Meta’s Rough Month… And Rate Hike Odds Rise 3/26/26

Summary

CNBC Fast Money – Episode Summary

Episode: Meta’s Rough Month… And Rate Hike Odds Rise
Date: March 26, 2026
Host: Melissa Lee
Panel: Tim Seymour, Karen Feinerman, Dan Nathan
Guest Experts: Glenn Cohen (Harvard Law), Rick Santelli (CNBC Rates), Phil LeBeau (CNBC Airlines), Terry Moniz (ICG Advisors)

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Episode Overview

This episode dives into Meta’s (Facebook’s) sharp stock decline driven by legal challenges and layoffs, discusses the shifting odds of a Federal Reserve rate hike, and explores pain points in semiconductors, private credit, airlines (amid TSA delays), and the accelerating robotaxi revolution. The roundtable provides actionable analysis for investors amidst heightened volatility, with legal, macro, and operational perspectives on the biggest headlines shaping the market.

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Key Discussion Points & Insights

1. Meta’s “Meltdown”: Stock, Legal Troubles, and Layoffs

[01:01–09:39]

• Stock Performance: Meta shares fall nearly 8% in a single day; down 15.5% in March. Lowest levels in almost a year.
  • Nearly $150 billion wiped from Meta’s market cap over three days.
• Legal Headwinds: Two major verdicts in New Mexico and Los Angeles courtrooms impose ~$300 million in penalties for failing to protect children on Meta’s platforms.
• Layoffs: Meta cuts hundreds of jobs across Reality Labs, Facebook, and other divisions this week.

Panel Thoughts:

• Karen Feinerman (02:32, 03:44):
  • “It’s no longer the largest [position], a combination of reducing some exposure here today. You know I didn’t like this back-to-back news.”
  • “The risk/reward is interesting. But I wouldn’t own as much as I had going into today... This was not great and I don’t think it’s going to clear up for a while.”
• Tim Seymour (04:22):
  • “Is this Meta’s tobacco moment? Who knows. But that’s the issue—it’s not going to get away from you on the upside…these are no longer cash machines.”
• Dan Nathan (05:18):
  • “It’s going to be a vice stock in my opinion…Meta couldn’t go low enough for me right here and hopefully you’re all colored up.”
• Litigation Overhang: Possible redesign of Meta’s platforms; cloud over advertising models and Section 230 protection.
  • “This isn’t just about a warning label—it’s potential platform redesigns and questioning Section 230.” — Melissa Lee (07:10)
• Balance Sheet Deterioration: Meta no longer as cash-rich; heavy spending raises concerns.

Notable Quote

“You could make the argument this is so much bigger [than tobacco]. Think about how many users are across these platforms and what percent of people were smokers.”
— Dan Nathan, 06:23

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2. Legal Perspective on Big Tech Liability

[10:07–14:36]

• Guest: Professor Glenn Cohen (Harvard Law School)
• Key Points:
  • Bad week for Meta; more litigation likely, with thousands of cases being consolidated and signals not looking good.
  • Section 230 immunity is being actively challenged; may go to the Supreme Court.
  • Even small verdict payouts incentivize more lawsuits.
  • Snap and TikTok also vulnerable; both settled out of some litigation.
  • The “tobacco” comparison in public discourse is unfavorable and represents a shift in how tech companies are perceived—but don’t expect Congress to act swiftly.
  • It may play out through courts with tort damages, rather than legislation.

Notable Quote

“Putting them alongside tobacco as a product is not a place they want to be in. This idea of a public health problem with like opioids, gambling, tobacco, and now social media is a very different framing.”
— Glenn Cohen, 13:55

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3. Meta’s Investment Thesis—Revisited

[14:36–16:54]

• Dan Nathan: Personally exited all Meta platforms; sees a generational shift in tech use and rising parental concerns.
  • “It really is, I mean it’s one of the worst things…It’s one of the best things I’ve done, being off [social platforms] in my life.” (15:32)
• Tim Seymour: Meta has weathered major storms before, but unless product changes address public and legal scrutiny, advertising could be hit.

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4. Semis in the Crosshairs: Micron's Plunge

[16:54–19:32]

• Micron: Down 7% on the day; sixth straight day of losses, now 23% off post-earnings highs.
• Sentiment Shift: Recent huge run-ups in semis face boom/bust concerns.
  • Advances in algorithms that reduce memory requirements (e.g., Alphabet’s Turboquant) may lower future chip demand.
• Panel Conclusion: Sector needs a shakeout and worsened sentiment before next leg up; risk of further declines for Micron and Sandisk.

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5. Geopolitics and Oil Markets: Iran-US Negotiations

[19:32–23:03]

• Eamon Javers (White House): President Trump pauses attacks on Iranian energy for 10 days at Tehran's request; oil shipments permitted through Strait of Hormuz as a gesture.
• Market Reaction: Brief dip in oil, rebound; equities see slight uptick.
• Assessment: Ongoing back-channel negotiations are significant but the volumes gifted are not material to global supply.

Notable Quote

“It is material to the negotiations…but not to the global oil crisis.”
— Eamon Javers, 22:09

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6. Fed Rate Hike Expectations Surge

[25:46–32:18]

• Rick Santelli (CNBC): Futures markets now price a nearly 50% chance of a Fed hike by December amid rising yields and inflation pressure from energy costs.
  • “Fed fund futures are just like any other contract,” he cautions against over-extrapolating market odds.
  • Global yields also at multi-year highs (Europe, UK).
  • Unlikely that political wrangling over Fed seats will alter the path.
  • Most volatility has already washed out; only very sharp moves above 4.5% in 10Y could trigger more dislocation.
• Panel Summary:
  Tim Seymour: The rapid shift from expecting rate cuts to pricing hikes is “extraordinary…unprecedented.” (31:59)
  Dan Nathan: Flat yield curve hurting bank net interest margins despite capital markets activity.

Notable Quote

“The rapid change in perception of the Fed is unprecedented…I’ve not seen this before.”
— Tim Seymour, 31:59

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7. Consumer Stocks: Spirits, Energy Drinks, M&A

[32:22–36:20]

• Brown-Forman (Jack Daniel’s): Up 10% on report Pernod Ricard considering a bid. Potential family control eases path, but would be a large transaction.
• Celsius: Down 13% as Costco launches a cut-rate energy drink line.
• Occidental: CEO retirement; shares up 57% on year.

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8. Airlines Under Pressure: TSA, Fuel, and Consumer Behavior

[36:20–39:39]

• Phil LeBeau (CNBC):

  • Jet fuel prices nearly doubled YTD; largest driver of airline stock declines, not just TSA staffing issues.
  • Over 30% of TSA officers are out at Houston and Atlanta airports; 500 have quit.
  • Stable ticket demand reported, but mounting anecdotes suggest potential travel hesitancy ahead of spring break.
  • “Jet fuel is the big story, but this certainly isn’t helping.”

• Impact Analysis:

  • Disrupted air travel seen as “destroying” rather than “delaying” some demand—especially for leisure travel.
  • Delta, despite turmoil, is highlighted as the best operator and likely long-term winner.

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9. Credit Cycle: Private Credit – “The Great Disappointment”

[39:39–44:45]

• Terry Moniz (ICG Advisors):
  • Private credit faces asset-liability mismatch as retail investors pull out to avoid being left with the “worst assets,” sparking a self-reinforcing redemption wave.
  • Not expecting systemic blowups, but performance will likely disappoint—returns lower than promised.
  • Banking system is insulated, but if banks reduce repo exposure, other nonbank lenders could feel stress, especially in a war-tinged, stagflationary environment.

Notable Quote

“It’s going to be the great disappointment unfortunately for a lot of these retail investors.”
— Terry Moniz, 42:39

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10. Robotaxi Milestone: Waymo Hits 500,000 Rides/Week

[44:45–46:33]

• Waymo achieves 500k paid rides per week—double last year.
  • Parent Alphabet still sees stock weakness, as does rival Uber.
• Panel Reflection:
  • Karen desires breakout financials for Waymo/YouTube, wants to compare them to Tesla’s autonomy ambitions.
  • Tim spotted a Waymo vehicle in Manhattan for the first time.
  • Dan Nathan: Experience riding in California is “amazing,” scalability and hardware costs (lidar vs cameras) are open questions.

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11. Final Trades

[46:47–47:17]

• Tim Seymour: Bullish on AstraZeneca (AZN), highest quality name in European pharma.
• Karen Feinerman: Staying long the VIX, expects more volatility near term.
• Dan Nathan: Bearish on small-caps, recommends selling IWM ETF.

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Memorable Quotes

• “Is this Meta’s tobacco moment? Who knows. But that’s the issue … these are no longer cash machines.” – Tim Seymour (04:22)
• “Meta couldn’t go low enough for me right here and hopefully you’re all colored up.” – Dan Nathan (06:13)
• “Putting them alongside tobacco … is not a place they want to be.” – Glenn Cohen (13:55)
• “It’s not a small deal, though. … A Whiskey merger, right?” – Karen Feinerman (36:13)
• "It's really all about energy and the staying power of these prices." – Rick Santelli (26:13)
• "The rapid change in perception of the Fed is unprecedented … I’ve not seen this before." – Tim Seymour (31:59)
• “It’s going to be the great disappointment for a lot of these retail investors.” – Terry Moniz (42:39)

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Notable Timestamps for Key Segments

• Meta’s Troubles (01:01–09:39)
• Glenn Cohen Legal Analysis (10:07–14:36)
• Sentiment on Meta, Social Platforms (14:36–16:54)
• Semis and Micron Selloff (16:54–19:32)
• Iran Negotiation/Oil Geopolitics (19:32–23:03)
• Fed Rate Hikes, Rick Santelli (25:46–32:18)
• Consumer & M&A Headlines (32:22–36:20)
• Airlines and TSA Chaos (36:20–39:39)
• Private Credit Cycle w/ Terry Moniz (39:39–44:45)
• Robotaxi/Waymo Segment (44:45–46:33)
• Final Trades (46:47–47:17)

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Key Takeaways

• Meta’s legal & regulatory risks are top-of-mind—stock under major stress with sentiment unlikely to recover quickly.
• Tech’s “tobacco moment” frame is gaining traction in legal and public realms.
• Fed expectations are whipsawing as inflation, especially from energy, bites; markets are coping with “unprecedented” speed of narrative change.
• Semis and memory face heightened risk after runaway rallies; more downside possible.
• Airline disruptions remain, but fuel is the main headwind; still, some travel demand may be destroyed rather than delayed.
• Private credit’s promise under strain from structural outflows; disappointing returns likely as the credit cycle turns.
• Waymo’s scale shows accelerating autonomous adoption, but the path for investors remains murky.

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This summary captures the essential content, perspectives, and actionable insights from the March 26, 2026 edition of CNBC’s Fast Money for investors and market-watchers.

Transcript

[Melissa Lee]

At.

[Karen Feiderman]

Janice Henderson Investors we believe working together is the way to work better. Like combining your portfolio plans and our in depth strategy, your valued assets and our valuable insights, your vision and our mission working in harmony to seek the right investment opportunities. Janice Henderson Investors Investing in a brighter future together before we had AT and

[Eamon Javers]

T Business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestreamed the whole thing. Not good for business. Now with AT&T business Wireless, routes are updating on the fly and deliveries are on time. And the influencer did get us 53

[Tim Seymour]

new followers though at&t business Wireless connecting changes everything.

[Melissa Lee]

Live from the NASDAQ markets at the heart of New York City's Times Square, this is fast money. Here's what's on tap tonight, a Meta meltdown. Shares of the tech giant at their lowest level in nearly a year. How two legal losses this week weighed on the company and could there be more damage to come and trouble for travelers? Wait times at some of the country's busiest airports getting longer as the partial government shutdown drags on, the impact it's having on the airlines and the broader economy. Plus, Micron's rough run continues. Liquor maker Brown Forman gets his buzz back and the Robotaxi rivalry heating up the numbers out of Waymo that may be pressuring shares of Uber today. I'm Melissa Lee come to you live from CDP at the nasdaq. On the desk tonight, Tim Seymour, Karen Feiderman and Dan Nathan threesome today. We start off with that massive drop in shares of matter, the social media Stock Falling nearly 8% today, its worst day since October. It is now down 15.5% in March, making it the worst performing MAG7 stock this month. The most recent weakness coming as juries in New Mexico and Los Angeles handed down penalties totaling nearly $300 million, ruling Meta failed to adequately protect children using its platforms. It's a relative drop in the bucket for a company that brought in more than $200 billion in revenue last year. But the news has wiped out nearly $150 billion from Meta's market cap in the last three days. On top of that, Met cut several hundred jobs this week across its Reality Labs, Facebook and other divisions. So what is next for the stock? Karen, I go to you first Met as a large position for you is

[Karen Feiderman]

it's no longer the largest, a combination of reducing some exposure here today. You know I didn't like this Back to back news. The first sort of thought was like this one, I think it's going to be pervasive. I don't know how it ends up. So there's the big uncertainty of ultimately where does this end up? We don't know, you know and then I know we'll have a guest on later talking about 230 the protection there and how that could that survive or not, that's really important. But also this used to be a different model company. We talk about this all the time, how asset light it was and that is no longer the case. It, you know, hopefully with the massive spend will end up being a decent return but maybe it won't.

[Melissa Lee]

Right.

[Karen Feiderman]

And so you know Google is also affected by the same thing but YouTube as a proportion of of Google's revenue is significantly, very significantly smaller. And so I don't weigh that nearly as heavily. So I try to think about all right, if I owned none, would I own some? Yes, I would here but I would not own as much as I had going into today.

[Melissa Lee]

Presumably it's because the valuation has gone to a point where it is attractive,

[Karen Feiderman]

where the risk reward is interesting. But I wouldn't own as much as I had going into today. So I had to and I did that through callers but so this was, this was not great and I don't think it's going to clear up for a while. Just going back to Google for one second. Do you remember how long all of the litigation and the remedies hung over Google's head and they ended up with that very good outcome that could happen here. But I don't know, I think, I think it was just prudent to be smaller.

[Melissa Lee]

Yeah, I mean there were issues with the story going into the verdicts already. Right. There were investor concerns for a whole reason. Decline started well before this week.

[Karen Feiderman]

Tim.

[Tim Seymour]

Well and so the question is, is there any reason to go buy it? Not necessarily. Is this met as tobacco moment? Who knows. But I do think that's the issue. The issue is no, it's not going to get away from you on the upside even when you look at the trailing 12 months and this thing is now around, I don't know, 17 times. Karen something 18. Yeah.

[Karen Feiderman]

Below market for sure.

[Tim Seymour]

Valuation. And yes, I think long term, you know, without being a legal prognostic that this is probably going to prove to be a pretty interesting moment but I don't know when, when that turns and I think we get back to also just the performance of the broader mega cap tech companies. Today it wasn't just Google, there was a lot of weakness. Obviously we're going to talk about a market that had a lot of weakness but, but I think you can find flaws in the story in a number of these names. But most importantly, it's just these are no longer cash machines.

[Melissa Lee]

Right?

[Dan Nathan]

Yeah. I think going forward it's not about that business that you just mentioned that, that you know, $200 billion in revenue. We know that where that comes from. You know, I think you have to think of this company relative to the upper other hyperscalers right now, you know, and so you think about Lama and that's their Metta AI model. It is a consumer. It's not like you can compare this to Claude and what's going on there. It is open source, right. But here's a company that's spending hundred hundreds of billions of dollars and they don't have a cloud business, they don't have Azure, they don't have us, you know, and they don't have gcp. And so when you think about this Val, it's kind of discounting some of that because you know, over the last five years and you know, Metaverse, Reality Labs, these, these have been misfires, this has been poor execution. But here's the good news for them. I mean there's going to be a lot of development on top of this open source model if they could get it right. And then the other thing is they have two platforms that have over 3 billion monthly active users.6. What's that?

[Tim Seymour]

3.6?

[Dan Nathan]

Yeah, I mean like, you know, and then they have one with like two Instagram as like two billion. So you know, they're ultimately just going to get it right because of that user base. Right.

[Melissa Lee]

Are you bullish?

[Dan Nathan]

No, I mean, like listen, I'll be really clear. I'm not happy about anybody who lost money. If you're a viewer of this, it makes me happy that there are repercussions for having this sort of behavior across a platform knowing that they, you know, Tim used the term tobacco moment. I mean you could make the argument this is so much bigger. Think about how many users are across these platforms and what percent of people were smokers. You know, I mean like if you really think about it. So this is going to be a vice stock in my opinion. You know, and I think Karen's point about YouTube, it's really not a social platform, you know, for all intents and purposes. I mean it is an advertising platform. But you know, I mean I just think that matter couldn't go low enough for me right here and hopefully you're all colored up.

[Melissa Lee]

I mean I think tobacco moment. It's hard to make the direct comparison, obviously. I mean their harms are being caused for.

[Tim Seymour]

Well, it's litigation overhang.

[Melissa Lee]

Litigation overhang. Right. But for, but for this particular story, for the meta story, we're talking about not slapping a warning label on the side of packages. I mean we're talking about a potential redesign as one of the remedies, a redesign of the platform. The repercussions not just of section 230, but of how they design and sell their AI products. I mean there are all sorts of other things that are embedded in sort of this question of whether or not they have to do something to address this in their business model.

[Karen Feiderman]

Is it going to work? How long, what happens in the interim?

[Tim Seymour]

I don't know.

[Karen Feiderman]

I don't know if they answer all those questions. The one other thing that's not delightful, but it's not huge problem, but I don't love it. This used to be a cash rich balance sheet and it is no longer. It's fine, totally fine. But. So this evolution lately is, it's, it's somewhat troubling. However, it is an extraordinary business. I do think they have the resources to work hard at it, to fix whatever it is. They've done that every time. Whether it was, remember with the crisis over mobile, they're not getting it. They're not, they're not going to get it. They got it. Clearly they got it. So I don't think you could just say all right, met as toast, but I had a leg.

[Tim Seymour]

So also, you know, when you look at the blame in terms of the damages, it was 70, 30, so it makes matter look like 70% the bad guy or you know, more than two times as bad as Google. You know the, the percent of their audience that's in this age group that at least has been focused in on is the analyst community has done a great job on this and seems to know that it's somewhere in the mid single digits. Therefore it's, it's again you can put it in perspective and that ultimately there probably have been some plans to redesign, redeploy. I mean and then you get back to the other thing is where else are you going to go if you're an advertiser? Seriously? I mean I don't, I mean and I know, you know around the elections and in Trump 1.0 and there was a lot of stuff that seemed as if advertisers were going to go in the other direction. They never did. They never have. I'm not saying they never will, but I don't know what else they're going to do here.

[Dan Nathan]

Yeah. If you're playing, would you rather, I mean, you think about Google, right?

[Melissa Lee]

But I guess you are.

[Karen Feiderman]

Yeah.

[Dan Nathan]

I mean, saying if one.

[Karen Feiderman]

If one word.

[Dan Nathan]

I mean, Google is such a slam dunk relative on my opinion. Like. Like we just talked about how many platforms they have with multibillion. I mean, Google has that Gemini is embedded in all those products. And it's also, you know, again, has that cloud. And when you think about the model which really caught up, there has not been a single good thing that I've heard about Lama and some of these other. I mean, and again, you could say, well, that was going on with Google maybe two years ago with Gemini. But I just think if you're thinking about these different platforms, if you're thinking about the integration of the models and how they're going to monetize them, you know, for all intents and purposes matter, I could cannibalize to some degree some of that Facebook ad spend. So that was the big knock on Google for a couple of years, and no one really made that argument for Metta, but it'll be interesting to see how that plays out.

[Melissa Lee]

All right, for more on these verdicts and the precedent they could set for big tech going forward, let's bring in Harvard Law School Professor Glenn Cohen. Professor Cohen, great to have you with us. Thanks for being with us.

[Glenn Cohen]

Thank you for having me.

[Melissa Lee]

How do you think about this in terms of precedent setting?

[Glenn Cohen]

It's been a bad week for Meta for sure, and for YouTube to a lesser extent. On the one hand, we have this very large verdict in New Mexico, and there's more to come in that case regarding public nuisance. And then we have this one result in Los Angeles case. But that's one of the several thousand pieces of litigation that are being consolidated in a bellwether. Bellwether is supposed to give you a signal. It's not a great signal for Metta.

[Melissa Lee]

So you think there's more litigation to come? I mean, it's interesting because, you know, the stock reaction to the news for the two verdicts was pretty swift when it comes to Meta in particular. But the Wall street community seems to want to defend Metta still and look through these cases and say this is, these are small amounts that there won't be further cases pursued because the payouts were so low that not many other plaintiffs attorneys will want to Join the effort. The payout's just not worth it. How do you see it?

[Glenn Cohen]

I think the $6 million payout split between the two companies is significant enough to have people bring litigation. It's also going to increase the number demanded on settlement. Now, in Mehta's defense, one argument they made that was rejected by the court and the reason it got to trial was they said they were immunized by section 230. And there is this question about where the line between the design of the product, like something like Infinite scroll on the one hand, and content is. And that line is one that's going to matter a lot for immunity to lawsuits. And I expect them to appeal that and maybe even go all the way to the Supreme Court. So they may lose a bunch of these cases, then ultimately get a ruling that Section 230 immunizes it and does the damage.

[Tim Seymour]

Sue Glenn, it's Tim. First of all, thanks for joining us. It's a fascinating topic that you can opine on maybe who else is vulnerable here, especially again, hiding behind Section 230 immunity, because this is something that probably a handful of companies that are north of $1 trillion in market cap could probably have some exposure to. Do you think this spreads beyond these two?

[Glenn Cohen]

Yeah, Well, I mean, Snap and TikTok were originally named in the Los Angeles case. They settled out Snap, I think, because the liability for them. They're a small enough company that it's a significant number to talk a little bit more complicated to understand exactly what they're thinking. But once they got a bad ruling on Section 230 from the judge, they decided to settle. I think those two companies, though, are going to be susceptible to a lot of litigation going forward and certainly meta and YouTube as well.

[Karen Feiderman]

Professor, if they were to hire you, if Meta were to hire you and you would agree to take the job and they were to say help us get in front of this entire situation, how would you advise them to do that?

[Glenn Cohen]

So I think they have two routes. One, they want to win in the courts on the Section 230 arguments, and they're going to make those arguments on appeal. They're also going to push back on causation about questions about whether this caused it on the one hand, but in terms of their public facing and in terms of the business story they want to tell, I think they want to tell a story about what they've been doing to make this safer for these populations and to talk about changes to features that they're making and why they take this seriously because they don't want to look like public enemy number one when it comes to social media addiction.

[Melissa Lee]

Do you think this will change the way society views big tech? And I asked that question not because it's an interesting philosophical one, because it is. I mean, we are a business news channel. So I want to sort of understand whether or not you think there'll be more willingness, increased willingness for companies to go ahead with this and also to press the representatives in Washington to do something about it. So there could be other guardrails being put in later on by the legislative route as opposed to just through the courts.

[Glenn Cohen]

So, two answers. One is just to say in the public consciousness thinking you brought this up earlier today in your broadcast. The fact that we're putting them alongside tobacco as a product is not a place they want to be in. This idea of a public health problem with like opioids, gambling, tobacco and now social media is a very different framing from the one we've had before in the public consciousness. When it comes to governmental action, though, I would not hold my breath. I think Congress has been very slow to act in this space. I think it's complicated to actually rewrite the law in a way that will satisfy their constituents. And I think there's now an argument that if tort law is recompensing and giving punitive damages, why does Congress need to stop in? So I think some will be dissuaded from acting and rather have it play out in the courts.

[Melissa Lee]

Glenn, great to speak with you. Thanks for your analysis. We do appreciate it. Professor Glenn Cohen of Harvard Law School. So, as an investor, how do you think about our conversation?

[Dan Nathan]

Well, it's hard. You know, I have this blind spot and it's going to shock you guys. I sometimes can't divorce some personal feelings from investing, but this is one that I just really disliked for a very long time. And you know, I'm off every single one of their products. I will never be on another one of their products. I think the damage that they have done to our youth, you know, I have kids and they're in college and I look at this behavior, I just can't believe it. I just think about like how much time they spend just doom scrolling, doom scrolling, doom scrolling. And it really is, I mean, it's one of the worst things. And I'll just tell you personally because I know you all care. I mean, I am off every single social platform and it's one of the best things that I've done in my life over the last few years. And I think that there is going to be some sort of movement. I believe this, I'm going to start it right here. I'm sorry, just kidding.

[Tim Seymour]

I'm not.

[Dan Nathan]

I mean like, I think it's going to be like, you know, when you think about young kids, I think that parents are going to think a lot, lot more careful about this than they were, let's say 15 years ago.

[Melissa Lee]

Well, that's why, I mean that the idea that it affects a small percentage of its users, that's fine by the numbers. But if you think about parent like the cutoff at 13, I don't know if you're a parent, I don't know if you say OK, you're 13 now, so go ahead, you know, you think about it in an entirely different way.

[Tim Seymour]

Perhaps you know, again parent of two kids and it's probably until they leave the house, going off to college that they have that freedom to not have me care about what they're doing on the Internet. And I think as we're talking about it means that they're going to have to change the products and that's going to be part of what Professor Glenn said is getting out in front of it and trying to change the narrative a little bit. What does that do to the advertising business? That's really what it comes down to and I, I think they will find a way to have this be, you know, less offsides and social media has been a question and frankly really going all the way back to things that they have, they have been in the eye of the storm so many times for things like this and yet the company got to be the third largest company in the world until I mean the chart looks awful. I don't think you have to buy it here.

[Melissa Lee]

Meanwhile, shares of micron down another 7% today, its sixth straight day of losses. The semi stock has now dropped 23% since reporting better than expected earnings last Wednesday. Other memory names down in sympathy Sandisk losing 11% though it is still up more than 150% this year. There's this notion, you know, Alphabet releasing Turboquant, the compression algorithm that's going to reduce the amount of memory that is needed to power LLMs. That's an interesting one but the counterpoint to that is okay, fine, now you can do so much more with that extra memory you're not using to power that LLM.

[Karen Feiderman]

I don't know, I just feel like the run up was so enormous and once the sort of sentiment changed a little bit, we saw it with Micron's earnings really good didn't matter that, you know, the underlying story is still there. But now all of a sudden people are afraid of, okay, boom and bust, which they weren't. And maybe that's just because, you know, the VIX is higher, the world seems a little more, you know, treacherous for investors. I don't know that what happened today, I don't know that that really changes anything. Sentiment changed.

[Dan Nathan]

Yeah. And the one thing is like, people like were wrong on Nvidia for a very long time myself because we were fairly certain that competition was going to come, right? Whether it was custom silicon, a whole host of other things. And you know, a lot of their customers were looking for second sources, right? And then you think about TPU's from Google. This is why the stock in video has gone sideways for six or seven months. I mean, like, that is it, you know, I mean, like, and now we see it from everywhere and the stocks aren't acting well, you know, like, like Broadcom was supposed to be a big competitor. Right. And so like, at the end of the day, I think that to your point about Micron, it ran up 30% in the print. Now it's down 20 some percent or whatever. There's just very few ways at this moment to express this sort of trade. And I think they're going to have to be another sort of technological breakthrough that causes another leg higher for all of these names. So I wouldn't be surprised if micron is down 40% or something like that. SanDisk at some point will probably be down 50% from those recent highs. These things really need to get shaken out and the sentiment has to get much poorer because we know this, the technology is great. I mean, you know, the worst version of this technology was the one you just used. Okay, it's only getting better, but there's going to be commoditization of the models and then I think the hardware that goes into it.

[Tim Seymour]

I just want to quickly point out that the semis, which include memory and this was my most important trade of all time yesterday because we, we, we don't, we're never. No hyperbole on the show, maybe is actually the underperformance today in the last few days, significant underperformance and maybe is breaking that uptrend of relative outperformance. This is something to watch. It was down five and a half, four and a half percent on semi.

[Melissa Lee]

All right, meantime, President Trump posting on social media just within the last hour saying he is pausing attacks on Iranian energy plants for 10 days. Eamon jabras Got the details on this, Eamon?

[Eamon Javers]

Yeah, Melissa, we saw the President extend that deadline on Monday by five days. Today, one day ahead of the deadline, he's extending it again by 10 days. And I want you to take a look at the phrasing here at the top of the President's social media post. Here's what he said. He said, as per Iranian government request, please let this statement serve to represent that I am pausing the period of energy plant destruction by 10 days to Monday, April 6 at 8pm Talks are ongoing and despite erroneous statements to the contrary by the fake news media and others, they are going very well. To me, Melissa, that as per Iranian government request phraseology at the top is a little bit telling that it indicates that the Iranian team made a request of the President to make this public via social media and he did so. That indicates some level of negotiation taking place behind closed doors. And we saw Steve Witkoff at the Cabinet meeting earlier today confirm that they are having meetings back and forth between the United States and Iran through Pakistani intermediaries. And we also saw the President confirm morning that in fact the gift that he had talked about earlier this week that mystified a lot of us. He said the Iranians gave a gift to the United States, but he wouldn't say what it was. That gift was eight ships full of oil which the Iranians allowed, he said, to transit the Strait of Hormuz as a gesture to prove that the Iranian team that the President was talking to did in fact have command and control authority over the strait itself. So, so that interaction earlier in the week seems to have really gotten the President's attention. He seems to have really been sort of into that idea that they were able to do that secretly. And then he wanted to tell the world about it today. Clearly now extending this deadline also indicates that, you know, there is something happening behind the scenes here. You know what that exactly is. How will that resolve itself? Does it mean that US troops will not be used on the ground? All of that we just don't know the answer to. But it does indicate something moving below the surface here.

[Melissa Lee]

Melissa, just to put this together with what Secretary Bessem said earlier today about the traffic through the strait increasing, is that gift a one time gift or is it eight tankers a day? I mean, do we have any idea of, I mean if it's just 8, 100 ships go through on a daily basis? Yeah, I mean it's not any more.

[Eamon Javers]

We know it, we know it was a two time gift. Right? I mean the President said there was one convoy of eight ships that was allowed through and then another one of two ships making a total of 10. But to your point, that's not material to the global oil crisis that we're facing as a planet. It is material to the negotiations in the sense that it does two things. One is it convinces the White House that the people they're talking to in Iran actually do have control of the strait and can authorize things to go through or not go through that. That tells you you're talking to the right people. And the second thing is that it indicates the fact that those negotiations are going on may be an optimistic fact. If you're somebody who is looking for a resolution of this, the fact that they're talking is now evident.

[Melissa Lee]

Yeah, definitely. Eamon, thank you. Eamon Javers from the White House. We did see a reaction immediately in the price of oil, but then it bounced back. And then for spies and qs, we saw that go up a little bit.

[Tim Seymour]

Like amen is always doing a great job and has to do a job of almost nuanced phraseology as per request. Could be all kinds of things. And. And it sounds as if almost hey, we need your help. We're ready. As per request. I'm not sure how we're defining it.

[Melissa Lee]

Coming up, rate hike, chances on the rise. How rising inflation forecasts are changing the odds of for the Fed's next move. What it means for Jerome Powell as his tenure chairman draws to a close. Plus a whiskey blend. A potential high spirits deal sending shares of brown form and jumping. Who's looking to take a shot? The impact on the sector do not go anywhere. Fast money is back in June.

[Glenn Cohen]

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[Melissa Lee]

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[Eamon Javers]

before we had ATT business wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestream the whole thing. Not good for business. Now with AT&T business Wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

[Tim Seymour]

AT&T business Wireless connecting changes everything.

[Melissa Lee]

Welcome back to Fast Money. Futures markets increasingly predicting a rate hike from the Fed. The chance of a move by December, closing in on 50% treasury yields meantime resuming their move higher today. Rick Santelli has more on all of the rate moves. Rick, great to see you. I think it's interesting how quickly we went from from cuts to zero to now hikes in the span of two weeks or so.

[Karen Feiderman]

Yeah.

[Rick Santelli]

But to me I don't know that it really means much. The Fed fund futures is just like any other contract. We see what happens with oil, with stocks, with foreign exchange. They go crazy, a headline comes out, they reverse. If this conflict ends in a timely fashion. Many things are in reverse to point to a tightening in October as anything other than a potential tightening. I just think we're way over our skis. As a matter of fact, if we look at all the data prior to the 28th conflict of February, think about it this way. CPI was cool, PCE was warm, GDP price indices were very warm and PPI was hot. And all that is prior to the conflict. Now let's look at the 210 spread which closed at the flattest. It's been in eight months. Right in the middle is where the conflict started. But it started flattening long before that. And that was an early warning sign that flattening is pulling out, easing. And the reason I just described, we already had inflation. The problem now is is that we are making inflation a bigger story based on what's going on with crude oil, Brent and energy and natural gas. But many of those markets probably aren't going to last long enough maybe I'm optimistic to really have the inflation settle into the economy. Christine Lagarde is one of the few central bankers that continues to point out it needs to be higher for longer to metastasize within the economy before central banks should deal with it on a tightening basis. Otherwise it's not going to be very fruitful to tighten at this point in time. Ultimately a tightening may be needed even if the conflict didn't begin. And let's consider this. Our interest rates are roughly the highest since the summer on a closing basis. So the two year today probably around a seven month high yield close the ten year round eight month. But look at the Europeans, okay boom's closed at a 15 year high. Gilts closed at an 18 year high and I think that's very telling and that bundles it all up. It's really all about energy and the staying power of these prices and no matter how long and short they stay higher the Europeans, the Asians are going to have a much harder time because they haven't procured enough of their own supply of energy and their dependence on where they get it from of course is conflicted.

[Karen Feiderman]

First thanks for being on Rick. Two scenarios and I want to get your take. Let's say Jeanine Pirro were to withdraw her case against Powell Tillis votes washes in in in May or she doesn't and this drags on and worship cannot be confirmed. Do you think these two scenarios change the likelihood of a rate hike?

[Rick Santelli]

I don't believe they do and I also don't believe that much of the questionable activity on voting and getting confirmation worse I don't really think it's going to be a problem and I think the politics that underpin it will dissipate before we really need to do something. But no, no matter how it turns out I don't think it really changes the dynamics. I have confidence in the Federal Reserve, the governors, all the members that they can see through some of that to do the job that the economy and the data point to.

[Tim Seymour]

Rick Tim, you've got your ear and you've got relationships with all the big bond traders in Chicago. What we are hearing about is that the options markets are showing that a lot of these guys are taking out protection especially sofr. So secured overnight funding rate things to get maybe a little bit more on sides is positioning way offsides here and do you think that could have something to do with an even more violent move or could lead to a more violent move to come?

[Rick Santelli]

Well, I think a lot of the violent move is because they were positioned on the wrong side. Just consider on Friday 27th February, the day before the conflict, we had the low yield closes for many of the fixed income markets for this cycle. You know, we are under what, under 4% for a 10. So all of this was very interesting. So we had offsides activity. If anything, I think some of the activity you're pointing to down the road will actually dissipate some of the volatility. I think in many cases the worst is behind us. And in terms of a 10 year, I think we're getting close to top of the range. If we get any type of a yield close in tens above 4.5%, I think that the amount of moves will start to get a little bit more aggravated and the market will be a little thinner. But I do think that the way it leaped off those low yields from the 27 took a lot of the sting at that point that we don't need to experience now moving forward.

[Melissa Lee]

All right, Rick, great to see you. Thank you.

[Rick Santelli]

Thank you.

[Melissa Lee]

Rick Santelli in Chicago for us, what do you make of the rate moves? We had 4% actually in the two year yield.

[Dan Nathan]

Yeah. And I think Rick's point about the 210 spread is interesting.

[Terry Moniz]

Right.

[Dan Nathan]

So we're nearly flat or we're down a bit.

[Eamon Javers]

Right.

[Dan Nathan]

And if you just overlay the BKX or the XLF to, you know, the 210 spread, you're going to get, you know, the 15% move lower in bank stocks. And we know why. Right. So the net interest margin when you have a flat spread is tough for the banks. And so, you know, to me, I just think the move in the banks, a lot of people were scratching their heads if there was anything fundamental. We're all excited about all this capital market activity, all this capital market. Why are you smiling?

[Melissa Lee]

I'm not. I'm not giving you any.

[Dan Nathan]

Smile at me. You're smiling at me. Yeah, I mean, okay, just go ahead. You know, I just think it's really interesting because a lot of people were scratching their heads and say, why are we having this bank move? Is it related to what's going on in private credit? That sort of thing. But it really has to do just overlay the 210 spread and the BK. That's.

[Tim Seymour]

I just want to simply say that I think where we are right now in terms of this rapid change in perception of the Fed is unprecedented. I've not seen it in a long time. So we went from easing to now hiking and that some people think there could be an emergency hike in a matter to me that to me is extraordinary. And again, one of those, oh, I've not seen this before.

[Melissa Lee]

There's a lot more fast money to come. Here's what's coming up next.

[Dan Nathan]

Spirits lifted, shares of whiskey maker Brown Forman surging today. The French liquor company sipping on a

[Tim Seymour]

potential bid and whether it can get

[Dan Nathan]

the booze stocks buzzing again. Plus all the tarmac trouble for airlines

[Tim Seymour]

as the DHS shutdown continues, the impact

[Dan Nathan]

on security lines and the much broader economy.

[Tim Seymour]

You're watching Fast Money live from the

[Dan Nathan]

NASDAQ market site in Times Square.

[Tim Seymour]

We're back right after this.

[Dan Nathan]

Hey, this is Jeff Lewis from Radio

[Rick Santelli]

Andy live and uncensored.

[Dan Nathan]

Catch me talking with my friends about my latest obsessions, relationship, bodily ailments. With that kind of drama that seems to follow me, you never know what's going to happen.

[Melissa Lee]

You can listen to Jeff Lewis live at home or anywhere you are. Download the SiriusXM app for over 425 channels of AD, free music, sports, entertainment and more. Subscribe now and get 3 months free offer details apply.

[Eamon Javers]

Before we had AT and T Business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestream the whole thing. Not good for business. Now with AT and T Business Wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53

[Tim Seymour]

new followers though at&t business Wireless connecting changes everything.

[Melissa Lee]

Not sure if you have the experience to start your dream job. Good news. These days it's the skills that count you to can help you get those in demand. Skills. Want to be an AI mastermind? Learn with us Game developer. We've got you covered. AWS certified Cloud practitioner. We can help you prep. You'll learn from real world experts who love what they do so that you can love what you do. Go to udemy.com for the skills to get you started and get set for your dream job. Welcome back to Fast Money. Stocks falling hard into the close. The Dow down 470 points. The S&P shedding 1.7%. The Nasdaq leading losses down nearly 2.4%. WTI crude climbing yet again settling above $94 a barrel and saying in the energy space. Occidental climbing more than 4% today after reports the company's CEO is preparing to retire after about 10 years at the helm. Shares of Oxy up nearly 57% so far this year. Celsius shares under pressure down 13% this week. Costco introducing its own line of energy drinks under its Kirkland Signature brand at a major discount. A 24 pack of 12 ounce cans costing customers less than half the cost of Celsius drinks. Shares of Jack Daniel's owner Brown forman up nearly 10% after Bloomberg reported that French spirits company Pernod Ricard is considering a bid for the company. The stock seen its best day in over a year. Pinault Ricard owns labels like Absolute Vodka, Malibu Rum and Jameson Irish whiskey. And shares of Unity Software jumping after hours. The company pre announcing results, reporting Q1 revenue and adjusted EBITDA above prior guidance. It is the UN guys junk.

[Dan Nathan]

Thank God. I mean thank you for saying that. It's really important.

[Melissa Lee]

I knew you were going to say

[Dan Nathan]

needed a little bounce in the junk.

[Melissa Lee]

In the junk and helping the job. Yeah, the Brown Forman.

[Tim Seymour]

Yeah, Brown Forman need a bounce. And, and part of the story that is why this deal could happen is that the Brown family controls almost 68% of the voting stock. So this is the kind of a thing that they can do what they want. And ultimately this is a time when Pernod has to be looking at one of the most iconic and largest and highest quality spirits companies in the world. I mean this, this was a $70 stock not that long ago. This has been extraordinary.

[Karen Feiderman]

It's not a small deal, though. It wouldn't be a small deal for them, but it could happen, I guess. A Whiskey merger, right?

[Melissa Lee]

Coming up, the latest headwinds for airline stocks as the DHS shutdown rolls on. The impact on the name of systems and all other industries that could take a hit. To the details and Fast money returns. Welcome back to Fast Money. Airlines stocks continuing their descent. Major carriers ending today in the red as the DHS shutdown continues. Most seen double digit losses since the start of the month. CNBC's Phil LeBeau has more. Phil

[Phil LeBeau]

and Melissa, most of those losses are likely because we've seen jet fuel prices just shoot up. They've practically doubled since the beginning of the year. Yet it doesn't help that every single day we hear about the lack of TSA staffing and that continues to weigh on. Just the overall question of whether or not people are willing to fly right now. At some point you say, is it worth it? Atlantic, Houston, New Orleans, both of those Houstons. One is Houston, hobby, one is Houston International. More than 30% of the TSA officers have been reporting as absent, according to the TSA. In terms of callouts, yesterday it was 11.14% of all the TSA officers in this country. That essentially comes out to a little over 3,100 officers. By the way, almost 500 TSA officers have now quit. You might say to yourself, well, how many is that relative to the overall number, which is close to 40,000 or something like that. Yes, it's a small one, but you can't blame some of these people. They've gone almost a month. Frankly, I have gone a month without being paid. The travel chaos is weighing on the airline stocks, but really it's more about jet fuel. That's really what's hurting the airline stocks more than anything else. There is some good news in the fact that the airlines are reporting stable demand so far though. I have to tell you, Melissa, as you take a look at the airline stocks over the last month, I am increasingly hearing anecdotal stories from friends who are traveling saying I've got a trip coming up in the next two weeks. Should I rethink about even going through the hassle? Look, that's strictly anecdotal. That doesn't mean that it's going to happen widespread. We'll hear from the airlines, by the way, in a couple of weeks when they report their Q1 results. Obviously Jet fuel is the big story, but this is certainly not helping.

[Melissa Lee]

Yeah, especially around spring break season. Phil, thank you.

[Phil LeBeau]

Yeah.

[Melissa Lee]

So Karen, you always think about things in terms of a purchase delayed or denied and I wonder how much of this is going to end up being denied because you can't change. I mean, if you're traveling for Easter or for whatever holidays come Passover and you don't go, you're not going the following week.

[Karen Feiderman]

Right.

[Melissa Lee]

You just don't go.

[Karen Feiderman]

Maybe, though I'm not quite sure for the business traveler that they may end up being delayed, not denied, but some portion of it has to be destroyed. Right, because it's not going to be delayed.

[Tim Seymour]

What I think is unfortunate as someone that likes to invest in airlines but does consider them trading stocks, but I've wanted to believe Delta is a long term investment. I still do. But if you look at Delta, they were just getting back to above pre Covid eps now somewhere north, seven bucks a share just when their business was starting to normalize. I will say they've never been run better. And if you're thinking about what are those long term trades, I want to have have when this all wears off, I think highest quality airlines of Delta is what you do.

[Melissa Lee]

Coming up, the credit concerns are still coming. Why our next guest says there's more pain in store and where it could be setting up opportunity in the space. That's when he's back into. Welcome back to Fast money. Private credit lenders suffering steep losses this quarter as investors grow jittery over a potential rise in default results and tighter liquidity. Our next guest flag risks in the system well before firms like Blue Owl and Apollo started to cap withdrawals from their funds. Says there are more problems lurking. ICG Advisors co Chief Investment officer Terry Moniz joins us now. Terry, great to have you with us.

[Glenn Cohen]

Thanks for having me.

[Terry Moniz]

Appreciate it.

[Melissa Lee]

You know, I feel like everybody's trying to look for the blow up, how it's going to express itself in, you know, in terms of being the next great financial crisis. But you're saying it's really the great disappointment that is a worry.

[Terry Moniz]

That's right. We should just take a step back. I can say like what's going on right now is totally predictable. For anyone who is paying attention to the markets and was a practitioner, it's a credit cycle that's just beginning now. And if you've been through credit cycles before, you understand that asset liability mismatches arise and they reveal themselves when capital starts to flow the other way, when capital starts to leave a space. This time, you know, excesses build up in different parts of the credit market during different parts during different cycles. Sometimes it's corporate credit, sometimes it's the bond market, sometimes it's nbs, sometimes it's asset back or silos. This time it was in private credit. It was very obvious to us because we just followed the money. We saw where there was tons of capital flowing in. We saw where there was excess being built up and risk being built up. But you know, the thing is retail money came in last and retail money came in through vehicles that are open ended in structure. They have an inherent asset liability mismatch. Look, the mismatch is not that great, right. They only allow for limited redemptions and they tend to be not levered that highly. The problem is there could be a death spiral for these, for these funds. Once, once an investor sees other investors redeeming, there's a little bit of like a predecessor's dilemma, right? So if I see that you're redeeming, I say to myself, wait, I can't not redeem because I'm going to be left holding the bag because the investment Manager needs to sell assets, build liquidity and they're usually selling their best assets first. So if I don't redeem, I'm going to be left holding the worst assets. So I have to redeem and that's a bad situation for everyone. Now these vehicles can reduce the amount of redemptions that they provide investors and they have been, which is good. So they're not going to blow up. There might be a few blow ups because there are some people who did some pretty terrible underwriting, but there's a lot of good underwriters there, there's a lot of good credit managers. So we don't think this would be huge blow ups but we think that once investors ask for their money back, managers have to start defending liquidity, they raise cash, they have to, you know, stop investing into a great market. And that's, that's really bad because you're missing out on the best opportunities. So your returns are not going to be as high as they would be otherwise. And you have to raise cash and you have to meet your investor redemptions which means you're just going to disappoint your investors. Right. They're not going to get as much return as they expected for taking that illiquidity premium of investing in private credit. And so we just think some of these, some of these products were miss, sold over promised returns and it's, it's going to be the great disappointment unfortunately for a lot of these retail investors.

[Dan Nathan]

Yeah, Terry, you know you, you focus on these companies, right? And you're focused on the underwriting there. You know, our banks have a lot of exposure, nearly what, 2 trillion or something like that. We were just talking earlier about the BK X and maybe, maybe it's that yield curve flattening. But how much do you think is sentiment around the lending to these sorts of companies?

[Terry Moniz]

So yeah, the banks have about 1.9 trillion in exposure to non depository financial institutions right after you know, the Fed wanted, the government wanted the banks to reduce their exposure and take direct exposure to corporates after the gfc. So private market, private market participants stepped in and that's great because risk is off the bank balance sheets which means there's less of a chance of a necessary for a government bailout. However, when the banks start to look at their exposure to the BDC is to other private credit vehicles, whether it's nav lines or warehouse financing or term loans that they've issued, you know, and lent to the, to the private credit managers, that stuff is termed out. So they're not going to be able to pull in that risk. So they're going to look around to their, the rest of their balance sheet and say where can I pull in risk? Right. Repo to other funds out there, hedge funds out there, other types of non bank lenders. And we've actually started to see that. So the most conservative banks out there have started to pull in a little bit of their repo exposure, raise haircuts. And this is in the context of a really bad macro environment, right? We're at war. We have, you know, potential for stagflation, we have slowing growth. And so you know, credit cycles don't turn just because of one thing. It's a, it's a, there's usually a confluence of things that sort of conspire to cause capital, you know, a risk off environment capital to kind of just get sucked out of the markets. And so, you know, people think private credit is kind of operating in a vacuum by itself, but everything is connected in the financial markets, right. And usually connected through the banks, but it's also connected through the investors at the other end. Right. Those investors, if they can't get their money to the private credit markets, where else are they not taking risk? And we're also going to pull their capital from. We don't think there's a big crash coming. We think that we're at the very beginning of a cycle. We don't know the magnitude and we don't know how quickly and how long it's going to take for the cycle to turn, but we definitely think that we're at the beginning of the turn of credit cycle.

[Melissa Lee]

Terry, thanks for coming by. Appreciate it, really appreciate it.

[Terry Moniz]

Thank you.

[Melissa Lee]

Coming up, a Robotaxi milestone. The major market by Waymo and what it could mean for the competition for fast money. And two, Welcome back to Fast Money. Waymo crossing a major milestone, hitting 500,000 paid rides per week, double the number of weekly rides from just a year ago. Shares of Waymo parent company Alphabet down over 3% today while robo taxi rival Uber sank roughly the same amount here. Doesn't get much credit from Waymo, does it? But this is a big milestone. That's a lot of rides.

[Karen Feiderman]

It is a lot of rides. And I am sort of hoping that at some point Waymo is broken out the way they finally isolated YouTube and you could really get a sense and I would be interesting to see that. Also relative to Tesla, I think that valuation would be really interesting to know.

[Tim Seymour]

I saw my first Waymo in Manhattan yesterday.

[Melissa Lee]

You saw it yeah, yeah, but they're not.

[Dan Nathan]

Yeah, they're just, they're just like map stuff and.

[Tim Seymour]

Well, he was definitely coming up traffic. I mean it was. Yeah, come on, keep moving. You know, I mean, I don't know, but it's a Jag. It's a nice looking car. Dan rides them.

[Dan Nathan]

I won't know. They're great. I mean I've ridden them in California. They're amazing. And you know, the question is, do these things scale? Right? Like so if you look at the Jaguar, I mean they're really starting out. They want everyone to have this great experience and there's a lot of hardware on there. And you know, to the point about Tesla, I mean they're not doing lidar. They don't have all this equipment. They're using cameras and the like and AI and stuff. So it'll be interesting to see once those things get on the road how much they can do, how many rides they can do and whether they're safer than Waymo.

[Melissa Lee]

Yeah, I mean, 500,000 paid rides. But how much is a car? I mean lidar is much more expensive than cameras. So that's another issue here.

[Tim Seymour]

Yeah, well that's, that's the thing. I just wonder where is the place to be? This is what the market's been grappling. Are you on the hardware? Are you asset heavy, asset light? Are you integrated? I mean Uber seems to be whipping in integrated side up.

[Melissa Lee]

Next, final trades, Final trade time.

[Tim Seymour]

Timothy Trouble. It was a nice tight little group tonight. Really kind of, kind of special cozy European pharma, AstraZeneca AZN trades here. I think it's highest quality name in healthcare there, Karen.

[Karen Feiderman]

Yes. So Vicks, we talk about it a lot. I am long, I am staying long. Some vix I do think go higher

[Melissa Lee]

in the near term.

[Dan Nathan]

Yeah, I feel like everything we talked about tonight would be negative for small cap. So I'd be a seller of the iwm.

[Melissa Lee]

Thank you for watching. Fast Money Mad Money with Jim Cramer starts right now. All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy. And it should not be relied upon as such. To view the full Fast Money disclaimer, please visit cnbc.com fastmoneydisclaimer hey, this is

[Rick Santelli]

Jeff Lewis from Radio Andy live and uncensored.

[Dan Nathan]

Catch me talking with my friends about my latest obsessions, relationship issues and bodily ailments.

[Rick Santelli]

With that kind of that seems to follow me.

[Dan Nathan]

You never know what's going to happen.

[Melissa Lee]

You can listen to Jeff Lewis Live at home or anywhere you are. Download the SiriusXM app for over 425 channels of AD, free music, sports, entertainment and more. Subscribe now and get 3 months free offer details apply.