Podcast Summary: CNBC's "Fast Money"

Episode: Intel Reports Results… And Trump Sues JPMorgan And CEO Jamie Dimon
Date: January 22, 2026
Host: Melissa Lee
Panelists: Tim Seymour, Karen Finerman, Dan Nathan, Guy Adami
Guests: Christina Partsneveless (CNBC), Gene Munster (Deepwater Asset Management), Eamon Jabers (CNBC), John Campaglia (Sprott Asset Management)

Overview

This episode covers a range of market-moving headlines, including:

• Intel’s post-earnings sell-off and secular challenges in the chip sector
• President Trump’s lawsuit against JPMorgan and CEO Jamie Dimon
• Meta’s rebound and outlook according to Wall Street analysts
• Boeing's ongoing rally and credibility in aerospace
• Gold and silver’s record highs and a deep dive into precious metals with Sprott Asset Management
• Other notable movers like Alibaba’s planned AI chip IPO and Lululemon’s product controversy

Key Discussion Points

1. Intel Earnings: Disappointing Guidance Overshadows Results

Earnings Recap & Reaction ([01:01]–[07:25])

• Intel beat Street estimates for the quarter, but guidance disappointed, with shares dropping nearly 10% after hours.
• Core Issues:
  • Supply constraints: Ongoing lack of supply is limiting upside, expected to peak in Q1.

    “They just don't have enough supply. They warned about it last quarter.” — Christina Partsneveless [01:59]

  • No new foundry customers announced for 18A/14A nodes, dampening hope for a major partnership (such as Apple).

    "Are we going to get any big names? And he said no, we are unlikely to announce customers… that stood out to me." — Christina Partsneveless [01:59]

  • Gross margins weaker than expected due to costs of Panther Lake processor ramp.
  • Capex Stagnation: No signs of imminent capital expenditure increase, signaling lack of new customers.

    "He said the big signal for new customers will be the change in Capex. Capex has not changed thus far." — Christina Partsneveless [02:33]

  • Stock performance: Despite disappointment, the stock had run up 47% year-to-date before the report.

Trader Analysis

• Tim Seymour:

  "Where does the Capex come from? … This is a company that's been begging, borrowing… The lack of investment even in their existing inventory and production is what cost them this quarter." [03:10]

• Dan Nathan:

  "Revenue is down 4% year over year, which is not particularly great… when you trade at 92 times next year's numbers, you’ve got to do better than that." [04:24]

• Guy Adami:

  "They sold a lot of stock down there at 20, 23, stocks at 53, I'd be selling hand over fist to fund that build out." [04:53]

• Karen Finerman:

  "Unless things were about to… building the cash up would be good. Almost in any scenario." [05:28]

Notable Quote

• CFO (via Christina Partsneveless):

  “It's a high class problem, the fact that there’s such demand for their CPUs, they just can’t keep up.” [06:59]

Guest Analysis: Gene Munster (Deepwater Asset Management)

• Intel as a “meme stock”:

  "At the most basic level, Intel is a meme stock… They're going to grow 3% next year… [compared] to Nvidia, [which] is going to grow… 65%..." [07:54]

• Government and tech endorsements have fueled hype (Softbank, Nvidia, US government stake).
• Disappointment on fundamental turnaround:

  "They needed to show… on the guide… that we’re seeing an improvement… We didn’t see any." [08:34]

• Apple as a possible partner:

  "Apple could become a foundry customer of Intel… but it doesn’t change the fundamental scope. The most exciting part is GPUs, and they still don’t have much there." [09:44]

• Valuation Reality:

  "My sense is it goes lower… it should be down 15% right now…" [08:11]

Market Context & Theme

• Semiconductors have outperformed (12% YTD, while S&P and Nasdaq flat).
• Sentiment is strong on chips broadly, less so for Intel specifically.

  “Intel has gotten caught up in that because it’s the rising tide. But [fundamentally], this is still a ‘show-me’ story.” — Gene Munster [11:33]

Post-Call Update ([24:45]–[25:50])

• Intel confirmed: No major foundry customer announcements until potentially the back half of 2026 or into 2027.

  "Don't expect any customer announcements… until maybe the second half…[so] we may have to wait a full year for that." — Gene Munster [25:01]

2. Meta (Meta Platforms) Rally & Analyst Upgrade ([17:52]–[21:59])

• Meta shares jumped 5.5% after Jefferies’ Brent Thill listed five bullish reasons, including a strong risk/reward and marquee hires.
• Meta lags the Magnificent 7 peers over 6 months.
• Panelist Viewpoints:
  • Karen Finerman (long the stock):

    "It's been frustrating… They're increasing spending, becoming more asset-heavy… It's not crazy expensive, but with the change in the profile, it is more expensive." [18:52]

  • Guy Adami:

    "The monetization versus spend for Google and Meta are very different… the ad business relative to Google… Google's in the catbird seat." [20:03]

  • Tim Seymour:

    "The WhatsApp ramp is a big part… it's going to go four times by 2029… Valuation is where you come back to… now have some net debt." [20:47]

  • Dan Nathan:

    "Stock was 589, bounced to 675, sold off again… Setup into earnings is really good." [21:42]

• WhatsApp acquisition revisited with amusement:

  "This is the dumbest thing ever." "Was 19 [billion dollars] in 2014…" [22:03]

3. Boeing’s Quiet Rally ([14:33]–[16:24])

• Stock at two-year highs, up for a ninth straight week (longest since 2004).
• Panelist Comments:
  • Tim Seymour:

    "Boeing is just starting to move… Their order book is strong, deliveries are moving, regulatory support is strong." [14:40]

  • Dan Nathan:

    “I think the stock could go [to $265]. It's been a great run." [15:37]

  • Karen Finerman:

    "Defense doesn't matter as much, but it's also there. Momentum and the duopoly mean upside, but staying long after a big run." [16:04]

4. Alibaba’s AI Chip IPO and China Tech ([25:50]–[28:17])

• Alibaba plans to IPO its AI chip arm ("T Head"); stock hit a three-month high, more than doubling in a year.
  • Dan Nathan:

    "The move makes sense. People call this Nvidia-light; there are reasons to be bullish." [26:12]

  • Karen Finerman:

    "Up twice on similar news—shows the frenzy." [26:32]

  • Tim Seymour:

    "Alibaba is very cheap, biggest e-commerce in the world, good government alignment now. Very much in cloud and AI…" [26:55]

• China’s efficiency in powering innovation:

  "China has solved power in a way we have not in this country… especially through solar and wind…" — Tim Seymour [28:17]

5. Trump Sues JP Morgan & Jamie Dimon ([29:05]–[36:01])

Story Details ([29:05]–[32:40])

• President Trump sues JP Morgan and CEO Jamie Dimon for $5 billion, claiming his businesses were debanked post-January 6 for political reasons.
• No evidence provided in the lawsuit, but alleges an unpublished “blacklist.”
• JP Morgan’s response:

  “We believe the suit has no merit… We do not close accounts for political or religious reasons.” [31:34]

• Eamon Jabers:

  “It sets up a dramatic confrontation between the most powerful man on Wall Street and the most powerful man in the world.” [30:11]

Panel Take

• Discussion on Trump also calling for credit card interest rate caps; Bank of America rolling out new low-rate card as a response.
  • Tim Seymour:

    “I like a 10% teaser rate… wildly profitable for banks… I don’t expect there’s going to be a 10% cap.” [33:07]

  • Karen Finerman:

    “This is just window dressing… Someone with good credit who doesn’t need the break gets the benefit. It doesn’t solve the problem.” [34:07]

• Broader takeaway:
  • Regulatory threats could create uncertainty but underlying bank business remains strong.
  • Bank CEOs expected to "wait this out" given the political nature.

6. Gold and Silver’s Record Highs: Heavy Metal Musings

Guest: John Campaglia, Sprott Asset Management ([36:40]–[42:27])

• Physical silver the standout, with prices nearly doubling since breaking old highs.

  “What’s overwhelmingly driving the market is investor demand… One of the big buying groups is India, [where] small investors can’t afford gold and are turning to silver…” — John Campaglia [37:21]

• Global flows:
  • Huge inflows into silver products in India and via ETFs.
  • Uptick in government buying/stockpiling, repatriation of gold reserves.

    “There’s a potential introduction of government buying, stockpiling metals… Kind of like what we had in the Cold War.” [39:48]

  • Countries diversifying and bringing metal “home” as postwar trust erodes.
• Institutional allocations rising:
  • “You start hearing about 10% allocation to PGMs (precious metals) and plus… institutionally, they’re short.” — Tim Seymour [38:24]
  • “We're incredibly early… Little capital investment means shortages and scarcity today.” — John Campaglia [39:48]
• Supply constraints persist:
  • “All the gold ever produced would fit on a football field, about a three foot high block.” — Tim Seymour [42:12]
• Gold as "risk on" and "risk off":

  “It works risk on, it works risk off… now it's been hot momentum.” — Guy Adami [42:39]

7. Lululemon “See-through” Leggings Blunder ([43:28]–[45:46])

• Lululemon faces complaints on a new product line being “too sheer”; now slaps a warning label and offers fit advice.
• Founder Chip Wilson blamed board’s "lack of experience and self-interested priorities."
• Panel has fun with the concept, but also raises margin concerns and competitive landscape for Lulu.
  • Tim Seymour:

    “If we're coming up with weird gimmicks to actually have sheer leggings… get back to where Lululemon really is in terms of their margin profile.” [45:13]

  • Karen Finerman:

    “Especially since they've had this issue before. Is it sort of, you know, intended?” [44:47]

Notable Quotes

• "Panther Lake sounds like a heavy metal band, not a processor." — Tim Seymour ([06:36])
• "Intel is a meme stock. They're going to grow 3% next year... Nvidia is going to grow 65%... this is a 'show me' story." — Gene Munster ([07:54-12:26])
• "The market is starting to recognize that, whether it's through memory or infrastructure, things are going to be growing faster for longer." — Gene Munster ([11:33])
• "Alibaba is in the right place in China, which is the most important ingredient in owning the stock that's very cheap, very much in Cloud, very much in AI." — Tim Seymour ([26:55])
• "We believe the suit has no merit… We do not close accounts for political or religious reasons." — JP Morgan statement ([31:34])
• "What’s overwhelmingly driving the market is investor demand. … 85 million ounces imported into India in September and October alone.” — John Campaglia ([37:21])
• "China's central bank reserves are now 8% gold. Germany's are 80%. Italy's are 75% gold. The rest of the world still has a lot of work to do here." — Tim Seymour ([42:54])
• "If we're coming up with weird gimmicks to actually have sheer leggings—get back to where Lululemon really is in terms of margin profile." — Tim Seymour ([45:13])

Timestamps for Major Segments

• 01:01 – Opening headlines & Intel’s initial take
• 01:59 – Christina Partsneveless’s Intel update
• 07:25 – Guest: Gene Munster on Intel
• 14:33 – Boeing’s rally breakdown
• 17:52 – Meta’s move and analyst note
• 24:45 – Intel’s post-call update
• 25:50 – Alibaba’s AI chip IPO
• 29:05 – Trump sues JPMorgan & Jamie Dimon explainer
• 36:40 – Gold/silver record highs, Sprott's John Campaglia interview
• 43:28 – Lululemon’s leggings controversy

Actionable Takeaways

• Intel: No clear foundry turnaround; multiple panelists see short/muted upside.
• Meta: Rebound could continue, but uncertainty over long-term monetization and spend.
• Boeing: Momentum remains, but valuation is getting stretched.
• China Tech (Alibaba): Enters AI chip arms race, government alignment perceived as positive.
• Gold/Silver: Renewed bull market, driven by both institutional and retail demand, global supply concerns.
• Banks: Political/regulatory risk increasing, but fundamentals remain intact.

This episode offers investors a deep dive into some of the hottest—and most controversial—names in today's markets, with critical analysis, behind-the-scenes insights, and plenty of spirited debate among CNBC's top trader panel.