Podcast Summary: CNBC's "Fast Money" – September 26, 2025

Episode Overview:
On this episode, Melissa Lee and the Fast Money traders dissect a whirlwind day on Wall Street driven by explosive moves in Intel, sweeping new tariffs from President Trump, key shifts in the airline and pharma industries, and the latest market-read on sticky inflation. The panel—Tim Seymour, Karen Finerman, Courtney Garcia, and Guy Adami—debate whether investors should fade or follow this week’s dramatic rallies and risk-off headlines. Special segments include option market analysis, tech-sector political entanglements, and a deep dive into digital asset treasuries with a guest from Soulmate.

1. Intel’s Unstoppable Rally: Is It Sustainable?

[01:03–06:21]

• Context: Intel’s stock surged another 4%, now up 45% in September, its best month since 1987, buoyed by government investments and rumored cash infusions from Apple and Taiwan Semi.
• Key Discussion:
  • Guy Adami warns the core business is “not fixed by any stretch,” arguing most of the run is over. He suggests taking profits:

    “I would suggest given the volume we traded...you got to be taking profits here. Yes, you could get more headlines...but I think most of the run is pretty much over now.” (02:28)

  • Tim Seymour is less dismissive, noting “more announcements to come” could keep momentum alive. He questions the logic of Apple investing but believes a Taiwan Semi deal is plausible—even as Taiwanese officials refute the rumors.
  • Melissa Lee raises skepticism:

    “You start thinking like desperation is being rewarded in the stock actually—like, why does it need so much money?” (04:32)

  • Karen Finerman highlights the improved but still precarious bond market view, but “could not possibly think of buying it here.” (05:09)
  • Courtney Garcia adds, “Longer term it is their foundry business that people are hopeful on...but that is still expected to have a loss through 2027.” (05:39)
• Memorable Moment: Tim pokes fun at Karen’s colorful expression “feed the seals when they’re barking.” (04:49)

2. Tariff Turmoil: Broad Market and Industry Impacts

[06:21–10:32]

• Context: President Trump announces a wave of industry-specific tariffs—25% on heavy trucks, 50% on cabinets and vanities, 30% on upholstered furniture, and 100% on branded/pharma products.
• Trader Insights:
  • Karen Finerman calls the actions “scattershot,” questioning the logic:

    “Is it a national security conservation...Upholstered furniture must be [strategic]?” (07:54)

  • Tim Seymour sees today’s price action as “asking questions first and shooting later,” crediting strong macro data—not tariffs—for the equity bounce.
  • Courtney Garcia: “A lot of these tariffs are seen as more bark and less bite...Markets need to wait to digest this.” (09:34)
  • Guy Adami references the market’s resilience, recalling a similar “fool me once, shame on you” episode in April.
  • RH (Restoration Hardware) highlighted as surprisingly resilient despite its exposure.

3. Pharma Tariffs: Winners, Losers & MFN Pricing

[10:33–15:30]

• Guest: Jared Holz, Health Care Strategist, Mizuho
• Highlights:
  • Big pharma mostly shrugged off the tariff threat; impact will be felt most by foreign companies lacking U.S. manufacturing.
  • Jared: “The net impact today was positive for pharma...most of the companies are located here.” (10:56)
  • On Monday’s MFN deadline, he predicts:
    1. Pharma firms will tout domestic production investments (e.g., “AstraZeneca, 50 billion. Roche, 50 billion. J&J, Eli Lilly...” 12:07)
    2. R&D at risk if prices slashed too much.
    3. Companies likely to raise prices abroad to compensate for U.S. pressure.
  • Guy asks if tariffs will drive more M&A. Jared thinks so, “the headwinds still outweigh the tailwinds for this industry. It’s got to accelerate it.” (13:16)
  • Karen queries demand hit if U.S.-made drugs get too expensive; Jared says pharma could threaten market exits to resist foreign price controls.
  • Tim: “You can’t wait out the United States.” (14:52)

4. Government Shutdown & Supreme Court Ruling

[16:00–19:38]

• Reporter: Emily Wilkins, Washington correspondent
• Key Updates:
  • Supreme Court rules White House can withhold $40B in foreign aid, even if bipartisan Congressional approval was given.
  • Looming full government shutdown likely (begins Tuesday midnight unless resolved). Risks: jobs data release delays, impacts on IPOs, loans, travel sector ($1B/week loss projected), massive federal layoffs threatened.
  • Melissa prompts: “The market usually looks through these sorts of events...Is this a little bit different this time around?” (19:23)
  • Guy and Tim agree: “I wouldn’t be trading to the downside...I’m going to look past this.” (19:52)

5. Sector Focus: Boeing’s Resurgence

[22:35–25:17]

• News: FAA relaxes some safety checks; Turkish Airlines commits to 225 new Boeing planes after Trump–Erdogan meeting; shares jump 3%.
• Panel Analysis:
  • Courtney: “They have over 6,500 orders in backlog. The big question is, can they deliver?”
  • Tim: “Not about the order book for Boeing...I think the analyst community has not priced in any free cash flow. It’s about how much less of a burn, and a move from 37 to 42 [production/deliveries].”
  • Karen: “I still like it right here. This is very good news, but I think there’s lots to go.” (24:44)
  • Guy points to resistance ahead near $255 (March 2021 price level).

6. Political Pressure on Tech: Trump Targets Microsoft

[27:07–32:36]

• Update: President Trump attacks Lisa Monaco (ex–Deputy AG, now at Microsoft), calling for her firing over security clearances and referencing Microsoft’s government contracts.
• Eamon Javers (reporter): “This puts Microsoft on the defensive politically...do you stand up to a president demanding firings or move the person out and live to fight another day?” (28:49)
• Panel:
  • Guy: Not a reason to sell the stock, expects a “graceful” corporate solution.
  • Tim: Microsoft is still seen as a tech sector safe haven, but “they will have to kiss and make up somehow.” (31:02)
  • Courtney: “How much can you take this headline at face value or is this him getting them to the negotiation table?”
  • Karen: Jokes about Nadella giving Trump a golden gift, a nod to Tim Cook’s White House maneuvers.

7. Nike Earnings Preview

[33:13–34:14]

• Under Pressure: $1B in tariff impact anticipated; shares down 22% YoY.
• Karen: “I do own it. I’m not expecting immediate fixes but we do need to see some progress on some of those fronts.”
• Tim: Noting uninspiring comp sales and no obvious innovation to lift the topline: “Not sure this is time to add.” (33:47)

8. Sticky Inflation & Fed Policy Outlook

[34:14–38:06]

• Guest: Peter Boockvar, CIO, Bleakley Financial Group
• Key Points:
  • “The market got carried away with what the Fed’s going to do ... I see maybe 1 or 2 [rate cuts] if inflation’s still stuck at 3%.” (34:39)
  • Disconnection between market expectations and Fed’s likely path; “pullback” risk if the rate-cut narrative falters.
  • Panel: Inflation is cooling but persistent; real rates should stay positive.
  • Tim ties in a bullish outlook for precious and industrial metals: “The precious metals story is in the fourth or fifth inning only.” (37:30)

9. Cryptocurrency: Solana and Digital Asset Treasuries

[39:40–43:18]

• Guest: Marco Santori, CEO of Soulmate
• Discussion:
  • Explains merits of investing in digital asset treasury firms over buying the coin outright—management’s strategy in staking and DeFi participation provides leverage for more SOL per share.
  • Soulmate focusing on building infrastructure in UAE, running physical Solana validators for efficiency.
  • On premium compression between DATs and underlying coins: “NAV should correspond directly to management value and vision.”
  • Guy: “Strategy is trading much more poorly than the underlying commodity...problematic.”

10. Intel Call Options Frenzy

[44:24–45:49]

• Mike Khouw (Options Action):
  • Intel: 4 million open call contracts—one of only three stocks with such high call OI (others: Tesla, Nvidia).
  • Most active: October $40 calls (over 80,000 contracts traded).
  • Institutional buyers still see upside in a meme-like move.

Final Trades & Closing Thoughts

[46:05–46:46]

• Tim: Bullish on Boeing (“Get more deliveries, get more cash flow.”)
• Karen: Selling upside Citi calls.
• Courtney: Prefers Equal Weight S&P ETF (RSP) over cap-weighted indices.
• Guy: Valero is his pick for continued upside.

Notable Quotes & Memorable Moments

• On Intel’s Run:

  “Most of the run is pretty much over now.”
  — Guy Adami, (02:28)

• On Government Tariff Strategy:

  “I don’t love this sort of what seems scattershot strategy. It’s hard to run a business when you don’t know what your tariffs are going to be.”
  — Karen Finerman, (08:01)

• On Pharma’s Next Move:

  “If you have your facilities here and if you’re investing here, you’re kind of, you know, out of the fray to some extent.”
  — Jared Holz, (10:56)

• On Tackling Sticky Inflation:

  “The market got carried away...I see maybe one or two [rate cuts] if inflation’s still stuck at 3%.”
  — Peter Boockvar, (34:39)

• On DAT Premiums:

  “A treasury company should have a NAV that corresponds directly to the value of the management team and the vision and strategy of that company.”
  — Marco Santori, (42:44)

Timestamps for Key Segments

• Intel Rally & Panel Response: 01:03–06:21
• Tariffs and Market Impact: 06:21–10:32
• Pharma Tariffs w/ Jared Holz: 10:33–15:30
• Government Shutdown/Supreme Court: 16:00–19:38
• Boeing Update: 22:35–25:17
• Microsoft/Political Pressures: 27:07–32:36
• Nike Earnings Preview: 33:13–34:14
• Inflation & Fed Outlook w/ Boockvar: 34:14–38:06
• Crypto/Digital Asset Treasuries: 39:40–43:18
• Intel Options Action: 44:24–45:49
• Final Trades: 46:05–46:46

This episode delivered deep analysis and lively debates on the week’s biggest stock stories with actionable insight for investors navigating choppy political and economic waters.