Coreweave Reports Results… And A Would Your Rather Retail Edition 11/10/25

Summary

CNBC Fast Money — Episode Summary

Episode: Coreweave Reports Results… And A Would You Rather Retail Edition
Date: November 10, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Finerman, Dan Nathan, Guy Adami, (with guest contributions by David Zervos, Emily Wilkins, Christina Parts Nevels, Ed Meyers)

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Episode Overview

This lively Fast Money episode dissects the day’s tech-driven market rebound, delivers deep analysis of CoreWeave’s latest earnings, and contrasts titans in retail with a “Would You Rather?” face-off: Walmart vs. Target. It also covers the biggest headlines in weight-loss pharma, sports betting integrity, streaming giants, and the evolving AI/capex landscape. Notable guests and sharp banter highlight actionable insights and lingering risks for investors as the market heads into the year-end stretch.

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Key Discussion Points & Insights

Tech’s Rebound and Macro Tailwinds

• The NASDAQ surged over 2%, led by powerhouses like Palantir, Nvidia, Broadcom, AMD, Google, and Microsoft (which snapped an 8-day skid).
• The “Mag 7” (the seven biggest US tech companies) added nearly $600 billion in market cap in one day, rekindling optimism as hopes rose for an end to the government shutdown.
• The panel speculated whether renewed risk appetite was justified and pondered the sustainability of these gains.

Quote:

“The Mag 7 names added nearly $600 billion in market cap just today.”
—Melissa Lee (00:50)

CoreWeave Earnings: Hype Meets Power Problems

• Backlog: Contracted backlog exploded to $55B, up from $30B in Q2, driven by deals with Meta ($14B), OpenAI ($6.5B), and an Nvidia-backed backstop ($6B).
• Profitability/margins: Despite revenue outperformance, operating margins came in lower than expected; gross margin was also questioned.
• Stock Reaction: The stock dropped 1.5% on the day, with overhang from a prior 28% decline in the quarter, despite impressive backlog.
• Power Infrastructure as bottleneck: Delays at third-party data centers (“power shells”) are pushing revenue into future quarters; CEO insists power is available, but the grid/power delivery logistics are the chokepoint.
• Valuation & sustainability: Panelists debated whether CoreWeave’s premium is justified, given power constraints and margin compression, suggesting more clarity is needed from management.

Memorable quotes:

“Even their older chips for Nvidia…sold out. So if anybody’s worried, even Hopper has incredible demand.”
—Christina Parts Nevels (02:08)

“Power is something I think we’re underestimating the impact that it’s going to have on a lot of these names in the build out.”
—Christina Parts Nevels (05:14)

“If Satya Nadella is telling you they can’t get enough power and this CEO is telling you they got enough power, I think I’m gonna go with Satya.”
—David Zervos (45:21)

CoreWeave Update Segment:

• Third-party datacenter delays will push Q4 revenue into Q1, though contract value is retained. Capex also dipped due to these supply chain issues.

Quote:

“It’s frustrating to deal with, quote, systemic challenges within supply chains. But…there is plenty of power for the next couple of years… The challenge is the power shell.”
—Christina Parts Nevels (37:46)

Timestamps:

• Major earnings breakdown: [02:08–05:40], update at [36:55]
• Power as industry bottleneck: [05:14–05:40], [06:09]

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The AI Trade, CapEx, and Labor Market

• AI spend dominates GDP growth: The group questioned whether massive capex by hyperscalers and core tech firms is prudent, cautioning about future commoditization and the social impact of rapid automation.
• Labor market warnings: Dollar growth is driven by productivity gains, not job creation. Data revisions have shown job growth is weaker than believed—raising concerns about Main Street’s participation in the boom.
• Market breadth: While “Mag 7” dominates, healthy market leadership is preferable to “everyone winning equally.”

Quotes:

“This is not a strong labor market driven growth. This is a productivity story. And that’s the thing that’s getting me a little nervous.”
—David Zervos (16:42)

“I love the idea of leaders. I don’t think we want an S&P that has 500 stocks all up 14%... I want bankruptcies!”
—David Zervos (18:25)

“90% of GDP growth year-over-year is from this spend…It’s all like one big thing…”
—Dan Nathan (19:08)

Timestamps:

• AI/Labor mark commentary: [16:42–21:19], [22:20–24:10]

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Retail “Would You Rather”: Walmart vs. Target (vs. Amazon)

• Walmart: “Expensive, but winning,” lauded for its execution, leadership in value, and outperformance.
• Target: “Cheap, sentiment is disastrous, but management finally seems to have urgency.” Seen as a contrarian value play for the next 12 months.
• Amazon: Several traders chose Amazon for its high-margin cloud and ad businesses, but when restricted to Walmart vs. Target, the panel was split with a slight tilt towards Walmart for stability but an argument for Target’s relative value.
• Market expects Walmart solid, but the low expectations bar means Target could see a positive surprise if results are “better than feared”.

Quotes:

“If you want to tell me what’s a more attractive stock today, it’s the one that trades at 11 and a half times forward…Target is a lot more interesting even though Walmart’s a better company over the next 12 months.”
—Tim Seymour (35:56)

“There’s a reason why Target has been underperforming now for four years…Walmart on the other hand has done everything right.”
—Dan Nathan (35:25)

Timestamps:

• Full segment: [34:14–36:33]

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Pharma/Weight Loss: Pfizer, Lilly, Novo Nordisk

• Pfizer wins $10B bid for Medcera, beating Novo Nordisk. Medcera doesn’t have drugs on the market; shares dropped.
• Lilly gets analyst upgrade—access via Medicare/Medicaid to fuel next wave of growth.
• Panel noted Lilly’s premium valuation is more deserved than ever given its head start in the weight-loss drug race, but Novo now looks surprisingly cheap.
• Possible further M&A in the space—watch Viking, GPC, Structured Therapeutics.

Quotes:

“This is exactly what you want to hear as a Pfizer shareholder…money well spent…you’re paid 6% [yield] while you wait.”
—Tim Seymour (27:49)

“Isn’t Lilly’s valuation more worth it today, seeing that…the position as number one is firmer?”
—Melissa Lee (29:12)

Timestamps:

• Weight loss drug discussion: [25:38–29:34]

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Streaming & Media: Paramount Surges, Eyes on Disney

• Paramount raised job cut/cost savings targets, boosting shares; will raise Paramount+ streaming prices. CEO Ellison: “No must-haves for us; we can absolutely build but can be opportunistic.”
• Discussion that streaming consolidation is likely as “rebundling” looms.
• Disney's undervalued legacy assets and positive DTC (direct-to-consumer) momentum noted, though panelists noted chronic underperformance in the stock.

Quotes:

“Ellison apparently addressed M&A on the conference call—there are no must-haves for us…we have the balance sheet to be opportunistic.”
—Melissa Lee (43:27)

“Disney’s legacy assets are not given enough credit, enough value…But, boy, I’ve liked Disney for five years…”
—Tim Seymour (44:34)

Timestamps:

• Paramount/Disney: [43:01–44:54]

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Sports Betting Integrity & DraftKings

• MLB and sportsbook partners cap single-pitch bets and exclude them from parlays after reports of betting-based cheating.
• The change is intended to stem integrity risks from “micro bets” and deter athletes from attempting to sway outcomes.
• Discussion on whether tighter rules on legal bets push activity to illegal markets.

Quotes:

“MLB says these micro bets create heightened integrity risks because they focus on one off events that can be determined by a single player…”
—Contessa Brewer (31:09)

“DraftKings’ biggest issue is the competitive balance margin profile…not terribly cheap.”
—Tim Seymour (32:37)

Timestamps:

• Sports betting segment: [30:56–33:29]

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AI Infrastructure: Extreme Networks

• Interview with Ed Meyers, CEO of Extreme Networks, which positions as an enterprise AI/networking rival to Cisco and HP.
• Claims smaller size is an advantage, enabling quicker innovation and unique solutions for AI-powered networking.
• Strong reference customers: NFL stadiums, Kroger, Japanese government.
• Margin pressures discussed; Meyers insists it’s not a major issue, expects continued momentum.

Quote:

“Our difference is that we’re bringing AI to networking…we’re coming out with the very first platform for networking.”
—Ed Meyers (38:51)

“We beat out Cisco because of the differentiation of our technology…There’s an advantage to being our size and bringing out AI.”
—Ed Meyers (40:38)

Timestamps:

• Interview: [38:12–41:46]

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Notable Quotes & Memorable Moments

• David Zervos on AI/Capex:
  “History says that it’s hard to pick those winners…after every single [tech wave] we have a crash.” (20:21)
• Karen Finerman on Meta:
  “It’s actually now the cheapest of the Mag 7, having been the best performer, now the worst performer.” (12:46)
• Panel Banter:
  On following the rules in “Would You Rather” segment
  “I’ll play the game the right way.” —Tim Seymour (35:14)
  “Next, I’ll play the game correctly because I’m a rule follower.” —Dan Nathan (35:25)

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Timestamps for Important Segments

• Market tech rally context: 00:50–02:08
• CoreWeave earnings deep dive: 02:08–05:40; update 36:55
• Power constraints in AI infrastructure: 05:14–06:09
• Macro/jobs data discussion: 07:05–08:21
• AI trade & capex concerns: 16:42–21:19
• Retail Would You Rather: 34:14–36:33
• Weight loss pharma battles: 25:38–29:34
• Sports betting scandal: 30:56–33:29
• Extreme Networks interview: 38:12–41:46
• Paramount/Disney review: 43:01–44:54

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Final Trades

• Tim Seymour: Disney
• Karen Finerman: Uber
• David Zervos: Would avoid CoreWeave on power risk
• Dan Nathan: Structure Therapeutics

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Summary Takeaways

• The tech sector’s rally is underpinned by enormous capital investment, but logjams in power infrastructure and narrowing market breadth remain key risks.
• CoreWeave’s enormous backlog and exclusive AI infrastructure play are tempered by margin struggles and power delivery delays, echoing across the sector.
• Labor market softness and concerns about AI-driven job displacement could soon affect consumer spending and policy.
• In retail, Walmart remains the defensive favorite—but Target’s bombed-out valuation attracts bargain hunters.
• The pharma arms race is shifting: Lilly is rewarded for first-mover advantage; Pfizer and Novo must find ways to compete and grow.
• Market concentration in major tech players is high, but panelists expect market breadth to improve.
• Regulatory tightening in sports betting is meant to control integrity risks, but unintended consequences above and below ground must be watched.
• The AI infrastructure buildout is cleaving market winners and losers, with competition and agility more important than ever.

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A lively episode brimming with actionable insights, skepticism, and strong opinions—a must recap for investors navigating the AI bull run, retail showdowns, and late-year currents in the market.

Transcript

[Melissa Lee]

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[Guy Adami]

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[Melissa Lee]

Sometimes it takes an unexpected turn with.

[Guy Adami]

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[Emily Wilkins]

Expanding access to care.

[Guy Adami]

Together, we're building a healthier future. Learn [e-mail].

[Melissa Lee]

Live from the Nasdaq marketsite in the heart of New York City's Times Square. This is fast money. Here's what's on tap tonight. Tech on the rebound. Chips, software, the Max 7 and more. Charging higher. Is the potential end of the long government shutdown down putting the market in a risk taking mood once again. We'll debate that plus a big time retail. Would you rather ahead of next week's earnings and the holiday shopping feast, we'll break down Wal Mart versus Target. And later, what is behind the latest weighty moves in the weight loss stocks? We'll go inside the numbers of Paramount, Skydance's quarterly results and casino stocks on a heater. Can you still place your bets on this group? I'm Melissa Lee. Come to you live from Studio B at the nasdaq. I'm the best tonight. Tim Seymour, Karen Feinerman, Dan Nathan and Guy Adami. Well, stocks kicking off the week with the risk on rally back on as hopes of an end to the government shutdown give the trade a boost. The NASDAQ surging more than 2% higher today led by some of the usual suspects, Palantir, Nvidia, Broadcom, AMD and Google among the top names in tech. Microsoft snapping an eight day skid, its longest since 2011 as a whole. The Mag 7 names added nearly $600 billion in market cap just today. More on today's action. Just a minute but first we've got to get to core. We've out with results. The stock beating revenue and operating margins estimates in the third quarterly report as a publicly traded company. That earnings call just kicking off. Our Christina Parts Nebulous has the very latest here on set. Christina.

[Christina Parts Nevels]

So on the earnings call they're going to give guidance. We didn't get that just yet, but I think one of the important numbers from this earnings report was the contracted backlog. So that number came in at 55 billion, which is quite higher than Q2, which was 30 billion. But we kind of already knew that, right? Throughout the quarter, they announced a deal with Metta, which was valued at 14 billion. They extended their deal with OpenAI 6.5 billion. You had in video backstop any unused customer offerings by 2032. That's worth about $6 billion. So you had all this, all these announce throughout the quarter. So perhaps that $55 billion number could have been a little bit higher. I did see some notes from bank of America, and I think it was Mizuho saying that it should have been around 60 billion. So perhaps, maybe that was why we saw. But. But a one and a half percent drop in this stock. But overall, this is a. We know the ipo price is 40 bucks, and look at it where it is now, and it's considered an AI infrastructure play. They rent out their GPUs as a service are smaller than us, but they consider themselves, you know, much more nimble. And I actually spoke to Mike, the CEO at gtc, and he said that they're sold out of all of. Even their older chips for Nvidia. So if anybody's worried, even Hopper has incredible demand.

[Melissa Lee]

They also added power during the quarter, 600 megawatts. I mean, it's. It's fascinating, all the deals that they've announced during the quarter since they reported the last quarter, but yet the stock was still down 28% going into the quarter. So the setup wasn't difficult going in, even with the backdrop of all these deals in the backlog increasing.

[Christina Parts Nevels]

Exactly, which is why you saw a lot of arguments that, hey, this is a great setup for the company heading into earnings. So why isn't. Why aren't we seeing the 16% implied options move, which is what to be expected? Perhaps on the call, we would expect a bigger number for 55 billion. Perhaps that'll be something. And obviously the guide.

[Melissa Lee]

Good point.

[Karen Finerman]

So it's a noisy quarter in some ways, though. I mean, so that's why I really want to hear the call. But the profitability, the margins were actually lower.

[Christina Parts Nevels]

Well, then you're saying a while ago, when it was 21% for the operating margins, but better than what we expected for the quarter versus Street.

[Karen Finerman]

I was looking at gross margin.

[Christina Parts Nevels]

Gross margins, yeah.

[Karen Finerman]

But I don't know. I mean, there's. I'm sure there's a lot of color that we have to really wait to hear. That's why I'm a little. Maybe that's why the stock hasn't moved a ton because there's a lot that we still, we still need to know. But it came from, remember they came at what, 40 and then it traded up to trade up to the 1 60s and then. So it never should have been there given where we are now. But this is still a, you know, pretty hefty valuation.

[Tim Seymour]

How about just on the contracted power side and the announcements that ultimately I think people need to hear from companies like Core Weave and others, but how much of that is, is weaving into at least do you think the outlook for them to be sustainable? Not only are we looking at the demand from the hyperscalers and not only looking at, you know, clearly what, what seems to be this circular story, but to the extent that there's infrastructure required for all these folks to do what.

[Christina Parts Nevels]

They need to do, then I'd be answering, answering the big question for the entire CapEx build out, right? Do they have enough power and fair.

[Tim Seymour]

And I know what you just did to me, guy, if I can answer that, I could, you know, then I'd.

[Christina Parts Nevels]

Be not working here. No, I shouldn't say that because I thoroughly enjoy what I do. But I think an answer that I could say to that is think of Micron. It's a story that we didn't really cover today, but Micron was building a plant or they said they were building a plant in Clay, New York and they're delay that for even more because of also power issues, environmental issues. So power is something that I think we're underestimating the impact that it's going to have on a lot of these names in the build out. And so to your point, perhaps it's not even enough.

[Dan Nathan]

Yep, I think Karen's on to something. And Christina can speak to this as well. I mean, 85% quarter over quarter backlog growth. But what's the earnings going to be on that?

[Guy Adami]

Revenue.

[Dan Nathan]

And that's when margins start. So operating margins. Okay, it's the, it's the, I guess it's the adjusted EBITDA margins that are disappointing people at 61 and a half percent, which is probably why the stock isn't moving. Because on this quarter alone, better than expected loss they beat on the revenue side, but the stock's not moving. I guess got to wait till the call.

[David Zervos]

Yeah, just say this. I mean, two weeks ago Satya Nadella was on Brad Gerstner's podcast with Sam Altman and he says, I got a bunch of GPUs lying around here. I can't plug them in because I don't have the power so if everybody is complaining about the power that they can't get, if Micron is delaying the, you know, Clay. New York is right outside my hometown.

[Tim Seymour]

Yeah.

[Christina Parts Nevels]

Syracuse, four and a half hours away. So thinking about going there, but let's do it.

[David Zervos]

I go up every month. See, my parents love to go. But I guess my point is if this is what we keep hearing about access to power and we have all this demand for compute, at some point the rubber has to hit the road because these nuclear reactors. And that's the answer.

[Christina Parts Nevels]

Takes years.

[Karen Finerman]

Yeah.

[David Zervos]

Yeah, it do take years.

[Melissa Lee]

Easily. Christina, thank you. Keep us posted on that conference call. Christina, parts naval is. How does this feed into the AI trade, which apparently is, is, is. Please. If I can sort of humanize the trade by the potential end to the government shutdown. I didn't realize that it had been depressed because the government shutdown, but here we are.

[Tim Seymour]

And add that to, you know, intraday lows on Friday and we started to get some sense that they were, everyone was rushing to the table. Thanks, guys and gals. You've got a 3% move in the S and P and then from there, beta, depending on your, your, your overall kind of volatility. I think it's a, it's a story where the trade got the most benefit from the sense that actually people are going to go back to work again. What's fascinating about where we are now is we could have a September. The minute we actually get back to work, we could have a September jobs number that just comes kind of tumbling out there. It could be three days, it could be seven days. We don't really know. But there could be a series of data points that, you know, we're assuming they're okay. But at the same time, it's fascinating because we want more data that seems to be where everyone is now focused. And it may not be the data one was asking for.

[Melissa Lee]

Well, because we might get that September report, but we will not get in October because the fieldwork wasn't done for October. So there is like a gap. We have this old data and then we're just going to be in purgatory when it comes to data.

[Dan Nathan]

Well, we saw the Challenger data, so you can probably start drawing some lines. But Tim is right now we might be at a point in the market, given the Fed is turned quasi hawkish, that bad employment data could actually be good. Because as much as Jerome Powell said December is not a foregone conclusion, bad jobs data suggests that it will be, which is exactly what the market wants.

[Karen Finerman]

So There was it TSMC that sort of started a little bit of this going right today.

[Melissa Lee]

Right.

[Karen Finerman]

Just mean today. And you know, the space has been sold off so hard that a little bit of bounce with the market. Bounce. I don't read too much into this bit of a bounce today. Yeah. So I don't know. We're still waiting for Nvidia. That's, I think, going to be monumental.

[Melissa Lee]

Right?

[Ed Meyers]

Yeah.

[David Zervos]

And I wasn't so sure that the market was discounting a shutdown. And basically, I mean, we hadn't been acting that way. I mean, we've gone through show after show over the last few weeks, not even mentioning the shutdown.

[Tim Seymour]

Right.

[David Zervos]

We've gone without talking about the data and there's been some private data. But the reason we were kind of choppy last week had nothing to do with the shutdown for the most part.

Right.

It had to do with what was going on in the tech market. And that's really the only discussion you need to have right now. Because if I look around here and I look at some of the sectors that perform today, none of them performed nearly as well as the major hyperscalers. And I know that we're going to talk a little bit more about concentration and you could say it's different this time. But last week, you know, we sold off because a lot of the biggest names in the market sold off. And if there are fundamental concerns, like we're looking at this Core Weave right now, you know, Microsoft Azure. Well, let's just say Microsoft is maybe 60 plus percent of core weaves revenue. Okay. We just talked about what Satya Nadella said about the chips that they bought and their inability to use them. We know what Microsoft Azure's margins are. Their gross margins are probably 68% or something like that. We just saw the operating margin. I didn't see the gross margin for Core Weave. They're much worse. So if Microsoft's got a bunch of GPUs sitting around that they can't use, can you imagine what's going on with a company like Core Weave that contracts with a company like Meta to get that business? They can only compete on price.

[Melissa Lee]

Right.

[Tim Seymour]

That's it.

[David Zervos]

And so a company like this, I don't know why you would buy Core Weave when you could just buy Microsoft. Or you see an acceleration in us, his business, one of the reasons why it rallied so hard. So that's my take. I know we're not doing. Tim, would you rather right now? But it's kind of.

[Tim Seymour]

I like how you did that. And sometimes you follow the rules and sometimes you don't. But you know, ultimately Melissa does seem to reel us all back into a place where, if I'll just respond to where I think we were going with this conversation, I, I would just get to. After a 3% rally off of the intraday lows on Friday, we're within one and a half percent of all time highs. I mean I'm not all that concerned. I think for all the concern about this market is, is over its skis. I would just get back to. Unfortunately, that's not my phone. Well, you know, it's not my phone.

[Dan Nathan]

My phone.

[Tim Seymour]

Don't look at.

[Dan Nathan]

No, I don't, don't do that.

[David Zervos]

It's not my fault.

[Tim Seymour]

But can we just establish that I was not guilty?

[Dan Nathan]

Maybe David Zervos is here. Maybe it's him.

[Melissa Lee]

It could be his. No, he's saying it's not his. He's saying it's not his. Somebody else's phone.

[Tim Seymour]

But I, I would get back to the, the, the, the, the concern people have about the hyperscalers and all this capex that we have going on. I would just bring it back to. These are the most cat we have. We've, we've talked about the debt and the debt issuance. These are some of the most cash flow generative companies in the world. I'm not that concerned about them throwing good money after bad. And in fact at this point, if anyone should be doing this, it's this part of that market cap of the.

[Melissa Lee]

S and P. Are you concerned?

[Dan Nathan]

I'm always, I mean, yeah, I know that Tim's point. I mean it's pretty remarkable. Here we are, we're middle of November. Basically we're through earnings except in video, which could be a market mover, but let's just say, you know, they'll come in, in line and the market won't react. There's a lot to say that the momentum is just going to continue in the year end. I mean what is going to derail this thing at this point? We're through the government shutdown people are chasing and you see it manifesting itself in these high beta names.

[David Zervos]

All right, so really quickly, Oracle.

[Ed Meyers]

All right.

[David Zervos]

Do you see how poorly this stock traded today? Right. So you talk about these big hyperscalers and their ability to finance these products with their cash flow. Are these the bills?

[Tim Seymour]

Not one of them.

[David Zervos]

Oracle is not one of them.

[Tim Seymour]

Okay, that's what, I mean, that's what the.

[David Zervos]

We're going to get a bit discerning. It Gapped up on that ideal of 300. Then it went to 350, now it's trading at 240 filled in the entire gap. They have like debt to equity of 500% and sooner or later we're already seeing better put this build out of Louisiana in an SPV getting funding from Blue Owl, going through, you know, KKR and all that sort of stuff. It's getting a little confusing here.

[Melissa Lee]

Well I was going to say to the point of differentiation matter which is only up 1.6% compared to the Nasdaq 100 it was an underperformer so obviously. So the market is sort of sussing out the stories that they are still willing to back and the stories that they still have a question mark about.

[Karen Finerman]

Right. So for the Google's the of the world it's a cleaner story.

[Dan Nathan]

Right.

[Karen Finerman]

So Meta doesn't really has a tangential bit of that and I think that's why it's been damaged the most. It's actually now the cheapest of the Mag 7 having been the best performer now the worst performer. But so when I think about it, I look at from top to bottom it's $400 billion of market cap lost on what actually was a very good quarter. So we do know that part of AI which is what is generating the gains the really, really good quarter in their advertising business that is having an effect. What we don't know right. Is what this enormous Llama spend and the lack of I don't know if discretion is the right word. It's just all. You know, he is out guns blazing to spend no matter what it takes.

[Melissa Lee]

He'd rather overspend than that is the moment that Metta is in. I think the question too is and we've had this discussion in the car home as we do that's a fascinating.

[Tim Seymour]

Car ride home by the way.

[Melissa Lee]

Complain about the husbands hyperscaler spending.

[Karen Finerman]

Yes. How is what happens.

[Melissa Lee]

Why does Matter have to spend as much as a hyperscaler in Capex it wants of Llama.

[Karen Finerman]

Right?

[Melissa Lee]

It wants but I don't know if that story is as clear in terms of the. It's not as clear as opposed to Google making the same investment and having Google Cloud and all these other services that it has.

[Tim Seymour]

Well so if I'm. If I'm allocating a dollar to one of the Mag seven at this point after the sideways action in matter I actually think Met is kind of interesting and not that you asked me but then followed by Amazon, followed by Google. I think the more important story is the other 493. And I think their earnings profile is rising, not falling here. And I think that's where the market is starting to broaden.

[Melissa Lee]

Right. All right. Let's get to the developing story that we have on our hands. The government shutdown developments. Senate vote on a deal could be just hours away. CNBC's Emily Wilkins is on Capitol Hill with the very latest. Emily.

[Emily Wilkins]

Hey, Melissa. Well, yeah, the Senate could be voting this evening to pass a bill to reopen the government at least for a few more months. You know, the details are still being worked out on this agreement, but there is a confidence that the shutdown is going to end this week. And we know that Speaker Mike Johnson in the House told his members today to get back to D.C. they're likely going to be needed to have a vote at some point on Wednesday. And intention is already shifting onto the next battle for Congress here, which is whether to re up those health care premium tax credits, the ones that Democrats really made this shutdown about. Now, all they got from here was a promise. Senator John Thune promised a Democrats a vote in mid December, which means now Democrats and Republicans have to try to find some common ground for a potential bill. And we know that a group of Republicans actually met today on those tax credits. And a wider health care team discussion included Senator Ron Johnson, who said that any solution can't just be about the tax credits, but also needs to deal with the larger Affordable Care Act.

[Dan Nathan]

From my standpoint, I think Democrats have.

[Tim Seymour]

Really stepped on it here or stepped.

[Dan Nathan]

In it by raising this profile. It's just giving certainly a guy like me the ability to describe exactly the.

[Tim Seymour]

Reality and how Obamacare has failed miserably.

[Emily Wilkins]

Several other senators in the meeting mentioned incorporating an expansion of health saving plans as a potential path forward and letting tax credits for higher earners expire. Of course, we have a long way to go here before the end of the year, but in terms of getting the government back open, Melissa, we are expecting to see that in the next couple days.

[Melissa Lee]

All right, Emily, thank you. Emily Wilkins, our next guest, says the backdrop for stocks looks, quote, amazing. CNBC contributor David Zervos is the chief market strategist at Jefferies. David, always good to see you. Thanks for joining us here on set. So nothing has changed. I mean, the last time we saw you thought it was amazing, too. Nothing has changed in terms of the impact of the government shutdown, the doubts that we're having about the air trade, everything status quo. Amazing.

[David Zervos]

I even tried to say it was pretty good Back in April, I think, which was the hardest one of the year. So I think I've stayed pretty steadfast. I think the outlook for earnings returns on capital growth all look amazing. For the capital side of the equation. It's looking incredible. What I have a little worry about is labor. And I'm seeing cracks. I think we're all seeing some cracks. The challenger data, but also just the confidence. People are getting inundated with statements every day about AI taking jobs. And people are looking at that and getting a little nervous. And I don't know when that feeds into the consumer. The consumer has been okay, but I think, you know, I really hope the Fed takes notice of that and starts to put a little bit more weight on what's happening in these labor markets that have been weaker and got revised in the last two or three months, significantly weaker. Remember, we've revised away almost a million and a half jobs that we thought were created in 2024 and the beginning of 2025. This is not a strong labor market driven growth. This is a productivity story. And that's the thing that's getting me a little nervous. And I said it in a piece today, Melissa, I said, you know, maybe that's even a little bit about the politics of what we saw on Tuesday, that there's a little bit of a shift and a little nervousness in the voting public that, you know, I'm sure this administration is watching pretty closely.

[Dan Nathan]

David. People like Guy Adami, third person by the way, had their hair on fire. You know, market breath decliners, winners pointed out. That's been a red flag for year Jeff Richards. I don't know if you know Jeff. Yeah, notable capital. He did the same thing in a tweet today. Why should I not make a big deal out of the fact that the markets continue being driven by 15 or 20 names?

[David Zervos]

I love the idea of leaders. I don't think we want an S and p that has 500 stocks that are all up 14% on the year. That's like the participation trophy we hand out at the kindergarten soccer game. I want some 1/ hundreds and some 2/ hundreds and I want some bankruptcies. That means we're growing. That's an economy that is fortified with technological advance. I love it. So I'm, I'm all about that. I think where it gets me nervous is when we start to see that not being something that everybody's participating in in the labor market and we have huge technological advances that sort of creatively destruction a bunch of labor. That's a Dangerous story.

David, does it concern you of all that technological advance? It's all going after the same thing, right? So this year we're going to have a half a trillion dollars in capex. It's all going after the same thing. They're all building out this data center. They all want the power, they all want to get to AGI and then super intelligence. And when they get there, what happens? It's going to be absolutely the same thing. They're all going to have it and then it's going to get really commoditized. So I guess my point is if like 90%, I think Jason Furman said this recently at Harvard, that 90% of GDP growth year over year is from this spend, does that concern you? Because it's all like one big thing if you think about that. Mag 7 Throw Tesla in there too.

I think we're all probably, you know, going to benefit from this spend. Whether those individual stocks are the ultimate gainers from this or whether it's society that's a gainer from this, I don't know. History says that it's hard to pick those winners. It's hard to know which capital capital ends up being the capital that really participates. But as we make those investments, as we go into telecoms or we think back to railroads or anything else, just the sort of externalities that are positive that come from, that are great for society, for labor, and they're great for other businesses as well.

We also have stock market crashes after every single one of those.

We do. And look, I'm not saying that we're not going to ever have a pullback of meaningful caliber going forward. That's the nature. We get booms and busts all the time. I just, I look at the potential for returns here and generating real productivity gains, real technological advance and I'm excited about it. I'm very excited about it.

[Karen Finerman]

So drilling down on that notion further, you have big productivity gains for a, I don't know how big a swath of the market and then you have some real hurt in other parts of the market, right, with the labor problems. And is it that the economy can handle that because the big is so much bigger that they would end up supporting that which I think is probably not in the cards for additional spend that way? How do you think about those two things? Do you want to avoid part of the market where the lower end consumer who may or may not have job security will just not be spending as much?

[David Zervos]

Well, I forget the exact statistic, but I think the Secretary of The treasury said something like, know, 88% of the stock market is owned by 12% of the folks out there, which is kind of a scary number. I think you want to widen that out. That should be a policy goal. Whether it's these new accounts that every young kid that's born gets $1,000. And all those things seem great to me, and we should have more of that. I love it. But I will say one thing, Karen, and I think this is important. This year is dominated by retail, the average little guy getting it right, and a bunch of professionals kind of missing the boat and just getting off the boat at the wrong time. So there is that silver lining that maybe we did have more participation in this in a broader sense, and that the average Joe that's just tuning in tonight to kind of get a few stock tips and figure out where to go, they've done pretty well. I'm pretty happy for them. And I think the too smart for their own good crowd kind of got all twisted up. And you know what? That's okay with me.

[Melissa Lee]

So good for the 10%. But still, to Karen's question, I mean, there's this, you know, looming question of what happens right now as those little guys, little babies with $1,000 accounts grow. You know, that's fine. But right now, a lot of people do not own stocks and they are feeling left behind. And you noted the election on Tuesday. We talked about that on Wednesday about how. So this is a message. Yeah, there is real discontent. There's real feeling that people are being left behind and can't make ends meet.

[David Zervos]

No, I think it's true, Melissa. I think Tuesday was a.

[Melissa Lee]

So doesn't that translate to the market at some point, in some way or. No, maybe it doesn't.

[David Zervos]

I think it's a message to the current policymakers. I don't think that went unnoticed in Washington. And I think there's a lot of head scratching and thinking about, do we need to redirect housing policy a little? Do we need to think about energy policy a little more aggressively about electric bills and housing over the next year as they go into a pretty tough midterm? I wouldn't be surprised to see some fairly aggressive turns that focus in on Main Street a little bit more than on Wall Street. That said, having Main street spending some money is never a bad thing for Wall street either, at least for many of the stocks we look at. So I remain optimistic, but I hold up that. That glimmer of worry. I don't like to bring those on very often. I usually like to be your beacon.

[Tim Seymour]

Of optimism, you're safe.

[David Zervos]

But you know, I saw Tuesday too and it's a message and it worries me that we're not focused on discontent in the labor market and confidence and the message that not everybody's feeling that they're participating in. Fact, people feel like they're that capital that its spend is about to make them obsolete and they're getting real nervous.

[Melissa Lee]

David, great to see you. Thank you.

[David Zervos]

Always.

[Melissa Lee]

David Servos. Coming up, all the moves out of the pharma and biotech space. How Pfizer clinched a deal with Med Sarah after a bidding war with Novo and why shares of Lilly got some love today. Plus we're watching Paramount on the move after reporting details from the Post merger report. And what we are hearing from CEO David Ellison's first conference call is ahead. Honcho, don't go anywhere. Fast money's back into.

[Guy Adami]

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[Guy Adami]

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[Melissa Lee]

Welcome back to Fast Money. Pfizer winning the battle for weight loss drugmaker Med Sarah in a deal that could be valued up to $10 billion. The deal ends a heated bidding war between Novo Nordisk and Pfizer. Metcera does not yet have a treatment on the market. Shares are down almost almost 15% today. And Eli Lilly getting an upgrade today by learning the firm saying Medicare and Medicaid access will lead the charge in the next adoption of wave of obesity treatment in the next two to three years. The stock hitting an all time high today within 10% of hitting that $1 trillion mark in terms of market cap. Got to ask go to you because you're both your Pfizer shareholders, your Novo shareholders. Lily, how are you feeling about all this?

[Karen Finerman]

Well, the Lilly part good.

[Melissa Lee]

Yes.

[Karen Finerman]

So I Think what's really sort of surprised me is how terribly Novo trades and what was it that Novo I get? You know, I guess it just got too expensive and they just had to give up. Interestingly, for Pfizer, I mean, he seems very excited about the deal. Extremely, extremely. Couldn't. Yes. And very excited about his prior deal with some superlatives for that deal as well. But so, I mean, the leering pig was just. Piece was just positive on the Trump RX potential deal. And as I think the industry should be, I do think that even with that lower price, the amount of usage will just skyrocket and so many other benefits can come from that. So I have more dollars in Lilly now because it has gone this way, Novo's gone that way.

[Melissa Lee]

Right.

[Karen Finerman]

But I do find Novo to just be. I know they're really running a deeper and deeper second, but just the valuation here is surprisingly low.

[Melissa Lee]

Yeah, the Lyric franchise line is very strong according to Lyric analysts, compared to Novo Nordisk in particular. And so what are. What would Novo's next steps be at this point? I don't know if there are any other acquisitions out there that I was.

[Karen Finerman]

Looking who could acquire Novo. It is very big and there are very few players. There are very few big enough to do that.

[Melissa Lee]

They're controlled by a foundation.

[Karen Finerman]

Sometimes foundations sell. Hershey had a foundation for. That's 100 years. I don't know how long.

[Melissa Lee]

You never know.

[Tim Seymour]

Yeah, I think today's news was right for what everybody needed. We, the investors don't want to hear Novo going after someone that's seemingly a complementary piece to a space they're already supposed to be dominant. And in the case of Pfizer, this is exactly what you want to hear as a Pfizer shareholder. They also had some other announcements in their 3s bio. I mean, Pfizer is throwing a lot of different things that you also in oncology and things that I think are encouraging. And it's money well spent. It takes some time. And in the meantime, you're paid 6%, which isn't the reason on a stock, but I think a stock that's been de risk. So I like Pfizer here. As you know.

[Dan Nathan]

Look, Larynx is the axe in the space in terms of big cap Pharma. And they just put 111104 price target. So good for them. They've been on this, by the way. But you mentioned the head start they have in their pipeline. All true. They're also being rewarded for it in valuation. I mean, it's trading north of 30 times many, many turns greater than like a Merck or Bristol Myers. Understanding that they're entirely different companies. But the valuation is there. You asked what's going to happen. Look at a summit. Look at a structured pharmacy, which we talked about.

[Melissa Lee]

Structured therapeutics.

[Dan Nathan]

Yeah. I mean those you talk about acquisition targets, those are in the Cross.

[Melissa Lee]

Viking and GPC are up today more than the markets. But in terms, I mean, isn't Lilly's valuation more worth it today, seeing that it is farther that that the position is number one is firmer? I mean, doesn't that merit a higher valuation? Dan?

[David Zervos]

Oh, you have to answer.

I mean, it's for this whole period over the last few years is traded at this, you know, multiple over novo every step of the way. So I would assume right now it's probably more justified.

[Tim Seymour]

Yeah, I think we're at a place also in GOP land. There's, there's some argument we need to see the next thing. I think this is more about the broader pipeline for Lilly.

[Melissa Lee]

Coming up, how the latest sports betting scandal is impacting the space and what the MLB just did to try to help curb the problem. You're watching Fast Money live for the NASDAQ markets at Times Square. Back right after this.

[Tim Seymour]

Your commute, day in and day out, the same old route, but also the.

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[Melissa Lee]

Welcome back to Fast Money. A fresh sports betting scandal hitting Major League Baseball. And now the league is responding with sportsbook partners to rein in some of the potential risky prop and parlay bets. Contessa brewers here with the very late breaking news. Contessa Melissa.

[Emily Wilkins]

Yeah, big move by Major League Baseball to Limit the profit players can make off of cheating in their pitches. It says all the sportsbook partners making up to 98% of the legal US sports betting market have agreed to limit bets on individual pitches to $200 each and exclude them entirely from parlays where you stack your bets onto each other. Why does it matter? One player has an outsized impact on a pitch and then by limiting the bet size, the books limit the profit, presumably making the payout less attractive to players who would cheat. But look, Cleveland guardians pitcher Emmanuel Clause had a 20 million five year contract. If he rigged pitches and shared that info with bettors, as prosecutors allege, it's hard to believe he did it for the money. The whole scheme with Clause and pitcher Luis Ortiz didn't even reach half a million dollars. By the way, both lawyers for the players denied that they cheated. This is video of Ortiz at federal court today in Boston. Still, MLB says these micro bets create heightened integrity risks because they focus on one off events that can be determined by a single player and can be inconsequential to the outcome of the game. Watch for more action on this front across other sports. That's my prediction.

[Melissa Lee]

Melissa. All right, Contessa, thank you. Contessa Brewer, how does this impact your outlook, Tim, for DraftKings for instance, if it is, you know, across sports, not just mlb?

[Tim Seymour]

Yeah, I think we're at a place where first of all, the establishment of the online sports betting community and the addressable market and the growth there is still very much alive and well. In fact, it's reinforcing like a lot of things. The more regulation you have or the more awareness you have on things that need to be improved, I think the better it's going to be. I don't think this really on the day to day. I mean DraftKings biggest issue is the competitive balance margin profile and the fact that this is a stock that's not terribly cheap.

[Karen Finerman]

Is there competition though with non legal betting? That's the part that I don't understand. How is that, first of all, we don't have no idea how big that is. But I call, yeah, the non legal betting. I mean, okay, you could have, you know, legal betting sort of put these guardrails on and whatever, but.

[Tim Seymour]

But you can bet on anything.

[Karen Finerman]

You can bet on anything. Right. So I think there's other, I would think there's other places for bad actors to go if they're inclined to do this.

[Melissa Lee]

Coming up, a would you rather retail edition, the big box bout between Wal Mart and Target and who are traders? The traders are putting their money behind the head to head when Fast Money returns. Welcome back to Fast Money. Wal Mart and Target are set to report earnings next week. Today TD Cowan's Oliver Chan put out a note comparing the two retailers saying they expect solid results from Walmart but a low valuation, low bar, better than feared mindset could send Target stock higher. So we wanted to ask our traders, would you rather a solid but expensive Walmart or a low expectations and cheaper Target, which is always the conversation that we have when we talk about them. Karen? Yes, rather.

[Karen Finerman]

Well, if you wouldn't mind so much, I might rather rather to something else.

[Melissa Lee]

So you don't want either?

[Karen Finerman]

Well, I would rather Amazon would Wal Mart and I'd rather take Amazon because you have this very similar parts of the retail business but then you have a much higher margin and very nicely growing cloud business as well.

[Melissa Lee]

Okay, but if I were to ask you Walmart or Target choices are only Walmart.

[Karen Finerman]

I own Walmart and I do not own Target. So I'm positioned that way. Could it be a bump? Sure, but rather Walmart.

[David Zervos]

Daniel, I'm with Karen. I'd rather do Amazon here and you didn't mention the highly profitable advertising business that they have. So the better that their retail business is, I think the better that their advertising business is and it is a tough choice.

[Karen Finerman]

Amazon is a tough choice.

[David Zervos]

What's that?

[Karen Finerman]

Amazon has an advertising business.

[David Zervos]

That's what I just said. I would add that to Walmart.

[Melissa Lee]

I did what I meant to say. Walmart has advertising business.

[David Zervos]

Yeah, it's a tough choice. I mean I'd love to hear what the guys have to say. You have an expensive.

[Tim Seymour]

I'll play the game the right way.

[Melissa Lee]

If the game were in fact Walmart versus Target, which is what it is and the the choices are only Walmart. Target, Target. Okay, thank you.

[Dan Nathan]

Next, I'll play the game correctly because I'm a rule followers, you know and I'll take Wal Mart. I mean there's a reason why Target has been underperforming now for four years. Part of it's the market part of its Target specific. And Wal Mart on the other hand has done everything right. Valuation at what 32 times next year's numbers is expensive. But they're winning in the air race and people are going down to Target. So Walmart, I go to Wal Mart and I'll stay steadfast in that Wal Mart over Target.

[Melissa Lee]

But if I did throw Amazon in there, then Walmart. Okay, all right.

[Tim Seymour]

Target it's not and it's target on a 12 month basis. I'm actually long both of them, but I'm and I'm longer Wal Mart. But if you want to tell me what's a more attractive stock today, it's the one that trades at 11 and a half times forward. It's the one that's got five year highs on short interest. It's the one that probably has some tailwinds attached to some of the fiscal stuff that's going on. It's the one that I think sentiment is just absolutely awful. It's the one where management finally seems like they have some urgency to improving the story for investors. Forget what's going on in the stores. They recognize they need to raise margins. So to me it's not even a question. Target is a lot more interesting even though Wal Mart's a better company over the next 12 months.

[Melissa Lee]

Coming up, networking done right how the CEO of Extreme Networks is taking on the competition. And the latest numbers from the earnings report do not go anywhere. Fast money is back into the we're getting an update on Core Weave. The stock is down about 6% after hours. Christina Parts Neville has got that for us. Christina?

[Christina Parts Nevels]

Melissa well, Corvette is dealing with delays from a third party data center provider that's running behind schedule on PowerShell deliveries. This means that they're going to push some of the Q4 revenue into later quarters, most notably Q1. The good news is the affected customer agreed to extend the contract timeline so Corey would actually keep the full contract value. They didn't show the name of the customer. They're just getting paid later than expected. And so that's initially why you saw the stock fall about 5%. The company's Q3 capital spending also came in lower at 1.9 billion because of the same delays. The CEO admitting just now it's frustrating to deal with, quote, systemic challenges within supply chains. And he said that you're going to hear this theme repeated a lot, but it's not a challenge for power per say quote. There is plenty of power for the next couple of years, but the challenge is the power shell, which I understand is just the, the infrastructure that holds the power.

[Melissa Lee]

Christina. Thanks Christina. Farts and Elvis stock down 5.3% right now. Extreme Networks ringing the opening bell here at the Nasdaq today as the networking solutions company hosts its annual investor day here in New York City. The stock is up 7% this year amid scorching demand for cloud and AI infrastructure, positioning the company to compete with the likes of Cisco and Hewlett Packard. Joining us here on Set for More is Extreme Network CEO Ed Meyer. Court. Ed, great to have you with us.

[Ed Meyers]

Thanks for having me.

[Melissa Lee]

We don't often talk about Extreme, so can you just sort of give us an overview on where you fit in on this infrastructure build?

[Ed Meyers]

Yeah. So we're playing in the enterprise networking space. So when you're thinking about networking for AI and these massive sort of LLM data centers, hyperscale cloud, we're playing on the enterprise. So we're actually taking AI technology and applying it to enterprise customers, trying to deliver the networking experience, if that makes sense.

[Melissa Lee]

How do you, how do you think about the build that is going on right now, the rush to spend billions of dollars by all of these hyperscalers and the sustainability of it?

[Ed Meyers]

That's where all the spending has been.

[Melissa Lee]

Yeah.

[Ed Meyers]

And we're on the other side. Okay. So what we're doing is actually leveraging AI technology and we're applying it for customers. So basically we're making it very easy to deliver secure, simple, highly automated and visibility into enterprise networks, which is a little bit different. Our difference is that we're bringing AI to networking and we're coming out with the very first platform for networking. And so we think size is a differential. It's actually better to be a smaller player than a larger player. And so when we're competing against Cisco and HP Juniper, we've got an advantage. And everybody's thinking about. You've been talking about on the show. Everyone's talking about it. And this is where for us we think momentum changes because we think we've got a shift where people pay more attention to AI and we've got the best solution.

[Dan Nathan]

You had a big run up in earnings. I think maybe the street took away the run up. Maybe the margins weren't what the street was looking for, the guidance. But at a level now where I'm sure you're buying back stock because given that quarter, I mean this stock should be higher than it is, is up. Oppenheimer, I think has a $25 price target on it.

[Ed Meyers]

Yeah, Tim came out at 25 bucks. You know, we had a beat race quarter. We were expecting, I don't know, 5 to 10% upside and we end up down 15 and down 20 now. And so we're, we're scratching our heads and looking to you experts to explain what's going on. We suspect that some of it was due to margin, margin pressure, that our supply chain components are getting sucked into these larger networks somehow. You know, our costs are going to go up and it's going to affect our business. But the reality is it's not not an issue for us.

[David Zervos]

And what exactly is that product? You have businesses buying your product and so it's a connectivity thing from the data centers and they're using the AI and they're applying it.

[Ed Meyers]

So think about it. So what we're providing are enterprise networks. So actually networks which is a combination of hardware and software. Stadiums. So we have the NFL stadiums. Think about the WI fi that you're getting from stadiums. Kroger, large customer, world's largest grocer. They run on extreme. They have a private cloud and they're managing 2800 stores on an extreme network. So we're delivering private networking solutions to enterprise customers. Governments. We just won the Japanese government huge deal. We beat out Cisco because of the differentiation of our technology. So we're governments, education, manufacturing, health care. So think about large enterprises with campuses. We shine on the campus. We have something called a fabric. None of the larger players have a fabric. We've got cloud choice. People are worried about data. Data sovereignty we bring that the larger players can't do it. And the big thing is there's an advantage to being our size and bringing out AI and bringing out an AI platform. We do this better than the big guys and this we think is going to be a turning point for us.

[Melissa Lee]

Ed, great to have you with us. Thank you so much.

[Ed Meyers]

Thank you.

[Melissa Lee]

Admire Court of Extreme.

[Ed Meyers]

I did all the talking networks.

[Dan Nathan]

Let's.

[Tim Seymour]

Don't worry. Don't worry. There's some good talkers here.

[Ed Meyers]

I thought you were going to sing the next show.

[Melissa Lee]

You never know what happened. We got it on fast money. Take it down to what's your train. You've been in Cisco before. Yeah.

[Tim Seymour]

So I'm long Cisco and I think Cisco is an AI datacenter play. I think the themes that Ed talked about first of all enterprises incredibly exciting and having larger customers also at some point means you have some pricing power. I think that may ultimately address some of the margin issues but. But to me I actually think Cisco is a really exciting datacenter play that's priced very attractively and certainly in this space there's competition coming up.

[Melissa Lee]

More after hours action to tell you about numbers and details out of Paramount's quarter. What we're hearing from CEO David Ellison's first conference call is Chief more fast my into. Welcome back to Fast Money. We've got an earnings alert on Paramount's guidance. Shares higher after hours despite a revenue miss but the company raising its target for job cuts and cost saving measures. It also plans to increase subscription prices for its streaming platform Paramount plus, we see it higher by about 5% right now.

[Dan Nathan]

Is that a Disney tell? That's. I mean the first thing I think of what happens happens to Disney here, which was meandering the read through should be good for theoretically should be good. But you know, Disney's been a chronic disappointer. So we'll wait and see.

[Karen Finerman]

Me. Yeah, I didn't hear you going there.

[Melissa Lee]

Oh, sorry. Yeah, my thumb point was.

[Karen Finerman]

I know. I just thought the exact same thing. I just looked up Netflix real quickly is that it hasn't really, really done anything on that. But is that an umbrella for the rest of them to all race?

[Melissa Lee]

Right, right. Ellison apparently addressed M and A on the, on the conference call and said there are no must haves for us. Us we can absolutely build, but we can, we have the balance sheet to be opportunistic so they can go ahead and, and reach for something and they.

[Tim Seymour]

Have the access to capital. Let's call it what it is. I mean this is definitely. And this is Hollywood that's, that's close to Washington. I mean I think strategically there's a lot of things they can do. But right now being cost efficient and being aggressive where they have been, the market should be rewarding that. So I think there's optionality there.

[David Zervos]

Yeah, we've seen all these spins. Right. We see interest from all these spins and there's capital coming to it obviously versus the parent, you know, is spinning out this right here. And it just seems like there's a lot of.

What's this right here?

[Tim Seymour]

Yeah, we are spinning out this right here.

[Melissa Lee]

The most important properties of virtually I like to think.

[David Zervos]

But let's be clear. It kind of with Guy Dami, it's a trophy property. There's a lot of great properties out there. But it does seem like we're going to actually have a rebundling at some point because I think it's going to be hard for a lot of these brands to kind of live on their own. And you get the, you know, the scale. I mean you need that ultimately.

[Melissa Lee]

Yeah. How about the read through to Disney from your perspective?

[Tim Seymour]

My, my view is that these Disney's legacy assets are not given enough credit, enough value, some of the parts, whatnot. I think we know DTC is moving and moving in a good direction here. So I like Disney, but boy, I've liked Disney for five years and I could have fallen asleep and come back here and showed up and probably done better.

[Melissa Lee]

Up next, final trades. Time for the final trade. Tim Seymour, Disney.

[Christina Parts Nevels]

Karen everyone's shocked that.

[Melissa Lee]

Tim doesn't have a lot to say about it.

[Karen Finerman]

All right, I'll be brief.

[Christina Parts Nevels]

I like Uber.

[Karen Finerman]

It was up a little today, but I still like it.

[Melissa Lee]

I mean, you don't have that much time.

[David Zervos]

I have nothing left to get.

[Tim Seymour]

Core weave.

[David Zervos]

I wouldn't buy this dip. If Satya Nadella is telling you they can't get enough power and this CEO is telling you they got enough power, I think I'm gonna go with Satya Guy.

[Dan Nathan]

You rock and roll fans. John Elish is in attendance. Google the name Structure Therapeutics.

[Melissa Lee]

All right, thank you for watching Fast Money Mad Money Jim Cramer starts right now.

[Guy Adami]

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