S&P Closes in on a New Record After the Fed Cut and Oracle Drops after Earnings 12/10/25

CNBC "Fast Money" — Episode Summary

Date: December 10, 2025
Host: Melissa Lee
Panel: Tim Seymour, Dan Nathan, Guy Adami, Michael Schumacher (Wells Fargo Securities), Seema Modi, Steve Liesman (CNBC), Karen, Gene Munster (Deepwater Asset Management)

Overview

On a pivotal market day, the "Fast Money" team discusses a surge in stocks as the Fed enacts its third and final rate cut of the year, moving the S&P near record highs. They break down the Fed's decision, liquidity measures, debate the implications for fixed income and precious metals, and analyze the sharp drop in Oracle shares post-earnings. The episode touches on sector rotation, AI tech malaise, and pressing headlines from Netflix, Nvidia, Pepsi, Amazon, and Coca-Cola.

Key Segments & Discussion Points

1. Markets React to the Fed's Rate Cut

[00:47 - 18:59]

Fed News:
- The FOMC cut rates by 0.25%, setting a new range of 3.5%-3.75% (9-3 vote).
- Fed signaled possible pause, projecting only 1 cut in 2026; dot plot remains hawkish.
- More surprising: The Fed announced it would start buying $40 billion of T-bills soon, to maintain ample reserves and respond to system liquidity needs.
Panel Reaction:
- Debate: Was this a “hawkish cut” or a dovish signal for markets?
- Steve Liesman explained the liquidity move as a plumbing fix for repo market tightness, not classic QE, but acknowledged it would add liquidity.
- Melissa Lee pressed: “Call it what you will. I call it QE.” (04:16)
- Michael Schumacher (Wells Fargo): “Despite the...fog of having no data, the Fed cut. What does that tell you?...the door is open.” (11:07)
- Guy Adami: This move is “bond bearish but precious metals bullish...if we're going down this QE route, gold should continue to move.” (11:44)
- Small caps hit a record high as risk rallied across sectors, indicating market optimism.

Notable Quotes:

Steve Liesman (on T-bill buying):
“Powell insisting this is not quantitative easing, but the Fed maintaining the size of the balance sheet relative to the economy and providing liquidity...” (03:47)
Melissa Lee:
“Call it what you will. I call it QE.” (04:16)
Guy Adami:
“This is definitely precious metals bullish, in my opinion...gold should continue to move.” (11:46)

Timestamps:

[00:47-04:32] — Fed decision explained (Melissa Lee, Steve Liesman)
[05:11-08:30] — Liquidity measures and plumbing issues (Tim Seymour, Steve Liesman, Karen)
[11:07-14:00] — Is the Fed done? Dovish/hawkish debate (Michael Schumacher, Guy Adami, Steve Liesman)

2. Oracle’s Earnings Miss and AI Cloud Capex Concerns

[19:19 - 26:52]

Oracle earnings recap:
- Revenue miss; sharp after-hours drop (~10%)
- Capex projected at $12 billion, up sharply Q/Q; financing needs scrutinized
- Guidance/investor focus on ability to fund massive AI-cloud buildout
- RPO (Remaining Performance Obligations) up, but market skeptical after a previous “one customer pop”
- Executives stressed “chip neutrality” and flexibility beyond Nvidia (notably adding AMD)
Panel and Reporter Insight:
- Seema Modi: Highlighted investors’ focus on financing options, and skepticism—even amid a strong backlog.
- Tim Seymour: “...focus is too much on the business ahead rather than the business that's here now...OCI was good. I think there's a room for this to bounce.” (23:00)
- Guy Adami: Capex spend/free cash flow worsening (“negative $10 billion is a problem”) is a red flag for the market. (23:53)
- Dan Nathan: If Oracle “can't finance the buildout, they're not going to get the revenue. That's what the market is calling BS on now...” (22:04)

Timestamps:

[19:19-21:56] — Oracle’s revenue and capex call (Melissa Lee, Seema Modi, Michael Schumacher)
[21:56-24:55] — Panel on RPOs, financing strategies, and business model
[24:27-25:24] — How “bring your own chips” shows creative financing (Seema Modi, Tim Seymour)

3. AI Trade Funk & Valuations (Gene Munster)

[33:13 - 41:00]

Oracle as AI bellwether:
- Munster: Oracle’s in-line results and strong backlog aren’t enough—the “AI trade is in a funk.” Investors are exhausted, even on positive news. (33:49)
- “...I see this more as a value trap ... better alternatives out there? I look at Google or Meta as better alternatives.” (35:46)
Nvidia/China Concerns:
- Munster expects Nvidia to still gain $30B in China sales despite reports of Chinese end runs and potential government clampdowns on H200 chips.
- “...Chips are important...I see the commentary from China as more or less theater... Nvidia is going to capture probably something like 30 billion in revenue.” (37:14; 38:11)
- Blackwell vs H200 debate: “Having the most advanced chips... matters... There is a race to get to general intelligence. That can make a big difference...” (39:49)

Timestamps:

[33:13-36:33] — Munster on Oracle, AI trade exhaustion, valuation
[36:33-41:00] — Nvidia, China, and the “chip race” implications

Notable Quotes:

Gene Munster:
“Investors are just shrugging it off and not just like mildly shrugging it off. Oracle is down... It just really captures... we're just in a funk right now...” (33:49)

4. Other Fast-Moving Headlines

Pepsi & Staples Rotation

[28:40 - 30:16]

Pepsi upgraded by JP Morgan to overweight, but panel prefers Coke (“I'd rather drink Coke...I would rather own as a stock.” — Tim Seymour, 29:29)
GE Vernova soars on dividend hike and strong guidance; admiration from Karen/Tim.

Netflix Falls on Warner Bros. Pursuit

[43:02 - 45:46]

Stock has dropped >10% on Warner Bros. Discovery bid.
Paramount/Skydance highlights regulatory risk for Netflix in a new shareholder letter.
Karen: Paramount is making a “compelling case,” but she expects Netflix may have to “bump” their bid.
Dan Nathan: “I think a lot of folks...were dying to buy this stock at this sort of discount.”

Amazon Expands Grocery Delivery, Hits Uber & Instacart

[45:46 - 47:17]

Amazon to expand same-day grocery to >2300 cities.
Guy: “I'm canceling [Instacart] today... Uber sell off ...is too much... I think Uber's a buy right here.”
Discussion: Is this market share grab profitable for Amazon or anyone?

Coca-Cola CEO Transition

[31:31 - 33:13]

James Quincy to become executive chairman; COO Enrique Braun to take the CEO role in March 2026.
Tim Seymour: remains bullish (“They do [change] efficiently. So I like it.”)

Notable Quotes & Memorable Moments

On the Fed’s intentions and market implications:
“Call it what you will. I call it QE.” — Melissa Lee (04:16)
On AI trade exhaustion:
“Investors are just shrugging it off and not just like mildly shrugging it off. Oracle is down... we’re just in a funk.” — Gene Munster (33:49-34:34)
On the market rally: “This was a growthy Fed today...barbell in the market...small caps have a ball with your 1% position...” — Tim Seymour (16:59)
On Oracle’s business model and capex:
“If they can’t finance the build out, then they’re not going to get the revenue. That’s what the market is calling BS on...” — Dan Nathan (22:04)

Timestamps: Key Segments

Fed Cut & Market Reaction: 00:47 – 18:59
Oracle Earnings Breakdown: 19:19 – 26:52
Staples & Market Rotations: 28:40 – 30:16
Nvidia/China/AI with Gene Munster: 33:13 – 41:00
Netflix/Warner Bros. Bidding War: 43:02 – 45:46
Amazon Rattles Delivery Stocks: 45:46 – 47:17
Coke CEO News: 31:31 – 33:13

Final Trades [48:11+]

Michael Schumacher: Long EUR/USD (targets 1.22-1.23)
Tim Seymour: Play copper miners (COPX) on copper’s rally
Dan Nathan: XLE as a breakout candidate
Guy Adami: Stay with energy (Exxon Mobil, XOM)

Conclusion: Key Takeaways

The Fed’s “hawkish cut” and unexpected liquidity move gave markets a strong tailwind, driving small caps to record highs and sparking debate about the direction and risk/reward for bonds, gold, and stocks.
Oracle’s AI cloud ambitions and soaring capex exposed investor doubts about financing and profitability—even amid eye-popping backlogs.
The panel sees a fickle market mood around AI tech, upstream liquidity effects, and shifting sector leadership.
Netflix’s Warner Bros. bid, Amazon’s delivery push, and staples rotations will influence the next moves for high-profile stocks.

This summary covers all major discussions in the episode, with key quotes and timestamps for deeper listening or reference

CNBC "Fast Money" — Episode Summary

Overview

Key Segments & Discussion Points

1. Markets React to the Fed's Rate Cut

[00:47 - 18:59]

Fed News:
- The FOMC cut rates by 0.25%, setting a new range of 3.5%-3.75% (9-3 vote).
- Fed signaled possible pause, projecting only 1 cut in 2026; dot plot remains hawkish.
- More surprising: The Fed announced it would start buying $40 billion of T-bills soon, to maintain ample reserves and respond to system liquidity needs.
Panel Reaction:
- Debate: Was this a “hawkish cut” or a dovish signal for markets?
- Steve Liesman explained the liquidity move as a plumbing fix for repo market tightness, not classic QE, but acknowledged it would add liquidity.
- Melissa Lee pressed: “Call it what you will. I call it QE.” (04:16)
- Michael Schumacher (Wells Fargo): “Despite the...fog of having no data, the Fed cut. What does that tell you?...the door is open.” (11:07)
- Guy Adami: This move is “bond bearish but precious metals bullish...if we're going down this QE route, gold should continue to move.” (11:44)
- Small caps hit a record high as risk rallied across sectors, indicating market optimism.

Notable Quotes:

Steve Liesman (on T-bill buying):
“Powell insisting this is not quantitative easing, but the Fed maintaining the size of the balance sheet relative to the economy and providing liquidity...” (03:47)
Melissa Lee:
“Call it what you will. I call it QE.” (04:16)
Guy Adami:
“This is definitely precious metals bullish, in my opinion...gold should continue to move.” (11:46)

Timestamps:

[00:47-04:32] — Fed decision explained (Melissa Lee, Steve Liesman)
[05:11-08:30] — Liquidity measures and plumbing issues (Tim Seymour, Steve Liesman, Karen)
[11:07-14:00] — Is the Fed done? Dovish/hawkish debate (Michael Schumacher, Guy Adami, Steve Liesman)

2. Oracle’s Earnings Miss and AI Cloud Capex Concerns

[19:19 - 26:52]

Oracle earnings recap:
- Revenue miss; sharp after-hours drop (~10%)
- Capex projected at $12 billion, up sharply Q/Q; financing needs scrutinized
- Guidance/investor focus on ability to fund massive AI-cloud buildout
- RPO (Remaining Performance Obligations) up, but market skeptical after a previous “one customer pop”
- Executives stressed “chip neutrality” and flexibility beyond Nvidia (notably adding AMD)
Panel and Reporter Insight:
- Seema Modi: Highlighted investors’ focus on financing options, and skepticism—even amid a strong backlog.
- Tim Seymour: “...focus is too much on the business ahead rather than the business that's here now...OCI was good. I think there's a room for this to bounce.” (23:00)
- Guy Adami: Capex spend/free cash flow worsening (“negative $10 billion is a problem”) is a red flag for the market. (23:53)
- Dan Nathan: If Oracle “can't finance the buildout, they're not going to get the revenue. That's what the market is calling BS on now...” (22:04)

Timestamps:

[19:19-21:56] — Oracle’s revenue and capex call (Melissa Lee, Seema Modi, Michael Schumacher)
[21:56-24:55] — Panel on RPOs, financing strategies, and business model
[24:27-25:24] — How “bring your own chips” shows creative financing (Seema Modi, Tim Seymour)

3. AI Trade Funk & Valuations (Gene Munster)

[33:13 - 41:00]

Oracle as AI bellwether:
- Munster: Oracle’s in-line results and strong backlog aren’t enough—the “AI trade is in a funk.” Investors are exhausted, even on positive news. (33:49)
- “...I see this more as a value trap ... better alternatives out there? I look at Google or Meta as better alternatives.” (35:46)
Nvidia/China Concerns:
- Munster expects Nvidia to still gain $30B in China sales despite reports of Chinese end runs and potential government clampdowns on H200 chips.
- “...Chips are important...I see the commentary from China as more or less theater... Nvidia is going to capture probably something like 30 billion in revenue.” (37:14; 38:11)
- Blackwell vs H200 debate: “Having the most advanced chips... matters... There is a race to get to general intelligence. That can make a big difference...” (39:49)

Timestamps:

[33:13-36:33] — Munster on Oracle, AI trade exhaustion, valuation
[36:33-41:00] — Nvidia, China, and the “chip race” implications

Notable Quotes:

Gene Munster:
“Investors are just shrugging it off and not just like mildly shrugging it off. Oracle is down... It just really captures... we're just in a funk right now...” (33:49)

4. Other Fast-Moving Headlines

Pepsi & Staples Rotation

[28:40 - 30:16]

Pepsi upgraded by JP Morgan to overweight, but panel prefers Coke (“I'd rather drink Coke...I would rather own as a stock.” — Tim Seymour, 29:29)
GE Vernova soars on dividend hike and strong guidance; admiration from Karen/Tim.

Netflix Falls on Warner Bros. Pursuit

[43:02 - 45:46]

Stock has dropped >10% on Warner Bros. Discovery bid.
Paramount/Skydance highlights regulatory risk for Netflix in a new shareholder letter.
Karen: Paramount is making a “compelling case,” but she expects Netflix may have to “bump” their bid.
Dan Nathan: “I think a lot of folks...were dying to buy this stock at this sort of discount.”

Amazon Expands Grocery Delivery, Hits Uber & Instacart

[45:46 - 47:17]

Amazon to expand same-day grocery to >2300 cities.
Guy: “I'm canceling [Instacart] today... Uber sell off ...is too much... I think Uber's a buy right here.”
Discussion: Is this market share grab profitable for Amazon or anyone?

Coca-Cola CEO Transition

[31:31 - 33:13]

James Quincy to become executive chairman; COO Enrique Braun to take the CEO role in March 2026.
Tim Seymour: remains bullish (“They do [change] efficiently. So I like it.”)

Notable Quotes & Memorable Moments

On the Fed’s intentions and market implications:
“Call it what you will. I call it QE.” — Melissa Lee (04:16)
On AI trade exhaustion:
“Investors are just shrugging it off and not just like mildly shrugging it off. Oracle is down... we’re just in a funk.” — Gene Munster (33:49-34:34)
On the market rally: “This was a growthy Fed today...barbell in the market...small caps have a ball with your 1% position...” — Tim Seymour (16:59)
On Oracle’s business model and capex:
“If they can’t finance the build out, then they’re not going to get the revenue. That’s what the market is calling BS on...” — Dan Nathan (22:04)

Timestamps: Key Segments

Fed Cut & Market Reaction: 00:47 – 18:59
Oracle Earnings Breakdown: 19:19 – 26:52
Staples & Market Rotations: 28:40 – 30:16
Nvidia/China/AI with Gene Munster: 33:13 – 41:00
Netflix/Warner Bros. Bidding War: 43:02 – 45:46
Amazon Rattles Delivery Stocks: 45:46 – 47:17
Coke CEO News: 31:31 – 33:13

Final Trades [48:11+]

Michael Schumacher: Long EUR/USD (targets 1.22-1.23)
Tim Seymour: Play copper miners (COPX) on copper’s rally
Dan Nathan: XLE as a breakout candidate
Guy Adami: Stay with energy (Exxon Mobil, XOM)

Conclusion: Key Takeaways

The Fed’s “hawkish cut” and unexpected liquidity move gave markets a strong tailwind, driving small caps to record highs and sparking debate about the direction and risk/reward for bonds, gold, and stocks.
Oracle’s AI cloud ambitions and soaring capex exposed investor doubts about financing and profitability—even amid eye-popping backlogs.
The panel sees a fickle market mood around AI tech, upstream liquidity effects, and shifting sector leadership.
Netflix’s Warner Bros. bid, Amazon’s delivery push, and staples rotations will influence the next moves for high-profile stocks.

This summary covers all major discussions in the episode, with key quotes and timestamps for deeper listening or reference

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Summary

CNBC "Fast Money" — Episode Summary

Overview

Key Segments & Discussion Points

1. Markets React to the Fed's Rate Cut

Notable Quotes:

Timestamps:

2. Oracle’s Earnings Miss and AI Cloud Capex Concerns

Timestamps:

3. AI Trade Funk & Valuations (Gene Munster)

Timestamps:

Notable Quotes:

4. Other Fast-Moving Headlines

Pepsi & Staples Rotation

Netflix Falls on Warner Bros. Pursuit

Amazon Expands Grocery Delivery, Hits Uber & Instacart

Coca-Cola CEO Transition

Notable Quotes & Memorable Moments

Timestamps: Key Segments

Final Trades [48:11+]

Conclusion: Key Takeaways

Summary

CNBC "Fast Money" — Episode Summary

Overview

Key Segments & Discussion Points

1. Markets React to the Fed's Rate Cut

Notable Quotes:

Timestamps:

2. Oracle’s Earnings Miss and AI Cloud Capex Concerns

Timestamps:

3. AI Trade Funk & Valuations (Gene Munster)

Timestamps:

Notable Quotes:

4. Other Fast-Moving Headlines

Pepsi & Staples Rotation

Netflix Falls on Warner Bros. Pursuit

Amazon Expands Grocery Delivery, Hits Uber & Instacart

Coca-Cola CEO Transition

Notable Quotes & Memorable Moments

Timestamps: Key Segments

Final Trades [48:11+]

Conclusion: Key Takeaways