Intel Earnings Beat…And Yields Spike Ahead of Fed Meeting 7/23/26

19:21The board recommends approving.

19:23Melissa Lee:Regarding that seat on the committee, we're promoting quarterly earnings. Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com slash investorchoice to learn more. Vanguard Investors own shares of our index funds, which own shares of the companies they invest in. Available for Vanguard Index funds that participate in Investor Choice, Vanguard Marketing Corporation Distributor.

19:53Soccer teaches us lessons we can take with us long after we leave the field. That's why Bank of America and U.S. Soccer are committed to helping bring soccer to every school. Raise your hand to help at bofa.com slash soccer at schools. It's smart to always have a few financial goals. And a really smart one you can set? Earning cash back on what you buy every day. And with Discover, you can. Get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions. After all, you listen to this show. See terms at discover.com slash credit card.

20:34Welcome back to Fast Money. Rising CapEx forecast taking a big bite out of shares of Alphabet as well as Tesla today. The Google parent dropping over 7 % after raising spending plans to$205 billion from$190 billion. It was the stock's biggest drop since last May. Tesla, which reported a more than 140 % increase in CapEx, fell over 14 % its worst day in 16 months. Together, the two names lost nearly half a trillion in market cap just today. Obviously, Tesla was challenged also by margins falling short of expectations. There's a whole other brew of things for Tesla. But for Alphabet, what did you mean?

21:08It's overreaction or measured reaction? It felt like just a little bit of an overreaction just because what did we learn that was new? You know, they're going to spend a ton. Their free cash flow is going negative. The bottlenecks are still tight. I mean, these all just seem like things we kind of already knew. We knew about concerns about return on investment. And if anything, you know, maybe the fact that how much the curve is flattening out is kind of worrying people a little bit that, you know, these data centers can't get built, not because there's no money behind them, but because you can't find, you know, concrete and cement and construction workers and power, et cetera.

21:39But I don't know that we learned that much new today, you know, from Google, other than maybe positioning was really long. And the negative free cash flow, I think, obviously really got people's attention. Does it look good? I wouldn't say good. Usually this breakdown, these kind of breakdowns take some time to recover from. But we do watch those gaps. So if it rises quickly into the gap from today, that would be a short term positive. At least it did penetrate the rising 200 day moving average. Feels like a short term issue, not a long term one, but a little work to go.

22:09Melissa Lee:You know, I just think the assumption that we won't have an economic slowdown, that we won't have pressures on margins, you know, across the S &P 500, which would be the buyers of this compute for this, you know, negative free cash flow for a company that has been a darling for 25 years. I guess they went public in 04 or something like that. And they haven't had any of free cash flow since then. And I say to myself, OK, if that doesn't materialize, the demand for that, if there is overcapacity, and let's be clear, at some point there will be an overbuild. It may be next year. It may be five years.

22:41Melissa Lee:I mean, these stocks are going to get killed. I mean, like literally killed. And I just think it's really funny that people have such short memories. Go back to the highs in 21 to the lows in 22. Some of your favorite stocks, it was NVIDIA or Netflix or Tesla. You know, these stocks went down meta 70 percent, you know, and you can say, well, it's different. I don't know what's different. I know that this is a crowded trade and I know I like it. It was my favorite hyperscaler, that sort of thing. But now it's down 22 percent from its all time highs. And people were loading into these stocks, all of them, whether it was six months ago, whether it was yesterday and some of these things.

23:15Melissa Lee:And that sort of pain is something that is going to be felt. And you can say, well,$300, it's overdone. You might be saying the same thing at$275, at$250. And that's kind of the lesson that we've learned about these sorts of sentiment bubbles. And make no mistake about it, it is a sentiment bubble. At some point, it's going to be an economic bubble that has existed in these stocks. But, you know, nobody knows when. But I just wouldn't poo-poo this sort of price action when we have these sorts of metrics coming in the way they are. And we haven't seen in decades. And we didn't get guidance from Alphabet on the next quarter.

23:45So when we get guidance from the other hyperscalers next week, plus potentially CapEx raises, it'll be interesting to see if this stock, Alphabet, trades down again on basically the same news. It's a bit of a mystery what the market's rewarding and what it's punishing these days. Because if you look at the quarter, the quarter I thought was actually very good. All the metrics were very good. And then you hear the word dramatically. I think that's the word that was used. Significantly. Significantly. Thank you. In terms of the spend. And, you know, you hear a word like that, there's no way to quantify what significantly means.

24:15So it's sell first, ask questions later. I think to Stu's point, when you start talking, as Dan said, negative free cash flow, spending more, earning less, the market's punishing that right now, which is not particularly healthy. And I think Katie will tell you, I mean, this was in a bit of a pennant formation. I thought it was going to break out to the upside. That was wrong. Now it's broken to the downside through that pennant. Yeah, look, I would just add this to the list that Christina had before, whether it's ASML, TSMC, et cetera. The bar is extremely, extremely high for these companies.

24:42I think what maybe that was more disappointing today was less about Google. It was why didn't the bottleneck stocks and the recipients of that spend actually perform a little bit better? So if there was anything that kind of shot across the bow today, I think would be those bottleneck stocks kind of not benefiting at their expense. I'm glad you brought that up because you did see like a Lumentum and a Coherent and a Celestica. They did have small gains early in the session, but basically gave them up. So they weren't trading well on this capex raise either. Coming up on the right track, the railroad stocks chugging higher on the back of strong results.

25:13Inside those moves and more of today's fast movers next. Plus, we're diving through the details from the Intel call. Gene Munster is breaking down all the key headlines straight ahead. You're watching Fast Money Live from the Nasdaq Market Site in Times Square. Back right after this.

25:32The board recommends approving...

25:34Melissa Lee:Regarding that seat on the committee, we're promoting... To boost quarterly earnings... Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com slash investorchoice to learn more. Vanguard Investors own shares of our index funds, which own shares of the companies they invest in. Available for Vanguard Index funds that participate in Investor Choice.

26:00Melissa Lee:Vanguard Marketing Corporation distributor. Soccer teaches us lessons we can take with us long after we leave the field. That's why Bank of America and U.S. Soccer are committed to helping bring soccer to every school. Raise your hand to help at bofa.com slash soccer at schools. It's smart to always have a few financial goals. And a really smart one you can set? Earning cash back on what you buy every day. And with Discover, you can. Get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions.

26:37After all, you listen to this show. See terms at discover.com slash credit card. Welcome back to Fast Money. Stocks sharply lower as big tech dragged on major indices. The Dow shedding 500 points. The S &P losing more than a percent, while the Nasdaq dropping more than 2%. Albertson sinking 22 % for its worst day in almost four years. the company cutting full-year guidance as cautious consumers pull back on grocery spending. And with higher fuel costs driving up prices, the company said it is willing to absorb margin compression rather than pass costs on to shoppers. Cleveland Cliffs, meantime, soaring 16 percent after giving a strong forecast, now expecting third quarter earnings before taxes to double from Q2 and that the second half of the year would be its strongest in five years.

27:19And major railroad operators CSX, Norfolk Southern and Union Pacific all rising to records today, All three posting a strong second quarter as companies shift cargo from trucks to rail. Katie, which do you want to tackle? Well, you know, these railroads are really quite interesting. When you pull up the long-term charts, the monthly charts, you can see that they've all cleared their resistance from 2022. So if they can hold on to these gains here in the near term, the breakouts will confirm. And that acts as a nice long-term catalyst for them. And there's nothing wrong with new all-time highs.

27:52Which universe caught your eye, Stu? Yeah, I think operations probably just, you know, pressure on the consumer. Gas prices now, you know, kind of rising again. Affordability from tariffs. I mean, it's a tough environment right now to be doing that. It's just very interesting that they clearly see the pressure as so strong that they're willing to kind of, you know, keep price where it is and eat the margin for a little bit of time. So, you know, kind of a troubling, troubling message from them, I thought. I mean, they're seeing the market share leave. I mean, the market share is going to Walmart.

28:19They're going to dollar stores because they can't afford a regular grocery store. They're also going to say what the administration wants to hear in terms of eating it. But I'll play the game and I'll take Cleveland Cliffs for 500. You're a hockey fan? You are. Oh, yeah. We talk about hockey sticks. Well, when you score a goal in hockey, they say you're lighting the lamp. Well, if you look at this quarter from Cleveland Cliffs, they lit the lamp with this sucker. And it was an extraordinary quarter. And Katie can look at this. This is about to break, I think, about a three-year downtrend it's been in.

28:48And valuation, to the extent that it even matters, I think is pretty compelling. You agree with that assessment? I love these breakaway gaps. And it took it right up to the 50-day moving average. So that acts as a positive short-term catalyst. You don't see it quite yet in the indicators on a long-term basis, but there's hope.

29:05Melissa Lee:I don't even know what I want to talk about here. The railroads, Cleveland Cliffs, or Albert. It's all not your jam. None of my jam. Although Walmart remains the worst-looking stock in almost the entire S &P 500. I mean, that's it really is. Look at how it trades. It was actually the best stock about two and a half months ago. And now it's the worst. Yeah. Coming up, the very latest on Intel with the call now more than 30 minutes underway. Deepwater's Gene Munster has been dialed in, joined us straight ahead with his top takeaways as the stock gives up. A lot of it's after hours pop, but it is still up five percent.

29:37Fast Money's back in two.

29:40Melissa Lee:Missed a moment of fast? Catch us anytime on the go. Follow the Fast Money podcast. We're back right after this.

29:57Welcome back to Fast Money. Another look at shares of Intel. The chipmaker still up in extended trading, though well off its after hours highs. Gene Munster has been dialed into the conference call. He's managing partner at Deepwater Asset Management. Gene, good to see you. They talked about 14A. They've talked about CapEx. What are your takeaways here? I think the first takeaway, Boy, if you're an Intel investor, you've got to be counting your blessings, even with the stock up 5 % here. Understand that they guided revenue up 11 % for the September quarter, and there's a lot of good news around 14A, which is a driver in 2028.

30:29But objectively, they just raised CapEx from$15 billion, where the street was at for this year, to$20 billion. They said next year will be significantly higher. That has been the tagline for stocks going down. You saw the stocks start to trade down in the after hours in anticipation of those comments, and it's kind of hanging steady at that. So largely, I think that this company still is moving in the right direction, but there's just so many better companies to invest in that infrastructure. The other big takeaway here outside of the call is just the big picture here, is this is yet another statement about how early we are in AI.

31:07I just want to kind of frame that in, is what Intel basically does is they sell accessories to the AI infrastructure build. These are CPUs. This is old technology. They've been updating it, but it's still old when it compares to GPUs. And the hottest segment, their best performing segment, that data center and AI segment, is 1 13th the size of NVIDIA's GPU business. It grew at 56%. Nvidia is going to grow their GPU business at 96 % in the July quarter. So, Melissa, when I just put all this together, I'm surprised that the stock's up, call it 12 % over the past week. Google's down 8 % and the Nasdaq's down 1%.

31:49It just feels like a gift. And throw in the fact that Nvidia trades at a fraction of the Ford PE that Intel is trading at right now to add insult to injury. I mean, but, Gene, when you think about why Intel is not going down on significantly higher CapEx, I mean, the takeaway here is that investors believe that the dollar spent by Intel is going to have a bigger or faster return than the dollar spent by Alphabet. Do you think that's the correct takeaway? I think it's the right takeaway that a dollar spent in CapEx is going to be a beneficiary. I've been applauding the rise in CapEx over the past couple of years.

32:24I've been puzzled by the market's reaction to what we saw last night from Tesla and Google and just broadly. So I think it is I don't think these companies should be penalized for this CapEx spend. And part of the reason is if you believe like I do that we are still so early in the third inning, infrastructure is going to be a competitive advantage. And so I don't have a good answer of why investors are believing that they're going to be a better fiduciary of CapEx versus Google, for example. But I think the whole concept of more CapEx for these companies that are leaders and Intel still is at the little kids table, by the way.

33:01They haven't really graduated to the big boys table, big table, the adult table. But nevertheless, I think that this is still the right move for them to invest in that CapEx. Mel brought it up, Gene. Why is NVIDIA, given all the metrics you decided, why is it traded? I mean, it trades at less than a market multiple and obviously a lot cheaper than to the extent that it even has peers, its peers. So to just frame that in, on the 2027 numbers, Intel trades at 61 times and you have NVIDIA trading at 17 times. A &D as a point of reference, trades at 31 times. And Guy, the reason is that's that 13x number that I gave, that business that's 13 times bigger, even though it is growing faster.

33:43When you have numbers that are just that staggering, it is almost impossible for investors to get over that we're going to see a big slowdown. At Deepwater, we sold NVIDIA a couple months ago, big believers in all they're doing, but we just felt like this was going to be continued beats, but the stock would not be rewarded. And I think you're seeing that in NVIDIA shares. And maybe that's what's going on with Intel here is it's still a relatively small business and directionally has probably more room for upside. That's why you pay that higher multiple. 1480 is going to be a big deal. That's a 2028 driver.

34:15And you can sleep well at night as an Intel investor, knowing there's a big catalyst coming a couple of years down the road. Yeah. Gene, thank you. Great to see you. Thank you. Gene Munster. But again, Gene says there are better places to invest in the AI trade.

34:30Melissa Lee:Well, I just think, you know, the jury's still out on this one, right? And there's a lot of things that this company has to do that they haven't been doing well over the last 10 years. And, you know, I go back to 10 years ago. This is a company that had 63 % gross margins. This year, expected to be 40%. And we're talking about growing off a very low base. And Gene just said they're at the little kids' table here. And, you know, the technology that they're selling into the server market are CPUs. That is a very commoditized sort of business. They're using clusters of those. So maybe it's a lot of them.

34:56Melissa Lee:But, again, this is a much lower margin business. You look at NVIDIA. You know, you'd still want, given their growth, given the durability, you'd probably want to be there well before you buy it. But the chart, I mean, still? I'm not a tech. She's the type. OK, well, OK, well, let's turn it to you then. Well, you know, looking at Intel, I think what we're not talking about is that it was down 37 percent over the course of 12 trading sessions ahead of this news. So just a rebound. It's not even back above the 50 days. So I wouldn't say that it's an overwhelmingly positive reaction. It was more like, you know, the investors were anticipating something worse.

35:30We've got a news alert here we want to get to on the Paramount Warner Brothers merger. Julia Borson's got these details. Julia. That's right. More news on the state AG lawsuit attempting to block Paramount's acquisition of Warner Brothers Discovery. The judge is extending the temporary restraining order on the deal by two weeks. So now the earliest the deal could close is August 17th. Now that is getting closer to the September 30th date, after which Paramount would have to pay a ticking fee to Warner Brothers shareholders, effectively increasing the cost of the deal. The judge saying the delay is due to the need to resolve multiple issues, including the party's disputes regarding the schedule.

36:07This does come after yesterday the European Union allowed the deal to move forward, clearing that hurdle. Now now they're really just looking at this key issue of the state AG's lawsuits. Take a look at those stocks. Certainly a lot to watch coming up here, Melissa. All right, Julia, thank you, Julia Boorstin. And you think about the delay to this deal and you think about Netflix. being left out, I guess, walked away from it, maybe for the better. But the stock is no better. No better because the market is concerned. And we talked about this. I've been wrong, by the way. The organic growth is where they're concerned, and maybe rightfully so.

36:45But I think going back to Katie again, we flagged$68. I mean, that was the prior all-time high, I think, in 2021 that we traded down to and seemingly have held. Now, we're not bouncing off it in a meaningful way, but I think that's sort of your line in the sand, Mel. Yeah. You think it holds here, Netflix? TBD, I would say, with a lot of this stuff, to be honest with you, especially in this environment. I don't think there's a whole lot of tolerance for any risk at the moment. Coming up, the next shot for Eli Lilly as his next-gen weight loss drug clears another key turtle. How to play the pharma strength in the chart levels Katie Stockton is watching with Fast Money Returns.

37:24I'd do that. Welcome back to Fast Money. Eli Lilly up nearly 2 % after its experimental GLP-1 drug, Reditrutide succeeded in two late-stage trials, the drug delivering significant weight loss and improvements in blood sugar. The company, though, slightly pushed back its timeline for applying for FDA approval from the end of this year to Q1 of next year, mainly because it's applying as a biologic. So that takes a little bit longer in terms of process, but it would give them more patent protection longer term. The chart was good today. So what do you make of it? Lillie's world. I mean, everybody's living it.

37:55But it was just not Lillie today. It was Big Cap Pharma as well. I think Merck traded above 130 today for the first time in a while. Bristol-Myers getting off the mat and some of these other biotech stocks, even Structure, which is round turn that entire move from December from 50 to 100, back to 50 now. The space is in play. And if you ever see a rotation out of semis and storage, it's going to find its way into big cap from it. Well, oftentimes we do see a market hiccup in technology. You do see that flow into health care. Yeah, I think you're placing the idea. Everybody wants any trade idea that's not correlated to AI, even if it's your second tier idea.

38:28And I would you know, we would put large cap banks in there. But I would also put kind of rotation within health care in that in that category as well. GLP one and the large cap pharma. If you look at today, price momentum was actually up today. It all came from capital goods and pharma and biosciences to drive that. So I do think if people are a little worried about some wobbles on the AI side, this is a non AI trade that I think people will embrace. Right. Well, the broader pharma sector, as you mentioned, continue to climb. iShares, IHE ETF up 20 % this year, trading your record. So, Katie, what are you seeing in the technicals here?

38:57You know, the momentum is obviously there short-term and long-term. And now we're seeing the relative performance breakouts. When we look at IHE versus the S &P 500 index, not only is a 200-day moving average pointing higher for that ratio, but we have a breakout that acts as a positive catalyst for more outperformance. The likes of Lilly, Merck, they have very good long-term momentum, no sell signals. They don't appear overstretched. We can even find some turnaround plays. Look at Bristol-Myers from a long-term perspective. It starts to look like a big cup-and-handle formation. So if it can break out above resistance, that would be a major long-term catalyst for that stock.

39:37Johnson & Johnson, very good momentum as well. So the momentum is there. The relative performance has been on the mend, not just recently, since the sentiment shifted behind the AI trade, but longer term.

39:49Melissa Lee:Stu, you just said, you know, clients, customers, institutional, they're looking for trades that are not correlated to AI. Is there going to be a trade, maybe the back half of this year, which we're into next year, where, you know, folks are looking for trade ideas or sectors that are going to benefit from the spend? And especially if compute comes down. And I would think maybe XLV, I've never heard of this one, but it looks pretty good, too. What is it, IH? IAG, U.S. IAG. I mean, is that going to work its way into some of these other sectors? I think those sectors are, you know, can you implement this?

40:18And then what does it do to your profitability outlook? So, you know, people would love that, right? You know, anything that demonstrates a return on investment related to AI is going to be very, very well received. I'd say right now it's more it's banks. It's affordability. People really want to have an affordability trade on into the election. The tariffs, as you mentioned earlier, probably don't play into that well. And then I think health care would be the other one. And biotech is considered a big beneficiary of AI. So I think within health care, the biotech is the AI trade and the pharma is kind of the GLP-1 and the not AI category of stuff right now.

40:49Even within health care more broadly, we've seen sort of a rotation. I mean, from earnings season, insurers, hospital stocks have been troubled. Medtech has been very troubled and overcrowded trade there. But this pharma looks stronger. I mean, to the extent that anybody cares. I mean, Katie brings up IHE, the two top names, Johnson & Johnson and Lilly, are 40 % of this ETF, which you typically don't see. But, I mean, those are great stocks to own, obviously. But, yeah, I think your point is well taken. It's not pharma across the board or health care across the board. It's very specifically, I think, the names we talk about.

41:23Yeah, so XLV chart looks different from IHE? A little bit, yeah, because of that heavyweight exposure to the big pharma names. But you can find other great charts. It's Amgen for one. That's a very steady, longer-term uptrend with a positive intermediate-term setup as well. So we can dig a little bit deeper. Even the med device names, dare I say, seem to be stabilizing. Coming up, playing offense with defense with Lockheed. And RTX told investors that sent the group higher today and whether there's still time to get in on the rally. That is next. More Fast Money in two.

42:01Welcome back to Fast Money. Defense stocks in rally mode today. Lockheed Martin having its best day since 2020, flying 10 percent higher, while RTX jumped 7 percent. Both companies beating earnings estimates this morning and raising forecasts on strong Pentagon spending. Guy, you've been tracking this sector for a while. Theon's the name we talked about. I guess it's called RTX now, and that's actually been lower left, upper right for a while. Well, Lockheed Martin obviously ran into some difficulties around the doge time, but it's gotten himself off the mat. So this was a great quarter, and it's a valuation that I think you can get your arms around.

42:31So I like Lockheed here. Yeah. What do the charts look like? I like it, too. I love gaps, as you know. So Lockheed does look like a good turnaround, and it had come right into some longer-term support. If you look at the broader sector, SHLD is a good way to do that, and ETF also had come right into support. And to your point about correlation and people maybe seeking non-correlation to the S &P 500, it's a great space for that. Yeah. They reported at the right time, too. I mean, Iran's heating back up. Oil price is higher. You know, you just had Hezgut testifying. You had the bill passed. So I think it's all coming together for them.

43:07The timing was perfect. Yeah. But Lockheed versus a Boeing. Boeing is half defense. Yeah. But. Yeah. And I think it's half defense. I mean, they can't get out of their own way. A lot of Boeing's problems are self-inflicted wound Boeing problems, and it's a cash flow problem that they seemingly have figured out. But if you're asking me to play the game of would you rather, which I think you sort of were. Yeah, sure. Let's do it. We play this game from time to time. Once in a while. If the two stocks, Boeing and Lockheed Martin at these levels, given the fact that we held valuation-wise, I like LMT.

43:40How does Boeing look to you? You know, I like it. It's a little bit of an out-of-consensus view. But if you reference it versus our monthly cloud model, it actually looks like it's broken out from this long term range. So it might be a sleeper. Are your clients clamoring for defense in this environment? I mean, we mentioned these two, but there's a wide range, particularly like drones and sort of the higher tech defense names. Yeah, you know, I would say it comes and goes. You know, with Iran in particular right now, I think people have their hands up in the air and they just don't know how to deal with it.

44:12Is this something that's going to be going on for the next 18 months? Is it going to be over in four days? Because we get a memorandum of understanding. So I think it's just been a really hard trade to have on because of this instability of the headlines coming out of that space. SpaceX also, in a lot of cases, is covered by our aerospace and defense folks. So that's probably absorbing not only a lot of time, but also a lot of investment capital, which either could be good or bad for the space. That would be a longer debate, I think. Right. Up next, final trades.

44:49Let's take another check on shares of Intel now higher by just about 6 percent in the after hours. It was as high as a plus 10 percent in the conference call. They're talking about 14 customers lining up, even though that is not going to ramp production, not going to ramp until 2028. And also CapEx going up significantly, but still the stock managing to hold on to gains, at least for now. Your predictions for tomorrow for Intel unchanged on the day. if not slightly lower. Okay. Time now for the final trade. Let us go around the horn. Stuart Kaiser of Citi. I'm going to go with our favorite non-AI trade, which is large cap banks, KBE.

45:25Katie Sockton, a fair lead. I'll go with Bristol Myers, BMY. Looks poised to break out. Dan?

45:31Melissa Lee:You didn't ask me on Intel. What is your prediction for Intel tomorrow? I think it's going to be down at some point, Mel, probably by noon. And I think the SMH, I think you sell rallies for the rest of earnings season. Oh, that goes hand in hand with your intel call. Nice guy. You know, Natalie's worked here for how long? A long time. Long time. Yes. What did we learn tonight? Integral member of our team. Integral member of the team. We learned that her father's a fan. Yes. And we just instantly cried. We've been watching for 20 years. By the way, the interns, this intern season, Trillium Trading are here.

46:01Look at this group. It's a good-looking group. Now, do you notice they're all wearing the same shirts? You would have thought they would have brought us shirts. I think. You would have thought. Did they? No. No shirts. on behalf of part of them, but that's okay. I like Lockheed Martin here, Melms. All right. Stu, Katie, thanks for joining us. Thanks for watching Fast Mad Money at Jim Kramer starts right now.

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46:59Melissa Lee:Oh, what a brilliant tackle from Naomi Kerma. What would you like the power to do? Bank of America, proud to be the official bank of U.S. soccer. Bank of America N.A. Member FDSE.