda and on offrage we lend them less than 40% of the value of the enterprise. so we've been able to carve out a place where we can deliver really durable results for that $100 billion of loans we've done our running loss rate since the inception of our firm has been seven basis points per year. we create something that really works for the user of capital and really works for the investors. ashley: i literally have about 30 seconds, marc, but it is not easy to answer this question, based on your business and the amount of loans you're servicing how is the economy right now? >> great question. looking at 400 portfolio companies that are u.s.-centric, business is good. ashley: yep.

>> we're looking at the last quarter of data on average, revenue and ebitda growth double-digit in our portfolio. that is a very selective portfolio. that's our job. but i think that tells us the economy is in a solid pace but i will equally tell you that inflation we've been saying a long time is still sticky. we're still seeing that in these businesses. they're seeing cost pressures and passing price increases to their users. higher for longer but a pretty sound economy overall. ashley: very good. you did that perfect time. marc, thank you so much for joining us. we really appreciate it as we head towards the closing bell here. [closing bell rings] the major indexes as you can see trading in a very tight range. we have big data ahead this week which could move the markets. ppi tomorrow, cpi, those numbers will be out on wednesday. thanks for joining us. ♪. larry: hello, folks, welcome to "kudlow," i'm larr