Intel Reports Results… And Trump Sues JPMorgan And CEO Jamie Dimon 1/22/25

20:44Karen Finerman:The WhatsApp ramp is a big part, at least, of Brent's view. It's going to go four times by 29. That is impressive. The dynamic around the core flywheel, I don't think there's ever anything that's been broken about the flywheel. And I think the AI dynamic that's accented, enabled, enhanced, it is part of why it made the highs it made about a year, year and a half ago. So I just think that the valuation is where you come back to. I mean, if you look at an Australian, it's 22 times on 25. It's still not terribly cheap. The all-star AI hires sound expensive to me. In other words, I hear all-star AI hires.

21:25Karen Finerman:I feel like we paid a lot of money. We're spending a lot of money. CapEx is big. We now have some net debt. I mean, this is the story with Meta and why it's not getting the multiple back when it was really cheap and it was debt-free. Less than a market multiple is compelling. the sell-off. I mean, this stock was$5.89, bounced to, I think,$6.75, sold off again. Here we are now. I think the setup in earnings is really good. And I'll just mention this. We were, I think, all on the desk when they acquired WhatsApp. Nobody knew what it was other than Dan. Dan was the only one that knew. I was like, what?

21:58It was some crazy number. I'm like, $9 billion. It was in 2014. And you knew. What did they pay for Instagram? The kids were using it. A billion. $1.5? $1. One. Crazy. One. That was a good deal. Was it one? Yeah. People went crazy about it. They were like, this is the dumbest thing ever. I'm just checking shares of Intel in the after-hour session. We're now at session lows, down about 10 % at this hour. The conference call is about 23 minutes in. We'll try and find out why the stock has taken a dip here. In the meantime, there's a lot more Fast Monday to come. Here's what's coming up next. A baba bounce.

22:34Shares of the Chinese tech giant popping on reports. it's planning to IPO its own chip-making unit, how it could take on the likes of NVIDIA and other semi-heavyweights. Plus, Trump taking on J.P. Morgan, the details behind the president's lawsuit, and what might have caused him to sue the big bank and its CEO.

22:53Karen Finerman:You're watching Fast Money, live from the NASDAQ market side in Times Square. We're back right after this.

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24:38There you have Intel shares in the after-hour session down almost 10%. That's our closest session lows. Let's get back to Gene Munster, who's been listening into the Intel conference call. Gene, they were making some comments on 14A customers not having any until maybe the second half. Was that the reason why the stock is down? Yeah, we saw the stock drift lower after I think that Christine from your team had reported this before, but them kind of confirming that don't expect any customer announcements to the back half of the year or into 2027. So conceivably, we may have to wait a full year for that.

25:10And so if you're here, you want it for the foundry business, you want to see some of these customers come in. It sounds like we're going to have to wait. That's a long time. Surprisingly, right after that, they did announce, I think this is the first time they talked about an analyst day in the back half of the year. They didn't give an exact date, but that is, to me, a bullish sign that they think that they probably are going to show some customers because you don't want to face the music unless you have something to say. So the market just kind of shrugged that off. But the most important part is we really wanted to hear something on customers, and we basically got pushback.

25:42All right. Gene, thanks. Gene Munster. Thank you. Meantime, shares of Alibaba jumping 5 % today, hitting nearly three-month highs. The Chinese e-commerce giant reportedly planning an IPO for its AI chip arm, T-Head, which develops semiconductors for both computing and storage. Alibaba's stock has more than doubled over the past year. Of course, they're feeding into huge demand for AI chip plays at this point. Had a rough end the last year, but the move does—it makes a lot of sense to me. I'm sure the rest of the panel can opine on that. And I'll say this, J.P. Morgan, I think, just put a 230 price target on the stock.

26:16And this IPO that's going to come out, there are people out there saying this is like NVIDIA Lite. So there are a lot of reasons to be very bullish still on Alibaba. Well, it's sort of funny. It was up on the day that Baidu announced theirs. The stock was up, I don't know, 10 percent or so on the hope that they would do it. And now here is the news that they're considering doing. So it's up twice on the same news. And in the meantime, it's just sort of been a frenzy. So I get why people are excited about it. It's still not a crazy valuation for Alibaba.

26:48Karen Finerman:It's cheap. And, in fact, it's very cheap even to Tencent, which I'm also on. Bob is the largest position at Idevo. It also was the B two acronyms ago in Blysep. Because everybody's keeping track of them. Well, I mean, people at home I know are. And I would just point out that this company is a company that was always cheap, but it was always under the thumb of the Chinese government. Guess who's running their deep seek operation now? It's Jack Ma. I mean, the guy that basically there's no question that the alignment for investors is Alibaba is in the right place in China, which is the most important ingredient in owning the stock.

27:21Karen Finerman:It's very cheap, very much in cloud, very much in AI, the largest GMV e-commerce company in the world. So I think it's going a lot higher. Yeah, if you just pay attention a little bit to what some of these CEOs over here are saying, whether they're the private companies or even Satya Nadella at Microsoft, I think that the notion that these companies and their model development are so far behind us, they're saying they're not far behind us. And they're doing it in different ways. They're doing it in open source. They're doing it not with all the hoppers. Yeah, so that's something that one of the reasons why I think these companies over here are spending money hand over fist, but they might be spending it in an inefficient way relative to what's going on there.

28:00And so to me, you know, that might thwart innovation over here. That's all I'm saying. Right. I mean, that's sort of the dilemma, right? I mean, if they had less money to spend, they would find the way to innovate.

28:09Karen Finerman:They need less power in China. China has solved power in a way we have not in this country, especially through solar and wind and dynamics that are making at least one half of this entire trade something that they actually have an advantage over the U.S. in. So I do think asset light in China is something that's more real than it is here. Coming up, Trump going after J.P. Morgan, why he is suing the big bank and its CEO, Jamie Dimon. The response and how other financials are responding to his credit card rate cap plan. Fast Money's back in two.

28:44Missed a moment of fast? Catch us anytime on the go. Follow the Fast Money podcast. We're back right after this.

28:57Welcome back to Fast Money. Stocks higher for a second day. The Dow jumping more than 300 points. Now positive for the week. The S &P up half a percent and the Nasdaq leading the gains climbing nine-tenths of a percent. Shares of P &G up nearly three percent today. The consumer goods giant topping earnings estimates this morning, but just missing revenue expectations as shrinking demand, particularly in razors and diapers, weighed on sales. CFO saying he expects the quarter would be the softest for the fiscal year. And some more after hours action. Alcoa beating revenue estimates while railroad company CSX missed on the same metric.

29:30Intuitive Surgical beating expectations on the top and the bottom lines. And Capital One Financial topping revenue expectations but falling short on earnings. Meantime, President Trump suing J.P. Morgan and its CEO Jamie Dimon for$5 billion at least. The president claiming he was debanked after the January 6th Capitol Hill riots. Shares of J.P. Morgan still closing higher on the day. CNBC's Eamon Javers has the developments here. Eamon, I can't help to think that this comes, like, right after Jamie Dimon was very critical about the credit card caps. Yeah, we saw that yesterday. We saw the Jamie Dimon critical on immigration yesterday.

30:08And now we see this suit today. But remember, the president threatened this suit last week. So this has been in the works for a while. The suit sets up a dramatic confrontation between the most powerful man on Wall Street and the most powerful man in the world. In the lawsuit, President Trump alleges that J.P. Morgan debanked his companies for political reasons. The suit says that J.P. Morgan debanked the Trump-related companies on February 19th of 2021, shortly after the president left office at the end of his first term. The suit says that Trump is confident that J.P. Morgan's decision came about as a result of political and social motivations.

30:46But the suit does not present any evidence that the debanking decision was made for any political reason. It alleges that J.P. Morgan didn't provide any reason for debanking the accounts, but that plaintiffs have subsequently learned that it was done as the result of political discrimination without saying how they came to learn that. The suit also says that plaintiffs have recently learned that JPMC at the direction of Diamond has unlawfully and unjustifiably published some or all of their names, including the names of President Trump, the Trump Organization with its affiliated entities and or the Trump family on a blacklist.

31:23In a statement, a J.P. Morgan spokesperson said in part, while we regret President Trump has sued us, we believe the suit has no merit. We respect the president's right to sue us and our right to defend ourselves. That's what the courts are for. JPMC does not close accounts for political or religious reasons. Now, the president was asked about this just a few moments ago on Air Force One as he's flying back from Davos. He defended the suit and said that Jamie Dimon was simply not allowed to do what he did with these accounts. Melissa. Back over to you. Where were these names published, Amon, or allegedly published, I should say?

31:58Well, that's the question, right? What is this blacklist that this suit is talking about? I've asked the legal team for the president what they're talking about here. Are they referencing, you know, suspicious activity reports? Are they referencing some other federal document? And I've gotten no answers. The suit itself doesn't say that. It's not clear to me that J.P. Morgan knows what this blacklist is a reference to. So we'll have to wait for some more detail to come out in this case, but it's not clear exactly what they're talking about. Maybe some sort of interbank system about credit worthiness or reputation risk.

32:31We'll have to wait and see. All right. Eamon, thank you. Eamon Javers. Well, while President Trump targets JP Morgan, Bank of America is considering new credit cards with a 10 percent interest rate for an entire year. This on the heels of Trump's call to cap rates to help consumers. So here we have a sector where we thought the government was largely behind it in terms of deregulation and setting up an environment for banks to thrive. And yet what we've heard in the past couple of weeks are measures that would hurt banks in some way.

33:00Karen Finerman:I like a 10 percent teaser rate for getting for drawing a credit card business that's wildly profitable for banks. And I don't expect there's going to be a 10 percent cap. Therefore, I think as a promotion, I think that's a really smart move. I think the the headlines that have been over the last couple of weeks that have seemed very much,

33:21Karen Finerman:administrative and more bureaucracy, but certainly less deregulation, are ones that are a bit surprising, even though I still think this is an environment where deal flow, M &A, and this frenzy that we've talked about has only been stoked even in the last week. So I get it. And you've heard me say this before. I think deregulation in terms of the delta on this change from that much worse is better in Europe right now, and I think that's one of the reasons why European companies are outperforming. I'm surprised the banks haven't come out and said, you know what, we already offer zero percent introductory rates.

33:55Oh, and we'll extend the zero percent for a couple more months. I mean, I think this is just window dressing, right? And we all talked about who's going to be able to get a, you know, a capped rate, somebody who's a really good credit who doesn't need it, and that doesn't really solve the problem. Maybe it does solve the problem of, You know, the president wanting to show that he cares about affordability and that's what this is. So I don't know. I do think, though, that the president does want capital to flow freely. That's really important to growing. If you want to talk about this, the amount of growth, the GDP numbers, which, you know, got to be insane.

34:32But this much growth, if you hinder the banks and you take them back and, you know, put up more difficult capital requirements, all of that, that's going to slow that process down, which I think is the most important.

34:44Karen Finerman:And that's what Jamie was saying. Yeah. Maybe second to the market. The other point, I mean, we haven't talked about it. Maybe we should. The fact that there's talk about being able to tap into your 401ks to put money down on homes, which I think would maybe that's another reason the home builders are rallying. I'll say this, you know, Bank of America was in the crosshairs a year and a half or so ago. Now J.P. Morgan is. So I think Bank of America is like if you've been in that classroom situation where you're the student that got picked on all the time. Was that you? It was. Yeah. And then all of a sudden somebody else is getting picked on.

35:16Then you start to get the beer muscles up a little bit. So you like BAC better. Were you drinking in class? Were you drinking beer in class? No, Tim. I don't know.

35:23Karen Finerman:Where did you come from? He said beer muscles. When someone has beer muscles, they've been drinking beer. That's a term. I don't know. I've never heard of any of it. I wasn't drinking beer, but then I had muscles. You're part of Westchester, Wayne. It wouldn't surprise me. Well, no, I grew up, though, Tim. Sometimes that's all we had. Do you have a trade on the banks? I think all these bank CEOs are going to wait this out, right? They're going to see. They know it's political right now. They know that the punishment is the process. And so, again, I think they're going to be savvy. I think they're going to be savvier than the administration.

35:54All right. Coming up, heavy metal musings. What one top analyst sees in store for the space is gold and silver trade at record highs. and where he's seeing the most opportunity. Fast Money's back in two.

36:11Welcome back to Fast Money. Gold and silver rallying again today, settling at another set of record highs. The latest moves as investors seek safer assets amid geopolitical uncertainty. For more on how investors are positioning commodities, Sprott Asset Management CEO John Campaglia joins us now. John, great to see you with us. In terms of flows, what are you even seeing? Have they been just as strong? Yeah, we've seen incredible investor interests, particularly at the end of last year, which is not a normal period of investor engagement. And we've seen continued momentum into 2026. The real winner so far, I would say, has been physical silver.

36:49There are a number of factors that are driving investors to physical silver. It's hard to believe that it took from 2011 to late 2025 to breach the old high. And since we did that, silver has not looked back. It's almost doubled since breaking the old high. So it's had incredible momentum over the last few weeks. At what point do you think demand destruction comes into the silver price picture? Yeah, that's a good question. We've had some solar panel makers in China already say that with the price of silver at these lofty levels, they're going to start to substitute to copper. Not as efficient in terms of the use in a solar panel, but you will see some lower value, I think, products try to substitute.

37:33So that's normal. But I think what's really overwhelmingly driving the market is investor demand. We've seen a lot of investors around the world returning to silver. And one of the big buying groups is in India. And the reason for that is simply because as the price of gold is now knocking on$5 ,000 an ounce, Investors in India cannot afford to buy gold, so they're substituting towards silver as an alternative. So we saw 85 million ounces of silver being imported into India just in the month of September and October. And we see continued investor demand not only from buyers in India, but also ETFs.

38:12We've seen very strong inflows into the Sprott Fiscal Silver Trust over the last few months.

38:16Karen Finerman:Hey, John, it's Tim. Look, I've been following you guys for a long time, and you've been out front on gold and silver, but also on uranium. And, you know, my sense is that much in the way we're talking about demand from the investor side, I sense that there is institutional demand for PGMs. And first of all, it shows in the price of your stock. Your stock has been a rocket. And I think a lot of investors have figured out that, you know, you grow, your revenues grow, even though there are economies of scale. Let's put it that way. I guess I'm just trying to understand to the extent that you're seeing a scramble in the institutional investment community to have more exposure.

38:57Karen Finerman:And whether that means, you know, owning PGMs as an institutional allocation with the only handful of people that's a very small group that can actually do it in an institutional way. and also the business overall, which is that this is an asset class that, you know, if you've been in emerging markets and other places for a long time, gold's been growing and growing. But precious metals, what I'm hearing from the biggest money managers in the world in terms of RIAs and whatnot is that you start hearing about 10 percent allocation to PGMs and plus of that means I think institutionally, let alone retail, they're short and I think there's more to go.

39:35Karen Finerman:Just comment any way you want because I know you can't talk about strategic stuff. But I think it means we're still very early. Yeah, I think we're incredibly early. You know, I think you have to take a step back and think about how many of these markets were in, you know, 10 or 12 year range bound, you know, patterns. Whether that was platinum or palladium or copper or uranium, you know, a lot of these metals kind of zigged and zagged and didn't really do a whole lot while tech stocks were reaching all new highs. That period obviously led to very little capital investment, which is why we have shortages and scarcity of many of these metals today.

40:11So when capital starts to come back, you know, it can have an immediate impact on the values of these metals. And secondarily, you're seeing governments around the world, including the United States, obviously identify the strategic importance of a lot of these metals for energy security and national security. And there's a big, big push right now to reshore not just mining in the United States, but also processing of these key minerals for defense technology, et cetera, back to home soil. So you're seeing the potential introduction of government buying of metals and stockpiling of metals, kind of like what we had in the Cold War, which is obviously far behind us now.

40:52But it seems to be another buying group in the form of governments getting involved in some of these metal markets, which are also pushing prices higher. AJC, in this new sort of world order we're in, the repatriation of gold by a lot of countries is a story. How does that impact you at all? Does it impact you, I guess, is a better question? It doesn't impact us. I mean, we're able to buy gold pretty easily in large volumes, given the amount of production. But I think you're raising an interesting point. As governments become less trustworthy of each other, you've seen some say, I want to move my metal out of the United States, for example.

41:34Remember, why was this metal moved in the first place? Well, after World War II and the beginning of the Cold War, governments in Europe were concerned about holding physical gold in their countries. So they diversified by holding it around the world. the last five, six years, governments are saying we want to bring our metal home. And that's something that we've seen in a number of instances. John, great to see you. Thank you. John Champaglia of Sprott. And of course, you just got the news a couple of days ago, National Bank of Poland increasing the amount of gold that they are buying. They were the biggest buyer on record, at least.

42:07Of course, other people buy it and not report it, but biggest buyer on record last year. So we have that going. And Ray Dalio was talking about this in Davos in terms of when you see governments not trusting each other, as John had just mentioned, you buy something like gold. Well, Tsing, and I'm very happy for our gold bug friends. Obviously, gold. No, and I mean that sincerely. You know, David Rosenberg of Rosenberg Research, you know, he's been there for a long time. He has a$6 ,000 target like soon, right? And, you know, a lot of you folks have been making a great case. It works risk on. It works risk off.

42:37That's something I think that's new right now. And so, again, this is a momentum trade, in my opinion. You guys have all laid out some good fundamental reasons to own it. But again, it's been hot momentum.

42:47Karen Finerman:This didn't just happen, but China's central bank reserves are now 8 percent gold. That's big news. Guess what? Germany's are 80. OK, Italy's are 75 percent gold. So you can't tell me that the rest of the world still doesn't have a lot of work to do here. And there's that stat that maybe some of you have heard, but I bet a lot of you haven't, is all the gold ever produced would fit on a football field about a three-foot high block. Not bigger than that, not on an ending. It takes six to nine months to get new gold online. There's not a lot of it. I just think people underestimate how much more demand there is.

43:21I like that stat. That's cool. Coming up, Lulu's see-through situation. An update on the retailer's fashion faux pas and what founder Chip Wilson has to say about the blunder. The legging lowdown is next. More Fast Money in two.

43:42Welcome back to Fast Money, an update to a story we brought you earlier this week. Lululemon adding a warning label of sorts to its Get Low product line after customers complained products were ill-fitting and too sheer. Visitors to the U.S. and Canada websites are told that when stretched, the knit will, quote, naturally flex apart. They are encouraged to size up and wear skin-toned, seamless underwear. That's what Tim does.

44:09Karen Finerman:Low rise. Founder Chip Wilson also weighing in. In a LinkedIn post yesterday, he blamed the board's lack of experience in creative business, disinterest in product development, and self-interested priorities for the product line's failure. Shares of Lulu were 2.5 % higher today but are still down 6.3 % since the start of the year. You would have thought that somebody would have put a pair of those leggings on and squatted to see what happens. like you test it out this is what they do well especially since they've had this issue before that's the part that makes me wonder is it sort of you know intended exactly oh boy is it men out in the gym guys is it men doing the QA that's the question you have a good point seriously okay the men are incompetent in QA this could be one of those genius marketing ploys where now people are talking I mean, doesn't that tell you where Lulu is right now?

45:08Karen Finerman:If we're coming up with weird gimmicks to actually have sheer leggings, Guy, that I think you get back to where Lulu Lemon really is in terms of their margin profile and in terms of where they are. We know the competitive landscape is where it is, but they went into this downtrend at peak margin. I think that's the biggest issue here. I don't think it's cheap here. I actually don't. I think it's getting cheaper. Flesh-colored underwear. Fresh. You look at me. New as you can use. Right here on Fast Money. Fresh color and underwear. Yep. Sounds kind of nice. Up next, Final Trades.

45:57Final Trade time. Tim.

45:59Karen Finerman:Yeah, this broad share price is up 30 % year-to-date to Gold 12. I think there's optionality and I think there's leverage in that company and it goes higher. Aaron? Yeah, so Citibank traded up very, very nicely. Then as banks came in and the credit card thing happened, now we think that might be resolved. I like Citibank right here. Yeah, SMH, I think his sell rallies is 25 % above his 200-day moving average. It traded an all-time high today. I think it's not. If you want to send Tim flesh-colored underwear, send it to Tim Seymour, care of NASDAQ. Medium, by the way. I don't like that, pal. Let's just say that might be a little tight.

46:39Intel, by the way, is down 12 % after hours. Thanks for watching Fast. See you tomorrow on Overtime. Mad Money starts right now.

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47:21Karen Finerman:My mom inspired me to dream big and work hard. Siner Adams! What would you like the power to do? Bank of America, proud to be the official bank of U.S. soccer and FIFA World Cup 2026. Bank of America N.A. Member FDST.