Nasdaq Hits 20,000 For First Time Ever… And Nuclear’s Renaissance Description 12/11/24

Summary

CNBC's "Fast Money" Podcast Summary
Episode: "Nasdaq Hits 20,000 For First Time Ever… And Nuclear’s Renaissance"
Release Date: December 11, 2024

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1. NASDAQ Hits 20,000: A Historic Milestone

Melissa Lee opens the episode with the significant achievement of the NASDAQ closing above the 20,000 mark for the first time in history. This milestone is attributed to robust performances from tech giants such as Amazon, Apple, Alphabet, Meta, Netflix, and Tesla. The index has doubled in the last four years, raising questions about the sustainability of this red-hot rally.

Key Highlights:

• Market Performance: NASDAQ surged nearly 2%, driven by fresh intraday highs from leading tech stocks.
• Historical Context: This milestone comes approximately four and a half years after NASDAQ first crossed 10,000.
• Top Gainers: Video surpassed a 1300% increase, with Super Micro, Tesla, Broadcom, and Palo Alto each up over 400%.

Notable Quote:

• Guy Adami [02:14]: “All clear.”
  (Expressing optimism about the tech rally's continuation.)

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2. Debating the Sustainability of the Tech Rally

The panel delves into whether the current tech-driven market rally can maintain its momentum. Tim Seymour expresses cautious optimism but raises concerns about valuations and rising yields. Dan Nathan highlights the resilience of big-cap tech despite broader market trends, while Karen Feiderman notes the overzealous market sentiment driven by "animal spirits."

Key Points:

• Valuations and CPI: High valuations and rising yields may pose risks to sustained growth.
• Market Leadership: Discussion on whether mega-cap tech can continue leading the market.
• Animal Spirits: Karen Feiderman emphasizes the irrational exuberance in the market, suggesting potential vulnerabilities.

Notable Quotes:

• Tim Seymour [02:14]: “The more expensive the market gets... gives the market less and less room for error.”
• Dan Nathan [02:54]: “If you want the market to take the next leg higher, today was as good of a day as you could have asked for.”

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3. Adobe’s Earnings Alert: Mixed Reactions

Melissa Lee transitions to an earnings alert focusing on Adobe, where shares declined despite the company beating top and bottom lines. Pippa Stevens reports that Adobe provided solid results but offered a conservative outlook for 2025.

Key Insights:

• Financial Performance: Adobe surpassed earnings expectations but faced headwinds from currency fluctuations.
• AI Integration: CEO Shantanu Narayan highlighted progress in monetizing AI with enterprise customers.
• Market Reaction: Share price dropped 8% for the quarter, raising concerns despite strong earnings.

Notable Quote:

• Pippa Stevens [15:39]: “Headwinds are to blame for Adobe's light guidance.”

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4. Ride-Sharing Stocks Under Pressure

The podcast examines the recent downturn in Uber and Lyft stocks following GM's decision to halt funding for its autonomous vehicle unit, Cruise. Dan Nathan and Guy Adami discuss the implications of this move on the future of ride-hailing services and autonomous technology.

Key Discussion Points:

• GM's Strategy Shift: Moving focus from autonomous ride-hailing to self-driving personal vehicles.
• Market Impact: Uber and Lyft shares fell significantly, prompting debates on their long-term viability.
• Future Prospects: Despite short-term setbacks, some panelists believe in the long-term potential of ride-sharing platforms.

Notable Quote:

• Guy Adami [21:20]: “I think Uber is a layup here. Down 30% since the day that it closed up at an all-time high.”

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5. Nuclear Renaissance: Inside Cameco’s Cigar Lake Mine

Pippa Stevens provides an exclusive look at Cameco’s Cigar Lake uranium mine in northern Saskatchewan, shedding light on the renewed interest in nuclear power driven by the demand from AI data centers and clean energy initiatives.

Key Highlights:

• Mining Operations: Detailed overview of Cameco's specialized jet boring system designed for high-grade uranium extraction.
• Technological Advancements: Use of AI and remote operations to enhance safety and efficiency.
• Production Plans: Steady output with no immediate plans to increase production, emphasizing supply discipline amidst rising demand.

Notable Quote:

• John Champaglia [29:30]: “It's a careful balancing act to maximize value over the whole cycle.”

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6. Trade It or Fade It: Stock Decision Game

The panel engages in the popular segment "Trade It or Fade It," evaluating whether specific high-performing stocks should be traded or avoided. Costco, Netflix, BlackRock, and Deckers are among the companies discussed.

Key Insights:

• Costco [34:46]: Tim Seymour advises trading despite high valuations, citing potential for surprise positives.
• Netflix [35:25]: Mixed opinions with some panelists advocating to fade due to substantial year-to-date gains.
• BlackRock [36:09]: Karen Feiderman sees strong asset growth potential, recommending a trade.
• Deckers [36:51]: General consensus leans towards fading due to parabolic valuations.

Notable Quotes:

• Tim Seymour [34:46]: “You get a whiff of what Wal Mart's done, you want to throw Costco in that camp at a much richer valuation.”

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7. RO and Eli Lilly Partnership: Affordable Weight Loss Drug Access

Melissa Lee discusses the partnership between telehealth platform RO and Eli Lilly to offer lower-cost vials of the weight loss drug Zepbound. Zach Raitano, CEO of RO, explains the benefits for both patients and the company.

Key Points:

• Affordability: Zepbound vials are priced significantly lower, enhancing access for patients.
• Integration: Seamless experience for patients through RO’s platform, eliminating intermediaries.
• Independence: Assurance that providers maintain independent clinical judgment without financial incentives.

Notable Quotes:

• Zach Raitano [38:09]: “We offer a free insurance checker where patients can check their insurance, see if they're covered, and we'll handle that whole process.”
• Zach Raitano [42:06]: “We're constantly fighting for patients by removing those intermediaries. And so there might be scrutiny here, but the most important thing to take away is that this is what's best for patients.”

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8. Alphabet Options: High Trading Activity

The episode covers the surge in options trading for Alphabet, highlighting it as the third busiest single stock option of the day. Mike Coast provides insights into the trading dynamics and investor expectations.

Key Highlights:

• Trading Volume: Approximately 2 million contracts traded, with calls significantly outpacing puts.
• Investor Sentiment: Buyers are betting on at least a 6% upside in the next month.
• Contract Details: January 200 strike calls saw the highest activity, indicating bullish expectations.

Notable Quote:

• Paul Chandler [45:34]: “Buyers of those calls are betting that there is at least 6% upside over the course of the next month.”

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Conclusion

The episode of CNBC's "Fast Money" encapsulates a pivotal moment in the stock market with NASDAQ reaching unprecedented heights, discussions on the sustainability of the tech rally, insights into renewable energy sectors like nuclear power, and strategic partnerships in the telehealth industry. The panelists provide diverse perspectives on market dynamics, stock performance, and future investment opportunities, offering listeners a comprehensive overview of current financial trends and strategic considerations.

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Note: All timestamps correspond to the transcript provided and are included to reference specific quotes and discussions within the podcast episode.

Transcript

[Jessica Edinger]

This episode is brought to you by Merrill with a dedicated Merrill advisor. You get a personalized plan for your financial goals and when plans change, Merrill's with you every step of the way. Go to ML.combullish to learn more. Merrill, a Bank of America company. What would you like the power to do? Investing involves risk Merrill Lynch, Pierce Fenner and Smith Inc. Registered Broker Dealer Registered Investment Advisor Member.

[Melissa Lee]

SIPC CNBC has quick and easy to understand business news updates at the Open midday and close every weekday. Markets money and more from Wall street to Main Street. I'm CNBC's Jessica Ettinger. Follow and listen to CNBC business news updates wherever you get your podcasts. Live from the NASDAQ market site on another record breaking day. This is fast money. Here's what's on tap tonight. A major milestone for the Nasdaq. Topping the 20,000 mark for first time in history, the tech heavy index doubling in the last four years. Can anything stop this red hot rally? We'll debate that plus mining for opportunities. We'll travel to the far reaches of Canada for an exclusive look at the world's largest uranium miner, what they've got going on underground and how cameco has positioned itself as a big winner in the space. And later, telehealth company ro inking a deal with Eli Lilly to offer cheaper vials of its weight loss drug Zepbound. We will talk to the CEO Zach Raitano about the news and what it means for the compounding industry. I'm Melissa Lee coming to you live from Studio B at the nasdaq. On the desk tonight, Tim Seymour, Karen Feiderman, Dan Nathan and Guy Adami. We start off with that big round number for the Nasdaq, the index closing above 20,000 for the first time ever. Today's nearly 2% move comes courtesy of some of the biggest names pinging fresh highs of their own. Amazon, Apple, Alphabet, Metta, Netflix, Tesla and Tesla all hitting intraday records. And today's Milestone comes about four and a half years after the NASDAQ first crossed 10,000. The biggest gainers in the NASDAQ 100 over that period in video up more than 1300%. Super Micro just behind that Tesla, Broadcom, Palo Alto, each up more than 400%. So does today's action give the all clear for that tech trade? GUY all clear.

[Tim Seymour]

I mean that's, I love that all clear. I mean in first. So the six names we just had up on the screen, you know, I was looking at them trying to figure out where have I been on some of these things. So Apple clearly missed a boat. Tesla, without question. Amazon. I've been quasi ambivalent. The other three, I mean Netflix, Facebook and Google, I think we've done, we've done a decent job. So all clear. I don't know. Valuation on three of those names you could definitely still make a case for despite the fact that we've seen these unbelievable moves. The other ones I'm not so sure. And couple that with the fact that yields on what people were saying was a soft CPI number actually went higher today, which one has to keep in the rearview mirror without question.

[Dan Nathan]

Yeah, CPI I think probably gave enough for the bulls though to feel that the Fed is in line for December. Disinflation certainly maybe is taking a pause. But inflation is not running amok. You have a pie tomorrow. So back to big cap tech. What's exciting for market players is that the market itself has been going higher without the participation of mega cap Tech, really outside of Tesla. And yes, Netflix is great, but the other Mag six are ones that I think, you know, give or take, had not been giving us the leadership really for the last two months. What we saw today was semiconductors did lead the way again, a nice bounce on a relative chart to the S and P. So we were at some relative support yesterday. I brought that up. I mean, I just think if you are getting the kind of move we are getting from some of the names and they all have little catalysts, if you want to believe. I mean, Apple and Broadcom today talking about a server chip, their own way to get into the game. Broadcom reports tomorrow. I actually think some of the cyclicality of their business also could be decent. So if you want the market to take the next leg higher, boy, today was as good of a day as you could have asked for because these are the names that are the horses.

[Melissa Lee]

Karen, you've been away for a while. Welcome back.

[Karen Feiderman]

Yes, thank you.

[Melissa Lee]

What do you make of this rally you've come back to?

[Karen Feiderman]

I mean, it just seems like animal spirits just, you know, kind of running amok. It doesn't sort of matter which. Mag7 was clearly really strong, but a lot of other things were. Although with the exception of industrials, not financials, kind of. I mean they've had a big run, but kind of lukewarm. Today I bitcoin again topping 100,000 after pulling back to, I don't know, 94 or 5. So I don't know, I feel like it's just animal spirits run amok and I feel like animal spirits they don't stop at fair value. They continue to go, you know, so I mean, I'm long. This is really fun. It will end, I'm sure. The VIX is really low now. Probably decent time to buy some protection, which I haven't done yet. But I feel like for right now, sort of, I don't know when you.

[Guy Adami]

Talk about they're going after the biggest stuff right now. Normally at this stage of the rally you would expect it to be a lot of crap. And I'm not exactly buying what Tim's serving up here about like I look at the equal weight.

[Dan Nathan]

Bring it on.

[Guy Adami]

We don't split it up.

[Dan Nathan]

Split them up.

[Guy Adami]

I look at the equal weight S and P and it's up 16% of the year, right. And you look at let's say the nasdaq, it's doubled up that performance. So what is that telling you? It's telling you that all the stuff that got us here, it continues to get us here and so it becomes increasing.

[Dan Nathan]

So let me. Semiconductors haven't made new highs since July. The NASDAQ hasn't made a new high to the S and P relative since July. So the horses haven't really been bridled and running. We've been getting financials, we've been getting other parts of the consumer space discretionary. So I mean I agree we need these stocks but you can't tell me they have led the market hold up.

[Guy Adami]

So every one of the mag savings at all time highs. Apple's up 28% of the year and video is up 181% of the year. Microsoft underperforms and it's a little off its highs, but it's up 20% of the year. Google up 40% of the year. Amazon up 51% of the year. Met up 80% of the year. Tesla up.

[Dan Nathan]

You're talking on the year. I mean this is like, this is.

[Guy Adami]

Like $15 trillion or more in market cap and it's half the weight almost of the s and P500. It definitely is half the weight of the NASDAQ 100. So if you look at, just look at the equal wave.

[Dan Nathan]

My point is that on a relative basis these stocks have actually underperformed the S and P. They're starting to pick up steam. But if you look at the triple Qs to the S and P, they haven't made a relative.

[Guy Adami]

A lot of our viewers are thinking about relative here. You know what I mean? Like they're actually.

[Dan Nathan]

Well, that was my point. My point was that the Rest of the market's rallying. And if these stocks now want to rally, they're going to take the market higher.

[Melissa Lee]

We, we split. You guys finally.

[Dan Nathan]

Yeah, we had a clear day. I was clear as day on that. So, I mean, you know.

[Guy Adami]

Yeah, you seem a little miffed by the.

[Dan Nathan]

No, I'm happy to split up. I'm happy to talk this up again.

[Melissa Lee]

Leadership. Otherwise the market's going to run into a problem. And you're saying that we have the leadership in the market has a problem. The markets are.

[Dan Nathan]

No, he's not saying the markets are ready to go higher because you finally have participation from companies that have been bad performers. We know what they've done, but they haven't performed relative to the market. They haven't led the market higher for three months. And we all know that. I mean, so you look at the chart, the relative triple cues to the S and P. When did it peak in July?

[Melissa Lee]

I thought, Sorry, I thought you said that we need the titans to run in order for the markets to go the opposite.

[Guy Adami]

I mean, like, I just don't agree with that. I mean, I just don't agree with that.

[Melissa Lee]

You don't think we're broad.

[Guy Adami]

Well, look at, look at the, look at, like, look at the equal weight S and P. Look at, look at the Russell 2000. You know, the banks are kind of stuck in the mud here a little bit in video. Stuck now A little bit. What do you got?

[Dan Nathan]

Bank banks have rallied. They've outperformed significantly in the last, over.

[Guy Adami]

The last few months. I don't disagree with.

[Dan Nathan]

Haven't I just, I mean, you listen to me. Haven't I been saying since July the rest of the market has under. Has outperformed what are being the stocks we're talking about today? And I'm saying that's great news because today they're showing the kind of leadership that can take the market higher.

[Guy Adami]

We split up.

[Melissa Lee]

So you are still split up.

[Guy Adami]

I don't know. I mean, listen here.

[Dan Nathan]

I mean, I feel like I'm speaking another language.

[Guy Adami]

I mean, you know, guy, you speak guy speaks in tongues a little bit here.

[Tim Seymour]

You know, Tim's been pretty consistent for a long time and he's been spot on. You know, I've tried to punch holes in this thing and it's been unsuccessful at best.

[Guy Adami]

So I'm not, I'm not even punching.

[Karen Feiderman]

Yeah.

[Guy Adami]

I'm just saying look at, I'm just look at the price action today. I mean, Google has rallied 10% straight line for the next. Google is rallied $20 in quantum development that we have no idea like what that Google.

[Karen Feiderman]

Google was sort of really underperforming. Right. You know even Metta had been cheaper for Mike.

[Guy Adami]

Let's talk about Apple for a second. Did you just mention the Broadcom thing? I saw that, I read the story this morning. That's great. By the time they developed this chip and integrated and all their stuff and Apple intelligence is working with it, we're Talking like late 26, maybe 27 sort of stuff. So the stock Apple didn't rally today. Right. So Apple's Apple 34 times single digit expected growth. IPhones are not growing. Apple intelligence is a zero. Apple has rallied 30% since June 10th when they introduced Apple said the super cycle upgrade. Not happening here people. And we've been saying this so both things can be right. The fundamentals breaking stuck in them. I know it's at a runaway breakout. So what is that? That's multiple expansion. It tells you animal spirits are taking over this market and they could go much higher. I'm not making a case to sell the market. I'm just saying if you're chasing these things right here and you're just getting into the trade, doesn't seem like a great find.

[Melissa Lee]

Let me ask this question. Let's say it's animals or whatever it is causing the market.

[Guy Adami]

What are those by the way?

[Melissa Lee]

Animal spirits?

[Karen Feiderman]

The spirits risk off like abandoning risk just going forward.

[Melissa Lee]

Right.

[Karen Feiderman]

Yeah.

[Melissa Lee]

Part of this is the expectation of policy that will be supportive of the market. Right. All sorts of mergers are going to happen and all sorts of very corporate taxes will go down, et cetera at some point that's going to meet the reality of what actually does happen. And I'm wondering in your view, when would these animal spirits break? What would be, would it be like inauguration?

[Tim Seymour]

When would the levee break if it keeps on raining? I mean I've, you know, I'm probably the wrong person to ask because I thought it was going to break for such a long time for a myriad of different reasons, none of which have come to fruition. I do think that valuation at some point is important and it's not that you trade on valuation but the more expensive the market gets. And if you look at that Buffett indicator which is now 209% the last time we saw anything close to that was pre.com crisis in 99 2000. It gives the market less and less room for error. So there's in lies my concern.

[Karen Feiderman]

To me it's probably tariffs. That's the so a Lot of the things that you named are really sort of unequivocally, you know. Unequivocally. Unequivocally good. Right. So we have low regulations. That's good. Merger mania. That's good. All kinds of, you know, animal spirits running free tariffs, I think will be cold water on. Wow, these are, they could be inflationary, they could be, you know, we could enter into a trade war and all of the, you know, tit for tat that goes along with that and then fear, which is not there right now. So to me, that would be the first tariff discussion of which which is.

[Melissa Lee]

Interesting that you point out tariffs in particular because we've already seen a glimpse of what could happen in China has, you know, rare earth. No, you know, we're doing all these things here. Sort of a preview of the toolbox of China that Beijing could use in response to a Trump induced tariff war and nobody cares.

[Dan Nathan]

Well, there's no question that we have a lot of unknown in 25. I mean, you know, we're talking about right now, I'm talking about seasonality, I'm talking about market leadership and I'm talking about. There's no questioning that the S and P multiple is at a level on a forward basis that we haven't seen in a long time. There's also no question that the five biggest stocks or the seven biggest stocks have never had a bigger weighting in the S and P. And these are 35 to 40 stocks. So by, by the nature of how the index is structured, you're going to have an S and P that looks expensive. They're also the ones that they're growing the most. So you.

[Tim Seymour]

Dan, I was going to say if.

[Guy Adami]

You'Re talking about chasing the market into year end, I was just looking at the SPX. So that's S&P 500. If you look at the, at the money straddle, that's a call premium plus the put premium, it's about one and a half percent between now and December 31st. So if you're bullish, you can actually make, you know, under 1%, you know, at the money bull call for the next 20 days, you know, into the. That seems unusually cheap. Now, I think we're all in agreement. There's nothing that's going to unhinge this market at this point. I think you make the most important point. It's like what is built into the market about policy. Right. And so I actually want to go the opposite way. I actually think that they're not going to be A trade war. Definitely not in 2025. They're going to keep jawboning it. I think taxes, probably you get the extension of the current tax. I don't think they go much lower. And so, like, at the end of the day, we probably end up having similar policy. Some of the M and A we might see, maybe it was just kind of put off for a couple of years. Not going to change the market structure. It's not going to change any specific industry that maybe some of the ofTC and the DOJ suits go by the wayside for some of the big tech. But I think everything is kind of in place to continue to do what it's doing. Except for the fact that what sort of performance have we pulled forward about all the excitement? Whether it's generative AI going into other industries, whether it's quantum computing, whether it's, you know, whatever the heck, that's kind of the issue here. So I don't know.

[Dan Nathan]

In terms of policy today, the most important policy is Fed policy, okay? And today we got at least some, some green light for a December cut. There's nothing going to stand in the Fed's way here to calibrate a little lower, which I think is Steve's word of yesterday, is great to have Steve Leesman here. The Fed to me is the biggest impediment to 25 right now because all the other things, geopolitics. In one of the worst geopolitical years of all time, the market went screaming higher. I'm not saying there won't be a comeuppance at some point. I do believe all of this expectation of Trump policy that we still have to see rubber hit the road is a very much an unknown. But, but most importantly is if equity markets have the Fed as their friend and the labor market stays strong and people have jobs and we actually have growth, it's great for equities.

[Karen Feiderman]

I think the Fed as a friend is more priced in than how friendly they will actually be. Right. I think that seems like a sort of, you know, foregone conclusion that they will cut 25 basis points in the next meeting. And maybe that doesn't really matter, but I do think that Powell will have a hawkish tone. And I think that, I mean, we'll see unless, unless things change dramatically. What. Why do we need to cut with the market where it is, with the.

[Melissa Lee]

GDP is supposedly still restrictive.

[Karen Feiderman]

Restrictive how?

[Melissa Lee]

I mean, I don't, I don't see it.

[Karen Feiderman]

I don't see it. I don't really. I don't see it. So I don't know, unless things change dramatically, to me, the Fed will not be your friend. But I don't know, maybe the market doesn't care.

[Tim Seymour]

No. I think just to tie a bow, I think Tim thinks the employment picture can remain. It has. But my concern in this year, it didn't come to fruition. Like many things, but the unemployment rate starts to move in a way the market's not prepared for. That's a concern. And interest rates going higher. I'll say again, today's the day where the TLT should have rallied in a meaningful way given that number, which was better than, I think, the whisper number that people were looking for. The fact that yields are sort of headed back up, in my opinion, is concerning.

[Melissa Lee]

All right, we've got an earnings alert on Adobe. Shares are sinking despite the company beating on the top of the bottom lines. Conference call kicking off at the top of the hour. Seem modi dialed in. She's got all the details. Sema Melissa. Solid results from Adobe, but a more conservative setup for 2025. That is the takeaway from RBC Capital analyst Matthew Swanson, who has a neutral rating on the stock and a $610 price target. CEO Shantanu Narayan telling CNBC that currency.

[Pippa Stevens]

Headwinds are to blame for Adobe's light guidance. Oracle, remember, did talk about the negative impact of the stronger dollar earlier this week.

[Melissa Lee]

Narayan also reiterated that it's making progress in finding ways to monetize artificial intelligence with enterprise customers. Adobe's AI assistant, he says, continues to accelerate. Two new languages, French and German, recently being added to the platform, which Narayan says will help increase bookings not just here but overseas. In fact, he says demand is increasing in emerging markets. But Wall street has been a bit more cautious on this stock, with shares underperforming its software peers this year, though it has rallied in recent weeks. One of the concerns out there, Melissa, has been competition from Open. Back to you. All right, Seema. Thank you, Seema. Modi Currency. That's an interesting excuse for a weak guy.

[Karen Feiderman]

Never love currency. Is it?

[Melissa Lee]

Yeah.

[Karen Feiderman]

Where I know. And it's not like we've all seen better than expected.

[Guy Adami]

They say in a constant currency basis, when it hurts, then they say currency is the thing. I mean, I can't, I know guys are going to say that I'm shocked that the stock's down 8% on that quarter and that guidance, it's not a particularly big miss. I think it's like 2% at the midpoint for both, you know, earnings and sales. So to me it's just fascinating. We just talked about all this stuff in the NASDAQ that's going berserk and this thing's down. 8% is down. It's down on the year. It just hasn't participated.

[Dan Nathan]

It's been a tough run for a couple of really what were the software juggernauts for years. But I will say in terms of affects dynamics, SAP, who's a competitor from abroad, has pointed out that actually affects is a tailwind for them. So if you think about multinationals around the world, someone that really would be competing on some level, at least in the software space, it's actually, it is, it is good news.

[Tim Seymour]

We if our crack staff and EC can pull up a longer term chart, you'll see we've been in this downtrend in Adobe since the all time high in November of 2021. The uptrend has been in place since early 2022. This pennant formation which has been created like I did there is almost on the point now on the downside. So this is important to watch for you technical players out there. And Dan's right about the guide. It wasn't a disaster. But given the magnitude of the beat this quarter and the fact that they sort of ratchet things back full year next year, I think it's concerning people.

[Melissa Lee]

All right, coming up, rideshare stocks getting hit. Why u turn from GM on its Robo Taxi project is sinking shares of Uber and Lyft. That's next. Plus nuclear power taking off as a data centers drive fuel demand and companies are increasingly turning to uranium to help power the search. Our own Pippa Stevens has an inside look at Cameco's Cigar Lake mine in northern Saskatchewan.

[Pippa Stevens]

Pippa, oh Demand for uranium is rising amid the nuclear renaissance and Cameco is the Western world's largest producer. We got an exclusive look at their Cigar Lake mine in northern Saskatchewan and take you inside. Coming up next on Fast Money.

[Jessica Edinger]

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[Melissa Lee]

CNBC has quick and easy to understand business news updates at the Open midday and close every weekday. Markets money and more from Wall street to Main Street. I'm CNBC's Jessica Edinger. Follow and listen to CNBC business news updates wherever you get your podcasts. Welcome back to Fast Money. We've got a buzzkill on Uber and Lyft both dropping on new signs. They are falling behind in the robo taxi race. GM saying yesterday would no longer fund autonomous vehicle developments in its cruise unit, citing the increasingly competitive market that right now is dominated by Tesla and Waymo. GM had spent over $10 billion developing Cruise's driver. This ride hailing service will combine cruisers operations with its own technical teams and shift focus to self driving in personal vehicles. Now Lyft was added to the BICEP to make bicep Tim. And maybe you regret that move now, but you know, do you still see the promise here? The need for a, an interface, a platform for these Robotech.

[Dan Nathan]

Look, I'll wear what whatever egg you want to throw at me for the bicep. I'm not sure I demanded the left to be the Ellen bless up but. But there it is and there it's been all year, in good times and in bad. And these are bad times. So I think it's a case where first of all, selling GM on this news is crazy, okay? Because GM has zero crews in there in their valuation. In fact, if anything I would have thought it would rally on this news to stay focused. And again, profitability needs to be where it is in terms of lift. I still think the short term fundamentals are more important. Important which is normalization of their core market, taking back some market share from Uber and driver normalization and even some of the regulatory headwinds that were at least reasons to sell the stock. I get that this is a big longer term concern, but I would I will stay long and keep it in the bicep.

[Melissa Lee]

You made the point that Waymo is using Waymo one, which is their own platform when it enters cities like Phoenix.

[Guy Adami]

Yeah, and listen, I'm sure they're going to get it right you know, and Uber has to get autonomy right at some point. But I don't think it's this year or next. And I think you could kind of take the over as far as when you know Tesla Robo Taxi is going to be on the road and really threatening Uber. I think Uber is a layup here. Down 30% since the day that it closed up at an all time high. After that Tesla Robo Taxi event, it's getting killed for a whole host of different reasons. Largely for the same reasons over the last two weeks. You look at the expected growth action. I do not think Waymo or any of these Robo things are going to be weighing on their growth. So to me I think it's really interesting. Down 30% a month and a half.

[Karen Feiderman]

I agree with you on gm. It shouldn't matter.

[Melissa Lee]

But it was talking yesterday after hours on the news and then today was down.

[Karen Feiderman]

Well we were talking today about oh you remember what GM talked about. Or there was the rumors of GM spinning out cruise and how good that would have been.

[Melissa Lee]

Valuation would have been huge. GM could have had a huge stake. It would have sold.

[Karen Feiderman]

Right. I know in now to just absorb it and have it quietly go away, but seems the right thing to do.

[Melissa Lee]

Yeah. Coming up, the nuclear renaissance is here. Power hungry data centers pushing companies to find alternate alternative sources of fuel. Our paper Stevens joined us next from the world's highest grade uranium mine. For an inside look.

[Pippa Stevens]

We'Re in this elevator descending 1600ft underground to the world's highest grade uranium mine. We got an exclusive look at Chemicot's cigar lake operation and take you inside. Coming up next on Fast Money.

[Jessica Edinger]

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[Melissa Lee]

CNBC has quick and easy to understand business news updates at the open midday and close every weekday. Markets, money and more from Wall street to Main Street. I'm CNBC's Jessica Ettinger. Follow and listen to CNBC business news updates wherever you get your podcasts. Welcome back to Fast Money. Uranium miners have been rushing to meet the surge in demand for nuclear power. To keep AI data centers running, our Pippa Stevens took three planes traveled more than 2,600 miles over more than 15 hours to remote northern Saskatchewan, Canada to get an inside look at the world's highest grade uranium mine. Also, she is standing in minus 18 degree weather. Pippa?

[Pippa Stevens]

Yeah, Melissa, if you couldn't believe it, it was actually colder earlier in the day. But down in the mine, it's much more comfortable, a relatively balmy 40 degrees. And we got an inside look at just how CAMECO mines this valuable but very challenging uranium deposit. This is one of Cigar Lake's active development regions. So this big drill blasts about 2 to 4 meters every single day. And after that happens, all of that rock has to be brought back up to the surface. Cigar Lake developed a specialized jet boring system to access this very high grade of uranium. The system runs along these tracks so that they can move it along the length of this tunnel. This is the jet boring system. It was developed for Cigar Lake and this is the only place in the world where this type of machine is used. Behind me is the water pump station. The specialized jet boring system developed here at Cigar Lake requires highly pressurized water in order to access those ore cavities. It's traveling at about 15,000 psi. This is where all of the or slurry that contains the uranium is pumped. This machine called the clam then drops down and picks up the uranium from the bottom and then sends it back for grinding before it's eventually pumped up to the surface. And Melissa, that tower over there, that is Mine Shaft 1. That's the elevator that we were in. It can hold up to £40,000. And all those shots you saw from underground, all of those are right below my feet here.

[Melissa Lee]

This is just spectacular. Pippa, it is amazing reporting here. How much can CAMECO decide to just turn up production and how much of the mining is thanks in part to technological developments? We've seen that and you cover the oil industry, we've seen that in oil drilling that more and more is accessible because of technology.

[Pippa Stevens]

So on the first point here at Cigar Lake, it's about £18 million per year. They have no plans to increase the amount of output. They do have the lease here until 2031, with plans to extend that through to 2036. However, at their MacArthur river plant, which is close by, that is the largest in the world. It's currently at 18 million pounds per year. It could go up to 25 million pounds. I did ask Chemico CEO Tim Gitzel about that. It seems like there are some plans in the works there, but nothing quite set yet, thanks to there not being enough of a pricing signal just yet. Now on your second point. So the jet boring system you saw in that video, that was developed specifically for this site for two reasons. Because the sandstone above the uranium rich ore is too weak, so you can't access it from above. Most mining, most fracking, comes from above or from the side. This one goes down below. And so all of it is done remotely. It's all done by AI. Also, after they mine each cavity, they move to other tunnels to look for ore they can balance out how rich that ore, they've already mined it. So when they send it to the mill down at McLean Lake, it's a relatively consistent product they're sending. So they're using a lot of technology, a lot of AI to really inform how they're drilling this location.

[Melissa Lee]

So everything is done remotely. You made a point in an earlier hit, which I heard people, that the WI fi down there is great and that's probably because they have to operate all this machinery using WI fi.

[Pippa Stevens]

That's right, yeah. So they're connected everywhere and there's a really elaborate safety system so everyone is always in touch. It's not just the WI fi, there's also, you know, the old school walkie talkies just to make make sure all systems are a go. But it really is, you know, a glorious mind, as one person told me. He called it the Rolls Royce of mines, simply because it is so high tech and there is so much light. The air ventilation system is of such a high quality because of course when you do mine for uranium, you worry about the radon that's being released as the material decays. And so their air ventilation system is working overtime to make sure everyone down there is safe. And they even have sidewalks along the roadways. And so it feels a bit like the New York City subway, except no rats.

[Melissa Lee]

Pippa, thank you. Tremendous reporting out there. Yes. Pippa Stevens, thanks. For more on the investment opportunities in uranium, let's bring in sprott Asset Management CEO John Champaglia. The firm manages a physical uranium fund and two uranium miner ETFs. John, great to have you with us.

[John Champaglia]

Thanks for having me. And I've been to Cigar Lake and thankfully I went there in July.

[Melissa Lee]

That makes probably a big difference in terms of the temperature in terms of production. What was surprising is that there's no plans to increase production at a time when there is so much demand. I would imagine that's on purpose, but you know, why, why not increase at all? And what would it take for them to.

[John Champaglia]

Yeah, you're raising a really good point. It's all about supply discipline. You know, this is an industry that was really on life support for about 10 years after Fukushima. A lot of the best mines, including MacArthur river that Pippa mentioned, went on care and maintenance for a number of years. And so the producers are very careful to ensure that future production is balanced with future demand. So as they build their contract book, which is selling uranium forward to utilities, they then release more production. So it's a careful balancing act to maximize value over the whole cycle. And I think it's just about being disciplined and really maximizing the revenue and earnings are able to to generate in this cycle.

[Dan Nathan]

Hey John, it's Tim. Congrats on the work that Sprout has done in the space for a long time. And now you guys are really in the center of a lot of this. And I guess my question to you is, is, is the demand side of this, how much of this is secular and new to your view, at least in terms of the AI and the server and some of that computing dynamic versus really what our global clean energy needs. And ultimately are the geopolitics the part of this that really are probably going to be pushing long term contracts, which I know are key to how you're valuing a lot of this this much higher?

[John Champaglia]

Yeah, I mean there's really three big drivers that we see. That's first of all just growing electrification, whether it's from emerging markets, China, India, they still consume very low levels of electricity per capita relative to the rest of the world. So that's a big driver. We obviously see Western countries that largely ignore the technology for the last 30 years pivoting back for energy security, decarbonization and obviously growing low growth which is happening in places like the United States. And then finally, I think the cherry on top is going to be really the next part of the bull market, which is really going to be about the development of small modular reactors, which thankfully big tech Companies are really stepping up to the plate here with capital, really helping to validate this technology and get it off the ground, which we need. You see the uranium price both in the spot price and as well as the term market slowly moving up over the last few years. And I was a very dead in the water commodity back in 2019 and 2020. The price is clearly following kind of a staircase case type of situation where pricing is grinding higher. And that's just because there is this demand building and we need to get higher prices to incentivize the chemicals of the world and other miners to expand production and build new mines, which is really critical in order to develop the fuel that the world will need in the, in the coming decades.

[Melissa Lee]

John, great to see you. Thank you, thank you for having me. John Champagne of Sprott Guy, they're the.

[Tim Seymour]

Gold standard, no pun intended. I mean the UR and M, if you look at it heavily weighted Cameco, which is a good thing, 19%, that's quasi underperformed Cameco, which is right at a 17 year high. If you pull up a chart, I think, and I'm sure Tim agrees with this, this is about to break out in a meaningful way. Supply constraint, demand is there. I mean, you know, you have kind of production disruptions. CCJ is a way to play it.

[Dan Nathan]

Yeah. I mean if you look at where some of their sales came in year over year, they're up 25%. I mean the dynamics, and we hear this all the time in terms of Russia. Kazat prom. Kazat Kaza, Kazada Prom. Excuse me. You know, they, they and a couple other countries nearby Uzbekistan are, you know, they're close to 50% of global production. So some of those dynamics are part of what's going on here. Nothing cheap about ccj by the way, but I do think because the quality of these mines and because they are so much in the center of this, I think you're staying long to trade.

[Melissa Lee]

Coming up, it wasn't just big tech hitting records today, but after some big runs. How should you play the stocks? Don't move a muscle. America's favorite game, traded or faded, is up next. That's when it's back in two. Welcome back to Fast Money. The NASDAQ surging today and closing above the 20,000 level for the first time ever. The S&P 500 also higher, up about 8, 10 of a percent. But the Dow losing about 100 points for a fifth straight down day as UNH continues to drag it down. Shares of GE Vernova jumping 5%. The company raising its 2028 margins as estimate to 14% from 10%. It also announced a dividend of 25 cents a share and approved a 6 billion dollar share buyback. Shares are up more than 160% this year. And Bitcoin rallying back toward its record high, back above the $100,000 level. Well, it wasn't just the Max 7 hitting records today. From streaming to banking to retail, all time highs were hit across sectors. To find out what you should do with these names, we thought it would be a great time to break out an old fashioned game of trade it or fade it. That's right. We're bringing you America's favorite game. Yeah, still as confusing as ever, but.

[Karen Feiderman]

It rhymes so good.

[Melissa Lee]

Okay, we're kicking it off with Costco. It did hit a record high going back to its 1985 IPO bulk retailer up 51% so far this year. So Guy, trade it or fade it.

[Tim Seymour]

Can't believe I'm about to say this, but you got to trade it, Mel. And you bet you're out of your frickin minded 50 something times next year's numbers. And the answer is probably true. They report tomorrow after the bell. But you get a whiff of what Wal Mart's done, you want to throw Costco in that camp at a much richer valuation. I think Costco can surprise despite the valuation. So you still trade this one?

[Melissa Lee]

Yeah. Karen, what do you think of Costco at these levels?

[Karen Feiderman]

So high. But I've thought that for hundreds of points and you know, I do have Walmart. So it's sort of the poor, the poor woman's Costco, I guess.

[Melissa Lee]

All right, let's get to Netflix. At record highs, the streaming giant gaining another two and a half percent today, up 92% this year.

[Guy Adami]

Dan, let me fade it. I had a blanket response to this game on the email. I was like fade everything. No, I just feel like if you're long stuff and you keep riding in, a lot of folks are going to do that into the new year, pay taxes next year if you're looking to clip some stuff or whatever. But I just think you just said 1993%. I mean it's a great company. They've been executing so well. Think about how poorly this company was regarded in 2022. Stock was down 75%. You know, I mean, so am I buying it up 100%?

[Dan Nathan]

No, Tim, they've got pricing power, they've got scale, they've got growing margin. They're going to make 30 bucks a share in 26. It's not that expensive, certainly not relative to guys that don't make money.

[Melissa Lee]

All right, let's get to financial heavyweight BlackRock trading at record highs back to its 1999 IPO. Karen?

[Karen Feiderman]

Yeah, I mean, I just think this is an asset gathering behemoth that nobody's even close to what they can do. It doesn't seem crazy expensive. I know pressure on pricing, but scale for them, they can run more efficiently.

[Melissa Lee]

I would trade it.

[Guy Adami]

Yeah, I mean, you know, fade it. I mean, like, you know, I was.

[Dan Nathan]

Like, fade the other ones.

[Melissa Lee]

You would fade everyone.

[Guy Adami]

I mean, it's just like, listen, it's been a great year. It's been a great two years. You know, it's defied almost every logic. When we came into 20, 20, 23, I think there were so few, you know, real bulls here. So I don't know, like you had a ball here.

[Melissa Lee]

Okay, how about it? A Decker is the maker of HOKA sneakers and Ugg boots. 84% this year. All time highs.

[Tim Seymour]

Guy, I wear Hokas, I don't wear Uggs. The stock has been parabolic valuation. But you know what, Needham just initiated conviction bylaws 218. I think he's still trade deckers here.

[Karen Feiderman]

You know, I know, I know that HOKA has been phenomenal, right? It's, I don't know, close to 40% of sales. And that, that deserves a big multiple. They already have a very big multiple. We've seen how shoe companies can be in favor, out of favor. I would fade it.

[Melissa Lee]

All right, coming up, options traders with a big Alphabet. We will go inside the numbers with Professor Ko after the break. But first row, inking a partnership with Eli Lilly to bring lower cost Zepp bound drugs to the telehealth platform. CEO Zach Raitano will join us next with all the details. More fast money right after this. Welcome back to Fast Money. Telehealth platform. RO is making it easier for patients to access lower cost versions of Eli Lilly's blockbuster weight loss drug. The startup announcing today a partnership with Lilly Direct bringing single dose zip bound vials to the platform for the first time. Joining us on set for more is RO CEO Zach Raitano. Zach, great to see you.

[Zach Raitano]

Thanks so much for having me.

[Melissa Lee]

So obviously this is good for consumers who will pay less. What do you get out of it? What does the company get out of it?

[Zach Raitano]

RO is founded on the principle of helping patients get the most effective treatments at the most affordable price. I'm biased, but I Already thought that we were the best place for patients to start. Right. We offer a free insurance checker where patients can check their insurance, see if they're covered, and we'll handle that whole process. If they're not, then this is another amazing cash pay option for them. Right, so why would patients like the zepbound bios in the first place? As you said, it's lower price, so it's the most affordable branded GLP1 on the market. It is the fastest GLP1 on the market. There are. There's less nausea with Zepbound, so it's associated with less nausea compared to a Wegovy. And it's in stock, and there's no supply shortage. So you put that together, it's a cheaper product, it's a faster product, it's in stock, and it's seamless for patients.

[Melissa Lee]

How does it benefit ro? Do you have exclusivity? I mean, you're directing patients. Basically, if I go onto RO and I'm looking for this version of zepbound, you direct me to Lilydirect.

[Zach Raitano]

So I love that one. How does it benefit Rowe? If it benefits patients, it benefits ro. The main way that it benefits patients is that it creates that seamless experience. Right. So normally, right now, what a patient has to do is they have to go to multiple places. They got to go to a doctor's office, they got to go to labs, they got to go to a pharmacy. And now, from the comfort of their own home, without ever leaving ro, they get all of those in one place. Right. And so the reason that that is possible is because we row integrated with Lilly Direct's online platform. And so that's why they can have that seamless experience. In terms of the financial arrangement, which I think is there's no financial arrangement.

[Melissa Lee]

You get nothing, not a penny.

[Zach Raitano]

We got nothing. We don't make a dollar off.

[Melissa Lee]

You have exclusivity to this.

[Zach Raitano]

This is the first type of this integration. So RO is the only place right now that offers that seamless integration.

[Melissa Lee]

Guaranteed this agreement. Or can hims go to Eli Lilly and say, hey, we want to do this too?

[Zach Raitano]

Right now, we're again, we're just focused on serving our patients through this seamless experience.

[Guy Adami]

All right, Zach, happy rogue customer over here. But I got to question here, you know, the pens versus the vials. The pens you did on the big shot, you talked a lot about the compounding the vials and that sort of thing. So talk to us. The benefits other than cost for the vials over the pen like, why would.

[Zach Raitano]

Someone choose one or one choose the other? So that's first. Glad you're a happy RO customer. But that's really one of the main value propositions of row, is that we're going to help that patient figure out what is best for them. So they're going to come to us. If they want to get started right away, they don't even want to check their insurance. They go straight for the vial. That is going to be the Most affordable branded GLP1 on the market immediately with the vial, if they want to check their insurance. Again, as we've shared before, about 45% of our patients are covered. And when they're covered, they're really, really covered. So the average copay is about $50. If you can pay $50 for a branded injectable Zepbound pen, that's a 10x better experience than paying a couple hundred dollars a month. But that's about 45% of people. For the 55% who aren't covered, it's going to be, again, the most affordable product. And the last thing about the vials there is, it's in stock and there's. And as are the Zeppelin injectable pens. But there haven't been any supply disruptions whatsoever with the vials, and it's shipped directly to a patient store.

[Melissa Lee]

Are physicians who operate on your platform, are they in any way obligated or are they encouraged to prescribe this? I'm just trying to understand, you know, what it is.

[Zach Raitano]

So that was, that's been very, very important to us. And it was very, very important to Lilly that our providers on the platform, the ROE affiliated providers, maintain independent clinical judgment. Right. So the biggest thing that we have built with our technology is really streamline the process between a patient connecting with a provider and figuring out what's best for them based on their coverage, based on their health background. And so that was very, very important that providers are not incentivized one way or the other. They're not compensated any differently. Regardless of whether they prescribe a product or which product they prescribe, it's the same.

[Melissa Lee]

If Novo came out with a similar product, would you also offer it or does your agreement preclude you from doing that?

[Zach Raitano]

It does not. Our focus is again, on making sure that when a patient comes to row, they can get the most effective products at the most affordable price. We don't play any favorites in terms of what a patient gets access to. We're constantly fighting for them. The fascinating thing to me, and what, again, the Reason we're so excited about this integration is if you zoom out and say what has happened over the last three or four years. You saw WeGovy come out in 2021, 1300 dollars list price. Zepbound came out in November 2023. It was based on the head to head trial last week. That was result that resulted 40% more effective, 20% lower price. That was in November of last year, January, Lily Direct comes out, increasing access to that product. Nine months later the vials come out. 50% reduction in price. Right. Within nine months of a product coming out. So I think we are seeing and I think that the steps that Lilly has taken here are quite innovative to reduce the prices.

[Melissa Lee]

You keep talking about this as an integration and I'm wondering because there are senators who want to look into the telehealth companies run by pharmaceutical, you know, like Lilly Direct, because it's effectively a patient goes there and they will be prescribed a Lilly drug. They won't go to Lilly directly, be prescribed theoretically a Novo Nordisk drug. And so they're looking into this. And so does this integration get Lilly off the hook?

[Zach Raitano]

I think that they can. By the way, when you go to a Lilly Direct, Telehealth partner RO is not one, but when you go to one, you can be prescribed any particular drug. So it's not only Lilly products. So again, I think that's really an important note that providers in telehealth have that independent clinical judgment to determine what is best for the patient. The fascinating thing for me is the reason I was going on that describing the reduction in price over time, especially with the added scrutiny is we've all been talking about, well, how do we get these prices cheaper for patients? The only patients that were paying the list price were the ones that weren't covered. Right. And the fascinating thing is three years ago the list price was $1,300. Today we're announcing an integration where a patient can pay $3.99 without ever leaving their home. There's two companies in the announcement, not 12. That's why it's because this integration has removed the middleman in that process. It's removed PBMs, it's removed insurance companies, it's fighting for patients by removing those intermediaries. And so there might be scrutiny here, but the most important thing to take away is that this is what's best for patients and providers have independent clinical judgment here.

[Melissa Lee]

Zach, thanks for coming by.

[Zach Raitano]

Thanks so much for having me.

[Melissa Lee]

Zach Raitano, RO Coming up, Big Tech bringing the nasdaq to new heights and options traders are getting in on the action. How they are playing one of tech's biggest names. Ahead, more fast money into welcome back to Fast Money. Big tech powering the Nasdaq above the 20,000 level for the first time ever. As we've mentioned, one of the names now at all time highs is Alphabet. And beyond the stock the options are attracting a lot of interest to Mike coast got the action. Hey Mike. Mike. So Alphabet was the third busiest single stock option today, trailing only Nvidia and Tesla. With about 2 million contracts traded between Google the voting shares and GOOG the non voting shares calls outpaced puts by more than 3.6 to 1. And excluding calls that expire at the end of this week, the busiest contract in both the voting and the non voting shares were the January 200 strike calls we saw between those two tickers. 110,000 contracts trade for about $4.20 contract on average. Buyers of those calls are betting that there is at least 6% upside over the course of the next month. All right, thank you Mike. Mike KO up next, final trades. Time for the final trade. Tim not cheap.

[Dan Nathan]

Going higher long term.

[Karen Feiderman]

CCJ Karen Yes, I've come around to Boeing. I like it up here. Even got a ways to go to the upside.

[Guy Adami]

Dan we're in a four box. I see my friend Tim over here. I'm saying Uber looks good to me right here.

[Tim Seymour]

If people could only hear what goes.

[Melissa Lee]

On in the commercial break, they might not watch anymore.

[Karen Feiderman]

Or they might.

[Tim Seymour]

You are NM Melissa Lee.

[Melissa Lee]

All right, thank you for watching Fast Monday. See you back here tomorrow at 5 for more fast. Don't go anywhere. 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, NBCUniversal, their 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 CNBC has quick and easy to understand business news updates at the open midday and close every weekday. Markets, money and more from Wall street to Main Street. I'm CNBC's Jessica Edinger. Follow and listen to CNBC business news updates wherever you get your podcasts.