BREAKING: Apple reaches ‘HISTORIC’ $5 Trillion market cap

UP MARIA: TIME FOR THE WORD ON WALL STREET. TOP INVESTORS WATCHING HER MONEY. RYAN PAYNE, ALSO WITH THIS IS ADAM JOHNSON. THANKS FOR JOINING THE CONVERSATION. KICKING THINGS OFF WITH A MARKET THAT IS MIXED. WE ARE WAITING ON A NUMBER OF THINGS, BUSY DAY, BIG TECH EARNINGS AFTER THE CLOSE TONIGHT, DOWN JUST REAL DOWN ONE HUNDRED 64. THE NASDAQ UP 84 AS WE AWAIT A BUSY DAY OF BIG TECH EARNINGS, MICROSOFT AND META REPORTING TONIGHT AND THE FEDERAL RESERVE JULY RATE DECISION, WE DON'T EXPECT KEVIN WARSH TO RAISE INTEREST RATES ON MARKETS WERE MIXED, OIL THIS MORNING ON THE RISE AND THE US AND SAUDI BACKED FORCES RESPONDING TO IRAN WITH MASSIVE HITS IN IRAQ AFTER THE THEY FILED THE SURPRISE ATTACK. WHAT IS MOST IMPORTANT TO YOU IN TERMS OF INVESTING? RYAN:WE WILL SEE PROBABLY GREAT REVENUE NUMBERS FROM MATTER AND MICROSOFT. IT WON'T BE A SURPRISE WITHOUT A BET AND EVEN TESLA SO FROM THAT PERSPECTIVE REVENUES ARE STRONG BUT THE QUESTION ON EVERYONE'S MIND IS HOW MUCH ARE THEY SPENDING ON AI INFRASTRUCTURE. MY GUESS IS THEY WILL CONTINUE TO SPEND AND THE SPENDING WILL GO HIGHER WHICH WILL BRING INVESTORS TO THE SAME QUESTION THEY'VE BEEN ASKING. WILL WE SEE A RETURN ON INVESTMENT WITH TRILLIONS BEING SPEND OVER THE NEXT COUPLE YEARS. I IMAGINE THOSE STOCKS MAY TRADE SIDEWAYS. THE MAG SEVEN IS DOWN, REALLY THE SAME PLACE LYNN'S LAST FALL. THE GREAT ROTATION CONTINUING TO HAPPEN. THE LAST MONTH FINANCIAL STOCKS UP 7%, HEALTHCARE STOCKS 7%. CONSUMER STAPLES UP, REAL ESTATE INVESTMENT TRUSTS UP. THE ROTATION CONTINUES. IF YOU LOOK AT THE EARNINGS PICTURE IT BROADENS OUT HERE AND A REMINDER THERE ARE SO MANY PLACES TO PUT YOUR MONEY BESIDES BIG TECH BUT I DON'T THINK THE BIG TECH TRADERS OVERCOME AND SOME POINT YOU WILL GET A ROTATION BACK THERE BUT THAT IS NOT A PLACE TO BE. MARIA: I WAS TALKING WITH ADAM ABOUT MICRON TECHNOLOGY, THE MOST WIDELY TRADED MEMORY STOCK, 41% FROM ITS HIGHS. ADAM MADE THE POINT IT IS TRADING 5 TIMES EARNINGS, THE MULTIPLE IS FIVE. RYAN:THE EARNINGS ARE SO HIGH THAT AFTER BEING UP 600% THE LAST 12 MONTHS MY CONCERN IS AT SOME POINT ARE EARNINGS ESTIMATES JUST TOO HIGH, ANALYSTS ARE PREDICTING 60% EARNINGS GROWTH THE YEAR. IT GROWS THAT 8% OF THE YEAR SO I SUSPECT AT SOME POINT THOSE EARNINGS EXPECTATIONS ARE TOO HIGH BUT SPENDING CONTINUES, I AGREE WITH ADAM YOU WILL SEE ANOTHER RUN OF THOSE STOCKS IN THE NEAR FUTURE. MARIA: APPLE BRIEFLY HIT $5 TRILLION MARKET VALUE, SECOND COMPANY TO DO THAT. NVIDIA ALSO HIT THE $5 TRILLION MARK, THE COMPANY JOINING FORCES WITH THE BUY NOW PAY LATER SERVICE. KILLARNEY THE --KLARNA ALLOWS LEASES ON APPLE IPHONES AND WATCHES. LEASING OPTIONS FOR IPAD. WE'VE GOT APPLE REPORTING SECOND-QUARTER EARNINGS. YOUR THOUGHTS ON THE BIG TECH EARNINGS AFTER THE BELL, THE ONES COMING TOMORROW INCLUDING APPLE. RYAN:META, MICROSOFT AND APPLE WILL REPORT STELLAR EARNINGS GROWTH, WE ARE TALKING DOUBLE DIGITS. THEY KEEP FINDING WAYS TO INCREASE CASH FLOW. RELEASING AND I WATCH. I DON'T THINK THAT IS A GREAT IDEA. WE SHOULD OWN THINGS RATHER ON RENTING THEM. AS FAR AS EARNINGS ARE CONCERNED FOR APPLE THAT STRATEGY HAS PAID OFF. I WAS NEVER A FAN OF TIM COOK AS CEO BECAUSE IT WAS MORE FINANCIAL ENGINEERING RATHER THAN INNOVATOR. TO HIS CREDIT, THE SERVICES SIDE OF APPLE WHICH IS A THIRD OF THEIR REVENUES IT HAS WORKED. YOU'VE GOT TO COMPLEMENT HIM. MICROSOFT AND META-WE WERE TALKING HOW CHEAP MICRON IS. META-AND MICROSOFT TRADE AT A DISCOUNT TO THE S&P TRADING AT 19 OR 20 TIMES EARNINGS, THE S&P AT 2021. NOT AS CHEAP AS MICRON. THE BIG BEAUTIFUL TECH COMPANIES KEEP FINDING WAYS TO INCREASE THEIR TOP LINE, YOU HAVE TO OWNS THEM. ALL THREE OF THESE, META, MICROSOFT, APPLE, PART OF CORE INGENUITY. YOU HAVE TO OWN THEM. FOR ME AS AN AMERICAN INGENUITY INVESTOR THEY ARE INTEGRAL BECAUSE THEY DEFINE SO MUCH ABOUT WHAT THIS COUNTRY DOES WELL. MARIA: YOUR TAKE ON THE FED AS WELL. INTEREST RATES ARE ELEVATED. 4.6% IS THE YIELD ON THE 10 YEAR. WE ARE WAITING ON THE FEDERAL RESERVE TO MAKE ITS RATE DECISION. WE DON'T EXPECT THE FED TO RAISE INTEREST RATES AND THAT WOULD BE A FIFTH CONSECUTIVE MEETING A HOLDING RATES STEADY BUT MARKETS ARE PRICING IN A 78% CHANCE IF THE FED HIKES IN SEPTEMBER. WHAT ARE YOU EXPECTING AND WHAT OF KEVIN WARSH TALKS ABOUT A BALANCE SHEET AT 2:FIFTEEN. ANY TALK OF QUANTITATIVE TIGHTENING GOING TO SET MARKETS? RYAN:AS LONG AS IT IS VERY SLOW IT WON'T. THAT'S WHAT IT IS PREDICATED ON. THE ODDS ARE GOOD THEY WON'T RAISE RATES. DON'T KNOW IF THEY WILL DO IT IN SEPTEMBER. BEFORE THE MIDTERMS I WOULD BE SURPRISED BUT OVER THE NEXT 12 MONTHS REALISTICALLY WE WILL PROBABLY GET A RATE HIKE SOMEWHERE BECAUSE I THINK THIS AI BOOM WHICH IS A PRODUCTIVITY BOOM BRINGS EFFICIENCIES TO THE WORKPLACE, CAPITAL SPENDING IS VERY INFLATIONARY. OIL PRICES ARE ELEVATED HERE BECAUSE THIS CONFLICT IN THE MIDDLE EAST DOESN'T LOOK LIKE IT WILL END ANYTIME SOON. YOU HAVE THIS REASSURING TREND. THE LABOR MARKET IS IN BALANCE SO PEOPLE HAVE MONEY TO SPEND. WOULDN'T BE SURPRISED IF WE GET THE RATE HIKE. I DON'T THINK INFLATION WILL FALL OFF A CLIFF LIKE EXPERTS ARE PREDICTING. I WOULD EXPECT MORE INFLATION, 3% INFLATION IS THE HISTORICAL AVERAGE SINCE WORLD WAR II, VERY NORMAL. MARIA: WE WILL LEAVE IT THERE. RYAN PAIN, YOU ARE WITH US ALL MORNING. WE ARE TALKING WITH