it was up -- doubled inove overtime. 38% of the shares held short. >> it's a wild move, but a small cap, we should note that, so, spring loaded, i guess, for this, with the short squeeze. the dow finished low, the s&p and nasdaq higher. 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. bio tech bounce-back. conventional wisdom says the sector and health care overall is a no touch in an election year, but could those things be different this time around? we'll go inside the numbers. plus, retail revival. the etf that tracks this group is up over 11% this month, and some names on the clearance rack are mounting a comeback. we'll dig through the discounts. and later, taking tech to the task. kara swisher will talk about her new book and the echos in the

current a.i. frenzy. all that, plus, a surge pricing test for burgers and frosties. cruising stocks cruising higher, and the bitcoin boom hitting a new milestone. 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 guy adami. we begin with this chart. it is a look at a sector that has jumped 50% since its lows last october. it's not tech, and it's not crypto. the question now is, can these gains hold? so, you ready for the big reveal? >> please, yeah. >> you are looking at the xbi. >> stop it. >> this week alone, it is up close to 9%, and all of this in an election year when conventional wisdom says all things health care should struggle. what are we looking at here? a bounce-back? a comeback, what? >> m&a activity. >> don't call it a comeback. >> don't call it a comeback. >> it's ll cool j. >> ladies love cool j. did you know that? >> i had no idea. >> he's a fan of the show, so, please call in. there's some room to the upside.

i'll look at the ibb, we can look at the xbi. all of them, i think, are sort of, i don't want to say spring loaded, but i'll say that because of the m&a activity that will continue in the space. a lot of companies, the big cap pharma stocks can use their stock as currency, without question. they're going to buy growth, because the organic growth is not there. and bio tech winnings to this, so, despite the fact that a giliad has sold off on disappointing news, i think you stay with both the xbi and ibb. >> the xlb, as well, has had a nice little run. part of it is, where was their value, right? and this is a space are where not only is there value, people looking for dividends, so, it fits the bell there. the ibb, today, viking just, you know, an enormous jump. it's the biggest holding. yesterday, i'm sure, it was half as big. >> right. >> that's kind ofreally incredible move. but just the frenzy there. so, i do think that -- we hear bankers talking about activity, and so to the extent that there is any activity, it begets more

activity, because people think, all right, well, there's not that many chairs left, right? if this is musical chairs, i got to jump on something, so -- it's been good. though last year was painful. the biggest bet in the ibb. >> you look at the giant outsized moves, i mean, they're eye-popping, attention grabbing. you mentioned viking, which we'll go into later on, but janex had phase one prostate cancer data and the stock tripled in one session today. >> but i think i mentioned this, the desperation from an order that it feels like there's in megacap pharma to do a deal, and, you know, whether it's bristol myers, pfizer, some of the ones that are stuck in the mud -- by the way, the xlh, the etf that tracks that sector, is kind of a runaway train. lilly is a big part of that. but i do think it's a combination where you are seeing m&a activity. there's a reason why big cap

pharma is chasing it. there are exciting parts of the bio tech space. we clearly know what's going on in glp-1 land, but think about oncology, also zheimer's. these are hot, hot areas that a lot of people have, and it's a fragmented industry, which i know we're going to talk about with glp when we talk about viking. if you look at the charts, the ibb has underperformed the xlk, but the dynamic there is that -- excuse me, the xbi -- i think ibb is, you know, more spring loaded in some sense relative to the market caps. the bigger cap names, a lot of cash in there, amgen, which has exposure. >> funny, you know, you all make great points about stuff that's going on -- >> where's the but? >> but the but is that this looks like really late stage sort of market stuff. so, i look at my screens today and i see the ten-year at 4.3%, high yield has not always been a great thing for bio tech stocks, hasn't been great for small cap stocks. a lot of those bee owe techs are

in the russell 2,000. that outperformed on a day that the s&p was basically unchanged. i have a whole page of broken spac deals -- >> oh. >> they're all raging today. this is not really bullish activity in my opinion, when i see the market kind of broadening out to that sort of stuff, so, you know, we can spend the next few days, every day, probably talking about a new thing that's going bat -- >> whoa, whoa, i'm sorry, i didn't mean it like that. >> one way to enmmean it. >> this is kind of how we talk on a trading desk, i did not mean to do it like that, but we can do that, but that's going to happen, so, here's today -- >> the flip side to rates going higher is maybe this sort of pushes these smaller companies into the arms of big pharma, which are desperate to improve their pipeline. and are loaded with cash on their balance sheet. >> and they have to buy growth. years ago, nobody ever talked

about -- we're talking about it now, because people just want to get ahead of this. you know what, we're not going to stick around and wait to see what happens in phase three. we'll roll the dice here and pay up five x opposed to the 50 x if they get phase three. so, i totally get what's going on. i understand what dan's saying. with that said, i think bio tech is a space you want to stick around in this year. >> well, part of it is also, a time we're wrestling with multiples, and if you look at the multiples of -- i would dig into the ibb and say, a lot of those multiples maybe have been value traps. there have been places where these are cashed up companies that have slowed down the growth. they almost don't fit into t their -- their bio tech skin anymore. but i -- i think it will continue, and i think, you know, we can be having a conversation about the broader market. i actually think it's very rell think. i think it is healthy for the market. i guess i disagree a little bit. i look at industrials, the breakout in banks, we're going to talk about that, so, i'll save that, but to me, there are

a lot of things that are breaking out, and we've been waiting for that ibb chart to kind of get to this place and break out. and i think it's had enough of a technical runway to go there. >> speaking of technical, let's get to the chart master, to see what the technicals are showing. so, carter, what's the diagnosis? >> i think tim captured it right there, and it is a textbook breakout. but before we look at the charts of the ibb and the xbi, let's dissect the two etfs first. we might have a table here, and it's important. it puts in context the difference between these two. of course, ibb is the i-shares, xbi is the spider. but the difference is the weightings, right? one is quite a bit larger, ibb, 217 stocks, and 50% weight in the top ten, because you've got amgen and biogen, all 100 billion, versus xbi, which is equal we weighted, or close to .

let's look at comparative charts. four lines here, s&p leading the way there in blue, you've got xlv, of course, that's the entire health care sector, standard and poors, anyway, s&p 500, versus ibb and xbi. and xbi has lagged because it is equal weight. now, the real correlation, next chart, is, notice how tight the lines become. it's iwm, because the beta, or the correlation between small cap stocks, iwm, the russell 2,000, and bio tech, is very high. much higher than it is to the spy. the median market cap being about $2.5 billion in the xbi. let's look at the charts themselves. so, here we are, ibb, it's been the leader of the two. you have converging trend lines and you have a move out of that formation. i would say just play it higher. by contrast, take a look at xbi, it was the real laggard, and, in fact, at its lows of just this past four, five months, it was

at its lows for the past five years. that's a heck of a level from which it came to life, and it, too, has moved above the downtrend. i would just say, play for higher. >> here's a would you rather, carter. >> oh, nice. >> xbi or ibb? >> yeah, i would go with the one that's pure. so, xbi, because you are not so dependent on just a handful of names. again, it would be regeneron, vertex, moderna. >> carter, thank you so much. carter braxton worth of worth charting. so, if money is going into bio tech, where is the money coming from? jared holz was writing about the bio tech rally this morning, said maybe money is coming from mega cap tech. >> apple. >> apple. >> think about what's not been performing and think about where it is easy to say there is no innovation and i'm not saying that, but we're trying to characterize why someone might rotate out of what is formerly higher growth stuff. it's a big change in allocation. you are taking on more risk, significantly more risk when you are looking at bio tech over an

apple or even a google. but i do think a lot of '22, outside of nvidia, lilly, has been broadening and allocation. >> some of these moves are really unabated. if they pull up the xlv, we know what's going on here, this thing is literally -- it's 45 -- it's pretty steep here, right? so, the idea we wouldn't have a check-back, if carter had a little more time, he might say that, things that broke out of the long consolidations, if you want to pull this one back out a little bit. so, the idea that we're going to have a runaway backout right now, because corporates are feeling animal spirits, that's really what's going on here. what guy said, the phases where companies took the plunge and buy these companies when they had more dataabout the drugs in the pipeline, but right now, they are just getting in there and doing it. that's speaking to a sentiment that is very pronounced. think about, we're seeing a lot of m&a in different sectors

right now, and this has gone year over year, we were convinced a year ago there was going to be a recession, and now, it's just, like, off to the races. so, at some point, there has to be some sort of check-back about that overzealous sentiment, in my opinion. >> the one thing to remember, we talked a lot about when the insurers reported, how -- medical loss ratio, how much they were spending on actually, whether it's hospital stays or devices or drugs, so, i think there's still some pent-up demand that we're going to see continue for awhile. now, the xlv, which also does have some exposure to the insurers, but it has a lot of exposure to a lot of other things that are the beneficiary of that higher mlr. >> let's dive down into one of the biggest moves in the market today, that is viking therapeutics soaring 121% after reporting phase two trial data on its own experimental obesity drug. patients lost up to 14.7% of body weight from the base line after 13 weeks of treatment. it's a once a week shot. viking also announcing today

after the close a $350 million proposed stock offering to fund the development of its drug pipeline. our next guest thinks the stock reaction today is deserved. jay olsen has an outperform rating on viking. jay, great to have you with us. >> thank you, melissa. great to be on today talking about viking. >> so, at this point, is it still deserved? how are we thinking about the multiple? >> yeah, absolutely. look, this was a great run for viking shareholders today. if you look at the increase in the market cap that we've seen for lilly and novo, driven by their obesity drugs, granted viking is at a much earlier stage of development by comparison. if viking's drug is as good as today's result suggest, then the current $8.6 billion market cap is looking attractive. >> you wrote that the phase two data is almost flawless. and the results look very good in terms of, you know, a low number of patients dropping out across dosages, theed a edadver events across dosages, but what are some of the pitfalls

potentially? this was a relatively small, seemed like a small phase two, 176 adults or something like that. for phase three, what are you looking for? >> yeah, those are great points. you know, efficacy that we saw, the 13%, placebo adjusted weight loss at 13 weeks is really phenomenal, compares well to lilly's zepbound, as well as their next generation weight loss drug. really good efficacy. need to see more patients for longer duration of treatment. and to your point, the tolerability here is going to be key. the dropouts were very low. most of the g.i. side effects occurred in the first week, so, that's after just one dose, and patients seemed to build up a tolerability. so, if they can stay on this drug and the trajectory of the b weight loss continues, we could see a really impressive result here for a larger, longer study from this drug. >> jay, it's karen. thanks for being on today. so, this offering makes complete sense for them to take advantage

of the price here. this will double their cash. they have a fairly significant burn though, well over $100 million. does this buy them enough time to get where they need to, which they hope is a successful phase t three? >> yeah, absolutely. i'm not entirely certain that the next step here is a phase three. management has indicated they need to run one more phase two study, so, this cash is certainly adequate to fund that. and then let's see what happens. these study results are great catalysts to unlock a lot of shareholder value, so, there's a lot of optionality here for different things to happen after the next study and the cash they raise should be sufficient for that. >> jay, in the notes, these data -- the data are phenomenal, just as good, if not better than lilly and novo. so, close today, it's an $8.5 billion company. assuming that is accurate, i mean, this is a lottery ticket for somebody, and to a certain extent, given the market caps of a name like lilly, it's a rounding error. is this on their radar screen to

sort of become additive for them or take competition out of the mix? >> absolutely this very well could be on the shopping list for any large cap pharma or bio tech company after this wants to be in the obesity market and is not currently having a drug. there are plenty of them out there. and, you know, $8.6 billion market cap, someone could pay pretty significant premium for viking and pick this up, as you indicated, for relatively low price compared to the potential that exists for a drug like this. >> jay, it's tim. i'm going to dive in where i did yesterday when we had a conversation about, you know, another player -- doesn't this tell you that this addressable market that we've been doing math on with lilly and novo for six months, isn't all going to two people? and i realize you said phase th three, coming to market is three years away, but when analysts are doing the math, not necessarily you or me, but people begin to price in the dynamics of what could happen

across this market over the next five to ten years. that, to me, says -- and you noticed -- excuse me, you po pointed out that it will be nuanced. there already nearbiche playersd that sew ophistication is going be very interesting. it tells me that lilly and novo are overpriced. >> well, i can't comment on your last comment, but to your earlier point, yes, this is going to be a very large market. this could be up to $70 billion in annual revenue within the next ten years. we've never seen a market that large that was entirely dominated by just two players. mr.'s plenty of room for new players to enter the market here. just as we've seen in the diabetes market, which -- where, by the way,is where these drugs evolved from. so, we would expect this large market is going to have millions of patients in it. we would expect this market to be fragmented and segmented, just the way you would any large market, and to your point, every obesity patient is going to have

a different primary manifestation of their disease. some obese patients all suffer from cardiovascular disease, some will have fatty liver disease, so, those are all nuances and different flavors of obesity that can be addressed by these new entrants to the market. >> do you think, jay, that when the company comes out with their phase one data on the oral formulation for this compound, that that will also be a catalyst, despite the stock's run today? >> absolutely, melissa. thank you for pointing that out. that is a great catalyst that could unlock significant additional shareholder potential. viking is the first drug in this mechanism to have an oral obesity drug that's going to be presenting phase one data w within -- by the end of this quarter, so, that's an important catalyst, and as we've seen from today, these types of catalysts can unlock a lot of shareholder value. >> when you say mechanism, as a dual agonist. >> yes.

they have the first oral dual agonist. >> okay, jay, thank you for being on. >> thank you so much. >> and do not forget to tune into this thursday, 10:00 p.m. eastern on cnbc for the premiere of my documentary "big shot: the ozempic revolution." >> i'm tuning in. >> definitely. >> more appropriate. this is the time to go watch this. i know i will. >> when you say dual agonist, you whereabout talking about these two -- >> i didn't know what it meant. >>. >> you said all the flavors of obesity, i was like, i got that, i got that, i got that. the big shot, thursday? >> 10:00 p.m. >> thank you, guys. coming up, a look at some of today's fast movers. macy's and lowe's higher after earnings numbers. and how traders are playing the moves next. plus, famed tech reporter kara swisher joins us next to lay out her take on the a.i. surge, and why we could be nearing an inflection point in this trade. don't go anywhere. "fast money" is back in two. this is "fast money" with

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earnings alert on urban outfitters. sharing dropping 7% after the retailer missed on the top and bottom lines. macy's reported earlier today, revenue coming in below estimates. it will close 150 of its namesake stores, part of the company's new growth strategy. the stock closed up more than 3%. low's, meantime, beat on the top and bottom lines, reported 2024 sales will come in below what they were in 2023. this is due in part to customers taking fewer home projects on. the shares ended the day just under 2%. karen, you were pointing lowe's out today. >> yes, i mean, it's been -- there's been a nice move on what wasn't actually, you know, you could definitely put a less positive spin on this than where the stock traded. i think there's just sort of more optimism in general. home depot is doing well, as well, but to me, i have a bigger bet in lowe's that it's still materially cheaper. >> i felt like the conference call commentary was a little bit cautious. >> yes. right. >> maybe that's a good thing,

that you want -- diy will remain under pressure, most homeowners are locked in under 4%. >> i'm surprised the stock didn't react off of that, actually. >> it was the exact same guidance home depot. i mean, i thought it was listening to the same call. and they were both cautious and yet look at that chart in home depot breaking out. retail across the board, i thought this was the day that retail really showed something. if you look at that xrt, that's a breakout. that's up 33% from early november. xrt doesn't do that. and again, it's not a heavily weighed and a couple big names that could have moved it, it's actually a very evenly weighed etf. >> while you were on vacation, melms, urban outfitters -- >> so was tim -- >> i wished -- >> every time you mention her being back, i want to be mentioned again. >> welcome back, tim, and karen. >> like you didn't matter or something. >> work right through your vacation, by the way. >> anyway. >> urban outfitters was an all-time high today, definitely 52-week high. this quarter is not particularly good. and you can say, you know what valuation makes sense, yeah, i

guess, but you don't really have any eps growth there. so, this is a stock that's gone straight up. it's trading 43 and change now, i mean, there's a real good chance you have a 38 handle over the next couple days. >> you guys like to make fun of me. >> no we don't. >> you know who is in my camp? david solomon, ceo of solomon. did you see what he said today? he said, the world is priced for a soft landing, talking about u.s. consumer sort of stuff. i just feel like not a lot of people are focused on that right now. like, the consensus is, like, we're out of the words -- >> david soul was starsky. don't give up on us baby. >> you know what's a great -- we could do that at karaoke. >> you are going off the rails. what is it -- >> we ate candy before the show. >> we missed you. >> too much candy. like my 4-year-olds. no more candy. macy's expand ing blue mercury. like the bifurcation of the

consumer. >> it is, but it is also concerning to me to cut to growth, right? because you do have -- now they'll take the low performing stores, but you still have an overhead base on potentially a smaller revenue, likely, much smaller revenue stream. to me, though, this is all about the -- the proxy fight. and i think that the bidder has to bump before the meaning. >> can i talk about something real, not david soul? you looked at auto zone today. they had great numbers, better margins. you look at what's going on at dollar gen. some people would say -- i know there are headwinds to the consumer, but between the child tax care credit, tax refunds, a lot of people are saying this consumer has more powder coming. and you're seeing it in the names geared at the lower to mid-size consumer. and auto parts, we talk about carvana, those continue to rip. and i think there's probably more there. there's a lot more "fast money" to come. here's what's coming up next. nothing seems tobe stopping the red-hot tech trade.

but if history is any guide, could we be nearing an a.i. inflection point? famed tech journalist kara swisher joins us next to break it down. plus, one cruise line running a tight ship, as norwegian surges after earnings. but has the ship sailed on these gains? you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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welcome back to "fast money." stocks closing mixed. the dow dropping nearly 100 points. the s&p and nasdaq both with small gains. but the russing 2 sell 2,000 ju more than 2%. afterhours action here. shares of boston beer dropping after miss on the top and bottom lines. devon energy with a beat on revenue. shares of first solar nearly 5% higher after an earnings beat. full-year guidance in line with estimates, as well. look at bitcoin, surging once again today. crossing $57,000, at one point hiting its highest levels since

2021. g crypto proxies all climbing, as well. it keeps on going, guy. >> it does. congratulations. i saw anthony today, a lot of people have wagered a lot on this and they are winning right now. there are stocks at work, and we talked about it. dan's mentioned the balance sheet of robinhood. big move over the last couple days. i think it's finally breaking out of a three-year malaise. that's the first place i'd like. tim's con inbase on fire. a lot of people think that's a short buy. robinhood is the place to go here. >> i'm a little surprised how strong it is. we saw that -- >> post-etf. >> yeah. there was that buy the rumor sell the news and it rallied really sharply from there. if you think, though, about the nuclear winter that it has survived, right, with the, you know -- >> ftx. >> right. and -- that it's still here also, you think that the fed kind of having some, you know, discipline and restraint wouldn't be great for this, but yet it is, so, i don't know if

it's -- they're waiting for other etfs, that's part of the party, to hang onto any liquid, you know, crypto-currency until another etf. >> i'm sorry, but then go back to look at what this treasury has to refinance in terms of debt at 5%. i mean, the whole sum of the e those and the ray son debt tra of -- >> yeah, i threw some french out there. >> nice pronunciation. >> so, it's just part of why bitcoin enthusiasts have been at this for a long, long time. and we are at peak fed in some way. doesn't mean the fed is going to reverse, but karen, your point is well taken. seemingly, this should be a time when bitcoin should, you know, be feeling out the fed. i think if the fed is out of the way for the most part, bitcoin has room to run. >> peak fed meant that equities exploded, and that's what happened. but right now, bitcoin is probably sniffing out the fact that inflation is probably done going down, and so, if you think

about one of the main pillars of the bull case for crypto has been, you know, this inflation sort of hedge, right, that's the only one that's really stood up. now, it was very correlated over the last couple years when we had the bear market in 2022 and equities and other risk assets and then in 2023, think about this a year ago, when svb went under this was trading below 20,000. here we are below 60,000 and i think it's suggesting in some way, shape, or form, that maybe, yeah, the fed is done raising rates, but inflation's not going anywhere, and this might be a new norm am. and i made one last point. throw up this chart. these guys have it right here. the last time the ten-year yield was at 4.3%, which we are right now, okay, on its way to 3.8%, that's the thing that launched equities, right, on this move to new highs and everything like that. look at that. look where we are right now. 10% higher. so, at some point, i think equities and bitcoin probably shouldn't be correlated in this

environment with rates going higher. that's just my two cents. i think bitcoin and equities come in. coming up, the a.i. surge. could we be nearing an inflection point in the trade? how all the hype could be pushing tech in a new direction. famed technology journalist kara swisher is here to lay out her take on the topic and the similarities she's seening to the dot com boom. more on that when "fast money" returns, back in two. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund

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welcome back to "fast money." the nasdaq closing around session highs, up 60 points, and it is now just 1% from its all-time high. the index benefits from the parabolic move in a.i. stocks. look at the biggest a.i. gainers over the past year. nvidia, meta, amd, intel, microsoft surging as much as 230% plus. the boom sparking fears about a dot com-style bubble on the horizon. famed journalist kara swisher tackles big tech and silicon valley in her new book, which is out today. kara, of course, covered the dot com era, the author of "burn book: a tech love story." host of the podcast "on with

kara swisher." it's great to have you here. >> thank you. >> congratulations on the book. >> thank you. good to be here. i miss you guys. >> we miss you. glad you are here. >> we don't usually hear that, by the way. >> well, you know. >> in terms of a.i., you know, you go through -- you've gone through your career in all phases of technology, how does this stack up, do you think -- >> important. >> the burst is going to be as big as the burst that we saw before? >> no, but when you saw the burst, there's never been a greater acceleration of wealth in the history of the planet, right? so, you know, all these industries, you were just talking about bitcoin, they go through these troughs, including evs right now. but that's where it's going. and a.i. is another major moment in technology. there are several. the chip itself, the computer, the laptop, the graphical user interface was in there, mobile, social, internet, mobile, social. and this is one of those, and it's a big one. >> what's interesting about this particular phase is that the main players right now -- >> same ones.

>> are the same ones. >> compute is high. compute is very expensive. so, has to be the big players. guess who also has all the data, which they lifted from all of us, which is another topic all together. >> i love the book. >> thank you. >> go out and get it. >> don't burn it. burn it and buy another copy. >> that's smart. >> you had a front row seat for web 1.0. and the investment community, i think, for a whole host of reasons, were probably kind of late to it and -- >> that's right. >> that's why we had the bubble sort of thing. what mel just said, the big platform companies, they own it and they've minted these 100 billionaire -- what would you say to these folks who think that this is it, it's never going to have one of those kind of peaks and troughs, that sort of thing, based on your experience. >> this is a big moment. running away from this is ridiculous. maybe there -- you'll see too many, like, insurance a.i.s or whatever, there will be too many of them, just like there were in the dot com and then things will settle out. and the thing, we can't imagine

what's going to happen yet. like, when you got the iphone in 2007, could you think uber? no, like, right? you couldn't think of all the many things on it. so, i think -- when you first saw the internet, did you know yahoo? i can imagine some things that can happen, i can imagine videos in your air pods that tell you dan wants to have lunch, you know you can't stand him, what do i do? my a.i. calls his a.i. and says, oh, kara has strep throat or whatever. something like that, like -- no, of course, i say yes to you all the time. but you can imagine all kinds of things. you just don't know what is going to make a business. right now, it's very costly, like, when they show the videos off and everyone loses their mind, like tyler perry, it's very expensive to do that right now. so, the costs are way too high and that's because -- that's -- only the big companies can do it. that's why sam altman is trying to save $7 trillion. that's not even enough.

>> so, kara, you referenced google, sounds like you think google is google and they're not going anywhere. how about apple? today, front page, you can see that apple is scrapping their electric car odyssey, as it is termed -- >> so far. >> so far, and they're taking some of those people and repurposes them on their a.i. >> yeah. >> doesn't sound all that impressive to the folks that are in the middle of the market and have been looking for more innovation out of apple. i realize we've done that for years with apple. >> well, they haven't -- they don't keep a lot of data, so, it's not necessarily an area, but you can put -- you can figure out what they can do with all of this. assistants -- they will dominant in assistants, things that coordinate together. they will use a.i. they don't collect as much data as everybody else. that's the issue. google does -- >> repay shus information. >> georgetown word. >> that's correct. that's actual ly what they are.

that's what they've done. they have the data and now they can use it. apple wasn't one of those. and when i interviewed steve jobs, he talked about the need -- that's their thing, and therefore they will be slightly behind in that area. >> uneasy is the head that lies the crown. a little shakespeare for you. >> thank you. >> all the etechnology folks, they wear the crown. you've talked to all these folks. what is your sense about how they're handling things? >> there's been no accou accoun accountability. they're in the business to help shareholders. at some point, you're like -- the first line of my book is, so, it was capitalism, afterall. largely because the nonsense about community and they're here to save the world. my whole joke is, you remember the twilight zone episode to serve man? it's a cook book. and guess what? they want to eat us. i'm good with that. i get what they are. at this point, it's on the regulators who have done nothing. it's their fault are not doing guidelines, regulations. here's another opportunity to put them in place and what is

mike johnson do, like -- he puts together a bipartisan commission. oh, my god. you're kidding me. it's here. do something about it. but you know, they can't agree on lunch, so -- must be hard. >> so, are you optimistic about a.i. or scared or both or -- >> neither. i can't stand the accelerationists and the decelerationists. am i -- i'm looking at it, am i optimistic about electricity? in some cases, yes. i don't much like electrocution. when you invent the ship, you invicinity the ship wreck. what i'm optimistic about, there are great uses. there are great ways to create wealth. and there's enormous danger. we should mitigate for this. you are never going to get rid of all the danger. and maximize for the benefits. health care, all kinds of new businesses, exciting new ways to do it. and guess who dominates this area? the united states of america. once again. and by the way, san francisco. that's where they all are, you

know, beginning to locate. we can do this really well, but it needs -- government needs to be involved in some way in putting in guardrails, and the industry has to take more accountability. they just do. they can't -- they're nation states. they can't just do whatever they want anymore. but they kind of can, because they're so rich and powerful and our legislators don't do anything. >> most people would agree that government has to do more -- >> right. >> in particular -- >> but they haven't. >> they've talked about a range of things. it has to be global, by the way, and that's going to be difficult. but we've done it on nuclear energy and nuclear weapons. we've done it on cloning. there's an ability to do this. even if we're at cross purposes with china, which is probably the other a.i. superpower here. we can do that. it's just what don't we want to happen. okay, let's say, killer robots. yes, no, we shouldn't do that. how hard is that? except for some guy in north korea, he might want that, like, well, too bad, he lives outside the zone of most nations, right?

and so, we have to decide on a lot of things. should there be safety involved? should there be providence of where the data comes from? it's not terrifically hard. it's just -- it takes, you know, political will and a commitment to protect people. >> so, kara, good part of the beginning of the book, spending time with a lot of the characters at 1.0 and how they interchange in your kind of relationships with them, and your views from a -- when you just think about this last kind of six months or so, the situation with sam altman, right now, google is under a lot of pressure right here. it's kind of interesting, is this kind of history, like, rioting? are we likely to see turnover? >> well, he came on after the founders. a lot of people came on after the founders. tim cook's done awfully well at apple. you keep counting them out, it's a 10x since steve jobs died. who can do that? i think it's very hard, because google is under a lot of

scrutiny because of its previous behavior around search. so, they have tomove closely. i don't forget that google is the one that bought deep mind way back. that was the first important a.i. company in this new era. and so, they certainly have a lot of data, they've got a lot of technology and they've got -- they've stopped doing the crazy stuff, like, the chair lifts in the streets of san francisco, and now they need to focus in, the way microsoft has done. i think. >> thank you so much for being here. >> no problem. thank you so much. >> her book, "burn book: a tech love story" is out today. go get it. coming up, we're watching ebay after hours. the numbers out of that quarter when "fast money" returns. black-owned businesses secured a little over $2 billion in venture capital in 2022. that's a lot of money, but it represents less than 1% of the more than $200 billion pool of venture capital. many agree this means there's

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welcome back to "fast money." an earnings alert on ebay. shares jumping on an earnings beat. the company approving an additional $2 billion in stock repurchases. healthy spending over the holidays and strength in auto parts plus, what they call refurbished goods helped fuel these gains. anybody in ebay? >> you didn't know they were still in business. just kidding. i did know that. but i will say that the strength in auto is something that we've just been talking about. auto parts. the supply dynamics keep it very tight. prices are high. stay there. >> $2 billion buy-back is not insignificant for this company. the technicians out there will look, if you go a longer term chart, you'll see the 37 level, bit of a double bottom. the quarter wasn't great, but it's good enough, i think, active users didn't go down that much from last year. and margins didn't decrease that much from last year. so, might be some giddy-up left in the stock. >> to tim's point, this is a company that does $10 billion in

sales, it is very profitable, but it's not growing. it's kind of funny we're in this market where we're talking about the whiz bang cool tech sort of things and a lot of other stuff is going up and this thing can't get out of its own way. so, i would figure our value gal might have, like, some interest in something like this? >> well, i have interest in etsy, which had not good earnings, but i am interested in elliott building a stake, just as they did in ebay, in the low 30s, and i think sold it in the 60s somewhere. i love that asset-light model, which is what ebay has, as well, so, hoping that magic works again. >> you still have that sock puppet? >> i do. house of the wolf. she has it in ec. coming up, craving a dave's double? wendy's is getting ready to test a new surge-style pricing method. how will this unhappy hour effect the inflation-battered consumer? we'll break that down next. more "fast money" in two. more than 9 out

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welcome back to "fast money." we've got an earnings alert on beyond meat. shares surging more than 75% after reporting results. kate rogers has the details. hey, kate. >> melissa, one believable move here, at one point soaring near 100%, near this mixed quarter. in terms of guidance, revenues came in above estimates. gross margins for the year, though, they are expected to be in the mid to high teens range for the full year. the company has undertaken a major review of its business and exiting some product lines like jerky and making changes to

pricing, with tiered pricing on the way to help restore its margins. the ceo said on the earnings call, it is also restructured and consolidated its production network. beyond did introduce a new healthier burger for retail and grocery stores that brown believes will help woo customers back to the brand. i spoke to ethan brown about this, he seemed extremely optimistic that the health changes, making it with avocado oil and shortening the ingredients list and getting out there with a more health conscious message would be the thing to bring consumers back to the brand. >> what's the primary message for beyond meat? people who want to save the environment, people who want to eat healthier? it's gotten the bad wrap in terms of it actually being healthier for you. >> exactly. and that's the message that he specifically is looking to counter here with this new marketing. and again, this is going to be a product that is going to be sold in supermarkets. you ask, what is the message? that's the big question here, right? we hear that gen-z wants to eat

healthier, it is about climate for some people. so, there's confusion and mixed messaging there and they are looking to streamline that. this is healthier, better for the environment, better for you, eat this. we'll see if it works. >> kate, thank you. kate rogers. karen, you were pointing out huge short interest. >> yes. definitely worth noting. well, from fake meat to a meaty matter. wendy's announcing it is getting ready to test uber-style surge pricing during peak dining hours. a dave's double could cost you double. or at least more during the lunch and dinner rush. proponenting saying this could help ease burdens on staffing. >> i think it will ease the burden. >> yeah. >> surge pricing fast food. >> item will not go. >> surge pricing in fast ood? that's what we're talking about? that's absurd. most places try to staff up during their busiest times. call me crazy, but you know -- >> you want a hot burger. right?

>> yes. >> hire more people. up next, final trades.

time for the final trade. tim? >> this was a fun and informative show. they are always informative. >> isn't it always? >> you know what, now i feel bad. i'm sorry. this show was awful. gold. we talked about bitcoin. half the reasons that we talked about owning bitcoin are why you want to own gold for sure. i think this is also one of those great, great long-term charts. gold. >> karen? >> yes. so, i come back to one of the originals, which is walmart. and nice to be here with the og again, everybody out on vacation, including tim out on vacation. not a crazy multiple, i like it. >> dan? >> i came back, you coming back, and your podcast, "how she does it" with in my feed and you were interviewed on your own podcast. it was awesome. guy's oih. breaking out here. >> guy? >> kate mentioned that

incredible move in beyond meat and it's odd, mel, because last time i had beyond meat, i had an incredible move myself. >> not sure what that means. >> yeah, you do. >> cleveland cliffs. >> thank you for watching "fast money," despite all the esguys. "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. i promise to help you find it. mad money starts now. >> hey, i'm cramer . i'm just trying to make you a little money. half-full versus half-empty. you can apply that lens to everything in this market right now with the down, a