CNBC "Fast Money" Podcast Summary

Episode: Fast Money 9/19/25
Air Date: September 19, 2025
Host: Melissa Lee
Panel: Tim Seymour, Guy Adami, Mike Koh
Special Guests: Steve Kovac, Duorder McNeil (Longview Global), Dr. Kavita Patel (NBC/MSNBC), Lockdown Ganapathi (Unicus Research)

Overview

This "Fast Money" episode zeroes in on pivotal themes impacting investors: Apple’s iPhone launch and stock surge, the global bond sell-off and sector rotations, the shifting US-China relationship highlighted by the TikTok saga, breakout moves in commodities like gold and uranium, developments in the weight loss drug sector, and a skeptical view on the near-term bull case for EVs.

Key Discussion Points & Insights

1. Apple’s iPhone Launch Drives Stock Surge

[01:04 – 12:37]

• Strong Early Demand:
  Steve Kovac reports long, sustained lines at the flagship Apple Store—much bigger than prior years—indicating higher-than-expected demand, especially for the high-end iPhone Pro despite a price increase.

  “Most of the people I talked to in line, Mel, they're going for that more expensive iPhone pro even with the price increase as well. So it's extremely interesting to see the dynamics here.” – Steve Kovac [02:17]

• Analyst Upgrades:
  JP Morgan raises its target on Apple by almost 10%, citing pre-orders and a robust growth model.

• Panel Takes:

  • Tim Seymour: Apple’s surprising hardware refresh cycle “continues to be very bullish,” with market pricing previously assuming little for a new refresh.

    “If you believe that Apple hasn't innovated in a long time ... to be surprised and have to upgrade today ... Apple continues to be very bullish especially in a backdrop where people have not priced a lot right.” [04:09]

  • Guy Adami & Mike Koh: While volume was huge, Apple is now an expensive stock—trading at 31x forward earnings for ~10% EPS and 6% revenue growth.

    “It's an expensive stock. Now you could say they deserve to be expensive and that's historically been true. But you have to understand you're absolutely paying up for Apple here.” – Guy Adami [05:30] “You need to see actually a reason to reach out and buy this one instead of the market broadly. And I don't see that.” – Mike Koh [06:23]

  • Tim Seymour: Despite its premium, Apple remains a stock the market “refuses to sell off” because of its unparalleled installed base, potential for services and AI growth, and stability.

    “It would be crazy to be selling Apple here, especially as we are unlocking a refresh cycle that looks to be better than expected.” [07:34]

• Apple vs Oracle/Nvidia:
  Quick “would you rather” game:

  • Most still favor Apple over Oracle after Oracle’s sharp run.
  • Tim: “In the short term, it’s Apple; in the longer term, it’s Nvidia.” [12:25]

2. Global Bond Selloff, Sector Rotation & Financials

[12:37 – 16:47]

• Global Yields Tick Higher:
  Strong US, UK, German, and Japanese rate moves following the Fed’s rate cut.

  “It's not just a US thing, it's a global bond move right now that ... the equity markets aren't paying attention to but I think at some point they better start.” – Guy Adami [14:18]

• Financials Benefit:

  • Tim Seymour adds Citibank and other money center banks, noting “steeper yield curve,” M&A activity, and capital return. European banks especially strong (“EUFN ETF up 46% YTD vs. 12% for XLF”).

    “If we're in one of those periods ... where the Fed is cutting in a non recessionary environment, this is a time to grab risk.” [13:02]

  • Mike Koh: Financials’ rally makes it hard to sell equities, but for homebuilders/housing, affordability remains an issue as mortgage rates nudge higher and incentives hurt margins.

    “The housing trade is going to continue to be pressured ... as long as financials continue to rally, it's really hard to sell equities generally.” [15:49]

3. US-China Relations: TikTok & Tech Tensions

[18:54 – 28:07]

• TikTok Deal Progress:
  Live update: President Trump says he and Xi Jinping approved US investors acquiring TikTok; the deal awaits closure and, under the plan, “the US side will have control of the algorithm.” [19:23]

  “I had a great call with President Xi...they approved the TikTok deal...we look forward to getting that deal closed.” – President Trump (quoted by Eamonn Javers) [19:23]

• Regulatory & Geopolitical Complications:

  • Duorder McNeil (Longview Global): US and China are in regulatory standoff—China highly unlikely to yield core algorithm control.

    “What's coming out on the US Side...does not adhere to the [law] about complete divestiture, including the algorithm.” [22:21]

    • China’s leverage is “optics and principle”—projecting defense of its interests, regardless of TikTok’s actual importance. [23:34]
    • The lack of progress on Taiwan, weapon sales, and critical minerals is concerning: “A long ways away from some sort of comprehensive deal between the US And China on trade.” [25:40]
  • Mike Koh/Tim Seymour: China may curtail Nvidia and other US tech purchases, pushing development of local alternatives. Belief in ongoing opportunities for top US chipmakers, especially as EM equity and weaker dollar themes provide tailwinds.

    “Emerging markets ... are really start[ing] to take off ... another important week for emerging markets as a trade because you do have a weaker dollar.” – Tim Seymour [27:18]

4. Commodities: Gold and Uranium Breakout

[29:50 – 32:12]

• Gold, Silver, Uranium Thriving:
  • GDX Gold Miners index and uranium ETF URA both hit new records.
  • Tim Seymour: Uranium rally is “possibly driven by a squeeze,” with the Sprott Uranium Trust showing rare NAV premiums—signs of “serious premiums” and “extraordinary” volume.

    “These moves are stratospheric. But these trends ... are married to each other. Gold and uranium in some way 100%.” [30:09]

  • Guy Adami: Silver is also breaking out; gold’s move remains robust. PGMs (platinum group metals) may be sending an important message about global risk and store-of-value demand.

5. Weight Loss Drug Sector: Novo Nordisk & Lilly

[32:44 – 37:41]

• Novo Nordisk Outperforms:

  • Novo’s obesity pill data (17% weight loss at 64 weeks) impresses investors, outperforming Eli Lilly, despite Lilly’s own strong oral drug trial results.

    “Novo Nordisk is kind of going not just in obesity but beyond obesity...” – Dr. Kavita Patel [33:33]

• Prescriber Perspective:

  • Dr. Kavita Patel: Uptake will hinge on GI side effects, cost, medication adherence. Companies are differentiating products for consumer preferences—some want maximum weight loss, others fewer side effects.

    “Patients are ... adjusting the dose to tweak either to a desired obesity kind of weight loss goal and or ... what will be really interesting is T Rex ... plus resistance ... to counter some of the claims around the sarcopenia...” [34:55]

  • Moving forward, biggest focus will be on “whole body of evidence”—trials extending into metabolic syndrome, cardiac outcomes, chronic disease, and off-label impacts.

    “Novo has made it very clear ... they're going to make sure that cardiometabolic disease is a high priority.” [36:27]

  • Mike Koh: Novo’s valuation is attractive if it can break out with approvals in adjacent conditions; Guy Adami highlights GPCR as a speculative pick in the space.

6. Electric Vehicles: Why the Short Thesis Persists

[39:38 – 44:13]

• Lockdown Ganapathi (Unicus Research):

  • Bearish on most of the sector—many EV makers simply can’t scale profitably; the bust of Fisker, Faraday, and Canoo as cautionary tales.

    “Companies like Fisker, Faraday, Future Canoo ... they had all the great concept ... But when it comes to whether you can scale it at a cost, that's not happening.” [40:11]

  • ChargePoint singled out as especially challenged after Tesla opened its supercharger network; product complaints abound.
  • Cites evidence of struggling consumers—escalating buy-now-pay-later use (25% using it for groceries), spike in subprime auto loans and delinquencies not yet fully reflected in equities.

    “Consumers are in a very very tight spot.” [43:22]

• Hybrid Vehicles as Winners:

  • Both Lockdown and Tim Seymour agree: hybrids (especially Toyota) are the “bridge” if the US isn’t ready for full EV adoption.

7. Government Investment Bets: Intel, MP Materials, Uranium, Crypto

[44:13 – 45:51]

• The White House’s “trading prowess” is on display via memes and real investments:
  • Intel's $5B government-investment is up sharply.
  • US stakes in MP Materials (+140%) and ties to uranium/crypto further fuel discussion of the government’s direct-market influence.

  “There's no question that the government can add a lot of value and it's not necessarily naughty that the government gets involved in certain strategic sectors. So fantastic work.” – Tim Seymour [45:14]

  • On Intel’s outlook, Mike Koh is cautiously optimistic but notes it’s “still a tough road.”

Notable Quotes & Memorable Moments

• “Apple continues to be very bullish especially in a backdrop where people have not priced a lot right.” – Tim Seymour [04:09]
• “It's an expensive stock. Now you could say they deserve to be expensive ... But you have to understand you're absolutely paying up for Apple here.” – Guy Adami [05:30]
• “I had a great call with President Xi...they approved the TikTok deal...we look forward to getting that deal closed.” – President Trump (via Eamonn Javers) [19:23]
• “It's not just a US thing, it's a global bond move right now that ... the equity markets aren't paying attention to but I think at some point they better start.” – Guy Adami [14:18]
• “These moves are stratospheric. But these trends ... are married to each other. Gold and uranium in some way 100%.” – Tim Seymour [30:09]
• “Consumers are in a very very tight spot.” – Lockdown Ganapathi [43:22]

Timestamps for Important Segments

• Apple Surge & iPhone Launch: 01:04 – 12:37
• Bond Market Moves & Sector Rotation: 12:37 – 16:47
• US-China, TikTok, Geopolitics: 18:54 – 28:07
• Gold & Uranium Breakout: 29:50 – 32:12
• Weight Loss Drug Space: 32:44 – 37:41
• EV Short Thesis (ChargePoint, Consumer Credit): 39:38 – 44:13
• Government Bets (Intel etc.): 44:13 – 45:51

Conclusion

The episode skillfully unpacks the day’s key market narratives: Apple’s resurgent innovation, the global effects of rising bond yields, the perennial chess match between US and China on trade and technology, spectacular moves in hard assets, the escalating rivalry in obesity therapeutics, and skepticism on the viability of pure-play EVs in a challenging consumer landscape. Anchored by sharp roundtable insights and real-time reporting, "Fast Money" delivers actionable perspective for investors navigating a rapidly evolving financial world.