CNBC's "Fast Money"
Episode Title: Highlights From Apple’s Worldwide Developers’ Conference… And A Warner Bros. Discovery Spinoff
Release Date: June 9, 2025

Hosted by Melissa Lee, CNBC's "Fast Money" delivers an in-depth analysis of the day's most pressing financial news. In this episode, the panel delves into Apple’s Worldwide Developers’ Conference (WWDC), the ongoing US-China trade talks, Tesla’s challenges amidst Elon Musk’s feud with President Trump, Boeing’s stock performance, Morgan Stanley’s downgrade of McDonald's, and Warner Bros. Discovery’s planned spinoff. Here's a comprehensive summary of the key discussions and insights shared during the show.

1. Apple’s Worldwide Developers’ Conference (WWDC)

Overview:
Apple's WWDC kicked off with CEO Tim Cook unveiling several new features, including the integration of Apple Intelligence into apps, an operating system redesign named "Liquid Glass," real-time AI translation, and ChatGPT integration with Apple's AI-powered image generation app. Despite these announcements, Apple’s stock saw a decline, closing down over 1%.

Key Insights:

• Steve Kovac (Cupertino, 02:22):
  "There was just a lack of confidence in what they could show that would actually come to fruition. So they played it very safe."
  Kovac criticized the modest AI advancements presented, noting that Apple failed to deliver groundbreaking innovations this year compared to competitors.

• Carter Worth (04:23):
  "The bar was very low going into this event. It feels as if the stock has been trending lower. It has not nearly the bounce that some of these other Mega Cap names did."
  Worth highlighted investor disappointment, emphasizing Apple’s underperformance relative to its peers.

• Michael Burns (07:32):
  "Engaging more developers and having more opportunities for people to use AI apps on the iPhone is how they're going to engage many people in AI."
  Burns expressed cautious optimism, suggesting that deeper developer engagement could bolster Apple’s AI narrative.

Conclusion:
The panel agreed that while Apple’s announcements were incremental, the real test lies in how effectively the company can leverage its developer ecosystem to drive innovation and investor confidence.

2. US-China Trade Talks

Overview:
The episode covered the ongoing trade negotiations between the US and China taking place in London. The talks have so far yielded no significant breakthroughs, with discussions scheduled to continue the following day.

Key Insights:

• Meghan Casella (12:12):
  "Six or seven hours of trade talks in London today wrapped up with no news except that they are set to start meeting again tomorrow morning."
  Casella provided an update on the trade talks, indicating a stalemate with no immediate resolutions.

• Guy Adami (12:51):
  "We want to open up China. If we don't open up China, maybe we won't do anything."
  Adami relayed President Trump’s optimistic stance, although tangible outcomes remained elusive.

• Carter Worth (14:10):
  "It feels as though on the precipice of that [deal]. But at 6,000 is the S&P price that in."
  Worth speculated that a potential deal could positively influence market sentiments, though uncertainty persists.

Conclusion:
The lack of progress in the trade talks continued to cast uncertainty over the markets, with the panel anticipating further discussions to resolve critical issues like rare earth mineral exports.

3. Tesla’s Future Amid Musk-Trump Feud

Overview:
The discussion shifted to Tesla, addressing the recent downgrade by analysts following the public feud between CEO Elon Musk and President Trump. Despite these challenges, Tesla's stock showed resilience.

Key Insights:

• Mark Fields (19:29):
  "From a short-term perspective, they face a lot of challenges... launching the robotaxi business which... can have a big cost advantage versus somebody like Waymo."
  Fields outlined both the immediate hurdles Tesla faces and its strategic advantages in emerging sectors like robotaxis.

• Melissa Lee (25:26):
  "You're going to have to bet on operators, you're going to have to bet on catalogs."
  Lee emphasized the importance of believing in Tesla’s long-term visions, such as humanoid robots and robotaxi services, despite current stock volatility.

• Mark Fields (24:00):
  "They are gaining market share, but tariffs are going to worsen the margins for the established OEMs."
  Fields discussed how increased competition is eating into Tesla's market dominance, yet also benefiting other automakers.

Conclusion:
While Tesla faces increased competition and political challenges, the panel recognized its potential in innovative sectors. Investment in Tesla remains a bet on its future technological advancements rather than its current market position.

4. McDonald's Stock Downgrade

Overview:
Morgan Stanley downgraded McDonald's from overweight to equal weight, citing structural pressures in the fast-food industry and concerns over valuation.

Key Insights:

• Michael Burns (28:45):
  "McDonald's segment... they dominate. When they go Value Meal, then Wendy's and Burger King are scared."
  Burns defended McDonald's market position, highlighting its ability to influence the fast-food sector through strategic offerings.

• Carter Worth (28:45):
  "I think it's a fair downgrade... but I will tell you, and I think Tim will agree, you do not run too far away from McDonald's here."
  Worth acknowledged the downgrade but maintained confidence in McDonald's resilience despite valuation concerns.

• Melissa Lee (30:03):
  "McDonald's, the Wal Mart of fast food. You don't ever count McDonald's out."
  Lee reinforced McDonald's enduring market strength and its capacity to navigate economic challenges.

Conclusion:
The panel viewed the downgrade as a reflection of current economic pressures but remained bullish on McDonald's foundational strengths and its ability to maintain market leadership.

5. Warner Bros. Discovery’s Spinoff

Overview:
Warner Bros. Discovery announced plans to split into two separate public companies: one focusing on streaming and studios, and the other on global networks. This move follows a similar spinoff strategy by Lionsgate.

Key Insights:

• Tim Seymour (33:36):
  "We wanted to be a pure play content business on one side and stars over on as a separate public company."
  Seymour explained the strategic rationale behind the spinoff, aiming to align each entity's focus and valuation.

• Michael Burns (38:31):
  "Private equity is doing the sum of the parts valuations and I think there's a lot of value out there."
  Burns highlighted the potential for increased valuation efficiency and value creation through the separation of business units.

• Carter Worth (37:32):
  "Steve Mnuchin... they just basically doubled their stake in your company. They obviously see something that maybe other people have yet to see."
  Worth noted significant investor confidence from notable figures like Steve Mnuchin, suggesting a positive outlook for the spinoff.

Conclusion:
The panel viewed Warner Bros. Discovery’s spinoff as a strategic maneuver to unlock value and streamline operations, with positive reception from investors anticipating more focused growth trajectories for the separated entities.

6. Microsoft’s Technical Analysis

Overview:
The discussion turned to Microsoft’s stock, which recently hit a new record. The Chartmaster, Carter Worth, provided a technical analysis, cautioning against relying solely on bullish indicators like the Golden Cross.

Key Insights:

• Guy Adami (39:48):
  "There's just eked out a slight. We're 1% above the high from July. And remember, Microsoft's relative performance, the S&P back to alpha peaked a year and a half ago. I don't like it."
  Adami expressed skepticism about the sustainability of Microsoft's upward momentum based on technical patterns.

• Carter Worth (41:31):
  "Do you fade the Golden Cross or listen to fundamentals? Sometimes as bad as it looks on the debt side, as great as it looks on the gold side, you fade."
  Worth advised caution, suggesting that technical indicators can be misleading without considering underlying fundamentals.

• Melissa Lee (42:30):
  "Microsoft... the way you kind of hear from folks like using, you know, the compute and the workloads they're doing in generative AI."
  Lee acknowledged Microsoft's strong position in cloud services and AI, which contribute to its market resilience.

Conclusion:
The technical analysis presented a cautious stance on Microsoft’s stock, emphasizing that bullish technical signals should be weighed against fundamental performance indicators for a well-rounded investment decision.

7. Boeing’s Deliveries and Stock Performance

Overview:
Boeing's recent delivery of a 737 Max jet to China marks its first since the trade tensions between the US and China escalated tariffs in April. The stock has surged over the past two months, reaching nearly 18-month highs.

Key Insights:

• Michael Burns (43:16):
  "This is really a story of every major, I think ingredient in a Boeing. A sustainable Boeing rally is there."
  Burns highlighted the improving fundamentals and regulatory landscape as drivers behind Boeing's stock rally.

• Guy Adami (43:59):
  "If you are a very long-term investor, this is hopeful and encouraging. If you are a trader having gone from 130 to 220, trim or sell."
  Adami differentiated investment strategies, encouraging traders to realize gains while endorsing long-term investors to remain optimistic.

• Carter Worth (44:55):
  "We're right up against it. I think we do break out to the upside, but this is a logical place to take a pause."
  Worth suggested that while Boeing shows promise, the current rally may warrant a strategic pause to assess sustainability.

Conclusion:
The panel viewed Boeing’s stock performance favorably, attributing the rise to improved delivery metrics and favorable regulatory developments. However, they advised a measured approach to capitalizing on the recent gains, depending on investment horizons.

Closing Thoughts

Melissa Lee wrapped up the episode by reinforcing the themes discussed, emphasizing the importance of strategic investment decisions amidst evolving market dynamics. The panelists provided a balanced perspective, acknowledging both opportunities and risks across the major topics covered.

Notable Quotes:

• Melissa Lee (11:39):
  "If Apple can't rally when they finally ship a product and they have a new piece of hardware and they're talking about that, then the story is pretty much done in my opinion."

• Dan Nathan (26:52):
  "Welcome back to Fast Money."

Note: This summary omits advertisements, intros, outros, and non-content sections to focus solely on the substantive discussions and analyses presented during the episode.