CNBC Fast Money Podcast Summary

Episode: White House Affordability Push… And Incyte CEO On Drug Pipeline
Date: January 13, 2026
Host: Melissa Lee, with Tim Seymour, Karen Feinerman, Dan Nathan, and Guy Adami
Special Guests: Lawrence Golub (Golub Capital CEO), Bill Murray (Incyte CEO)

Overview

This episode of Fast Money dives into the White House’s escalating focus on utility affordability in the face of AI-driven data center growth, explores the political and trading implications for utilities and major tech stocks, examines the latest in private credit/middle market lending, and provides an in-depth interview with Incyte's CEO on navigating a looming patent cliff. The panel also weighs in on tech/software sell-offs, the Netflix/Warner Bros. Discovery deal, and unveils their 2026 trader acronyms with signature wit.

Key Discussion Points & Insights

1. White House Push on Utility Affordability and AI Data Centers

0:03:03 – 0:10:35

• Microsoft and the White House: Microsoft pledged to shoulder higher utility costs from their AI data center expansion, avoiding passing on costs to local communities. Brad Smith (Microsoft President) emphasized responsibility to “do right by local communities” and not leave consumers “picking up the tab.” (Guy Adami quoting Smith, 02:53)

• Political Context: President Trump’s Truth Social post: “Never want Americans to pay higher electricity bills because of data centers.”

• Near-Term Impact: Tim Seymour notes, “There are no solutions in the near term. The community shouldn’t be saddled with the burden of all these costs…this is a long fix…and Microsoft seems to be on board.” (05:02)

• Investor Takeaways: Names like Bloom Energy and Constellation Energy seen as potential winners; natural gas and nuclear discussed as alternative, cheaper power sources. Volatility in utility stocks seen as a buying opportunity after pullbacks.

• Macro Considerations: Dan Nathan warns neo-clouds (unprofitable cloud players) could suffer if regulation pushes costs back onto operators, especially as Chinese firms have cheaper capital and energy.

“This is where this battle is going. We’ll hear a lot more in the next couple of years.”
— Dan Nathan, 06:49

• US vs. China: Ongoing tension in AI compute costs, chip supply (Nvidia US sales restricted to China), and infrastructural efficiency. Karen Feinerman points out that US policy shifts may further challenge even competitive playing fields.

2. Software Sector Sell-off & Tech Themes

0:24:08 – 0:26:53

• Sell-off Details: Notable software names (Salesforce down 7%, Adobe, DocuSign, Snowflake) hit on fears of AI-driven disruption to legacy SaaS models.
• Valuation Stories: Dan Nathan calls valuations “getting cheap” and foreshadows narrative rebounds for beaten-down players. Tim Seymour singles out Adobe as “close to a level you want to add to.”

“Some stocks are being thrown out wholesale…at some point these stocks catch a bid.”
— Dan Nathan, 24:31

• Risks: Existential AI threats for some, market uncertainty for others. Guy Adami opines Salesforce is “very interesting and underappreciated” here.
• Takeaway: The rotation out of old-guard software into semis/clouds may create bargains, but differentiation is critical.

3. Middle Market Lending & Private Credit Trends

0:10:47 – 0:18:06

• Golub Capital’s View: CEO Lawrence Golub describes steady middle market growth: “nice steady progress, growth, profits…real economy is doing pretty well.” (11:11)
• Risk in Lending to AI/Data Centers: “Ultimately, compute is a commodity…constantly changing technology. As a lender, you’re just waiting to get your head chopped off.” (13:12)
• Job Market: Productivity up, wage growth (4%) outpaces inflation, “comes from careful hiring, use of AI, software in general,” helping the middle market thrive despite broader uncertainty.
• Deregulation Impact: Golub: Deregulation helps banks lend to firms like Golub Capital, supporting private credit ecosystem expansion.
• JP Morgan as ‘Frenemy’: Karen Feinerman asks if big banks are partners or competitors. Golub: “Frenemies is a good word…”—compete for large deals, but also partner in capital raising/lending.

4. Federal Reserve, Credit Cards & Political Influence

0:19:01 – 0:22:25

• Fed Independence Debate: Trump criticizes Fed Chair Powell for not lowering rates; Jamie Dimon cautions against threatening Fed independence, warning it risks inflation and market volatility.

“The independence of the Fed is why this system works. If you lose it…then our bond market’s in jeopardy, which puts the entire stock market at jeopardy as well.”
— Tim Seymour, 19:59

• Credit Card Interest Rates: Discussion of the political push to cap sky-high credit card rates; populist messaging meets financial realities.

5. Netflix/Warner Bros. Discovery Deal Dynamics

0:29:29 – 0:32:32

• Deal Rumor: Netflix may switch to an all-cash offer for WBD studio/streaming assets to quicken the deal, compared to Paramount/Skydance’s all-cash bid for everything.
• Legacy Asset Complexity: Karen Feinerman notes, “Netflix is only buying the studios and streaming division…those old assets would continue as a separate company.”
• Analyst Take: Tim Seymour expects a relief rally post-earnings regardless of deal outcome, considering current compelling valuations.

6. Incyte CEO Interview — Strategy for the Patent Cliff

0:34:42 – 0:38:32

Guest: Bill Murray, CEO of Incyte
Discusses plans to replace $3B in revenue from flagship cancer drug Jakify expiring in 2028.

“There are no targeted treatments today for people with blood cancer. We have three in development.”
— Bill Murray, 36:03

• Pipeline Focus: 7 late-stage programs (14 phase 3 trials), especially in blood and solid tumor cancers.
• M&A Policy: $3–5B firepower, but Murray clarifies they won’t “chase deals to fill a revenue gap”; focus is on strategic fit rather than forced growth.
• FDA Strategy: Considering national priority vouchers, evaluating all options to accelerate time to market.
• Panel Take: Tim Seymour calls Incyte “real earnings with real valuations,” potentially an acquisition target, with phase 3 study as a key catalyst.

7. Trader Acronym Segment (2026 Picks) — Lighter, Signature Fast Money Banter

0:40:36 – 0:44:46

• Karen Feinerman’s “I’ll Be Dang” (B DANG): Boeing, Dell, Amazon, Novo, and Structure Therapeutics
• Tim Seymour’s “TIMBO”: Target, International ETF, Melco, Biogen, Oracle

“Karen continues to break the rules and is absolutely without…”
— Guy Adami, 42:13

• Playful banter over acronym compliance; Tim closes with a “haiku” summarizing the chaos.

8. Telecom Stocks at Lows: T-Mobile, AT&T, Verizon

0:44:51 – 0:46:39

• Sector Weakness: Dan Nathan says T-Mobile “just starts to look interesting here…baby with the bathwater in all of these.”
• AT&T Unattractive: Guy Adami: “I don’t see myself coming back…I don’t know why you’d want to own it here.”
• T-Mobile as Best-in-Breed: Tim Seymour: “Always going to trade at a premium…but it should.” Reports in February, may be an entry point.

Notable Quotes & Memorable Moments

• Microsoft/White House AI power cost policy:
  “They’re pushing the tech sector, including us, to do right by local communities…”
  — Brad Smith (Microsoft), quoted by Guy Adami, 02:53

• Market realities and US/China dynamics:
  “This is where this battle is going…we’ll hear a lot more about it in the next couple of years.”
  — Dan Nathan, 06:49

• Golub on lending risk in data centers:
  “Ultimately, compute is a commodity... As a lender, you’re just waiting to get your head chopped off.”
  — Lawrence Golub, 13:12

• Fed independence as market backbone:
  “The independence of the Fed is why this system works. If you lose it…the entire stock market is in jeopardy.”
  — Tim Seymour, 19:59

• Incyte’s pivot from Jakify revenue:
  “There are no targeted treatments today for people with blood cancer. We have three in development…”
  — Bill Murray, 36:03

Timestamps for Important Segments

• White House/Data Center/Affordability Theme: 03:03 – 10:35
• Software Sell-Off: 24:08 – 26:53
• Middle Market Report (Golub Capital): 10:47 – 18:06
• Fed/Political Debate: 19:01 – 22:25
• Netflix–Warner Bros. Discovery Deal Talk: 29:29 – 32:32
• Incyte CEO Interview: 34:42 – 38:32
• Trader Acronym Reveal: 40:36 – 44:46
• Telecom Trade Discussion: 44:51 – 46:39

Summary Takeaway

The episode underscores how tech/AI infrastructure expansion is straining power grids, creating regulatory risk for cloud giants, while simultaneously opening up investment angles in utilities and energy. Private credit leaders like Golub Capital see steady real-economy growth and heightened selectivity in high-tech lending. Political crosscurrents on Fed policy and credit card rates keep market tone nervous. The panel highlights tactical opportunities in beaten-down tech, software, and telecom stocks—but cautions on the need for selectivity amid disruptive technological and political forces. Finally, Incyte’s focused R&D and strategic M&A approach to offset its patent cliff draws positive attention among biotech investors.