probably eyeing a 2024 ipo at this point. >> okay, nick, thank you for joining me. >> thank you. santa claus rally continues with all the major averages except for the dow transports finishing the day higher. we are in record close watch for the s&p, not quite there yet, but that's going to do it for us here at "overtime," "fast money" begins right now. morgan, thank you very much. live from the nasdaq market site in the heart of new york city's times square, getting ready for new year's, this is "fast money," and here's what's on tap. stocks on the doorstep of new highs. the s&p now less than half a percent from record levels, and up more than 11% since just november. is this fourth quarter rally stealing potential gains from the new year? we'll debate that one. plus, the bitcoin boom. yeah, you heard me right. booming again. surging more than 160% this year. and lifting the fortunes of the whole crypto universe, looking

into 2024, would you rather? bitcoin or the crypto stocks? steve grasso will opine on that among other things. and later, the obesity bulge. are the super-sized returns this year going to get slimmed down in 2024? no matter how massive the glp-1 market gets? we will go inside the numbers. i'm tyler mathieson, everyone, in for melissa lee tonight. so glad you could join us, coming to you live from studio b upstairs at the nasdaq. on the desk tonight, steve grasso, courtney garcia, mike khouw is remote, and guest trader stuart kaiser from citi. we start with a major league fight over the explosion of a.i. and just how all that data being coll collected by engines like chatgpt and bard are being scrapped -- rather, i should say, scraped from the web. one major news organization is crying foul, and it could have major implications for a.i. as

we head into the new year. cnbc's steve kovach reports. >> hey, tyler. yeah, "the new york times" sued openai and microsoft today, alleging they used copyrighted material to train their a.i. models. the examples shows are quite egregious and it is evident that chat bot basically plaguerizes articles from the news outlet. "the times" says in the lawsuit seeking damages worth billions, but not specific on the exact amount they're seeking. "new york times" also reported today the outlet approached openai and microsoft in april to work on an agreement for the tech companies to train a.i. on the material, but nothing came of the talks. this is also the first major media organization to sue openai over how it trains its chatgpt bot. microsoft is a major investor in

openai with an investment reportedly valued at $13 billion. now, that investment gives it early access to some openai technology, which has been put into products like bing search and office apps. now, this likely won't be the last lawsuit, either. a group of authors have already sued openai and microsoft based on similar allegations. tyler? >> all right, steve, thank you. for more on this, let's turn to gene munster. gene, i guess one question that comes to my mind is, what took them so long? i mean, a.i. engines like chatgpt or bard have been aggregating content from all kinds of sources, "new york times," "time" magazine, wherever, for as long as there's been a.i., why did it take them so long? >> well, maybe there was a little push from elon musk on november 29th at the dealbook summit, this is his famous interview where he really took

aims at a lot of people, and he took aim at the foundation models that were training on copyrighted data. when the topic came up, he said that it's a lie that the foundation models are not training on copyright data, so, he's saying that they are, and that he later, i think reiterated three times, it's a lie, it's a big fat lie, it's a straight lie, and classic elon musk, so, maybe they were emboldened by those comments from musk, but this is long overdue. and just to set up what's really at stake here is this dynamic around fair use. and so -- >> that's what i was going to ask you, when does copyright material that has been in the, quote, public domain or been out there for awhile, fall under the fair use doctrine, which enables republishers to republish? >> so, this is a topic that i suspect will find its way to the supreme court, because it's a big deal. a.i. is a big deal and how they train on that is important. and so, right now, fair use is

something that is by a reasonable person's standard something that is out and readily available. and the way i think about it, the article written in "the new york times," that article is circulated around, different professional and user generated people, whether that's through twitter ter and x, other news outlets, content on youtube, give their own spin on it, and that becomes part of fair use, and so, that's this -- this dynamic that it's just really hard. it's like trying to adjudicate what is truth, i mean, there's these -- all these gray areas, and so, unfortunately, this fair use topic is at the center, and it's fun to look at. i would recommend anybody go and use chatgpt today, ask it questions about "the new york times" and the content and it is then quick to hold its tongue and say, you have to visit "the new york times," so, they made a quick correction there, but that is exactly it.

and that's why this isn't going to get resolved. >> we're going to talk about what is truth, basically? do that philosophically, but i know steve has a question for you. >> my wife always asks me that, too. big topic at my house. when you look at this, what we've done a great deal of this year is trying to figure out what the worth is for some of these companies in the -- in the a.i. department. so, now we have microsoft, where you can see some licensing fees. the fees will go up, so, the a.i. might go -- the value of that might go down. when i look at a company like nvidia, how far downstream do we get now when we talk about the chips and how the a.i. is actually programmed, but when i switch gears, a company that you know very well, tesla's a.i. might be more valuable than microsoft's a.i., because there's not a lot of copyright that would go into it. >> indeed. i think that is probably the biggest takeaway here is, you know, which companies are going to be best positioned from this?

it's probably companies like tesla, like you said, it's x from x.ai and all that twitter x data they have, 500 million daily tweets that is proprietary to x. you have google and all that content on youtube, and the search content that can be -- they can use to train gemini. i think that's where they -- all those end up stronger. and to answer your question, just, how does this play out in terms of creation of value? there's thee these little livers that we're talking about, where does licensing go and how does that impact kind of down the -- the downstream effects of that, but ultimately, i think that, you know, the biggest picture here is that this isn't going to change how fast a.i. is going to be developed. it may slow it by months, but not years. and effectively, i think, we still are well-positioned for what's going to be a massive bull market that's going to be driven by -a.i. across tech. this is a headline, this is important about fair use, but it

doesn't change what that end trajectory is, that a.i. is going to exceed all expectations. >> this is a bump in the road. before we go, we trade it, gene, i want to turn to courtney for a quick thought, a question. >> yeah, the question that investors are looking at right now is, how is this going to effect them in the long run? if you look at the things that steve was reporting on, it looks pretty damning, the plagiarism is highlighted in red. so, how realistic that, you know, these media companies are going to get some sort of compensation from them, and what does that take away from the bottom line of microsoft? is it going to be short-term or is it something that's going to be affecting their earnings going forward that we need to be more worried about from an a.i. standpoint? >> it's going to be fractional. i think there will be many of these payouts. a lot of these relationships, just like what happens with music and how music is distributed throughout a lot of -- there was the peloton and what happened with music and they licensed it and i think that ultimately is that there's going to be a lot of these relationships between publishers and the companies that train on

it. but even tens, hundreds of millions of dollars of annual licensing fees is what i would expect it to be isn't going to matter in the long-term, when you look at the type of value that these companies are trying to generate, and so, it's going to be probably -- probably won't even be measurable, even if it's hundreds of millions of dollars and i suspect those will be the types of relationships that are going to form in the years to come. >> all right, gene munster, thank you very much for giving us the context there, we appreciate it. >> thank you. >> gene munster. mike khouw, what are your thoughts on all this? >> well, you know, first of all, we can take a look at the $13 billion that microsoft invested, that's really not material in the grand scheme of microsoft's $2.8 trillion company. and it's still going to be growing eps at 15% year on year. i wonder whether some of this, shall we call it duplicative language issue that we're seeing here with chatgpt and others

might be solved in part by attribution. i would say that i think this is a material benefit for those that are actually generating this content initially. we don't want to disincentivize that. whatever that source is, we want to make sure it's properly identified. i wonder if some of the solution might be found in that way. >> i guess, what you're saying there is, if the copy that shows up in your feed on bard or chatgpt attributes the content to "the new york times" or whatever, you could blunt the impact of this. stu, do you have a thought here on how this lawsuit and this sort of theory of appropriation might effect the equities? >> i think it highlights the challenge and the opportunity of investigating a.i. for the last 12, 24 months. picking winners and losers has become complicated. and people are owning the chip designers, because if a.i. is growing, those pipes are going

to get bought and used and it takes away the challenge of kind of picking winners and losers. and you can go back to crypto, it was the same issue. you don't know which coin is going to win, but you know they need processing power to produce them. i think a.i. is following that same approach. around for now, it keeps people investing for the pipes -- >> the way to go, if you are going to play this space in a safe way, where you don't have to choose one winner, is to go with the sure winners, the ones who are going to be part of the distribution. >> yeah, that's how people have been doing it and something like this makes people to continue to to that same thing. >> court, quick thought before we move on? >> bigger picture, what's interesting to think about here is, a.i., whether -- we might not know who the winners and the losers are, microsoft is going to be one of the bigger winners. >> seems that way now. >> but it's going to help productivity and the general economy and we have this shortage in the labor market, and this is going to make companies more productive, so, if there's winners or losers is going to help that tight labor market which is going to be a good thing for the economy.

let's turn to the markets. the dow closing at a fresh all-time high. the s&p now just points away from a record level. and while the nasdaq still has a bit of work to do to get back to new highs, it is on track to have its best yearly performance in 20 years. one of the major factors boosting the appetite for stocks has been the move in the ten-year note, it is downward in yield, the yield keeps dropping. now under 3.8%, lowest level since july. so, stu, should investors be cheering all these december gains? worried that we're front-running some of the returns that might otherwise be delivered in january, february, are we having our dessert too early? >> i think we should always cheer gains, regardless of when we get them. look, i think -- we were pretty bullish going into year-end. you could argue maybe there's been a pull forward from '24, particularly at the lower end, but we think that's a net positive, and we remain pretty

constructive. if you're getting the returns now or in month, you want to participate. >> it would be a bold soul who would say that 2024 could measure up to 2023. right? >> well -- >> you think that? you think 2024 will be as good? >> stuart is probably the best person to have on the desk to -- >> that's why i'm looking at him. >> we've talked about the mag seven, but if you pull out the mag seven, we're only up 10% for the year. do you think that's outsized -- >> the unweighed -- >> equal weighed index and everybody's looking at these in the mid 20s on performance, and we think, oh, my gosh, we hit a dozen grand slams here, how could we possibly ever do this again? but if i -- >> that might be the way. >> we're up 10%, you would say, all right, that's a good year, because historically, markets are up 10% on average from the start they were trading underneath that tree downtown. >> look, i think that's right.

there's a lot of space to catch up and kind of the broader market cap space if. i was going to give you degrees of bullishness, the first is, we don't go into recession. the uber bullish would be what the fedz hinted at, which is, not only are we going not going into regcession, we're doing insurance cuts on top of that. there is a playbook there that people are looking at. >> so, is the place to look, sort of the point steve just made, is the place to look at those equal weighed kinds of stocks, if you are an index player, play the equal weight spx -- >> spw. >> right. and that's our view. the reason you had narrow leadership in 2023 is because earnings growth was very narrow in a small number of stocks. you get into next year, we think that earnings growth broadens out, which means equal weighed is where you want to have your exposure. >> i absolutely agree with that. i think the trend is going to

continue. things like your small caps, energies, real estate, anything that's really interest-rate sensitive has taken off. and to steve's point, those things were really underperforming earlier this year. a lot of those are down up until october. now we're starting to see them come back around. they have a lot of room to grow. there could be a pull-back. the only hesitation is, like, investor optimism is overly optimisting right now and they are overly hoping there's going to be six cuts next year, which probably isn't going to happen. so, bringing back some of the excitement may happen, but i think markets will go higher. >> mike khouw, any perspective here? >> yeah, sure, i mean, if you think that the s&p has outdone itself and you're concerned about the fact that you've seen some multiple expansion, there hasn't been any, actually in the equal weight. equal weight is trading 17 1/2 times and that's where it was ten years ago. i mean, if you take a look at price earnings on equal weight index, it essentially is unchanged for a decade, so -- i think what everybody on the desk has said so far is right, i mean, if you're trying to chase

the best performing stocks this year and expecting them to do the same thing in 2024 that they did in 2023, i think that's probably pretty ambitious. i think there's already been a lot baked into the cake there, but there's a lot of other names in the index that haven't performed anywhere near as well. >> so, let me put out a jump ball for the table here. if there is an unloved sector from 2023 that you think is going to get some love in 2024, what might it be? would it be energy, would it be finances, health care? >> health care, bio tech. >> health care bio tech. >> we've traded on that, just in m&a stocks, which we'll talk about tonight, as well, talk about those marquee names and the marquee things that they are used to treat, but there's been a host of names -- there should be a mag seven or a mag four with those names, because we forgotten about all small cap bio tech. they trade -- they don't trade until there's a reason to trade. so, you have to buy an index versus buying, picking the winner that is going to be

taking it. >> one cheer for health care. you got one that is unloved? >> i agree on health care, but i would pick up on the banks theme. you get rates a little lower, that takes some of the mark to market loves out. you get the term structure. i think there's room. >> look at health care, banks. court? >> looking at small caps, i'm going to agree, but i'm going to go with small caps. >> mike? is there an unloved sector from '23 that you think is going to get some shade or maybe some sunshine in '24? >> yeah, i'm alongside the bank call that we just heard, i mean, first of all, they're trading at a relatively low multiple. we've seen pretty abysmal numbers out of loan demand. and if we're seeing lower rates, that demand should pick up materially, so, i think that's a positive, and obviously the multiple is a positive, as well, and ols also in the health care space, that is definitely -- outside of a couple of the names that really have been bumped up

by the things we'll talk about in respect to obesity drugs, but as a general case, i think that is an area that people should look at. >> we're going to talk about health care more broadly, but specific will those stocks in pharma coming up. let's talk a quick break. but coming up, tesla up more than 100%. will record deliveries help fuel more gains or will china's ev boom dent tesla's growth? we'll debate that one next. you can never get too much tesla. and speaking of big years, crypto winter thawing out in a major way, with bitcoin jumping more than 150%. and a few stocks tied to the space have done even better. the names to watch when "fast money" returns. you're watching "fast money," here on cnbc. we'll be right back.

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i'm a little anxious, i'm a little excited. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give back to one of our customers. i hope you enjoy these amazing gifts. oh my goodness. oh, you guys. i know you like wrestling, so we got you some vip tickets. you have made an impact. so have you. for you guys to be out here doing something like this, it restores a lot of faith in humanity. welcome back to "fast money." a news alert now on the apple watch sales ban, and pippa stevens has the latest. >> hey, tyler. apple announcing just now that it is going to restart sales of the watch series 9 and the ultra 2. they will be available in apple retail stores today and back on online stores tomorrow.

this, of course, comes after apple said earlier that they had -- that they were able to start reselling the apple watches after an import ban was temporarily paused by an appeals court. that was earlier today. once again, apple is going to restart selling the watch, series 9 and ultra 2. tyler? >> steve, thought? >> yeah, there's been probably a dozen reasons why you should get out of apple. and it keeps defying all laws of probability. with the watch, you know they're going to get over that. and then it was the china, you couldn't have a cell phone that was apple, two of the top selling five phones are apple phones. there's always a wall of worry specifically apple, and you're still going to be able to buy that watch somewhere else. and as soon as they heard they were going to stop selling it, they ran out and bought more watches. so, there's going to be -- you talk about pull forward, your dessert in the market, people pull forward their watches, now

the people that sat on the sidelines, said, let me wait until this works out, they are able to buy it, too, so, if you are waiting on buying apple, hold your nose, don't look at the price, buy it, save it, put it away. >> all right, let's switch gears now and go to tesla, another one that seems to move forward. charging higher on news that 2023 looks like it's going to be a record-breaking year for sales of their evs. the stock almost higher by 2% today. company now projected to deliver over 1.8 million vehicles this year. that's a bit below musk's projection of 2 million at the beginning of the year, but up from 2022. while tesla is dom lating in the u.s., chinese ev maker byd will overtake tesla worldwide this year, so, is this as good as it gets for tesla? mike, let's start with you. what do you think on this? >> i don't think so. you know, tesla really, i think, is the leader in evs. i mean, i speak a little bit

with bias on this, we have a couple of them, i think they're phenomenal cars and arguably the most efficiently priced cars that you could buy right now, there's a reason the model y is the best-selling car in the u.s. right now. and, you know, frankly, they just have levers they can pull on that other automakers do not. now, obviously, byd has some advantages in terms of manufacturing. i think actually tesla's going to end up benefits from improved operating efficiency. and we talked about this earlier, you know, they have a lot of data they've been collecting, they are, i think, almost certainly the leader in self-driving. and you put these things together, they are also building all the infrastructure here. they are going to be piling on for their supercharging network. in the u.s., at least, they have the lead and it's hard for me to imagine even if byd is making good progress in china, they're going to overtake here and in europe. >> the model y, you see them everywhere. i was in europe over the summer and it was amazing to me how

dominant tesla was among evs in a land norway, where i was, which has the highest penetration per capita of electric vehicles in the world. courtney, thought on tesla? >> actually something mike brought up is the cost of a tesla is a lot more than a byd, for example. they make them significantly cheaper and that has been one of elon musk's problems. especially the u.s. hasn't quite adopted them as much as other countries. it's almost a third of all cars sold in china are evs. talking about 8% here in the u.s. so, there's still a lot of room to run, but they are getting significant competition from china. so, you know, i think tesla cars are fantastic, but as a stock, it is definitely more expensive. it could be worth looking at that as an alternative. berkshire hathaway invested in them quite a bit, as well. >> steve? >> tesla, mike said this, tesla is, by far and away, the name, the premium brand in the space.

if we're worried about byd taking a chunk out of tesla, we should be worry about ford and gm a lot more than the dramatic effect it's going to have on tesla. tesla's outperformed the entire space. it's broken on a technical basis. i think the stock can go higher, because people aren't factoring in how much money and how much is going to happen with that charging network that mike referred to. >> the charging net the work is growing and growing. it's going to open up to all kinds of things. i hear, as well, that tesla has a refresh of the model y in the pipeline, which is probably needed. it's been sort of the same car for several years. and that is going to give them probably a boost when and if it comes forward. a lot more "fast" to come. here's what's coming up next. constructive trading. home builders putting hammer to nail over the last few months, as home prices keep climbing. so, will the gains keep coming? or should you close the door on this trade?

we'll debate, next. plus, weight loss drugs taking the market by storm this year. but can the hype continue into 2024? why our next guest sees no signs of this trade slimming down. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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>> look, i think it falls into the similar category to banks. rate sensitive part of the equity market. so, if you get yields a little lower, i think there's a lot of room for those parts of the market to rally. you probably want to be a little more cautious, so, i really think this boils down to, what do you think about recession risk next year and that will inform how you want to invest in those spaces. >> you know, court, you look at xusing home sales, which are down, down. existing -- the owners of homes aren't putting their houses on the market. so, that means that the demand has to be met by whom? it has to be met by the builders, right? >> exactly right. most people that have mortgages right now, they have rates 4% or under. >> they don't want to trade up to 6% or 8%. >> rates are still going to have to come down for people to save money by getting new houses. there's been about 5 million more households created than homes that have been build. and what's happening, all of

your millennials are starting families, want to buy home. people don't want to sell them, so, that's where your home builders are going to benefit. more people can afford those homes. ones who have homes still aren't selling them. >> there's a lot of, you know, rehabbing and staying in the house, feathering your nest and so forth. steve? >> so, when you talk about the entry level home buyer, pulte homes really satisfies that. it's up around -- it's up exactly 128% year to date. if you look at the elite home builders, the toll brothers, that one's up 108%. so, those people have a lot more cash than the average person, but to courtney's point, there's a deficit of homes that need to be built in this country and there's a deficit for the next ten years. you're not going to go broke bying home builders. >> mike, am i recalling that last year, 2022, was a nearly disastrous year for home builders, as interest rates rose. >> well, i mean, first of all, they've performed pretty well in

the latter half of this year, despite the fact that rates are obviously considerably higher, i mean, stuart and courtney and steve all basically hit on the key drivers here. obviously, we have had home -- new home construction has severely lagged home unit creation, that's obviously a big problem, as you rightly point out, we've got people lock into their homes, but the 30-year mortgage rates have fallen quite significantly and we also have seen input costs for the home builders dropping, as well. and that's one of the reasons as a group they are trading at such a cheap multiple. they are probably ranging, depending on which one you look at, between 7 and 13 times earnings. they've had an awful by big run. i actually think as long as the economy hangs in there, that this group is probably actually poised to be higher by the end of next year. >> all right, mike, thank you very much. let's take a quick break. coming up, slimming down in 2024. not this trade. how the weight loss drug frenzy

can keep packing on the gains in the new year. and the stocks that can -- we had to do this -- tip the scales. that's next. plus, bitcoin on an absolute tear lately. i almost said botox. bitcoin on an absolute tear lately. but these gains are nothing compared to some other names in the space. the stocks benefitting from the crypto craze, ahead, when "fast money" returns in two minutes. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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welcome back to "fast money," everybody. stocks managing to close in the green today once again. the dow jumping more than 100, closing at a fresh all-time high. the nasdaq and s&p notching a fourth straight day of gains. the s&p inching closer to a record high there. all three indexes on eight-week winning streaks. that is the longest since back in 2017. some stocks hitting all-time highs today. you got booking, marriott, caterpillar, general dynamics and martin marietta, all trading near those levels. now, let's move to health care.

obesity drug heavy weights eli lilly and novo nordisk set to finish 2023 up more than 50%. while the broader xlv health care etf is flat for the year, but with ongoing supply constraints, insurance coverage challenges, and an uncertain macro environment, should investors worry that the glp drug euphoria is ready to plateau? let's ask jared holz, he's a health care senior sector st strategist. what do you say? are these topping off in terms of demand? or is the problem that the companies may not be able to meet the supply needed? >> tyler, thank you for having me, first of all. it's a tricky one, i mean, the stocks have performed so well throughout the year. obesity has been the defining narrative across health care and arguably other industry groups. now we face a little bit of a challenge with respect to how the drug launches go.

are we going to be seeing numbers competing street forecasts, which are obviously not conservative at this point? and then, yeah, i think later on, how does manage care, how does the health care system pay for the drugs? these are all question marks coming into the year. still think the stocks will have pretty good years next year. i just -- i don't see 50% returns getting, you know, eli lilly close to 12 billion in cap in the next 12 months. >> right. right now, it's really the big beasts in this space, lilly and novo nordisk. can they meet the demand? >> i think they'll probably be able to. within the past couple of months, both of those companies have announced major in infrastructure moves. novo nordisk spending $6 billion on new factories, basically just to supply this one drug, and maybe a couple others. and eli lilly, between $2 and $3

billion. if they can't meet the demand tomorrow, certainly over the next few quarters into next year, i don't think it will be a big problem, but that's one of the main challenges. you could also argue that demand is so high, if that's the real sticking point, not a great pair of thesis for the stocks if the issue is the supply chain. >> is the supply chain, maybe some scarcity. stu? >> one supply and one demand question. on the demand side, a lot of question about government health plans and what their appetite to kind of fund these are. and what's the bar for, you know, other companies to kind of enter this space? i know pfizer has been rumored as an entrant, as well. how would you handicap those two things? >> yeah, well, on the government side, i think most of this is probably going to be commercial insurance to start. not sure it's going to be a huge medicare drug, but it's obviously something we're watching pretty closely. sounds like most of the plans have priced for it. next year is going to be a big test, because you're going to

see the drugs through the course of the year assent, depending on how that ramp goes, the insurance companies can reprice the business again for 2025. so, next year will be a little bit of a test. and then on the competitive question, pfizer still looking at that area, it doesn't seem like they're going to have anything major to speak about, but that's an ongoing debate. amgen is another one, the early data looked pretty good. and then you have a lot of other companies in the fray, too. astrazeneca just did a deal in asia to get their hands on an asset. you have viking therapeutics and small cap bio tech. and though the data hasn't looked perfectly clean, structure gpcr is another one. this is going to be an area with more competcompetition. lilly and novo might just lead the pack for awhile. >> lilly and knovo up 50% to date, you mentioned amgen.

last time, we discussed this. how early is too early to be looking at amgen, who hasn't had the run that those other two players have had, obviously it's a much better delivery system, you said that the early trials look good. is it too early to start buying that stock now? >> not at all. i don't think so. i think a lot of investors have been adding to positions, or putting new long positions on an amgen for the past couple of months, because they kind of want to get ahead of the curve on this one. they're looking at novo and lilly and the years they've had, and if amgen can give you anything, and what's going to be a less frequent injection, if the efficacy data, the weight loss data looked very good, probably in the second half of next year, it's obviously going to be a stock that's going to have a big move. so, i think it started to happen, obviously not as pronounced as the others, but i don't think it's a stock where people, you know, kind of don't realize what the future holds.

>> as i -- i'm not a portfolio manager, obviously, but as i think about how portfolios are constructed, i often think about core holdings, and i think an a core holding in almost any prt foul owe would be an apple or a berkshire hathaway might be a core holding. are novo and eli lilly similarly the kinds of core holdings that you probably should have in your portfolio if you're assembling, or tesla could be a core holding, for that matter. >> totally. i mean, i get the concept for sure, and i feel like based on the complexity and the other challenges that so many single companies in health care face, lilly and novo are still core holdings until there's a time in which it seems like estimates have either gotten way too high based on what the current -- what the numbers are showing, or there's a big push-back on the managed care side. until then, and that might be a couple years from now. until then, i still think these

are going to be core holdings, even if you run a broader portfolio. >> jared, thank you so much for your insight tonight. really thank you for that. >> thank you. >> have a good new year. let's trade it, guys. mike? >> he just mentioned managed care. it's interesting. obesity-related illness is about 10% of health care spend, i mean, it's a little lower probably on the government side and a little higher on the private side. they want to see this happen, right? so, we've got $4.5 trillion in u.s. health care spending overall. so, the cost of obesity is tremendous. and so, that means that the financial opportunity for something to help solve that problem is similarly tremendous. and i think that actually is a benefit for the health plan providers, the ones that bear these costs along with consumers, and it's going to be a benefit here. novo haven't hugely expensive, though lilly might be. >> i believe novo is way bellow lilly. courtney, let me just throw the ball over to you, but ask you this question. as mike points out,

obesity-related health care is a high percentage of all health care. if these drugs arrest obesity or pull it back, are there sectors of the health care universe that are going to be negatively impacted because there is less obesity? obviously if i own weight watchers, maybe i want to own less weight watchers if these drugs became that popular. if i sell equipment that is used in bare ya trick surgery, maybe my business isn't as good as it was because of these drugs. >> when you say weight watchers, they are trying to get into this. they realize that's going to take away from their business, which is kind of fascinating. we talk a lot about obesity, but what is interesting here, they are trying to expand the uses here. they are looking at diabetes, heart disease. >> exactly. >> so, i think the upside to what the drugs can do is probably more than the downside that you're looking at in other areas that are losing out on some of their profits.

so, it's going to be something that continues. but also, when you take away lilly and novo, the rest of the pharmaceutical industry hasn't done a lot of anything this year. >> no. >> next year, especially as rates come down, it could very well continue to take off, so, yes, you want to own those names, but i would look at the whole index here. a lot of the other ones still have room to run. >> some of the other names. >> correct. >> like? >> like a merck hasn't done a lot of anything, but i would look at the index. >> keytruda, right? >> exactly. >> thoughts, stu? >> i agree with that. health care has been one of the more disappointing sectors to date. so, i think next year, if you get yields lower, these drugs can kind of shine a spotlight on the whole space and hopefully the rising tide lifts all boats. steve mentioned it earlier, as well. coming up, bit count's rising tide lifting -- speaking of -- lifting crypto ships this

year, but can the rally keep sailing through 2024? we'll dive into the ultimate would you rather with one of our bitcoin bulls. plus, do you know your options? that's the question we ask at the end of a record year for options trading. the biggest story lines and a trade for the new year, after this.

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welcome back to "fast money." crypto's climb getting steeper in 2023's final days. bitcoin gaining almost 3% today, now up more than, wait for it, 160% so far this year. and the bitcoin boom sparking a monster ripple effect. marathon digital, coin base, microstrategy up more than 350%, each of them, this year. look at marathon, up 808%. the bitcoin miner marathon damageal leading the pack. steve, what makes the most sense in 2024, the digital currency pure play or stocks with deep crypto ties? >> people that are in love with this space are going to be truists where they just want to buy the actual -- >> the asset. >> the actual asset.

but bitcoin, other than a finite supply of it, it doesn't really have a use case. so, i lean towards ethereum, that doesn't have a constrained supply of it, it could be literally unlimited, but there's use cases to ethereum. there's not with the bit count. your question -- >> what are the use cases? >> every other -- every other crypto-currency, or, other crypto-currencies can trade on the ethereum platform. and then, also, you could have anything -- they take the legal-ese out of the stuff. things that are meant to be done on block chain can be done with the ethereum platform that are just plug and play. so, you don't really get that. bitcoin is the digital gold. and that's the reason why they call it. >> so, you just answered bitcoin or ethereum, you take ethereum. >> i would take ethereum. and then i would like to be -- so, you want to ask me the other questions there -- >> it says bitcoin or microstrategy? >> see, when you look at the companies that are steeped around crypto-currency, they

have the ability to rise more, because there's other things within their platform that could actually generate revenue. like the coin base. they could generate revenue in a host of other ways, but when you look at the actual crypto-currency, it's very difficult, in my case, ethereum trust. it would trade at $4 this year, it's 20 now. >> would you read the last one here, bitcoin or coin base. >> there you go. yeah, you go with coinbase. >> mike, what do you say, man? >> i think if you are taking a look at bitcoin, it's hard, i think it's hard for people to not think it's going to test its all-time highs. you're looking at 50% or so or more potentially in bitcoin if you think it has room. if you look at the miners, they're going to have a little bit, just like the gold miners do, as well, when the prices get higher, they have more leverage

to the upside. a lot of that has already been priced in on the marathon side. coi coinbase, you are buying a company that's not profitable. that's the challenge. >> all right, let's take a quick break. coming up, coinbase is one of the market's biggest winners, but could the options market pull the rug out from under this high flyer in the new year? we'll lay out a trade that could tell the story when we return. stay with us. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm.

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welcome back to "fast money," everybody. before the break, we were talking about the big run in crypto this year, and mike, you've got a trade on coinbase, we've been talking about it, that could be a prudent hedge in case the bull case goes south. tell us about it. >> look, i don't think a lot of people are going to be selling their winners right before the end of the year and taking their gains right now, but if the wind coming out of the sails of some of the fastest and highest flying stocks of the year, coinbase is certainly one of those that could potentially be vulnerable. and so, this is also one of the single stocks that's seen the most options activity. one thing that people could look to do at the very least is hedge. i was looking at the february 175 135 put spread. that would cost about 13 bucks.

a $30-widespread. you might be a far way for it to drop, but if you look, right before we saw the pull-back in '22, the highest flying stocks from '21 gave up a lot of their gains in the early part of that year, and i think coinbase is one of those that is potentially vulnerable in the new year. >> mike, perfect case laid out there to hedge on coin base. up next, your final trades.

record day for the dow, close on the s&p. time for the final trade. let's go around the horn. mike? >> yeah, you know, a lot of stocks are higher this year. united health is now, but they are growing in the mid teens. this is a good one here. >> final trade, yeah, health care getting a little love on the desk tonight. stu, your thoughts? >> you know, we like s&p equal weight. the fed keeps it long equities. we think earnings will broaden out. >> maybe next year is the time for it. court? >> we talked about housing and the supply/demand constraints. i think d.r. horton is something

to look at. it's a good way to capture that. >> all right, d.r. horton. and steve, bring us home. >> you here tomorrow? >> i'm here tomorrow. >> i'm here tomorrow, too. crispr. if you don't know the company, look it up. >> all right, everything is anyofo when it's crisper. thk u r watching "fast money." i've had there is always work in summer. i will help you find it. men money starts now. >> hey, i am cramer. welcome to mad money and welcome to matt cramer. three me at jim cramer. i'm here to talk about stocks every night. he will make some mistakes in a