season and how does that reflect what retailers are going to feel they have the room, the capability to do at the beginning of next year. >> big report tomorrow morning. that's going to do it for us at "overtime." "fast money" starts 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, from cruise to credit to beyond, the traders set to reveal the most important charts they're watching as we look ahead to 2024. plus taking flight, airlines roaring higher. the jet etf up 20% in the past month. we'll see what options action is saying about the next move from here. dialing up new highs of t-mobile, getting behind the greens of walgreensnd why laggards are catching a bid right now. i'm melissa lee live from studio b on the desk tonight, tim, dan, guy, and mike. we start off with the rebound on wall street with the nasdaq popping nearly 1.4%. the tech heavy index climbing

back into positive territory for the week and looking to close out six straight weeks in the green. the s&p and dow up today both breaking three-day long losing streaks. all this as investors turn to a trio of key events in the coming days. tomorrow's jobs report, tuesday cpi print and, of course, the last fed decision of the year coming in less than a week. so with all these potential catalysts looming over the market we wondered what are traders thinking the most important chart right now? a lot of pressure here. guy, i want you to kick it off? >> always pressure on this show, melissa lee. i think it's -- so if you go into the premise that our economy is driven by people buying things, people having jobs, people buying things, people buy things on credit. well bank credit has been contracting for the last couple years and starting to move in a pretty noticeable way. i think that's concerning, especially when you couple that with the fact, and we'll know about this within a few hours, the unemployment rate that i think will start ticking higher in a stair-step way higher which

the federal reserve wants. if bank credit is contracting, people starting to lose their jobs, in my opinion, it can't go well for the economy and the stock market. you will say, correctly, that you've had these concerns for a while. you're 100% right, melissa, and it hasn't manifested now -- >> what game are we playing now -- >> i use the word inevident pbl. >> i have a question about the statement. does it include mortgage debt? >> it's interesting. >> there would be a drop-off because people are taking less mortgages. >> i think it's interesting, the banks were on capitol hill, regulation coming, more stringent requirements in terms -- that's all fine and may happen. private equity will fill or private credit will fill that void. problem with that is private credit will fill that void at 2x where banks lend money. i think it's somewhat problematic. >> is this problematic in your view or the consumer becoming a little bit more careful? maybe you want the consumer to

be more careful? >> the american consumer more careful? i don't know. >> listen, you know, i think as you pointed out, she would be right to point out that you have this concern for a while, and we have. but like that's kind of the point in a way, you know, like the way kind of economy in the mechanism of how it works in the markets or whatever. to me it's all going to happen at once and that's kind of the history of the last 25 years. the consumer goes until they can't anymore and there's some sort of other event that causes some sort of dislocation and then it's reflected in risk assets in my opinion. >> tim, what is your chart? >> my chart is the nasdaq 100, and it's the nasdaq 100 relative to the s&p. i just get back to the double-edged sword that is the leadership that has been the story of the market for the last two and a half years, maybe three years, maybe five years, and this chart, by the way, again, a relative value chart. at home you can do this if you want to basically do qqq divided spy and you get a ratio. you can see that we're about to

set either a fresh new relative highs to the s&p which means the biggest stocks in the world are leading, or we're at the old triple top and at a place where frankly we talk about this all the time, it's also equally scary that the concentration of longs in these names, whether passive investing, hedge fund crowding, a day like today you have the kind of moves in google and apple, apple is back to near the all-time highs, amazon to me of all of those stocks is breaking out and has the best chart, but again, this is the story. to oversimplify it, sure we are. we keep talking about wanting the market to broaden, but it's not. there's a lot of crowding and that's a big risk for this market and a big risk at some point these things run out of gas. >> mike, in your view when you take a look at that chart is the glass half full or empty? you could read it either way? >> well, certainly for the people buying these things, it's half full and it's still filling up. personally i think a lot of these names are getting pretty stretched here. i would be inclined to fade i

think all of the enthusiasm that we've seen. what is the enthusiasm propelling the nasdaq more than anything else it's this ai story i think. picking up these biggest mega cap stocks and, you know, i think if you've been lucky enough to ride this train, boy, i think it's probably time to get off. >> we've had the s&p 500 hold up, as we witnessed this rotation. >> yeah. >> isn't that proof that there can be a broadening out of the rally and that's a good thing? we can survive maybe without the mag seven making new gains, they're hanging in there? >> 100%. that's the bull case, is listen, guess what's happening, you're having a broadening out of the rally that's a good sign. energy has been rolling up, but making up for it in other places. it is encouraging. equal weight is starting to show its strength for the first time in a long time. the russell is starting to participate as well. 100%. if you think we're going into next year and that will continue and inflation is going to continue to come down, the unemployment rate doesn't basically jettison higher in a

meaningful way that's the soft landing scenario. it's in my opinion i don't see it happening. >> you've had, first of all, the inflation thing, let's be clear, it's been painful on the consumer, brought the fed to high alert and great for corporate earnings. they were selling fewer units at higher prices and the numbers look pretty good. so the other side of this coin is what happened to the bond market because of what the fed is doing and some of the technical things we talk about with issuance and where we are with the deficit. we go into the payroll number tomorrow where i mean the bond market is telling you, and i think it could be a wake-up call for everybody that thinks rates are going to 375 quickly on the 10-year. the market is priced in like we're getting 120,000 jobs tomorrow. the consensus is 185. we've had labor data over the last ten days, different parts of bigger indices that have come in and you have to be careful about that. >> you said what has happened to the bond market. nothing has happened to the bond market. like for all intents and purposes the 10-year is back where it was four months ago. >> rise to 5. >> skip it. tell me where is the 30-year

mortgages? have they round tripped? they haven't. like you know what i mean? >> they're not going to. >> you can take any data point you want. a lot of us are focused on the november 13th cpi print that caused that move in the 10-year to retreat from 5% in the stock market and has been a ricochet since then. to me, until we get more clarity about what fed is going to do with fed funds rate, i don't really care. i agree with you, i actually think that 10-year probably finds support around 4%. >> oh, yeah. >> mine is about that fed funds rate. it does a little bit. so listen, you know, i'm nothing if not persist the here. i made this point on many occasions. this chart over the last 30 years, a log chart, it's the s&p 500 versus the fed funds rate. you can see that funky one that's the blue one there and you can see those kind of rate hiking and rate cutting cycles by the federal reserve. you can see the s&p 500 overlaid with that. we talk a lot about the fact that okay, the fed has paused

which they did that in july, and so to me, that is -- that was the all clear, i guess, this fall to start buying stocks because the next thing is going to be that they start cutting and a lot of folks think that's going to be stock, good for valuations. that chart says otherwise. if you look at the rate hiking cycle that happened in '99 and pause in 2000 the rate hiking cycle that went into the early 2007, the rate hiking cycle that went into 2019, what happens when the fed actually comes off the pause and starts to cut, they start cutting aggressively. in 2000 and in '07 the s&p got cut in half. in 2020 we can all agree that was a black swan event, okay, but the s&p wept down 35%. now it did come back very quickly and we know why. you tell me what's going to happen in the fastest rate hiking cycle we have ever seen in our lifetimes okay with valuations stretched, all these credit dynamics that we've just talked about in a way when the fed finally has to cut next year, it's not going to be with a big machine accomplished sign,

like, you know, put up behind it. in my opinion. that's going to be difficult for risk assets. >> i want to go through this chart a little bit. on the surface it looks like the s&p 500 goes up, regardless of what the fed does long term. but you're saying -- >> it does. >> right. >> yeah. >> so -- >> so here's the -- >> just be long -- >> be long except a lot of folks who watch this show, okay, they make lots of silly mistakes as i do, too, by the way, highs in the markets, lots of mistakes at lows in the markets and sometimes it's not that easy. people get yolo in stuff, second home, buying cryptos, think that's the answer, doing all sorts of things. >> i thought you were throwing the red flag on him. his chart is two charts by the way. >> oh, man. >> yeah. >> yours is sort of two charts, but you did the ratio -- >> i presented one line, people. >> i like dan's chart. dan is a history book. that makes sense. that's what has happened. and there's no disputing that.

and this time it's always different and rhymes and all that weird stuff, those expressions i barely understand. that one particularly. but the way that this is playing out is taking longer and that's why i think it's, you know, it's been an extraordinary environment for picking stocks and i think it still is and i think it's an environment where the fed, there's 125 basis points of fed cuts. this is like doubled in the last couple weeks and the fed, you know, has to hold their ground. so i think it presents trading opportunities and the consumer will weaken and credit spreads too tight and take time and we see the labor market weaken. i bet it's not tomorrow's payroll number. >> mike, what is your chart? >> i would take a look at crude. i think this is a very important chart. first of all, look, it's a major input cost torso many industries -- for so many industries, industrial to transportation, the operating expense for an airline, 20% for

shipping and trucking and probably somewhere between 7 and 10 for some of the logistics companies like ups and nfedex. global demand in the oec companies, demand for crude is stagnant year over year, which speaks to what these guys are talking about in terms of how people are doing in the developed countries. the only growth in crude demand is coming from the developing world. this is an important thing to look at. i think also it's psychologically important for u.s. consumers. it's going to represent, you know, not a huge percentage of discretionary income, but it is the one that they look every single day. the perception of inflation and how it's impacting households budgets is going to be impacted by the prize they see at the pump. even if you drive an electric car you drive by gas stations so you see that every day. this is sort of important for the psychology of the consumer. i think it's important for the expenses essentially for a lot of these companies.

and, you know, i'm keeping close track of it also because i want to see whether demand is falling off and if it is, that's evidence that things are slowing down still further. >> this is also a glass half full, glass half empty situation, mike, because all of the things you highlight in terms of consumer perception of inflation and inputs that's all good with crude coming down. on the other side, you know, if you have demand coming off, that indicates a slowdown. what is your final take on that? >> i mean i would say that the demand side in the developed world is suggesting that consumers aren't spending that much. there's other evidence they might be slowing down. we see rising auto loan delinquencies, basically peak revolving credit levels. put these things together, and it just suggests there's not a lot of discretionary income left in this part. what it tells me, interestingly, is that the developing world still seems to be growing, albeit at a slower pace. shipping costs come down and rates fall, maybe that will loosen up checkbooks a little bit.

>> all right. we have a fresh jobs printout tomorrow morning. our next guest warning a hiring slow down is here, pete a chief investment officer and a cnbc contributor. great to have you with us. feels like the markets want to see, you know, slowing in the labor market. the markets want to see a reason to rally into year end. what derails that in terms of the print tomorrow? >> well, before today's rally, when i looked at the action early part of the week, i felt that maybe the market was shifting it attention from the happiness that fed is going to start cutting interest rates by stocks, to starting to question, well f they're cutting interest rates and oil prices are dropping, that means possibly recession is upon us and maybe i should selling stocks instead. if you told me the number today, i don't necessarily know which one of those things that the market would sort of latch on to. i'm beginning to think, though, if we see a weak print, i think the reality of a more dramatic

economic slowdown next year is going to be more front of mind rather than the fed will cut rates and everything will be fine. i think dan's chart was a good history lesson, and many people in the markets weren't around on trading desks during that and that's because the markets focus on the deteriorating economic situation, rather than the joy of the fed cutting interest rates. >> i think right now, the market is pricing in five cuts next year, starting in march of next year against the backdrop where i haven't really heard jerome powell waiver all that much. the market is seeing something i don't think the federal reserve is necessarily seeing. let's play it out a little bit. let's say it's a strong jobs number tomorrow. does that revert? i don't say it's reversing 415 to 5% in the 10-year but an auction coming up. could you see a significant move back up in yields on the back of a strong jobs number? >> it is possible, but i think

with a strong jobs number based on a growing bunch of evidence it's pointing to deteriorating pace of hiring, that i'm not sure that one jobs number will shake things on the upside. what would be the most concerning thing is that after this fall in longer term interest rates, if it reverses in the face of still weak data, that to me is a big flag because we were 3.75 in july in the 10-year yield, so even with this pullback of about 90 basis points, we're still above where we were and you can argue that the economic situation today looks weaker than it was in july if you look at a lot of what retailers are saying and even a lot of the jobs data, whether it's continuing claims, whether it's what the pmis have said, whether it's the job openings number, the hard-to-get question in consumer confidence. all are pointing to a slowdown

in hiring and adp. the three-month average in private sector hiring according to adp is only 99,000. that's a clear slowdown from the pace we saw in the early part of the year and certainly versus last year. >> so peter, part of the reason i think your work is so effective all the time you have a macro view and economist view, but you also have a view in terms of market positioning and sentiment and weave that into an overall view. the smart lady to my left yesterday talked about how the recession is now consensus and there's nothing good about that in terms of positioning, in terms of what markets are doing in terms of possibly on the bond market, but that actually -- sorry that no recession. i'm not sure -- no recession is now consensus. not recession. whereas, we were in the consensus recession camp one year ago. talk about positioning against that view? >> well, i think the one thing that caught people off yauf sides in the recession -- offsides in the recession camp,

i'm included in that, the belief in the short rise in interest rates would have a more broader, immediate impact on the economy. what i think we've learned is, is that it's more of a slow moving train that's coming down the tracks, rather than affecting everybody at once. but the train is still coming down the tracks. you know, i think we look at commercial real estate, for example, if your loan is not coming due until july 2024, you're okay up to this point. that train is still coming towards you. so i think that -- that is sort of what's made this tricky is that the economic slowdown is what i see is metastasizing. just because it's slowed doesn't mean it's not happening. the slowness has gotten people complacent thinking it's not going to happen. >> great to speak with you. thank you. peter boockvar. peter mentioned a slower economy and higher rates. we have a lot of auction and

supply coming on and funding needs that need to be fulfilled, mike cohen. so rising rates seem almost to be a foregone conclusion, unless there's massive demand for our treasuries. >> well, i don't know where that demand is supposed to come from. i mean, you know, the supply right now is going to be so tremendous that, you know, it doesn't even really matter whether the regular buyers still want to own them. i mean, we're just printing so much essentially, u.s. treasury debt. it's really getting a little bit overwhelming. you know, one quick point i would make is that when we take a look at rate bets -- and we see them in the options markets frequently -- we talk about equities but we can see rate bets and things like so for futures, what we are seeing essentially is anticipation over the course of the next four to six months of rate cuts and fairly aggressive ones. there's been quite a lot of flow in that area, and, you know, looking at that, this goes back to dan's chart that we were

talking about earlier. this is -- it's not a positive. >> i'm on the chart tonight. >> really. >> maybe you should get a trophy. >> call it what it is. >> the regular viewers will know, i hate to sound this cautious, but i kind of feel like i did at this time in late 2021, right, when the fed was about to embark on this rate, you know, like cycle, right. like start raising rates aggressively, right. so like, parts of the market were telling you this was not going to be good for the stock market, right. and it took a little bit for the s&p to get the memo. then it finally did. and then i just feel like 2022 was like a mirror opposite of 2023. i think 2024 is going to get a lot harder right. because we don't know, like the market right now is pricing aggressive rate cuts, and i think that if everyone is on one side of the boat thinking we're just going to rally into that, it brings me back to 2021 because i think it probably goes the other way. >> coming up, we're watching lululemon and rh after hours shares both lower after

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welcome back to "fast money." we've got an earnings alert on lululemon. shares lower despite beating expectations on revenues and posted an eps of 2.53 a share. cain cate rooney has the details. >> lululemon is weighing on the stock after-hours. the athleisure maker didn't beat estimates for third quarter sales that jumped more than 26%, coming in above forecast, revenue grew 19%, international revenue, saw a 49% jump while north american sales were up 12%. total comparable sales meanwhile were up 13%, better than expected. outlook for the current quarter is dampening the investor enthusiasm. the company looking for 12% earnings growth in q4, below estimates. it did lift its full-year guidance on revenue. ceo calvin mcdonald on the earnings call that's going on right now talked about a billion dollar buyback reflects optimism

in the growth trajectory. on holiday spending we're pleased with the trends we've seen is that righted the holiday season. that being said the majority of the quarter remains in front of us. he says we remain aware of the uncertainties in the macro environment and continue to plan that business for multiple scenarios. caution at the end, melissa. back to you. >> thank you. kate rooney. evercorp points out usually this company gives conservative guidance for the fourth quarter. it's not a surprise they're pulling in expectations. >> look, this -- this quarter was very good i think given the north american number up 12, international down 49. i know it's an international growth story, but it's still really about what's going on in north america. again, it's still about margins and, you know, that's it, the gross margin to me is something to think about. the bleak outlook, conservative outlook, less of a concern. buying back a billion dollars of stock. i don't think you're paying a premium for this stock going forward. it's best of breed. let's be clear. but everything we've said tonight on this show is reason why i have a small short in

lululemon. >> 33 times next year's numbers with this guy, if our staff can pull up a longer term chart, the level we traded up to was the same level of the all-time high in november of 2021. two lists i think on december 4th and december 5th, wells and raymond james, downgraded the stock ahead of this. i will tell you, inventory down 4.5% year over year that's a great number against sales growth of 18% or so, which means margins did do better. operating margin, 19.8%. all this is great, except the run in the stock and the valuation of the stock. >> i don't know what why they downgraded this stock -- >> that's not -- >> raymond james -- >> basically -- it was the run in the stock. >> yeah. >> that was why they downgraded it. >> yeah. rallied 30%. think about that. it's got a $58 billion market cap. they're expecting to do 10, $11 billion in sales. it xwgained 1.5 times its expecd sales this year. kate said this. why wouldn't you give like

cautious guidance you know what i mean, when your peers are cog that around you and have been. even in the higher end discretionary space. after that run that makes sense. >> another mover catching our attention, shares of rh dropping after a miss, the home furnishing retailer posting an adjusted loss of 42 cents a share. this is one you track, tim. >> it's an extraordinary story when you think about the momentum behind the stock where you had margins galore. they had the ability to protect pricing. $630 stock in the end of covid because of the strength there. we traded down 48% from august into november, and then you started to see a rally. the valuation not difficult here. again, they, obviously, didn't make money last quarter when you get down to the net eps. i think you're going to get a chance to buy this cheaper and finding a bottom. this is after a 37% move higher in the stock. i want to own it again. >> mike, you like rh? >> no. no. i don't. look, we -- i mean, i was trying to pay a little bit more

attention to lulu as you know. we own it, long-time holder of lulu and it's one of these situations where the names are trading at high multiples and this holds true, holds true for the other, that is if you have a certain growth expectation, let's call it 20% year on year for lululemon and willing to assign a 30x multiple to the forward number based on that, suddenly you get some guidance that looks more like 12 to 15%, let's assume that the 12% is indeed conservative, that means that the earnings that you're forecasting for the next year is lower, and the turn that you're willing to give that is also lower. you know, this has come a long way, and like i say that as a holder of the stock. so, you know, it's tough to buy these things here. >> there's a lot more "fast money" to come. here's what's coming up next. >> when you trade jets, you trade jets all the way. professor ko is laying out how to fly in the soaring group with options. which way he sees the airline

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welcome back to "fast money." airlines gaining altitude today. jetblue surging more than 15% after boosting its guidance thanks to strong demand. southwest, delta, american, also higher. each up more than 3% today. option traders think the group could fly even higher. mike has a trade on jets. what are you looking at? >> yeah. i was taking a look at the jets etf. obviously, this was the second

it did pretty well. we got pretty good news out of jetblue. look, a lot of these stocks net of this big run we've seen still remain quite cheap on a price to earnings basis. we're looking at anywhere from 4 1/2 to 7 times for the major carriers and as we were talking about earlier with lower fuel costs, obviously, that's 30% of operating expense for most of the airlines that's helpful. i think seeing the better consumer demand, that's a positive. we have some issues on the business travel side. i think we're seeing that level off a bit and i think that presents a little bit of potential pressure. the good news is, year end travel book, were better and lower oil price. bad news, we're probably seeing business travel leveling off here. as i previously mentioned consumers are getting stressed. the revolving credit numbers tell us this. however, they do remain cheap. if you're inclined to make a bullish bet, you could look out to the can havery 26 -- january

26th weekly strike calls. you won't be alone if you buy them. we did see an institutional buyer pay about 10,000 for those today looking to press a bullish bet they made earlier in the december 18 strike calls. >> tim said so many times these are trading vehicles. >> they are. >> are you in agreement they go higher? >> yeah. i'm trading delta from the long side. i think you have some room in the stock maybe to 43, 44. these are the stocks that didn't really participate in the reopening trade. then as they started to get? altitude they ran into higher oil prices and other things. there's always concerns when times are good for airlines they become the most inefficient players and operators and i think that's still where the jury is out. i think the backdrop here for airlines and the consumer are aligned right now with oil prices. i think you go higher. >> you needed a motion sickness bag to continue that in delta a month and a half ago. i thought it would hold at 35 and didn't. i'm with tim, 43, 44 makes

sense. if we can pull up a jets chart on the fly going back to sort of the lows of covid, you will see we didn't get down to covid lows, but we got close. you have a nice little bottom. look at that, the tradeoff. >> have you ever -- look it's a personal question, but have you ever had to use the motion sickness bag? >> absolutely. when i was younger. i conditioned myself. >> when you were younger. >> last year? >> i could only -- >> sensitive -- >> younger younger. so we're clear here. >> five years ago younger? >> no. >> making fun of my constitution now. that's not a fun thing. >> was it a regular occurrence or? >> it happened from time to time. >> some people might be eating dinner during this program. >> that's unfortunate for them. is one tech titan gaining an edge in the ai race. top contenders and who is best positioned to come out on top. hard rock lites the jackpot. contessa brewer live in the sunshine state for more on that. contessa? >> melissa, it's not just me.

my friends down here, ja-rule and fat joy, and there is south florida icon from the miami heat, dwyane wade, roudsed around the craps -- crowded around the craps table. first time be live cpsra have been offered in this state. why hard rock hit a billion dollar jackpot right after this on "fast money."

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. welcome back to "fast money." stocks closing in the green as investors await tomorrow's big jobs report. the dow and s&p snapping a three-day losing streak. the s&p climbing 0.8, the nasdaq having its best day up 1.4% on pace for its sixth positive week in a row. shares of walgreens jumping 7% today, adding to an impressive run up nearly 15% over just the past week. shares are still down nearly 40% this year. another earnings alert on broadcom, lower after the chipmaker posted a miss on revenues and gave light guidance and raising its dividend by 14%. big tech making big gains today. am amd up 10% and alphabet after launching gemini its answer to chatgpt. our next guest made a call in

october that microsoft would make and has gained more than 11% since then compared to alphabet's loss of 2%. the pair nearly tied in terms of performance this year now the question, who wins the head to head matchup from here? joining us ben, managing director and head of tech research at melious research. >> great to be here on this nice new set. >> thank you. i'm glad you enjoy it. we do too. this is basically another of would you rather which is what we play on "fast money." you played it in october on your own. >> without asking, by the way. >> still talks about it. >> over alphabet. but at this point, given the run that microsoft has had, you still like that one? >> well, today google made up quite a bit of some performance, but, yeah, we do like it. microsoft has much higher margins than google, but next year, their eps growth should be relatively similar, but i think microsoft has more up and i think microsoft's revenue growth

should eclipse google as well. i think that they are making a lot of the right moves, and probably outperform google, though, near term probably makes up a little bit of the performance. their cloud business probably a little better than last quarter, which was a miss, but over the long term microsoft has the goods in our opinion. >> the goods in terms of ai and monetizing ai? actually showing revenue from ai? >> yeah. they do a really good job of telling you exactly what they're doing in azure, and that's where people are laser focused. last quarter was super impressive. also, they have a lot of levers over the long term. they have a relationship with google, with core week, with nvidia that the others do as well, but they push these levers to manage the expectations in my opinion better than the other major clouds. >> ben, last night on this desk, 24 hours ago, we had gemini came out and we were reading headlines and the review, amd, lisa su talking about the chips

they announced and big tams and stuff. i'll be honest i was a little dismissive based on what i was reading what i was reading and the stocks weren't moving. to see the moves we saw in today's action in both of those names, this is real market cap here, what is it saying about investor sentiment or psychology, right? let's be frank, nvidia has gone sideways for the better part of the last few months. are they looking for new ways to play these trends as they go into 2024? >> well, yeah, absolutely. amd, people don't want to miss what -- if that's the next nvidia. even if it's a mini nvidia you don't want to miss that. dr. lisa su sounded really good at their event and unpped that tam. nobody knows what's in the tam. if she's upping it the logic is they must feel good. they had their good day today, and it digested and people feel good. i think nvidia is still a winner. trading less than 20 times our

calendar '25 estimate and so it's starting to be a would you rather nvidia under 20 or google under 20. you know, that -- there's a very similar valuations and you're like, what, what's going on? you know, i'll pick nvidia right now. >> second he derivative you would rather trade. i like what he did right there. >> how about apple and their foray into ai. will siri be something that's useful? they're kind of being left in the dust. apple's days of being the most important company of the world are over. how are you? >> you know, i think apple is perking up. i think that, in fact, that -- so they have the iphone kind of flatish, but the upgrade was solid. we all know that there's the china headwinds a little bit, but i think they're plugging along. when they come out of this quarter where they're entering a tough comp because there was an extra week a year ago they're

going to be growing in the mid singles. if apple is growing in the mid-single digits the stock is not going down. you can say it's expensive, it's this, i go to a bunch of meetings around the country and nobody likes it, when i'm walking in the meeting, i'm underweight, i have to catch up, if they're not going to miss i have to buy more. so anyway, i feel decent about their revenue inflecting and going up because macs, ipads, wearables going to grow. here's the key, next year, at their wwwdc in june, i think they're going to unveil some ai initiatives and i think they're working on their own chatgpt-like thing where they will come out with new services and apps that cater to ai. i don't know what they are yet, but they're not just going to sit this thing out. i think services is what drives apple and if people have an ah-ha moment that ai is going to have a lift like microsoft has, and adobe, not going to say it's that magnitude of greatness to the eps, but people are going to

go wow. that stock, we have a buy on it. it's tough to like say it's going to double or something, but i think it works. i think it works. i think that when they come out growing the revenue and then you start hearing the ai stuff, you know, it will start marching pup then eventually a lot more ai is going to be done on the edge, on your phone, and they have their own silicon, one of the largest chip companies, right. i think they're good. >> quickly, what is your highest conviction buy right now? >> oh, i got to say i really like -- i like this company amcorp doing advanced packaging for ai. microsoft might be safetier bet. >> good to see you. thank you. >> take care. interesting. ben's universe, the couple stocks these were highly cyclical, sometimes commom tized companies that no longer trade like that. they're trading like a regime

change and secular growth stories. i will say this, ibm, very quietly, multiyear high that i don't think enough people are talking about and i think "i" is one of the letters in -- swift. >> whatever they call it. >> swiftie. >> he's a swiftie. >> kind of influenced -- >> we're going to hear about this, okay. we've had gene munster on and he's talked about how much he's enjoyed facial computing as it relates to apple and what they have is too expensive right now. if we hear about ai on hardware, you're hard pressed to think okay they have a $2 billion install basis, ios, and apple if they are doing things in the background that make siri usable or something like that, who knows, but that will be a play. that will be a 2024 play. we probably have to wait. >> ben's comment about the services we know services is what has been driving the stock, right, and the ability to say it's taking a bigger piece and

say where ai driven software where apple has to be and the movement to the phone, remember it was all on the pc until it was on the mobile. that's a thematic dynamic that i think is powerful. >> mike, alphabet or microsoft? >> microsoft. they've got a phenomenal platform, a lot of people on it, cash flow king. i mean, it's a great story. i think even at these levels. >> coming up, place your bets. the sports betting world getting a new player on the field. we'll bring you the details and the impact on the sector coming up. t-mobile has been on a tear hitting fresh all-time highs. would you dial into this name in your portfolio? the traders will ring in with their answers when "fast money" returns. the cloud makes it possible to expand your infrastructure. but to make it powerful enough to connect your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds,

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. welcome back to "fast money." t-mobile looks to be winning the 5g race. the telecom stock hitting all-time highs dating back to the metro pcs ipo in 2007. the move coming as the company unveiled results of its latest network speed test. the stock has outpaced rivals verizon and at&t. is it time to dial into this

name? at&t's off its all-time high back in 2016. >> one of the things we collectively gotten around this desk is our infatuation of t-mobile versus verizon and at&t, and you look at the performance and you would think given this run in the stock you mentioned an all-time high, it's expensive, compared to those two it is but compared to the broader market it trades at a discount and eps growth to back it up and should be trading higher. to answer your question, yes, you can own it. >> the stock has gotten cheaper. to that extent. look at the peers. where the -- the concern around the core business in the wireless business people have been doing this forever. t-mobile is finding ways to execute. i've been a t-mobile customer since 1998, about 15 iterations ago, and through some times where people were critical about the network, but it's the network that they've reinvested in in 5g argument they're well ahead. >> mike? >> yeah. i like it. i mean, the other two companies you were just mentioning, they probably have bigger legacy

problems than t-mobile does. i think they're, obviously, winning on that score, and the company is not particularly expensive. it's trading a few turns cheaper than the market overall. i wish we saw more top line growth, and you're not going to get it out of any of these, to be honest. but they have decent high cash loads. contessa brewer is there live with the story. burger and fries... soup and salad. thank you! like your workplace benefits and retirement savings. with voya, considering all your financial choices together... . can help you make smarter decisions. for a more confident financial future. hey, a tandem bicycle. you can't do that by yourself.

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chip? at&t business. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing.

yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. . welcome back to "fast money." hard rock hoping to hit the jackpot in florida after years of back and forth with the florida government the company winning a near monopoly for online sports betting in the state. contessa brewer joins us now to break down the betting scene and what it means for investors with a few friends. >> melissa, who is winning right now, fat joe over here is winning, ja-rule is winning right now. the big deal here is that this is the first time live dealer cr craps has been rolled out in

florida. the near monopoly for florida is owned by hard rock by the seminole tribe. they didn't get it after years of court battle and attempts to get on the ballot here, it is owned by the seminole tried and by hard rock. they have live craps, roulette expanding, and then florida now joins the ranks of those other states to offer legal sports betting once again in the state and i south florida legend the icon from the miami heat, dwyane wade, about legal sports betting. >> it's great for our community, you know. you know, for the money that's going to come in here and the money that goes out back into our community, so, you know, it's great and like you said, you don't have to go to vegas to do this. >> do you love craps? >> no. i don't love losing money. >> and look, the sports betting alone could be huge for hard rock because at the very lowest estimate, they're thinking it could be $1.3 billion in ebitda.

remember that's the metric that gaming insiders and analysts look at as a measure of profitability. on the high end, they think more than $3 billion on sports betting alone. so it is a big deal that the hard rock brand and the company and the tribe was able to ward off the competition coming into the state. melissa? >> what are some of the sort of the, i don't know, the tangents off of this? is there halo effect in terms of betting overall when it comes to online betting and is there a thought that this takes away betting revenues from other places where people might not be going because they can go to florida instead? >> well, i mean that's a great point. one thing that they know is that these live dealer games are a huge draw for an international audience and who comes to miami, visitors, international gamblers. it's a little hard to talk about business when you have the winning. it makes me want to join in here anyway. >> hey. >> ja-rule you're on cnbc live. >> we're getting the money right

now live on cnbc. >> i mean, this is one way to make money. >> this is a good way to make money. >> good way to make fast money. >> manage it wisely. >> it's so true. i think that there are other ways that the gaming manufacturers like igt and aristocrat may see a big boom in business here. we have to wait and see how that plays out. also whether like penn gaming if they can partner here for sports betting. >> all right. contessa, thanks. go have fun. more fun. contessa brewer. big fan of the show along with -- >> speaking of -- $10 if you can give me the name of a ja-rule song. >> the -- >> $10. >> the lover. n. ive me $10 rightow >> mesmerized. >> after this final trades.

a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud.

final trade time. mike? >> airlines rising. jets calls. >> tim? >> utilities have made a big comeback. i think they make a bigger comeback and like all those people that think rates are going lower own the xlu. >> sam. this chart the xle is one of the worst charts in the market. >> you know, mel said to me in the green room why would you

trade when she has it coming back in august. why, because we're the yankees. >> better be able to sign them or it was an expensive one-year rental. >> gold ain't done. >> thanks for watching "fast money." "mad money" with jim cramer starts right now. "mad money" starts now. >> hey! i'm camer. m welcome to a seattle edition of "mad money." from the iconic space needle. i'm just trying to make a little money. my job is to educate and teach so call me at or tweet me. while we're out here getting a bird's eye view of the