Podcast Summary: CNBC's "Fast Money"

Episode: Semi Stocks Diverge… And Jobs Report Impact On The Fed
Date: September 5, 2025
Host: Melissa Lee
Panel: Tim Seymour, Carter Worth, Mike Koh
Special Guests: Tony Wang (T. Rowe Price), Dr. Scott Gottlieb (Former FDA Commissioner), Ben Emmons (FedWatch Advisors)

Episode Overview

This episode unpacks dramatic moves in semiconductor stocks—Broadcom and Nvidia—along with the broader implications for tech, markets, and the economy. The show also analyzes a pivotal jobs report and its impact on Federal Reserve policy, surging gold, a record dip in mortgage rates, and notable sector stories including troubling news for Tylenol-maker Kenvue, Lululemon's stock tumble, Tesla's gigantic proposed pay package for Elon Musk, and market reactions to S&P index reshuffles.

Key Discussion Points & Insights

1. Semiconductor Stocks: Broadcom Surges, Nvidia Sinks

Segment Start: [01:02]

• Broadcom (AVGO) hit a record high, surging over 9% on news of a $10 billion AI chip order, widely believed to be from OpenAI.
• Nvidia (NVDA) fell more than 4%, notching its sixth down day in seven sessions, now down 8% since its recent earnings.

Panel Analysis

• Tim Seymour ([02:53]):
  • “Broadcom is extraordinary...The price action as a function of that order is what you wanted to see as an investor.”
  • Notes that Nvidia's numbers were also strong, but the sector saw rotation and both stocks are longer-term winners.
• Mike Koh ([04:12]):
  • “Nvidia...outright said...the growth rate was going to slow in the future.”
  • Broadcom’s projected growth rate now justifies a higher multiple.
• Carter Worth ([05:05]):
  • “It’s in principle a bullish thing, but the stock closed on the low...it couldn’t stick its landing—a great gymnast trips and then lands versus wobbles. It wobbled badly.”
  • Predicts Broadcom may fill the gap from its pop.

Broader Tech Take

• Microsoft also struggled, reinforcing rotation out of mega-cap growth stocks ([06:04]).
• Seasonal expectations of a September pullback in big names seem to be materializing.

Notable Quote

"The SOX still has not exceeded its July high. That's a problem."
— Carter Worth ([05:45])

2. Expanding Tech/AI Market – Interview with Tony Wang (T. Rowe Price)

Segment Start: [09:26]

• Tony Wang sees Broadcom’s win as both real and sustainable due to its diversifying customer list and AI acceleration:
  • “It is lifting, like, a lot of boats...but increasingly the compute is getting harder to do and so it really plays to the number one in GPUs and...custom Asics.” ([10:56])
  • He sees total addressable market (TAM) expansion benefiting both Nvidia and Broadcom.
• Panel Q&A: On whether to bet on semis or tech ex-semiconductors for the next 12 months:
  • Wang: “We are still in the build out phase for infrastructure and semis essentially is the backbone of technology...It’s a very attractive setup in the industry overall.” ([14:10])

3. Tesla’s Proposed $1 Trillion+ Pay Package for Elon Musk

Segment Start: [15:46]

• Tesla board wants to give Musk up to 423 million additional shares, requiring the company to hit an unprecedented $8.5 trillion market cap with aggressive operational targets.
• Tim Seymour ([16:41]): “So far [concentrated control] has been the case for shareholders. Let’s not argue. There's no question that giving this man more control...has led to more share gains in the past.”
• Mike Koh ([18:03]): “...only two companies in history...Tesla and Broadcom...achieved that kind of geometric growth for a pay package. If you’re going to try to do that again, you have to pick the person who's at the helm, and he's...already at the helm of this one.”
• Carter Worth ([19:05]): Warns perspective: S&P 500’s total market value at 1987 peak was $2T; $8.5T is massive and probably unlikely.

4. Kenvue (Tylenol Maker) Tumbles on Autism Report Rumor

Segment Start: [20:30]

• Kenvue drops more than 9% after news the HHS may link Tylenol taken during pregnancy to autism.
• Dr. Scott Gottlieb ([21:27]):
  • “This has been a very carefully studied question...no causal link between Tylenol use in pregnancy and autism.”
  • Concern that HHS public statements could embolden plaintiff litigation and put pressure on vaccines/pharma.
  • Warns that if HHS report links vaccine adjuvants (like aluminum) to autism, it could destabilize the pediatric vaccine market and injury compensation program.
• On confusion in public health guidance ([23:30]):
  • “Not just confusion around the guidelines...but also friction in the marketplace. Pharmacies and doctors…unsure how they could dispense these products.”
• On RFK Jr.: Aggressive posture at hearings may be White House–sanctioned “combative style” ([25:41]).

5. S&P Index Changes & Robinhood’s Inclusion

Segment Start: [28:37]

• Robinhood, Applovin, Amcor to join S&P 500.
• Mike Koh: “I do like it...a more appropriate addition than other names mentioned.”

6. Housing Market Booms as Mortgage Rates Tumble

Segment Start: [31:21]

• 30-year fixed mortgage rates drop to 6.29%, lowest in nearly a year, boosting homebuilders and home-related retail stocks.
• Tim Seymour ([31:47]): Likes Home Depot and Zillow (“peripherals, especially those with great charts, are actually worth owning here”).
• Carter Worth: “It’s a bearish reversal. HELOC loans are coming down, people…putting that capital to work.”
• Mike Koh: XHP (housing ETF) is an easy way to play the move; “It’s really just about a theme and some delta.”

7. Jobs Report Analysis and Fed Reaction

Segment Start: [33:26]

• Jobs data came in soft; stocks reversed earlier gains on fears of economic slowdown.
• Ben Emmons (FedWatch Advisors) ([33:52]):
  • “There’s a little bit of a turn higher [in GDP and PMI data]...setting ourselves up for a stronger fall period as the Fed follows through on cuts.”
  • On inflation: Hot CPI next week could disrupt the market expectation for rate cuts ([35:07]).
• Gold Outlook:
  • Tim Seymour: “Gold’s got 30 to 40% [upside] in the next two years. I think the gold trade’s not late in its life and I think it’s picking up momentum.” ([35:55])
  • Ben Emmons: “You could play this long gold, short dollar trade here...”

8. Stock Stories: Lululemon and Republic Services

Segment Start – Lululemon: [38:31]
Segment Start – Republic Services: [42:16]

• Lululemon drops nearly 19% to March 2020 lows after weak guidance and tariff costs:
  • Melissa Lee: Notes management’s emphasis on lack of new products ahead of the key holiday season; international business (esp. China) is holding up.
  • Tim Seymour: Warns on “saturation of the athleisure trend,” rising CapEx, and compares risk to other once-hot brands (e.g., Under Armour, Crocs). “I wouldn’t go near this one.”
  • Carter Worth: “Never over until a stock bases and bottoms...when you’re in an established downtrend…resist the temptation to buy.”
• Republic Services (RSG):
  • Carter Worth’s chart analysis flags a technical top, recommends trimming or selling the stock ([43:12]).
  • Mike Koh: Low implied volatility makes long puts attractive.

Notable Quotes & Moments

• On Broadcom’s Pop:

  “[The] stock closed on the low…a great gymnast trips and then lands versus wobbles. It wobbled badly.”
  — Carter Worth ([05:05])

• On Tesla’s Pay Package:

  “You have to pick the person who is at the helm of [explosive growth] and [Musk] is...already at the helm of this one.”
  — Mike Koh ([18:03])

• On HHS Autism Report:

  “This has been a very carefully studied question…no causal link.”
  — Dr. Scott Gottlieb ([21:27]) “If that program becomes bankrupted…that could put at risk the ability of manufacturers to continue to market pediatric vaccines.”
  — Dr. Scott Gottlieb ([25:41])

• On Gold:

  “Gold’s got 30 to 40% in the next two years…I think the gold trade’s not late in its life.”
  — Tim Seymour ([35:55])

Timestamps for Key Segments

• Semi Stocks Diverge: [01:02] – [08:34]
• Tony Wang on Tech/AI TAM: [09:26] – [14:39]
• Tesla’s Mega Pay Package: [15:46] – [19:20]
• Kenvue/Autism Report & Dr. Gottlieb: [20:30] – [28:33]
• S&P Index Additions: [28:37] – [29:54]
• Housing/Mortgage Rates Drop: [31:21] – [32:58]
• Jobs Report & Fed Reaction: [33:26] – [37:40]
• Lululemon Plunge: [38:31] – [41:45]
• Republic Services Chart Call: [42:16] – [44:15]
• Final Trades: [45:07] – [45:43]

Final Trades (Rapid Fire)

• Mike Koh: Gold (GLD)—call spread risk reversals ([45:07])
• Tim Seymour: Zillow—bullish on certain housing peripherals ([45:30])
• Carter Worth: Short RSG (Republic Services); trim long positions in waste stocks ([45:36])

Conclusion

This episode delivers a robust survey of pivotal tech and macro developments, illustrated by sharp, actionable trader insights, expert guest commentary, and lively debate. Key takeaways include a nuanced diagnosis of semiconductor market moves, cautionary tales in consumer and health sectors, and strategic positioning for evolving Fed and rate environments—as always, delivered with the frank, market-savvy tone Fast Money fans expect.