it is our most rapidly growing business. >> so, when we look at the outlook, we were just talking to lisa su over at amd who is raising her estimate of the total addressable market. your outlook is a bit light of what analysts were expecting, so, can you break down what your expectations are and the areas from which you feel like that demand's really going to come? >> jon, our revenue outlook for the year remains unchanged. the -- it is the same as it was last quarter. we didn't change it. that being said, there's no question with the advent of generative a.i., i think our addressable market has more than doubled, so, it's a -- addressable market is huge, there's nobody that doesn't want to talk about generative a.i., both standalone and with the application, so, i would estimate, you know, our market is more than doubled this year. >> can you say more about the go to market, and i know you

mentioned specifically that you're making some changes in europe based on what happened in the quarter, but overall, are there shifts happening in how you're going to market and even in how you're dealing with partnerships? >> yes, for example, with aws, we've made a number of announcements of our strengthening partnership with aws, and now last week, we announced the availability of c3 generative a.i. on the marketplace. you can sign on right now and order it. this is an idea, as we go from six customers to 60 customers to 6,000, to 60,000. so, that is a, you know, an opportunity for exponential growth, and this is a market, this generative a.i. is a market that you can expect us to be investing in, you know, substantially. human capital in engineers, in data science, in market development in the short-term. >> all right, down to the wire. we took an extra couple of minutes with you. tom, i know you have to get to that call. thank you for being with us on

"overtime." >> thank you, jon. >> stock's down 6.5%. that's going to do it for us here at "overtime." "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. the drop that won't stop. wti falling to its lowest level since june, now back under 70 bucks a baseball, while the yield on the ten-year keeps falling, down 90 basis points since its october peak. plus, up in smoke. british american tobacco taking a massive breakdown, saying their tradition alto back coe business has no long-term future. and later, from burned out to bouncing back, we'll break down a host of names with beautiful rebounds after sickening slides. a little trade it or fade it on these stocks coming up. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and steve grasso. we start off with a bold prediction from the ceo of semi

giant amd. lisa su saying the market for so-called a.i. accelerator chips could hit $400 billion in just the next fuhr years. that's double the estimate she gave just in august. the comments coming as amd unveiled its hotly anticipated mi-300 chip line. shares of the company up 4% earlier in the day, but closed down over a percent. kristina partsinevelos spoke with the ceo on "overtime." she's got all the headlines. hey, kristina. >> hi, melissa. the selling off may just be sell the news kind of event. but amd actually launched two versions of their a.i. chip, the x for cloud users, the a for super computers, as well as open source software which they hope will be a great compete for nvidia. the market is growing much faster than anticipated, according to lisa su, and that's why amd doubled their tote al addressable market. with that demand, you'd expect a bump in 2024 sales estimates, but i asked su this, and she

told me, they have more than enough gland to hit that $2 billion sales target, but no updates to the actual estimates just yet. listen in. >> this market is moving faster than anything that we've seen before and we've accelerated our road map, too, because we're spending a lot of time with our largest customers, and they're saying, hey, mi-30 0 is great, we love it, we are also talking about the next generation, and the next next generation. >> the takeaway from su and the analysts i spoke to at this event, many of them are behind me right now, is that this market is just so big right now, there's enough demand, enough room for more than one player. that means both nvidia, amd, and the hyperscalers like aws or meta, who are building their own custom chips. speaking of hyperscalers and cloud players. microsoft, oracle, meta, all talk about their partnerships, which is a good sign, especially since several of those players buy nvidia chips. nvidia chips, i'd like to point

out, they are great for training large language models, learning all the material, but amd aims to dominate the next part of the equation, which is inferencing, aka shooting out the answers to people's questions and chatd gpt-style format and every company wants to be able to provide that, and that's going to be the major competitive advantage for firms in the coming years. >> so, kristina, it's not that nvidia will have a lock -- they'll have the lock on the market in terms of that particular portion of a.i., but it is possible that a company will also order amd chips. so, it's not one or the other, necessarily. >> precisely. amd can provide the training part of the equation, and that's where nvidia has a stronghold. you can liken it to the pc market back in the day when you had just one player and the market grew and more and more players came in. so, it's going to be the same situation for gpus. nvidia has the stronghold. amd is coming in with the second portion of that equation, learning how to provide answers to questions and queries, and that's because their memory capacity is a little higher than

what nvidia's providing. so, yes, right now there is a market for both, but i'm a little skeptical in the, you know, three years from now, when all of these players are providing their own chips, especially when the hyperscalers do it in-house. that's the threat to amd and nvidia. and would question the crazy growth rate that we've seen in both companies. >> what's the point of updating your total addressable market by such a degree, kristina, if you are not going to update your own guidance? i don't know what that gets investors? it's this much more versus august, but the update, there's no update here on our own forecasts. >> so, i asked lisa su that, not only on camera here, but also in a press room, and i am confused about that, as well. a lot of analysts were expecting it. that probably would have helped the stock bump higher today, the fact there was no commentary about that $2 billion threshold, just saying, yeah, we're going to be on the high end. she told me in a press

conference that, yeah, we have enough demand to hit it, but there's going to be no changes just yet. the only other interesting thing, too, they are trying to speed up their road map. i asked, does that mean 12nvidi oh, it's coming. a little vague on that point. >> kristina, thank you. she's at amd's event. what did you make of that, dan? i thought that was a little puzzling. >> yeah, great question. by the time they double the tam, right, investors already figured that out. the stocks would have been trading much higher, but that's built in. if you look at amd and the move it's had over the month and a half, in anticipation of this, there's been a story every day about these chips coming out and how they're going to compete with nvidia and the like. and i'll just go back to a point, i think a lot of tams are built into the stocks right here in the valuation. we had a good conversation on monday night about how nvidia has grown into that valuation as, you know, consensus was slow. if you are looking at the trailing, it looked expensive and the like, they'll be slow to cult if there's any meaningful

competitive advantage, or there's a dropoff in demand in 2024. and those stocks will start to look expensive again. i think the tam is kind of built into the stories right now, and now it really comes down to demand. the last thing i'll say about amd, if you look at consensus for gross margin, they are expected to go up meaningfully, as they get to a doubling of their revenue. two years ago, something like that. all this stuff is really important to them. if they start getting bad performance reviews, if some of the competition heats up from even their customers are making progress than they are on their own platforms for these sorts of chips, amd does seem vulnerable right now, because it's not really reacting on any of this news. >> i think we are so early in the process, the sky is the upside for all these names. but nvidia had 85% of the market. now, you are starting to hear about amd potentially taking some of that market share. so, i think it's a sell nvidia, buy the rest of the group. >> what is the rest of the

group? >> amd would be number one. kristina said amd is probably the best nvidia. if it's going to be a data center play, and you're going to need d-ram and nan, the first thing you think about is micron. micron has been under the radar. headwinds from china, but i think that's not going to transpire, as far as cutting into 25% of their profits. micron would be my bet. >> i'm just not sure what we really learned today. we already knew these chips were out, we knew it was going to be a $2 billion assessed dynamic, we know it's about 8% to 10% of revenue total. we know where they are relative to nvidia. we know that amd is up over 80% since chatgpt came out last year. it has priced a lot of this stuff in. we are all addressing the competitive landscape, which we realize is going to change dramatically. and even intel. intel's been the best semiconductor stock to own over the last six months. if you look at semis overall. again, i go back to the group, and i think, the group started to give some ground. i'm not saying it's ready to

cave, but it's given up 5% relative to the s&p over the last 15 days of a market that's really had a major move. so, i don't want to call this a nonevent, but it's not -- >> nonevent. >> not exciting. >> right. >> makes for good tv. yeah. i think, you know, to the question about, if the tam is so much bigger, why not change your -- unless you are building as fast as you can. and that's -- that is the limiting factor, not how much the tam is. >> right. how do you view that? i mean, if you can't increase your revenues anyway -- >> i think they will be able to increase their revenue. >> eventually. >> right. but you know, she -- i think of her as somewhat playing it conservative, though she's pretty pumped up on this, i have to say. this is, like, of her kind of lifetime, this is the biggest kind of change we've seen. to get to kristina's analogy of early on in the pc business, right is there was a leader and more and more competitors, but that pie grew and grew and grew for a really long time.

maybe things happen quicker now, but i think -- this pull-back in nvidia, well, amd is hardly a big pull-back, but to me, they are just kind of at the moment sort of trading vehicles, and they will get pumped up again as we get closer to earnings, which right now, we're in the sort of, you know, limbo between earnings. and that, you know, i don't like to trade around that, but i think these are -- these are vehicles made for that. >> if you -- sorry. if you look at the technicals on nvidia, going back to june, to karen's point about trading vehicles, if you go back to june, it gives -- it runs up 50 points, 100 points, then gives it back. if you go back to june, it looks like it's setting up. already starting that decline, but it looks like it is setting up for another 50 points to the downside. >> you have to believe nasdaq 100 is going to go higher. trading vehicles to the extent they're not necessarily trading on their own fundamentals at this point -- >> yes. >> if we see a continued rotation into the value areas -- >> yes, that is a very good

point, right? i think there's a part of the valuation here that is tied up in the magnificent seven and that whole space is sort of, you know, at the moment behind, and the market is just broadening out, which i think this is a good thing. >> which is really the story of today's market, and i tonight know when we're having our markets conversation. if you think about it, we had this chat last night, about where banks can have this window of opportunity, even if you think the consumer falls under some pressure next year. so, the broadening of the market, we've been waiting for you. you can't really say it's broadened. small caps have outperformed from that move, the cpi bottom, if we're calling it that, even though the market bottom was back on october 26th, i think, of this cycle, you've seen small caps outperform the s&p by over 6%. you've seen the equal weighed s&p outperform by about 3.5. it's hard to say it's been full scale ahead. well, let's have the market conversation. >> okay. >> it was overall a muted day for the major averages, but we

noticed two key market barometers making sharp moves lower. w oil on its longest losing streak since 2018. meantime, the ten-year yield continuing to retreat, hitting a low of 4.109%, its lowest level since september 1st. is it all downhill for rates and crude? let's ask the chart master, carter worth, of worth charting. carter, what do you see? >> well, what we know is, we have the equal and opposite circumstance of just, what, six, seven weeks ago. you had crude at 95 and streaking to 105, 110, according to consensus, it's done the exact opposite. you had ten-year yields at 5% plus, higher than longer, we're going to 6%, but it's done the opposite. let's try to find the way forward. this is price. this is the futures, which you can trade on cbot, and we are rallied to a well-defined

downtrend line for the past two years. my hunch is this rally sort of pauses here, which is to say, if we look at the reciprocal chart, we look at the yield chart, yield, we've come down to a very well-defined trend line, and the thinking is, having moved six weeks, that's a long time, a fairly mature intermediate move from five plus to here, almost 4%, i would sort of be reducing my tlt longs or some of my bets in the treasury market. >> in terms of the trend line, though, is that intact, or what v at what point do you say it's broken and we're in a downtrend? >> well, it all depends on your basis. we've come down to a level where you would expect a countertrend, some bounce. do we break that trend line? again, we remain, and you will know this, of course, in the camp that rates will continue lower, oil continue lower, dollar will continue lower, and the one holdout, equities, will ultimately succumb. >> you brought some charts on oil, as well.

let's go through them. >> sure. one is a short-term, and i think it says a lot about a lot of things. at the end of q-2, 69. we're back at 69. a lot of change in rates, gdp reports. sometimes it's just price action. what we've done, we've round tripped. down there at june low, the expectations were much lower, at the highs of september, the eck expectations were 110. my hunch is we do breach this level. >> all right, which would mean a breach of what here? >> i think we're going to the low 60s. >> okay. carter, thank you. carter braxton worth of worth charting. low 60s. and rates are down, i mean, this is great for the consumer, right dan? >> yeah, well, listen, we're going to get a look at november payrolls, right? and the jobs report. and i guess the point here is that, is this reflective of the ten-year coming down the way it has, is crude, in the face of

what really, and we talked about it a lot on the degsindesk, it'd tripped that whole move. it really seems that those indicators are suggesting that things are about to slow down. and going back to what carter just had to say, i mean, the one thing that really stands out is, the s&p 500 near the 52-week highs, the vix at 13. i'll just point you to the shanghai composite. i feel like some of the stuff that's going on in kind of the non-bank lending around there, some of the, you know, as it relates to demand and the consumer and the like there, i really feel like that's going to be exported over here and basically abroad in 2024, so, i wonder if the shanghai composite down, you know, the way it is, very near 52-week lows, the fxi is down 30% from its january highs of this year. i wonder if that's a 2024 story in an environment where we are very complacent. a lot of folks got really locked into the fact that, yes, we nailed this soft landing, or, at least, the fed did, we avoided a recession, which a year ago was

nearly a certainty, if you looked at every risk asset. so, i just kind of feel like 2024 is going to be a lot harder in the stock market, you know, just look at the other risk as sets we talked about. these were not great trading environments, if you were trading yields, if you were trading commodities, fx and the like here. so, i just think that's probably a 2024 story. >> soft landing consensus seems scary at this point, tim. and that's what everybody thinks. we're going into a soft landing, the worst is behind us, we priced in all the rate hikes. >> it is always concerning, and recession, first quarter of '23 or late first quarter into second quarter was seemingly also consensus and it was very wrong. and also the labor market that, you know, dan's referring to, adp numbers, no correlation, in fact, reverse correlation to what's going to happen on friday. doesn't mean, though that the adp relative to itself, again, these are private payrolls that came out today, the three-month average is under 100,000. the six-month average is almost

200,000. so, we are seeing weakening. i think we're going to continue to see that in the payroll number. we saw the jolts data yesterday. job openings. we see what's going on. the labor market is slowing and it is actually slowing really fast, based upon the week we've had. it doesn't necessarily mean it's going to continue to accelerate at this pace lower. but if it does, it kind of gets you to a lot of places that i think a lot of people said. back to those parts of the market that are very interest rate sensitive, look at what happened to airlines. look at what's been going on with utilities. look what's going on with all these ports, i think, the market that also were big, big underperformers during the part of the year when rates were going higher and even when the rest of the market was going higher. i think you have more of that, and i think you can watch that. >> and by extension, reits. regional banks have had big moves. >> it's interesting to me, though, that normally -- not normally, in this last year, we've seen as rates come down, the magnificent seven trade really, really well. and that's actually not

happening anymore. >> as rates go up, they trade well. >> they are all-weather. but i think this broadening is really a good thing. i think that there's that dichotomy between small cap, big cap, that valuation gap was just so large and it has narrowed a little, but i still think there's a lot to go. i don't know if we're going to have a recession or not. i think that there's still value out there, as someone who has to be long, i'm always optimistic to find something, even if it ends up going down, that's okay, but i do think that we need to start looking beyond the magnificent seven, which i am long. >> right. so, do you trim your position mag seven and go elsewhere? >> no, i don't think so. i think it's such an outsized passive investing, and people are buying the qqqs, hence they're buying the magnificent seven. i think rates are going to go lower. continuously go lower. i think oil is going lower. i think dollar is going lower. and i still think that's a tailwind for the equities. coming up, rising on the

reorganize. the headlines out of citigroup that sent shares soaring today. we'll break down if the gains will be long-lived. plus, up in smoke. shares of british american tobacco sinking. is the industry being snuffed out? don't go anywhere. "fast money"s ckn o. iba itw

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welcome back to "fast money." shares of citi topping the tape today after the company said its billion dollar restructuring could wrap up in q-1. the cfo giving the updates at a financial conference. the overhaul announced in september is citi's biggest reorg in decades. it plans share buy-backs of half a billion dollars in q-4. tim, this was your final trade just yesterday. >> well, and it was not based upon an expectation that a reorg is a big cat list for the stock. cost savings in bank land is what they're world is about. there's no question that fintech and banking is really about removing a lot of back office and middle office jobs and changing the cost structure of banks and making them leaner and meaner. the dynamic around citi as a stock is just relative to

itself, what you do with banks in a world where you've seen stabilization on net interest income, and actually some of those margins, even actually coming back, you've seen improvement in the capital markets business, and you've seen stickiness in terms of their core commercial banking. so, i like it on valuation. i likebanks, despite the focus on them in washington, is that they are giving back capital to investors, and for the first time, if you look at where citi bank, a $58 or $60 stock pre-covid, the whole story for the banking sector, you were starting to see this capital distribution dynamic of banks begin again, then covid hit, then you got back there and it's kind of been a mess and obviously svb. >> yeah, you, though, did not like the close. >> yeah, i mean, listen, 5% gap, it was trading really well, and to close like that -- the stock today at the highs today was 28% off its 52-week lows just made a few weeks ago, if you think about it. not a buyer. i mean, you know, i -- i think

they're like utilities now. are we going to talk about the xlu the way we talk about these going forward? i think the regulatory environment next year is going to change a whole heck of a lot. and you think about just all the stuff we heard out of that conference, when people, these bank ceos are talking about fintech and the lack of regulation, what went on, what didn't go on as far as regional banking crisis earlier this year and some of the things they're going to change going forward. i just think they're not going to be that interesting investments. >> i don't know, i don't know if i agree with that. but i do think -- they're facing tighter regulations. they really pushed back today. i think they'll get success in the push-back. but citi bank, i have a very small position, more to keep me focused on it than anything else. amazing that it's been restructuring its 2007, maybe earlier, so, here we are, 16 years -- >> 2007, when they got rid of their -- when they got into or out of mexico.

>> right. so, i mean, i guess, you know, it's a tough job. i think she's doing as good a job as one can do. the valuation is always astounding to me, at 80 something book per share at, you know, 50 something times book -- tangible book value. that's just too appealing for me to own none. >> citi is up 6% year to date. it's been in adeclining trend line, give or take, since 2021. i think it's still karen's favorite name, jpmorgan, still outperforms everybody. chart is definitely different. i agree with dan. i don't think there's tremendous upside to owning banks. here's what's coming up next on "fast money." >> a real drag. a massive write off. the details on the eye-popping charge the company is taking. plus, walmart weighing in on the state of the consumer. thoughts from the head of the lee tail giant, as we head into the holiday shopping spree.

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welcome back to "fast money." shares of british american tobacco getting burned today. down 9%, touching its lowest levels since 2010. taking a $31.5 billion charge from writing down the value of its u.s. cigarette brands, which include newport and camel. the company says its traditional market has no long-term future. that's quite a statement. the rest of the cigarette makers out there, tobacco companies also taking a leg lower today. grasso, you flagged this. it's painful. >> this is -- everyone's moving away from smoking, and

everyone's trying to move into smokeless, literally and figuratively, and they can't get there fast enough. all the charts look very similar. my grandfather, long since passed, used to smoke camel no filters. those days are gone. i don't think there's people smoking cigarettes, just by this, $31.5 billion writedown, means the writing is not only on the wall, it's here to stay. >> the number of cigarettes sold in the united states is down 4% to 5% annually and recently, it's been double that, because people are cutting -- they're going to other things line vaping, but they are also feeling the pinch, just in general, from the economy. >> glp-1 thing, is it possible that smoking would -- it's too early for that now, but -- >> i'm not sure -- >> since it's addictive. >> that can be, if you can attribute the doubling of the decline in the number of sig sset cigarettes sold -- >> well, we heard from altria

six months ago, they talked about sales being down, but the most important thing has been pricing power in those geog geographies where they are actually -- it's an emerging market story, unfortunately. it's a demographic story. and you see this, really, in lower economic and soes owe dynamics, and these are the places where they have pricing power, and where there's not as much taxation. and i'm long altria, i think this is a great div play in this market. altria is, in fact, a company that's been growing their free cash flows. they are a company that's invested in other businesses. they own, in the spirits industry, they own other things. and that, to me, is what -- look, british tobacco is what they are. altria has diversified. >> why u.s. -- why focus on the u.s. market when there's a ban on menthol cigarettes, when you go to phillip morris and do international tobacco? >> and i think you can see, there's real divergence between

the performance of these stocks and bti has been a joke. bti has been a joke for years and that's part of this story. >> so, it's a giant writedown, but an academic exercise. the stock was down something way less than that, because the writing has been on the wall for a long time. i don't know what made this trigger this, i guess they get a good tax deduction, a big charge. i don't know, but it seems like this was sort of happening anyway. coming up, we are honing in on the consumer, as walmart's ceo gives us a look into how they're faring and what they're seeing from shoppers ahead of the holidays. details next. and your favorite game on "fast money." >> we love that. >> you know what it is. trade it or fade it? the bounces from some beaten down names. how the traders are choosing, when "fast money" returns. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

welcome back to "fast money." the dow and s&p 500 sliding for the second straight day. all three indices on pace to break five-week winning streaks. a number of names hovering around all-time highs. t-mobile and some home builders,

dr horton, lennar and pulte group. with less than 20 shopping days fewer than christmas, walmart's ceo is giving us insight into just how strong the consumer is looking this season. sara eisen sat down with doug mcmillan to get his thoughts. >> hello, nice to see, everyone. walmart is in the middle of the key holiday sales season, and is warning about a softening consumer. i sat down with doug mcmillan, the ceo of the country's largest retailer to talk about his strategy right now, and where the consumer is headed. he says customers are really price sensitive right now, but that overall, he's been pleasantly surprised at how strong the consumer has been this year, and at this time. it may change. listen. >> i don't know what next year is going to look like, as credit balances go up, the balance sheet of the consumer is not as in as good of shape as it was 6, 12 months ago, a year ago. we may find that we are back to growth rates that look like

2018, 2019, in terms of total retail. we just think our opportunity is greater than that and we can grow faster than whatever the retail market grows. >> 2018, 2019. i said, do you expect a recession? mcmillan said no. he is also seeing inflation come down, which is helpful for consumers, we know, but -- >> not for grocery. >> but it's helpful for other -- >> it's helpful in that consumers have more spending in their wallets and should drive volumes if you see lower prices, but ultimately, it does cut into sales, right? they're not seeing the kind of margins that they saw in the last year or so, because of those high prices. >> just think if the groceries are less, they can buy the same groceries for less, they have more dollars to spend -- >> other stuff. >> something higher margin. >> so, on grocery, absolutely. price increases are moderating. on general merchandise, he says we're seeing deflation, and walmart got a lot of attention when they reported earnings and started using the d-word.

listen to what he says about that environment. >> there's a chance that we'll find ourselves in a deflationary environment in total, as we have the months ahead -- >> how do you drive growth in that kind of environment? >> sell more units. grow more market share. it's good for customers. they get lower prices. >> so, clearly walmart is no stranger to these kind of environments and they help drive that themselves with their super low prices. he says already we're seeing deflation in some categories of general merchandise, down 5% to 6% in pricing growth from last year. but it's helpful, because we were looking at the store displays and they can put back up toys for under $25, for instance which is something they weren't able to do last year. and then one more final point that i took away from the conversation on the macro front, especially because it's jobs week, we get the jobs report on friday. he said the hiring environment is normalizing, as well. remember, they're the largest private employer in the country, 1.6 million associates. easier to find workers.

wages will continue to go up, but not at the rates we've seen in recent years. so, again, another message there, i think, for the fed and investors. >> i would think that the decline in oil prices, decline in interest rates, really help the consumer. it's a much different environment on those two fronts compared to during the latest quarter that they reported. >> absolutely. and they noted some softness in october, and then improvement in november, so, obviously the gas prices held. at the same time, there are so many other cross currents that we talked about. for instance, there was the snap program of food benefits, a lot of that expired in recent months, all that extra assistance that we got during covid. the resumption of student loan payments, which is also hitting this fall, another pressure on the consumer. the excess savings from covid, with all the stimulus, is starting to run out. so, all of those cross currents, coming off of a base, though, where mcmillon and others have said, things are looking better now than we thought. >> what about on margins?

because walmart spent a lot of money really reinvested in automation in their labor and other revenue streams that are high margin streams, and i think that's a pretty exciting part of the story for me, in terms of the multiple of the company. >> we talked a lot -- bring up the salient points -- so, profits are growing faster than sales, and that is a big point that we talked about, is the automation, and, look, i saw it, you know, what they're doing and how they're transforming some of the stores into fulfillment centers. the biggest problem they have right now is not enough space to meet the demand. so, they are building out capacity in order to fulfill those online orders. and then in the warehouses, the automation, we talked about generative a.i., he said we're in the early stages, the first year of experimenting, which is going to make the employees more productive, especially in the back end. not to mention the fact that they're also growing their services business, like advertising. it's a tiny slice of the overall business, but seeing

double-digit growth there, as well. and walmart plus, too. >> so, you've known him for a little while, i guess. he's not overly dramatic or sort of effusive. what do you think of his -- how he's feeling in general about his business? >> i think he's feeling very good about his business. i think that while the consumer is softening and they are noting that, as are others, you heard him say, we can grow at a rate above other retail right now. and i think they have some tools, like what they've done on automation, like what they're building out in terms of e-commerce and how customers are coming in store, they're shopping online. >> walmart plus. >> doing the pickup. he said it's all one customer. and they are taking share. i said, are you taking share from amazon or yourself and in-store in in-store? and he said they're taking share all around. >> high margin stuff, and when you think about, you get to this rom commerce -- >> i love that.

>> pretty fascinating, what amazon did with their black friday nfl football game and all the in-game placement of the drops and everything like that. >> did you do that? did you -- >> no, but i mean -- i'm not on youtube or roku or tiktok watching this ad to heart, but it's an interesting idea. i think this is like scratching the surface of what we're going to see from the bricks and mortar retail as they try to compete with amazon. did you touch on that? >> we did. and it's fun. if you are not familiar with this, what walmart is doing is, they -- and help me out here, they are basically creating content that they're putting out on social media like youtube and tiktok that has built-in live shopping and deals that you can click on while you're watching this. i don't know how successful it is, but i think it combines this idea of social commerce and entertainment and it's pretty creative. we'll see if that works.

rom-commerce. l clever name. >> a play on rom-com. >> thank you, dan. >> the program is about love. >> oh. love. and shopping. >> it's beautiful. >> sara, good to see you. >> you, too, thank you. quick question here, grasso. walmart or target? >> oh. walmart. and, you know i'm going to go for the next one, though. i would rather not either of those. i could -- >> answer the question! >> i did. >> i asked -- >> i said walmart. >> proceed. >> but i could go costco. much smoother chart. the membership fees are annuities. up 33% year to date, walmart up 9%. drop it. coming up, playing america's favorite game, trade it or fade it. will this beaten down name bounce back? that trade and more when "fast ne rur.b is ucation. get an expanding library filled with new online videos,

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welcome back to "fast money." from beaten up to bouncing back, lots of stocks that investors had fallen by the wayside making comebacks in a big way over the past month. but can the rebounds continue? what better way than a round of america's favorite game -- >> trade it or fade it!

>> that's right. trade it or fade it. let's jump right in. estee lauder down 46% in 2023, but the stock is getting a makeover in the past month, gaining 18% in that time. so, tim, trade it or fade it? >> i'm going to trade it. i get a makeover every night before i come on air here. i think the rebound we've seen in this stock, look, they've made some announcements, they've made some cuts. they've guided, especially with what's going on in asia and their global business, but look, cosmetics and beauty have been one of the bright spots of this earnings season. so much bad news priced in here. valuation interesting. a great global luxury brand. i think you buy it. you don't have to buy it tomorrow, but you trade this thing. >> karen? >> yeah, i say fade it. i don't like -- more than, like closer to two-thirds or 70% of their business is outside of the u.s., whether that's mostly china, asia, and europe, which is a difficult place to be. the valuation is still very, very high. we know there's some upheaval

in -- potentially in the ceo office, so -- and it's -- the stock is still really expensive. i would fade it and i would buy ulta, which is half the price and a third largest supplier is estee lauder. so, why not buy those same sales for half? >> she's really dissing me. not only would i fade it -- i'll punch tim in the face while i go buy ultra. >> let's get to block now. well off late 2021 highs, but recovers, up 40% in the past month. so, dan, you trade or fade this one? >> yeah, i'm fading this. and it's not that -- listen, this stock up is 75% from its 52-week lows in late october and it trades at a reasonable multiple. if you think they're going to get to gap profitability for the first time this year. a lot of secular shifts in play, was highlighted by the holiday trends and the like here. i just wouldn't be chasing this sort of thing and i probably would do what karen just did, i would much rather do paypal right here, because it feels

just a little less -- >> look at that face. >> this is -- you're in charge here, and this is what's happening here is destroying this game. >> leaning towards paypal. >> i'm a purist. this is a different game here. >> it is value add, though. it is value add and i'm looking out for the viewers all the time. steve, what do you say about this one? >> well, i would be a trader of this one, so, i'd be a buyer of this one, and if i would you rather this over paypal, i would -- i would rather this one. paypal has not performed. if you think about paypal, paypal lost its growth when it was looking at buying pinterest. if you look at the chart, from when paypal was interested in pint pinterest, the thing is off a cliff. you have point of sale and cash app, still unloimented upside. i shouldn't say that, 20% upside right now. >> for some reason, when grasso -- >> of course. >> you expect it. >> i'm glad you admitted it on-air. >> it annoys me, but everybody else -- let's get to health care. moderna cut in half this year, but getting a boost of nearly

12% in the past month. tim, what do you say? >> i'm not wild about this story. we know what they did during covid and what they haven't done since. there's a ton -- a ton of cash on the balance sheet here, and i think a company that is worth owning. obviously, you've seen it bounce back. you've seen total stabilization in the downward trend in terms of the covid vaccine revenues. >> dan? >> i'd be fading this. tim mentioned the cash. there's a lot of cash, a lot of expected losses. they have to hit on a lot of things for this thing to work. >> your not going to say, so i'll buy this instead? >> no. pfizer looks kind of interesting. tim and karen's pfizer looks kind of interesting. >> why don't we come up with a new name for that game? >> you get on it. >> time now, vor nay doe dropping, but clawing back gains, 30% on the year. trade it or fade it, karen? >> well, i'm going to fade it. it's had a really nice rewoboun

however, still very big structural problems here, and they have refinancings coming up. but the bottom line is, i think rates are going higher and that would make this stock go lower. >> all right. coming up, crypto crumble. jamie dimon had some harsh words on the space. we'll bring you the way to trade this move with options next. and jim is chatting exclusively with amazon's ceo andy jassy, we've got the interview, top of the hour on "mad money." more "fast money" in two.

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i've always been deeply opposed to crypto, bitcoin, et cetera. you pointed out the only true use case for it is criminals, tax avoidance. if i was the government, i'd close it down. >> that was jpmorgan ceo jamie dimon testifying earlier today. the bank exec answering questions from senator elizabeth warren an the safety of bitcoin. shares of crypto players coin and microstrategy down 2% to 4% today after those comments. crypto has seen a resurgence hoping that a spot etf could come as soon as january, but -- nope. our next guest doesn't think this run will last. our guest is mike khouw.

mike, what do you see here? what do you think? >> look, coin base has had a huge run here, and if you go back to 2021, revenues are off 60% since then. but it's actually only 40% lower this year. and i could see it retracing some of the gains, not just on jamie dimon's comments, but the fact is, you know, i think it's probably just a little bit overbought here. right now, the options are implying this thing could move 24 bucks higher or lower over the course of the next 30 days, so, if you are thinking about taking a bet on the short side, how might one do that? i was just taking a look at to february, the 110 90-put spread, that would cost $4.60 or so when i was looking at it earlier today. basically, you'd be risking a little less than 3.5% of the current stock price to make a bearish bet that's going to expire in more than 70 days from now. and you can of course use this as a partial hedge if you have the good fortune to buy the stock before it had this huge run. >> how are you thinking about coin these days?

>> tim and i had a conversation recently, a lot of excitement is about a spot etf, i have to think that works into some of the volumes, like, coinbase has benefited from. and one of the big pillars of the bear case is the spreads and the fees that people are playing. i just don't see how any of it is good for coinbase after they are announced and released? >> i don't think it's good for them at all. i think, again, their surveillance business and other things will make them the bitcoin insider, that's not really what works. what i think works is that this is where people are going to get broader digital -- >> the on-ramp. >> there's no question, that most people in this space want more than bitcoin and ethereum. >> all right, mike, thank you. > nt,in tde. >>upex falras.

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do not miss cnbc's "cities of success nashville" tonight at 6:00 p.m. -- that's 10:00 p.m. eastern time on cnbc. time for final trade. let's go around the horn. >> nash-vegas, they call it. delta airlines. >> karen? >> yes, even with the number of housing transactions down, zillow's had a great run. selling upside calls against it. >> dan? >> yeah, walmart. great interview by sara.

i'd be a seller of that. that caution doesn't sound too great to me. >> steve? >> shake shack. i'm positive on the stock. i think the international expansion is the real hidden gem of this one. and the shack tracks, the drive throughs. >> thank you for watching "fast." my mission is simple. to make you money. i am here to level the playing field for all investors. there is always a market somewhere and i'm going to help you find it. "mad money" starts now . welcome to a special seattle edition of "mad money." . i'm just trying to make you some money. my job is to teach you. call me at -- or tweet me. welcome to -- because toda