First Republic hemorrhaged deposits in the first quarter, and one guest says it’s now a battle of survival. Does that mean hopes for a Fed cut this year are premature? David Zervos from Jefferies will weigh in. Plus, Alphabet and Microsoft earnings are on deck. Will last quarter’s cost cuts be enough to fund their investments in AI?

Is the Fed being too laissez-faire about stress in the banking system? Former Dallas Fed President Richard Fisher says it still has to slay the “inflation dragon” and at least one economist agrees, saying that’s exactly why the Fed will hike rates in less than 2 weeks. Meantime, as the credit crunch hits Main Street, he hear from one small business owner who’s feeling the effects as he tries to expand. And XPrize Founder Peter Diamandis joins Kelly to discuss his latest $11M competition, and the impact AI will have on it, as well as the broader tech landscape.