Fast Money 11/24/25 — Episode Summary

Podcast: CNBC’s Fast Money
Air Date: November 24, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Feiderman, Dan Nathan, Guy Adami
Special Guests: Stuart Kaiser (Citi), Jared Holz (Mizuho), Laks Ganapathi (Unicus Research)

Overview

This episode focused on the robust rally in tech stocks, headlined by Alphabet’s (Google) stunning AI-driven gains and their market implications. The crew dove into major pharma stock moves (especially Novo Nordisk after disappointing trial data), the surging memory/storage chip trade, China-U.S. relations, and a candid discussion on consumer credit pressures. Crypto’s bounce and retail performance were also highlighted, offering traders and investors actionable context and sharp debate throughout.

Key Segments & Insights

1. Alphabet (Google) and the AI Revival (01:02–13:26)

Main Discussion Points

Alphabet’s Record High: Google’s parent closed up over 6%, capping a ~12% gain for the week and a 13% rally for the month, far outpacing other “Mag 7” peers like Oracle (-24%).
AI Momentum: The Gemini 3 AI model rollout is widely seen as a game-changer, improving sentiment for Alphabet and tech more broadly.
Bear vs. Bull Cases: Panelists debated whether the run-up is justified or overheated.

Notable Quotes

Guy Adami (02:28):
“Definitely rotation. We’ve been mentioning this—a handful of the Mag 7 have underperformed not only their peers but also the S&P 500.”
On Gemini 3:
- “There’s been naysayers the whole way. But right now…they’ve gotten tremendous reviews…They have six or seven platforms with over 2 billion users. For them to kind of infuse this technology throughout all of them, that’s great.” (Guy Adami, 02:39)
Valuation Conversation:
- “I see it trading at like 27 times forward, 28 times forward. And you have growth that’s not really accelerating now. If consensus is too low, there’s more room to run. I’m not so sure that’s the case.” (Guy Adami, 02:39)
Dan Nathan (04:07):
- “When you say it’s not going to grow…I think if you look at the numbers for Google Cloud…it’s grown 50%.”
On Market Impact:
- “I think for the markets overall, the fact that we have mega cap tech having been so poor outside of Google and Broadcom…is very good for the market going into year end.” (Tim Seymour, 04:46)

Market Implications

Analysts see Alphabet’s gains as indicative of renewed faith in mega caps, and possibly the beginning of a rotation away from the AI “hype” laggards.
Risks include rich multiples (approaching 30x forward P/E) and the unknowns of monetizing new AI products vs. cannibalizing legacy business lines (notably Search).

2. Broader Tech & Market Dynamics (13:26–20:45)

U.S.-China Relations and Macro

News: Former President Trump announces state visit to Beijing in April 2026; call with Xi Jinping covers Taiwan, Ukraine, and trade.
Eamon Javers (14:29): Reports that the main focus is U.S.-China trade, but Taiwan and Ukraine remain key issues.

Market Rotation & Tech Breadth

Stuart Kaiser (Citi) Interview (16:10):
- Describes the big tech rally as partially driven by Alphabet’s headlines and retail investors stepping in.
- “Mag 7 equal weight was up 3.5%. The rest of the 493 wasn’t.”
- Hedge funds are becoming more selective, emphasizing balance sheet strength and revenue proof from AI investments.
Bitcoin as a Sentiment Barometer (16:50):
- Bitcoin’s weekend rally stabilized broader market sentiment. (Dan Nathan & Stuart Kaiser)
On the AI Trade:
- “Institutions are definitely getting a little more circumspect about this. They’re auditing the AI trade in a little bit more of an aggressive way.” (Stuart Kaiser, 18:48)
Fed Meeting Impact:
- Tim Seymour observes that recent reversals in tech/semis are partly technical but also tied to dovish cues from the Fed.

3. Pharma Stock Shake-Up: Novo Nordisk and Sector Overview (22:18–29:31)

Key Events

Novo Nordisk Drops 5.5%: Disappointing Alzheimer’s trial data for Wegovy weighs on shares.
Other Pharma Movers: Bristol Myers (+3% on read-through from Bayer’s stroke prevention data); Merck (+3% on upgrade).
Jared Holz (Mizuho) Interview:
- On Novo: “It’s almost as though they would have been better off not even having an obesity drug if they knew that the street was going to treat it this horribly if they were second fiddle to Lilly.” (Karen Feiderman, 23:06)
- Large Cap Pharma generally strong this year; some, like Bristol and Merck, may have more upside ahead.

M&A Outlook

Holz expects 2026 to be another big year for biotech M&A: “There have been 19 deals north of $500 million…All the data…suggest that next year is going to be a huge year too…There is a sweet spot there.” (Jared Holz, 27:04)

“Would You Rather?” Picks

Both Karen and Guy favor Novo Nordisk for the next year despite the challenges, citing low valuation and upcoming oral drug launches.

4. Storage/Memory Chip Surge (29:35–33:22)

Market Moves

SanDisk Up 13%, Micron 8%: On the back of Morgan Stanley price target upgrades and S&P 500 index inclusion news for SanDisk.
Narrative: Tight memory conditions, cyclical tailwinds, and AI-driven demand.
Guy Adami (31:58):
“The Stock is up 350% in two months…It’s really hard to chase these things.”
Valuation Skepticism:
“Highly cyclical…When it’s cheap on valuation is the time to be getting out. Maybe it’s different this time.” (Guy Adami, 32:51)

5. Consumer Crunch: Credit, BNPL, and Warning Signs (36:14–42:32)

Consumer Health

Consumer Spending: Deloitte survey signals expected holiday gift spend down 10% YoY (average ~$1,600).
Laks Ganapathi (Unicus Research):
- 52% of consumers cite obligation/guilt as motivation to shop
- Many are still paying off last year’s holiday debt, stacking more via credit cards or Buy Now, Pay Later (BNPL)
- “Holiday cheer is on, but it’s all on either BNPL or on credit card.” (Laks, 37:49)
Delinquencies:
- “Auto loan delinquencies, I’m reading the highest since 2010…credit card, the highest in 14 years.” (Guy Adami, 38:49)
- Laks warns of a “hangover in first half of 2026”—likely to worsen if labor markets deteriorate.

Market Impact

BNPL Companies: Affirm, Klarna, etc. may benefit in the short-run, but long-term risks are mounting with consumer stress.
Auto Dealers: Overpriced new cars ($50K avg.) and rising delinquencies mean caution for stocks like ABG, AutoNation.

6. Crypto & Bitcoin (43:16–45:06)

Bitcoin Bounces: Up after a sharp decline last week; still 30% below all-time highs.
All Panelists Agree: Crypto sentiment is closely tied to risk appetite for tech and AI.
- “It’s a synthetic Fed play at this point.” (Guy Adami, 43:54)
- “Every time we have market volatility…there’s a larger institutional investor base in the space…so you’re buying Bitcoin here.” (Tim Seymour, 44:38)

Notable Quotes & Moments (with Timestamps)

Guy Adami on Alphabet’s comeback:
“This thing has made considerable progress from a really bad rollout…one day we walked in, the stock was down like 6%…but obviously things have changed.” (02:39)
Dan Nathan on Google Cloud:
“It’s grown 50%…still some really good margins, right?” (04:07)
Karen Feiderman on Novo Nordisk:
“It’s almost as though they would have been better off not even having an obesity drug if they knew that the street was going to treat it this horribly if they were second fiddle to Lilly.” (23:06)
Laks Ganapathi on BNPL and consumer pain:
“Holiday cheer is on, but it’s all on either BNPL or on credit card.” (37:49)
Stuart Kaiser on AI trade caution:
“Institutions are definitely getting a little more circumspect about this…prove it to me, show me you can actually generate some revenue off of this.” (18:48)
Guy Adami on SanDisk/Micron run-up:
“It’s really hard to chase these things…highly cyclical.” (31:58, 32:51)

Fast Recap Table

| Segment | Key Focus | Timestamps | |----------------------|---------------------------------------------|--------------| | Alphabet/Tech Rally | AI Gemini 3, Mag 7 rotation | 01:02–13:26 | | Market Breadth | U.S.-China, Tech breadth, Hedge fund pivot | 13:26–20:45 | | Pharma Moves | Novo, Bristol, Merck, M&A | 22:18–29:31 | | Storage Surge | SanDisk, Micron | 29:35–33:22 | | Consumer Health | Credit/BNPL stress, auto/student debt | 36:14–42:32 | | Crypto | Bitcoin as sentiment gauge | 43:16–45:06 |

Final Trades (45:16–45:53)

Tim Seymour: Jokes about holiday gift giving out of guilt/obligation.
Dan Nathan: “Zoom Communications, another very good quarter one of the most outstanding balance sheets around anywhere. I like it.” (45:28)
Guy Adami: “I’m a big Wegovy guy. I think you take a crack on the Novo, please.” (45:39)
Outro: “Tjx”—Maximista is out there.

Tone and Style

The discussion was lively, candid, and at times humorous. Banter mixed with sharp analysis (e.g., the throw pillow/scented candle side-joke for Target) kept the conversation fresh, with arguments well-supported but never too technical for the informed retail investor.

Takeaways for Investors

Don’t Chase Parabolic Rallies: Both Google and storage chip names were flagged as “run too far, too fast”—look for pullbacks or more sustainable trends.
AI Isn’t a Panacea: Analysts and funds want to see actual monetization from AI investments.
Consumer Strength is Fragile: Holiday spending to be scrutinized, as debt pressures mount across income levels.
M&A Remains Ripe in Biotech: Expect continued deal flow as big pharma seeks growth.
Be Alert to Macro Shifts: Crypto and risk-asset surges are still highly sensitive to Fed signals and macro headlines.

For More Information

Catch up on past episodes, market data, and additional resources at Fast Money’s official website.

Fast Money 11/24/25 — Episode Summary

Overview

Key Segments & Insights

1. Alphabet (Google) and the AI Revival (01:02–13:26)

Main Discussion Points

Alphabet’s Record High: Google’s parent closed up over 6%, capping a ~12% gain for the week and a 13% rally for the month, far outpacing other “Mag 7” peers like Oracle (-24%).
AI Momentum: The Gemini 3 AI model rollout is widely seen as a game-changer, improving sentiment for Alphabet and tech more broadly.
Bear vs. Bull Cases: Panelists debated whether the run-up is justified or overheated.

Notable Quotes

Guy Adami (02:28):
“Definitely rotation. We’ve been mentioning this—a handful of the Mag 7 have underperformed not only their peers but also the S&P 500.”
On Gemini 3:
- “There’s been naysayers the whole way. But right now…they’ve gotten tremendous reviews…They have six or seven platforms with over 2 billion users. For them to kind of infuse this technology throughout all of them, that’s great.” (Guy Adami, 02:39)
Valuation Conversation:
- “I see it trading at like 27 times forward, 28 times forward. And you have growth that’s not really accelerating now. If consensus is too low, there’s more room to run. I’m not so sure that’s the case.” (Guy Adami, 02:39)
Dan Nathan (04:07):
- “When you say it’s not going to grow…I think if you look at the numbers for Google Cloud…it’s grown 50%.”
On Market Impact:
- “I think for the markets overall, the fact that we have mega cap tech having been so poor outside of Google and Broadcom…is very good for the market going into year end.” (Tim Seymour, 04:46)

Market Implications

Analysts see Alphabet’s gains as indicative of renewed faith in mega caps, and possibly the beginning of a rotation away from the AI “hype” laggards.
Risks include rich multiples (approaching 30x forward P/E) and the unknowns of monetizing new AI products vs. cannibalizing legacy business lines (notably Search).

2. Broader Tech & Market Dynamics (13:26–20:45)

U.S.-China Relations and Macro

News: Former President Trump announces state visit to Beijing in April 2026; call with Xi Jinping covers Taiwan, Ukraine, and trade.
Eamon Javers (14:29): Reports that the main focus is U.S.-China trade, but Taiwan and Ukraine remain key issues.

Market Rotation & Tech Breadth

Stuart Kaiser (Citi) Interview (16:10):
- Describes the big tech rally as partially driven by Alphabet’s headlines and retail investors stepping in.
- “Mag 7 equal weight was up 3.5%. The rest of the 493 wasn’t.”
- Hedge funds are becoming more selective, emphasizing balance sheet strength and revenue proof from AI investments.
Bitcoin as a Sentiment Barometer (16:50):
- Bitcoin’s weekend rally stabilized broader market sentiment. (Dan Nathan & Stuart Kaiser)
On the AI Trade:
- “Institutions are definitely getting a little more circumspect about this. They’re auditing the AI trade in a little bit more of an aggressive way.” (Stuart Kaiser, 18:48)
Fed Meeting Impact:
- Tim Seymour observes that recent reversals in tech/semis are partly technical but also tied to dovish cues from the Fed.

3. Pharma Stock Shake-Up: Novo Nordisk and Sector Overview (22:18–29:31)

Key Events

Novo Nordisk Drops 5.5%: Disappointing Alzheimer’s trial data for Wegovy weighs on shares.
Other Pharma Movers: Bristol Myers (+3% on read-through from Bayer’s stroke prevention data); Merck (+3% on upgrade).
Jared Holz (Mizuho) Interview:
- On Novo: “It’s almost as though they would have been better off not even having an obesity drug if they knew that the street was going to treat it this horribly if they were second fiddle to Lilly.” (Karen Feiderman, 23:06)
- Large Cap Pharma generally strong this year; some, like Bristol and Merck, may have more upside ahead.

M&A Outlook

Holz expects 2026 to be another big year for biotech M&A: “There have been 19 deals north of $500 million…All the data…suggest that next year is going to be a huge year too…There is a sweet spot there.” (Jared Holz, 27:04)

“Would You Rather?” Picks

Both Karen and Guy favor Novo Nordisk for the next year despite the challenges, citing low valuation and upcoming oral drug launches.

4. Storage/Memory Chip Surge (29:35–33:22)

Market Moves

SanDisk Up 13%, Micron 8%: On the back of Morgan Stanley price target upgrades and S&P 500 index inclusion news for SanDisk.
Narrative: Tight memory conditions, cyclical tailwinds, and AI-driven demand.
Guy Adami (31:58):
“The Stock is up 350% in two months…It’s really hard to chase these things.”
Valuation Skepticism:
“Highly cyclical…When it’s cheap on valuation is the time to be getting out. Maybe it’s different this time.” (Guy Adami, 32:51)

5. Consumer Crunch: Credit, BNPL, and Warning Signs (36:14–42:32)

Consumer Health

Consumer Spending: Deloitte survey signals expected holiday gift spend down 10% YoY (average ~$1,600).
Laks Ganapathi (Unicus Research):
- 52% of consumers cite obligation/guilt as motivation to shop
- Many are still paying off last year’s holiday debt, stacking more via credit cards or Buy Now, Pay Later (BNPL)
- “Holiday cheer is on, but it’s all on either BNPL or on credit card.” (Laks, 37:49)
Delinquencies:
- “Auto loan delinquencies, I’m reading the highest since 2010…credit card, the highest in 14 years.” (Guy Adami, 38:49)
- Laks warns of a “hangover in first half of 2026”—likely to worsen if labor markets deteriorate.

Market Impact

BNPL Companies: Affirm, Klarna, etc. may benefit in the short-run, but long-term risks are mounting with consumer stress.
Auto Dealers: Overpriced new cars ($50K avg.) and rising delinquencies mean caution for stocks like ABG, AutoNation.

6. Crypto & Bitcoin (43:16–45:06)

Bitcoin Bounces: Up after a sharp decline last week; still 30% below all-time highs.
All Panelists Agree: Crypto sentiment is closely tied to risk appetite for tech and AI.
- “It’s a synthetic Fed play at this point.” (Guy Adami, 43:54)
- “Every time we have market volatility…there’s a larger institutional investor base in the space…so you’re buying Bitcoin here.” (Tim Seymour, 44:38)

Notable Quotes & Moments (with Timestamps)

Guy Adami on Alphabet’s comeback:
“This thing has made considerable progress from a really bad rollout…one day we walked in, the stock was down like 6%…but obviously things have changed.” (02:39)
Dan Nathan on Google Cloud:
“It’s grown 50%…still some really good margins, right?” (04:07)
Karen Feiderman on Novo Nordisk:
“It’s almost as though they would have been better off not even having an obesity drug if they knew that the street was going to treat it this horribly if they were second fiddle to Lilly.” (23:06)
Laks Ganapathi on BNPL and consumer pain:
“Holiday cheer is on, but it’s all on either BNPL or on credit card.” (37:49)
Stuart Kaiser on AI trade caution:
“Institutions are definitely getting a little more circumspect about this…prove it to me, show me you can actually generate some revenue off of this.” (18:48)
Guy Adami on SanDisk/Micron run-up:
“It’s really hard to chase these things…highly cyclical.” (31:58, 32:51)

Fast Recap Table

Final Trades (45:16–45:53)

Tim Seymour: Jokes about holiday gift giving out of guilt/obligation.
Dan Nathan: “Zoom Communications, another very good quarter one of the most outstanding balance sheets around anywhere. I like it.” (45:28)
Guy Adami: “I’m a big Wegovy guy. I think you take a crack on the Novo, please.” (45:39)
Outro: “Tjx”—Maximista is out there.

Tone and Style

Takeaways for Investors

Don’t Chase Parabolic Rallies: Both Google and storage chip names were flagged as “run too far, too fast”—look for pullbacks or more sustainable trends.
AI Isn’t a Panacea: Analysts and funds want to see actual monetization from AI investments.
Consumer Strength is Fragile: Holiday spending to be scrutinized, as debt pressures mount across income levels.
M&A Remains Ripe in Biotech: Expect continued deal flow as big pharma seeks growth.
Be Alert to Macro Shifts: Crypto and risk-asset surges are still highly sensitive to Fed signals and macro headlines.

For More Information

Catch up on past episodes, market data, and additional resources at Fast Money’s official website.

Fast Money 11/24/25

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Summary

Fast Money 11/24/25 — Episode Summary

Overview

Key Segments & Insights

1. Alphabet (Google) and the AI Revival (01:02–13:26)

Main Discussion Points

Notable Quotes

Market Implications

2. Broader Tech & Market Dynamics (13:26–20:45)

U.S.-China Relations and Macro

Market Rotation & Tech Breadth

3. Pharma Stock Shake-Up: Novo Nordisk and Sector Overview (22:18–29:31)

Key Events

M&A Outlook

“Would You Rather?” Picks

4. Storage/Memory Chip Surge (29:35–33:22)

Market Moves

5. Consumer Crunch: Credit, BNPL, and Warning Signs (36:14–42:32)

Consumer Health

Market Impact

6. Crypto & Bitcoin (43:16–45:06)

Notable Quotes & Moments (with Timestamps)

Fast Recap Table

Final Trades (45:16–45:53)

Tone and Style

Takeaways for Investors

For More Information

Summary

Fast Money 11/24/25 — Episode Summary

Overview

Key Segments & Insights

1. Alphabet (Google) and the AI Revival (01:02–13:26)

Main Discussion Points

Notable Quotes

Market Implications

2. Broader Tech & Market Dynamics (13:26–20:45)

U.S.-China Relations and Macro

Market Rotation & Tech Breadth

3. Pharma Stock Shake-Up: Novo Nordisk and Sector Overview (22:18–29:31)

Key Events

M&A Outlook

“Would You Rather?” Picks

4. Storage/Memory Chip Surge (29:35–33:22)

Market Moves

5. Consumer Crunch: Credit, BNPL, and Warning Signs (36:14–42:32)

Consumer Health

Market Impact

6. Crypto & Bitcoin (43:16–45:06)

Notable Quotes & Moments (with Timestamps)

Fast Recap Table

Final Trades (45:16–45:53)

Tone and Style

Takeaways for Investors

For More Information