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Podcast Notes: CNBC's "Fast Money" - Episode: Can Biotech’s Rally Hold Up?... And An AI Inflection Point With Kara Swisher (2/27/24)
Episode Summary In this episode, CNBC's "Fast Money" discusses the recent rally in the biotech sector and evaluates the implications of AI advancements, featuring journalist Kara Swisher. The biotech sector has seen a substantial 50% increase since its lows in October, raising questions about sustainability. Additionally, the discussion touches upon parallels between the current AI boom and the dot-com bubble.
Key Topics and Discussions
- Biotech Sector Rally
- Current Performance: The biotech index (XBI) has risen nearly 50% since October lows, with significant gains in the past week.
- Market Trends:
- Typically, the healthcare sector struggles in election years, but this time may differ due to M&A activity.
- Big pharma companies are using their stock as currency to acquire smaller biotech firms, indicating a bullish sentiment in the market.
- M&A Activity: Continuous mergers and acquisitions are expected as large pharmaceutical companies seek growth amid stagnant organic growth.
- Retail Sector Insights
- Performance Metrics: Retail ETFs are showing a revival, up over 11% in the current month.
- Discount Retailers: Some retailers are experiencing a comeback due to strategic discounting and a resurgence in consumer spending.
- AI Advancements and Industry Impact
- Kara Swisher's Insights: The AI surge tops Wall Street discussions, with concerns about a potential bubble reminiscent of the dot-com era.
- Market Dynamics:
- AI innovations are primarily led by established tech giants who already have vast datasets.
- Comparisons are drawn to past technology booms, suggesting that while the current wave may not burst as dramatically, it may lead to significant wealth generation.
- Key Stock Highlights
- Viking Therapeutics: Shares soared by 121% after favorable phase two trial results for an obesity drug. The company's strategic stock offering aims to bolster its drug development pipeline.
- eBay: Strong performance led to a share price increase after beating earnings expectations and announcing stock buybacks.
- Market Sentiment and Risks
- Investor Behavior: The sentiment surrounding biotech and tech sectors reflects a growing appetite for risk, with small-cap stocks performing well.
- Potential Concerns: High yield and interest rates traditionally pose challenges for biotech investments, indicating caution in the face of rising costs.
- Technical Analysis
- Charts and Patterns: A breakout in biotech charts suggests positive momentum, particularly for the IBB and XBI ETFs.
- Comparative Analysis: Discussion on the differences between the IBB (larger cap) and XBI (equal-weighted) and their respective performances.
Expert Opinions
- Dan Nathan: Expressed caution about the late-stage market behavior, warning investors of the risks associated with rising rates and outlier stock performances.
- Karen Feiderman: Advocated for investing in biotech due to its potential and ongoing M&A activity, despite the risks.
- Tim Seymour: Highlighted the health of the broader market, suggesting a healthy environment for biotech investments.
Conclusion This episode of "Fast Money" emphasizes the volatility and potential of both the biotech sector and AI advancements. The discussions underscore the importance of understanding market dynamics, investor sentiment, and the implications of M&A activities in shaping future trends.
For further insights, you can follow the "Fast Money" podcast on [CNBC](http://fastmoney.cnbc.com).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:01Live from the Nasdaq Market Site in the heart of New York City's Times Square this is Fast Money Here's what's on tap tonight. Biotech bounce back. Conventional wisdom says the sector and health care overall is a no touch in an election year. But could those things be different this time around? We'll go inside the numbers. Plus, retail revival. The ETF that tracks this group is up over 11 percent this month. And some names on the clearance rack are mounting a comeback. We'll dig through the discounts. And later, talking tech, taking tech to the task, famed journalist Kara Swisher will join us to talk about her new book and the echoes of the dot-com boom in the current AI frenzy.
0:37All that, plus a surge pricing test for burgers and Frosties, cruising stocks cruising higher, and the Bitcoin boom hitting a new milestone. I'm Melissa Lee coming to you live from Studio B at the NASDAQ on the desk tonight. Tim Seymour, Karen Feiderman, Dan Nathan, and Guy Adami. And we begin with this chart. It is a look at a sector that has jumped 50 percent since its lows last October. It's not tech and it's not crypto. The question now is, can these gains hold? So are you guys ready for the big reveal? Please. Yeah, I'm looking at the XBI, the biotech index this week alone. It is up close to nine percent in all of this in an election year when conventional wisdom says all things health care should struggle.
1:19What are we looking at here? A bounce back, a comeback? What? M &A activity without question. Don't call the comeback. Don't call the comeback. No, it's LL Cool J. Ladies love Cool J. That's what the LL, did you know that? So you did know that? Did you know that? Well, he's a fan of the show, so please call in. No, I think there's definitely some room in the upside. Listen, I'll look at the IBB. We can look at the XBI, but all of them, I think, are sort of, I don't want to say spring-loaded, but I'll say that because of the M &A activity in the space that will continue in the space. A lot of these companies, the big cap pharma stocks, can use their stock as currency without question.
1:53They're going to buy growth because the organic growth is not there. And biotech wins to this. So despite the fact that a Gilead, for example, has sold off on some disappointing news a couple of weeks ago, I think you stay with both the XBI and the IBB, Melms. So the whole space, the XLV as well, has had a nice little run. I mean, part of it is where was their value, right? And this is a space where not only is there value, people looking for dividends also. And so it fits the bill there. I mean, the IBB today, Viking just, you know, an enormous jump. It's now the biggest holding. Yesterday, I'm sure it was half as big.
2:26That's kind of a really incredible move. But just the frenzy there. So I do think that, I mean, we hear bankers talking about activity. And so to the extent that there is any activity, it begets more activity because people think, all right, well, there's not that many chairs left. Right. If this is musical chairs, I got to jump on something. So that's been good. Although last year was painful. I have the biggest bet in the IBB. And you take a look at some of these giant outsized moves. I mean, they're eye popping, they're attention grabbing. You mentioned Viking, which we'll go into a little bit more later on.
2:58But Janix, for instance, Janix had, you know, phase one prostate cancer data and the stock tripled in one session today. But I think I mentioned is that the desperation that it almost feels like there is in mega cap pharma to do a deal. And, you know, whether it's Bristol-Myers, whether it's Pfizer, whether it's, you know, some of these ones that seem like they're stuck in the mud, these are some of the biggest pharma companies in the world. By the way, the XLH or the ETF that tracks that sector is also kind of a runaway train. You have to be careful because Lilly is a big part of that. But I do think it's a combination where you are seeing M &A activity.
3:34There's a reason why big cap pharma is chasing it. There's obviously some exciting parts of the biotech space. We clearly know what's going on in GLP-1 land. But, you know, think about what's going on in oncology. Think about what's going on in Alzheimer's. I mean, these are hot, hot areas that I think a lot of people have. And it's a very fragmented industry, which I know we're going to talk about with GLP when we talk about the Viking news. So I think it continues. And if you look at those charts, the IBB has underperformed the XOK. But, I mean, the dynamic there is that, excuse me, the XBI, is that I think IBB is, you know, more spring-loaded in some sense relative to the market caps.
4:11They're the bigger cap names. There's a lot of cash in there. And Amgen, which I think has exposure to a lot of these spots. It's funny. You know, I listen to you guys. You all make a lot of great points about stuff that's going on in the industry. But the but is that this looks like really late stage sort of market stuff. So I look at my screens today and I see the 10-year at 4.3%. High yields has not always been a great thing for biotech stocks. It hasn't been a great thing for Russell 2000. Small cap stocks, a lot of those biotech stocks are in the Russell 2000. That massively outperformed on a day that the S &P was basically unchanged.
4:42I look at my screen. I have this whole page on my fact set screen of broken SPAC deals, all this crap that came in 2021 and the like. They're all raging today. Like, this is not really bullish activity, in my opinion, when I see the market kind of broadening out to that sort of stuff. So, you know, we could spend the next few days every day probably talking about a new thing that's going, you know, batshit. Whoa, whoa, whoa. No, no, no, no. I'm sorry. I didn't mean it like that. Do you understand what I'm saying? That's one way to mean it. Well, listen, this is America's post-market show, and this is kind of how we talk on a trading desk, and I did not mean to do it like that.
5:17I'm sorry, people. But, like, we can do that. Like, that's going to happen. You know what I mean? Like, so here's today. Well, the flip side to rates going higher is that maybe this sort of pushes these smaller companies into the arms of big pharma, which are desperate, desperate to improve their pipelines at this point and are loaded with cash on their balance. And they have to buy growth. And, you know, you mentioned phase one. And we would have never years ago. Nobody ever talked. But we're talking about it now because what's happening is people just want to get ahead of this. So, like, you know what?
5:43We're not going to stick around and wait to see what happens in phase three. If that looks good in phase one, we'll roll the dice here and pay up five X as opposed for the 50 X, maybe if they get phase three approval. So I totally get what's going on. I understand what Dan's saying. With that said, I think biotech's the space you want to stick around in this year. Well, part of it is also, you know, we're a time we're wrestling with multiples. And if you look at the multiples of I would dig into the IBB and say a lot of those multiples are maybe have been value traps. I mean, there have been places where I think these are cashed up companies that in some senses have slowed down the growth.
6:16They almost don't fit into their their their biotech skin anymore. But but I think it will continue. And I think we could be having a conversation about the broader market. I actually think it's very healthy. I think it is healthy for the market. I guess I disagree a little bit. I look at industrials. I look at what's the breakout in banks. I look at retail. We're going to have a lot of chance to talk about that. So I'll save that. But to me, there are a lot of things that are breaking out. And we've been waiting for that IBB chart to kind of get to this place and break out. And I think it's had enough of a technical runway to go there.
6:46Speaking of technicals, let's get to the chart master to see what the technicals are actually showing. So, Carter, what's the diagnosis? Yeah, I mean, I think Tim Kemp, just right there and very distinctly, it is a textbook breakout. But before we look at the charts of the IBB and the XBI, let's just let's dissect the two ETFs first. We might have a table here and it's important. It puts in context just the difference between these two. Of course, IBB is the iShares, XBI is the spider. But the difference is the weightings, right? And so one is quite a bit larger, IBB, 217 stocks and 50 percent weight in the top 10 because you've got you've got Amgen and you've got Biogen and so forth.
7:27all 100 billion Gilead Vertex, versus XBI, which is equal weighted or close to it, with the top 10 stocks only being 18%. But with that, let's look at comparative charts to put this all in context. There are four lines here, S &P leading the way there in blue. You've got XLV, of course, that's the entire healthcare sector, standard and cores anyway, S &P 500, versus IBB and XBI. And XBI is really lagged because it is equal weight. Now, the real correlation next chart is notice how tight the lines become. It's IWM because the beta or the correlation between small cap stocks, IWM, the Russell 2000, and biotech is very high, much higher than it is to the SPY, the median market cap being about 2.5 billion in the XBI.
8:17But let's look at the charts themselves. So here we are, IBB. It's been the leader of the two. You have converging trend lines and you have a move out of that formation. I would say just play it higher. By contrast, take a look at XBI. It was the real laggard. And in fact, at its lows of just this past four or five months, it was at its lows for the past five years. But that's a heck of a level from which it came to life. And it, too, has moved above its downtrend line. I would just say play for higher. Here's a would you rather, Carter. Oh, nice. XBI or IBB. Yeah, I would go with the one that's pure.
8:56So XBI, because you you're not so dependent on just a handful of names. Again, it would be Regeneron, Vertex, Gilead, Biogen, Moderna. Carter, thank you so much. Carter Braxton Worth of Worth Charting. All right. So if money is going into biotech, where's the money coming from? Jared Holes of Mizuho was writing about the biotech rally this morning and said, you know, maybe money is coming from mega cap tech. Apple. Apple. I mean, think about that. Think about what's not been performing and think about where it's easy to say there is no innovation. And I'm not saying that, but we're trying to characterize why someone might rotate out of what is formerly higher growth stuff into stuff.
9:31It's a big change in allocation. Let's be clear. I mean, you're taking on more risk, significantly more risk when you're looking at biotech over an Apple or even a Google. But I do think a lot of 22 outside of NVIDIA and Lilly and a handful of stocks has been broadening an allocation. Yeah, I'll just say one thing. I mean, like some of these moves are really unabated if they want to pull up the XLV. And again, we know what's going on here. You know, this thing is just literally it's a, you know, 45 is pretty steep here. Right. And so the idea that we wouldn't have a check back, I know if Carter had a little more time, you might say that about all of these things that kind of broke out of these long, long consolidations.
10:07If you want to even pull this one back out a little bit. And so the idea that we're just going to kind of have a runaway breakout right now because corporates are feeling animal spirits. Investors are feeling animal spirits. I mean, that's really what's going on here. What Guy just said about the phases when companies used to actually take the plunge and buy these companies when they had more data about the drugs in the pipeline. But right now they're just getting in there and doing that. That's speaking to a sentiment that I think is very pronounced. Think about we are seeing a lot of M &A in a lot of different sectors right now.
10:37And, you know, this has gone year over year. We were convinced a year ago there was going to be a recession. It was going to be a global recession. And now it's just like off to the races. And so at some point, there has to be some sort of check back about that overzealous sentiment, in my opinion. So the one thing to remember, though, we talked a lot about when the insurers reported how MLRs were medical loss ratios and how much they were spending per dollar premium on actually whether it's hospital stays or devices or drugs. So I think there's still some pent up demand that we're going to see continue for a while.
11:09Now, the XLV, which also does have some exposure to the insurers, but it has a lot of exposure to a lot of other things that are the beneficiary of that higher MLR. All right. Let's dive down into one of the biggest moves in the market today, and that would be Viking Therapeutics soaring 121 % after reporting phase two trial data on its own experimental obesity drug. The results showing a patient's loss up to 14.7 % of body weight from the baseline after 13 weeks of treatment. It's a once a week shot. Viking also announcing today after the close a$350 million proposed stock offering to fund the development of its drug pipeline.
11:43Our next guest thinks the stock reaction today is deserved. Jay Olson is a senior biotech analyst at Oppenheimer. He's got an outperformed rating on Viking. Jay, great to have you with us. Thank you, Melissa. It's great to be on today talking about Viking. So at this point, is it still deserved? How are we thinking about the multiple? Yeah, absolutely. Look, this was a great run for Viking shareholders today. If you look at the increase in the market cap that we've seen for Lilly and Novo driven by their obesity drugs, granted Viking is at a much earlier stage of development by comparison. But if Viking's drug is as good as today's results suggest, then the current$8.6 billion market cap is looking pretty attractive.
12:23You wrote that the phase two data is almost flawless. And the results look very good in terms of, you know, a low number of patients dropping out across dosages, the adverse events across dosages, etc. But as it moves to phase three, what are some of the pitfalls potentially? I mean, this was relatively small. It seemed like a small phase two was 176 adults or something like that. I mean, for phase three, what are you looking for? Yeah, those are great points. You know, the efficacy that we saw, the 13 percent of placebo adjusted weight loss at 13 weeks is really phenomenal. Compares well to Eli Lilly's ZepBound as well as their next generation weight loss drug.
12:59So really good efficacy. see it was only at 13 weeks, so we need to see more patients for a longer duration of treatment. And to your point, the tolerability here is going to be key. The dropouts were very low. Most of the GI side effects occurred in the first week, so that's after just one dose, and patients seem to build up a tolerability. So if they can stay on this drug and the trajectory of the weight loss continues and it hasn't plateaued yet, we could see a really impressive result here for a larger, longer study from this drug. Jay, it's Karen. Thanks for being on today. So this offering makes complete sense for them to take advantage of the price here.
13:37This will double their cash. They still have a fairly significant burn, though, well over$100 million. Does this buy them enough time to get where they need to, which they hope is a successful phase three? Yeah, absolutely. You know, I'm not entirely certain that the next step here is a phase three. Management has indicated that they need to run one more phase two study. So this cash is certainly adequate to fund that. And then let's see what happens. These study results are great catalysts to unlock a lot of shareholder value. So there's a lot of optionality here for different things to happen after the next study, and the cash they've raised should be sufficient for that.
14:15Jay, in the notes, these data are phenomenal, just as good, if not better, than Lilly and Novo. So closed today, it's an$8.5 billion company. Assuming, and I'm taking at your word that that is accurate. I mean, this is a lottery ticket for somebody. And it's to a certain extent, given the market caps of a name like Lilly, it's a rounding error. So is this on their radar screen to sort of become additive for them or to take some competition out of the mix? Absolutely. This very well could be on the shopping list for any large cap pharma or biotech company that wants to be in the obesity market and does not currently have a drug.
14:52There are plenty of them out there. And, you know, an$8.6 billion market cap, someone could pay a pretty significant premium for biking and pick this up, as you indicated, for relatively low price compared to the potential that exists for a drug like this. Hey, Jay, it's Tim. But I'm going to dive in where I did yesterday when we had a conversation about, you know, another player. Doesn't this tell you that this addressable market that we've been doing math on with Lily in Novo for six months isn't all going to two people. And I realize you said phase three and coming to markets three years away.
15:28But when analysts are doing their math, not necessarily you and not necessarily me, but people begin to price in the dynamics of what could happen across this market over the next five to 10 years. That to me says, and you noticed, and you, excuse me, you pointed out that it will be nuanced, right? That there will be niche players and there will be different parts of this. And that sophistication is going to be very interesting. It tells me that Lilly and Novo are overpriced. Well, I can't comment on their last comment. But to your earlier point, yes, this is going to be a very large market. By consensus estimates, this could be up to$70 billion in annual revenue within the next 10 years.
16:09We've never seen a market that large that was entirely dominated by just two players. There's plenty of room for new players to enter the market here. just as we've seen in the diabetes market, which where, by the way, is where these drugs evolved from. So we would expect this large market is going to have millions of patients in it. We would expect this market to be fragmented and segmented just the way you would any large market. And to your point, every obesity patient is going to have a different primary manifestation of their disease. Some obese patients will suffer from cardiovascular disease.
16:43Some will have type 2 diabetes. Some will have fatty liver disease. So those are all nuances and different flavors of obesity that can be addressed by these new entrants to the market. Do you think, Jay, that when the company comes out and it's expected in the first quarter with their phase one data on the oral formulation for this compound, that that will also be a catalyst despite the stocks run today? Absolutely, Melissa. Thank you for pointing that out. That is a great catalyst that could unlock significant additional shareholder potential. Viking is the first drug in this mechanism to have an oral obesity drug that's going to be presenting phase one data within by the end of this quarter.
17:25So that's an important catalyst. And as we've seen from today, these types of catalysts can unlock a lot of shareholder value. And when you say mechanism as a dual agonist? That's right. Dual agonist of GLP-1 and GIP. They have the first oral dual agonist GLP-1 and GIP. Okay. Jay, great to have you. Thank you so much. My pleasure. Thanks so much. And for an in-depth look at the obesity drug market, do not forget to tune in to this Thursday, 10 p.m. Eastern on CNBC for the premiere of my documentary, Big Shot, the Ozempic Revolution, right here on CNBC. I'm tuning in. I mean, it couldn't be more appropriate.
17:59This is the time to go watch this. I know I will. You said dual agonist. You weren't talking about these two. Well, I didn't even know what it meant. I was looking at my glow. Or dual antagonist. When you said all the flavors of obesity, I was like, I got that, I got that, I got that. This is the big shot. Thursday? Thursday. 10 p.m. Thanks, guys. Coming up, a look at some of today's fast movers. Macy's and Lowe's, higher after earnings numbers out of this morning's reports and how our traders are playing the moves next. Plus, famed tech reporter Kara Swisher joins us next to lay out her take on the AI surge and why we could be nearing an inflection point in this trade.
18:34Don't go anywhere. Fast Money is back in two. This is Fast Money with Melissa Lee. Right here on CNBC.
18:50Welcome back to Fast Money and Earnings Alert. An urban outfitter shares dropping 7 % after the retailer missed on the top and the bottom lines. Earlier today, Macy's reported revenue coming in below estimates for the fourth quarter. And the retailer announced it will close 150 of its namesake stores, part of the company's new growth strategy. The stock closed up more than 3%. percent. Lows, meantime, being on the top and the bottom lines, reported 2024 sales will come in below what they were in 2023. This is due in part to customers taking fewer home projects on the shares ended the day just under 2 percent.
19:23Karen, you're pointing lows out today. Yes. I mean, it's been there's been a nice move on what wasn't actually, you know, you could definitely put a less positive spin on this than where the stock traded four dollars off its high, I think. I think there's just sort of more optimism in general. Home Depot is doing well as well. But to me, I have a bigger bet in Lowe's in that it is still materially cheaper than Home Depot. I felt like the conference call commentary was a little bit cautious. Yes. Maybe that was right. Maybe that's a good thing that you wanted. DIY will remain under pressure. Most homeowners are locked in under 4%.
19:58I'm surprised the stock didn't react off of that, actually. Yes. It was the exact same guy as Home Depot. I mean, I thought I was listening to the same call. And they were both cautious. And yet look at that chart in Home Depot breaking out. Retail across the board. I thought this was the day that retail really showed something. If you look at that XRT, that's a breakout. That's up 33 percent from early November. XRT doesn't do that. And again, it's not a heavily weighted and a couple of big names that could have moved it. It's actually a very evenly weighted ETF. While you're on vacation, Melms, Urban Outfitters, man, if.
20:30So would Tim and Tim. And I wish them – Yeah, but I feel like every time you mention her being back, I want to be mentioned again. Welcome back from vacation, Tim. And Karen. Like you didn't matter. Totally. Some of us just worked right through your vacations, by the way. Anyway. Urban Outfitters either was an all-time high today or definitely a 52-week high. I mean, this thing's been on autopilot higher. This quarter's not particularly good. And you can say, you know what, valuation makes sense. Yeah, I guess it makes sense. But you don't really have any EPS growth there either. So this is a stock that's gone straight up.
20:58I mean, it's trading 43 and change now. I mean, there's a real good chance you have a 38 handle on the stock over the next couple of days. So you guys like to make fun of me. You know who's kind of in my camp? DJ D. Sol. That's David Solomon, right? CEO of Goldman. Did you see what he had to say at an industry conference today? Like, he's saying the world's priced for a soft landing. He's talking about some U.S. consumer sort of stuff. I just feel like not a lot of people are focused on that right now. Like, the consensus is, is like, we're out of the woods. David Sol was Starsky. 100%. I think he passed away recently as well.
21:29Don't give up on us, baby. Which is a, you know, it's a great, you and I actually could do that at karaoke. Every single block you guys are going off the rails. Like, what is it about? We missed you. We gave me candy before the show. We missed you. Too much candy. Yeah. You're like my four-year-old. No more candy. Macy's I thought was really interesting because they were closing the Macy's stores, but they were expanding Bloomies and Blue Mercury, which they said were healthy and accretive. Yeah. That's like the bifurcation of the consumer. It is, although it's always concerning to me to cut to growth, right?
21:58because you do have now they'll take the lower performing stores, but you still have an overhead base on potentially a smaller revenue, likely a much smaller revenue stream. To me, though, this is all about the proxy fight. And I think that the bidder has to bump before the meaning. Can I talk about something real? Not David Soule. You looked at AutoZone today. They had great numbers. They had better margins. You look at what's going on at DollarGen. And there's some people that would say, I know there are headwinds to the consumer, but between the child tax care credits, between tax refunds, there's a lot of people that are saying this consumer has more powder coming.
22:35And you're seeing it in some of those names geared at the lower to midsize consumer. And, you know, auto parts, we talk about Carvana, those continue to rip, and I think there's probably more there. All right. There's a lot more Fast Monday to come. Here's what's coming up next. Nothing seems to be stopping the red-hot tech trade. But if history is any guide, could we be nearing an AI inflection point? Famed tech journalist Kara Swisher joins us next to break it down. Plus, one cruise line running a tight ship as Norwegian surges after earnings. But has this ship sailed on these gains? You're watching Fast Money, live from the NASDAQ market side in Times Square.
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23:15We're back right after this.
23:25Welcome back to Fast Money Stocks, closing mix as investors awaited some key inflation data later this week. The Dow dropping nearly 100 points, the S &P and Nasdaq both with small gains, but the Russell 2000 jumping more than 1%, notching its first four-day winning streak of 2024. Some after hours action here. Shares of Boston Beer dropping after a miss on the top and the bottom lines. Devon Energy reporting inline earnings and a beat on revenue. Shares of First Solar, meantime, nearly 5 % higher after an earnings beat. The company giving full year guidance in line with estimates as well. And take a look at Bitcoin surging once again today, crossing$57 ,000 at one point, hitting its highest level since December of 2021.
24:03Crypto proxies like Coinbase, MicroStrategy, Marathon Digital, all climbing as well. We've been talking about this for days and days and days, and here we are. It keeps on going, Guy. It does. Congratulations. I saw Anthony Scaramucci today. A lot of people have wagered a lot on this, and they're winning right now. But there are stocks at work, and we've talked about it. But Dan's mentioned the balance sheet of Robinhood. I still think it's got room. It had a big move over the last couple of days. I think it's finally breaking out of a three-year malaise. That's the first place I'd look. Tim's Coinbase on fire.
24:31We'll see how long that lasts. A lot of people think that's a short buy. So Robinhood's the place to go here. I'm a little surprised at how strong it is. We saw that post-ETF. So there was that, you know, by the rumors held the news. And then it rallied really sharply from there. If you think, though, about the nuclear winter that it has survived, right, with, you know, Sam Beckham and Freed and so, you know, and that it's still here. Also, you'd think that the Fed kind of having some, you know, discipline and restraint wouldn't be great for this, but yet it is. So I don't know if they're waiting for other ETFs and that's just all part of the party.
25:10Just hang on to any liquid, you know, cryptocurrency until another ETF comes. Which it will. Which it will. I'm sorry. Yeah, I mean, but but then go back to look at what this Treasury has to refinance in terms of debt at five percent. I mean, that the whole some of the ethos and the raison d 'etre for Bitcoin is, yeah, I threw some French out there. And so it's just part of why Bitcoin enthusiasts have been at this for a long, long time. And so we are at peak Fed in some way. It doesn't mean that the Fed is turning around and going to reverse gears. But Karen, your point's well taken. Seemingly, this should be a time when Bitcoin should be feeling out the Fed.
25:51I think if the Fed is out of the way for the most part, Bitcoin's got room to run. Yeah. So it's interesting. So peak Fed meant that equities exploded. And that's really what happened. But right now, Bitcoin is probably sniffing out the fact that inflation is probably done going down. And so if you think about like one of the main pillars of the bull case for crypto has been, you know, this inflation sort of hedge. right, this store of value, that's the only one that's really stood up. Now, it was very correlated over the last couple of years when we had the bear market in 2022 in equities and other risk assets.
26:22And then in 2023, think about this a year ago when SVB went under. I mean, this thing was trading below 20 ,000. So here we are just below 60 ,000. And I think it's basically suggesting in some way, shape or form that maybe, yeah, the Fed is done raising rates, but inflation is not going anywhere and this might be a new normal. And I'll just make one last point, like throw up this chart, I think these guys have it right here. The last time the S &P, you know, or last time the 10-year yield was at 4.3%, which we are right now, OK, on its way to 3.8%. That's the thing that launched equities, right, on this move to new highs and everything like that.
26:56Look at that. Look where we are right now. 4.3%. We're 10 % higher. So at some point, I think that equities and Bitcoin probably shouldn't be correlated in this environment with rates going higher. That's just my two cents. And at some point, I think equities probably come in. I think Bitcoin probably does too a little bit. All right. Coming up, the AI surge has taken the world by storm. But could we be nearing an inflection point in the trade? How all the hype could be pushing tech in a new direction? Famed technology journalist Kara Swisher is here to lay out her take on the topic and the similarities she is seeing to the dot-com boom.
27:27More on that when Fast Money returns back in two. Missed a moment of Fast? Catch us anytime on the go. Follow the Fast Money podcast. We're back right after this.
27:45Welcome back to Fast Money. The Nasdaq closing around. Session high is up almost 60 points, and it's now just 1 % from its all-time high, the index benefiting from the parabolic move in AI stocks. Take a look at some of the biggest AI gainers over the past year. NVIDIA, Meta, AMD, Intel, Microsoft surging as much as 230-plus percent. The boom sparking fears about a dot-com-style bubble on the horizon. Fame journalist Kara Swisher tackles big tech and Silicon Valley in her new book, which is out today. Kara, of course, covered the dot-com era. She's the author of Burn Book, a tech love story. She's also host of the podcast On with Kara Swisher.
28:21Kara, it's great to have you here. Congratulations on the book. Thank you. It's good to be here. I miss you guys. We miss you. We're glad that you're here. We don't usually hear that. We're like, well, you know. In terms of AI, you know, you go through, you've gone through your career in all phases of technology. How does this stack up? Do you think that the burst is going to be as big as a burst that we saw before? No, but when you saw the burst, then there's never been a greater acceleration of wealth in the history of the planet, right? So, you know, all these industries, whether it's crypto, you were just talking about Bitcoin, they go through these troughs, including EVs right now.
28:56But inevitably, that's where it's going. And AI is another major moment in technology. There's several. Graphical user, you know, the chip itself, the computer, then the laptop, then the graphical user interface was in there. Mobile, social, you know, internet, mobile, social. And this is one of those. And it's a big one. I think what's interesting also about this particular phase is that the main players right now are who we see as the main players. Same ones. Are the same ones. They're legacy players. Compute is high. Compute is very expensive. And so it has to be the big players. Guess who also has all the data, which, of course, they lifted from all of us.
29:29But that's another topic altogether. So, Cara, I love the book. Thank you. The burn book, people. Go out and get one here. Don't burn it, though. Or burn it and buy another copy. I'm fine. Smart. You know, a lot of this, you know, you had a front row seat for Web 1.0. And a lot of us were in the business at the time. And the investment community, I think, for a whole host of reasons, were probably kind of late to it. And then they all came to it. And that's why we had this bubble sort of thing. What would you kind of, and what Mel just said, the big platform companies, they own it, and they've minted these 100 billionaires sort of like, you know, what would you say to these folks who think that this is it?
30:02It's never going to have one of those kind of peaks and troughs, that sort of thing, based on your experience over the last 25 years. This is a big moment. Running away from this is ridiculous. I mean, maybe you'll see too many, like, insurance AIs or whatever. There'll be too many of them, just like there were in the dot-com, and then things will settle out. And the thing is, we can't imagine what's going to happen yet. Like, when you got the iPhone in 2007, could you think Uber? No. Like, right? You couldn't think of all the many things on it. And so I think when you first saw the Internet, did you know Yahoo?
30:32No. And then it wasn't there. These things go like this. And so I can imagine some things that can happen. I can imagine a system. I can imagine videos in your AirPods that then tell you, you know, Dan wants to have lunch, but you know you can't stand him. And what do I do? what's going on. My AI calls his AI and says, oh, Kara has strep throat or whatever. Something like that. No, of course, I say yes to you all the time. But, you know, you can imagine all kinds of things. You just don't know what is going to make a business. Now, right now, it's very costly. Like, when they show these videos off and everyone loses their mind, like Tyler Perry, it's very expensive to do that right now.
31:10So the costs are way too high, and only the big companies can do it. That's why Sam Alton is trying to raise$7 trillion. That's not even enough. Sue, Cara, then you referenced Google. Sounds like you think Google's Google, and they're not going anywhere, and they've got all our data. How about Apple? You know, today, front page, you can see that Apple's scrapping their electric car odyssey, as it's termed by some other. So far. And that they're taking some of those people and they're repurposing them on their AI. I mean, it doesn't sound all that impressive to the folks that are in the middle of the market and been looking for more innovation out of Apple.
31:44I realize we've done that for years with Apple, but I'm curious your view on this. Well, they haven't been a rapacious information thief as the others have been. They don't keep a lot of data. So it's not necessarily an area in it, but you can figure out what they could do with all of this, like assistance. They will dominate in assistance and, you know, get things that coordinate together. They will use AI. They don't collect as much data as everybody else. That's the issue. Google does. Obviously, Meta does. Rapacious information thieves. It's a Georgetown word. That's correct. No, that's actually, Walt Mossberg called them that, rapacious information thieves.
32:18That's what they are. I'm sorry. That's what they've done. They have the data, and now they can use it. Apple wasn't one of those companies. As you know, when I interviewed Steve Jobs, which I referenced in the book, he talked about the need for privacy. That's their thing, and therefore they will be slightly behind in that area. An easy is ahead that lies the crown. A little Shakespeare for you. Thank you. All these technology folks now, they all wear the crown. I mean, how? There's huge responsibility. They get caught up to Capitol Hill all the time. You've talked to all these folks. What's your sense about how they're handling things?
32:46There's been no accountability, but it's now not their fault. Look, they're in the business to help shareholders. At some point, you're like, the first line of my book is, so it was capitalism after all, largely because the nonsense about community and they're here to save the world. I'm honestly, my whole joke is, you remember the Twilight Zone episode to serve man? Sure. It's a cookbook. And guess what? They want to eat us. That's that's I'm good with that. I get what they are. At this point, it's on the regulators who've done nothing, who've sat on their hands and done nothing. It's their fault for not doing guidelines, regulations.
33:17Here's another opportunity to put them in place. And what does Mike Johnson do? Like, he puts together a bipartisan commission. Oh, my God, you're kidding me. Like, it's here. Do something about it. But, you know, they can't agree on lunch, so it must be hard. So are you fundamentally optimistic about AI? Are you scared or both? Neither. I can't stand the accelerationists and I can't stand the decelerationists. I just don't. It's kind of stupid. It's like, am I am I? I'm looking at a Times Square right now. Am I optimistic about electricity? In some cases, yes. I don't much like electrocution.
33:48And that's a quote I use. Like when you invent the ship, you invent the shipwreck. It's a it's a Paul Virilio quote. And what I'm optimistic about is that there are great uses. There are great ways to create wealth. There's also enormous danger. And for the first time, we should assess them both at the same time. Mitigate for this. You're never going to get rid of all the danger and maximize for the benefits, health care, all kinds of new businesses, exciting new ways to do it. And guess who dominates this area? The United States of America once again. And by the way, San Francisco, that's where they all are, you know, beginning to locate.
34:22We can do this really well, but it needs the government needs to be involved in some way and putting in guardrails. And the industry has to take more accountability. They just do. They can't. They're nation states. They can't just do whatever they want anymore. But they kind of can because they're so rich and powerful and our legislators don't do anything. I mean, I think that most people would agree that government has to do more in general, but in particular. In particular. Well, they've talked about. But they haven't. They've talked about a range of things. Like, it has to be global, by the way, and that's going to be difficult.
34:53But we've done it on nuclear energy and nuclear weapons. We've done it on cloning. There's an ability to do this, even if we're at cross purposes with China, which is probably the other AI superpower here. We can do that. It's just what don't we want to happen? OK, let's say killer robots. Yes. No, we shouldn't do that. Like, how hard is that? Except for some guy in North Korea, he might want that. Like, well, too bad. He lives outside the zone of most nations. Right. And so we have to decide on a lot of things. Should there be safety involved or safety requirements? Should there be providence of where the data comes from?
35:28It's not terrifically hard. It just it takes political will and a commitment to protect people. So, Karen, a good part of the beginning of the book, it's spending time on a lot of the characters in Web 1.0 and like how they interchange and in your kind of relationships with them and your views from a side. When we just think about this last kind of six months or so, the situation with Sam Altman right now, Sundar Pichai at Google to Tim's point is under a lot of pressure right here. It's kind of interesting. Is this kind of history like rhyming a little bit? Are we likely to see some turnover in the C-suite?
35:59Well, Sundar came on after the founders, right? There's a lot of these people that came on. Satya Nadella is doing quite well. He came on after the founders, essentially Bomber and Gates. Tim Cook's done awfully well at Apple. You keep counting them out. It's a 10x since Steve Jobs died. 10x, right? Come on, who can do that? I think that it's very hard because Google's under a lot of scrutiny because of its previous behavior around search, and they're under scrutiny, so they have to move closely. But I don't forget that Google was the one that bought DeepMind way back. That was the first important AI company in this new era.
36:33And so they certainly have a lot of data. They've got a lot of technology. And they've stopped doing the crazy stuff like the chairlifts in the streets of San Francisco. And now they need to focus in the way Microsoft has done, I think. Thank you so much for coming. No problem. Thank you so much. Again, her book, Burn Book, A Tech Love Story, is out today. So go get it. Coming up, we're watching eBay after-hour shares higher after posting results and numbers out of that quarter when Fast Money returns.
37:04Black-owned businesses secured a little over$2 billion in venture capital in 2022. That's a lot of money, but it represents less than 1 % of the more than$200 billion pool of venture capital. Many agree this means there's more opportunity to invest in founders of color. Celebrating Black heritage, I'm Sharon Epperson.
37:32Welcome back to Fast Money. The Nasdaq closing around. Session high is up almost 60 points, and it's now just 1 % from its all-time high. The index benefiting from the parabolic move in AI stocks. Take a look at some of the biggest AI gainers over the past year. NVIDIA, Meta, AMD, Intel, Microsoft surging as much as 230-plus percent. The boom sparking fears about a dot-com style bubble on the horizon. Fame journalist Kara Swisher tackles big tech and Silicon Valley in her new book, which is out today. Kara, of course, covered the dot-com era. She's the author of Burn Book, a tech love story. She's also host of the podcast On with Kara Swisher.
38:08Kara, it's great to have you here. Thank you. Congratulations on the book. Thank you. It's good to be here. I miss you guys. We miss you. And we're glad that you're here. We don't usually hear that. We don't usually hear that. Really? Well, you know. In terms of AI, you know, you go through, you've gone through your career in all phases of technology. How does this stack up? Do you think the burst is going to be as big as a burst that we saw before? No, but when you saw the burst, then there's never been a greater acceleration of wealth in the history of the planet, right? So, you know, all these industries, whether it's crypto, you're just talking about Bitcoin, they go through these troughs, including EVs right now.
38:43But inevitably, that's where it's going. And AI is another major moment in technology. There's several. Graphical user, you know, the chip itself, the computer, then the laptop, then the graphical user interface was in there. Mobile, social, internet, mobile, social. And this is one of those. And it's a big one. I think what's interesting also about this particular phase is that the main players right now are who we see as the main players. Same ones. Are the same ones. They're legacy players. Compute is high. Compute is very expensive. And so it has to be the big players. Guess who also has all the data, which, of course, they lifted from all of us.
39:16But that's another topic altogether. All right. So, Kara, I love the book. Thank you. The burn book, people. Go out and get one here. Don't burn it, though. Or they'll burn it and buy another copy. I'm fine. Smart. You know, a lot of this, you know, you had a front row seat for Web 1.0. And a lot of us were in the business at the time. And the investment community, I think, for a whole host of reasons, were probably kind of late to it. And then they all came to it. And that's why we had this bubble sort of thing. What would you kind of and what Mel just said, the big platform companies, they own it and they've minted these hundred billionaires sort of like, you know, what would you say to these folks who think that this is it?
39:49It's never going to have one of those kind of peaks and troughs, that sort of thing, based on your experience. This is a big moment. This is a big moment. I'm running away from this is ridiculous. I mean, maybe there'll be you'll see too many like insurance AIs or whatever. There'll be too many of them, just like there were in the dot com. And then things will settle out. And the thing is, we can't imagine what's going to happen yet. Like, when you got the iPhone in 2007, could you think Uber? No. Like, right? You couldn't think of all the many things on it. And so I think when you first saw the Internet, did you know Yahoo?
40:20No. And then it wasn't there. These things go like this. And so I can imagine some things that can happen. I can imagine a system. I can imagine videos in your AirPods that then tell you, you know, Dan wants to have lunch, but you know you can't stand him. And what do I do? My AI calls his AI and says, oh, Kara has strep throat or whatever. Something like that. Like you can. No, of course, I suggest you all the time. But, you know, you can imagine all kinds of things. You just don't know what is going to make a business. Now, right now, it's very costly. Like when they show these videos off and everyone loses their mind, like Taylor Perry, it's very expensive to do that right now.
40:58So the costs are way too high. And that's that's because that's and only the big companies can do it. That's why Sam Altman is trying to raise$7 trillion. That's not even enough. Sue, Cara, then you referenced Google. Sounds like you think Google's Google, and they're not going anywhere, and they've got all our data. How about Apple? You know, today, front page, you can see that Apple's scrapping their electric car odyssey, as it's termed by some other. So far. And that they're taking some of those people, and they're repurposing them on their AI. I mean, it doesn't sound all that impressive to the folks that are in the middle of the market and been looking for more innovation out of Apple.
41:31I realize we've done that for years with Apple, but I'm curious your view on this. Well, they haven't been a rapacious information thief as the others have been. They don't keep a lot of data. So it's not necessarily an area in it, but you can figure out what they could do with all of this, like assistance. They will dominate in assistance and, you know, get things that coordinate together. They will use AI. They don't collect as much data as everybody else. That's the issue. Google does. Obviously, Meta does. Rapacious information thieves. It's a George Shammar. Yes, it's a George Shammar. That's correct.
42:01No, that's actually, Walt Mossberg called them that, rapacious information thieves. That's what they are. I'm sorry. That's what they've done. They have the data, and now they can use it. Apple wasn't one of those companies. As you know, when I interviewed Steve Jobs, which I referenced in the book, he talked about the need for— That's their thing, and therefore, they will be slightly behind in that area. An easy is ahead that lies the crown. A little Shakespeare for you. Thank you. All these technology folks now, they all wear the crown. I mean, how—there's huge responsibility. They get caught up to Capitol Hill all the time.
42:30You've talked to all these folks. What's your sense about how they're handling things? There's been no accountability, but it's now not their fault. Look, they're in the business to help shareholders. At some point, you're like the first line of my book is so it was capitalism after all, largely because the nonsense about community and they're here to save the world. I'm honestly my whole joke is you remember the Twilight Zone episode to serve man. Sure. It's a cookbook. And guess what? They want to eat us. That's that's I'm good with that. I get what they are. At this point, it's on the regulators who've done nothing, who've sat on their hands and done nothing.
43:01It's their fault for not doing guidelines, regulations. Here's another opportunity to put them in place. And what is Mike Johnson do? Like he puts together a bipartisan commission. Oh, my God, you're kidding me. Like it's here. Do something about it. But, you know, they can't agree on lunch. So must be hard. So are you fundamentally optimistic about A.I.? Are you scared or both? or anything? Neither. I can't stand the accelerationists, and I can't stand the decelerationists. I just don't. It's kind of stupid. I'm looking at a Times Square right now. Am I optimistic about electricity? In some cases, yes.
43:34I don't much like electrocution, and that's a quote I use. Like, when you invent the ship, you invent the shipwreck. It's a Paul Virilio quote. And what I'm optimistic about is that there are great uses. There are great ways to create wealth. There's also enormous danger. And for the first time, we should assess them both at the same time, mitigate for this. You're never going to get rid of all the danger and maximize for the benefits, health care, all kinds of new businesses, exciting new ways to do it. And guess who dominates this area? The United States of America once again. And by the way, San Francisco, that's where they all are, you know, beginning to locate.
44:09We can do this really well, but it needs to the government needs to be involved in some way and putting in guardrails and the industry has to take more accountability. They just do. They can't. They're nation states. They can't just do whatever they want anymore. And but they kind of can because they're so rich and powerful and our legislators don't do anything. I mean, I think that most people would agree that government has to do more. Right. In general, but in particular, in particular, well, they've talked about what they haven't. And they've talked about a range of things like we can like it has to be global, by the way.
44:39And that's going to be difficult. But we've done it on nuclear, nuclear energy and nuclear weapons. We've done it on cloning. There's an ability to do this, even if we're at cross purposes with China, which is probably the other AI superpower here. We can do that. It's just, what don't we want to happen? Okay, let's say killer robots. Yes, no, we shouldn't do that. Like, how hard is that? Except for some guy in North Korea, he might want that. Like, well, too bad. He lives outside the zone of most nations, right? And so we have to decide on a lot of things. Should there be safety involved or safety requirements?
45:12Should there be providence of where the data comes from? It's not terrifically hard. It just, it takes, you know, political will and a commitment to protect people. So Karen, a good part of the beginning of the book, it's spending time on a lot of the characters in Web 1.0 and like how they interchange and in your kind of relationships with them and your views from a side. When we just think about this last kind of six months or so, the situation with Sam Altman, right now, Sundar Pichai at Google, to Tim's point, is under a lot of pressure right here. It's kind of interesting. Is this kind of history rhyming a little bit?
45:44Are we likely to see some turnover in the C-suite? Well, Sundar came on after the founders, right? There's a lot of these people that came on. Satya Nadella is doing quite well. He came on after the founders, essentially Bomber and Gates. You know, Tim Cook's done awfully well at Apple. You know, you keep counting them out. It's a 10x since Steve Jobs died. 10x, right? Come on, who can do that? I think that it's very hard because Google's under a lot of scrutiny because of its previous behavior around search, and they're under scrutiny, so they have to move closely. But I don't forget that Google was the one that bought DeepMind way back.
46:16That was the first important AI company in this new era. And so they certainly have a lot of data. They've got a lot of technology, and they've stopped doing the crazy stuff like the chairlifts in the streets of San Francisco, and now they need to focus in the way Microsoft has done, I think. Thank you so much for coming by. No problem. Thank you so much. Again, her book, Burn Book, A Tech Love Story, is out today. So go get it. Coming up, we're watching eBay after-hour shares higher after posting results and numbers out of that quarter when Fast Money returns.
46:51Black-owned businesses secured a little over$2 billion in venture capital in 2022. That's a lot of money, but it represents less than 1 % of the more than$200 billion pool of venture capital. Many agree this means there's more opportunity to invest in founders of color. Celebrating Black Heritage, I'm Sharon Epperson.
47:20Welcome back to Fast Money and Earnings Alert on eBay. Shares jumping after hours on an earnings beat. The company also raising its dividend and approving an additional$2 billion in stock repurchases. Healthy spending over the holidays and strengthened auto parts. plus what they call refurbished goods helped fuel these gains. Anybody in eBay interested in eBay? I didn't know they were still in business. I'm just kidding. I mean, I did know that. But I will say that the strength in auto is something that we've just been talking about. And auto parts, the supply dynamics still keep it very tight.
47:51Prices are high. Stay there. $2 billion buyback is not insignificant for this company, number one. The technicians out there will look. If you go a longer-term chart, you'll see this 37 level, bit of a double bottom. The quarter wasn't great, but it's good enough, I think. Active users didn't go down that much from last year, and margins didn't decrease that much from last year. So there might be some giddy-up left in the stock despite the move higher now. To Tim's point, this is a company that does$10 billion in sales, 72 % gross margin. It is very profitable. It's just not growing. It's got a fine balance sheet.
48:22They're buying back stock. It's kind of funny that we're in this market where we're talking about all these whiz-bang, cool tech sort of things, and a lot of other stuff is going up, and this thing can't get out of its own way. So I would figure our value gal might have some interest in something like this. Well, I have interest in something related, which is Etsy, which had not good earnings. But I am interested in Elliott building a stake just as they did in eBay at the low 30s and I think sold it in the 60s somewhere. I love that asset light model, which is what eBay has as well. So hoping that magic works again.
48:54You still have that sock puppet on Etsy? I do. Well, Lisa Villalobos, House of the Wolf, she has it back in UC. Coming up, craving a Dave's double? It might cost you double pretty soon. Wendy's getting ready to test the new surge-style pricing method. But how will this unhappy hour affect the inflation-battered consumer? We'll break that down next. More Fast Money in two.
49:18Welcome back to Fast Money. We've got an earnings alert on Beyond Meat shares surging more than 75 % after reporting results. Kate Rogers has got the details. Hey, Kate. Melissa, an unbelievable move here at one point, soaring near 100 percent on this mixed quarter that did have some bright spots for investors. In terms of guidance, revenues came in above estimates gross margins for the year, though. They are expected to be in the mid to high teens range for the full year. The company has undertaken a major review of its business, and it's exiting some product lines like Jerky and making changes to pricing with tiered pricing on the way to help restore its margins, CEO Ethan Brown said on the earnings call.
49:53It's also restructured and consolidated its production network. Now, Beyond did introduce a new healthier burger, if you remember last week, for retail and grocery stores that Brown believes will help woo customers back to the brand. I spoke to Ethan Brown about this. He seemed extremely optimistic that these health changes, like making it with avocado oil and shortening the ingredients list and also getting out there with a more health-conscious message would be the thing to bring consumers back to the brand. Melissa, back over to you. What's the primary message at this point for Beyond Meat?
50:22Is it people who want to save the environment? Is it people who want to eat healthier? I mean, what is, because it's gotten the full, you know, the bad rap in terms of it being actually healthier for you. Exactly. And that's the message that he specifically is looking to counter here with this new marketing. And again, this is going to be a product that's going to be sold in supermarkets. But when you ask, what is the message? I think that's the big question that investors are asking here, right? Who are they targeting? You know, we hear that Gen Z wants to eat healthier. This is a healthier product.
50:48It is about climate for some people. So I think there is confusion and some mixed messaging there, and they're looking to also streamline that. Say we've shortened the list. This is healthier, better for the environment, better for you. Eat this. So we'll see if it works. Kate, thank you. Kate Rogers. Karen, you're pointing out huge short interest. Yes, definitely worth noting. Gigantic. All right. Well, from fake meat to a meaty matter at Wendy's, the fast food chain announcing it is getting fat to test an Uber. I don't know what you're talking about. Uber-style surge pricing during peak dining hours.
51:17That means a Dave's double could cost you double or at least more during the lunch and dinner rush. A proponent saying this can help ease burdens on staffing. I mean, it really I think it'll ease the burden. Yeah. Surge pricing and fast food will not go. Exactly. Surge pricing and fast food. Is that what we're talking about? Yeah. That's absurd. Most most places try to staff up during their busiest times. Call me crazy. But, you know, that's what I want a hot burger. Right? Yes. Hire more people. Anyway, up next, Final Trades.
51:56Time for the final trade. Tim. This was a fun and informative show. I mean, they're always informative, but there was a little... It's always fun and informative as if the other shows did not. You know what? Now I feel bad. I'm sorry. This show was awful. Gold. We talked about Bitcoin. Half the reasons that we talked about owning Bitcoin are why you want to own gold for sure. And I think this is also one of those great, great long-term shorts. Gold. Karen. Yes. So I come back to one of the originals, which is Walmart. And nice to be here with the OG again with everybody out on vacation, including Tim.
52:26Thank you. Great to be back, Karen. Not a crazy multiple. I like it. Dan. You know, I came back to you coming back. And on your podcast, How She Does It was in my feed. And you were interviewed on your own podcast. It was amazing. Go check it out, people. It was awesome. Guys, OAH, breaking out here. Hi. You know, Kate mentioned that incredible move in Beyond Meat, and it's odd, Mel, because last time I had Beyond Meat, I had an incredible move myself. Not sure what that means. There you do. Cleveland Cliffs, the resource stock's breaking out there, Mel. Thank you for watching Fast Money, despite all these guys.
53:01Bad Money with Jim Framer starts right now.
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The Biotech sector has bounced 50% since it’s October lows, but with such a massive run, can the gains hold? Plus… have we reached an AI inflection point? The surge has taken over Wall Street, but Kara Swisher lays out why she’s seeing some similarities to the Dot-com boom.
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