What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Live from the Nasdaq market site in the heart of New York City's Times Square, this is Fast Money. Here's what's on tap tonight. You've got to spend money to make money. Shares of Outfit higher by almost 3% right now after forecasting a big jump in CapEx this year. What it says about the state of the AI trade and how it could impact the hyperscalers. And highs and lows, a handful of stocks trading at milestones today. But how does Adesk find the moves? And what do the charts say about what the next moves for the names are? We'll find out. Plus, love for Eli Lilly after earnings. strategy deep in the red as Bitcoin continues to fall and Uber in reverse. Why investors are giving the stock a one-star review after earnings. I'm Melissa Lee. Come to you live from Studio B at the NASDAQ. On the desk tonight, Tim Seymour, Bono and Eisen, Carter Wirth, and Guy Adami. And we start off with that closely watched earnings report out of Alphabet. Shares of the Google parent are higher by more than two and a half percent right now after the company beat on the top and the bottom lines. Forecast cap spending for 2026, that is nearly double last year's total spend. The conference call is underway right now. CNBC's Mackenzie Cigales has got all the details. Mac. Hey, Mel. So Alphabet logging its first ever $400 billion plus revenue quarter. But the headline in Q4 is CapEx. Google nearly doubling AI infrastructure spending every year since 2024. And now they're guiding to a range of up to $185 billion for 2026, topping even Microsoft's $150 billion annualized run rate. And it comes as the cloud business surges 48% from a year earlier, a $1.5 billion beat. Alphabet is the underdog in the cloud wars, but Google's been gaining momentum off a strong street reputation for its in-house AI chips. And CEO Sundar Pichai talking up that new Apple partnership on the call, not just pointing to the fact that Gemini is powering Apple's rebooted Siri, but also specifically saying that he was pleased that they're collaborating with Apple as their preferred cloud provider. That might be why we're seeing CapEx double to get ready for Gemini to power Apple's two and a half billion devices. And check out who's also winning after hours. Broadcom up nearly 6% right now. They manufacture Google's TPUs and recently landed a $21 billion order from philanthropic for Google's TPU, which is a huge endorsement of their in-house silicon. Though Pichai did say they'll be among the first to offer the latest Vera Rubin GPU platform for NVIDIA. And last thing here, Mel, the bear case for Alphabet is not playing out. Search revenue hit $63.1 billion, topping estimates. No sign that it's giving way with Gemini cannibalizing any part of its core business here. Back to you. All right, Mac, thank you. Mackenzie Cigalos on shares of Alphabet higher by about 1.5% right now. Guy, what's your quick take on this? Big numbers. I mean, and the CapEx guide is clearly not scaring anybody. I'm sure NVIDIA is higher as well. Here's my quick take. It is a very strong quarter. And, you know, I guess the rumors of the death of Google six, seven months ago were obviously greatly exaggerated. But the problem, I think, now is back then you can make a very compelling valuation case. Now, not as much. So at 31 times ish. I'm not saying you got to get out of Google here, but I think you have to be aware that valuation is probably priced almost to perfection. Unless you look down the pike and you think that additional spend, all that extra spend is going to make the monetization of all the different parts of its business that much stronger. Well, and you look at the little glimmer you got of it in this last quarter. And again, on a price to earnings growth, so on a peg ratio, that 30 percent growth against, you know, a 30 percent multiple on the on the trailing gets you to a really actually attractive peg ratio. I think the numbers that were shocking here, that cloud growth number, and I realize it's not as sexy of a business, but at a time when the cloud competition is heating up, I love to see that 47%. I do think that the dynamic around search, though, their core business, that bogey, first of all, the bar was really high. The bar was 16, which was significantly higher than they were, and they come in at 16.7. The core business, we all know what Gemini seems to be doing. I love the Apple talk. I think this is good for Apple, too, which is also at some point when we talk about the market, we can talk about Apple's defensiveness. But I just wonder what the stock would be doing if they actually came in line on the CapEx. I wonder how high would it be? Very same question to an analyst. What'd he say? He doesn't know. He's not on fast money. On fast money, we actually play through that. And my guess is this stock would have been up five to seven percent. He likes that CapEx number. He likes it. It shows confidence in what they're getting out of Yeah, I tend to agree. The street probably would, you know, kind of reward them a little bit more in the interim if they had scaled it back just slightly. But, again, I do think that is kind of a sign of good faith going forward. The last thing that I want to mention is the margin defense here, up around 30 percent. I mean, that was another concern that you had coming into the print. I think they're hitting on all cylinders. The last thing I'll say is that this is pretty much a fully integrated stack company. You have TPUs. You have the defense of, well, you know, ads were OK. YouTube ads were OK. but you have search that was essentially defensible. You have margins. You have the robust cloud growth. I think it's kind of setting up as a very well vertically integrated firm. Well, I think the market's response is the answer. It's barely up, right? So the stock was 350 two days ago. It's indicated now in the aftermarket. I feel a pair of twos are coming. 339. Really? But holding on to these gains. What gains? Wait, wait, wait. 2%? No, no, no. Holding on to the year-to-date gains relative to the sector. Wait, wait, hold on. The 2% gain? No, no, no. Not the 2%. Okay, which one? The gains year-to-date. But here's the point. On the tariff low, there's $140. It's now $355. Yesterday's high, $350. We just got a good number, all cylinders, which is true. But the market is saying it's come too far. It's full. I would sell calls against it or trim my longs. Would you agree with that interpretation? Because I feel like that's a glass half full interpretation. I feel like the glass half full. I'm the half full guy all the time. half full is that it is enough to hold on to the gains that it's made over the past few months. What Tim will say correctly is some of the parts of stocks are a lot higher. He's right to point out that without the CapEx, where is it? But valuations, I think, sort of do matter. And just to sort of play the other side and sort of line up with Carter, all we've done here is get back what we lost today. So we're pretty much where we started yesterday, to Carter's point. But selling calls and trimming a position that's run a lot is what I was doing over the last couple of days, both for myself and for clients. I just think you're not going to feel bad taking a little off the table in the tape we have for Google, especially because that position has become oversized for most people. I think you have to be careful about that. Here's a question that I have based on Alphabet's report. Is this actually a stamp of approval for the AI trade across the board, or does it make other players look relatively weaker, relatively less well positioned than Alphabet? I think it's a good thing that you see that that CapEx guide hire is good for everybody. And it's good for everybody for the hardware, for the 100 percent. But for Microsoft, for Amazon. I think software is its own animal right now. We'll have that conversation. I will say this as well. What I heard from Jensen Wong over the weekend might in some ways mitigate what we're hearing from Google in terms of the sanctity of the spend that they were talking about six or seven months ago. I'm never going to argue against prudent risk management, and I think that's what Tim and Carter are both saying. So I really don't have a reason to argue there. What I will say and what I think is being lost, though, is if you kind of juxtapose Alphabet's performance against what we've been seeing in the larger tech space overall. So sure, it's a 2% move just today. But if you compare that relatively to what's been happening within the space, I think it speaks. I mean, it gives you a more complete picture. Do you feel better or worse about Microsoft's print? I feel OK about Microsoft's print. And I think Microsoft is at the end of a period where the stock has been correcting and consolidating. And I think I feel even better, though, when I think about what I might be getting from Amazon tomorrow. I think also a stock that looks a lot more interesting on valuation trades, you know, I mean, compared to Walmart these days. I know we're not having this conversation. I just started it. I like it. I like the thought of Amazon tomorrow based upon Google today. Sorry. Amazon's setup is what Google was, right, before this huge move, meaning Google was range bound, underperforming, and then it caught up with the market and caught up with semis. I think Amazon is the play. All right. For more, let's bring in Fast Money friend Gene Munster, managing partner at Deepwater Asset Management. Gene, what's your take on Alphabet's quarter? I think back to Guy's comments that this really shows this CapEx guide was remarkable and 100 percent growth. Hard to imagine really speaks to the breadth and how early we are. This whole conversation that we're at the cusp of AI starting to slow down is just totally off base. And I think that that plays through. So the more important point for me so far has been a read through for the broader AI trade. As far as Google's business, you've already kind of framed in. And all I can add is that on the call so far, they've been reiterating that this momentum can continue. And specifically, when we look at the growth within cloud, they said that there's not only existing customers amping up their spend, but also new customers coming in. And that was really important to kind of keep this flywheel going. And so I think when I put this together, this reminiscent of last week when Apple's numbers came out, the stock didn't do what I had expected it to do. We're seeing kind of the same scenario here. I would have suspected, given the stock was essentially flat over the past week, that the stock would be up 5%, 10% on this print. It really is a remarkable print and a show of force at them and Meta, showing how they They can use AI to really accelerate revenue growth in a remarkable way. In terms of the AI trade, what we've seen is hardware do really well, software getting killed. Do those narratives continue and maybe continue with a vengeance based on that CapEx number? I think they do. And that's kind of one of the dynamics, kind of a strange dynamic around this whole software trade down is that there's this narrative that, you know, AI doesn't have utility to it, but at the same time, investors are really queuing in on what's going to happen with software growth next year. It's not about this year, it's how this whole phenomenon impacts that. And I think at the end of the day is that the news tonight, obviously a good read-through for the infrastructure and a negative read-through for the software companies. I think just to kind of, I want to put some perspective on like the magnitude of this, is that going into the print, the street was looking for 30 CapEx growth for Google That was kind of in line with Amazon and Microsoft Meta was at 74 and they just got it to 108 And so these are big numbers getting bigger That means the brain of AI the infrastructure, the brain is getting bigger. That means that the utility will get bigger. That means that software is going to be under more duress. Does this make Microsoft look weaker or worse given its print last week compared to what Google's putting up? Yeah, absolutely. I mean we had kind of the growth in Azure was what was it 37% in the September quarter 39 in the December quarter and then what we saw here is going from low 30s for Google Cloud to 48%. So you're seeing just kind of you know that gap they're doing just a lot of right things. We use these models We use it with a product that we have that just uses machines to predict stock movements. We also use it in our research process. And I can attest that what's happened in Google and the underlying Gemini model has been significant in terms of its improvement. I'm using that a lot more than other and using a lot more than Microsoft products as well. All right. Gene, keep us posted on that call, which is still ongoing. Gene Munster, Deepwater Asset Management. What do you want to hear from the call? What are you curious about at this point? What do you, the CapEx, I mean, that's exciting. What are you seeing out there that justifies, it was 115, I think it was 115 billion, right? And then they guided up to 170 to 200. I mean, where did that come from? And, you know, the stock reaction seems to indicate that people are excited about that. So obviously you think there's, you're going to get the ROI that everybody's been waiting for. All right. Meantime, the software slide continues. The IGV down for a seventh day in a row. That's its longest losing streak since 2024. for AppLove and Palantir, Oracle, Unity software among the big laggards. But CEO Jensen Huang says the sell-off is overdone. Here's what he had to say at the Cisco AI Summit last night. There's this notion that the tool in the software industry is in decline and will be replaced by AI. You could tell because there's a whole bunch of software companies whose stock prices are under a lot of pressure because somehow AI is going to replace them. It is the most illogical thing in the world, and time will prove itself. He says basically, the next sentence that he says is, if you're going to use a screwdriver, are you going to use a screwdriver or are you going to invent a new screwdriver? Are you going to use that screwdriver? You're just going to use it better based on the new tools that are out there. But what do you make of that? Because the slide is undeniable, Bonoan. It is undeniable. I mean, I think he has a reason to kind of like defend the space, right? So it's not as if this is an objective opinion. What I will say is that there is a lot of buy-in and switching costs associated with essentially uprooting your entire enterprise stack and bringing in in-house capability. I doubt that every single, both large cap and micro cap, are going to be able to kind of install this on their own. So I think probably the truth is somewhere in the middle where I do think there will be some AI disruption at the margins. But at the same time, I do think that the scale, kind of the processes that are embedded in, like, the large enterprise stack will kind of persist and remain. Let's get a take on the charts. Carter, what do they tell you? Let's look. Now, this is old Lang Syne standing here at this. 23 years ago, we first started telestrading, and the telestrader is back. Let's get to work. There are three lines. The middle line is the hole. That is the tech sector. And you've got two of the parts, one plunging. That, of course, is software. And one surging. That is semis. What's starting to happen now, of course, is that semis are succumbing. And ultimately, it means that there should be lower prices for the tech sector. But you can see quite clearly this spread. Again, this versus this. And on a three-year basis, the sector is up 100. Semis up 150. Software up 50, i.e. semis have tripled the performance of. Now, this same chart, let's hold the whole as a constant. So if you look at the next chart, this is going to be the tech sector unchanged, held as a constant, to expose the two parts. So the whole, again, is there in the middle. And then you see this incredible spread. And what I think the play here, actually, is to bet against semis. We'll get a nice green arrow. And to play this for mean reversion. Nothing to do with any fundamentals. Nothing to do with whether this is the end of software because of AI. Nothing to do with the long-term structural growth in semis. They're no longer cyclical and just in computers. Now they're in your refrigerator and every other darn thing. It's just a trade. Play it. We like for mean reversion. All right. So mean reversion on one hand. Do you agree with that? But then on the fundamental side, do you think that there's still more downside? Fundamentals or funny mentals? Funny mentals, according to Carter Worth. I heard funny mentals. Yeah. Well, first of all, he terrifies me walking over. I was wondering where he was. And if they ever ask me to go over there, it's going to be a problem. Number one. I like how he put his jacket on in order to be there. But then when he comes back here, he's going to have no jacket. So here's why I think this could actually play. Well, first of all, let's see how semis trade tomorrow. Theoretically, they should trade well, given what we just heard. However, let's sort of shelve that for a second. Microsoft, which, by the way, I thought would rally post earnings, obviously did not. But then we subsequently thought we could fill that gap we had back from the spring. With today's action, we basically did it. So if you put a short-term bottom in Microsoft, a big component of the IGV, Carter Worth might be onto something here for sure. Yeah, I like that call. And I believe Microsoft has priced in a lot of pain and a lot of concern around a core business model that still is a very high margin business. I think Carter is right to point out it'd be less to me that I would be looking to bank on a recovery in software that semis. And as someone that has felt that for the market overall, until I see semis really underperform the S&P, I'm long this market and semis will take us higher. Semis, even after today, are, I don't know, you know, 7 percent, 8 percent off of all time highs that had it up at one point, up almost 20 percent this year. This isn't really even a pullback yet. So I feel like we could get more of a pullback. It's not my reason to go out and buy software stocks. But will we get that pullback with that CapEx spend that Google put out? Huge CapEx going into the likes of an NVIDIA as well as a Broadcom, which are higher in the after-hour session. Which is why, you know, that's how I started by saying they theoretically should trade well tomorrow. The tell will be if they give it up. We've seen it before. So I think Tim is spot on. He's been dead on right with these semi-stocks and the broader market. The pullback we've seen is not all that meaningful yet. I still think, to Carter's point, though, IGV for a bounce here makes a lot of sense. All right. Coming up, we will be keeping an eye on shares of Google. They are fairly lower right now. I'm bringing more headlines from that conference call as we get them. Plus, all the after hours action, Qualcomm, Arm Holdings and Snap. And the crypto carnage continues. Shares of MicroStrategy, Robinhood, Coinbase aren't immune from the drop. What is next for this space and just how far Bitcoin could tumble? Don't go anywhere. Fast Money is back in two. This is Fast Money with Melissa Lee right here on CNBC. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Welcome back to Fast Money. Crypto in a rut as investors continue to rotate away from the risk on assets. Bitcoin hitting 72,000 today, its lowest since November 2024. The token is on pace for its worst week since November of 2022. And take a look at CryptoProxy's strategy down another 3% today. It closed below $130 a share. at its peak, remember, it was nearly $550. We've been talking about what happens when the average holding price is higher. Which we are now through. So I think strategy owns over 700,000 Bitcoin and approximately $76,000 a coin-ish. You see where we're trading. I think collectively on the desk we have said that the market will challenge that average price at some point. And a couple times it did and it bounced, but the bounces were not particularly robust. And now here we are. But I've also thought and maybe you saw signs of it today that the overlap between the crypto investor and the tech investor is probably pretty large. And you'd start to see some carnage. You're seeing it around the edges. But I don't think the crypto sell off is over by any stretch. Yeah. By the way, it's not everyone. It's Guy that pointed out that level on MicroStrategy's average Bitcoin cost. So good call, Guy. And I think the dynamic in high multiple tech. So what we would deem is not necessarily even profitable tech, but certainly tech that trades north of a 25 times revenue sales to price to sales revenue is something that's really been under a lot of pressure. So there's no question that there's overlap. There's no question that there's a demographic that believes in this new world era. The problem is, and you get back to software, I just don't know how much enterprise spend can go into all these software companies that were $100 billion software companies six months ago. So part of it is just the crowding out of that. But there's no question this is a momentum crowd and it's the revenge of the value investor. Yeah. Bitcoin winter here. It is. I mean, and it's tough. I mean, we mentioned it before. Whether you want to play Bitcoin or whether you want to play strategy, I mean, you really need to understand that like the legacy business is moving sideways. This is not a core growing asset. It really is a levered Bitcoin play. And then you look at the 2028 and you kind of have this convert overhang. So there's this refinance overhang. So, you know, on the downside, strategy is going to underperform Bitcoin. I don't see that trend changing at all. It's really a matter of do you want leverage to the upside? And if so, I think strategy is the way to play it. It used to be 550, Carter. How does this chart look? I mean, this is the definition of momentum is a powerful force, both on the way up and on the way down. So is leverage. Leverage is a very gearing, as the Brits call it. But either way, both of these things are in effect, and they're in the wrong direction. It's a British term, right? Yeah. Yeah, that's what Carter said. Leverage? Stay away. Leverage. How about the Bitcoin chart, though? Same thing. I mean, now, interestingly, right now, as of now, Bitcoin is even with the S&P on a five-year basis. Not to say that Bitcoin is even with the S&P, but with a whole lot more variability. So on a risk-adjusted basis, even is worse. I thought one of the most powerful things Carter said last night on this show was about the Bitcoin uptrend broken over the last decade. That's powerful. Boom. Coming up, more after-hours action and shares of Qualcomm. The details from that report, how traders are handling the move in the chip maker. You're watching Fast Money Live from the NASDAQ market side and Times Square. Back right after this. What made you confident that you could do something that hadn been done before I have no fear of failure Trailblazing women changing the game One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Welcome back to Fast Money. Qualcomm shares plunging after hours after the chipmaker gave disappointing guidance. The company did beat on the top and the bottom lines. The conference call, I think, is still underway. Christina's here with the latest. Yeah, I have my earpiece right here. I was just listening to it moments ago. But much like AMD, Intel, and ARM, the guidance just wasn't enough. On the earnings call, Qualcomm CEO said it was, quote, 100% related to memory. The entire Q2 guide range missing consensus. I was able to catch up with Qualcomm's CEO earlier who told me, quote, memory is going to define the size of the mobile market. Phone makers, according to him, are adjusting purchases and inventory based on memory availability and pricing. Smaller manufacturers, and he pointed out, especially in China, will be more impacted, making it hard to guide beyond Q2. But they want to say that there's a silver lining. Qualcomm is concentrated in the premium tier handset market, where the CEO says demand has been, quote, very, very strong. They said it a few times. Fundamentals are good. But both for Apple modems and within the Android ecosystem, the theory is premium consumers can absorb higher memory prices better than the mass market. Auto, IoT, Internet of Things also continue to grow as the company diversifies. And lastly, just on the Unicom moments ago, the CFO said, quote, We expect to return to our prior run rate and growth trajectory for handset revenues when these conditions normalize. But the question is, though, when? When is when? And whether memory supply catches up before demand destruction sets in. What is it more, the price of memory at this point or the constraint, the lack of memory? Lack of memory. The lack of memory. Correct. So the whole notion about the premium tier handsets being able to absorb the memory costs. Well, the lack of memory, the supply creates those prices. So I guess the initial problem, the chicken or the egg thing, is the supply, which is therefore increasing prices because they're shifting to higher margin memory, like let's say high bandwidth memory over DRAM, dynamic memory. And so because of that, they have to absorb the cost. It affects margins. And then they think because they cater to a more expensive market, people can absorb the prices. I was just trying to figure out if they were actually, if the premium tier was actually constrained as well as the lower tier. Yeah, in this case it is. Or if they're just paying higher prices and still getting their memory. No, they are, but they think that they can pay for it and pass on to them. And speaking of premium tier, how about just Apple and Samsung moving more in-house with their chips? I mean, this is something that I think, I mean, this to me is the biggest problem. And how much is that offset by Internet of Things and auto, which are exciting, higher growth areas? Remember, Apple is going to be pushed off the books in the next few quarters, right, because the relationship between Qualcomm and Apple is ending, which is why the focus is more so on the Android market. So I don't necessarily think they're going to say it's not going to bother them that much because we've known for quite some time that Apple is not part of the equation. But Samsung in-house chips, you can make that argument like NVIDIA, right? Everybody's going in-house. It's going to be competition down the line. 125 believe it or not we're approaching the lows we saw in april of last year which is remarkable in the techs in the semi space if you just think about it valuation it's always been cheap the guide is scaring people i don't know i think you take a flyer here on qualcomm if it gets where's the trade now 136 i think you know right around 130 which you probably can get to i mean i think you take a shot here on the long side how does that chart look there well here's a fact it's the same price it was five years ago that says a lot right i mean so many things have happened you could be short things that have gone out of business, you'd be things that have quadrupled what it was the time and indicated lower tomorrow, I wouldn't touch it. Yeah. Bonoing. I think you could have made the same argument for IBM. In fact, I think I did make that same argument for IBM, and I was wrong. So I guess there is some upside in terms of the pricing just reflecting that, you know, we've essentially kitchen-sinked it. That guide is concerning. It's the lower end of the range that they gave. So I really don't see a lot of tailwinds to this name. The Apple news, the Samsung news is quite concerning. I'm not sure if Internet of Things and automotive are really going to be able to grow in a meaningful way to both make up that loss and then show meaningful growth on a go-forward basis. Christina, thank you. Thanks. Christina Partsinevelis. Coming up, the pharma gap between Lilly and Novo. What's sending those stocks in vastly different directions today? And what Mizzou host Jared Holt sees next in the weight loss drug race? That's when he's back in two. Missed a moment of fast? Catch us anytime on the go. Follow the Fast Money podcast. We're back right after this. Welcome back to Fast Money. Major markets closing off their lows of the session. The Dow more than 250 points higher. The S&P falling half a percent. The tech heavy Nasdaq dropping one and a half percent. It had been down two and a half percent at lows. Casino stock MGM more than eight percent higher as its BetMGM app swung to a net profit thanks to strong growth in iGaming and online sports betting. Caesars, Penn & Wynn also higher today. The Invesco solar ETF hitting its highest level since August of 2023, led by a big jump in Enphase, which posted better than expected earnings and guidance last night. Shares of chemical manufacturing company FMC dropping after a Bloomberg report it is exploring strategic options, including a possible sale. And networking company Sienna will be added to the S&P 500 effective this Monday. And some more earnings action. Elf Beauty and Arm Holdings heading in different directions after topping earnings and revenue estimates. Shares a snap higher after beating revenue expectations. And do not miss an exclusive interview with Snap CEO Evan Spiegel. That's tomorrow, 11 a.m. Eastern Time, right here on CNBC. Well, Eli Lilly ending the day up over 10 percent after blowing past quarterly estimates thanks to soaring demand for its weight loss drugs. The Zetbound Maker also giving stronger than expected 2026 guidance, forecasting that sales could rise by as much as 27 percent this year. That stock faring far better than rival Novo Nordisk, which announced yesterday that it expects sales to fall between 5 and 13 percent. Novo shares down 6 percent today after its earnings call, bringing its losses over the past two sessions to nearly 20 percent. For more on all this, Mizzouho Healthcare Sector Specialist Jared Holtz joins us here on set. Jared, good to see you. You too. What do you make of that staggering Novo decline? Is it warranted? Is it overblown? It seems like it's a little bit overblown, but at the same time, you know, now that you have the context of the Lilly Quarter and their guidance, I mean, these are just two companies on two very different paths, at least now. It's kind of amazing what's happened because, you know, we've discussed the sector so many times and the data and the products don't seem that dissimilar, but the stocks have just taken completely different paths. How do you view the decline in sales that Novo's forecasting 5% to 13% down versus what Lilly is forecasting? They seem a little bit more cautious on Medicare, like the Medicare and Medicaid reimbursement timeline. It seems as though they believe is going to be toward the end of the year, maybe even next year. Eli Lilly is saying 2026 mid, so sometime maybe during the summer. It's really hard to tell. And then I think the pricing dynamic is just so different. And the IRA lists semaglutide on it, but trizepatide not. And so I think investors at first thought, okay, once Novo hit the IRA, Lilly would be impacted. Doesn't seem like that's happening, at least not very quickly. All right. At these levels, to me, Jared, Novo's trading like that's the only business they're in is weight loss. And that's not true at all. And in your notes, it says they might be better. And it's not going to happen. But would they be better off without it? So the point is, are they not being valued for everything else? Well, I guess what I wrote this morning is like when you consider that the stock is at a five year low, we've discussed them hundreds of times for this massive market that they're in, that they still have 30 to 40 percent. I think the stock would fare better if they had never gotten into this business. That's what the market is telling us, that if they just stick with diabetes and maybe did a couple tucking deals, the stock would be higher. I mean, look at the way the pharma sector is trading. You've got all time highs for so many single stocks. This thing is nearly near at a decade low. Something doesn't compute. And they've done deals. I think they're trying to shift the narrative, but it's just too late. What about the insurance dynamic? And should we care that a lot of the Wagovi, you know, the pill and the data we're getting are cash pay customers? And is that what does that say for the rest of the sector? And is it does it you know, does it shine even a better light than on Lilly? I'm just curious. I mean, it's good and bad. I mean, we thought, you know, when we saw the 200 patients or 200,000 patients are already on the pill after one month, that's a staggering number. Unfortunately, they're only paying $150 per month. Right. Right. So that's a basic a fifth or a tenth, depending on how you want to do the math of where the pricing was just two years ago. So I think that's the issue that Novo is having. On one hand, you want to build this consumer oriented market because that's there's massive power in numbers and volume. But at 150 a month, it's just not enough. How does this change the biotech landscape? If you're a burgeoning biotech firm that has leverage to GLP-1, weight loss type of drugs, are you no longer an acquisition target? Do you continue your R&D spin? Are you looking to shore up cash? I think you still are. I think there are a select few, but you've got to be pretty close to prime time. Like I think a lot of the large cap pharma companies and biotech companies have missed the boat already. I mean, Pfizer doing that, Sarah, a couple months ago for eight or nine billion. That seems like it may not be that great of an asset. MetSara, obviously, I think it's incredible that they sold and they obviously should have, I think, now that we see some of the data. I don't think it's necessarily too late, but you've got to come with something a lot better. And I think what we're finding is it's very tough to find something better than either Novo or Lilly. And, I mean, Warfor is in the pipeline, but also Reda TrueTile. I mean, they have other sort of next-gen weight loss drugs there. How does Novo stack up in the rest of its pipeline? pipeline? Because in addition to Red Hatrutide and Orfor, I mean, Eli Lilly's got all sorts of other drugs. They're doing, you know, for instance, genetic gene editing, gene drugs. And so, I mean, how does it sack up the entire pipeline, not just weight loss? I don't really think it does. I mean, Lilly's done a lot of acquisitions over the past few years. They're trying to diversify. They're saying in many different ways that they want to obviously the focus on this core business because it's been so excellent, but take the opportunity to beef up other segments, rare diseases for one, like you mentioned. I don't think Novo really has anything that I think can really pack a punch the way that Lilly can. So what does it need to do? I mean, they have to do more deals, of course. I mean MetSara it looked like they dodged a bullet with MetSara in a way In a way It really tough to know what happened there because of all the FTC around it Did they bid the price up so someone would pay more Part of me feels like that what they did and were successful So maybe they didn't really want it after all. We'll never really know. But I think some more tucking deals that are maybe even adjacent to this business cardiovascular wouldn't be a bad idea. But again, it just seems so late in the game. And I think if they do do something relatively big, then it's going to be viewed as defensive. They still do have Kagrasema. I think there's a little bit more excitement for that just because they've redesigned parts of that trial. Maybe the data is a little bit better, but they don't really have much. All right. Jared, thank you. Jared Holes of Mizuho. Tim, how are you feeling about your Novo? Well, one thing that makes me feel better about Novo is everything that seems to be wrong with them is that they can't communicate. They have certainly no street cred with the street. They have no street cred with the investor community. There's no question to me this is a company that's in a better position today than it was six months ago, and yet the share price is probably down 40 percent. I think there's been significant change at the top. I think we still need to see this CEO really, I think, establish what the game plan is, because outside of this drug, people really don't know. I like Novo a little more cheaper today than I did yesterday, but the numbers were fine. The guidance wasn't great, and the communication was worse. What does the chart look like to you? Well, same as last night. I would just, you know, this is a failing bearish to bullish reversal. And so to take measures, reduce your exposure or get out. Yes. You know what the end in my junk is. Yes, troubled. I mean, between unity and this, I don't know where your junk is right now. Neither do I, actually. It's soft. Yeah. I mean, it's not, you know. It's sort of just flailing. Viserable. Flailing. Stinks. But it's a long year, though. You have a trade on Novo just quickly. Listen, what Jared said sort of resonated with me. If they never got into business in the first place, where would the stock be? It's not just a weight loss company, but it's being priced as a loser in the weight loss space. Do not miss Jim Cramer's exclusive interview with the president and CEO of Novo Nordisk on the back of its earnings. That's the top of the hour on Mad Money. Coming up, Uber shares hitting the skids. Why the rideshare stock is getting hit after this morning's report. The profit pinch that had investors selling out. The details and fast money returns. another check on shares of alphabet down by a little bit more than two percent gene munster has the latest from the call gene melissa yes shares faded as they talked about this supply constrained on cloud obviously cloud had that monster quarter 48 growth and they talked about that monster guide on capex they said that half of that big guide up on CapEx would be related to supplying capacity for Google Cloud. And the majority of that's going to come in the back half of the year. And so as you kind of think that through, it basically adds a little bit of uncertainty to what Google Cloud growth is going to look like over the next couple quarters. They didn't explicitly break that out. But after they had those comments, you started to see the stock slide. In the toy department category, credit Mark Mahaney here for asking the question, What do you think about this big software sell-off? Sundar said these software companies need to re-engineer themselves. Basically, it's an AI-first company. He did add that those big software customers, which use Gemini, think about like Agent Force, for example. He did say that the amount of token usage in the December quarter was, his comment, was very robust. I think you read between the lines, these software companies get it. They need to get up to speed in a hurry. All right. Gene, thanks for keeping us posted. Gene Munster. Thank you. Sort of a different tone from Jensen Huang saying that the sell-off is illogical. I mean, really dismissing the entire sell-off here. I think it's very logical. And it's illogical based on what he said over the weekend. It's his words that I, well, this was in motion for a while, but his words over the weekend, the fact that that $100 billion is not etched in stone, I think that just sort of put gas onto fire, which makes it logical to me. All right. Alphabet shares down 2.4%. Meantime, shares of Uber down 5% after reporting mixed results this morning. Even with strong bookings and record active users, the rideshare giant missed earnings estimates, setting higher tax rates and customers opting for lower cost rides on the platform. It also gave weak profit guidance for the current quarter. Uber is now down nine and a half percent so far this year. Vano, what do you make of Uber? I mean, the operating expenses are a concern. I think this is two or three quarters in a row where they really have not managed that or at least, you know, kind of hit expectations there. And it seems now that they're kind of following the way of Tesla and putting everything into autonomous vehicles. And my concern there, and I think the street's concern there, is that you're now competing with Waymo and Tesla in that space. So if that is essentially your pie in the sky or your path towards more robust growth, I think there's just increased competition there. Yeah. Tim? I think this is a case of a company that's not that profitable. And I think at least some of their profitability is we heard about why it was less profitable this quarter. and you get to a place where I just think this is what the street has been punishing. This stock is just when it was breaking out, looks like it's taken you all the way back to kind of mid last year. And I think it probably heads lower. There's nothing wrong there, but I do think they have a pricing issue. I think their rides are too expensive. Coming up, the ups and downs of the recent market swings, how our traders are handling the stock, setting new highs and new lows amid this volatility, and whether the good or bad times will continue. More Fast Money in two. Welcome back to Fast Money. A trio of names touching all-time highs caught our eyes today. Deere, Cisco, and PNC Financial, all hitting records, but are they worth a buy here? Tim, I think you're looking at Cisco. I like Cisco. I think their software business is a high-margin business, and it's the one part of their business that's actually doing okay, and they're not being branded as a software company. It's about routers and router switch and enterprise spend, and a lot of this build-out that is very, very helpful to Cisco. So you're essentially back to those dot-com highs. I think this stock has been one of those slow ones to finally get back there. I'm long it. I think it's going higher. Bono, and which would you nibble at? PNC. And I probably nibble here. I'd approach it with either call spreads or buy right. But, I mean, you've got 21% EPS growth. You've got net interest margin growth. You've got deposit-based growth. I think what you're seeing is real strong fundamentals. Now, what concerns you is that the stock has just run so much, And it's probably getting into overbought territory, which is why I look for kind of a cost-controlled way to get into the stock. Guy, you have one that you don't like in this group. Well, it used to be called John Deere. Now it's Deere & Company. Tim actually owns many of their products. And clearly it's been helping. But, you know, if you look at it, they reported, I think, on the 19th. Why the Wawa? Why the Wawa? I don't know. I mean, I'm a proud Deere owner. No, I know. I think that was in response to fade it. Not because you owned Deere products. I interpreted it the same way. Not all about you, Tim. Not all about you. And I look at the reversal in Caterpillar today and say to myself, hmm, two times normal volume, all-time high. I don't think this is one you want to initiate a long position at these levels. Carter, which chart do you like here? I like Cisco. Okay. Yeah. Cisco's just remarkably thick. It's high at the dot-com peak. It was in March. It was $82 a share. And it's literally right there now. It's pretty uptrend here and now. All right. And the other side of the coin, Netflix, PayPal, Boston Scientific, all at or near 52-week lows, or even worse, some agreement on Netflix here tonight. Tim? Yeah, I mean, I can own Netflix with a lot of comfort here. I'm not sure how much the overhang around WGBH will continue. Sure, I worry about a more asset-heavy model, but there's no questioning their leadership, their dominance, their pricing power, and the fact that they are a free cash flow machine, or they used to be. This is an opportunity. When I say agreement on the desk, all you guys like Netflix. Yeah, I know. I wanted to point that out for a reason. Yeah, with a little bit of a caveat. I think this is where you kind of start to establish a long position. I'm not saying that I think in the next week this is going to get turned around. So you probably start to nimble at it, understanding that you probably will lose on your first entry point. But to Tim's point, I think the WBD situation is overblown. They are in a transition. They are going from asset light to asset heavy. They will be spending more money. But I think live and sports ultimately are going to lead them higher. I'm with Tim and with Bono and clearly Carter as well. And he's going to say something. I would have said this $15 to $20 ago, and I probably did. But I think once this Warner Brothers Paramount Netflix thing gets sorted out, regardless of outcome, I think you finally get the bounce that Netflix owners have been waiting for. And I think you're going to look back in a couple of months and say, man, I wish I had bought Netflix in the 80s. So it is consensus here on the desk. to like Netflix. Let's make it four. I mean, you know, to Bond's point, it doesn't mean it has to bounce back, but you're dunking down 41% decline. It's one thing if you dropped in one day, you would say, okay, this is a mature, deliberate, eight, nine-month decline. This is exactly where you should get some sort of countertrend. All right. Up next, final trades. Time for the final trade. Let's go around the horn. Jim, do you know what your final trade is? Why wouldn't I? Of course. How about them casinos? Las Vegas, you know, casinos are trading at probably two-thirds. In other words, a third cheap to where they were pre-COVID in terms of EBITDA. Get in there. Bono in. Let me start by wishing my youngest son a very happy first birthday. You and your brother are my everything. As for final trades, CVX, I just think structural cash return and macro hedge. Carter. The exact same one as last night. Sell semis. Mel, I know you know this. Artemi Panarin, big fan of the show. Maybe the best free agent signing in New York Ranger history. Maybe in New York sports history. We gave him away for nothing. He's probably on the plane now to L.A. GM under pressure. Goodbye, Artemi. Halliburton. Thank you for watching Fast Money. We're off tomorrow, but I'll see you in overtime. Mad Money, Jim Cramer, starts right now. 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