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Netflix gets some Wall Street love ahead of earnings. And a slew of upgrades in the auto sector if stocks hitting the accelerator. How much higher can they go? We will debate that. I'm Melissa Lee coming to you live from the studio at the Nazzak on the desk tonight. Tim Seymour, Steve Grasso, Dan Nathan and Guy Adami. We kick things off with the massive bounce in big tech and Nvidia notching a 10th straight day in the green tying its longest ever winning streak. It is up nearly 20% in that time. Those gains helping push this SMH semi ETF to an all time high, but it wasn't just chip stocks leading the way. All but one member of the mag seven up today met a jumping more than 4%. Even the long suffering software space up a percent that would did close off its highs of the session. Western Digital, Seagate, Marvell, Lam Research and KLA 10 Corp. KLA Corp, I should say, among the tech stocks hitting records today. So what do these moves tell us about the state of this market? Should we read into this big bounce in tech, Tim? I think you should read into it. And I think it's not just today. I mean, I think semis have been outperforming and leading this market higher, but you're definitely honing in on the outperformance of mega cap tech. And I am talking about at least the mag six. Apple's been kind of quiet. The fact that we're talking about Nvidia up 10 straight days, and we haven't talked about the last nine. I mean, it's amazing what this market is doing. And if you look at the NASDAQ, the fact that we are 13% off that intraday low. And what I think is interesting is there are catalysts and there are drivers to get somewhat excited about these names again. And I realize it's just about maybe the broader news flow. But I mean, the Amazon deal, I'm sure we're going to talk about today, the optionality that I think exists for a number of the mega cap tech plays. I also think that today continues to be about normalizing. So that means weaker dollar. That means copper prices going to near all time highs. We're going to be talking about the mega cap tech plays. We're going to be talking about the mega cap that's going to be coming out in the near all time highs. We're even getting some good news in private credit. So it's taking markets higher. It is pretty remarkable though. When you think of a name like my crown, we were sitting on the desk the night that that guidance came out. I mean, it was remarkable. I mean, the quarter that they put up and then the stock proceeded to sell off 33%. I mean, think about that. And a guy, you're good at math. Yeah, well, apparently not. Well, we need to try it out. We got to so much the numbers. The stock went down 33% from an all time high. And now it's up 50%. I mean, that is some good stuff. I mean, but that is just remarkable. When you think about it, we were talking, I think last night about the V reversal that we had a year ago, right? The S&P dropped 25%. It's one thing for a stock to drop 25% and then rally back. So some of the behavior we're seeing, I mean, to think about a company like this and the results that they have and the stock moving around hundreds of billions of dollars in that sort of period. And here's another thing. When you look at the fateful eight, you know, this was a defensive trade. A lot of folks thought that they're going to come right back to this. And you hear this all the time. If this was just kind of this little pause in a secular bull market and you never have the same leadership as you had the prior time, I think this new market structure, it's really impossible for that not to be the case. So I just think you're seeing money pile in here as we get back towards the prior highs. I do believe though, the market is just on a risk on risk off basis, right? With the war. It's obvious. And just to use Dan's micron example, there was no way I thought it was going to get back to these levels again. And the fact that it got here so quickly is shocking, which makes me want to fade it again. So I think you're going to get a honeymoon stage where they pile back into a large captech and then pile back into quantum and pile back into risk assets. But I do believe you should be prudent and make some sales. I mean, I think that if you ask anybody at the beginning of the war, we'll be back to January highs this quickly. With the conflict still going on, with an oil shock still going on, most people would say no, absolutely not. I would have said no shock. The whole thing is shocking, not just technology. No way. And we talked about it last night, it would have obviously been wrong. That's par for the course. And again, Tim's been, he has not wavered on the semi-trade. And then you look at the SMH, she's right to have not wavered. I guess there's a risk out there in the semis. If there is a risk, it comes into form potentially of the president's trip to China. I guess a month or so from now. And you wonder that, you know, if Taiwan becomes some sort of bargaining chip that's out there, and if something happens between China and Taiwan, I wouldn't take that off the table. I don't think there's a greater than 50% chance, but there is a chance that that happens. Sort of that, it looks like all systems go here. I will say quickly, I think the software trade might be back in play. Michael Burry put out a piece. I think Dan was talking about it. Microsoft in a couple of weeks, as important a quarter as they have had, and I think so much discounted now in terms of the bad news. Anything in line to slightly better. And I think the IGV goes up significantly from here. Yeah. And so guys referring to, and I don't know if we talked about it yesterday, but Michael Burry put on Cassandra and Shane, I think that's his sub-stack. Guy, you have a sub-stack, don't you? Yeah, I have a few. Okay. You got an appointment for that? Everyone's got the sub-stack. Well, you know, you've got the CVS. Whoa. Sony was talking about the reflexivity between equity and software and the debt. And I think a lot of folks were obviously focused on Oracle. And when we saw the five-year CDS just blowing out, getting back towards, you know, financial crisis levels, the stock was at its lowest. The stock has had a great couple of days. It's still, I mean, if you just look at the thing, it still looks like it's down and out. And so I think to Guy's point, you have this big rally off the lows. Well, it gave up a lot of that today. I see a lot of the, you know, red in that sector here. So, you know, it doesn't have to be that semis and the Mazdaq continue to make these kind of high-as-are levels and software has to participate. And that's what we've had over the last few months. We didn't need software to participate for the market to trade well. I think the biggest tailwind for the market is the oil coming off the highs. And I think that's why you might get an extended rally. But I think that's the reason why the market is so frenzied about the highs right now and jumping back into risk assets. We're one headline away from oil going back up. And even if the war ends tomorrow, there are a lot of disruptions. And the oil, our moves is not going to be the same the way it was before in terms of allowing ships transit. It's just not good. It's going to take a long time for that to get back to the way it was, if it ever gets back to the way it was. And our friends in Europe have a different plan for how you're going to monitor that. And I do think that there is a price to be paid, not just literally, but the follow-through on higher oil prices. Having said that, again, you talk about what the market needed to see. And it wasn't just Iran. You know, we had a PPI that said wholesale prices, even with war data, were benign. In fact, if not better. So just reiterating that for markets that now look, this is a V-shape. This is more V than April. In other words, this is almost a symmetrical V. And it's extraordinary. And you had credit help out. You had comments from BlackRock. You had Blue Owl raising some fresh money. I mean, you had all the ingredients on top of the fact that you've got oil there. And now we're in earnings season. And so the cool thing about this is companies, if the street which didn't waver on their EPS targets, I mean, if you actually are getting what they said you're going to get, I think markets are positioned to move higher. That's a terrible setup, though. It's a terrible setup. To be V, be back at the top of the V ahead of earnings season. So where's sentiment here? I mean, I just... I think it turned out a dime. This is a negative V. But I... It's a negative V. I don't even know what that means. Careful. But the one thing I'll say is, like, look what's happened also in the last week, right? So you've had tensions come down. You've had a VIX go into the teens. It probably feels like it's going to be a mid-teenager really soon. You've had yields come in. You've had the dollar come in. I'm not bullish. I agree with you. I think it's a bad setup. But I think to Tim's point, if you can look by the war and some of the disruptions, you can call it kind of transitory, then there's a lot of things going in the stock market's favor. Nothing more... I mean, to me, like the sentiment shakeout, I think, was really important. So you have a lot of tailwinds right now if you could just X out all the impacts of the war. If you can X out... You can make an argument that the VIX at 18 and a quarter, wherever closed today, whatever hedges that were in place with the VIX in the mid-20s have either elapsed or been taken off or people just basically threw in the towel. So VIX here... This is... VIX is lower than when the war starts... Significantly lower than where the war started, which is amazing. Now, people will say, you know what, going into earnings season, like EPS growth for this year is somewhere between 18 and 19%, which again is extraordinary, maybe on the back of productivity, we shall see. But that's in the market now. So any hiccup, I think, to your point, and the VIX at 18 and a quarter, I think, it should not stay here for long. So back when the conflict started, there was a thinking, a narrative that investors sort of held in there in the S&P 500 because they were afraid that they would miss out on that V bottom. Did we just witness the V bottom in anticipation of the worst being behind us in the conflict? I don't know if you can say that. You're on the second round of talks, so you can't say it's behind us. We have to actually see a conclusion, but the markets always look through and ahead. So was that it? Was that it? So I think... I don't think it's a W. I mean, let's get our alphabet back. I mean, this is... It's not a W. So we've seen the worst of the conflict, the worst levels. I don't know, but I can tell you that at least the market digesting where we are right now with the dynamics of oil at $100 or $120, this is what the market looked at. And it quickly took big cap tech down to an inline multiple with the rest of the market, which it hasn't done in years. I mean, you had an opportunity... I'm not saying that I got it right. I'm not saying that people at home should have gotten it right. But if you look at at least where we are now back to, you had a chance to look at the biggest, highest quality companies in the world. And they traded down to inline multiple with the S&P, which came in as well. So there's a lot of bad news that still could be out there. But I continue to think that the upward kind of bottom up call on companies and earnings will be very interesting for the rest of this earnings season. Yeah, you have tax cuts that are taking hold right now. There's a little more money in people's pockets that are compensating for the rise in costs that are around them. You also have midterm elections that are coming up. So there's got to be something on the easing front for the voter, I would think, out of the administration. If we get a true end to the war and to the conflict and the straight opens up, then I think the market really rips higher. All right. Despite this week's bounce, the software ETF IGV is down nearly 25 percent this year amid growing concerns over the impact of AI. Our next guest says 80 percent of VC funding in Q1 went to AI. Let's bring in notable capital, Jeff Richards. Notable is an investor in Anthropoc. Jeff, great to have you with us. Great to be with you. It's a perfect perspective because this afternoon we saw a headline from the information saying that Claude is releasing an AI website design tool and that promptly took down the likes of Adobe and Figma, which had already been down on the fear of AI disruption. So the software rally is only as safe as the next AI headline, basically. What do you make of where we are in terms of processing what the disruption will be? Well, it's obviously been a wild six months. If you wind back the clock six months ago, we were worried about opening eyes, financing, and the risk to Oracle and companies like that or the hyperscaler spending too much money. I think what you saw with the latest version of Claude in Q1 is a pretty magical product. People are consuming it at a record pace. You've seen the derivative of that in private markets with companies like Vercell and FAL and Databricks and others that are experiencing record growth. Their growth actually went up in Q1. They were growing at a very fast clip in 2025 and it went up this year. So we're still early in the days of what all the impacts are this are going to be. And obviously a ton of speculation every time a new announcement comes out as to how that affects an industry. I think we're very long-term investors. We're obviously very bullish on companies like Anthropica and OpenAI. But the reality is the big software companies, particularly in places like cybersecurity like CrowdStrike and Palo Alto, I think have very durable positions. Vertical software looks pretty durable. But people are going to speculate there's going to be a lot of volatility and tell those companies come out with announcements about new products and new innovation on their end that lead you to believe they've got a bright future. Hey, Jeff, a name like Adobe and you just highlighted the fact that Anthropica has just announced a new tool. It's all over them. This could be guided about a month ago to like 10% earnings and sales growth for the rest of the year. And when you look at this, it's an 89% gross margin company. You've been around investing in a lot of different cycles in tech. I'm sure you'd say this is probably the most disruptive you've ever seen. But there has to be some unusual values that have just kind of baby with the bathwater a little bit. Is that kind of what you're thinking? Are you seeing that at all? Well, one of the biggest disruptions to companies like Adobe and seat-based companies like Salesforce and others is a lot of what's happening with AI is it's being sold on a consumption model. So one of the things we like to focus on and ask ourselves as we're making an investment is, is this company in the token path, i.e. as the models get better, does their business model and does their product suite get better? And I think one of the challenges for the legacy software companies is they aren't really in that token path. They're tied to a path that was tied to seats or an annual subscription. And what you're seeing now is the fastest growing in the companies in the private markets are all growing as token consumption goes up. And if we think about where token consumption is in, say, your average Fortune 500 company, it's just getting started. So the reason to believe in a company like Adobe or Salesforce or others will be when they come out with products that have pricing models that are tied to that token path. But until then, it's going to be a challenge. So many of these private companies are growing quickly because they're in the cloud infrastructure space and they are a derivative of what Anthropica and OpenAR are doing. As people consume more tokens, they drive more revenue. And I just don't think you see that with a lot of the legacy software companies. You do see it with the hyper scalars. Clearly Azure, GCP, AWS, they benefit in a big way as more tokens get consumed and more infrastructure gets consumed. But for legacy software, it's still up in the air. So JR, for the publicly traded software companies, has this moved since October been rational or irrational in your opinion? I don't think it's irrational. I think the fear, there's probably some of that is built on the fear of what's going on with geopolitics and just general uncertainty. But as a lot of your guests have talked about today, the economy looks strong. UBS forecast for earnings in Q1 of 17% would be the highest in five years. So from our vantage point, and we do have companies in the consumer sector, we have a company called Quince, which is the fastest growing e-commerce business. They've had record quarters for the last 18 months. So we see a lot of underlying strength, obviously a lot of uncertainty at a global level. And then you just have this, you know, every time Anthropic or OpenAI comes out with a new product, it calls into question some of the durability of the legacy software companies. And one data point I'll share with you is if you take the IGV, the total net new revenue of the IVG composite companies last year was about $60 billion. About half of that went to Microsoft. If you just take the top five to 10 private AI companies, so that's OpenAI, it's Anthropic, it's Databricks, it's Purcell, it's a few others, they will probably add 60 plus billion of revenue this year. So the IT spend market is increasing, the size of the market, the TAM is getting bigger. Companies are spending more money on things like cybersecurity and AI, but the net new spend is going to companies that are still private and obviously hopefully some of those companies will go public at some point. Jeff, great to see you. Thank you. Thanks for having me. Jeff Richards of Notable Capital. What do you make of the malaise in the software sector? Well, again, it was interesting to listen to JR talk about that. I think there really could be a fair amount of pain and that at the same time, there's no question about the growth that some of these companies are seeing. There's also no question, though, I would just get back to the names that really there's no question to demand they're seeing. And I would go back to a Taiwan semi. I would go back to an ASML. I would go back to infrastructure plays within the AI tech space. That spend on IT is fascinating. JPMorgan talking about how cyber those threats, those risks, JPMorgan is making a lot of money. They will be. Does that mean a crowd strikes in a better position or worse? We don't know. Yeah, I think one of the most important points that Jeff just made is that the Fortune 500, they're just getting started, right? So when you think about that, and he just kind of gave that stat about the companies in the private market that are growing sales as fast as they are on a relative basis to the names in the IGV. And then it goes back to that consumption model because this is also a story about CPUs. It's one of the reasons why Intel has had this move because consumption, a lot of it's going to be in inference, right? And so it's kind of all coming together. I just think it's all coming together kind of quickly here. So that just to me it feels a little dangerous at this point. We've got a news alert we want to get to on an AI partnership between Meta and Broadcom. Mackenzie Sigales has got the details. Hey, Matt. Hey, Mel. Broadcom shared bouncing after hours up nearly 4%. After Meta announced it's extending its partnership with the chip maker on its next generation of AI chips, Meta announced it would be debuting four new custom silicon options last month. And now we know that Broadcom will be their manufacturing partner in it as part of this announcement. Broadcom CEO, Hawk Tan, will transition off of Meta's board of directors, moving into more of an advisory role for the company where he'll be giving guidance on Meta's in-house AI chip roadmap. Mel? Mack, thanks. Mackenzie Sigales and Tan, this goes to your semiconductors and they win in this trade. They win. And maybe even the ones that don't have the brand name high margin chips out there, the ones that eventually we're going to get to either folks want to do it in-house, but they want to partner, they want to white label it. That's been the more dominant trend over the last three months. And this is why Broadcom is really in that unique spot where they're doing the custom chip development. And most of the hyperscalers want something that's really specific to them. And it does the work around for NVIDIA. This has been a story that probably took really long for the investment community to understand. And now they're starting to get it. Look at the downstream plays. And I think you've brought this name up. Look at Bloom Energy today, what that stock did. I think it was on the back of an Oracle announcement. But all these sort of tangential energy plays are off to the races. So I think that Tim and Steve's point, it means the trade is probably still alive and well. Yeah, I want to be clear here. I mean, like we sound kind of bullish and some of us have been less bullish than the others here. And that's not my view right now. I mean, I think it's a hard place when you see piling in, you go from a really negative sentiment to a really positive sentiment. There's been great stories in this whole market over the last three years or so. And we're going to kind of anniversary that three year of that first NVIDIA blowout quarter. Remember, it was May of 2023. And it's just crazy to think that here's where we are this, I guess, long into this kind of early stage of the cycle. It just hasn't been much of a digestion plays phase across the whole NASDAQ. We know that a lot of the Mag7 corrected. Maybe that's it. I just have a hard time getting too bullish right here in these names. Coming up a potential mega merger in the skies. What a United American deal would mean for the space and the antitrust hurdles. They would have to clear before takeoff. Plus, quantum stocks taking a leap as a group brings in World Quantum Day. Exciting. A few bit cup of cakes out there. You all want to miss the celebration? Do you not go anywhere fast when he's back in two? What does running your business feel like? With Avalara, the agentic AI platform for global tax and compliance. You don't hover over the submit button. You don't ask for a second opinion. You don't wake up thinking about a filing. Because Avalara's agentic AI handles it. Calculating, filing, validating. With the accuracy and audit defensibility, your team can stand behind. Avalara. Agentic AI tax and compliance with confidence. You ever feel like your money is just lying around? Switch to Huntington Bank and your money is always doing something. Like what? Like automatically pushing more to savings so you can take that trip. I like trips. Who doesn't? It even tracks your progress. You're almost there. Wow, I better pack. And it charts your spending so you know which vacation hat you can afford. How does it know I like hats? Let's get more from money. Switch to Huntington Bank. Welcome. Eligibility requirements apply. Some features may require enrollment. Welcome back to Fast Money Shares of the United and American Airlines. Taking flight today, United's CEO Scott Kirby reportedly pitching a takeover of the rival carrier during a recent meeting with President Trump. Our fellow bow has more on this. Phil? Melissa, so far what we have today are these reports that came out late yesterday about Scott Kirby talking with President Trump saying, what about a possible merger with American Airlines? With that said, let's be clear. We have talked to a number of people today at both United, American and in the industry. There are no direct talks going on right now between United Airlines and American Airlines. That might change at some point, but at this point, nothing formal has been presented. There hasn't even been an overture to American Airlines or board members there. Neither airline is commenting at this point, and there are plenty of hurdles out there. A number of stories today talking about the fact that when you look at the market share between American, which is the largest in the United States of all the airlines, and United, which is number three, combined, they would have 40% market share. Essentially, 40% market share, more than double in terms of size relative to Delta Airlines. So what would be some of the philosophy here that Scott Kirby might be looking at? Might be saying, why does this make sense? Take a look at their market caps. He could make a pretty convincing pitch, likely to shareholders of American Airlines saying, look, our market cap is four times greater than yours. Our returns are much better than yours. We can do a better job running American Airlines as part of United Airlines than if you continue to be just investors in American. Don't know that is exactly what he's thinking, but that could be one argument that he's going to potentially make if this becomes a formal proposal. Take a look at the airline stocks today, Alaska, Delta, JetBlue, Southwest. They were all up today. Keep in mind oil went down, so there was probably some short covering that was going on as well, which also added to the momentum behind the airline stocks. And finally, Melissa, I think this is the most interesting chart of all. I'm going back to September of 2016. Why are we doing that? Why are we showing you United versus American since then? September of 2016 is when Scott Kirby left American Airlines, where he was president of American Airlines. But it was clear he was not going to become CEO, and he went to United. And Oscar Munoz said, come on in here. You're going to help us run this airline for a while, and eventually you'll likely be CEO. And that happened, I think, three or four years later. No comparison in terms of performance between the two airlines since Scott Kirby went to United Airlines from American Airlines. So that's where we are, Melissa. This feels like one of those stories that's going to kind of linger. It's going to hang out there for a while. Well, it's interesting. You know, the reports indicate that he made this pitch to President Trump. And the implication is that because we haven't heard about this until now, and there was no proposed merger, that Trump said no, which would also imply that President Trump has his actual say in this. But this meeting happened just a few days before the Iran War and the bombing started. So you could also make the argument the President and his administration have been clearly much more focused on that than they have been on considering an airline merger. And let's also be clear here, without a formal proposal, it's not unlikely that the President said, OK, that's interesting. I don't know that for sure. He might have just said, well, yeah. But remember, we talked to the Transportation Secretary just last week, and he said, we're open to the idea of a merger within the airlines, even large airlines here in the United States has to be the right deal, has to be structured with what we think will work, but they are open to it. Yep. Phil, thanks. Phil LeBeau. You bet. Bob Isom is 62 years old. The stock is lower than when he took over in 2022. So it compared to the others, it is an underperformer. It's a big underperformer, but its balance sheet has been a big issue. And I think the efficiency in how they run is another thing. You can't argue with the efficiency gains that you've seen at United, those you've seen at Delta. And I think that's what's interesting for airlines in a day like today. And I think, you know, I mentioned that airlines couldn't outperform when I thought everything was moving for them right before the war. Now they've proven they can actually hold demand in higher prices. They could probably hold these prices higher. They cut capacity by two points. They're probably going to have as good of razzam. That's right. I said that, Melissa. They're going to have to keep the revenue per available seat mile as they've had in a long time. I think airlines are going to continue to rally here. It's strange that it took real headwinds for them for the market to see it. Well, I think airlines are going to rally because if you do have that end of the war and oil stays where it is, that's a natural tailwind. But this backstory, this seems personal to me. Does it not to you? I mean, this is, he was showing the door. He didn't quit. He was showing the door. And now he's coming back full circle. I think this one could go higher. American, I think you're talking. Yeah, American. I mean, pull up the chart. I mean, Phil is talking about it, but it's gone nowhere for, I think, the better part of eight years now. It's pretty remarkable. And I would say this, if it ain't broke, don't fix it. That's just my thought. I mean, Delta's done extraordinarily well. United's within, I don't know, 8% of its all-time high. Airline mergers historically haven't worked out all that well. So I don't think this is necessarily, it might be bullish for American on the margins. I don't think it's great for United, my friend. Do they usually happen in times of duress, Tim? Like when things are not good in the industry? I think they've certainly happened during periods where, individually, I don't think that there have been, I mean, we're talking about back 15, 20 years ago, there was a lot of consolidation, but most of the consolidation has been, have been forced dynamics of one going bankrupt. And somebody stepping in and assuming the debt. There's a lot more fast money to come. Here's what's coming up next. A big leap for quantum stocks. The group rallying on a very special holiday. How much potential is in the names? And where do our traders see them heading next? Plus, digging into bank results. Why a top bank analyst calls the private credit concerns overblown. And why JPMorgan CEO Jamie Dimon is ringing the alarm on economic risks. You're watching Fast Money, live from the Nasdaq market side in Times Square. We're back right after this. 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She's three minutes away. Or Sam, who never goes anywhere without her roommate knowing exactly where she is. Some journeys are meant to be shared. Share your ride in real time with ShareMyTrip on Uber. One more way Uber is putting safety at every turn. Learn more on the Uber app. Welcome back to Fast Money, a very special holiday in the tech world today. Did you know about this? No. World Quantum Day, an international event promoting public awareness and understanding of quantum science and technology. Why today? Well, April 14th is a reference to 4.14, the rounded first stages of Plank's life. Of course. Plank's constant, obviously. Yeah. We all know that. Yeah. Which is of foundational importance in the quantum world. Socks in the quantum sector, all rallying today in celebration, INQ, D-Wave, and more seeing outsized gains. So, Steve, how are you celebrating this very special day? So I do own INQ and I do own inflection. And all of them have different strategies. I don't think you have to focus on it because it's really deep in the woods. You can go down and rabbit hole on this. But what I think you have to do is look at these through the prism of this is what AI was back in 2018. And then in 2022, chat GPT came on the scene. So I think we're at the moment where we're close to the chat GPT moment for quantum, maybe a couple of years out. But I think the market is going to price these things in a lot sooner than we would think. So I think you have to be along some of them, not a lot, but some of them. And if you want to play it with IBM, the original on AI, the original on quantum, you could do it that way or you could do it this way. I chose to do it the riskier, deeper end of the pool. Are you celebrating World Quantum Day? Of course. Who is it? Where's your pocket protector? Pardon me? Your pocket protector. I didn't even have a pocket. I mean, I left it. By the way, it's plank as you know with a C and a K as opposed to Doug Plank and Gary Fensic who both used to watch the show. Or your favorite yoga position? Gary Fensic's. Now, I'll say this quickly. I'm with Steve on the IBM front. It's traded off significantly since it's all-time high. That you get at least IBM core and you get the quantum sort of tail. So IBM is the way to play it. All right. Meantime, we do want to point out Bitcoin crossing the 76,000 level at its highs today. Highest since early February. Crypto-related names, Robinhood, Coinbase, Riot, Strategy also getting a lift as investors seem to embrace a risk on sentiment. Is this just for now? No, I don't think so. I think as someone that has not been a card carrying Hoedler a lot of my career, I think Bitcoin is going back to all-time highs. I don't know when. I think Coinbase and I believe the platform. I mean, base and I also mean just other elements of the platform is going to ride with that at some point. I'm a long Coinbase. I think Robinhood, which I'm not long, is very interesting in terms of their demographic and in terms of the growth and the asset base of the folks that don't have as many assets. That they can grow into. So I think you're selectively buying a few of these and you can still buy them. They haven't moved so much. Yeah. Robinhood, I think it was Bernstein. I was out this morning. They're saying it was like an asymmetric setup like to the upside and you know, they're looking at, you know, growth of event contracts. You know, options has obviously been a big thing and then the growth again. If it comes back of Tim saying it's going to all-time highs, that would be the point. At some point. Yeah. No, I mean, of course, you know, that's what they're focused on. And those have been big drivers throw in the event contract stuff. It's probably hard to quantify. I think they were saying a trillion dollar market by 2030. Coming up, what a top bank analyst makes of this morning's results in a warning flag from JPMorgan CEO, Jamie Dimon, the increasingly complex economic risks he's worried about when fast money returns. Welcome back to Fast Money Stocks, keeping yesterday's momentum as investors await developments out of the Middle East and the U.S. blockade or the Strait of Hormuz. The Dow jumping more than 300 points, the S&P climbing to within a half a percent of an intraday record. And the Nasdaq leading today's charge up nearly 2%, not to a tenth straight day of gains. It's longest streak since November of 2021. Shares of Novo Nordus climbing 3.5% today, the pharma company partnering with OpenAI to bring artificial intelligence to the drug discovery space. Novo saying the partnership will help analyze complex data sets, identify promising new drugs and reduce the time it takes for a medicine to move from research to patient use. Shares still down nearly 23% this year. And Amazon buying satellite telecommunications company Global Star for about $11.6 billion. It's a move to build out its satellite internet business as advised to compete with SpaceX. Amazon also agreeing with Apple to provide satellite connectivity for current and future iPhones and watches. And Nike jumping after hours after an SEC filing showed CEO Elliot Hill and Apple CEO Tim Cook, a member of Nike's board, bought shares of the company. So insider buying Tim. I actually bought some Nike shares today and not because I think there's anything that great going on but it's partially averaging down. But I want to apologize for them. I think I said some kind of offensive about guy in a pocket protector in the last blocks of guy. I'm sorry. Why is that offensive? Say it to the audience. What is wrong with a pocket protector? You have a pen. You don't want it to leak into your shirt. It's a sign of being... Nobody has pockets anymore. Extra geek. He was saying I was like a point dex. Remember like in the Van Halen video, Hot for Teacher? That's what he was saying, stuff like that. There's nothing wrong with that either. No, there's no... I was a geek growing. I'm still a geek. Me too. I'm fine with it. Hot for Teacher video. Anyway, let's move on, shall we? BlackRock and Citigroup rallying after reporting earnings that beat street estimates this morning. City shares hitting their highest level since 2008. But J.P. Morgan and Wells Fargo shares closed lower. J.P. Morgan topping expectations but CEO Jamie Dimon flagged increasingly complex economic risks. Let's bring in Gerard Cassie, Global Financial Research Co-head at RBC Capital Markets. Gerard, great to see you. Thank you, Melissa. Great to see you. Was this just typical Jamie Dimon being conservative? I think it was, Melissa, because he oftentimes gives us a more conservative view of the global outlook. Of course, we all know about the geopolitical risks in the Middle East right now. And that's very understandable for him to say that. But I think when you get down to their numbers, J.P. Morgan's numbers were quite strong in the quarter, as were some of the other banks who reported today as well. Yeah, city seemed like the real standout here. I mean, Jane Frazier, I mean, just a stellar quarter in terms of what she has done and what there is still left to do. How much is there left in the stock run? It's a really good question, Melissa, because there was a really landmark quarter for the city. They had record quarterly revenues. Their markets business, I believe, you know, had over $7 billion in revenue. It was the best quarter ever. So there's been a number of things that went right for them, deservedly so. But to your point, Jane Frazier has done a very good job in turning this company around, and there's still room to run. Of course, the big divestiture that's still to come is the Mexican business. But now after that, it's going to be all about growth. And obviously, they'll be focused on that on their investor day, which is in early May. Hey, it's Tim. So I guess we don't want to hear City talking about buying regional banks and some of the things that were out there. I don't know if you have any views on that. But I actually, Jared, I prefer to ask you about re-rating for the sector. I know we've re-rated. But to me, it's all about at least what multiple you're paying on price to tangible book at this point, less about PE. And I don't know why banks shouldn't be trading two times the multiple. And I mean, you know, so in other words, if the average price to book was one and a half three years ago for the entire Money Center bank group, why shouldn't they be trading closer to three? I mean, they're more profitable. They've never been run better. AI's going to make them leaner and meaner. Sorry, it's a long question, and I'm leading the witness. I've got to note that that's fine. I think you're onto something, Tim. I'm with you. The structural profitability for the group is better. And the one area that I think which you didn't mention, which is just as important is the regulatory change. And therefore, because of the lower capital requirements, many of the banks will have not so much JP Morgan as Jamie Diamond pointed out on the call today. But most of the banks are expecting to see lower capital levels, which means structurally you'll see higher probability. You tie in what you said about AI and the benefits of that, you're certainly going to see, I think, an improvement in valuations. But we have to remember these are cyclical stocks. These stocks do get hit hard in a recession because of credit. But right now I'm with you. I think there could be some more further expansion in valuations because of the increased probability. George's got ESPN because I was going to ask him if banks are still cyclical and you just said that they were, where are they in the cycle in your opinion? Yeah. Guy, it is the question. And I would say that we're probably using the baseball vernacular. We're probably in the middle of the evenings right now and it's really going to come down to what happens to the US economy based upon this conflict in the Middle East. And if we can get through this conflict without too much damage to inflation, meaning inflation moving much higher, then I think you're going to see the strength of the US economy shine in the second half driven by the data center build out in this country. As you guys know how strong that is, and that leads into a stronger 2027. So I would say we're in middle innings right now, Guy. George, great to see you. Thank you. Thank you, everyone. George Cassidy of RBC. What you're thinking of banks, Steve? Yeah. So the obvious is JPMorgan best in class. Bank of America are probably best risk. Wells Fargo still is a turnaround story, which is still unbelievable. Everyone's sort of behind city and Guy's been right to be behind city. But if you look at long term charts on these, all of them had made new all time highs. The only one. Bank of America is right around that level, but city is still off dramatically. And I mean by 80% because the price is the reverse split. It's apples and oranges. I mean, the stock was blown up. That's the point. I'm saying that all the rest really have performed. And now it's a near term performance in how long can city do that? I have such a problem with and Drard wasn't making this strong case, but that if the economic growth is coming from the data center build and we know that. That's kind of like pushing out a lot of the consumer growth. Right. So if data center builds are pushing up cost of energy, right, which it is happening and it just like these guys can't build these things fast enough. They are energy constrained. And then you think about a consumer that, okay, this is also leading to unemployment, right? So there's lots of pressures going on, not to mention what's going on with the straighter her moves. And the, you know, there's going to be disruption for a while here. So I think at some point that's kind of a double edged sword, the growth that we're getting from data centers. All right. And we should note, Leslie Picker has a big interview tomorrow with the Bank of America CEO Brian Moynihan after its results across the wires. That is tomorrow's walk on the street, 10, 15 a.m. Eastern time coming up. Wall Street kicking the tires and some automakers. The names they see speeding ahead and whether the stocks can accelerate after a rough run so far this year. Fast Money's back in two. Welcome back to Fast Money. Auto stocks are revving up after a few bullish notes this morning. Deutsche Bank upgrading GM to buy after its recent pullback saying it's on the cusp of a multi-year re-rating. UBS meantime upping forward to buy and Tesla to neutral. So what do we make of these moves? You like GM. I love GM. I've loved GM for a long time. And I think the market, again, is just starting to appreciate it. I took kind of putting the EV business into the rear view mirror and a reality about whether that was ever going to be profitable or not to understand that their internal combustion engine business or hybrids are interesting, but that the company's never been run better. It's extremely cheap. It's endured a lot of bad macro. Obviously, tariffs weren't good a year ago. You know. Yeah. And I think obviously they sell the biggest selling cars of the SUVs and the pickup trucks. So if you look at Ford, I would go first for GM. Second would be Ford. And I do still own Tesla, very small, but Tesla's not a car company anymore to me. It's a robotics. It's autonomous. There's a whole bunch of other things that are thrown in there, but I do like both GM and Ford. We don't really talk Tesla that much anymore. No, we don't. We don't. I'm okay with that. Yeah. And you know what else? We don't talk about all that much Toyota motors. That comes out GM, Melissa Lee. And you want a good looking chart. Look at a 40-year chart of Toyota motors. 40? Did I stutter? Did I? Yes. 40. 40-year chart. I'm looking at Ford. Don't tell me to look at a 40-year chart matter of fact. What is the figure he doing back there? Please do it as a log chart though. 20. We can go. Lower left, upper right. I mean, it's just a little back office all time high. Is there a 40-year chart? I'm sorry. I'm sorry. I thought I might have caught an Almanac or something. I like a good Almanac. Thought I might have heard you wrong. No, you heard me right. Coming up. Shares of Netflix hitting the highest levels of the year where traders see and store with earnings just two days away and why Wall Street is tuning in. More Fast Money in two. Welcome back to Fast Money. Netflix shares jumping almost 3% today after Moffitt, Nathanson and Keybank both raised their price targets on the streaming giant, the stock has gone up. Netflix reports Key 1 earnings Thursday after the bell. Certainly a lot of questions I'm sure about. It's pricing tier. Also, whether or not the price increases that we've all seen on our Netflix bills, if that was incorporated in guidance. Netflix is now trading at its highest of the year. And it's gained more than 28% since dropping out of the bidding war against Paramount Skydance for Warner Brothers. Netflix reports Key 1 earnings Thursday after the bell. Certainly a lot of questions I'm sure about. It's pricing tier. If that was incorporated in guidance that they gave. Never thought Netflix was going down to 70 wherever it got down to. So that was wrong. But I did think once this whole Paramount Warner Brothers thing got sorted out and Netflix would rally, that's seemingly right. They report this Thursday, I think you got to be long to name into the print and after the print. I think they're going to surprise people. And I don't think valuation is awful here for Netflix. So I like the name at these levels. Do you think they talk about an M&A strategy or do you think they say, no, we're going to use that money and reinvest? And what do you like better as a shareholder? I think they're going to talk about outlook in terms of content and things that will be drivers like special events, like possibly sports, some of these live type streaming events. And also just the difference in the tiers and how profitable the pay for tier is. So I think the valuation is still your biggest enemy here. But the chart is your friend. Let's get back up through this 200 day and then I think she can run. Yeah, they should never utter the words M&A this year at least. That was the reason, that was the death nail for them. They have to really push behind doing what their bread and butter was. But if you look at Disney, if you look at every, they own the space. Disney had a second round of layoffs or the first round for the new CEO. I do like the chart on Roku, sort of a different angle to this, but Netflix is still the king of content. I would not be long this thing. So I just feel like that they were having problems at a whole host of different like kind of, you know, metrics before they made that bid for Warner. And when you think about why did they make that bid for Warner to begin with, they're not giving a subscriber growth. I know there's a lot of stuff that people want to hear. You guys just mentioned the tiers and advertising and all that sort of stuff. I just think it's kind of run pretty far without a whole heck of a lot of clarity about why it started to sell off last summer. Up next, final trades. Time for the final trade, Tim. Yeah, if you look at a 50 year chart of City Mag, you're a buyer. So am I. Steve. In flexion. They are on NVIDIA's Quantum Stack and NVIDIA's a paying customer inflection. Dan. Yeah, Intel's 50% rally over the last month. It's gotten it back to its 30 year highs if you want to check out the chart there. I'm not buying into earnings. You've got tariff fab. You've got island fab. It's like discounted all that stuff. Guy. I just put a 40 year chart of the Toyota Motors on the Twitter if you want to see it, Tim. Everybody does. So Toyota Motors, I've got to go. The answer is the goal you brought to the prom. Did you have to take a picture of like a parchment chart? A parchment chart. Yeah, micro piece. Van Money starts now. I've been previously disseminated by them on television, radio, internet or another medium. 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