Podcast Summary: CNBC's "Fast Money" – Big Tech Sells Off & Viking Therapeutics Plunges (August 19, 2025)

Episode Overview

Hosted by Courtney Reagan (in for Melissa Lee) with traders Tim Seymour, Karen Finerman, Dan Nathan, Guy Adami, and guests, this episode dives deep into a turbulent trading day for markets. Major themes include a sharp selloff in big tech—especially within the so-called "Magnificent Seven" and chip stocks—trouble for Viking Therapeutics after disappointing weight loss drug data, ongoing strength and challenges in the housing and homebuilder sector, and notable headlines in semiconductors and media mergers. Throughout, traders debate the durability of the tech rally, the market’s sensitivity to rates, and implications for both defensive and high-growth sectors.

Key Discussion Points and Insights

1. Big Tech & Market Selloff

[00:48 – 13:10]

• Broad Tech Weakness: Every member of the "Magnificent Seven" closed lower, dragging down the Nasdaq ~1.5%. Nvidia led the declines amid reports of developing a new chip for China, stoking regulatory/margin fears.
• Chip Sector Hit: Not just Nvidia—Marvell, AMD, TSMC, Broadcom, and Palantir under pressure. Crypto tumbled, with Bitcoin and Ethereum pulling back sharply.
• Momentum Questioned: Is this a correction, mere rotation, or the start of a deeper pullback?

Notable Quotes:

• “The durability of [tech]... not only durable, but it's extremely durable. I think today's trade though, did feel a little bit like rotation. High flyers were under the most pressure.” – Tim Seymour (02:40)
• “I'm long MAG7 stuff. … I do still believe in the promise and the growth of AI. I don't think the stocks will move in a linear fashion with the underlying.” – Karen Finerman (04:31)

Palantir in Focus:

• Down 9.5% following a Citron Research short report.
• Dan Nathan criticized PAL's extreme valuation:
  “This is one of the most egregious stocks … from the disconnection between the company, their products, their management. … Investors are bidding this stock up to 100 times sales, 220 times earnings.” (05:06)

Crypto's Parallel Decline:

• Guy Adami likened Bitcoin’s moves to risk-on/risk-off dynamics, not strictly fundamentals.
  “Bitcoin is a risk on, risk off [asset]. … People have been conditioned to believe it's just lower left, upper right.” (06:57)

2. Nvidia: Technical and Fundamental Risks

[08:21 – 13:10]

Charts & Short-Term Outlook

• Carter Braxton Worth (Worth Charting) recommended caution: “You have a slight break in trend … for those who are nimble and those who do sell short, I would sell short. And for those who are long, it's time to hedge and/or reduce exposure.” (09:36)

Macro & Regulatory Uncertainty:

• Tim Seymour: Nvidia and AMD’s new 15% export fee to China introduces further margin risk (10:10-11:12).

• Dan Nathan:
  “What's different now is that this is 15% of their overall revenue, that they're going to be giving 15% to the government … margins that were 77% … maybe go to 70. The street is still expecting them to be like 73, 74.” (11:19)

• Guy Adami: “Margins are the story. … You do reach a point where competition starts to come in, you start to get peak margins, it starts to roll. … The entire thing, in my opinion, hinges on that.” (12:34)

3. Homebuilders & Housing Market Realities

[13:10 – 23:15]

Toll Brothers and Sector Sentiment

• Toll Brothers beat on top and bottom line, but new orders down 4%. Backlog dropped; guidance at low end.
• Despite strong luxury segment, homebuilders face pressure: affordability, rising rates/costs, and uncertain economic conditions.

Insights:

• Tim Seymour: “There is a margin dynamic where the builders are eating significantly into the higher rate environment. … I think there's a consumer that's under some pressure and affordability. … No bargain here.” (14:53)
• Karen Finerman discusses Home Depot’s cautious optimism on deferred home improvement projects vs. economic headwinds.
  “Projects aren’t cancelled, they’re just delayed, they’re just deferred.” – Courtney Reagan (16:24)

Macro View from Zillow’s Orfeh Divangay

• Affordability remains the core issue.

• Job growth stalling, labor market freezes dampen residential mobility.

• “Uncertainty I think, is the problem. … Mortgage rates have been on the decline since May. … I think rate cuts are going to help, hopefully.” (19:18 – 20:42)

• “The Fed rate cut is not really what's going to move the needle … the labor market report … showed up big time in the housing market.” (20:42)

4. Semis & Intel: New Investment, Old Challenges

[24:58 – 29:19]

SoftBank’s $2B Vote of Confidence

• SoftBank invests $2B in Intel, taking a ~2% stake (via new share issuance).
• White House/Commerce Sec. confirms plans to use Chips Act funding for a non-voting 10% stake.

Debate on Investor Impact:

• Christina Parts: “SoftBank also has investments in OpenAI and ARM ... this could be a nice little way for SoftBank to funnel … business to Intel.” (25:45)

• Concerns over government equity stake:
  “Previously it was taxpayer dollars just being a handout to Intel. Bad for Intel because ... they get the money but then they have to give equity away.” (25:58)

• Tim Seymour: “If you're rallying this on a $2 billion SoftBank investment, I'm leading the witness. … SoftBank has some incredible investments ... but they've also ... got a fair amount of egg on their faces as well." (28:08)

5. Viking Therapeutics: Obesity Pill Disappointment

[31:30 – 37:47]

Stock Plunges 42% on Adverse Trial Data

• High rates of side effects and patient discontinuation undermine competitive profile.
• “It's unlikely that Viking will actually be able to advance that [highest] dose because people couldn't tolerate it ... 28% stopped taking the drug ... 20% stopped because of side effects, mainly nausea.” – Angelica Peoples (32:07)

Market & Takeover Potential:

• Jared Holz (Mizuho):
  “I don't think they're done. … When you have monster companies that are ahead ... I think that's really why investors soured to the data.” (33:22)

• Little appetite for acquisition, as competitors (Novo, Lilly) are far ahead.

• “I would doubt it [becoming a takeover]. … Any pharma company that would dare ... now would get punished for it.” (34:15)

Sector Standing:

• Novo looks stronger; setbacks in rivals’ drugs are reinforcing their position.
• “Competitive setbacks have put Novo in a better light.” – Jared Holz (34:44)

Best Trade Idea in the Weight Loss Space

• “I like Lilly on pullbacks … when you look at their pipeline ... they can do a variety of things strategically. … Lilly’s the one you want to buy for a trade on any weakness.” (37:27)

6. Media Merger: Nextar Acquires Tegna

[38:19 – 39:48]

• $3.5B deal, Nextar to reach ~80% of US households.

• “This is obviously a bit of a throwback … the reverse into the cable deal back into the bundle. … We've seen real sum of the parts value investors or value M&A.” – Tim Seymour (39:06)

• Dan Nathan & Tim Seymour question regulatory risk, see deal momentum in the sector.

7. Restaurant Strategy: Beverage Innovation

[40:18 – 43:51]

• Surge in beverage menu additions: Starbucks, McDonald’s, Dutch Bros, and Dunkin’ push protein, cold, and “dirty” drinks to lure customers, especially Gen Z.
• Kate Rogers: “The number of beverages offered by top 500 chains has increased 9.2% over the past four quarters ... the drink alone is increasingly the reason for the purchase.” (40:18)
• High margin, competitive differentiation for chains.

8. Final Trades & Wrap-Up

[44:25 – End]

• Disney (Tim): Likes chart & fundamentals as a long-term investor.
• Uber (Karen): Still bullish, sees gravitational pull towards $100.
• Intel (Dan): Wouldn’t chase the stock after sharp rally.
• Newmont Mining (Guy): Highlighted on strong commodity thesis.

Notable Quotes & Timelines

| Timestamp | Speaker | Quote | |-----------|------------------|------------------------------------------------------------------------------------------------------------------------------| | 02:40 | Tim Seymour | "The durability of [tech]... not only durable, but it's extremely durable." | | 04:31 | Karen Finerman | "I'm long MAG7 stuff. … I do still believe in the promise and the growth of AI." | | 05:06 | Dan Nathan | "This is one of the most egregious stocks … from the disconnection ... Investors are bidding this stock up to 100x sales..." | | 06:57 | Guy Adami | "Bitcoin is a risk on, risk off [asset]... People have been conditioned to believe it's just lower left, upper right." | | 09:36 | Carter Worth | "For those who do sell short, I would sell short. And for those who are long, it's time to hedge and/or reduce exposure." | | 11:19 | Dan Nathan | "… margins that were 77% … maybe go to 70. The street is still expecting them to be like 73, 74." | | 12:34 | Guy Adami | "Margins are the story. … You do reach a point where competition starts to come in, you start to get peak margins..." | | 14:53 | Tim Seymour | "There is a margin dynamic ... I think there's a consumer that's under some pressure and affordability. … No bargain here." | | 19:18 | Orfeh Divangay | "Uncertainty I think, is the problem. … Mortgage rates have been on the decline since May..." | | 25:58 | Christina Parts | "… Bad for Intel because ... they get the money but then they have to give equity away." | | 32:07 | Angelica Peoples | "It's unlikely that Viking will actually be able to advance that [highest] dose because people couldn't tolerate it." | | 37:27 | Jared Holz | "I like Lilly on pullbacks … Lilly’s the one you want to buy for a trade on any weakness." | | 40:18 | Kate Rogers | "The number of beverages offered by top 500 chains has increased 9.2% over the past four quarters..." |

Episode Structure & Tone

Fast Money’s signature banter and rapid-fire debate are preserved. The tone is smart and lively, with a blend of actionable advice and skepticism about market froth, sector leadership, and defensive positioning. Quotes reflect traders’ blunt assessments and real-world analogies (“lottery numbers,” “froth,” “rabbit out of a hat”).

Recommendations & Takeaways for Investors

• Stay vigilant on tech: Current volatility could be rotation, but high-multiple tech faces valuation headwinds; consider hedging or trimming.
• Semis at inflection: Watch Nvidia earnings and margins, monitor regulatory and geopolitical risks.
• Selective in homebuilders: Luxury holds up, but no bargains; watch for rate and labor market shifts.
• Intel’s rally: Investment headlines can boost price, but fundamental turnaround is slow; be wary of chasing.
• Ozempic/Weight Loss Race: Big pharma (especially Lilly and Novo) remain best-positioned after Viking’s setback.
• Media & Beverages: M&A heating up; restaurants bet on high-margin beverages to boost top lines amid consumer caution.

For more information or actionable updates, visit Fast Money at cnbc.com.