Nvidia Reports Results… And Stocks Bounce Back As Rate Surge Cools Off 5/20/26

17:52Karen Finerman:names, it really is the cheapest. So, Chris, then what do you do? What do you do with the valuation and certainly the upside on China, especially as we just discussed, not really in these numbers? There seems to be a fog that might be lifting somewhat, at least in a part of their business, that could be significant. And at least those are the headlines last week. What does China do to your multiple? It does very little, only because AMD has already gone through this. They were able to ship again to China last quarter. It seemed to be a one and done. And we would expect something similar, perhaps, for NVIDIA as well.

18:31I know there's some confusion as to why they're not shipping. We have heard that it's not necessarily a CCP ban, but rather a provincial ban on NVIDIA GPUs that might be playing in here. But we would think it would probably be something like a one and done or a small contributor, perhaps, to upside moving forward. Chris, how should we think about margins? You just mentioned it, you know, fiscal 25, there were 75 percent ish and they saw a downtick to 71 and a half percent fiscal 26. Now they just put up a 75 percent number. That's basically the expectation for the balance of the year. What would be some of the things that would put pressure on it?

19:11And would that be something that you'd start to rethink that 275 price target if you did start to see more competition leading to pressure? Yeah, that's it's a great question. I think memory prices, as they continue to climb here, NVIDIA is going to have a hard time essentially quadrupling the prices that they're getting for that memory and passing that along. So we would expect, as memory prices continue to climb, and it's a large part of the bill of materials on these GPUs, we would expect gross margin, as NVIDIA does not make memory, we would expect their gross margins to decline on those memory price increases.

19:57I don't know how investors are going to react to this. I think they'll probably look through it. The gross profit dollars still should continue to climb for NVIDIA, but gross margins could, in fact, come down over time.

20:12Tim Seymour:We're seeing some commentary across the wires, Chris, from the CFO about Vera Rubin, saying that the Vera CPU opens a new$200 billion markets. They are expecting$20 billion in CPU revenues this year. They are on track to start production shipments of Rubin in the second half of the year. Is that all on track for you? It is. I think we've talked about this before, Melissa, with ARM holdings, for example. We are in a CPU renaissance right now with Gentic AI. The only issue for NVIDIA is they're going to want that 75 % gross margin on their CPUs. Guys like ARM are actually going to have a chip out with probably 40 % gross margin on their own chips.

21:00I think people, if they're really just looking to do agentic AI on a CPU, they might favor ARM their own chips as opposed to NVIDIA. But this is a new opportunity for them for sure.

21:14Tim Seymour:All right. So basically, they would choose on price. They would choose on price. There's not a huge difference in performance, in our opinion. All right. That would be a headwind. Chris, thank you. Keep us posting all the details as they come from the call. Chris Rowland of Susquehanna. That is a good point. We are seeing the stock down by a little bit more than a percent at this point. Well, what you speak to is the inevitable competition that's going to come and what it does to margins and prices, which all makes sense, which is something, by the way, I thought was going to happen a long time ago.

21:44It has not yet. Now, maybe this is a glimpse of what the future holds. But again, he just said it. Mark is probably going to look through a lot of this stuff right now.

21:52Tim Seymour:All right. Coming up, the real read from retail. What we are hearing out of Target and TJX in the latest earnings reports. What to expect from Walmart tomorrow. Plus, drop oil prices. The drop in oil prices, fueling the travel trade. All the stocks taking flight. And weather, it's all smooth skies and calm seas ahead. For the group, do not go anywhere. Fast Money is back in two.

22:14Karen Finerman:At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. that's unstoppable energy I want to grow the game of soccer and give every kid the chance to play what would you like the power to do Bank of America champion street soccer advocate Kyle Martino and is proud to be the official bank of US soccer and FIFA World Cup 2026 Bank of America and A member FDIC a text says you're on my mind a bouquet from 1-800-Flowers says you're my everything heartfelt moments belong in the real world not just your phone For 50 years, 1-800-Flowers has helped millions of people make memories that'll last a lifetime, with gifts they'll cherish forever.

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23:32Tim Seymour:Welcome back to Fast Money 2, retail heavyweights moving in different directions after earnings this morning. Target, beating top and bottom line expectations, raising its full year sales outlook. Same-store sales jumped 5.6 percent, the first positive number in five quarters. Still, shares were down almost 4 percent. TGX, meantime, jumping over 5 percent after reporting better than expected earnings for its Q1. Management saying the buying environment for quality branded merchandising remains outstanding. Those shares are having its best day since 2024. All of this, of course, ahead of Walmart's report tomorrow morning.

24:04Tim Seymour:Those shares hit our record yesterday, but we're down 2.5 % today. I mean, part of why Target turned around was a commentary from the CEO saying, you know, they're not going to have the tailwind of the tax refunds anymore. It's going to be a little bit more of a difficult environment. Yeah, which I think we all expect. I think that's reasonable. The valuation suggests that maybe that's going to create a little bit of a headwind, but Walmart's a tech company. And I think that's why they're given the valuation that they're given. I expect great things out of Walmart. Maybe it's run too much in earnings.

24:33We just made a new all-time high. But as we've said many times on this show, you don't run away. I'll say this quickly. Good for Target. I've been a hater for a while. It's right about 50 % off the recent lows, which is extraordinary. But they finally got their inventories in line. Just look at that inventory number against sales. So at least they're finally doing something right.

24:50Tim Seymour:It does seem like there is traction to this turnaround story at this point.

24:54Karen Finerman:There's no question, especially on the merchandise front. And also just some big changes in the ranks. A lot of people thought this was going to be more of a status quo continuation. In fact, there's been some aggressive shakeup in the C-suite. I think the market likes it. I was surprised at this. I'm buying weakness. But, of course, this is the T and Timbo.

25:12Tim Seymour:Yeah. Yeah, of course it is. Everybody knows that. Except Tim, who, I mean, last week forgot what the T and Timbo was. Did you really forget? No, I thought you didn't know what the I was or something like that. I'm not sure what the I is either. Intel, maybe? No, it's iDevo, my ETF.

25:28Karen Finerman:But it's the B. I didn't remember. Oh, that's right.

25:32Tim Seymour:No one else did either. Micah, where do you go in retail? Yeah, I mean, it was interesting. So both Target and TJX saw very heavy options volume on the back of those two respective reports and kind of consistent with the stock price action. TJX did see its bullish bets outpacing its bearish ones by about 20%. But interestingly, in Target's case, some of the bigger prints that I saw were some sales of some downside puts. So is that a hugely bullish bet? No, but what it is doing is drawing a line in the sand and saying, you know what, I think this thing has been beaten up enough, and people are looking to start dipping their toe in the water.

26:07Yeah, talk about beaten up enough. Look at Nike. I mean, this thing had a day today for really no good reason. Obviously, a lot of retail stocks or apparel names did rally today, and this is one where, you know, Tim just mentioned turnarounds. I mean, this could be in the very early stages, or not just because the stock was up today, but looks a bit washed out. Maybe it gets a little tailwind into the World Cup that's coming next month. So again, Nike looks It's pretty washed out. You can't wait for the World Cup. Can't wait. Are you kidding me? Riveted. Who's your favorite team? Ecuador. The Cosmos?

26:35Tim Seymour:Did you just blurt out a random country? Of course I did. I don't even know if they're in it, but they should be. Miles is so disappointed that Italy didn't make it. Italy, it's a joke. How is Italy not in the freaking World Cup? There's a lot more fast money to come. Here's what's coming up next.

26:49Karen Finerman:Oil prices pulling back today. Why, that could mean it's time to pack your bags. The moves across the travel trade that are catching our eyes today. Plus, stocks rallying as the interest rate rally cools, why yields are retreating, and what the latest Fed Minutes tell us about the central bank's next move. You're watching Fast Money, live from the NASDAQ market site in Times Square. We're back right after this.

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28:11Karen Finerman:So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

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28:51Tim Seymour:Bank of America and a member FDSP. Welcome back to Fast Money. WTAG crew dropping after President Trump's suggestion that the Iran war will end very quickly. That move giving travel stocks a pop. Cruise lines, Airbnb, be online booking sites all ending the day in the green. Take a look at the airlines. Delta having its best day since last July. United, American, JetBlue, Southwest also seeing outsized gains. I mean, it feels like oil down, these stocks up. It's very reactive at this point.

29:19Karen Finerman:Very reactive. But the re-rating that's been slowly going on in the airline sector is something that I believe is a trend. And I believe we're getting the kind of numbers out of these folks, but United and Delta specifically. I don't think you are going to see oil prices necessarily down tomorrow. You might. But the point is, we're still in an environment where this is a trade. Airlines have historically been some of the greatest trading stocks, except for I think you're supposed to own Delta for the long term. OAH made a multi-year high today, closed on change. But the fact that it hangs in there in the wake of oil going lower today speaks at least tells me that the oil trade is far from over.

29:56We've been saying that for a while.

29:57Tim Seymour:Yeah. Mike. Yeah, I think the oil trade has a ways to go. There's just too much slack that was taken up out of the logistics, out of the supply chain for oil as a result of the, you know, constrictions that we've seen in the straight. And it's going to take a while for that to rebound. One thing that did surprise me a little bit on the airline trade was that Delta had been given the benefit of the doubt because, of course, they own the refinery that they bought back in 2012 from Phillips 66. And so they were better positioned to accommodate higher oil prices. and more importantly, a wider crack spread.

30:30And yet they were the second best performing airline today. I'm kind of surprised that some of the more beaten up names didn't catch a better bid in, say, for example, the Jets ETF.

30:40Tim Seymour:What would you rather be in at this point, oil itself, the commodity or oil equities?

30:47Karen Finerman:Oil equities. And a guy's point on the outperformance of the OIH to the XLE today was notable. I mean, this is a day when it was a negative oil story. But the re-rating going on, and I'm happy to just be long SLB because I think that's 60 percent of the OIH. And certainly look at the long-term chart on that. Look back where we were in 2015 and 16 and look at the earnings power of this company and the operational levers they have at a time when people are going to be drilling everywhere. So I think you stay long there. Love the way you slid that would you rather in there. Unfortunately, I have to agree with Tim on this one.

31:20Why unfortunately? Because sometimes it's better television if I said, you know what, Tim is wrong. No, no, but it's always about what you actually feel. It's not about playing for the audience. But we don't do that here. We don't do that here.

31:32Karen Finerman:They do that on other shows. I agree with Tim. Okay.

31:35Tim Seymour:Coming up, stocks jump and rates drop. What is behind today's pullback and yields? What we heard out of the Fed minutes that may shine some light on the central bank's next move. A top market strategist will join us next to help break it all down. Fast Money is back in two.

31:49Karen Finerman:Missed a moment of fast? Catch us anytime on the go. Follow the Fast Money Podcast. We're back right after this.

32:01Tim Seymour:Welcome back to Fast Money. Stocks are rallying as both rates and oil prices pull back. The Dow jumping 645 points. The S &P 500 up 1%. The Nasdaq leading the gains, climbing more than 1.5%. Benchmark 10-year yield back below 4.6%. WTI crude falling nearly 6%, settling below$100 for the first time since May 11th. And some more after hours action shares of Elf Beauty higher after topping earnings and revenue estimates. The company also saying it will walk back some tariff price increases amid high gas prices and consumers are, quote, suffering. And tax software maker Intuit dropping after missing revenue expectations.

32:37Tim Seymour:The company also planning to cut its workforce by about 17 percent as it deals with slower growth. By the way, don't miss Jim Cramer's exclusive interview with the CEO of Intuit. That is tonight on Mad Money, top of the hour. Let's get some more on the move in rates now with Mike Schumacher, head of macro strategy at Wells Fargo Securities. Mike, it's always good to see you. Great to be here. It seemed like 4.68 percent. That was like a cap. Do you think we're going to stay within a range that is below that?

33:05Karen Finerman:Honestly, it's all about oil. You look at the move, not so much yesterday, but today. Today was clearly an oil move. There's no doubt about it. Yesterday was really a global, I'd say, case of indigestion for bonds, UK, US, Japan, you name it. But today, things tracked oil really well. Basic rule of thumb is if oil moves 1%, bond yields move about a basis point, something like that. Pretty simple. It's been reliable. Michael, we mentioned and Guy's been particularly worked up about Japan and JGB yields. But, you know, last week was, to me, a seminal week for the BOJ. And it seems like I coined it.

33:38Karen Finerman:It was their 2021 Fed moment when it was obvious how far behind the curve they are. Do you believe that? And do you believe that independent of your view on treasuries, JGB yields will trade on their own? And is that OK? They're in a tough spot. I think they probably sort of want to hike, but they're not terribly comfortable. And they are clearly behind, in my opinion. So I suspect they'll get off the dime fairly soon. But right now, questionable. You saw the Besson Ueda back and forth. And Besson didn't really radiate confidence either. So I think the BOJ is in a tough spot right now. Mike, you mentioned oil being a catalyst.

34:12I agree. I think that's part of it. But global debt now, everybody seems to be talking about. That's the other side of this. And that's not going away anytime soon. So I know you're not discounting it, but the importance vis-a-vis oil.

34:22Karen Finerman:No, it's a good point, Guy. You think about the feedback loop, right? We've got all this military spending going on. You've got countries like the U.S. seriously indebted, others that are going to spend a lot more. And when you think about the price of 10-year Treasury issuance effectively going up, up, up, or 20-year, not today, but generally, that's a problem. So that can kind of feed on itself after a while. So I think that's a good point to raise also. So, Michael, is there any focus in the investment grade space where we see, you know, a lot of the AI infrastructure? It's increasingly more debt.

34:50It's increasingly kind of these interesting sort of structures here. And I'm just curious, like how you think about that, because there's a lot of debt that needs to be rolled over just both sovereign and corporate debt.

34:59Karen Finerman:I think it's a huge point. And you think about when the year began, I would say people generally believe there'd be a lot of issuance, but not this volume. And we could make the case, hey, they're all high quality issuers, really. So it's pretty fungible if you think about government debt. There's a limited universe of buyers. I think that's really starting to wait. And you've got hyperscalers going to market after market. It's not all USD. It's global. So in my view, this is a trend that's going to be in place for probably another six to 12 months. And it's just out there weighing, especially on long-term debt.

35:28Karen Finerman:Not two or three year, but 10, 20, 30 year, that sort of thing. Can I follow up for a sec? So you saw that Google deal. So they're selling debt in Switzerland and francs and here and there and everywhere they can do. What does that mean to you? Like we've seen this before, but not in a while. I think you want to tap every investor base you can tap when you've got to do just massive issuance. So if there are some investors who say, yeah, I've got a big preference for Swiss francs or for euros or what have you, why not hit those currencies? And if you're Google, you can always swap back if you want.

36:00Karen Finerman:But some investors simply will not go overseas. So why not bring it to them?

36:05Tim Seymour:You said oil is the driver to a lot of things, maybe everything in the markets. Do you think equity investors are underpricing the risk that oil remains higher for longer? I do.

36:17Karen Finerman:And I think the issue here is that let's say there were all these stories going back and forth about potentially a deal between Iran and the U.S. And we've all heard this about a dozen times. But if something were to kick in overnight, how quickly would this trade reopen? probably a month or two or three. And then you've got a lot of legs in the system after that. So I'm going to guess you've got probably four or five months until inflation looks relatively tolerable, even if things start to go well pretty quickly. That's a long time. That's a lot of inflation. It's a lot of market upset. If equity investors or anybody else want help from the central banks, well, they're not going to get it.

36:52Karen Finerman:So if you're counting on a FedEase, you can kind of forget about that in that particular environment. Yes, I think it's underpriced.

36:59Tim Seymour:But I mean, I'm just you know, every single person who's bullish on the markets, which is a lot of people out there right now, that seems to be the consensus view is that the earnings growth is there. And so therefore, you stay long the markets and it doesn't matter what the rest of the world does. The earnings growth is there. How do you how do you reconcile that notion that we're underpricing the risk of higher oil and yet the earnings growth is there? And so you want to be with the market.

37:20Karen Finerman:Yeah, the earnings growth has been amazing. And last quarter was terrific. No question about it. But still, you've got to think about it in broad terms and say, all right, I get a lot of people stay in kind of an equity bunker. Maybe don't look at bonds that much. But still, at some point, there has to be a cross-market evaluation. And if rates go up, up, up, and if inflation sticks, that can't be a positive. So is it today? Maybe not. But can that weigh in the equity market? I think it probably could. So I do think this risk is underpriced out there.

37:47Tim Seymour:Michael, great to see you, as always. Michael Schumacher. What do you think? I think his points are great. I also think rates are going higher because I don't think the energy trade is over. I think it's going to vacillate. And I think once the – listen, there's no coincidence that yields trade at 4.6.8 and the administration all of a sudden were people talking about this ceasefire or peace plan. I mean, that seems to be sort of de rigueur, as the French say. But at a certain point, the markets look past that, and I think rates go higher from here.

38:12Karen Finerman:Yeah, look, it's been a tough year if you've been a bond investor. And it's been a tough year on a couple different fronts, even though the spreads, for the most part, are still very tight and near where they were. I think this is a great opportunity for people to be looking at prefs, especially in some places that you get some spread widening, especially when you have this kind of interest rate volatility. I realize that's somewhat deep end of the pool, but there's some really interesting opportunities where you're looking 7%, 8%, 9%. And this is a great time to start looking.

38:35Tim Seymour:We've got some more from the SpaceX filing. Let's get to Leslie Picker for that. Les. Hey, Mel. Yeah, we've come across some really interesting structuring of the lockup. The way that they have structured it basically has kind of a drip drip. Rather than subjecting everybody to 180 day lockup period, which is common in IPOs, they have a bunch of conditions. Basically, they say kind of the second full trading day on NASDAQ immediately following the public release of our quarterly financial results. Up to 20 percent of the early release eligible shares may be transferred. And then they say that if the stock that's listed on the NASDAQ is at least 30 percent greater than the public offering price, then they release an additional 10 percent.

39:15So there are a bunch of kind of conditions like that based on the earnings date and the stock price on those dates. And they allow for additional shares to be sold as opposed to waiting the 180 days. Now, what I think this accomplishes, just kind of reading through the tea leaves here, is in order to, when you wait the 180 days, you often have this cliff where people will go into it. They'll short the stock. They'll expect there to be some pressure on supply. And the stock price will go down all at once in anticipation of that day. What this is doing is kind of creating more of a, you know, a stair-like approach where you're kind of allowing for various lockups in the interim there and not just doing it all at one time.

39:55Now, why this is important is because, as we've been reporting and as our Christina Parts Nevelis has been out front on, is the Nasdaq has been changing rules to allow some of these mega IPOs to be included in the indexes on a faster basis. But you need to have a bigger float to do that. So if you are listing a smaller float, but you have a more generous lockup policy than is typical, you can achieve that float on a quicker basis to have a bigger weighting in the index if you're ultimately included.

40:27Tim Seymour:I apologize if I missed it, Leslie, but there's also it sounded like there is also a component of the stock has to trade up a certain amount in order for that additional. So they want to make sure the stock is up on steady footing, basically, before they release some more shares. Exactly. So it says at least 30 percent greater than the IPO price, the ultimate IPO price. If that is the case, they will release an additional 10 percent of early release eligible shares. And they do say this is important that our founder, Elon Musk, is not party to any of the early release provisions during the extended lockup period.

41:01So presumably if he were to sell and he has about 12.3 percent stake in this company, I believe, he would have to wait until that 180 days if he wanted to sell any stock. All right.

41:13Tim Seymour:Leslie, thank you. Leslie Picker. That's an interesting way of. He's not selling. He said that he's not selling. And, you know, if you go back to Tesla, I think the first 10 offerings they did and they did a lot of offerings, whether it was equity, whether it's converts. This is going back after their IPO in 2010. He actually participated buying on them. Right. So he's not going to like I just don't think the little kitty is going to matter much to him. I think he thinks this is going to be the first 10 trillion dollar market cap company. But in terms of changing the way the lockup is real, I mean, that's novel.

41:41Karen Finerman:It's novel. There's a lot of structure and optionality in it. I'll just say that if you're talking about four to five percent of the company's market cap and free float, it's still going to be tiny. And I think perversely, that actually might really help how the shares trade. Yeah.

41:56Tim Seymour:Michael, I'm just wondering, you know, if it is put into the NASDAQ 100 or another index, presumably people have to buy and they'll have to sell something else. So how do you view this sort of ATM effect and what will be, you know, ATM'd? Well, one of the things that's going to be ATM'd is what Dan was talking about at the outset of the show, which was that, you know, presumably a lot of the people that are investing in SpaceX are investing in Elon. And a lot of those people are already invested in Elon because they're invested in Tesla. So it's kind of hard to see why some money wouldn't come out of Tesla and into SpaceX.

42:31So I think that's probably the register is going to get it wrong anywhere. That might be one of the first places I think that's that you're going to see it.

42:38Tim Seymour:Unless you think SpaceX is going to buy Tesla. I mean, that's what Dan Ives just he just put out a report on SpaceX and he said he thinks that it's that's going to happen. That combining SpaceX with Tesla is in the cards. It's been out there. I don't know what the prime mean. I don't know if they do it at existing price or if there's a premium. But I think a lot of people are hoping that that's some sort of exit ramp. And at Dan's point, it creates one of the first, if not$7 trillion,$10 trillion companies. So that's been out there for a while. Coming up, Amazon Executive Chairman Jeff Bezos weighing in on a number of topics in a wide-ranging interview with CNBC this morning.

43:11Tim Seymour:What he had to say about AI's role in the labor market, the details when Fast Money returns.

43:20Karen Finerman:I think there's so many people who are afraid that AI is going to take their job. I think that there's going to be a labor shortage as a result. A lot of people who have two earner income households, one of the people is going to drop out of the workforce. That's why we're going to have a labor shortage. Because of the productivity gains, you're going to be able to afford things. We're going to have, I predict, we'll actually have deflation.

43:49Tim Seymour:That was Jeff Bezos in conversation with our own Andrew Ross Sorkin earlier today on Squawk Box. The Amazon founder saying AI-driven productivity gains could actually drive down prices and create a shortage of workers. He also waved off concerns over an AI bubble, saying heavy investment will ultimately drive the technology's long-term advancement. Maybe now we're just in a sort of transition period where we're seeing job losses or maybe it's AI washing.

44:16Karen Finerman:So let me connect the dots for me on greater productivity leads to a labor shortage and how deflation leads to a labor shortage. I don't really understand that. Seriously. Well, I think you're saying people are going to drop out of the market. Out of the workforce. Out of the workforce. Excuse me. I mean. So technically the pool, the denominator becomes smaller. But why? Why? I mean, because they can't get a job. This is all like sci-fi stuff. Nobody does. They drop out because they can't get a job. Guy, what are you going to do?

44:45Tim Seymour:Why are you yelling at me? He's going to own a robot who's going to go to work for him. Yeah, it's about time. We have like an agent sitting right here. We had a whole conversation. I'll save the vernacular about all this. No, I mean, I'm just saying it's a family show. All right, well, coming up, what we're hearing out of NVIDIA's conference call when Fast Money returns.

45:09Tim Seymour:Getting some more details out of NVIDIA's conference call, let's get back to Christina Parts Nevelis. Christina. Well, NVIDIA's CFO started by saying, I've called it Crest, saying H100 rental prices, these are the Hopper GPUs, are up 20 % year to date, and the A100 cloud pricing is up nearly 15%. That particular chip, the A100, is about six years old. On the China front, we know the U.S. government has approved licenses to ship Hopper chips to Chinese customers, but the company saying they remain uncertain whether those imports will actually be allowed. So that overhang is still an overhang. CEO Jensen Wong making the case that NVIDIA should be growing faster than hyperscaler CapEx, arguing that without compute, there are no revenues and no profits.

45:49And on the next generation Vera Rubin chip, Jensen Wong says every frontier model company plans to adopt it from day one, something he says was not the case with Blackwell, calling in a sign that Vera Rubin will be even more successful than the previous generation. The CEO also betting that there will be supply constraint throughout the entire life of Vera Rubin. Why is that? He's saying that there's going to be billions of agents out there that are all going to need their chips. So very bullish,

46:18Tim Seymour:especially around CPUs. All right, Christina, thank you. Christina Parts Nevelis. I'll go back to what Chris Rollin told us, and that is that ARM makes a very competitive CPU. There isn't much difference between them. And they're going to sacrifice price in order to beat NVIDIA on this front.

46:32Karen Finerman:And they're up 16 % today.

46:34Tim Seymour:Yeah. Mike, how do you sort of see Vera Rubin? Well, I mean, I guess the first thing I would say is that, as they often do, the best solution for high prices, and we've been seeing a lot of high prices based on demand in this entire complex, is high prices. And you start to see competition. The other thing I would say is that this sort of non-move that we're getting, the last earnings was a sell the news event, But then it was an opportunity to buy. I have a feeling this is what this is going to turn into as well. It has outperformed the S &P by double since the last earnings, and it's probably going to turn into a decent buying opportunity.

47:07Tim Seymour:All right. Up next, final trades.

47:15Tim Seymour:We're out of time, so take a look at your final trades. There you have them. Thanks for watching FAST. See you tomorrow. Mad Money. Jim Cramer starts now. All 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.

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48:20Karen Finerman:their OSA. ZetBound is approved as a 2.5, 5, 7.5, 10, 12.5, or 15 milligram injection. ZetBound contains terzepatide and should not be used with other terzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if ZetBound is safe and effective for use in children. Don't share needles or pins or reuse needles. Don't take if allergic to it or if you or someone in your family had medullary thyroid cancer or if you've had multiple endocrine neoplasia syndrome type 2. Tell your doctor if you get a lump or swelling in your neck. Stop ZipBound and call your doctor if you have severe stomach pain or a serious allergic reaction.

48:58Karen Finerman:Severe side effects may include inflamed pancreas or gallbladder problems. Tell your doctor if you experienced vision changes before scheduled procedures with anesthesia, if you're nursing, pregnant, plan to be, or taking birth control pills. Taking ZipBound with a sulfonylurea or insulin may cause low blood sugar. Side effects include nausea, diarrhea, and vomiting, which can cause dehydration and worsen kidney problems. Talk to your doctor. Call 1-800-545-5979 or visit setbound.lily.com.