on this week, data-wise. we're going to get economic optimism, beige book, consumer credit, and, of course, the jobs report at the end of the week. >> powell two days on the hill. u.s. services ism, and more earnings, including here on overtime tomorrow when we get crowdstrike and others. that's going to do 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. riding high. a.i. keeps booming, obesity drugs keep climbing, and now transports and stindustrials ar joining the party. we'll debate. plus, a new a.i. upstart. the ceo of perplexity will join us. his chat bot has some big-time fans in tech land. how he thinks his a.i. company can compete with the likes of google and microsoft. and later, ringing the register today at macy's. inside the new offer for the retailer. another draining day for tesla,

the stock is down almost 25% this year. and the crypto climb continues. crypto up 56% in a month. 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 start off with the trifecta of trouble in the so-called magnificent seven. apple, after fa bet and tesla all down sharply this year. yet the broader market seems to be okay, shrugging off the weakness. the s&p closing the day basically flat. the dow and nasdaq were down less than half a percent. and look where the strength came from. nvidia up 3.6%, a new all-time high. that stock is now up more than 250% from a year ago. lilly and the glp space also continuing to gain. that stock quickly closing in on the trillion dollar market cap club, but it's not all the same old stocks. transports also at a record, with today's move higher drichbt

driven by lyft's 4% pop. industrials also on a tear. names like caterpillar, up days in a row here. what does this broadening out, or dare we say, rotation, tell you about this market, guy? >> it's important, it's impressive. the russell closed unchanged, above 205 in the form of the iwm. the transports, tim's been flagging this for awhile. we're at levels we probably see 3 1/2ish years about so ago. so, it's critical that we sort of get through this 282 level, close above it, and for the next leg higher, but in terms of the broader market, again, we talked about this on friday, the fact that apple is now 175, google selling off, tesla was awful today. all three things happened on one day, yet the market basically closes unchanged in terms of the s&p. even i have to admit that's pretty damn impressive. >> even you as a longtime -- >> longtime -- >> skeptic. >> yes, yes. tim? >> imagine watching the magnificent -- >> 61, 62?

>> charles bronson, steve mcqueen get gunned downe early - that's tesla, apple, and google, and the dynamic here is that whatever we're saying about the other 493, which guy is pointing out, i think there's a lot to do there. there are very specific reasons why we can point to apple running out of gas. i mean, think about apple's issues in china, think about their issues competing with huawei, think about their watch issues -- >> lack of a.i. >> a lack of a.i., and obviously all the anti-trust stuff that's going on and frankly, a lack of growth even in their core product. and it's all been about multiple expansion. so, we could go on, but i think we've largely been pretty cautious about apple for a long time. i think the dynamic that the broader market is really moving at a time when -- it's a massive week, too. it's the fed, you've got humphrey hawkins, the senate testimony, nonfarm payroll, you have a lot of fed speak. and i think what you're going to hear from the fed is, they're going to have to talk about --

they're going to have to be careful about the financial conditions that have gotten so out of control that they're not helping them right now. i think they're going to be as cautious as they can be, i think they should be. >> what do you think, karen? >> i agree with that. we've talked about this a lot. why should they -- why cut? i feel like they've given it away for free, no reason to do that. and some of the data doesn't really fully support it. some does, some doesn't. but i like to see the prodening o broadening out. i have a mag seven-ish heavy part f port follow, but if you look at the iwm, banks today, really doing well. and this nycb thing, which really was a tempest in a teapot and there doesn't seem to be any consequences, nor there should have been. it seemed to be a very specific problem, so -- it does feel frothy, though, i got to say. you know, you just saw how nvidia just levitated, i didn't really see any particular catalyst. so -- it does feel frothy, but

you know, i'll look at upside calls, but -- the fundamental pieces of a.i. being in the early innings, i think, is still there. >> can you admit that the market broadening is actually a good sign, dan? because for a long time, you said tech heavy, you know, mag seven, all bad news, it's -- we're in for a fall. here we are. >> yeah. >> and we have some major components not participating and we're okay. >> yeah, it doesn't -- >> better than okay. >> better than okay. >> karen is a bull and she's ridden a lot of these kind of trends over the last, you know, call it year or so, and you're starting to feel a little nervous about it. the broadening out, you know, to a lot of these other sectors is very good. i read a stat today, bloomberg intelligence suggested that the top seven stocks q-4, okay, had nearly 60% earnings growth in the -- you know, in the quarter, the rest of the 493 had a 1.5% drop. so, the stock market is a discounting mechanism, right? so, right now, i mean, like,

you're basically suggesting that the rest of the 493 are about to inflect from an earnings standpoint, and that's not exactly the case. estimates have been coming down for all of '23 and the companies beat them a whole heck of a lot. i'm here right now, okay, we're at 20 1/2 times on a forward basis, that's higher than the ten, five-year, all that stuff. valuation not a great timing tool. but the question, i think the narrowness of the market is getting increasingly narrow. that's the story of today. that's the story of losing apple, losing google, tesla. what do you lose next? if you lose microsoft, i'm not saying that's going to happen, but if for some reason they start to disappoint, they can't guide the way they have, at some point, that stock will come in. the rest of the stuff is just not going to make up a lot of the slack. so, the fact that we closed unchanged today, great, have at it, people. that doesn't make me feel like we're going to be up for 8% in a straight line if you start losing the leadership, because

the wlleadership is the leadership. >> 8% in a straight line any time it happens is always scary, and so, there's no question that we have a lot of overbought charts out there. you can work that off pretty quickly, though, so, what's fascinating, you could have missed the entire semiconductor rally, the entire one. you could have been asleep, woken up and october 26th, which was that day i referred to when the marketed really started to move, and you just bought it that day, you're up 66% in semis. 66%. but what is encouraging to me is that the xrt is breaking out. and that we're also seeing staples come around. and so, you know -- i think some of this is earnings resilience. i don't -- these stats you're bringing up, dan, are right, and i think i pointed out that i think if you look at the return of the s&p last year, two-thirds of that came from multiple expansion. if you look at it this year, it's probably about the same percent. 4.5% of the eight that we have, so, maybe it's closer to 55%. but you have a dynamic here, where it's hard to get bulled up

about earnings, but what we're learning from the big companies, they're running their businesses better. these were industrial companies that were in very bad bear markets for a year and a half, so, the price action to me in the broader market, i think, is very encouraging. when you look at the semis and nvidia, karen, you're right, i don't know what went on today, i don't know why nvidia got 4.5%. i don't know why taiwan semi is doing the same thing as nvidia every day, and that doesn't surprise me, because taiwan semi is arguably -- >> i want to make one really important point. two stocks today driving this action, at one point, taiwan semi was up 5%. they make 90% of the high-end gpus on the planet, so does nvidia. nvidia different -- we know they have four customers that make up 50% of the revenue. what i'm saying is, it's -- it's one of those russian dolls, in a way, you know what i'm saying? >> super concentrated. >> it doesn't end well. that's it.

so, the bubble can keep inflating, it can keep going, but i look at supermicro, which is up 1,000% in a year. it just got added to the s and p 500. here is a company that has 15% gross margins. so, on the other hand, talking about nvidia, really excited about, because they just got into the 77% and that justifies that sort of thing. this is going into the s&p 500. with a $60 billion market cap and it's gone up like this, you see my finger, it's a straight line. how do you think that's going to fare in the s&p 500 from a performance standpoint? we've seen this before, and it's at periods that probably -- >> you equate what we're seeing right now to the internet bubble, which -- >> forget the valuation. it doesn't matter. it's the psychology around it. no one can see it ending. you can say that cisco is so different than nvidia right here, but they're really not. >> but the outcome will be different if it's based not on valuation. i mean, if it's just sentiment, fine, but if you're making the comparison on valuation, then -- >> i'm not. have i said that?

i haven't said that. >> you think that's an underpinning of that? w valuations that are so untethered from reality -- >> but i'm not saying -- >> hold up under the weight of their own expectations. >> right. well, listen, convince yourself that nvidia is dirt cheap right here and keep wbuying it. it probably going to 1,000. but then it's going to be going to 500 at some point. >> it's not dirt cheap, but with the kind of growth they've shown and with the headstart they have, you're talking about -- we can throw a lot of numbers around, but the reality is, it's probably somewhere between 35 and 50 times 2024 and 2025, and that's a big ask, but the point is, for a company that's growing this much, that's changing the world and is at the center of it, it's -- you know, i just think it's -- a lot of people have found themselves having to really make significant adjustments in how they're looking at this, and that includes me. so, i look at other periods we've had over the last 15 years when we've seen companies --

this is probably as unique, we've seen tesla do weird things, and at times we've seen apple do this, but you know, this is asteroi extraordinary a we've seen. and that part of the market is extraordinary. it's not just nvidia. it is amd. it is, you know, taiwan semi is really not that expensive. but i get back to, some of the companies that were, i mean, when gm was trading less than four times earnings, was that right? when citibank was trading at price to tangible book, was that right? and i don't think those things were. so, that's the part of this that i can feel pretty good about. like, this broader market and allocation to health care and energy and utilities and consumer staples, itshould continue. and the fed is going to give us a lot of reasons this week why that will continue. >> we brought up friday, you don't see it all that often, but apple's become a source of funds. tesla has been. and google, as well. all three for different reasons. doesn't matter. it's happening with all three. apple may be sort of in terms of multiple, just in terms of

valuation, doesn't make sense in this environment. google maybe a technical thing. tesla is a china thing, i believe, and other issues, as well. yet, with that said, it's clear people are fleeing those and getting into the stocks that move 2% and 3% a day. however, we talked about the iyt, pull up a taiwan semi chart just because and look at it over the last three years. it's had a gigantic move, but it's right back at levels that we saw 3 1/2 years ago. we've seen charts, if you go longer term, that look exactly like this. these double tops that keep sort of cropping up out of nowhere. they are evident all over the spectrum of stocks we look at. >> dan and i were fighting before the show, during the show, after the show sometimes, and we were talking about the same thing, this bubble sentiment, and i just come back to cisco, which was the nvidia of its day and that last ' '99-2000 bubble. it was the -- >> backbone. >> the backbone of the internet and the belle weather for

everything, and it was trading at almost 400 times earnings. and that's just a different universe than where we are right now. so, ultimately, things is -- will it find a period where it's cut in half. yeah that is highly likely. i don't think it's in the near term. >> our next guest says the mag seven should be rebranded as the fantastic four. so, dan niles is with us with more. dan, i want to, you know, start off with the debate that we've been having here on the desk as to whether or not you think this a.i.-led rally is anything like what we saw back during the internet bubble. i mean, you lived through those times, you worked through those times, as well. >> i mean, it is and it isn't, i guess the way i look at it is the following. netscape navigator was launched in december of 1994. and so, if you think about, from that period, when did nasdaq

peak, it peaked in march of 2000. so, it took you a good five years for that bubble to really build and did you get corrections along the way and drawdowns, of course you did. but the peak took you five years. and so, where -- we only heard about chatgpt in november of 2022, and so, you're into this a year and a quarter? so from a time perspective, you haven't had really what you need for a good bubble to build up. now, that doesn't mean that the nasdaq can't go down 10%, 15% come this summer, wouldn't surprise me at all, but from a valuation perspective, it's nowhere near that, either, where you look at cisco, it was growing revenues at 59% in 2000, the forward multiple was about 138 at its peak. 138 times. and nvidia's trading at about, like, 38 times. 90%. so, a valuation, you're not there, either. and so, it depends, if you're talking short-term, is the market frothy and are some of theest mafts making no sense,

like nvidia's going to grow revenues each quarter for the next eight quarters at 6%, each with no down? yeah, that makes no sense. i would bet you anything that nvidia will have a down quarter in the next two years and it could be substantial. but from a long-term perspective, related to time, you can't say that we're there. >> so, you want to cut out three of the mag seven, or what's known as the mag seven currently, apple, google, as well as tesla. do you think there's no hope for them, they're permanently out? >> no, i mean, i think it's -- i'm an earnings-driven inves or the, so, i don't buy something with no earnings and expecting the multiple to double, triple, so, i like earnings. if you look at apple, if you owned it last year, you made money, but you made money with the estimates getting cut every single quarter they reported. why? because people went from the fed raising rates at the fastest rate since the 1970s to the rate cuts stopped and then we were discounting seven rate cuts at

its peak, looking forward into this year. tesla, it's similar. eps went down 50% from the beginning of last year through the end of last year for the december quarter that they reported, and then they missed that. but the stock doubled. so, this year, i think the difference is sort of, you know, those rate cuts have gone from seven cuts to three. we're now focused more on earnings, and apple missed yet again in terms of the forward numbers got cut. tesla, the forward numbers got cut again, but people actually cared. with google, you've got a different situation where, you know, based on internal politics or whatever, they are doing a bad job of moving to this a.i. generation. now, they could change that overnight if they fired 10% of their work force and said, look, we're going to provide accurate answers, not politically correct answers, because they have more data that anybody on the planet. they can give you what you need for an a.i. conversational search product, but they just won't do it.

so, with google, that's the one i have the most hope for, because it's them just changing the way they operate, and they could fix the issues overnight if they wanted to. so -- but google, again, missed their search advertising revenues, they missed their youtube revenues, because don't forget, you have things like tiktok and ad supported tiers at amazon, et cetera, taking time, ad dollars and time away from things like youtube. and so, you have an earnings-related thing going on there, as well. >> dan, it's karen. i just wanted to drill down a little bit more on google, which is big position for me, and painful. is the cat lisalyst for you, th start to get something right, or it comes into a level, where you're like, this is just discounting the business too much? >> well, here's the thing you have to think about, i think, karen, they have over 90% market share. and you're going to have perplexity on later, it's really

good product. they provide accurate answers. chatgpt provides accurate answers. and when you put in something into an algorithm, you get about output and you go -- these are the images of our founding fours? and you go, like, that makes no sense. it's easy to give up some of that share to something that gives you accurate answers. and so, that's what i would be concerned about with google as it relates to search, but don't forget, youtube has got its own set of issues they can't get around. it's not like amazon is not going to show ads on prime video or disney's not going to show an ad tier or netflix, et cetera. and so, those are pressures that are just going to kind of continue. the multiple, though, you look at it, you go, really? trading at one multiple point below the s&p 500? you have a presidential election coming up. i really want to get long google, but right now, it doesn't seem like they're showing any signs of fixing the

problems internally with how they are presenting search, when you use it, inside gemini, their search product. and so, that's what i'm kind of waiting for is to see some signs that they're willing to say, we're going to focus on providing accurate results, and then you guys figure out what you want to do with it as users. but they don't want to alienate the 3.5 billion people that use their product, which is a separate issue. so, that's what makes this one a tough one, but i do want to buy this. i covered my short position on that and apple today and d-- fo different reasons, but we'll see what happens. i plan on reshorting them higher, probably, but both for different reasons look like they could bounce from a short-term perspective. >> we talk a lot about this mag seven, now fab four, if you will, but there's a lot of other names and karen made this point earlier, you know, about a dell and what they had to say about how they're participating in the demand picture. does this give you greater confidence that, like, the whole trade, the whole, you know -- when we use the term bubble,

again, it doesn't have to be a negative thing until it pops, until you see some really weird behavior. i thought that dell was trading at 80 and then closed, i don't know, up 25 bucks or something like that, you know, after the results. that seemed like, you know, a little aggressive to me, but i'm just curious. give us a take on how this thing is broadening out. any names you find really interesting right here, away from the mag seven. >> yeah, i mean, i think, as you said in terms of bubbles, i mean, allen greenspan famously said, talked about irrational exuberance, but that was in 1996 and the s&p doubled between there and 2000, so, up know, things can continue for a period of time. for me, as you asked, dan, we are broadening our universe. we still love meta. unlike google, they're doing everything pretty much right with a ai .i. right now, which the only thing that should scare you. and we like amazon, because they're doing a really good job of being the cloud vendor for a

lot of a.i. applications. and so, we still like that, but beyond that, yeah, we're trying to find, you know, names in industrial, we talked about the xbi, the bio tech etf being one of our top five picks entering the year. we're trying to find other areas beyond just the super heavy tech trade and a.i. trade that's going on, because if you look at dell and somebody said, hey, dan, dell, when they guide their april quarter, they're going to guide eps below the street. the first thought is, the stock's going to be up 20%. so, there's a lot of things, or supermicro getting added to the s&p, but up 20%. there's a lot of things going on where individual stuff, i mean, dec dell's a great company, relative to supermicro, i would rather own dell all day long, don't get me wrong there, but there are certain pockets that really make me concerned, which is why we're broadening. today, we spent -- we took down

our exposure a lot, because i was just looking at how different things were acting, and i'm like -- i know where -- we're in the short-term frothy phase and i want to get rid of my speculative stuff. we sold our bitcoin etf stuff late last week. we tweeted about liking it when the s.e.c. approved the 11, but i think, you know, just lightning up a little bit, taking risk off the table, it's not a bad idea at this point. >> dan, always great to speak with you. thank you. >> thank you, melissa. >> dan niles of satori fund. what do you make of dan's assessment? >> in terms of technology, quickly, there's an expression called outkicking your coverage that tim probably nope as lot about, but we won't get into it, but i'll say this, in term nvidia, you are talking about a company at 29 times, very reasonable. trades at 19 times revenues, though, so something's got to give. and what that means is, i think, at a certain point, the margins

they're enjoying at 77% almost by definition historically have to come down in that space. coming up, a macy's markup. an activist ups its bid for the department store chain. details on the new offer, and if it's enough for a miracle on 34th street. plus, financial flexing. big banks getting a boost. morgan stanley up 4%. we'll debate when "fast money" returns. this is "fast money" with melissa lee right here on cnbc.l ♪♪ crowd: get in! [crowd cheers] american announcer: justin rose has done it. british announcer: he's a 17—year old phenom. nobody's born with grit. british announcer: this is hard to watch. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] ♪♪ but creating a future only you can see,

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xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. welcome back. shares of macy's topping the tape today. activist investors archouse management and brigade upping their offer. 33% premium to last friday's close, valuing the legacy retailer at about $6.6 billion. macy's releasing a statement that it received and will evaluate the offer. you predicted this, they did offer some more details on the financing, where the money is coming from. >> uh-huh. >> maybe that's more convincing. >> a little bit. though where the stock is trading doesn't tell you the street is convinced these guys

are real. $2 $20.50ish where it closed, i mean, that's a pretty significant discount, so -- they've got to really, you know, get people onboard to really increase the pressure on macy's. what do you do if you're macy's now? this isn't a tender off. you don't have a time where you have to respond, but you do have to respond, but they'll probably say, let's see more details about your financing, and then maybe we'll let do a little bit of due diligence. but i think macy's is really hoping for a terrible credit market, a difficult spring, and the business is terrible, and these guys go away. that's what i think -- what i think these guys are hoping for is macy's says, we're up for sale and they aren't ultimately the buyers, that it goes higher, maybe to someone else. but so, i'm long. i actually bought a little bit more today. i think there's a couple more -- a couple more episodes of this one. >> well, remember when the story of macy's was always around the balance sheet, and what you were seeing maybe in the bond market and if you look at the bonds

right now, most of the folks have them at double-b,double-b minus. the free catch flew is excellent. it beat the street. capx came in around $910 million. it's a company that we've always talked about the intrinsive value of the real estate, but this company, in terms of of their income statement, is interesting. they were cautious on their guide, but the trends here are, i think, better than expected, and for investors that are just trying to gauge whether this is a decent investment with or without the bid, i think it's not a bad place to be. >> overall retail reits have been doing better. >> some of those stocks are up 45%, 50% since the lows in the fall, without question. and you wonder if it's -- is it an oversold bounce and ready for a second wave of the cer thing? there was a day back in the -- like, leverage buyouts were a thing way back when. i'm not -- but this would be an

interesting candidate, in a different era, for that, because what karen is basically saying, macy's hopes these people go away, because they think that offer is way too cheap and i they they can probably do better without them. there's as lot more "fast money" to come. here's what's coming up next. big banks bulking up, as investors pile into the financial space. the names seeing some outsized moves, next. plus, searching for a winner. the a.i. race rages on, and the chat bot battle is taking center stage. how a startup in the search space is looking to take on the likes of google and openai. you're watching "fast money," live from the nasdaq market site im square. we're back right after this. is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring

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but i think the market is looking for things that aren't so crazy expensive. banks are a good place for me. i own the money center banks, jpmorgan, the biggest one. they've moved, but it's not like they're in crazytown, where dan would hang out and say bad things about them. >> well, and again, until the rally that has bank of america about 41% off of those october lows and citi around 45% off those lows, they were being treated as if there was something wrong. and it wasn't just dynamics around loans and mark to market, held to maturity skrts, but i think there was a sense that there was really something broken in their business model. meanwhile, if you think about the benefits of where at least a.i. and efficiency, i think the year of efficiency is going on at citigroup. this is what we've been hearing about, and this is a bank that for a long time, this is what they needed. so, they're more focused, by the way, this is also a bank that pays almost 4% dividend. not the reason to go out and buy a bank, but if you think about

banks as a group, there was some question about what banks were able to do with their capital, and i think what they're able to do is exactly what they have been doing. >> there was a stretch of time when we would come in, say, what is wrong with bank of america -- am i in your head? >> i'm looking around to see who is behind of me. >> it was trading like nobody wanted to touch it. >> it was in the fall, we had these conversations. the analyst, forgive me, you take copious notes -- >> i don't take guest notes, though. but anyway. >> one of the analysts thought citi could trade up to $100, that might be a little ridiculous. however, $60 is not crazy, in terms of the metrics tim pointed out. close at 56. i think about a week or so ago, i saw an upgrade to 65. now it's getting to levels that do make sense. the question is, do you city ride the citi train, or is this late in the game? >> ten-foot pole? >> is it? >> you said nine. >> it's five. >> with inflation, it might be five. >> crazytown, sister, if you are

reaching for citi bank right now at this stage of the rally, i mean, it's -- >> what if you're reaching for morgan stanley? >> i think it's fine. ipos are going to pick up and -- >> that was a tell think would you rather, by the way. >> it solves a myriad of problems for the banks, including bank of america, which is why the stock is -- >> so, i have a question for you, if everything is so rosy in the economy, the markets, why don't we have ipos? where are the ipos? >> it takes a little time. it's not like you can instantly get an ipo out there. and they have to freshen up the numbers. >> you don't hear the chatter of these deals right now. where's stripe? >> i don't know if they -- i don't know. that's a good question. >> i wouldn't be surprised if you see a.i. companies come. >> so, citi bank -- >> yeah. >> citi bank has underperformed the s&p by 50% over the last five years. now, there's a lot of things that explain that, but in terms of chasing, and that's not necessarily a -- a valuation exercise we're doing here, but

in terms of where there are waitings and financials and where people have not been at their financials, i think banks are going overweight. coming up, the a.i. landscape is changing fast. we'll sit down with the cofounder and ceo of perplexity to find out how the world's first answer engine is upping the pressure on the space's megacap incumbents. plus, more trouble for tesla. shares plunging today on bad news out of china and shipments. we'll dig into the numbers, debate if the stock can shift back into drive right after this. missed a moment of fast? follow the "fast money" podcast. we're back right after this.

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is the wrong choice for the senate. ...our republican opponent here on this stage has voted for donald trump twice. mr. garvey, you voted for him twice... as your own man, what is your decision? garvey is wrong for california. but garvey's surging in the polls. fox news says garvey would be a boost to republican control of the senate. stop garvey. adam schiff for senate. i'm adam schiff, and i approve this message. welcome back to "fast money." stocks kicking off the week in the red. the s&p with a small boss. t the dow dropping 100 points. the nasdaq down about 0.4%. crude's high energy rally taking a breather. wti pulling back slightly today, with russia cutting output in coordination with the move. oil up 10% so far this year. shares of pfizer down once

again today. that stock hitting its lowest level in 11 years. on the other side, some names hitting all-time highs today. chipotle, lennar, costco, martin marietta. the m in guy's clam. doing really well. the a.i. landscape -- >> the gift that keeps on giving. >> smaller companies are starting to make real progress in competing with the big guys. our next guest is doing just that. the cofounder and ceo of perplexity, which calls itself the world's first a.i. answer engine. >> thank you for having me here. >> i'm curious, what do you make of microsoft, google, you know, you name it, the competitors out there? i mean, who do you think is doing well, who is doing poorly? because the market is speaking in terms of where they're rewarding companies and where they're taking market cap away. >> microsoft is obviously doing tremendously well, and trying to get their products out into as

many enterprises as possible, trying to create so many different co-pilots, co-pilots for finance, co-pilots for health, for office 365. so, they are really moving very fast on integration with enterprise, and definitely one of the fastest and best executing companies out there. >> the worst, because the market seems to think apple has no product, and google stinks. >> i would say that we should wait for apple until, like, you know, they put out their update on siri. it seems like there's high time and they've been releasing a lot of interesting things on machine learning there, but google seems to be the one that has the most difficulty in executing. clearly because of their, you know, business model and, like, first of all, when you ask the average person in the united states what they associate google with, they associate google with being accurate. i googled it. that means you got it right.

there's no more fact-checking anymore. but in the age of a.i., in the answer of answer bots, where you do have to be -- you have to be with mistakes and, like, different ethics of different a.i. models, that's not their strong point, like, that's actually where, you know, any mistake that they make is highlighted even more than mistakes made by microsoft, mistakes made by openai, mistakes by perplexity. mistakes by google is magnified more. so, that makes it difficult for them to execute well in this space. >> give us a sense -- i've been using your roduct, i'm happy with it. a lot of my friends have been using it in tech and finance. we can't remember the last time -- it takes us back to google maybe 20 years ago, where we kind of remember using a brand new product, taking oin come bents. what was the problem that you were trying to solve, differentiated from that, from some of the big incumbents in the space right now? >> honestly, when i was trying

to hire our first employee, he asked me for health insurance and i didn't even know, like, what many of the terms, like coinsurance or deductibles, any of these things meant. and immediately go to google to, like, look for, like, what different insurance providers offer and all i get is ads. but i wanted an answer of, like, what is the best plan i could go for as a startup with very little funding. so, we created a tool that could just directly answer your question and not, like, waste your time through links and spam and ads, and that ended up being the next version of what search could look like. what pages did to portals like yahoo! which sold real estate to advertisers. that's what answer bots are doing to the search engine that is google, because it's now selling the link ui itself as a highest margin internet business model ever created, right? but again, like, what the users want deck states what, like, users use.

and it's no longer this thing where you're wasting time sifting through links, where you with just direct ly go and ask question, save a lot of time, and, like, at least when you start using these searches, the highest paid people are the top paid people in the united states knowledge workers, when they stop using google for day-to-day searches at work time, because people are incentivized to be more productive at the time time, that makes a big dent on, like, what these people are thinking of google in their own, like, day-to-day work flow and it's sewly lyslowly going to cr habits as we progress. >> on february 24th, jensen huang said he uses perplexity every day, you are his go-to a.i. how does that make you feel? what does that do to the company, the valuation, your future going forward? >> first of all, i'm super proud, i'm a huge fan of jensen huang and the fact that he uses perplexity and chatgpt every day, tells you already, right, the world is changing, like --

temu had the ad, shop like a billionaire, search like a billionaire. if you wanted to search like a billionaire -- billionaires don't have time, they just want answers. so, i'm sure everyone wants to look like a billionaire, wants to save time and have more time for themselves. and that will automatically create a world where we are using answer bots every day. and interacting with them through factors, all these things are going to happen in the coming months and years, and we will look back, five years from now, we're going to be, like, oh, wow, we were using the links for so long, and now, a new technology and a new factor has been unleashed, and look how much easier life is and how much easier access to information has become. >> in a year, we're going to say, oh, yeah, we spoke to the perplexity ceo, that was before they were bought by apple. >> well, i've seen your comments about this in your previous show. i think one of you said we are

pocket change for apple, but look, it's -- that's not what motivates us. what motivates us is, like, a real, like, mission to drive the change from links to answers. definitely apple can also make such changes happen, like, look, if there's one company that's so powerful to, like, just change the swipedown to a siri assistant instead of google search, it's apple. so, we have to wait and watch what they do. >> great to have you with us. thank you. >> thank you so much. >> this just shows you how this landscape can really quickly change, from day-to-day. and maybe, i mean, the way he outlines the landscape, maybe alphabet does have a little bit of concern there. >> first of all, fascinating interview, congrats, because they clearly are at a different edge of search, and answers, the mission statement. and clearly, we've been dancing around google and the a.i. world, but the reality is, if, you know, search, as we know it, we know that's changing.

and seemingly, google should be in the pole position, but again, if mr. market is always right, maybe it's telling us exactly that. coming up, tesla stalling out. shares dropping hard as china shipments plunge. how rising ev xom petition is dragging on the ock xtstne. dragging on the ock xtstne. "fast money" is back in two.s s. that's a pretty good burn, right? fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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lowest level in more than a year. a preliminary report showing a 16% decline in february from the previous month. the lunar new year period likely played a role. people don't buy cars during that time typically. shipments down almost 20% year on year. tesla was the worst performer in both the nasdaq 100 and the s&p 500 today. the stock is down 24% so far this year. byd had similar declines. it's not just necessarily a tesla problem. maybe it's an ev problem. what did you think -- >> well, yes, but tesla's got issues, without question. if you think about it, $190ish, it's down 50% from its all-time high, on a nasdaq that's making seemingly all-time highs every day. so, as much as people look for that move from $100 to $300 in tesla a year or so ago, the stock is down 50% from its all-time high. so, clearly something is going on. and this little relief rally that we saw and have a move today on 130 million shares,

probably tells you there's more room on the downside. >> yeah, and i think it's important to note, literally a year and a half ago, two years when this was a trillion dollar market cap company, the narrative around evs and tesla leading the way and elon musk being the thing is not too different than the narrative around a.i. and jensen huang and nvidia. it's not a comparison about the valuations or this, narratives are narratives. they drive investment activity, they drive the excitement around these sorts of things. and so, here this stock is, it's been more than cut in half over those three-year periods. and i remind you the fundamentals of this company, while it was going up last year, were really bad, you know what i mean? and they are getting worse right now. so, to me, i just think it's important to take these situations and try to extrapolate them, how they can go to other bubbles. coming up, sitting on a gold mine. the precious metal jumping to new heights. can the rally keep going? we've got the trade next, when "fasmoy"om rhtact ne cesig bk.

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welcome back to "fast money." a record day for two types of gold. first gold futures settling at the highest level ever. the precious metal up a percent and a half today and settling above $2,100 for the first time. digital gold, meantime, aka bitcoin, in rally mode. the crypto-currency topping 67,000 for its highest level since november 2021. it is just 2% off of its record. and i know, tim, you came up here to set, you were giddy with

gold settling at a new closing high. >> i just think gold is so maligned and misunderstood and not given its due. it's an all-time high and i said this thousands of times now, sorry, but i'm going to say it again. the best 20-year chart out there and i think it's going out there. i have another 20 years, i hope, to continue to follow it. i don't think you have to. i think there are dynamics here. i added the gold miners today who have grossly underperformed. that's tough for me to explain. if you think about the components of, say, the gdx, i think those are decent companies. as a whole, i think groldold mi are operating more efficiently and are much better run and not just digging for the sake of digging. so, i like gold miners here. i love gofld. and it is, bitcoin is digital gold, so, if bitcoin is working, gold should be working. >> are you so surprised that the bitcoin rally continues? >> i am a little bit surprised, to be honest. i think it says more for gold, because some of that gold money

is going to bitcoin, right? a lot of the underpinnings of why you want to own gold in an inflationary environment and with government going up, you know, just being irresponsible, those two things should trade together and they have. staying long. up next, final trades. nice to meet ya. my name is david. i've been a pharmacist for 44 years mainly because i just love helping people. 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.

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final trades. tim? >>big showdown in the world's most famous arena. rangers, 5-3, i think. ewj japan breaking out. >> karen? >> yes. you want to look for value in this market that dan's so upset about, jpjpmorgan, 11 times, ni

dividend. >> so upset. smh. i'd be a seller. >> guy? >> mel was exercised that russell wilson was let go -- >> wasn't surprised. >> she saw this coming. jetblue. you'll see a bit of a relief rally continue. >> all rht, anyofoigthk u r watching "fast." see you back here tomorrow. "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. there's always a bull market somewhere, and i promise to help you find it. mad money starts now. hey i'm cramer welcome to mad money welcome to cramerica. to educate, explain all that's going on so called me 1-800-743- cnbc, the nonbelievers they've had the microphone. they will never stop hitting this