CNBC "Fast Money" Episode Summary

Episode Title: More Big Tech Results… And Dissecting The Latest Pharma Moves
Air Date: October 30, 2025
Host: Melissa Lee
Panel: Carter Brax, Courtney Garcia, Dan Nathan, Guy Adami
Special Guests: Steve Kovac (CNBC), Mackenzie Segalos (CNBC), Gene Munster (Deepwater Asset Management), Jared Holz (Mizuho Healthcare Strategist)

Overview

This episode was packed with major earnings reactions and sector updates. The Fast Money team dove into blockbuster tech results from Apple and Amazon, analyzed surprises in cloud and hardware growth, scrutinized a major stock split at Netflix, and tracked the fallout from Meta’s hefty Capex plans. The back half focused on pharma shakeups, restaurant stock routs, and technical signals across gold and equities.

Major Themes and Segments

1. Apple and Amazon Earnings Reactions

[01:04–17:48]

Apple: A Breakout Quarter and Guidance Surge

• Apple shares rebounded sharply after a strong earnings beat and particularly bullish guidance for the December quarter.
• Notable metrics:
  • EPS: $0.85 vs. $0.77 expected
  • Revenue: $102.47B (small beat)
  • Services Revenue: Over $100B for the first time, +15% YoY
  • China sales lagged (down 3.5%), but optimism for a rebound
• Tim Cook is "smiling and beaming" about expected 10–12% top-line growth. (Steve Kovac, [02:12])
• iPhone 17 models supply-constrained, indicating robust demand.
• AI Integration: Cook confirmed ChatGPT integration and more partnerships on the way, with no exclusivity announced (“Our intention is to integrate with more people over time.” – Tim Cook relayed by Steve Kovac, [03:29]).
• Concerns Raised:
  • High valuation: "You're paying at this price almost 34 times next year's numbers. The numbers are great. That's the valuation that should still be concerning." – Dan Nathan, [06:00]
  • China segment weakness, but optimism for upcoming quarters.

Panel Reaction

• Valuation debated: Both Dan Nathan and Courtney Garcia argue the stock is expensive relative to peers, despite solid results and a lack of aggressive Capex compared to Meta.
  • "As good as the numbers look, I just don't think it justifies that kind of valuation." – Courtney Garcia, [08:27]
• Technical view: Carter Brax describes Apple as a "major laggard" just breaking above its pre-tariff highs, now set up for further gains ([09:25]).
  • “I would play for higher prices.” – Carter Brax, [09:49]

Amazon: Cloud Reignites and Big Guidance

• Amazon stock surged after strong top and bottom line beats.
  • Cloud (AWS) growth accelerates to 20%, calming fears over competitors catching up ([10:05]).
  • Set up for first-ever $200B+ quarter in Q4 ([10:32]).
• CEO Andy Jassy highlights strong demand in AI and infrastructure; backlog for Q4 exceeds that of Q3.
• Panel bullish:
  • "12% operating margin… they're obviously doing things the right way and it's deserved of even this valuation.” – Dan Nathan, [11:23]
  • “Once you clear a former high... you're in sort of free territory and you can move higher.” – Carter Brax, [11:46]
  • But: Amazon lagged the broader indices since 2020, up only 30% compared to S&P’s 100%+ ([14:04], [14:38]).
  • "There has been no alpha in Amazon for four years." – Carter Brax, [14:38]
  • Dan Nathan: "Now’s the time... where I think you play a little bit of catch up." ([14:49])

Broader Tech Takeaways

• Market focus is unwaveringly on mega-cap tech. Disappointing results here would move the whole market.
• Meta punished for heavy Capex guidance: “Idiosyncratic” compared to others; investor concerns center on the returns from massive AI/infra spend ([15:12–17:24]).
• "It really is tied to these top 10 names... none of them were disasters." – Guy Adami, [16:16]

2. Other Major Company & Market Moves

Netflix: Stock Split and the Dow Watch

[24:07–26:43]

• Announces 10-for-1 stock split to broaden employee (and retail) participation.
• Could qualify as a Dow component.
  • "They're playing to the stock market now… when growth starts to wane, you start doing things maybe you shouldn't." – Dan Nathan, [25:33]
  • Courtney Garcia: “I see that as a grab for additional investors more than anything. So why do they need to do that? I think that’s the question.” ([25:47])
• Options trading potential: “It is much easier to trade options on like $100 stock than it is on thousand ... all the options brokers out there like, yeah, let’s do it.” – Guy Adami, [26:31]

Coinbase: Earnings Beat, Buyback

[22:18–22:52]

• Q3 transaction revenue >$1B (+37% Q/Q), buyback doubled to $2B.
• Guy Adami notes lumpiness, cautions he’d rather own Bitcoin than the exchange: “It seems like it’s more of a potential asymmetric sort of payout.” – Guy Adami, [22:19]

Roku: Missed Streaming Hours, Positive Income

[23:13–24:07]

• Streaming hours missed, but first positive operating income since 2021.

3. Gene Munster’s Hot Takes: Apple, Amazon, Big Tech M&A

[28:13–34:18]

• Apple:
  • More detailed guidance: a sign of confidence; iPhone growth expected to average 10% over three quarters (vs. declining prev. years).
  • “No one builds products that connect as well together as Apple… This rising tide, that base is just getting bigger and bigger.” – Gene Munster, [33:05]
  • Expects Apple’s multiple to expand thanks to the “Apple Intelligence”/AI story.
• Amazon:
  • Impressed by reported backlog and capex acceleration.
  • Move justified by strong AWS growth.
  • Long-term, prefers Apple to Amazon: “Apple's going to significantly outperform Amazon from tomorrow morning wherever they open to the end of the year.” – Gene Munster, [31:21]
• Big Tech M&A:
  • Sees high likelihood Amazon (or another incumbent) makes major LLM/AI acquisitions (e.g., Anthropic), “We’re going to see some pretty profound M&A over the next couple of years.” ([32:54])

4. Sector/Asset Class Deep Dives

Gold: Sharp Correction and Bearish Forecast

[36:37–38:35]

• Carter Brax sees more downside, targeting $3,600/oz, tracing a classic head-and-shoulders breakdown ([37:24]):
  • “Resist the temptation by my work to buy the dip in gold.” ([37:24])
  • Courtney Garcia: “Gold is up over 50% year to date… I would not be chasing this here.” ([38:18])

Pharma: Eli Lilly Blowout, Novo’s Bid War

[39:20–43:43]

• Eli Lilly:
  • Rips higher after beat/raise, driven by GLP-1 obesity drugs (Mounjaro, Zepbound).
  • 2024 guidance hiked by $2B – “Seems like they’re pretty confident.”
• Novo Nordisk:
  • Makes a surprise, overbidding offer for MedSarah (against Pfizer) – called “desperate” by guest Jared Holz ([40:47]).
  • Discussion of process oddities and regulatory hurdles.
• Political risk:
  • Drug pricing squarely in politicians’ sights.
  • Wholesale GLP-1 pricing already down ~50% YoY.

Restaurants: Burrito Blowout & the "Value" Battle

[44:29–45:48]

• Chipotle down 18% after warning of weaker spending by young/low-income consumers.
  • “They're not going to competitors. They're actually just eating at home.” – Courtney Garcia ([44:29])
• Kava, Sweetgreen, Wingstop also hit hard; Shake Shack bucks trend.
• Carter Brax: “This group has been under pressure... I would stay away.” ([45:34])

5. Technical Market Commentary

Indices: Extended Runs, No Pause

[18:53–19:46]

• Carter Brax: “We're in the outer stretches of what's normal (without a 5% pullback)... Resets are good.” – ([19:46])

Notable Quotes by Timestamp

• Tim Cook “smiling and beaming” about Apple’s December quarter ([02:12], Steve Kovac)
• "You're paying at this price almost 34 times next year's numbers. The numbers are great… that should still be concerning." – Dan Nathan, [06:00]
• "There has been no alpha in Amazon for four years." – Carter Brax, [14:38]
• "Now’s the time... where I think you play a little bit of catch up (on Amazon)." – Dan Nathan, [14:49]
• “They're not going to competitors. They're actually just eating at home.” – Courtney Garcia, [44:29]
• "No one builds products that connect as well together as Apple... this rising tide, that base is just getting bigger and bigger." – Gene Munster, [33:05]
• “Resist the temptation by my work to buy the dip in gold.” – Carter Brax, [37:24]
• “We’re going to see some pretty profound M&A over the next couple of years.” – Gene Munster, [32:54]

Timestamps for Key Segments

| Segment/Theme | Start | End | |---------------------------------------------------------------|-----------|-----------| | Show open, preview, ads | [00:00] | [01:04] | | Apple earnings analysis, Steve Kovac live | [01:04] | [09:50] | | Amazon earnings analysis, Mackenzie Segalos live | [09:50] | [14:49] | | Meta, market commentary, mega-cap tech context | [15:12] | [17:48] | | Market technicals, S&P and Nasdaq run | [18:53] | [19:46] | | Coinbase/Roku/Netflix/Stock split debate | [22:18] | [26:43] | | Amazon/Apple calls, Gene Munster interview | [28:13] | [34:18] | | Gold charting/technical outlook | [36:37] | [38:35] | | Pharma: Eli Lilly, Novo’s MedSarah bid, GLP-1 race, panel | [39:20] | [43:43] | | Restaurants: Chipotle, Sweetgreen, Shake Shack, Kava | [44:29] | [45:48] | | Final trades | [46:05] | [46:35] |

Tone and Style

The Fast Money panel maintained its trademark mix of actionable analysis, spirited debate, and banter. Critical takes on company strategies and valuation were balanced by clear explanations of what’s driving stock moves. When discussing megacap tech, pharma, and “consumer barometers” like Chipotle, the group also tied results back to broader macro and sector themes.

For Listeners Who Missed the Show

This was a crucial earnings episode with real-time market moves. The panel emphasized that, even after AI-driven breakouts, investors need to stay grounded in valuation and technicals. The mega-cap tech stocks remain central to the market’s fate, but there are big divergences under the hood, both in cloud computing and consumer spending proxies. Restaurant stocks, gold, and pharma deals paint a mixed, mosaic-like picture requiring sharp analysis and clear-eyed skepticism.

Key actionable takeaway:

• Apple and Amazon both delivered strong enough results to reignite their narratives (with caveats on valuation), while other sectors—especially gold, restaurants, and pharma—showed lurking risks and the need for selectivity.