Podcast Summary: CNBC "Fast Money"

Episode: Energy Climbs After Maduro Capture, And An Exclusive Interview with Nvidia’s CEO
Date: January 5, 2026
Host: Melissa Lee, with Carter Worth, Karen Feiderman, Dan Nathan, Guy Adami
Special Guests: Halima Croft (RBC Capital Markets Global Head of Commodity Strategy), John Fort (from CES, Las Vegas)

Main Theme & Purpose

This episode dives deep into the global market impacts following the dramatic US capture of Venezuelan leader Nicolas Maduro, dissecting ensuing energy stock surges, the wider geopolitical chess game, and the uncertain road ahead for Venezuela. The episode also covers breaking news and insights from Nvidia CEO Jensen Huang’s CES keynote and includes sharp commentary on the wave of innovation sweeping the chip sector. The roundtable covers big moves in biotech with Novo Nordisk’s new obesity pill launch, Versant Media’s market debut, and surges across banks and select consumer names.

Key Discussion Points & Insights

1. Maduro’s Capture & the Energy Sector Surge

[01:03–17:08]

• Market Response:

  • Energy sector soared, with Chevron up 5%, Exxon and Valero rallying, and oil services (OIH) surging. Gold and Bitcoin also rose sharply, signaling a bid for safe havens and digital assets amid geopolitical uncertainty. (01:03–02:49)
  • WTI crude topped $58/barrel (+2%), with defense stocks and drone makers likewise hitting new highs.

• Geopolitical Uncertainty:

  • Analysts and traders believe oil companies are cautious despite White House ambitions to resurrect Venezuelan output, citing vast infrastructure decay, ongoing military and criminal control, and unresolved compensation for assets seized in 2007.
  • Guy Adami: "The market's going to sort out buy first and ask questions later. ... This was a piece to get people off the fence in terms of the energy stocks." (04:58)
  • Karen Feiderman: "Gigantic oil field services. That's obviously why we had such a huge day... But if you go back a couple years, this has been a very mediocre trade." (05:43)
  • Dan Nathan: "Despite what just happened, it's going to remain a volatile situation for a while... This uncertainty might kind of add a different layer." (06:14)

• Halima Croft’s Expert Take:

  • Venezuela’s oil sector collapse is deep-rooted, not easily fixable: “It’s been a multi-decade decline. It is run by the military, by criminal gangs, infrastructure totally deteriorated.” (09:47)
  • Rebuilding will take real change: “The question for US Energy companies is how much do you want to front in terms of the capital for a turnaround story? The military looks like it's still in charge…” (09:47)
  • Questions abound—security, compensation, and international stakeholders (Russia, China, European operators). “Who is going to provide the security guarantees?...Is it the role of the oil companies to play the quasi-governmental developmental role?” (10:41)
  • The potential for the US to leverage Venezuela geopolitically is mixed and dangerous, with experts noting reciprocal risks vis-a-vis China/Taiwan and Russia/Ukraine. “This is very difficult oil... This is not shale.” (13:02)

• Timeline:

  • Even in best-case scenarios, meaningful Venezuelan oil output is a “2030 story,” not a short-term mover. (14:05)
  • Moves in Guyana cited as a more immediate growth story, especially as Venezuela’s influence diminishes. (14:50)

• Analyst Sentiment on Energy Stocks:

  • Some see the day’s gains as “overdone” and possibly unsustainable, with Karen Feiderman and Carter Worth warning of opportunity-cost and long road ahead.
  • Carter Worth: “Ultimately…is there a play to be overweight or underweight energy in the coming year? My hunch is overweight.” (17:43)
  • Others, Guy Adami among them, see today’s surge as “the beginning of something much larger” for selective refiners and oil field services (17:19, 44:45).

Notable Quotes:

• Halima Croft (on rebuilding Venezuela):

  “Our track record, when it comes to regime change and nation building in oil producing countries, is not outstanding.” (13:02)

2. Nvidia @ CES and the AI Hardware Race

[18:45–22:14, 32:14–42:14]

• Nvidia’s News:

  • CEO Jensen Huang delivered the CES keynote, announcing the Vera Rubin next-gen platform, fully in production, claiming 10x lower inference token costs vs. Blackwell. Crucially, Nvidia continues to prioritize backward compatibility and fast upgrades for its partners. (37:43–39:27)
  • Expansion into autonomous vehicle reasoning software, tackling next-gen edge cases like traffic light outages and unplanned scenarios. (39:41–40:31)

• Analyst Reaction:

  • Some traders see Nvidia’s massive run (+40% last year) as “saturated,” with mainstream analyst coverage unlikely to turn bearish until/if pricing power wanes.
  • Dan Nathan: “At some point that flip is going to be something really important to the narrative of this story. And maybe it's already happening.” (41:31)
  • There’s widespread expectation that the “chip super-cycle” may become more selective, with investors searching for the next big winners (memory, storage, etc.) and risks of certain names giving back gains. (19:20)

• Technical Perspective:

  • Carter Worth sees potential head-and-shoulders top forming in Nvidia, flagging risk below $175/share. “Potentially problematic. The fact [Nvidia] didn't have a rip roaring day is somewhat concerning.” (20:58–21:19)
  • Carter and Dan further signal a recent tech underperformance beginning late October 2025, suggesting a possible trend shift. (21:24)

Notable Quotes:

• John Fort (on Nvidia innovation):

  “[Nvidia’s latest platform has] 10 times lower inference token cost versus Blackwell. ... [It] might be expensive, but the bang you get for the buck is going to be much better than existing systems.” (37:43)

• Carter Worth (on tech sector):

  "I would say you want to be underweight tech for the year." (21:24)

3. Obesity Pill Revolution: Novo Nordisk vs. Eli Lilly

[23:04–26:39]

• Novo’s WeGovy Pill Launch:

  • Shares rose over 5% after their GLP1 pill debuted as the first oral obesity drug available in 70,000 US pharmacies. Pricing at $149/month cash or $25 with insurance is a big shift from the expensive injectables landscape. (23:04)
  • The move is seen as opening the addressable market (TAM), given broad patient resistance to injectables. (24:22)

• Outlook & Competitive Dynamics:

  • While pricing will matter, access and market growth are key, with competitors (notably Eli Lilly’s coming oral) in the wings.
  • Karen Feiderman: “The story isn’t at the moment price, it’s the market, the total addressable market...Oral once a day, that’s huge.” (24:22)
  • Carter Worth: “Novo has all the elements of a bearish to bullish reversal...It’s the more speculative, more dangerous play — I would go with Novo.” (25:22)

• Manufacturing Challenges:

  • The pill’s complex formulation requires much more active ingredient than an injectable, posing margin challenges and complexity. (25:42)

4. Versant Media’s Nasdaq Debut (CNBC’s New Parent Company)

[27:48–32:14]

• Market Reaction & Technicals:

  • Versant dropped 13% on the first day as index-linked mutual funds (from Comcast) were forced to sell newly received Versant shares, creating forced selling pressure.

    Karen Feiderman: “When you have someone selling who cannot own it, regardless of price...That’s when I want to buy.” (28:30)

• Strategic Vision:

  • CEO Mark Lazarus emphasizes vertical scale and a forward-facing, multi-platform media strategy, moving beyond dependency on traditional pay TV. (28:05)
  • Versant is positioned to compete as a focused, nimble player amid ongoing industry shifts, with investors watching closely for comps vs. possible Warner/Netflix transactions.

5. Other Major Movers: Tesla, Banks, McDonald’s, Hilton

[32:47–43:59]

• Tesla:

  • Snapped a lengthy losing streak (+3%) following high-profile dinner between Elon Musk and President Trump. (32:47)

• Banks:

  • Goldman Sachs’ surge (+4%) fueled a major portion of the Dow’s record advance; banks overall seen as benefiting from improved regulation, robust loan growth, and capital markets business, though valuations are elevated. (33:30–35:24)

    Guy Adami: “Goldman Sachs...is up over 100% since the lows we saw in the spring, which is remarkable in and of itself.” (33:30) Karen Feiderman: “The only fly in the ointment — [valuations] not enough to deter me, but something to watch.” (34:46–35:24)

• McDonald’s:

  • Down for the sixth straight session, raising questions about sector rotation and broader consumer trends. (32:47)

• Hilton:

  • Sold off after reports of refusing bookings to ICE agents, which management blamed on franchisee actions. Traders noted expensive valuation and risk of boycott fallout. (43:08)

    Guy Adami: “At 30 times earnings, this is an expensive stock that people are probably looking for an excuse to sell.” (43:08)

Notable Quotes & Memorable Moments

• Halima Croft (Venezuela):

  “This is very difficult oil. ... The great American energy renaissance was driven by shale. The idea that Venezuela is somehow going to be the bulwark of our energy security, I find that challenging at this moment.” (13:02)

• Karen Feiderman (Media sector):

  “When you have someone selling who cannot own it regardless of price, that's when I want to buy.” (28:30)

• Carter Worth (Energy sector):

  “Is there a play to be overweight or underweight energy in the coming year? My hunch is overweight.” (17:43)

• Dan Nathan (Nvidia):

  “At some point...if their customers lose a lot of money, how are they going to keep upgrading these products when the company has all this pricing power?” (41:31)

Timestamps for Key Segments

| Segment | Timestamps | |-----------------------------------------------|---------------| | Stock market and energy setup | 01:03–02:49 | | Breakdown: Venezuela, market response | 02:49–08:16 | | Halima Croft interview (energy geopolitics) | 09:47–17:08 | | Nvidia, CES, chip cycle discussion | 18:45–22:14, 32:14–42:14 | | Novo Nordisk, obesity pill market | 23:04–26:39 | | Versant Media spinoff/debut | 27:48–32:14 | | Tesla/banks/McDonald's/Hilton movers | 32:47–43:59 | | Final trades | 44:13–44:51 |

Speaker Attributions & Tone

• Melissa Lee maintains a brisk, sharp moderating style, setting up topics and directing probing questions to both roundtable and guests.
• Halima Croft offers frank, expert analysis, skeptical of market optimism regarding Venezuela.
• Guy Adami, Dan Nathan, Karen Feiderman, and Carter Worth all provide uncensored trader perspectives—often candid about market sentiment, technical signals, and sector rotations, with playful banter but focused commentary.
• John Fort brings clear, hands-on technology reporting and thoughtful context from CES/Nvidia, balancing hype with real details.

Final Trades (44:13)

• Carter Worth: Novo Nordisk – “on the mend, bearish to bullish reversal play.”
• Karen Feiderman: Sell upside calls on JP Morgan heading into earnings.
• Dan Nathan: Costco – “Overdone last year, look for a rally this year.”
• Guy Adami: Marathon Petroleum (MPC) – “Big move today, but I think it’s the beginning of something much larger.”

Summary

In a packed episode, Fast Money dissected the sharp energy market rally post-Maduro capture, with cautionary notes from experts about Venezuela’s fraught prospects, and parsed Nvidia’s leap forward in AI hardware from CES, tempering hype with technical analysis and historical perspective. Other major stories included the game-changing launch of Novo’s oral obesity drug and Versant Media’s IPO, as well as quick takes on Tesla’s turnaround, major banks’ continued run, and sector news in consumers and hotels. The roundtable’s signature mix of insight, skepticism, and actionable analysis served up must-know nuance for investors riding 2026’s first big headlines.