Is the Tech Slump Here to Stay?… And Opportunities Outside of Software 6/26/26

23:24And Holtz says that we're seeing a rotation out of tech and into defensive, underperforming names. And even though health care has outperformed the S &P the past two months, it still is lagging on the year. So it could take some time to get that fully turned around, but definitely one to watch, Frank. Angelica, thank you very much. Courtney, I want to turn over to you. One name she left out there, Moderna, actually up 5 % this week as well. So the sector really surging right now. Yeah, and I think this is part of that rotation that we're seeing, right? I think we just spent the whole beginning of the show talking about is there rotation.

23:51This is one of those areas people are looking at. The M &A activity here is huge. You're seeing that there's patent cliffs that a lot of these companies are facing. So they're essentially buying growth, and they're looking into these other areas of opportunity, and they're waiting for these later stage opportunities, which is really going to add to the bottom line. And so I think this is definitely an area you want to look at, which has been a laggard. But I think this year it's absolutely something that is starting to turn around. And I think it has a lot of potential to continue doing so. You know, huge moves from when it comes to biotech.

24:16Actually, this year, the XBI is up over 80 percent. And that's with, you know, very little confidence about rate cuts. Generally, the biotech sector is very rate cut sensitive. What do you make of this upside move and how to play it in the second half of the year? Yeah, so I would stay with the lower cap names. And even when you look at the XBI, which is small cap biotech, the number one holding is a nine billion dollar company. Right. And then it goes nine billion, eight billion, six billion. These are still huge companies. There's a two hundred and seventy two hundred seventy five dollar a billion dollar revenue at risk for the patent.

24:47You have to fill that. So we see a handful of companies that are doing it, but they're not going to be able to do it. They're losing 40 percent of their revenue in some cases, some cases, 30 percent, some cases, 60 percent. But you're going to have to do this with multiple companies, multiple M &A. The market is bracing for an attack, a white hot M &A that we've already seen. And that's going to continue. All right, Mike, coming over to you, by the way, the biotech sector in general also has kind of a friend when it comes to the administration. They've been very vocal about the fact that they want to get more drugs approved on a faster rate.

25:21So just your view on the biotech sector. Yeah, no, I think that's a big improvement, obviously, although I think sometimes we've seen administration sort of pressure for hasty approvals. It's appealing in concept, but of course, in sort of safety and practicality. I don't know that we want to accelerate that too, too much. I will say that if I'm looking at healthcare generally, some of the biggest, the largest cap names, Steve was just talking about the fact that this as a group is relatively small cap. But if you look at something like XLV, which is going to include a lot of big mega cap, actually, healthcare names, you're talking about names like United Health, which is still trading at a huge discount to where it used to be.

26:01You know, I don't think you need to chase some of the stuff that has been performing well. Take a look at Moderna, that thing's up 200 % off of its late 2025 lows. So I would rather I think, take the more diversified approach, go into something like XLV, you've got a good mix of both pharma and managed care, things like that, and a reasonable multiple. All right. So a lot of enthusiasm when it comes to health care right now. But we do want to switch gears. We've got more news out of the Middle East. Let's get back to our Eamon Javers, who's in D.C. Eamon, what is the latest? Frank, what we've got now is a statement from the IRGC on Telegram responding to the U.S.

26:36strikes that we just told you about earlier in the hour. IRGC is saying our naval and air forces succeeded in neutralizing this attack and forced the invading forces to retreat in order to protect Iran's sovereignty over its land and waters. They say they're announcing a counteraction against the attack carried out by the American forces on Syriac Island. They say we emphasize that this aggression will not go unanswered and our response will be swift and decisive at a time and place of our choosing. They say we warn that any new foolishness will be met with a harsh response that will shatter the invasion invaders illusions in the region.

27:17So the U.S. response to the Iranian attack yesterday now met with an Iranian promise to respond to that attack. So the responses and counter responses seem like they're going to continue into the weekend, Frank, and we'll see where we go from there. Yeah, we certainly will see. Eamon Javers live in D.C. We actually will have to see if the oil market does respond to headlines after that one. Eamon, thank you very much. All right, coming up on Fast Money, from liftoff to letdown. SpaceX shares going to the moon and back and bouncing off its IPO price, where our traders see that stock headed next.

27:47You are watching Fast Money Live from the NASDAQ market site in Times Square. We're back right after this.

27:58It'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. I'm Cindy Lauper with fellow Cosentix advocate, Chef Michelle Bernstein. We'll share our experiences with plaque psoriasis with psoriatic arthritis, and Dr. Panico will talk about the possible connection.

28:38Cosentix secukinumab is prescribed for adults with moderate to severe plaque psoriasis 300 milligram dose and adults with active psoriatic arthritis 150 milligram dose. Don't use if you're allergic to Cosentix. Before starting, get checked for tuberculosis. An increased risk of infections and lowered ability to fight them may occur, like tuberculosis or other serious bacterial, fungal, or viral infections. Some are fatal. Tell your doctor if you have an infection or symptoms like fevers, sweats, chills, muscle aches, or cough, had a vaccine or planned to, or if inflammatory bowel disease symptoms develop or worsen, serious allergic reactions and severe eczema-like skin reactions may occur.

29:15Learn more at 1-844-COSENTICS or cosentics.com slash Cindy. Have you been to Burlington? Our stores are looking hot for the summer. They had a glow-up, so you need to show up to save on the latest trends. From dresses and sandals to swim in beauty, Burlington has something to make every moment of the summer one to remember. Why choose just one style? With our prices, just get it all. Your summer deal light starts here. Burlington. Deals. Brands. Wow.

29:54And welcome back to Fast Money. SpaceX falling out of orbit and returning back to its$150 opening price from its IPO just two weeks ago. The stock did eke out a small gain today. For the week, shares dropped around 16%. SpaceX was added to the Russell at the close today and soon is expected to join the NASDAQ 100. Steve, you've been nibbling on this one. Yeah, so I had a small allocation, like most who got an allocation off the 135 number. So when you say where it opened up, there were a lot of retail people who got a chance to bite at that 135 Apple. But when you look at where it went to and where it is now, you have to look at the Nasdaq inclusion, the Russell inclusion.

30:37Those are things that are happening right now. How much? 30 percent of the company or whatever the numbers, I think it's about 30 is going to be in passive hands. Passive hands don't care what the fundamentals say. It just becomes an automatic mechanism where you have to buy. They don't care the price. They have to buy it. NASDAQ entrance will be on July 6th. That closing price is when the passive investors would have to buy. As more shares become unlocked, the higher the weight becomes in the indices. And that's where you're trying to see where this equilibrium is supply, demand, and the name.

31:11All right, Tim, I want to come over to you. Do you agree with Grasso's thesis that basically, it sounds like you're saying it has a floor, basically, because there's going to be some forced buying by ETFs. Nothing has a floor. I'll just say nothing has a floor. Things can travel lower. The gravity always takes things down. And we know the history of IPOs. Go ahead. I'm sorry. I don't want to misrepresent you, but Tim, I want to come over to you. Well, I think the technical dynamics are murky and speculative. And yes, there's no question this will be a heavyweighted stock at some point. We know S &P is going to take some time.

31:43I would just get back to the fundamentals and the valuation that going into the IPO. So forget where they came at one and three quarter trillion. The idea was that multiple sources and people that were valuing the company had this thing south of a trillion. The sum of the parts dynamic, the three core businesses, the fact that it's kind of a holding company means it should probably trade at a discount to the sum of the parts. Right now, it's well above that. So in a world where also there's concern, and they've been out there, too, discussing CapEx and ultimately Elon said, that's kind of why we're coming to market.

32:18We have a lot of growth here. So I just believe you're going to get the stock lower. I don't think it's wrong to build a position here. I think people that didn't get it early and want to nibble here on the way down, that actually feels good because you're probably feeling as if you missed a blow off top. I would encourage the fundamental approach to say, let's wait and see where we actually get more clarity on what the valuation is. I think it's overvalued here, but it doesn't mean that it won't be a stock people want to own. Yeah, certainly no conglomerate discount in this name. All right, coming up, what's old is now kind of new, where our next guest is finding opportunity in all this volatility and why he says it is hiding right in plain sight.

32:58The details when Fast Money returns.

33:04Welcome back to Fast Money. Stocks closing out the week in the red. The Dow with a small loss today, but managing to end this week with a half a percent gain. The S &P and the Nasdaq, however, both on five-day losing streaks, with the Nasdaq down nearly 5 % this week, just adding all that tech pain. Oracle shares falling another 3 % today. That stock dropping nearly 20 % since Monday and posting its worst weekly performance since all the way back in 2001. Even with a 1.5 % pullback today, the industrial sector is hovering right around its all-time highs having surged over 17 % this year, and as investors grapple with volatility in tech, our next guest sees big opportunities for so-called old economy companies that are operating in the private market.

33:46Luke Sarsfield, he's the CEO and chairman of Ridge Post Capital. Luke, great to have you here. Thanks so much for having me. Great to be with you. All right, let's talk about this. These old economy companies, you're looking at logistics, industrial services, things like that. So I want to ask you, where is the opportunity? For first and foremost, these are very fragmented businesses, generally pretty low barrier to entry with the exception of the rail business and very human centric. So how do you scale up? Is there an AI play here? Well, look, that is exactly the opportunity in some ways. And you say it's back.

34:16We don't really think it ever left. This has always been where new enterprises are created, small and medium sized enterprises are the kind of growth engine of the economy. You're right. It's across areas like manufacturing, infrastructure, logistics, a lot of new founders building new great franchises. And we're helping them through providing capital. And ultimately, these grow up to be very large companies that drive a lot of economic growth. All right. So is the play here that you acquire these companies and you just put new management in? Do you infuse AI? You didn't answer that the first time.

34:49What's the what's the basically the the upside to this? Because generally these are businesses that work in regions. They're not really kind of difficult to scale on a national level. You, former Goldman Sachs, co-head of asset management, it seems like you're looking for some big plays out here, right? Yeah. I mean, look, ultimately, we want to help these companies grow and scale. And so through the many financial sponsors that we work with, they bring them into the portfolios. They're generally founder-run companies at the start. And we have so many ways we can work with them to help them add value across their portfolio.

35:23We can obviously provide advice and services to how they scale their business. We can help them with capital in terms of scaling their business. You made the point about technology. We think there's massive opportunities to really leverage technology, to leverage AI, to help scale these businesses. We can professionalize their operating infrastructure, and we work with them on that. And when you put that all together, we turn them into really, really effective growth engines. And then you can obviously merge them together and create that global scale, that global infrastructure. And that's what we're working with them on.

35:56So, Luke, when you look at you just touched on it, when you look at A.I. and you look at technology as a whole to blanket over these, quote unquote, old world companies, that's got to be the low hanging fruit. Right. We're all talking about the rotation out of out of the new shiny things to the old things that are bettering themselves. Caterpillar is considered an AI company now. So what's the profile of the company that has the easiest adoption of the technology that really ramps efficiencies? Yeah, well, generally, to your point, these are founder led companies at the start. And oftentimes they've put little to no emphasis on technology.

36:35We can help them integrate technology into their business processes. We can help them use technology around customer acquisition and customer insight. That's a really important part of it. We can help them use technology to drive efficiencies in their supply chain and in many other places. And I would say those are really some of the low-hanging fruit that we can help the founder, leader, entrepreneurs that have founded these enterprises scale those businesses to the next level. It's really leveraging technology across almost the complexity and totality of the value chain. Luke, great to have you here.

37:09Thank you very much. Great to be with you. I want to come over to you. Just your take on the idea that the quote-unquote old economy, and by the way, Luke said it never went anywhere. It's always been there, and a lot of innovations happen in there. That's where the opportunities are going forward. Yeah, I agree with that. I think that's kind of what we've been talking about this whole show is you're seeing this rotation. I don't think AI is at its end, but I do think you want to start to look to these other areas. And I do think where everybody's questioning, okay, if AI is going down, markets are going down, what does that mean for the overall economy?

37:34We even saw it today, like consumer sentiment numbers came out. And even though consumer sentiment has been pretty low, the consumer has been holding up really strong. And I think we can't forget that the consumer is really the backbone of the U.S. economy. And a lot of those do go into these kind of old economy stocks here. And I think that's why these probably will continue to hold up based on all of the data that we're seeing. Yeah. Mike, I want to come over to you. Luke was talking about manufacturing. If you look at the ISM, it's been an expansion for five straight months, given a lot of bullish signs when it comes to the manufacturing sector.

38:01Yeah, and that actually brings up a really interesting point, too, because Steve was just mentioning Caterpillar as one of the industrials that sort of become part of the AI trade. And if you look at the industrials more broadly, you're going to see a bunch of those stocks that have really crushed it over the course of the last 12 to 18 months. And I think the way to play it would actually be to take a look at that sector more broadly, call out the ones that have already essentially won on that trade. And essentially, I think the barbell is to get long the ones that have not performed as well in that space.

38:30Banking on the idea that these are companies that are ultimately going to end up benefiting from the improvements in productivity you can get from the technology once it becomes available without necessarily chasing the trade for those industrials that have already done so. All right, Mike, we got a newsletter on GameStop right now. Kate Rooney joins us with the details on that. Kate. Hey, Frank, so we're just getting an SEC filing from GameStop in it. The company says that it remains focused on advancing this proposed acquisition of eBay. If you remember back in May, GameStop put in a bid to try to acquire eBay for about$55 billion in terms of valuation.

39:09Ryan Cohen, the CEO, has argued that eBay is a turnaround opportunity. They also just put out some quarterly numbers. GameStop says it now expects adjusted EBITDA of more than$600 million for its current fiscal year. That would be up from about$345 million last year. This is according to the AK. They also promised more materials explaining some of the strategic rationale for that eBay deal. eBay, of course, rejected that bid at the time, called it neither credible nor attractive. GameStop nevertheless seems to be saying here that they do plan to continue campaigning to buy eBay. Back over to you, Frank.

39:44Yeah. Really great interview on Squawk Box with Ryan Cohen. I urge everybody to go watch that one. GameStop shows up about 2%. It's a good one. It was a good one. It was a good one. Kay Rooney, Thank you very much. You have a great weekend. All right, coming up, Nike tripped up this year. But can the sneaker giant pivot when results cross the wires next week? Options traders are lacing up ahead of that one when Fast Money returns.

40:09Welcome back to Fast Money. Stocks closing out the week in the red. The Dow with a small loss today, but managing to end this week with a half a percent gain. The S &P and the Nasdaq, however, both on five-day losing streaks, with the Nasdaq down nearly 5 % this week. Just adding all that tech pain, Oracle shares falling another 3 % today. That stock dropping nearly 20 % since Monday and posting its worst weekly performance since all the way back in 2001. Even with a 1.5 % pullback today, the industrial sector is hovering right around its all-time highs, having surged over 17 % this year. And as investors grapple with volatility in tech, our next guest sees big opportunities for so-called old economy companies that are operating in the private market.

40:50Luke Sarsfield. He's the CEO and chairman of Ridge Post Capital. Luke, great to have you here. Thanks so much for having me. Great to be with you. All right. Let's talk about this. These old economy companies, you're looking at logistics, industrial services, things like that. So I want to ask you, where is the opportunity? For first and foremost, these are very fragmented businesses, generally pretty low barrier to entry with the exception of the rail business and very human centric. So how do you scale up? Is there an AI play here? Well, look, that is exactly the opportunity in some ways. And you say it's back.

41:21We don't really think it ever left. This has always been where new enterprises are created. Small and medium-sized enterprises are the kind of growth engine of the economy. You're right. It's across areas like manufacturing, infrastructure, logistics, a lot of new founders building new great franchises. And we're helping them through providing capital. And ultimately, these grow up to be very large companies that drive a lot of economic growth. All right. So is the play here that you acquire these companies and you just put new management in? Do you infuse AI? You didn't answer that the first time.

41:53What's the what's the basically the the upside to this? Because generally these are businesses that work in regions. They're not really kind of difficult to scale on a national level. You former Goldman Sachs, co-head of asset management. It seems like you're looking for some big plays out here, right? Yeah. I mean, look, ultimately, we want to help these companies grow and scale. And so through the many financial sponsors that we work with, they bring them into the portfolios. They're generally founder-run companies at the start. And we have so many ways we can work with them to help them add value across their portfolio.

42:28We can obviously provide advice and services to how they scale their business. We can help them with capital in terms of scaling their business. You made the point about technology. We think there's massive opportunities to really leverage technology, to leverage AI, to help scale these businesses. We can professionalize their operating infrastructure, and we work with them on that. And when you put that all together, we turn them into really, really effective growth engines. And then you can obviously merge them together and create that global scale, that global infrastructure. And that's what we're working with them on.

43:01So, Luke, when you look at you just touched on it, when you look at A.I. and you look at technology as a whole to blanket over these, quote unquote, old world companies, that's got to be the low hanging fruit. Right. We're all talking about the rotation out of out of the new shiny things to the old things that are bettering themselves. Caterpillar is considered an A.I. company now. So what's the profile of the company that has the easiest adoption of the technology that really ramps efficiencies? Yeah, well, generally, to your point, these are founder-led companies at the start. And oftentimes, they've put little to no emphasis on technology.

43:40We can help them integrate technology into their business processes. We can help them use technology around customer acquisition and customer insight. That's a really important part of it. We can help them use technology to drive efficiencies in their supply chain and in many other places. And I would say those are really some of the low-hanging fruit that we can help the founder, leader, entrepreneurs that have founded these enterprises scale those businesses to the next level. It's really leveraging technology across almost the complexity and totality of the value chain. Luke, great to have you here.

44:14Thank you very much. Great to be with you. I want to come over to you. Just your take on the idea that the quote-unquote old economy, and by the way, Luke said it never went anywhere. It's always been there, and a lot of innovations happen in there. That's where the opportunities are going forward. Yeah, I agree with that. I think that's kind of what we've been talking about this whole show is you're seeing this rotation. I don't think AI is at its end, but I do think you want to start to look to these other areas. And I do think where everybody's questioning, OK, if AI is going down, markets are going down, what does that mean for the overall economy?

44:39We even saw today like consumer sentiment numbers came out. And even though consumer sentiment has been pretty low, the consumer has been holding up really strong. And I think we can't forget that the consumer is really the backbone of the U.S. economy. And a lot of those do go into these kind of old economy stocks here. And I think that's why these probably will continue to hold up based on all of the data that we're seeing. Yeah. Mike, I want to come over to you. Luke was talking about manufacturing. If you look at the ISM, it's been an expansion for five straight months, given a lot of bullish signs when it comes to the manufacturing sector.

45:06Yeah. And that actually brings up a really interesting point, too, because Steve was just mentioning Caterpillar as one of the industrials has sort of become part of the AI trade. And if you look at the industrials more broadly, you're going to see a bunch of those stocks that have really crushed it over the course of the last 12 to 18 months. And I think the way to play it would actually be to take a look at that sector more broadly, call out the ones that have already essentially won on that trade. And essentially, I think the barbell is to get along the ones that have not performed as well in that space.

45:35Banking on the idea that these are companies that are ultimately going to end up benefiting from the improvements in productivity you can get from the technology once it becomes available without necessarily chasing the trade for those industrials that have already done so. All right, Mike. We've got a newsletter on GameStop right now. Kate Rooney joins us with the details on that. Kate. Hey, Frank. So we're just getting an SEC filing from GameStop in it. The company says that it remains focused on advancing this proposed acquisition of eBay. If you remember back in May, GameStop put in a bid to try to acquire eBay for about$55 billion in terms of valuation.

46:14Ryan Cohen, the CEO, has argued that eBay is a turnaround opportunity. They also just put out some quarterly numbers. GameStop says it now expects adjusted EBITDA of more than$600 million for its current fiscal year. That would be up from about$345 million last year. This is according to the AK. They also promised more materials explaining some of the strategic rationale for that eBay deal. eBay, of course, rejected that bid at the time, called it neither credible nor attractive. of GameStop, nevertheless, seems to be saying here that they do plan to continue campaigning to buy eBay. Back over to you, Frank.

46:48Yeah. Really great interview on Squawk Box with Ryan Cohen. I urge everybody to go watch that one. GameStop shows up about 2%. Look it up if you haven't seen it. It's a good one. It was a good one. It was a good one. Kay Rooney, thank you very much. You have a good one again. All right, coming up, Nike tripped up this year. Can the sneaker giant pivot when results cross the wires next week? How options traders are lacing up ahead of that one when Fast Money returns?

47:14Welcome back to Fast Money. It's been really a rough run for Nike shares so far this year. The sneaker giant falling 36 percent, now trading at its lowest level since back in 2014. And options traders are lacing up for some big moves when results cross the wires on Tuesday. Mike Coe, what are you seeing? So right now, the options market is implying a move of about 8.5 percent after they report earnings, and that is substantially higher than the long-term average of about 6.6%. That goes back more than a decade. But the reason prices are elevated is because the more recent moves over the last eight quarters have been much, much sharper, more than 10 % on average over the last eight reported quarters.

47:53You know, the good news, I suppose, is that we are starting to see the relationship between call and puts skew increasingly towards the calls. We did see a number of the weekly 45 calls for next week trading. So some people are speculating to the upside, but we also saw a big one by two put spread, 40-30. So there are some that think that there could be a little bit more downside potentially. Yeah. So potential for some outsized moves, implied moves you just talked about, 8.5%, long-term average 6.6%, and the recent over 10%. Courtney, I want to come over to you. What do you think about just the volatility in Nike?

48:29It's It's been down big this year. A lot of questions about its ability to innovate, really. Yeah, I think the question is when does the turnaround actually happen? I think the fact that you're bringing a new CEO is hopefully helpful. But I think they're really looking at fourth quarter sales are expected to go down 2 % to 4%. And a lot of that is because of China. It's not even just the U.S. We were talking about, you know, on the break here, they don't have the same kind of celebrity endorsements they used to. They have a lot more competition they used to. The prices are, I mean, significantly lower than where they happened.

48:55So if you want to buy it purely on the fact that at some point, if a turnaround is going to happen, you're getting it a good price here, maybe. But I don't think we're quite at that inflection point yet is what I would guess here. North America has been increasing, but China has been decreasing, to Courtney's point. They don't have the caliber of an athlete. There's only one Michael Jordan. They haven't been boosted by a like Michael Jordan athlete because none exist currently. And then you have a lot of private companies that are stealing market share from them. a lot of sneaker companies that can just tweet something out or Instagram something out, post something out and get the same effect that Nike has been monopolizing the market for the last 20, 30 years.

49:36Do you own any Jordans? Do you own a pair? Just collectibles. But no, I'm not walking around in Jordans. I don't have any. I have quite the collection. I'll tweet out a picture. You know who does? Dan Ives. Dan Ives. Tim, I want to come over to you. Do you own any Jordans? You got any pairs? My 12-year-old has a lot of Jordans, so I'll just leave it at that. There's no reason for me to weigh in there. I'll weigh in on Nike, and I'll say I think the biggest issue for me is that the entire space, the athleisure and the athletic footwear is heavy. I think it's oversaturated. I own some Nike. I don't own a ton.

50:10I think you can build here, but I agree with the panel here. I'm not sure we've hit the bottom, but this is the leader. This is the leader of the pack, and yes, they've had some sheer erosion, but they are still topped off. Yeah, looking at Nike shares closed down about a third of a percent today. All right, coming up, a big week of volatility. The charts our traders are watching as markets look to close out a wild first half of this year. More fast coming up in two.

50:40Welcome back to Fast Money. It was a big week for the market. We wanted to ask our traders what their standout chart of the week was. Tim, we're going to kick it off with you. Well, just Delta Airlines, because we've been talking about transports and industrials. And this is, to me, one of the great ones that has had a very challenging last two years, despite the fact that Delta Airlines has outperformed the S &P by almost 35 percent over the last couple of years and by 20 percent over the last three years in a tech world. There's Delta. But the argument I have is that this is a company that was really starting to show margin growth and the resilience of their demand model across multiple cabins and different price points, and then was derailed by Liberation Day.

51:20Went down almost a 50 percent drawdown, started to get its mojo back going into the war trade. Since oil has come back, and in fact, you can make an argument, Delta rallied even before that. This is a margin story. This is a multiple re-rating story. This is best in class. Mike. Semiconductors, I don't know how you can take your eyes off of them. Obviously, a terrible chart this week, but a great one this year. The part that you may not know is that implied volatility, that's the price of options, has nearly doubled since the beginning of the year. So if you're in some of these names, and a lot of you are, I would seriously consider taking advantage of that elevated implied volatility and look to start selling some covered calls or call spreads against the names in this space.

52:01Courtney. The home builders here, actually on the week we had, this was a sector that was up about 4.6 % by the close of the day today. And I think this is actually really indicative of A, the rotation that we're seeing and people going to other places. But the big thing is, is this is really interest rate sensitive. And the fact that we're finally seeing oil prices come down, inflation expectations are coming down, it's really indicative that people are looking a little longer term here and that that is directly beneficial to things like your homebuilders. And I think this is something that's probably going to start to stick here.

52:28So I think you want to take a look at it. Grasso, where is the bottom in crypto? Mine is Ethereum. That's the chart of the week. And every time you try to pick a spot where you should have some stability, it always breaks through. People look at the ratio between Bitcoin and ETH being at a low. That should add some stability to it. 180 billion in stable coins settling on Ethereum. That's the infrastructure. So all the stable coins, all of crypto trades on the infrastructure of Ethereum. In theory, that should keep it up. And that hasn't worked either. So it's really just a I don't want to say it's hope, but the hodlers that just held it no matter what don't seem to be here anymore.

53:11And there's SpaceX to worry about. The dollar has been rallying. So if I asked you, and you're not a crypto guy, I don't think, but if I asked you, you could probably give me three reasons why crypto is selling off. It only needs one reason to rally and we haven't found that one reason yet. I think we're still looking. All right, coming up next, your final trade. Stay with us.

53:36All right, here it is. Time for Final Trades. Tim, you're up first. Frank, thanks for joining us this afternoon. Thank you. GM, another great big industrial old school company that I think is re-rating long time holding. Mike. Yeah, XLV, this 160 level is kind of a critical one, but I continue to like it. Courtney. Merck and the pharmaceutical space, they're filling up their pipelines with some deals here, and I think it's something to take a look at. Hot trade right now. Steve Grasso, you got the last word. You know what I love about you? I feel like you really had a good time. I did. Great time.

54:06And it comes out. It comes out. You know what I'm going to be watching? SpaceX. I want to see how these index ads really affect me. All right. We'll have to wait and see. Thank you so much for watching Fast Money. Mad Money. It starts right now.

54:24All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, internet, or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.

54:51To view the full Fast Money Disclaimer, please visit cnbc.com forward slash Fast Money Disclaimer. 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.