Dan Nathan and Guy Adami break down a wild week across markets — memory stocks in freefall, Google's brutal two-day selloff, and why China's AI models are closing the gap without top-tier Nvidia chips.

Micron cratered from its all-time high of $1,255 to $800 in a matter of weeks, and the DRAM ETF whipsawed right along with it. Guy and Dan dig into whether this is a routine flush or something bigger. Google sold off 10% after Gemini news broke the hyperscaler rotation narrative, and they debate whether the moat still holds given decelerating margins and ballooning capex.

On the China front: DeepSeek raised $7B at a $52B valuation, Alibaba announced $50B in capex, and Moonshot's new model is narrowing the gap with US labs — all without access to Nvidia's most advanced chips. Dan and Guy also revisit the Nvidia-vs-component-suppliers margin debate, unpack Apple's surprising rally into earnings, and call the technical line in the sand on Netflix after its cash flow miss cut the stock in half.

Plus: a quick check on crude, refiners hitting new highs, and what's next for energy names like Exxon and ConocoPhillips.

Show Notes

Google Gemini Launch Delayed as Tech Falls Short of Internal Goals (Bloomberg)
Chinese Models vs. Frontier Models (The Daily Spark)
China’s Moonshot Unveils AI Model That Narrows Gap With US Firms (Bloomberg)

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