Fast Money CNBC Podcast Summary

Episode: Would You Rather?: Goldman Sachs or The Mag7… And Structure Therapeutics CEO
Date: January 15, 2026
Host: Melissa Lee, with Tim Seymour, Carter Worth, Steve Grasso, Guy Adami

Episode Overview

This episode of CNBC’s "Fast Money" digs into a pivotal investor question for 2026: Would you rather own Goldman Sachs or the so-called "Mag 7" mega-cap tech stocks? The traders engage in a spirited debate about the prospects of the financial giant versus tech, analyzing earnings momentum, cyclicality, and macro conditions. Other major topics include the resilience of regional banks, semiconductor sector trends after Taiwan Semi’s blowout guidance, the state of crypto regulation after a high-profile bill stalls, and a deep-dive interview with Structure Therapeutics CEO Ray Stevens on the fast-evolving obesity drug market.

Key Discussion Points & Insights

1. Would You Rather: Goldman Sachs vs. Mag 7

[01:50–07:22]

• Goldman Sachs Surging: After strong earnings, Goldman's shares see double-digit gains YTD, while Mag 7 techs show mixed or lagging performance.
• Guy Adami takes the Goldman side:

  “Despite the move, Goldman Sachs is still a stock that’s going to perform… valuation is not ridiculously stretched, and the world is sort of lining up for exactly what they do.” [02:41]

• Tim Seymour initially argues for the Mag 7, noting their consistent earnings growth, but concedes the news flow, yield curve, and deal urgency all favor banks now. Still, he's hesitant on Mag 7, especially with many mega-caps treading water.
• Steve Grasso also sides with Goldman:

  “The Mag 7, in large part, commoditized business... prices do come down, revenues come down, earnings come down.” [05:15]

  • Emphasizes cyclical tailwinds for banks (M&A, deregulation) as pressures on tech intensify.
• Carter Worth offers a nuanced take, emphasizing banks' cyclicality versus perceived stable tech growth:

  “If we are heading into any sort of contraction... then by definition it’s tech. And if that doesn’t happen, the better bet is to just ride the ride with Goldman.” [06:01]

• Charts confirm GS is stronger for now:

  “Which player on the field right now is acting better?... There’s no question. Goldman Sachs.” [07:17]

• Melissa Lee reframes the debate: cyclical leverage vs. growth trajectory; whether future tech growth is still believable.

2. Macro Analysis: Bank Rerating & Regional Bank Opportunities

[09:53–18:13]

• Sales & trading now a profit center—the market is finally rewarding banks for it.
• Rerating Durability:

  Melissa: “What you all are saying implies a rerating... is it a valid, durable rerating?” [10:14]
  Tim Seymour: “I think so. You might want to look to the regional banks which haven’t rerated the same way...” [10:28]

• Guest Tom Michaud, CEO of KBW:

  “Regionals have traded at a premium to the bigger banks... Now they’ve been at a 20% discount. We believe that gap is going to close.” [11:06]

  • M&A "on the clock": Election cycle, high stock prices, and regulatory environment driving urgent deal activity.
• Bank exposure to AI infrastructure:

  “Should we be concerned if we’re worried about an AI bubble? What is the extrapolation back to these banks?” —Melissa Lee [12:15] “I don’t believe [banks] changed their risk metrics much... they’ve stayed pretty conservative.” —Tom Michaud [13:19]

• Deregulatory Tailwind but political risks:

  “You’re going to see a lot of progressive proposals all around... how much of it is the market going to believe?” —Tom Michaud [15:12]

3. Semiconductors: Taiwan Semi's Blowout and CapEx Questions

[18:13–20:35]

• Taiwan Semi (TSMC) surprises with strong earnings and CapEx guidance; sector soars.
• Guy Adami questions TSMC's ambitious production schedule in the US:

  “I don’t know how they make that timeline, but it’s ambitious. Good for them if they pull it off.” [19:06]

• Winners are 'picks and shovels’ (equipment suppliers, foundries) rather than Mag 7 techs.
• Tim Seymour:

  “Decisive capex, fantastic margins are showing that this commoditized business is also becoming more profitable than ever.” [19:41]

4. Crypto Crunch: Regulation Postponed & Implications

[22:51–25:56]

• Crypto bill postponed: Coinbase and Robinhood sink after Senate Banking Committee delays vote; CEO Brian Armstrong pulls support, citing rewards and tokenization concerns.
• Emily Wilkins (CNBC reporter) explains:

  “Armstrong wants to see language removed that would ban the tokenization of equities... they’re going to need to see some ethics language that could limit how lawmakers and the president can profit from crypto.” [24:16]

• Steve Grasso sees this as positive for crypto:

  “...You're going to see a bill with better language for the crypto community. Net net, I think it’s a buy, longer term, for cryptos.” [24:23]

• Guy Adami points out resilience in Coinbase:

  “It’s almost down 50% since the high of last summer... But it’s happened before, and each time it’s bounced back. I think you’re looking to start to build a long position.” [24:54]

5. Obesity Drug Race: Structure Therapeutics CEO Interview

[33:15–38:51]

• Melissa Lee interviews Ray Stevens, CEO of Structure Therapeutics (GPCR):
• Stock up 146% since December’s successful GLP-1 data; now a potential M&A target for major pharma.
• On M&A speculation:

  “We don’t comment as a company policy in terms of market speculation or rumors... A lot of pharmaceutical companies are looking at this very carefully.” —Ray Stevens [34:20]

• On the obesity pandemic:

  “Obesity is a pandemic. It’s finally getting recognized... a real big unmet need to address this pandemic.” [35:13]

• On Structure’s balance sheet & independence:

  “We raised $750 million back in December. Now we have about $1.5 billion... that does give us the runway until the end of 2028.” [36:00]

• Competitive landscape:

  “There’s room there... we think we have a potentially best-in-class profile based on efficacy, safety, manufacturing, and combinability.” [37:42]

• Street reaction:

  “This stock, although it’s rallied already, could go for a premium of 40%, 70%, to 100% more than it is.” —Steve Grasso [39:36]
  “This is just a matter of time before they get acquired.” —Guy Adami [40:10]
  “As a chart, look, it’s fantastic.” —Carter Worth [40:18]

6. Trader Acronym Reveals: 2026 Picks

[41:10–44:26]

Steve Grasso: "ENIGMA"

• Ethereum
• Navitas Semiconductor
• IonQ
• Gen Digital (Norton/Lifelock)
• MaxLinear (5G chips)
• Allegro Microsystems

“Looking for real moonshots on these... All of them soon to be or already profitable.” —Steve Grasso [41:10]

Carter Worth: "AARP"

• Affirm (fintech)
• Amazon
• Rhythm (biotech)
• Procter & Gamble

“These are just from broader baskets. You do have to find an acronym, and this is not really an acronym. It’s an acronym of an acronym.” —Carter Worth [44:04]

7. Charting the Yen: Long-Term Outlook

[45:02–46:26]

• Carter Worth:

  “Going up, which is weakening.” [45:48] (yen down, dollar/yen up)

• Tim Seymour:

  “A weaker currency is fantastic for Japanese exporters... Japanese companies have never given more money back in buybacks, their earnings growth is fantastic... Stay long Japan.” [45:52]

Notable Quotes & Memorable Moments

• Guy Adami:

  “Despite the move, Goldman Sachs is still a stock that’s going to perform... valuation is not ridiculously stretched...” [02:41]

• Carter Worth:

  “If we are heading into any sort of contraction... then by definition it’s tech. And if that doesn’t happen, the better bet is just to ride the ride with Goldman.” [06:01]

• Tom Michaud:

  “We’re in a generational moment of deregulation... banks are going to level the playing field a little bit with competitors.” [13:56]

• Ray Stevens:

  “Obesity is a pandemic... there’s a real big unmet need to address this pandemic.” [35:13]

• Steve Grasso:

  “This stock... could go for a premium of 40%, 70% or even 100% more than it is. They’re looking for assets just like this.” [39:36]

Additional Segments with Timestamps

• [18:13] – TSMC earnings; US/Taiwan chip production partnership
• [22:51] – Crypto regulation, Coinbase CEO’s intervention
• [28:03] – Market recap, Spotify price hikes, oil’s consolidation
• [31:42] – FDA delays on Eli Lilly obesity drug, Structure Therapeutics interview

Flow & Tone

True to Fast Money’s style, the roundtable banter is both lively and forthright. The hosts aren’t afraid to challenge each other ("It's amazing how confused the three of us got on this" —Steve Grasso [05:04]) and pivot quickly among hot topics. The guest interviews provide deep context without losing the actionable investing focus. The tone is smart, accessible, and a touch irreverent, with running gags about trader acronyms and their dubious legitimacy.

Conclusion

The fastest money on Wall Street is now on the move—but it’s not just the Mag 7. This episode spotlights an inflection point where old-guard financials look newly attractive, tech is re-evaluated, and sector-specific bets (chips, obesity drugs, crypto) are up for debate. If you want to understand what top traders are watching for 2026, this is essential listening.