CNBC's "Fast Money" Podcast Summary
Episode: Apple, Amazon Report Results… And Jamie Dimon Weighs In On Markets, Fed
Release Date: July 31, 2025
Introduction
Hosted by Melissa Lee and featuring a roundtable of top traders including Tim Seymour, Karen Feinerman, Bono, and Ison, CNBC's "Fast Money" dives deep into the latest financial news impacting investors. This episode, broadcast live from Studio B at the NASDAQ in New York City's Times Square, covers the earnings reports of tech giants Apple and Amazon, insights from JP Morgan CEO Jamie Dimon, and significant movements in the pharma sector.
Apple's Stellar Earnings Performance
Timestamp: [00:00 – 07:10]
Steve Kovach kickstarts the discussion by highlighting Apple's exceptional quarterly performance. Apple surpassed expectations with an EPS of $5.57 (vs. $4.3 expected) and revenue of $94 billion, marking a 10% growth—the best since December 2021.
- Key Financials:
- iPhone Revenue: Up 13% to $44.58 billion.
- Services Revenue: Surging to $27.42 billion, exceeding the expected $26.8 billion.
- China Market: Revenue grew 4% to $15.37 billion.
Notable Quote:
"Apple just beat expectations by a long shot here."
— Steve Kovach [01:57]
Steve discusses CEO Tim Cook's comments on factors contributing to growth, including government subsidies in China and the JD.com shopping holiday. Cook also touched on Apple's increased investment in artificial intelligence (AI), mentioning the acquisition of seven startups this year to bolster AI capabilities.
Market Reaction: Despite the strong earnings, Karen Feinerman notes that Apple's stock remained relatively flat, only inching up by 1%. Bono suggests that even if the pull-forward contribution to growth were higher, the overall revenue growth without a significant AI push remains impressive.
Future Outlook: Apple's guidance for the upcoming quarter predicts mid to high single-digit revenue growth and gross margins between 46-47%, factoring in an estimated $1.1 billion in tariff-related costs for September. Steve Kovach emphasizes that Apple's large installed base of 2.4 billion users presents ongoing conversion opportunities.
Amazon's Mixed Earnings and Future Investments
Timestamp: [09:51 – 15:55]
Mackenzie Seagalas reports that Amazon's stock fell despite beating revenue and earnings estimates. The primary concern stems from Amazon's weak operating income guidance for the current quarter.
- Key Financials:
- CapEx Spending: Amazon plans to spend up to $100 billion this year on expanding its cloud infrastructure and software, with the CFO announcing an increase to $31.4 billion for the current quarter.
- Revenue Growth: Near 17-18%, though below analyst expectations of 20-22%.
- AWS Market Share: Dropping from 31% to 29%, facing fierce competition from Microsoft’s Azure and Google Cloud.
Notable Quote:
"If their market share has dropped recently, they might be nervous that their golden egg is going to start to crack."
— Steve Kovach [13:48]
Market Reaction: While revenue growth is solid, the operating income miss caused investor concern, prompting Steve Kovach to suggest it might be a good time to take profits on Amazon. Gene Munster from Deepwater Asset Management expresses confusion over Amazon's slower AWS growth, questioning whether it’s due to capacity constraints or other issues.
Future Outlook: Amazon's aggressive CapEx is viewed as necessary to stay competitive in the AI cloud arms race. However, there are concerns about whether increased spending will translate into proportional revenue growth and improved margins.
Pharma Sector Under Pressure from U.S. Administration
Timestamp: [23:07 – 28:39]
The pharma industry faces significant challenges as President Trump targets drug prices, sending letters to major companies like Eli Lilly, Novo Nordisk, Pfizer, Merck, and Regeneron with demands to cut prices within 60 days.
Angelica Peebles outlines the four key actions requested:
- Most Favored Nation Pricing for Medicaid.
- Guaranteed Best Prices for new drugs across all markets.
- Raising Prices Overseas to reinvest in lowering U.S. prices.
- Direct Sales of Drugs to provide lower prices to consumers.
Notable Quote:
"Guaranteeing the US will receive the best price for newly launched drugs is the most challenging demand."
— Angelica Peebles [25:31]
Market Reaction: Pharma stocks like Eli Lilly, Novo Nordisk, Pfizer, Merck, and Regeneron dropped sharply following the announcement. Melissa Lee notes that despite these pressures, some companies like Bristol Myers Squibb and Pfizer have introduced direct-to-consumer programs to mitigate the impact.
Investment Perspective: While the pharma sector is currently underperforming, Melissa Lee and other analysts believe there is medium to long-term value, especially in diversified companies like JJ and Pfizer. Despite the current headwinds, the sector remains a potential area for strategic investment.
Exclusive Insights from JP Morgan CEO Jamie Dimon
Timestamp: [35:13 – 38:37]
Leslie Picker briefs listeners on Jamie Dimon's exclusive interview, where he discusses the current economic landscape, tariffs, and the Federal Reserve.
Key Takeaways:
- Tariffs: Dimon expects tariffs to be more moderate and manageable, stating businesses can handle 15% tariffs. However, uncertainty remains around potential rate changes post-August 1st deadline.
- Federal Reserve: Dimon anticipates the Fed will cut rates soon, citing ongoing economic strength and gradual inflation reduction.
- Regulation and AI: He identifies deregulation and AI as two major growth drivers, emphasizing that while AI may lead to job losses, it ultimately boosts productivity and efficiency.
Notable Quote:
"The Fed will likely reduce rates soon as long as inflation continues to decrease and the economy remains strong."
— Melissa Lee [35:48]
Market Reaction: Dimon expressed optimism about regulatory reforms and AI’s role in future growth. Melissa Lee appreciates Dimon's insights, noting his belief in continued economic growth and AI-driven productivity gains.
Figma's Triumphant IPO and the State of the IPO Market
Timestamp: [39:20 – 44:27]
Bono discusses Figma’s remarkable IPO performance, with shares tripling to over $115 in their debut.
Notable Quote:
"This IPO shows that demand and euphoria are still very much alive for AI-adjacent markets."
— Bono [42:24]
Market Impact: Figma’s success underscores strong investor appetite for AI-related and high-growth tech companies. Melissa Lee highlights that private market investments remain attractive, especially in high-valuation environments, as evidenced by Figma's pre-IPO gray market opportunities.
Investment Perspective: While the exuberance around Figma is understandable, Tim Seymour cautions investors to remain vigilant, suggesting that not all IPOs will sustain such high growth rates. The episode emphasizes the importance of strategic entry points and recognizing potential pullbacks in the volatile IPO landscape.
Final Trades and Recognition
Timestamp: [44:56 – 45:18]
In a celebratory close, Karen Feinerman is recognized in Forbes' fifth annual 50 Over 50 list for her outstanding contributions in the investment category, highlighting her firm's achievements and influence.
Final Trades Highlights:
- Tim Seymour expresses his bullish stance on European banks, noting their superior deregulation progress compared to U.S. banks.
- Karen Feinerman and Bono discuss cautious strategies around volatile sectors like copper, suggesting an overextended long position.
Conclusion
This episode of "Fast Money" provided a comprehensive analysis of major corporate earnings, significant regulatory impacts on the pharma industry, insights from a leading banking executive, and the dynamic state of the IPO market. With detailed discussions and expert opinions, investors gain valuable perspectives to navigate the current financial landscape.
Notable Quotes Overview:
- "Apple just beat expectations by a long shot here." — Steve Kovach [01:57]
- "If their market share has dropped recently, they might be nervous that their golden egg is going to start to crack." — Steve Kovach [13:48]
- "Guaranteeing the US will receive the best price for newly launched drugs is the most challenging demand." — Angelica Peebles [25:31]
- "The Fed will likely reduce rates soon as long as inflation continues to decrease and the economy remains strong." — Melissa Lee [35:48]
- "This IPO shows that demand and euphoria are still very much alive for AI-adjacent markets." — Bono [42:24]
For more insights and detailed discussions, visit Fast Money on CNBC.