CNBC "Fast Money" Podcast Summary

Episode Date: September 24, 2025
Host: Melissa Lee
Panelists: Steve Rosso, Karen Feineman, Dan Nathan, Bono and Ice
Special Guests: Christina Partsinevelos, Eunice Yoon, Chris Rowland (Susquehanna), David Zervos (Jefferies), Mike Ozanian (CNBC Sports)

Overview

This episode of "Fast Money" dives deep into the latest in the semiconductor sector, with a focus on Intel's reported approach to Apple for a potential investment, major developments in Alibaba's AI ambitions, and sharp moves in copper and homebuilder stocks. The traders debate the impact of fresh cash infusions and strategic partnerships on Intel’s perceived turnaround, discuss the broader tech rally and its sustainability, and analyze new highs in NFL franchise valuations following a minority sale of the Chicago Bears. Economic and market outlooks—including the effect of artificial intelligence on jobs and productivity—are also featured via guest strategist David Zervos.

Key Discussion Points & Insights

1. Intel's Potential Partnership with Apple (00:30–11:14)

• Bloomberg reported that Intel is in early talks with Apple about a potential investment; no confirmation from Intel yet.

  • Christina Partsinevelos: “This is a potential investment that could be seen as a comeback of sorts for Intel... Apple and Intel don’t actually have a relationship right now. Apple creates its own silicon.” (01:40)

• Recent ‘rescue squad’ investments in Intel highlighted:

  • Nvidia $5B, SoftBank $2B, US government via administration $8.9B (~10% stake), plus ongoing talks with Apple.
  • “[There are] all these, I guess rescue squads ... really representing validation maybe for Intel's turnaround at this moment. But it doesn't necessarily change the problem for Intel, which is dealing with the losses at the foundry…” – Christina Partsinevelos (02:52)

• Panel reaction:

  • Dan Nathan: “Apple spent the last 20 years trying to get away from Intel… It is curious, especially if it's not for Foundry.” (04:50)
  • Bono and: “Are you investing in Intel, partnering with Intel because you actually have a strong conviction around what that ROI or ROIC will be, or is this a way for you to align yourself with the administration?” (05:25)
  • Stock momentum driven by headlines, not fundamentals.

• Risks for investors:

  • “There is this frenzy going on right now and... it seems like buy the stock and ask questions later. Which I'm really not comfortable with…” – Karen Feineman (06:44)
  • Dilution concerns for existing equity holders due to repeated outside capital injections.

2. Alibaba's AI Investment and the China Tech Rally (11:14–14:34)

• Alibaba's announcements:

  • $53B+ AI infrastructure spend, new global data centers, release of a large language model.
  • Chinese government media and private investors (including Cathie Wood’s Ark) seen as fueling the rally.

• Risks for China Tech:

  • AI chips supply remains a weakness; domestic financial resources are limited.
  • “A lot of people here believe that the Chinese AI industry doesn't have a lot of resources when it comes to financing.” – Eunice Yoon, live from Beijing (13:20)

3. Expert Insight: Chris Rowland of Susquehanna (14:34–20:09)

• On Intel's splashy investments:

  • “Intel right now is also desperate to get themselves a 14A foundry customer... this could be in some ways a bit of a payback [by Apple].” – Chris Rowland (14:50)
  • State capitalism (US administration stakes) may help but isn’t expected in AMD; focus is on manufacturing, not fabless.

• For a true Intel turnaround:

  • Needs a major, durable foundry partnership (“millions of units... a roadmap through 2030”). (16:56)

• Nvidia and AI hardware:

  • “We think this is a $300 billion deal for Nvidia, but there are more to come...” (19:10)
  • Increasing competition from Google's TPU and Meta’s custom infrastructure.

4. Discussion: Market Froth, Homebuilders, and Consumer Spending (22:14–25:40)

• KB Home earnings:

  • Beat expectations, but guided full-year lower.
  • Mortgage rates still high, dampening homebuilder sentiment. (23:32)
  • “If [mortgage] rates are going down, I think you buy all of them.” – Panel (23:39)

• Consumer discretionary view:

  • Defensive, especially for Home Depot and Lowe’s, but market has run far in anticipation of cuts. (24:24)

5. Metals Market Moves: Freeport McMoRan (27:38–29:56)

• Freeport McMoRan (FCX):
  • 17% drop after a deadly mudslide at Indonesian mine; cuts to gold/copper sales outlook.
  • “Terrible news... but I would still be a buyer. On this discount.” – Steve Rosso (28:12)
  • Need for clarity on operational delays and longer-term safety/operational risks. (28:25)
  • Impacts of copper shortages on data centers and industrial buildouts discussed.

6. Market Outlook: Fed Policy & AI Impacts (30:47–39:13)

• David Zervos (Jefferies) on valuations and Fed policy:

  • “Valuation is one of those things, it's like tasting wine... we've got an investment horizon that looks incredible based on a lot of the changes that have taken place in the policies...” (32:09)
  • Fed is “way too restrictive.” Sees supply-side growth, but warns AI could mean “we're going to lose 3 to 5 million jobs in the next three or four years.” (35:00)
  • Suggests the market could be strong even as unemployment rises—a test for Fed dual mandate.

• AI investment and productivity:

  • “We could actually have a pretty strong growth economy ... but the job growth side of it is not nearly as comfortable as you would like it to be.” (38:00)

7. Record NFL Team Valuation: Chicago Bears Minority Sale (39:58–42:53)

• 3% minority stake sold at $8.9B valuation – a new NFL franchise record.
  • Driven by private equity involvement, expectations of bigger national TV contracts.
  • Valuations now not as tightly linked to win records/field success as to media, sponsorship, and market dynamics.
  • “The NFL shares like two thirds of its revenue evenly. So, you know, winning doesn't necessarily play a big part...” – Mike Ozanian (41:26)

8. Bullish Auto Sector Calls (42:53–45:15)

• GM:

  • UBS upgrades to “buy” with $81 target; strong positioning to manage tariff costs.
  • Panel sees tailwinds if rates fall; current car interest rates called “insane.” (44:07)

• Tesla:

  • Wolf Research predicts Q3 delivery beat, aided by end-of-quarter tax credit rush.
  • Some skepticism on North American margin projections (8-10%).

9. Final Trades (45:51–46:13)

• Steve Rosso: FUBO TV on merger speculation.
• Karen Feineman: Video put spreads to hedge AI exposure.
• Dan Nathan: Energy exposure via OIH (“The E in your carb is energy”).
• Bono and: Fading the move in IWM.

Notable Quotes & Moments

• On Intel’s investment narrative:
  • “All of these equity infusions, they're all dilutive to equity shareholders… It doesn't mean that this is a great investment if you're buying the stock right here.” – Dan Nathan (08:57)
• On China’s AI ambitions:
  • “State stock paper… encouraging a lot of Chinese investors to take the government’s cues and buy into the stock.” – Eunice Yoon (13:11)
• On the NFL franchise value boom:
  • “The upward trajectory is due in part to the expectation that the league’s next national TV deals will see a huge increase.” – Mike Ozanian (40:20)
• On jobs and AI:
  • “We're going to lose 3 to 5 million jobs in the next three or four years, maybe even faster.” – David Zervos (35:41)
• On the homebuilder rally:
  • “If [mortgage] rates come down, you could see those hard items like dishwashers and dryers be purchased more.” (25:27)

Timestamps for Important Segments

• Intel–Apple deal speculation: 00:30–08:57
• Alibaba AI ambitions/China tech analysis: 11:14–14:34
• Guest analyst Chris Rowland (Susquehanna) on semis: 14:34–20:09
• Homebuilder sector and rates: 22:14–25:40
• Markets/Freeport McMoRan copper impact: 27:38–29:56
• Fed, AI, jobs, and economic outlook (David Zervos): 30:47–39:13
• NFL Bears sale/valuation discussion: 39:58–42:53
• GM, Tesla, and auto sector call: 42:53–45:15
• Final Trades: 45:51–46:13

Tone & Style

The episode maintained the panel’s signature lively and witty banter, with direct, sometimes skeptical commentary about market euphoria, sector rotations, and headline-driven hype. The language was candid and often colorful—panelists did not shy from calling out “murky pictures,” “rescue squads,” or expressing discomfort with “buy first, ask questions later” trading strategies.

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