is above the fed's target, but we'll see what happens. there's within so much resetting in terms of fed tightening -- loosening, i should say, expectations that you may not have a big profound impact, but we'll see. >> yeah. crazy hour. nutanix up 4%. >> a.i., it's all about a.i. that does it for us here 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. a bitcoin breakout. the biggest crypto in the world jumping back above the $60,000 mark, closing in on all-time highs. its market cap now nearly as big as metas. what's behind the move, and could it go even higher? we will debate. that. plus, a stock once called god-like, coming back down to earth in a big way. the latest headlines dragging down shares of united health and why one top analyst says it is still a buy. and later, alphabet's no good, very bad week, gets worse,

as shares fall to its lowest since mid-december. one of our traders says the company is ripe for an activist to take a stand in the stock what they're looking for and what it could mean for the tech giant's investors. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- steve grasso, karen finerman, guy adami, and dan suzuki. bitcoin now at its best level in more than two years, just off its all-time high. the recent rally prompting a rush of retail trader activity into the space. crypto platformcoinbase reporting trouble handling the volume with some users reporting zero dollar balances in their account. ceo brian armstrong responding to the issues on x, saying, we are dealing with a large, in all caps, large surge of traffic. apologies for any issues you e counter. the team is working to reimmreme remediate. is the fear of missing out

setting traders up for pain or can this really keep riding higher? guy? >> well, bk, who is with us in a few minutes, he'll explain what's going on. a lot of this, i think, has to do with what's going on with the inflation readings. you know, there's this concern, i think, that maybe inflation's a bigger problem than the market anticipates, which means maybe the fed's not going to be as dovish as everybody anticipates, which means maybe -- excuse me, maybe bitcoin is the play here. i've always thought bitcoin is a play against central bankers, specifically our federal reserve. if the federal reserve is in a bit of a pickle, it makes sense. >> how do you view bit count? >> i don't think there's that much unique to bitcoin. i mean, pick your poison, if you look at the microcaps or any other speculative index, they are all moving up and down with speculation. you look at the financial candidates index, it's moving higher, just as bitcoin is. i don't think that's a

coincidence. >> karen? >> there's a few things going on. fear -- fomo, that seems to be prevalent everywhere. i don't think we've fully seen the etf effect in that much money is now going to be entering the market and it has to do somewhere. so, there's that. there is the having, or the halvening, i never know which it is, and so much existing bitcoin is never traded, right? so, there's maybe all of that, and then, to guy's point about inflation -- i was saying yesterday that i thought the fed refusing to cut was actually a little bit of discipline, and that wouldn't necessarily be a great thing for bitcoin, but if inflation is high and it does seem to be higher than we'd hoped, that would undermine -- that would underscore, i should say, bitcoin. >> i think it's -- i think it's everything everybody said. so, the answer to it is, all of the above. but when you think about it -- why it would be the halvening that sounds like --

>> as opposed to the halving. >> it's got to be the halving. it's got to be etf, people or institutions don't get clearance to buy an etf the first day. it takes weeks, sometimes months to be able to buy it. so, you have the etf, you have the fed, you have inflation, and i do think there's going to be a pivot, a dovish pivot, not unlike the one we saw in october, that's going to be a tailwind for itcoin. >> yeah. >> you think the fed is going to be a dovish pivot? >> i still believe that they -- they have a vested interest in acting a lot more hawkish than they are, truly --it always has the same thing. you hear from a fed representative, they're hawkish, you see what they do, it becomes dovish. >> we have seen the flows come in very strong, continue to come in even after the approval of the etfs, and in terms of the delay, if you are sitting on an investment committee, you wait for your meeting, you deliberate, you take a vote, and

there's a headline just today that morgan stanley was examining bitcoin etfs to offer on its platforms, investor platforms. so, when that happens, that could be additional plows into etfs. >> unbelievably correct, steve makes a great point. bk's talked about this for a long time. and a lot of this was anticipated without question. now, you are starting to see the dollars flow in, as well. but there within a point, like any other security or commodity or index where things get dramatically overbought, and by a lot of different metrics, bitcoin here at current levels, given the run it's had over the last week and a half probably fits that bill. so, you can look at the volumes that came in over the last couple days, huge volumes on these types of spikes. typically leads to some exhaustion. i'm not calling it top in bitcoin, but a pull-back from these levels makes a lot of sense. >> if you think the all-time high is within sight atthis point, we hit it, actually, in today's session, people, you know, have become whole now, right? people who bought at the top are whole -- >> anybody. >> anyone is whole, so, maybe this is the time to take some

profits, that's what carter braxton worth always says. >> i always believe in the reverse. people want to get back to even. so, they sell. and then -- >> right. >> and then that resistance disappears. >> oh. >> and you get pushed through that level and everyone who sold said, wow, what a sucker i am for selling there, and they actually become the next tailwind for a higher price. >> right. we do have breaking news of a supreme court, we want to get to eamon javers. >> that's right. the supreme court just within the past couple of minutes is saying that it will take up the issue of whether former president donald trump has blanket immunity from prosecution as a former president of the united states for actions that he took while he was president of the united states. this just in from the supreme court. they say the issue before the court now is whether and if so to what extent does a former president enjoy presidential immunity from criminal prosecution for conduct alleged to involve official acts during his tenure in office. the court says that it will hear

oral arguments during the week of april 22nd, so, there is some delay now, because we're obviously not in march yet, before the court will resolve this issue, but this is -- the argument that the former president has made is that he has blanket immunity for, in essence, anything he did while he was president of the united states. the supreme court says now that it's going to give that a look. melissa, back over to you. >> i'm sorry. you said the date in april, so, that's way after super tuesday at that point. >> that's right. >> all right, eamon, thank you. eamon javers. for more on what's ahead for the crypto rally, let's bring in "fast money" friend and bitcoin bull brian kelly. bk, where do you think we go from here? >> well, depends on the time frame, right? so, i think everything that you guys talked about is exactly spot on. so, you have an asset that is bumping against a form of resistance. you have a look at some of the kind of internals. one of the things i look at a

lot is funding rates. and funding rates just a day or so ago got to 100%, so, effectively, you could almost make 100%, so, that brings in sellers. we saw it hit 64,000 today and a lot of sellers came in. so, in the relatively short-term, it would not surprise me to see a pull-back. i tell my team every single day, even in 2017, when we had, you know, ethereum up 4,000%, it still had a month that was down 50%. so, this is an asset that is still extremely volatile. if it pulled back, wouldn't surprise me, but long run, i still think we go to new highs. >> do you think the price action is the playbook for when ether has its etf approved? >> i think it could be. i think people will look at this and go, boy, if ether is going to come along and do it, i want to be in ahead of it, and that's why we saw a lot of the action in ether this month or the last six weeks or so. there's a lot more to ethereum

and some of these kind of second-tier coins, but yeah, that's certainly a driver of that price for ethereum. >> bk, big fan of your work, tell brian i say hi. to the extent that you even want to go down this road, what equities sort of are best suited to handle or take advantage of what's going on right now? >> yeah, so, there's -- i mean, there's a handful, right? you can go on the miners side, and the miners are great trading stocks. the problem i've always had with miners is that they're really tough businesses. you always have to update your equipment, there's a lot of capital outlay. but when bitcoin's in a bull market, you look at something like clean spark was a name that i looked at the other day, up 23% in the day. so, you've got those. you can then go to kind of the service provideprovider, coinba the biggest and most obvious one there. they are clearly seeing massive inflows there. that would be another one i would look at if you want to play the ecosystem around crypto. >> hey, bk, it's karen. also, huge, huge fan of your

work. bitcoin stealing all of the oxygen out of the gcrypto space? or -- using the term value is a loosely related term here, but where else would you look, if anywhere? >> yeah, great question. and i'm a fan of your questions, karen, so -- >> thank you. >> bitcoin is sucking -- it is sucking all the air out of the ecosystem. if you just looked at the board today, bitcoin, ethereum, a little bit of solana was up and almost everything else was red. i do think there could be a rotation trade coming, though, because we had a lot of excitement about solana. if today was the short-term top at 64,000 for bitcoin, what typically happens in a bull cycle, all that money that was made in bitcoin and ethereum starts to look for another home. you look at solana, you might look at a chain link, you know, one or two down that have a real use case and a real reason to exist. i think they could actually be the beneficiary of a pull-back this bitcoin.

>> bk, when you look at marathon and you look at these miners, when you talk about or think about the having, is that a headwind or do they have to be more efficient in figuring out their business models on mining to make it a tailwind or to at least neutralize that headwind? >> yeah. and every one of these public miners is being incredibly efficient with their processes right now, particularly the having. the having, to me, is a lot more psychological than it is fundamental. you are going down to 450 bitcoin, that's not a lot these days. the miners are going to make money as long as they control their cost. so, i think the having is, we look back at the last couple cycles, you've had bull markets centered around them one year before, 18 months after, so, people are looking at that, so, it's more of a part of the setup phase, but it's not the catalyst for things moving higher. >> outside of bitcoin, who is your number one crypto-currency?

>> oh, number one. now you get me in trouble with everybody in crypto, because i don't pick theirs, but i would have to say, it's a trade that i'm doing is the rotation from bitcoin/ethereum into solana. that's got the next pop higher here. >> okay, bk, great to see you. always great to see you. bk, brian kelly. >> always great to be here. >> the legend, really. in bitcoin. >> wrote the book 2014. >> right. >> it's crazy. >> it is amazing. as we see money go into crypto, dan, do you think about it is, there's an atm in the market where the money is coming from? >> no, i think what it's telling you is there's plenty of cash out there, there's plenty of liquidity out there. there's no atm, because you don't have to go to the atm because they're sitting on piles of cash. >> is that cash going to come into equities and another ball last for the markets? >> i think you're seeing that. really, i think you're seeing speculation rise everywhere, within equities, within, you know, cryptos, and i think, you

know, it's gone really far, so -- i think that suggests that you might see some volatility in the near term. >> now that we have two dans -- probably good to d differentiate -- >> we have one dan tonight. >> to the extent -- i mean, if would allow me to label him, this dan is handsome dan. >> as opposed to -- >> not opposed to anything. i'm just saying. very handsome man. look at the -- how miserable gold miners have been for the last couple weeks. coincides to a large extent with this move in crypto, so, maybe to answer your question, in some way, gold mining stocks -- >> hedge to hedge. >> maybe. >> when is the having happening in gold? >> that's a great question. that's one of those -- you know, diana ross and the supremes fan, we're not allowed to play music, there used to be a great song called "the happening." >> you can sing. >> you don't want that to happen. >> america doesn't want it. another show. shares of snowflake and okta

moving in different directions. let's go to steve kovach with the details. >> the big news is coming out of snowflake, that surprise announcement, the ceo, frank sho slootman, he's stepping down. shares 20% lower, down 23%, it looks like. a former google exec is taking over at ceo. slootman still going to be on the board, of course. and he was the mastermind behind snowflake's ipo in 2020, which, at the time, was the biggest software ipo at the time. also from servicenow. you might remember his ipo there. most recently, ramaswamy ran a search engine app that snowflake acquired last year for about $185 million. as for the results here in the quarter, sales were up 32% year on year to $774 million. and operating losses were $275.5 million. that was a big chunk bigger than they were in the year ago

quarter. and now over to okta. moving in the opposite direction, up more than 20% after beating on the top and bottom lines. that company's gone through some layoffs and cost restructuring. also naming new execs here, but look, shares up 20% on that, mel. >> all right, great, thank you, steve. steve kovach. by the way, do not miss the outgoing and incoming snowflake ceos on with jim tonight, that's only on "mad money," 6:00 p.m. eastern time. that's a big decline on the departure of a ceo. >> huge decline. but it is also a valuation thing. it was the fall of 2021, we had conversations on the desk, we said, great company, was traeftraeft i trading at the time 80 times revenue. it's still probably trading close to 40 times ish revenue, which is very expensive. i would submit, in any environment. so, the answer to your question is, yes, it's a big move lower. it probably makes sense. there's an opportunity to buy the stock. i don't think it's at $179 or whatever right now. >> where are you on high multiple software, dan?

>> yeah, i don't really like high multiple anything, melissa. i think clearly it's all caught up in the same story. people chasing these. and a lot of these are great businesses. it's just people only focusing on the story, not the investment, and i think that's a mistake. >> he does look like dan a little bit when he talks like that. high multiple anything. >> if you do this -- if you do this, he looks like dan. when you look at this, if you go back to november, before the whole market took off, this is the level it's traded down to. it's probably another $25 to the downside. let's call it 150ish, should be support in the name. but as far as the high multiples go, unless you have rates being cut, you can't really buy a high multiple stock. >> you got to wonder what frank sh slootman -- he's going to retire, according to the press release, but i don't know, a guy that takes companies public, seems like -- >> he's a serial -- >> exactly. it's in his blood. >> he has the next one identified? >> it will be interesting to watch. we'll see tonight on "mad

money." coming up, the next battleground stock, alphabet. why the tech giant could be ripe for activist attention. who should be interested? but first, a bunch of afterhours moves to dig into. paramount, salesforce, and a big move out of c3.ai. the details from the quarters ahead. don't go anywhere. "fast money" is back in two. this is "fast money" with melissa lee right here on cnbc. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

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welcome back to "fast money." we've got breaking news out of d.c. on the spending bill. let's get to emily wilkins for the details. emily? >> hey, melissa. yes, congressional leaders have announced they have got an agreement to kick the can down the road just a little bit longer on federal spending. so, instead of having the deadline by this friday and next friday, they're now next friday and march 22nd congressional leaders say they think they have six bills that they can get done by next week, but a couple of the bills, they admit, they are taking a little more time, they are a little trickier to do, and those are the ones they are hoping to pass on march 22nd. this is a bipartisan agreement, but there are republicans on the hill who are not happy about this, they did not want to see a continuation of spending.

they don't think that these sort of kicking the can down the road moments are good for congress, or for the party. and so, it will be very interesting to see when this bill comes to the floor in the house, is it going to be able to get a majority support of republicans, that's going to be a big test for speaker johnson, and of course, it's a question, can they move fast enough? the house will probably be able to get this done very quickly, but of course, in the senate, any one senator can delay things, and that will raise the question whether or not we will have a small shutdown going into the weekend. melissa? >> emily, thank you. emily wilkins. meantime, shares of paramount global up after they reported q-4 revenue that missed expectations, but showed strong streaming results. talks to merge with warner brother discovery may have broken down. julia boorstin is here with the details. >> melissa, paramount showing progress in streaming, but there were losses in the traditional business that did outweigh that, particularly on the top line. the company stressed that its

fourth quarter direct to consumer losses were less than expected, and it did have slightly more streaming subscribers than anticipated. also announcing that paramount plus will hit domestic profitability next year. while revenues were driven by subscriber growth and ad growth, advertising revenue in paramount's tv division declined by 15%. the company citing continued softness in the global advertising market. now, on the earnings call, ceo has been talking a lot about the power of streaming to grow ad effectiveness and unlocking the company's value for shareholders. talked a lot about driving synergies across the company, while paramount's cfo talked about optimizing cost structure, reducing costs, and delivers high quality content. now, there was just one question about potential m&a, backish saying, we are always looking for ways to create shareholder value. to be clear, that's for all shareholders. he said, we're not going to get into speculation or timing. obviously something we're focused on.

he said, this call is really to talk about business. melissa? >> that is business. but anyway. julia, thank you. julias bo boorstin, can. can't wait to get the transcript and all the questions asking about that. >> given the short interest and the speculation about a takeover -- we talked about this, this should have traded a lot better than it is. it's up in the afterhours. ha i'm less than impressed. i mean, this has been upper left to lower right for years now, and given, again, all the news that's out there, and its inability to really, i don't know what's the catalyst at this point. >> well, the balance sheet is the albatross here. you have that enormous amount of debt. it's sort of -- i don't know what's happening with the sky dance sherry redstone deal where he was going to take control of part of national amusements -- i don't know.

this -- the linear tv, that's a very difficult thing to overcome, so -- i don't like it, either. >> if you look back on it, and i know everyone's probably said this, especially guy, as far as technicals, this stock was -- is trading below its pandemic low. and it was trading at $11.85 during the pandemic. traded below that. then it ripped all the way up to $100, then you remember, it had that cascading -- >> well, that was the -- >> exactly, which, i can never say the name of that -- >> i know how-- >> i always point to you so you'll say it. and then it sold off. but this is only -- only about m&a. you could talk about everything else. this is only about m s&a. and this only makes it a bigger story for netflix, who, this is the game and everyone else is just trying to get some piece of the sub. coming up, more earnings action. shares of salesforce moving after afterhours. and united health reeling from a cyber attack and regulators are launching an

anti-trust investigation. how all these bruises are stacking up against the name. you're watching "fast money," live from the nasdaq market site in times square. back right after this. as i got older, it was just a natural part of aging, i felt that my memory was beginning to decline and that's when i started looking for something that would help. when i first started taking prevagen, i noticed my memory was so much better. just stuff seemed to come together and fit like a jigsaw puzzle in my mind. prevagen. at stores everywhere without a prescription. rylee! from rylee's realty!

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welcome back to "fast money." stocks, little change, but closing in the red as investors awaited pce tomorrow morning. the dow notching its third negative session in a row. the s&p lower, as well. the nasdaq down half a percent. shares of c3.ai surging after it beats on the bottom line, and hp is lower after a revenue miss. salesforce down more than 3%, despite beats on the top and bottom lines. the ceo saying moments ago he's initiating a dividend and increasing buy-backs. kate rooney is here with the details. >> salesforce announcing the first ever dividend, 40 cents, upping its share buy-backs by $10 million. but weaker than expected revenue guidance is hurts that news. saleforce looking for revenue between $37.7 billion and $38 billion, and that was a miss. clients have been scaling back

on cost. margins were slightly below expectations in the third quarter, but we're still above 30%. ceo on the analyst call saying it was an extraordinary year of transformation, as he put it. he is on maybe minute 20 now of talking about a.i. he pointed to what he called the incredible door it's opened of artificial intelligence. he calls it the single most important period of t technological innovation. he's been taking jabs at other a.i. chat bots. talking about hallucinations in some of the other chat bots. he says salesforce has the most intuitive a.i. he's going to be talking to jim cramer on "mad money" at 6:00 eastern. mel? >> kate, thank you. kate rooney. the slowdown in business spend, i would love to hear what they say in terms of how that has, you know -- >> that's the question. i mean, because as kate just said, this was the fourth quarter they reported, this is

full-year '25 revenue guidance disappointing against a backdrop where people are raising revenue guidance in a meaningful way with a company that's trading at a huge valuation, which, if you put up a chart going back to november of 2021, you'll see, we traded up to, and seemingly have failed at the prior all-time high. so, you have a lot of things stacked against this stock right now. we've seen them pull rabbits out of the hat before, but i actually look at it -- the dividend and the $10 billion buy back, i understand people say it's a positive, i'm saying to myself, hmm, that's interesting they're doing this now, as they see maybe revenuesslowing down in this year, so, i'll just throw that out there to stir it up a little bit. >> especially after meta announced a dividend, so, gets you wondering, dan, when you see these companies that are on the cutting edge initiate dividends, what are your thoughts? >> it's funny how the narrative shifts so easily, right? so, back in the day, you announce a dividend, that means you've matured and moved onto a lesser growth pace stage of your life. that's no longer the case. they are trying to sell you that

they can give you everything. they can be everything to all buyers, and i think that's very tough to do. and that's what you're seeing in the numbers. the absolute numbers for all these companies are really good, but they're on the second drivive, they are actually slowing, and that's the concern going forward. >> hold on. the meta second drivive was actually more positive. that was just hitting on all cylinders, and the buy-back and the dividend, which i wasn't a huge fan of, for the reason you said. oh, now we're mature. mark zuckerberg is now the grownup in the room and pays a dividend, kind of funny. but i think -- i agree with you. >> i think that's a fair point. if you look, yes, some of these companies, the peak is in, some of the companies, the peak is coming, but you look at the analyst forecast, i mean, all this stuff is not going to be the driver of the earnings acceleration that people are forecasting for the s&p. >> think about what he's done, though. he fought off the activists. the stock looks like it's screaming. the stock was trading over $300, it traded down to $125 and

ripped higher from there. now, he's in the -- he's had his year of efficiency, he fought off the activist. now, he's got to prove that a.i. moves the needle. coming up, two huge stocks in the red today. united health dropping as the doj looks into the insurer. and alphabet with a new low for the year. more on both moves and "fast money" returns. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. - "best thing i've ever done."

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we've got a news alert on boeing. eamon javers has the details. >> bloomberg dropping a scoop here, just over the past couple of minutes on boeing. bloomberg reporting here that the department of justice is looking into the blowout of that door on that alaska airlines flight over the past month. that was a boeing aircraft and the question here is, is there any criminal liability for boeing as a result of that. you might ask, how is that possible? well, remember, back in 2021, boeing had a deferred prosecution agreement with the department of justice. they paid a $2.5 billion settlement over the 737 max issues they'd been having. and under that agreement, boeing

agreed to do a number of things including not deceiving regulators, including folks at the faa, so, the possibility here is that there might be some violation of that deferred prosecution agreement that would open boeing up to criminal liability here. department of justice, again, according to bloomberg, now looking into that issue. another headache here for boeing afterhours, melissa. >> the key here, though, eamon, would be -- it would have to be proved that boeing deceived regulators as opposed to just were incompetent in overseeing its quality control. >> yeah, well, what you'd have to do is they violated their deferred prosecution agreement in some material way. now, those agreements are really complicated. they agree to bring in compliance officials and all kinds of other folks. depending on what the exact stipulations of that agreement were, you'd have to prove that they broke the deal, basically. and they're liabille for it. not clear where this is going to go, but they are looking into it. >> eamon, thank you.

eamon javers. i mean, boeing just can't get out of its own way. >> probably giving back what it got during the day, i'm guessing, it was up 6 bucks today, probably given that back. for reason, that $200 level has been support a couple times, but we're going to look at it again. how do you play boeing? maybe at this point you have to wait until earnings in april. i don't know. or you can say, all this will pass over. and just on the back of the defense business, the stock is just too cheap. meantime, united health shares dropping almost 3% today after the doj announced an a antian anti-trust probe against the company. the agency focusing on the partnership with its health insurance arm. raymond james managing director of health care equity research john ransom is with us with more of the battles facing unh. john, great to have you with us. >> hey. >> hey. starting off with the doj probe, this is something that unh has

been doing for years in terms of acquiring all these various practices, surgery centers, and at this point, the doj steps in? what do you think they're looking for? >> the first point is, you know, the payer/provider relationship. look at kaiser. it's hard to pick on united, when a lot of their peers have done the same. i think what they're looking at is, united health care has $150 billion of intercompany revenue elimination, so, they do a lot of business with themselves. and in particular, on the insurance side, they'll take in a medicare advantage patient, and that same patient might be cared for in their optimum health unit and take risk with themselves. and what the government is trying to say is, you can only earn a 15% margin between the insurance subsidiary and the optimum health subsidiary, and we think that's a fanciful interpretation of the rule.

>> how does it factor in that unh and some of the other insurers, the medical loss ratios have gone through the roof in recent quarters? is that any sort of a defense on the part of unh or any of the others? >> i think it's maybe an argument about the rate notice they got, which was pretty disappointing, but it's not really a structural argument about the 15% medical cost limit. >> it's karen. thanks for being on. is there any kind of smoking gun? is that what they're looking for, even though -- the structure's been built up over time and i think i saw in your note, you can't unscramble the egg. how did this come about now? >> the smoking gun -- look, i'm old enough to remember hca and them paying a large fine. all you need is one careless email, so, i would never say in a company as big as united there's not one careless email that can lead to a fine, but i think for mondfundamentally, th

fact that the government is pushing integrated care and they don't like fee for service, but yet they also don't want an antegrags of payer and provider, there's a phrase called payvider that talked about this. i don't think, you know, that's a very popular, because these clinics bringing extra services to seniors, and i think they do produce better outcomes. so, i don't think we want to push everybody back into warring camps between payers and providers and fee for service, because that's what would eventually happen. so, we -- and i'm echoing our d.c. analyst, we think the ftc is, you know, it's going to take a long time to resolve, and it's ultimately not going to mean anything. >> separately, john, on the subject of weight loss drugs, do you think insurers will increase coverage? you make the point in your note that the numbers just cannot add up for employers to actually do this. >> right. so, employers spend about 7,000 per life, and these drugs are about 12,000 per life, so, even

the state school grad like myself can do that math and say that doesn't really add up, so, every person you have on a glp for a plan, you are almost doubling your spend. now, i know there are edu deductibles and copays and the like. but the view of the plan sponsors is that the diabetes drugs, which -- these are the same drugs, they were about $500 a month after rebate, so, why are these drugs $1,000, just because you ran a trial? i can bore you with our 70-plus slide deck on this, we did our analysis of this, but i think in short, these drugs are going to have to get a lot cheaper to get mass adoption. right now, we think the t.a.m. in the u.s. is 40 million people, and that's rich people, and that's people with rich benefits, but to get to mass adoption, you've got to get the price elasticity to do its work. and i think the thing we probably underestimate, the bulls might, is the churn. the churn is at least 50%. so, to get to that 20 million, you have to get 40 million people started to get to 20 million, if you believe in this churn. these are tough to stay on for a

long time. >> all right. john, thank you. great to have you. john ransom. >> thank you. >> where do you stand on unh and this whole probe? >> i mean -- these problems move really slowly. it is sort of a cloud hanging over their head. so, you know, i'm an elevance, it's a little simpler business. meantime, don't forget to tune in tomorrow, 10:00 p.m. eastern for the premiere of my documentary "big shot: the ozempic revolution" right here on cnbc. we'll explore the impact on the insurance industry on patients hoping to receive this medication. take a look. for natalie's family, who are wary of bare yat rick surgery, glp one drugs are a glimmer of hope. >> i think you'd do really well with it, especially since you're so responsible. >> medicaid covering it? >> currently, north carolina is not covering it. >> how much does it cost per month? >> it's between $1,000 and

$1,400 per month of a medication that you might need to be on for the rest of your life. >> $1,000 a month, $1,500 a month -- i can't -- i can't afford that. >> that's placing this medicine out of the hands of nearly every person that walks through our door. >> catch the full documentary, tomorrow, 10:00 p.m. eastern time on cnbc. coming up, should an activist be setting its sights on alphabet? one of our traders says the google parent is setting itself up for that. we're going to dig into that one when "fast money" returns.(innem i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next.

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about nurtec today. ...for kung fu panda 4. talk to your doctor jack black is back. ah, you're adorable. yah, whah! welcome back to "fast money." it's been a rocky month for alphabet. first rebranding its a.i. chat bot and then taking the image bot offline after mistakes the ceo called problematic. they're on track to break a three-month winning streak. one trader thinks it could bethe perfect time for activists to get involved. karen? >> first of all, it's cheap. particularly, if you back out the cash, this is below a market multiple. below 20. which seems sort of amazing, for, granted, a search product that might be under threat, but is still enormous, and

incredibly profitable. so, they have, you know, the multiple missteps, as we said, the bard, and changing the name and then this last one, which he called -- not only problematic, unacceptable. i mean, this was a disaster. and karen swisher was on yesterday, saying people act like google is late to the a.i. party, they were early, just the rollout has been terrible. and if you think about that 20 times multiple, that doesn't include the cloud business, doesn't include youtube, so actually, the advertising business is trading for even cheaper than that. so, to me, this is ripe for an activist. and i know it's a $1.7 trillion company, but they can be a lot more efficient. i mean, it's a buck a share, almost, maybe not, for just google bets, which has not really produced much lately. and if you think about something like an elliott, like a value act, that are -- they're not in it for the short-term, and i'm not in it for the short-term. i've been in this one for a very, very long time. but i've actually -- it's actually the biggest position, bigger than chipotle, when you

put the class a and class c together. >> oh. >> so, somebody like a bill ackman or bill, if you happen to be watching -- >> big fan of the show. >> huge. >> huge fan of the show. and elliott, we talked about crm earlier, salesforce, and you had elliott and you had, was it -- who was the other one, starboard, and onor. it's not like they're going to make a takeover bid. just because you are too big to be taken over doesn't mean you can't get help from somewhere else or another view. remember when ruth came in and really shook things up and showed transparency and there was an adult in the room? ruth is sadly moving to a different kind of role. i hope it's a very active role, but they're just sort of floundering at a time when they should be shining. >> if the ceo was replaced, do you think thestock would go higher? >> i think the person who should take responsibility is always the ceo. and you have to -- it's got to go from the top down. in something like this. this is -- they own 94%, is that

the number, in search? so, they should be, to kara's point, they should be the ones that are at the head of the pack, and they keep screwing it up. and you have to ask yourself, why does that keep happening? so, if you have a past pattern of it and they can't get out of their own way, you don't -- you don't want to buy the stock. but as far as an activist, it's too tough for them in an alphabet. it's more of an advisers role that would come in. >> we could see it happen in a disney, i think we saw it happen in crm. he beat the activist, no, he jujitsued the activists. he invited them in, it sort of worked, mission accomplished. coming up, cnbc's change makers. cnbc unveiling the list of 50 female trail blazers who are transporm forming business. and the chairwoman will share her nominee. more "fast money" in two. zed based on your goals,

whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

welcome back to "fast money." this morning, we revealed cnbc's first ever change makers list, 50 women transforming business and philanthropy. one of the women honored, keia clarke, ceo of the wnba's new york liberty. for more on game-changing women in sports, let's bring back julia boorstin. julia? >> well, melissa, the 50 change makers on our list span interests, and 17 different exi industries, but four women are shaking up world of sports. you mentioned keia clarke. she's expanded the liberty's impact in social justice, including partnering with nike to release the liberty's equality jerseys. she's joined on the list by the head of the wnba, kathy engel bert who oversaw the most successful, most watched season in wnba season, with a new team that's coming to the bay area

next year. also on the list, jessica berman, who runs the women's national soccer league. she struck a new media rights deal, totaling $240 million. that's 40 times more than the league's previous media agreements. she's been overseeing growth across attendance, viewership, and sponsorship revenue. plus, on the list, naomi osaka, who isn't just shaking things up on the tennis court, she's building a media company and a skin care line. sports is certainly in the forefront of pop culture, and these leaders are putting women's sports on the main stage. melissa? >> thank you, julia. what a list. it's going to happen every year now, change makers 50. thank you. karen, part of the advisory board for this project, you didn't evaluate your own nominee, but what was -- >> well, i did, i put her up for it. and then i saw the other nominees who are just -- one extraordinary profile after another. and so many different fields, as julia said. and just inspiring stories,

where they came from, and amazing stories of what they're doing. transforming businesses and growing revenues and growing awareness. i mean, it was really quite a humbling thing to try to pick other people for a list that i would never be on, so, i mean, it was really -- it was really a fun thing to do, and keia clarke has done an extraordinary job with the new york liberty. the transformation of this team and this business and this entertainment, you know, i love going to liberty games, trying to get you -- it's not quite your thing, it will become your thing. so, i mean, i was thrilled to be part of it and thrilled for keia clarke. she and klara, the owner of the liberty, with her husband joe, is -- i mean, they've done just an extraordinary job. cathy, too. >> karen's far too humble. six, seven years ago, when the wnba was struggling, she had the vision, said, i'm telling you something g-swizz. she didn't say that but this is going to be something. but the finals of the wnba

were -- it was amazing. >> yeah. biggest viewership ever. >> congratulations to karen. >> and to julia boorstin. >> absolutely. up next, your final trades. when i have customers come in and ask for something for memory, i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. at stores everywhere without a prescription. to advance the future of golf, pga of america chose t-mobile for business. with a 5g powered innovation hub to analyze player performance and expand coaching tools. take your business further with america's largest 5g network.

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- [announcer] call right now to receive your free no-obligation info kit. call the number on your screen. time for the final trade. steve grasso? >> oh, my gosh. shake shack. i bought it in the low 60s, off a raymond james upgrade. stocks over 100, i'm staying long. >> karen? >> yeah, so, tjx just quietly gets it done, gets it done. not a lot of fireworks. but i'm staying long tjx. >> dan? >> emerging market profit cycles picking up speed and not pricing in, so, i think that's a great buy here.

>> gatreat to have you tonight. >> i worked at shake shack, melms. happy anniversary to harvey schwartz. look at what carlisle's done over the last few months. he's gotten his arms around the group. cg. >> surrounded it. >> thank you for watchin"ft ne".g as don't go anywhere. "mad money" my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market some where and i promise to help you find it. mad money starts, now. hey, i'm kramer. welcome to mad money. welcome my friends i'm just trying to make you a little money. my job is not just to understand but to teach you. call me, tweet me at jim kramer. right now it is time to retire the term beaten raise. it j