Nvidia Reports Results… And Cracker Barrel Loses Its “New” Logo 8/27/25

Summary

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CNBC Fast Money: Nvidia Reports Results… And Cracker Barrel Loses Its “New” Logo

Air Date: August 27, 2025
Host: Brian Sullivan (in for Melissa Lee)
Panelists: Steve Grasso, Dan Nathan, Guy Adami, Danny Moses (Moses Ventures), Christina Parsonnellis, Julia Boorstin
Special Guest: Chris Rollins (Senior Analyst, Susquehanna Financial Group)

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Episode Overview

This episode dives into Nvidia’s latest earnings release, with the stock’s mixed after-hours reaction under scrutiny, particularly related to high expectations versus actual performance. The conversation also covers the broader market’s resilience, key sector moves (especially financials), dramatic swings in tech names like CrowdStrike and Snowflake, uranium’s hot streak, and the surprising stock bump for Cracker Barrel amid branding drama. Throughout, the panel keeps a brisk, candid, and actionable investor-focused tone.

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Key Discussion Points & Insights

1. Nvidia Earnings and the AI Cycle

(Main Segment Start: 01:02)

• Nvidia delivered earnings that technically beat Wall Street estimates but failed to clear ultra-high “whisper numbers” set by institutional investors.
  • Christina Parsonnellis: “The whisper number represents institutional buyers, and that was at $55 billion. And what we saw was $54 billion for the guide.” (02:54)
• The company did not include any H20 China chip sales in its guide, similar to AMD’s approach, due to uncertainty around export licenses.
• Gross margins rose to 73.5%, continuing near the long-term 75% target, highlighting ongoing pricing power.
• Blackwell chip sales and the next-gen 'Rubin' platform are seen as major future growth levers, with hyperscaler/cloud-provider demand contributing notably despite a technical miss versus estimates for the second quarter in a row.

Panel Tone:

• The mood is pragmatic: While stunning revenue growth persists, the scale of percentage “beats” is narrowing, tempering the stock’s momentum despite strong fundamentals.

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Notable Quotes

• Dan Nathan (on high expectations):
  “If [expectations] were really high, the stock would be down 10% right now. That's all I'm saying.” (04:33)

• Danny Moses (on slowing growth rate):
  “The numbers have grown without question... But the percentage beats are getting smaller. So when do you think the market starts to care…?” (07:44)

• Chris Rollins (on size of Nvidia’s growth):
  “Annual revenue for Nvidia was about $17 billion four years ago. …It’s now estimated to be what, 150 billion… going to 200 billion. Nvidia has added a trillion dollars of market cap this year—that’s ten Starbucks.” (11:36, 12:01)

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China, Licensing, and the “15% Tax” Question

Key Segment:

• The US government has a requirement for Nvidia (and others) to “give back 15%” of China chip sales—a de facto export tax or “vig,” with details still being codified.

• Christina Parsonnellis explains: Nvidia might raise prices to compensate, but this would risk further souring the China relationship. (06:24)

• Chris Rollins (breaking news from the call):

  • “Nvidia could ship $2–5 billion of H20 chips in the third quarter if geopolitical issues subside…That’s not in their official guidance—so that would be on top.” (15:30, 15:35)

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What Would Be a Red Flag for Nvidia?

• Chris Rollins: Watch for the hyperscaler (large cloud client) CapEx trend.
  • “Every time these guys have reported CapEx, that number has gone higher. If you see a revision lower or no revisions higher, that might be the first yellow flag.” (16:33)

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Supply Constraints Question

• Can Nvidia physically manufacture enough chips to meet ambitious sales?
  • Christina Parsonnellis: “If she's blatantly stating that they're going to sell 2 to 5 billion dollars, they must know they have the cap to build those chips.” (18:13)

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2. Financials: Bank Stock Surge

(18:37)

• S&P Financials ETF hit an all-time high—up 20% YoY.
• Top performers: Morgan Stanley, Goldman Sachs, Citi, Bank of America—many at multi-year/record highs.
• Dan Nathan: Recent price action reflects improving corporate/consumer health, with no major warning signs from bank executives.
• Danny Moses: Citi is still “cheap”; expects more upside as turnaround continues. (19:44)

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3. Earnings in Focus: CrowdStrike and Snowflake

(21:43–25:37)

• CrowdStrike: Fell ~6.5% after hours on a strong quarter but slight revenue guidance miss and a surprise acquisition.
  • Notably, “68% of revenue comes from the US government—higher than Palantir.” (23:15)
  • Technical read (Guy Adami, Danny Moses): Stock pulls back to a long-term uptrend line—a potential “buy-the-dip” opportunity if fundamentals remain intact.
• Snowflake: Rose 13.5% on a clean beat and robust guidance.
  • Dan Nathan: “Stocks trading at 100–150x earnings must be perfect—Snowflake nailed it, CrowdStrike didn’t.”

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4. Streaming: YouTube TV vs. Fox Showdown

(27:10–32:25)

• Negotiations between YouTube TV (Google) and Fox over renewals put ~9.4 million subscribers’ access to Fox’s sports/news channels at risk.
• Julia Boorstin: A temporary extension averts immediate blackout. FCC and President Trump put public pressure for a resolution.
• Panel consensus: Sports is the true leverage point in streaming disputes—distribution may matter even more than content long-term.

Notable Exchange:

• Dan Nathan: “I know that everyone says content is king. I think streaming distribution is going to be more important in the distant future.” (31:06)

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5. Energy Spotlight: The Uranium/Nuclear Trade

(35:35–37:19)

• Uranium ETF (URA) has nearly doubled since spring; World Nuclear Symposium (Sept. 3–5, London) flagged as a major potential catalyst.
• Danny Moses: “If you like the AI trade, something’s got to power it…I play SRUUF—a trust owning physical uranium. Nuclear has broad bipartisan support as clean energy.”
• Names To Watch: Oklo (up 1000% YoY), Cameco, TerraPower, and various ETFs.

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6. Branding Drama: Cracker Barrel Reverts Logo

(37:19–41:41)

• Cracker Barrel quickly reversed its recently unveiled logo after backlash—a decision welcomed by both the market (+8% pop) and customers.
• Steve Grasso: “Sort of a flash in the pan…but the stock has crashed and come back. This could end up being the playbook for other brands looking for publicity.”
• Broader takeaway: Even minor rebrands can become major stock catalysts in the viral social media era.

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7. Nvidia Conference Call – Late-Breaking Updates

Return to Nvidia: (42:10)

• China Market: CEO Jensen Huang reiterates the China market is worth $50B+, and their Blackwell chips may soon ship if US policy allows—implying significant new upside if tensions cool.
• Customer Concentration: 23% of Nvidia’s revenue may come from a single customer—creating some risk if spending patterns shift. (43:04)

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Notable Quotes (With Timestamps)

• Christina Parsonnellis (on margins): “Gross margins coming in at 73.5—higher than anticipated…showing that the company is inching closer and closer back to that mid-70s level they promised at 75.” (03:11)

• Chris Rollins (on ChatGPT’s impact):
  “The chat GPT moment in 2022 changed everything…at least 80% of everything AI right now [is powered by Nvidia].” (12:28)

• Christina Parsonnellis (on sovereign AI):
  “They are seeing $20 billion in sovereign AI revenue this year, which is double that of just last year. Jensen Huang…predicting that in five years' time, that opportunity will grow to $3 to $4 trillion for Nvidia.” (32:53)

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Timestamps for Major Segments

• Nvidia Earnings Analysis: 01:02–18:37
• Bank Stocks Rally: 18:37–20:06
• Tech Earnings (CrowdStrike/Snowflake): 21:43–25:37
• Streaming Battle (YouTube TV vs Fox): 27:10–32:25
• Uranium/Nuclear Stocks: 35:35–37:19
• Cracker Barrel Logo U-turn: 37:19–41:41
• Late Nvidia Call Highlights: 42:10–44:31

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Actionable Takeaways & Insights

• Nvidia’s growth and margins remain stellar, but market expects increasingly large beats—the “high-class problem.”
• China sales are a swing factor; geopolitical clarity could add billions to the top line.
• Bank stocks are in breakout territory, with Citi called out for more upside potential.
• CrowdStrike’s revenue guidance miss and heavy reliance on government contracts flagged as key risks; Snowflake rewarded for exceeding high expectations.
• Content vs Distribution is a live debate in streaming; sports is the main value driver.
• Uranium and nuclear names look set for continued strength amid global clean energy pivot—potential trading catalysts ahead.
• Branding decisions can have unexpected market impacts—even for overlooked restaurant chains.

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Closing Panel Trades:

• Steve Grasso: Sprott Uranium (SRUUF)
• Guy Adami: Sprott Physical Gold (PHYS), but for uranium, SRUUF
• Dan Nathan: Not buying Nvidia post-earnings; cautious given muted reaction
• Danny Moses: Still bullish on Citigroup

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This summary distills the entire episode with all relevant developments, notable moments, and quotes, providing a comprehensive briefing for investors and market enthusiasts alike.

Transcript

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[Julia Boorstin]

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[Brian Sullivan]

Live from the NASDAQ market site in the heart of New York City's Times Square, this is FAST Money Nvidia Edition. Nvidia out with results. The stock on the move down. We'll get the numbers and the analysis straight ahead. That is much of the show, but it is not all of the show. We've got that. Plus a streaming showdown, the deal drama that could threaten fox channels on YouTube TV. Plus, financials flying high, the next move in nuclear and the cracker barrel bump thanks to the company's rebranding unbranding. Hi, everybody. I am Brian Sullivan in for Melissa Lee tonight. Coming to you live as always from Studio B right here at the nasdaq. On your desk tonight on a big show, Steve Grasso, Dan Nathan, Guy Adami and Danny Moses, founder of Moses Ventures. Danny, welcome. Good to have you on the program.

[Danny Moses]

Let's not get carried away, all right?

[Brian Sullivan]

It's better than average to have you on the program tonight, Danny. Stocks a little better than average tonight, by the way. Markets across the board not huge gains today. SB, Dow and NASDAQ all about 2. 10 of 1%. But again, Guy Darmy, I'm not a math whiz, but when you're at a record and you go up, you get what new record? See, that's that Georgetown education paying off. We'll get more on that later on, but we're going to start now. Within video, the stock down a little bit. Some people might say there was lighter data center revenue, maybe some questions over the future of the China business. Listen, Nvidia did beat on the top and the bottom line, at least against estimates. The conference call kicked off moments ago. Christina, parts of us, we're thankful that you're on set with us here tonight. Here's the thing about Nvidia, it doesn't matter if they beat on this or they beat on that because the estimates, the whisper numbers are so high that it can't just be like a little beat. They need a big beat. On Nvidia, we didn't get that.

[Christina Parsonnellis]

Yeah. So the whisper number represents institutional buyers, and that was at $55 billion. And what we saw was $54 billion for the guide.

[Dan Nathan]

The.

[Christina Parsonnellis]

The interesting thing too is that the company said that they did not include any H20 China chip sales for that guide, very similar to what AMD did. So they're just being conservative right now.

[Julia Boorstin]

Why?

[Christina Parsonnellis]

You know, put a number to something. They are still unaware if they're going to get licenses and especially when the next iteration, this Blackwell chip for China, is coming out and most likely will get approval. So why wait on that? You also have the gross margins coming in at 73.5 higher than anticipated. That is some strength showing that the company is inching closer and closer back to that mid-70s level they promised at 75. The CFO did point out too that Blackwell Demand was led by cloud service providers. They contributed 50% of data center revenue to your point, which technically missed estimates for the second quarter in the row, but ever so slightly, so that could be playing a role.

[Brian Sullivan]

Were we expecting some China news in this quarter?

[Christina Parsonnellis]

In the guide there was. There's Mizuho, Morgan Stanley, A few of them were citing, saying that the $55 billion number should have included six. Something to do with China. And that's not the case.

[Brian Sullivan]

Right.

[Dan Nathan]

And that's likely to come out on the call.

[Christina Parsonnellis]

It's going to change. Yeah.

[Dan Nathan]

So we talked about that data center.

[Brian Sullivan]

Right.

[Dan Nathan]

We know who they are, the big hyperscalers, that sort of thing. And so do you think, as Sully just said, were the expectations getting that high based on what we just heard from all those companies with their capex, you know, like they probably came in and got a little bit more muted. Like I'm trying to make the case that maybe they weren't as high as some might expect. I know that not much of a miss.

[Brian Sullivan]

You know what I mean?

[Christina Parsonnellis]

What do you mean as high? The.

[Dan Nathan]

Well, the expectations heading into the print.

[Christina Parsonnellis]

And run up in the stock outperforming.

[Brian Sullivan]

Yeah.

[Dan Nathan]

But the fact, what I'm saying is the stock. Stock's only down 2 1/2 percent. If they were really high, the stock would be down 10% right now. That's. That's all I'm saying.

[Christina Parsonnellis]

And I agree the expectations were high in terms of why the stock isn't. Maybe people realize the disconnect between the earnings report and what Jensen says on the call. He's a great storyteller and he's going to talk about the fact that demand, the Blackwell Ramp is going to continue, the Blackwell Ultra, which did increase their inventory level, by the way, and then the Rubin for next quarter. So all of these factors will help, you know, change that narrative. And he's very good at that.

[Brian Sullivan]

And I do, I think Steve Grasso, I know you've got something to say, but I will ask you also a question. Everybody, everybody. Chime in. It's an open table. It's like the Adami family Thanksgiving. We're all just going to talk at the same time.

[Dan Nathan]

Well, they have turkey parmesan, by the way.

[Brian Sullivan]

Turkey parm.

[Danny Moses]

See, that's an ethnic joke.

[Brian Sullivan]

So Steve Grass so here's the thing about it. Now, to that point, I think Dan's point was that the expectations and the actual number were a little more in line with each other. In the last number of quarters. We've seen these huge whisper number expectations that are billions and billions and billions of dollars more than the official estimates. Chime in on that and other points. Well, if you start to get that close of gap, then people are not going to be paying for. Nvidia video is known for that huge gap where people set a target and they wound up hitting it. What I'll ask Christina is does the story feel like China is being substituted for sovereign at this point?

[Christina Parsonnellis]

No, I don't think that would be the expectation. But Nvidia hasn't been talking up sovereign as much as you would hope because why there's no number to actually put to sovereign. Right. You have the promise to spend, you know, on, you know, 500. Was it 500 million or something? Chips in from just certain sovereign countries. But overall I feel like we don't have an actual number to offset the weakness in China. And then also they're going to have to speak to that 15% tax on China revenue too. Like how are they going to mitigate?

[Brian Sullivan]

They were able to recoup that write down of 5 billion or mitigate it at least to the to maybe 3.9 billion.

[Christina Parsonnellis]

Well, the rumor is they're also going to increase the prices to offset that and that's going to upset China even more. If yes, China's paying for that tax.

[Brian Sullivan]

And before Ghaidami jumps in, I think what you're calling it a tax, some people might call it something and it's Okay, I saw the face.

[Christina Parsonnellis]

Can I call it a 15%, don't.

[Brian Sullivan]

Call it, come back right. What Christine is referring to, folks, I'm sure you're aware of this, if not, here you go. Is that the Trump administration has basically said we will allow you to sell some of your chips to China, but you got to give us 15% back. Call it, maybe call it a vig. Damn. I call it something else. Either way. Either way it is a tax on those sales guide up which I read.

[Danny Moses]

The constitution, I took a class and it's actually unconstitutional. But okay, I'll play the game with you. I look at the quarter and Christina can speak to this. People got really excited. I think it was two years ago. Dan probably has the date when Nvidia guided from $7.5 billion to north of $11 billion. I can do that percentage. It was like a five 50% beat in terms of revenue guide. People were Apple. They people were so excited they were tripping over themselves to buy the stock. The numbers have grown without question. I mean we're 5x what that was. But the percentage beats are getting smaller.

[Christina Parsonnellis]

56% year.

[Danny Moses]

So when do you think the market starts to care And I'm not looking to put you on the spot, like when do you think the market starts to look at this and say we've rewarded them for the absolute numbers, now we're going to penalize them for the deceleration in revenue growth.

[Christina Parsonnellis]

Well then the market would have already penalized them because decelerating for quite some time.

[Brian Sullivan]

Exactly, Moses on that point.

[Danny Moses]

Okay. They'll pose it to Danny.

[Guy Adami]

Two years ago when this whole thing kind of started, if you had said that these would be the numbers and the margins would hold here, you would think that was pretty bullish here. I'm probably the last guy that you were talking about tech, but this is really interesting to me. So they're on an off reporting quarter, Right. Their quarter ended the first quarter, the first month of the third quarter. For many of the other companies in the space, July. It's always interesting to listen to what they say about the current momentum because that's a clue into what the order rates look like the last 30 days. So I'd be curious if they've mentioned that or will they mention that on the call.

[Christina Parsonnellis]

It started at 501 and I'm.

[Guy Adami]

Well, they mentioned it on the call.

[Christina Parsonnellis]

I'm going to go back and read the transcription and listen. But I would assume that they're going to speak to demand for the hyperscales. Also going to mention Neo clouds like Corvette, Corey being example.

[Brian Sullivan]

They'll find out.

[Christina Parsonnellis]

Well then you're kicking me off set.

[Brian Sullivan]

I'll enjoy Christina parts in late for this.

[Christina Parsonnellis]

I'm hearing that I need to go.

[Danny Moses]

She doesn't have to go.

[Brian Sullivan]

No, she doesn't have to go up the joint. But I want to ask Danny Moses a follow up. Is there any part of you at all, Danny, and you've been. You're known for subprime and what I was here at the NASDAQ in 99, 2000. Is there any part of you at all, maybe even on the margin that feels hype is just a little bit overdone?

[Guy Adami]

It's still in a secular growth. It has not become cyclical as of yet. But listen, it's 8% of the S and P almost.

[Brian Sullivan]

That's one story. We've never had that.

[Guy Adami]

But it's way more than that when you think about it. All the ETFs that it's in, it's 670 ETF. There you go. That's why we're good team here. But I'm concerned about the concentration. But I will tell you the secular growth still looks like it's there. So I would not short it.

[Brian Sullivan]

Brian, I see your face. Well, yeah, if you want to, you.

[Danny Moses]

Could say the same thing in January. No, you don't get your face ripped off all the time. As a matter of fact, look at the move. Go back to January short Nvidia. Could you pull up a chart? You could have shorted in at least.

[Brian Sullivan]

5 or the cost would it be? I mean how expensive is it to short it?

[Danny Moses]

I can't speak to that. I don't have it in front of me. I'll say this. In January the stock made an all time high of 153 and change. We had an engulfing pattern. We talked about it on this desk. We said pull the ripcord. Did I think it Was going to 90 in April? Absolutely not. It went down to 90 in April. That was a significant move to the downside. So it's not like this stock is a straight line, lower left, upper right. It does have pullbacks. We've seen them before. And as magnificent as this quarter is, the size of the numbers are unbelievable. The magnitudes of the beat are getting smaller. They're already being rewarded for it in terms of price to sales. So that's in the stock already. So you better hope margins hold in there. You better hope what they're saying comes to fruition. Because when it Decelerates, that's really the time that things get.

[Brian Sullivan]

All right, let's bring in somebody that follows Nvidia for a living. That is Chris Rollins, senior Analyst, Susquehanna Financial Group. Chris, we appreciate you joining us. You've been listening to what we've had to say. You've had some time to kind of chew on the numbers. What's your take on the quarter and whatever else you've read or heard?

[Chris Rollins]

Yeah, I think there's probably a knee jerk overreaction. These numbers were just fine. The quarter was perhaps a little light, but the guide was absolutely fine. Also, Colette, the CFO has already been speaking to the China Opportunity. They now, once they do get official requirements around China and what they can ship, they expect to do another 2 to 5 billion in H20 revenue to China. So put that on top of the Q3 Revenue Guide, which was just fine.

[Brian Sullivan]

These revenue numbers and I want to really highlight this for the audience that everybody around the table knows this annual revenue for Nvidia was about $17 billion four years ago. About four years ago. I'm looking at capital IQ about 17 billion. It's now estimated to be what, 150 billion, Chris?

[Chris Rollins]

Yeah, yeah. Going, going higher to 200 billion total.

[Brian Sullivan]

So 17 billion to 200 billion in four or five years. I don't know if we've ever seen that. Nvidia has added a trillion dollars. A trillion dollars. The T in market cap this year, that's 10 Starbucks or five Qualcomm's worth of value for one company in eight months. How long can that trend, that growth rate continue?

[Chris Rollins]

It will slow, but the chat GPT moment in 2022 changed everything. And, and the value has accrued to in video, who is powering everything, at least 80% of everything AI right now. And so that will slow. But 250 billion is a reasonable expectation for next year. And we'll be working on 300 billion we think in the years after.

[Dan Nathan]

Yeah, so let's just talk about that deceleration we're talking about. Again, these are high class problems. Right. So last year they were growing earnings in sales, you know, over 100% a year. This year it's going to look like, you know, maybe 55% or something. Something like that. Even just taking this guidance right here, it's not likely that much more. Maybe China does that maybe in the last quarter or so. What do you think though, Chris, when you think about, let's say expectations for 33% earnings and sales growth next year, trading about 30 times that is the stock starting to look cheap on consensus or do you think consensus is too low? Just curious to see where you're at because I know a handful of other folks who think that that consensus is earnings and sales is way too low.

[Chris Rollins]

I think eventually we will hit some sort of a wall when it comes to this deceleration. I don't know if it's next year but eventually we're going to have a flat year and everyone's going to freak out and think that the P multiple might even be too high. But it's been a meteoric rise. I'm, I'm not getting off the train just yet. There's still a lot of growth here. Whether you're talking about hyperscale capex, we've seen incredible improvement but there's probably still another 20 or 30% to go there over the next few years. We have sovereign ahead of us, we have China ahead of us. There's still some opportunity here.

[Brian Sullivan]

Well, speaking of China, Chris Rolland stay there. We have some news coming out of the call. You might have heard this, you might not have, but I'll give it to our viewers and listeners as well as the desks. Forgive me for looking down, nobody wants to to see the bald spot, but here you go. Nvidia could ship 2 to $5 billion of H20 chips in the third quarter if geopolitical issues subside. This is coming from the conference call and the CFO of Nvidia. Nvidia CFO said that some China based customers have received H20 licenses but Nvidia has not shipped to them yet. And the US government as we talked about that 15% tax, whatever you want to call it, the US government has not codified requirements for Nvidia to give it 15% yet of China sales. In other words, Nvidia is fine, I guess paying the government. Chris, but they don't, they're not really sure how it's going to work. But forget about that. 2 to 5 billion of H20 sales in the third quarter. How would that stack to maybe what? I know there's no official numbers for China and Nvidia, but how would that go against your expectations?

[Chris Rollins]

Yeah, first of all that's not in their official guidance. So that would be on top.

[Brian Sullivan]

This is new news. Yep.

[Chris Rollins]

And then secondly, if they did get that requirement, I believe they could start the supply chain up and they would do better than that. 2 to 5. In fact they probably could have done 10 if they really had that supply chain going. So there's still upside here from China probably could do 25 billion a year to China if they wanted to.

[Brian Sullivan]

Chris, the last line you said before Brian jumped in with news was, you're not getting off the train yet. I think the most helpful you could be to viewers right now is what would be the red flag? What's the signal for when Chris decides to get off the train?

[Chris Rollins]

Let's see the hyper scale Capex. Let's see that Hit a wall first.

[Brian Sullivan]

How would you define hitting a wall? What would our viewers and listeners have to see or hear from Nvidia that would be quote the wall.

[Chris Rollins]

Every time these guys have reported Capex, that number has gone higher. If you see a revision lower or no revisions higher, that might be the first yellow flag.

[Brian Sullivan]

Chris Rollin, we're going to say goodbye to you. We're going to hit banks in a second. But I've got monitors that our viewers don't have. And I could see a monitor. Christina Parsonevolis went from our set to some nook below us. She's wildly genuflecting. Just gesticulating, gesticulating. Genuflecting is when you do like a.

[Danny Moses]

Neil forget I saw her doing that.

[Brian Sullivan]

So Christina Parsonnellus first comment on the China News and then why were you waving your hand so aggressively?

[Christina Parsonnellis]

You guys could see me. I was trying to let the producers know that I have some comments. I'm turning red in terms of what they are. They said that they should. They have not included the H20 in their guide because of geopolitical issues, but the CFO saying we should ship 2 to 5 billion dollars in H20 revenue in Q3. So she's actually giving a number. She also spoke more so about the Blackwell ramp, saying that the more specifically. Well, let me switch to Rubin because that's the next iteration. Chips of the Rubin platform are currently in fab, so they're currently in fabrication. And for that, that's pushing towards the timeline. So those are the two things I have right now. And then Blackwell, she did talk about ramps, but I'm missing that quote right in front of me.

[Brian Sullivan]

Don't worry about that. Let me ask you one more. We got to go to banks. Let me ask you one more very quick question. Can they manufacture all these chips? We're talking about all these. Chris Rollins is like 250 billion, 270 billion. Second price is right. Can they make all the chips to sell that much?

[Christina Parsonnellis]

Well, of course, if they're. If she's blatantly stating that they're going to sell 2 to 5 billion dollars, they must know they have the cap to build those chips. And it's not even about the chips after that. It's the racks that are made at Foxconn. But Foxconn is saying that they're going to expect their supply to triple in terms of rack. So things are improving across the board for the supply game coming from Nvidia, that's no doubt. That's something they've been saying for the past several months.

[Brian Sullivan]

Christina, appreciate that. Thank you very much. All right. Also, we're going to get more Nvidia throughout the show, but it was an historic day for bank stocks because the S and P Financials ETF hitting an all time high. It's now up 20% over the last 52 weeks. Some notable gainers in the space, you got Morgan Stanley, you got Goldman Sachs hitting record highs. Citigroup, bank of America hitting their highest levels in more than 15 years. So where exactly do bank stocks Dan Nathan go from here?

[Dan Nathan]

Well, they appear to be going higher, Sully, and they're one of the groups that actually led off the bottom in April. Right. And so, you know, when you think about the health of, let's say corporates, you think about the health of consumers. I think that the stocks and the way they've acted kind of reflect the fact that we're probably doing better despite unemployment, the labor market weakening, that sort of thing. And we didn't hear anything from Those major bank CEOs, especially the money, money centers that were suggesting the consumer is weakening, weakening. What we heard from, let's say Goldman Sachs and Morgan Stanley was that all they could see was a pickup in capital market activity. There's a lot of good trading. M and A was starting to come back. So this is a sector that's been acting very well. There's actually been no warning signs, at least from what I can tell over the last three to four months.

[Danny Moses]

Citi is a name we've talked about and everybody looks at JP Morgan. It's expensive on price to book price, a tangible book. Citi is still cheap. Jane Fraser has done a great job. I think you're going to be hearing more about the story, the turnaround at Citi. We have said this now for tens of dollars for many, many months that Citi goes higher from here and it should be trading up to about what, somewhere between 106 and 110.

[Brian Sullivan]

I like it. All right, Guy Damie, Daniel, thank you very much. Coming up, it is not just Nvidia. There is a lot of stuff happening right now. You've got earnings out of crowdstrike, Snowflake and more. We'll get the trade. We'll get the reaction. Also a nuclear orchi. I'm not saying that. Danny Moses is saying that. And we're going to talk about uranium ahead of. I said uranium ahead of a key conference next week.

[Danny Moses]

Change a couple letters.

[Brian Sullivan]

We're genuflect into the break. We're back right after this.

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[Brian Sullivan]

All right. Cybersecurity company Crowdstrike tumbling despite reporting a top and bottom line beat. Steve Kobach listening in on the call. He's got maybe the reason why the stock is down six and a half percent. Dan. Just piling on to the crummy month this stock has been having there. So let me just go over like you said, Brian. Eps was a beat 93 cents versus 83 cents. Revenue barely a beat 1.17 billion. Street was looking for 1.15. But look, all other metrics look pretty good to annual recurring revenue, full year guidance and so on. We still see the stock sliding 6 and a half 7% after hours. The only thing I see here that could be a drag, a slight miss on revenue guidance for the current quarter. Crowdstake also announcing an acquisition today. It's Onam O N U M is the name of the company. It's a data management company for an undisclosed sum. We see shares here still off six and a half percent or so. I'll let you know if anything big happens on the call. Brian.

[Danny Moses]

There's a show on prior to ours, Brian, and they believe they call it the ot. You familiar with this show over time? Yeah. Closing bell over time I was on with John Ford. Love John, by the way, we had a conversation about the Crowdstrike yesterday and what we talked about was the valuation was ridiculous and that's a very good chance. If our crack staff and EC can go back to August of last year year when the stock traded down to 224. It was going to trade down to an uptrend line that's been in place since that point. This level ish gets you right to that trend line, that uptrend line. So tomorrow, if you've been waiting, this is a pretty interesting level to dip your toe into. CrowdStrike, I believe.

[Brian Sullivan]

Interesting level to dip your toe into. CrowdStrike. If I asked you what the percent of revenue I'm going to. It's rhetorical. Oh, thank God. So what, the percent of revenue that the US government gives to CrowdStrike is 68%. Would you be shocked at that? Yeah, it's always shocked at that. That's high. And Palantir, I was going to say that's. Palantir is 55. It's higher than Palantir. Yeah, yeah. So when you look at it, I thought it was a misprint. When you look at really starts to make you think they have to really have great relationships with this government and I'm sure that they do because they're still getting the large majority share. Share of their revenue. I agree with Guy on the technicals. It brings it down to that ascending trend line. If you're going to take a dip in it by 20% of whatever position that you want and take a look. Well, stocks in a. In a downward trend. No, it's.

[Danny Moses]

No, no, no, no, no, no. It's been going down. But there's an uptrend line that's in place to stretch out that chart. Then I asked the crack staff to do that back from August of last year. August.

[Brian Sullivan]

I want to see said upward trend line of which you refer because the stock that.

[Danny Moses]

I'm lying to you. No, I don't think you're making this up.

[Brian Sullivan]

Now. I can see the trend line right there.

[Danny Moses]

You go see it now.

[Brian Sullivan]

I can. Yes. The dress. The dress is blue.

[Danny Moses]

Are you going to reflect now?

[Brian Sullivan]

Another name that is on the move right now is Snowflake. Snowflake. On the other way, it is soaring on a top and bottom line of beat up 13 and a half percent and operating margins coming in well above Wall street expectations. Snowflake also giving some strong guides. Anybody here with a hot take on Snowflake?

[Dan Nathan]

This is One of those ones that was left out of this kind of AI trade, when you think about what they do, is not anything particularly sexy.

[Brian Sullivan]

Right.

[Dan Nathan]

And so, you know, for the company that doesn't break out generative AI, you want to see that sort of growth that they have in certain platform groups or whatever that's kind of bolted on within there. And so, you know, that sort of beat, that sort of raise, you know, it kind of goes the other way to the crowdstrike. You're talking about a stock that's trading 100 times earnings. If it's not perfect, then you're going to see the stock trade off like this. This was obviously good quarter, good guidance. They beat on the metrics that really mattered to investors. And it doesn't matter. This trading 150 times earnings, I mean, that's at least what the stock's telling you right here.

[Guy Adami]

If you're a stock that trades at this type of valuation, you better beat. You better guide up. And it looks like it was a good quarter, so they're getting rewarded for it. So low expectations there and higher expectations.

[Brian Sullivan]

Let's go a little deeper into that. Danny, I love your idea because you're not a software expert, but, you know.

[Guy Adami]

Trading, you know, market correct margins are the number one.

[Brian Sullivan]

So where. Where does a name like this have to come in to be hot or not?

[Guy Adami]

Well, don't. No one's valuing it on this earnings report. They're valuing it on the out years, obviously. So they're extrapolating this margin improvement. Can it keep going? And they're looking at that a couple of years out the same way they are many of these tech stocks that are out there. So dream the dream.

[Danny Moses]

Buy the stock to 35 from February of 2024 was a level that we traded down from precipitously. That's where it should get to. And fell on the back of this quarter.

[Brian Sullivan]

No two are the same. They say who's.

[Danny Moses]

They don't use. I mean, when my grandmother used to say to me, little guy, they're all wearing those. They're all doing this. I said, grandma. Don't use bleeping pronouns with me.

[Brian Sullivan]

I'm sure you said that. She smacked you in the side of the head. All right, coming up, new updates in a major streaming battle. Fast Money is back at 2. We are live at the NASDAQ market side in Times Square with the rhetorical they. My name is Josh Brown. The best stocks in the market is very simple. These are stocks with good fundamentals. A great story and Technically, they're in the process of rising higher. Everyone needs to invest. The cost of living goes up every year. The purchasing power of the dollar goes down. Assuming we're all going to be here for a very long time, we're going to need more money. The stock market is how that happens.

[Chris Rollins]

Join Pro for exclusive access to Josh Brown's best stocks in the [e-mail] Best Stocks.

[Brian Sullivan]

All right, welcome back. We got a new update in the streaming drama between Google and Fox. Julia Boorstin, what's going on?

[Julia Boorstin]

Well, the latest update is that the blackout has been averted for now at the 5pm deadline for YouTube TV and Fox to resolve their negotiation. YouTube posted on X quote, We've reached a short term extension with Fox to avoid service disruption for YouTube TV subscribers while we work on a new agreement. We're committed to advocating on behalf of our members and we'll keep you posted on our progress and what's at stake in this negotiation. Here is whether YouTube TV's estimated 9.4 million subscribers lose access to Fox's dozen channels. FCC Chair Brendan Karp posting on X yesterday that Google should get a deal done saying, quote, millions of Americans are relying on YouTube to resolve this dispute so they can keep watching the news and sports they want. Now, sports are certainly in focus with the Texas Ohio State game Saturday and then the NFL starts next week. Of course, YouTube has the NFL Sunday Ticket package. All of this puts pressure on the two parties. The other looming threat, President Trump could get involved to ensure subscribers have access to Fox News. This conflict speaks to the growing power of YouTube TV and its whole category of streamers offering skinnier bundles. It also speaks to the potential complication of these new streaming apps. Fox has a newly launched Fox one app which is available both a la carte and also to pay TV subscribers. So we'll see how that applies gets folded into this deal. Now in the meantime, YouTube said it would give its subscribers $10 to watch Fox One if there is a meaningful blackout. So interesting nuance situation there, Brian.

[Brian Sullivan]

So we think that we're inching creeping whatever toward a solution is the bottom line.

[Julia Boorstin]

Yes. So, so this is the kind of thing where either there would have been a blackout right away or now they give themselves a little buffer between now and Saturday to get the deal done without a blackout. I would expect that no matter what happens, there will not be a blackout on Saturday so those 9 million plus subscribers can watch the football game. So I think there's certainly a ticking time here, but it's not Necessarily today. It's really Saturday.

[Brian Sullivan]

Julia Boorstin, thank you very much. You got number one Texas, Arch Manning going up against number three, Ohio State. Biggest first game, I think, ever. And I think Ohio State's gonna just smoke them.

[Danny Moses]

I agree.

[Brian Sullivan]

And I don't want to say that I'm not. I don't like that.

[Danny Moses]

It gives me no pleasure. But I am so with you on that. I think Texas is setting themselves up for embarrassment. I know it's a large state, but I love the Ohio State.

[Guy Adami]

That line is one and a half. That should scare you if you're gonna take Ohio State. So you and I will do a little. I'll do a little Texas. You're wearing Texas tie, obviously, so.

[Brian Sullivan]

But you Texas crushed. I don't like Ohio State. College football's been ruined by ni. I'll still watch it.

[Guy Adami]

Can we just talk about how important the sports content is on the streaming network? We're talking about NFL season, ncaa. That's what it's all about. And once you were to turn off YouTube and go watch it somewhere else, you're probably not coming back.

[Brian Sullivan]

And Julia was talking. It's a great point. I didn't mention it by accident. I mean, Julia Bors was about Fox News. I get the importance of news, but let's be clear. News is a little kid in the rumble seat of sports. I mean, sports is the boss when it comes to these programs, right?

[Guy Adami]

For sure.

[Dan Nathan]

Well, the question is, what has more leverage? Just content or distribution? I mean, we've been talking about this again and again and I just think that this is going to get solved.

[Brian Sullivan]

Right?

[Dan Nathan]

Probably on the 11th hour one way or another. But you know, this is going to be a really interesting concept going forward because you've seen this kind of disintermediation of these streaming services and the bundles going away and all that sort of stuff. I think ultimately I know that everyone says contact content is king. I think streaming distribution is going to be more important in the distant future.

[Brian Sullivan]

Who wins?

[Dan Nathan]

I think streaming distribution wins because the generation. Well, the generation of content. You just said it. Outside of sports is really. It's nothing. I mean, like anybody's going to be able Netflix and be making AI shows in the not so distant.

[Brian Sullivan]

You can't. To your point, you can't. I think guys brought this up a couple of shows ago. You can't find games. You don't know where any game is anymore. So people have. They all buy their pockets of their percent of seasons, but you have no idea where you're Watching. I believe this is a number. Don't. As Guy Adami would say, don't at me.

[Guy Adami]

By the way, you go any, any gambling app you want, it tells you exactly where that game is.

[Brian Sullivan]

But by the way, that's your new TV guy.

[Guy Adami]

That's your new TV Guide.

[Brian Sullivan]

Because I think some of the tax changes on gambling losses are going to hurt Fanduel and DraftKings. But whatever. You know how many net or streaming services and networks you have to have access to to watch? If you want to watch every NFL game this year, you know how many channels you have to have access to?

[Dan Nathan]

5.

[Brian Sullivan]

I think it's 9. 9. No.

[Dan Nathan]

NFL Networks now part of ESPN. You got Netflix, you got Amazon.

[Brian Sullivan]

So that would make Grass so correct. If you count in the role.

[Dan Nathan]

When are we getting to Danny's orgy?

[Brian Sullivan]

That's next. By the way, it's a. It is a nuclear party from.

[Guy Adami]

I don't even know what that is.

[Brian Sullivan]

Exuberance. We're going to talk about nuclear. The move in some of these stocks and why a big conference coming up in Europe could be a catalyst for the trade. Danny has that ahead.

[Chris Rollins]

Missed a moment of fast. Catch us anytime on the go Follow.

[Brian Sullivan]

The Fast Money podcast. We're back right after this. All right, welcome back. We are getting updates from videos. Conference call. Christina, I know you've been listening in. What are some of the highlights?

[Christina Parsonnellis]

The first one goes to Steve Grass's question and it was about sovereign AI. He did put a number on the call management saying that they are seeing $20 billion in sovereign AI revenue this year, which is double that of just last year. Jensen Huang is currently speaking about CapEx spending from the four large cloud service providers, or hyperscalers, whatever you want to call them. He was saying that that has doubled. Their spending has doubled just in the last two years. He's saying the number is now $600 billion per year. He is predicting that in five years time that opportunity will grow to $3 to $4 trillion for Nvidia. Why is that? He is saying that yes, the cloud service providers are spending, but there's tons of other enterprises around the globe that are spending on Nvidia products to build on their locations on prem. And so that is why he's saying there's still a lot more opportunity again driving that bull narrative. That demand is not slowing down anytime soon.

[Brian Sullivan]

Guys, anybody got a take on the news that Christina just gave? I mean, the sovereign spend is what's key for me is they're trying to mitigate the losses that they have or at least offlay them for now until China's resolved. And sovereign, how many sovereigns have as deep pockets as the Saudis? I'm not sure if that money's a reliable source for me. Okay, fair point, fair point. All right, Christina's going to keep listening in. We'll flagellate wildly. She wants to come back on the air soon. All right, meantime, another chair. I can, could, I could see you, Christina. All right, here's another check on how today closed out. Stocks climbing. The S and P closing at a new record high. The dow jumping about 150 points again. These are all new records for the NASDAQ Dow and S&P 500. MongoDB, a name we talked about last night, surging all day, in fact gaining steam through the day. MongoDB up 38% today. It gave an upbeat forecast a big growth in customers. Some more after hours action. Urban Outfitters dropping after reporting their numbers. You got five below that stock actually going up 3%. Pure storage 14%. Danny Moses, we were talking about this before the show began. I mean how could people. Why are these stocks moving 14%?

[Guy Adami]

You couldn't have misunderwrote these things that much. There's no way that those numbers without looking at all of them could move. This could make those stocks move that much. But I guess people are re underwriting in real time. You see this option activity in these stocks pre earnings release. They're massive. So they play huge moves. You have a lot of market makers that are in there probably cut short at certain times on the stock. Who knows. But I find it hard to believe that these stocks without going through each one don't settle back in at a level.

[Brian Sullivan]

So all right, meantime let's talk energy because the uranium ETF URA has nearly doubled off its April tariff related lows. This red hot summer for the space comes to a close. Danny Moses looking forward to one big event.

[Guy Adami]

This is not new. You guys have been talking about on the desk. You got people that have been following uranium nuclear now for years. And I feel like it's now all coming to a head. So you have the World Nuclear Symposium in London. I'm sure you'll be there on September 3rd through the 5th. But this is one of those conferences where actually deals start to get done. So if you like the AI trade and you think it's real, something's got to power it. I think we're at an inflection point. The miners themselves in uranium are now cut back production. So you like to Play these things. You can play it many ways through the miners themselves or through spot uranium. I play it through sruuf, which is a trust which owns uranium. So I think this thing is a long way to go. And tell me one issue in this world right now that has bipartisan support. It's nuclear. People don't think of enriched uranium anymore. They think of it as a safe, clean energy and way to power the grid.

[Brian Sullivan]

I will not be at the world Nuclear Symposium. I wish I will be in Europe up for energy conference in a week and a half though I will say that we talked on our show today, power lunch about Oklo. Oklo. All that stock has done is go up 1000% in a year. Guy Dami, even you are impressed by that.

[Danny Moses]

Look at me.

[Guy Adami]

You're going nuclear.

[Brian Sullivan]

Yeah. No, but I mean are you playing into the camecos? You playing any of the. Those are a little bit the new scales.

[Guy Adami]

Those trade a little bit of a premium. If you actually play these trusts that trade at a discount to underlying. So. So I think the price of uranium is going to go higher. So I'd rather play the conservative way to do it which is discount to Navy.

[Danny Moses]

You are a. If you want to play the home game, just strict uranium etf. I think it just made an all time high.

[Brian Sullivan]

Yeah. And I don't, I hate to put politics in the show but I will say that the secretary of energy all in on uranium used to be on the board of Oklahoma before he took this current job. This is. There's only a couple of companies that are in nuclear that was left for dead years ago. Everyone's like we gotta close down nuclear. And now everyone's like rushing back and like Terra Wolf's another name. Wulf. They just made a big deal with Alphabet last week. These names have been red hot. All right, coming up, from nuclear to Uncle Hershel, the latest logo drama around Cracker Barrel. That's ahead. All right. Nvidia certainly is the big name stock of the day, but it's not the story everybody's talking about. That of course is fast food or excuse me, restaurant giant Cracker Barrel. Cracker Barrel scrapping its new logo after unveiling. The new logo about a week ago comes after a backlash from some spanning from social media all the way to President Trump critics suggesting that dropping the chains. Uncle Herschel character, that's him on the left leaning against the barrel, that's the new logo on the right. It's unclear if there are crackers in that barrel. Cracker barrel stock jumping 8% today after the company said they're listening to their customers and they're going to keep the old logo. Steve Grasso, Cracker barrel actually up 14%. I know people are saying why are you talking about. It's a nonsense story. The stock is crashed and then it's come back. Just let's look at how what an opposite turnout from Target. Target wound up offending both sides, progressives and conservatives. This one was sort of a flash in the pan. I can't remember ever talking about this stock on air. It got an unlimited amount of publicity. Publicity. I think you should just sort of stay out of politics for corporations. But they seem to have navigated this properly but pretty well. If you take a three year chart, it's been on, it's been a mess, it's been a disaster. So today, well, listen, the book has still not been written on the CEO Julie Fells Messino went to where, Miami of Ohio.

[Danny Moses]

Sure. I believe Ben Roethlisberger.

[Brian Sullivan]

He did, as did my wife. So I think there's a lot of people that are going to be going to Cracker Barrel to say what's all this hubbub? Yeah, they want to check it out themselves. So I think they're, I think next quarter their numbers should probably look better than they looked last quarter. You are from Cracker Barrel country down there.

[Guy Adami]

I've been, I've been to many of them. Never thought of it as anything. It's just a, you know, nice place to eat off of the exit. I will say though, this is probably going to be the playbook now. Other companies are now in the boardrooms like let's do something where we can kind of mess things up, pretend to change things or whatever. But.

[Brian Sullivan]

But they were going to. Yeah.

[Danny Moses]

Whether they were or not. I mean, think about the amount of time people have been talking about a company that nobody ever talked about in the lens of a publicly traded company. To Steve's point, a stock that had to do something was $180 stock four years ago. Cascading lower. By the way, my wife. Great song from the who, written by John Entwistle.

[Brian Sullivan]

That's nice. Let's get more to chew on now besides chicken fried steak, whatever that is. Chipotle CEO Scott Boatwright joining Mad Money for an exclusive interview. That all starts at 6pm Eastern time. Jim's going to ask Boatwright about whether Chipotle's menu is too expensive for consumers. Here's a preview of what he said. Average Chipotle burrito across America today in Restaurant is still under $10. And I think it's still an extraordinary value. And I think about value, you've heard me talk about this in the past as benefit over price. And what I want to do is continue to hold price constant and lean into the benefit of the offering. And I know there's more we can do around the occasion and make sure we're delivering or exceeding guest expectations both in restaurant and in digital. Chipotle shares guys down 23% over the past eight weeks. So they lost their CEO. The CEO also went where? Miami. Of Ohio.

[Danny Moses]

Oh, I thought you were going to say went to Starbucks.

[Brian Sullivan]

No, with Julie Fels Messino.

[Danny Moses]

How do you know this?

[Brian Sullivan]

Because my wife went there.

[Danny Moses]

Did she know both these gentlemen?

[Brian Sullivan]

She knew Brian Niccol, not Julie Messino. What are you trying to say?

[Danny Moses]

I'm just curious. He brought it up.

[Brian Sullivan]

All right, coming up, we're going to check back in on the Nvidia conference call. Christina Parsonevil, listen in. We got the trade. We got more news, more headlines right after this. All right, we've got to get more on Nvidia These stock story of the day. The stock's still down. It's about 3%. Christine, been on the call. We're going to ask you what you heard.

[Christina Parsonnellis]

We've heard before Jensen Huang say that China's worth $50 billion. He reiterated that. But what was surprising is that he said the Chinese market could grow literally 50% year over year like they've seen in other markets. He also pointed out, and I quote, I think the opportunity for us to bring Blackwell to the China market is a real possibility. Blackwell is the next iteration of chips that are more advanced than the H20s. There have been rumors that they've been working on a specific B31. So Jensen Huang, the CEO, is insinuating that they may get the green light from the White House to ship even more advanced chips to China, which would definitely be an extra stream of revenue so that they could tap in to that $50 billion market.

[Brian Sullivan]

All right, Christina, thank you very much. Bring back in Susquehanna Financial Group's Chris Rowland with more. You've been listening in. What's your take on that China or anything you anything you want to talk about?

[Chris Rollins]

Yeah, I mean, he, Jensen has made some really big claims around Total Capex and the opportunity for AI and talking about hyperscalers doing trillions in Capex with them potentially should get the market enthusiastic, I think. Additionally, we've been combing through the 10Q and we found that there was a 23% customer. So someone is buying almost a quarter of Nvidia's entire revenue, which is going to be very interesting to dig into who that is.

[Brian Sullivan]

Chris, thank you very much. Really appreciate your flexibility and time that I did. Nathan.

[Dan Nathan]

Yeah, the customer concentration, I mean, it could be, you know, X, AI or something. I mean, like at the end of the day we know that there's five or six, six big buyers. It could be open. I used have all these data center builds. The problem that I have right now with the stock is that, you know, you're not seeing a huge reaction one way or another to this data center. Ms. But we haven't seen data center Mrs. Right. And so if they start to see, you know, slowdown in Capex, if you start to see issues as it relates to China, I mean, the idea that they're going to start shipping Blackwell when they're not even shipping the twenties there right now, and this is in the middle of this trade dispute with China. I'm not sure this gets much better. Yeah, they're taking a vig, but at the end of the day, this is rare earth materials versus AI chips and I'm not sure who has the leverage here right now and I don't know if it's us.

[Brian Sullivan]

All right, up next, your final trades. Super fast, final trade time. Steve, I went with the drone company on this on D S for Sprott.

[Guy Adami]

Physical gold P Hys but this time Sprott uranium, sru us.

[Dan Nathan]

Yeah, Nvidia. If you're looking at the post earnings price action in Microsoft and Palantir, I wouldn't be buying Nvidia this day.

[Danny Moses]

Do you have a reader or something to do? We have like 22 seconds.

[Brian Sullivan]

Yeah. What's the hurry?

[Danny Moses]

Well, I mean, why are you rushing us?

[Dan Nathan]

We get caught up.

[Danny Moses]

Shout out to Miami of Ohio. What are they? The fighting what?

[Brian Sullivan]

Red Hawks.

[Danny Moses]

The fighting Red Hawks.

[Brian Sullivan]

Not the fight, it's the Redhawks letter. Citigroup. Hey, you got a bunch of time, Brian. I love it. That's it for. That's it for Fast Money. Mercifully, Mad money starts right now.

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[Brian Sullivan]

Everyone needs to invest. We're gonna show you exactly where the best stocks are and what's happening with them in real time time.

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