and cisco. >> yeah. we did get a record close for the nasdaq. we're about seven points away from a new record close for the s&p, as well, so, we're going to have to see what we get tomorrow, especially on the heels of that cpi report. >> see what the meme stocks do. that, too. that's going to do it for us here at "overtime." >> “fast money” starts now. on the day when the nasdaq set a new record close, we're coming to you live from the heart of the action in new york city's times square, this is "fast money." here's what's on tap tonight. the volatility puzzle. multiple measures of market unpredictability are at deep lows, even as uncertainty looms, but are things as kaul as they might see on the surface? plus, the state of streaming. upfronts are under way, and the battle for viewer eyeballs is heating up. we'll talk about what is next for the industry. and the just completed spin-off of the company's film and tv studio business. and later, google steps up its game in the a.i. wars.

meme madness goes beyond the gamestops of the world. and the ceo of a bio tech company disrupting the health care space. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, dan nathan, guy adami, and katie stockton. and we start off with a market that may have gotten a little too complacent in the face of rising uncertainty. the nasdaq closing at a record for the first time in over a month today. volatility across a variety of asset classes somewhat surprisingly low. the vix index trading near its lows of the year. bank of america's move index is down 8% this year. even crude oil vol at depressed levels. all that, despite uncertainty over the consumer and rates, a potential trade war with china, and a war in the mideast. but two big data points could cause ripples. cpi tomorrow,nvidia earnings next week. so, is this just the calm before the storm?

guy? >> i would have said that month ago, i'll say yes again today. listen, this is what i think is going on, but people have been conditioned to learn that markets, if they go down, they don't stay down, and 1 there's no point in being long volatility, because long val tr vol trades typically don't work. i think all those things together sort of what's going on here. now, i also think that's sort of a recipe for destruction. that's a trade that will work the majority of the time, when it doesn't work, you short of blow up. ppi that comes in hot, yet the market doesn't react. when you see the geopolitical stuff, they get emboldened to do these things. and they'll be right until they're not. that's how these things typically work out. >> guy, i know you like to do a lot of quantitative -- >> sure. >> this afternoon, you took a look on the fact set here, how many stocks above their 200-day moving average. it's over 75% right now, and you

are seeing the s&p 500 outperform the nasdaq a little bit. doesn't say that i'm getting bullish, but a lot of what guy just said is really true. the fact of the matter is, fed chair powell said, listen, it's going to take us longer. get comfortable with higher rates. and that doesn't even phase market participants? and i guess when you're thinking about it here, though, you know, we have an s&p that's up 10% back at all-time highs. all the readings, you said, are very near lows. there is an alternative here, people. three-month treasuries are paying 5.4%. so, if you think that, you know, we're going to go sideways, there's other places to park your money right now. i get it. earnings season, q-1, better than expected. q-2 guidance, there were some situations here. it looks pretty decent, but at the end of the day, we're likely to get the benefits of a lot of this excitement in and around generative a.i. with these top five names. they are probably in the stock, probably in the market, and

that's what we saw last year when we got into july and was a pretty rocky period on their way to the lows back in late october '23. >> are we in for a surprise, do you think? >> i think the market is positioned for a surprise to the bullish side, or a more benign inflation print. i think there's more focus on cpi than ever, not only because we've had three bad prints, but because if you look at some of the data we've got today, the components of the pce have been very mixed. there's been actually enough to say, maybe you could, you know, read through this, the fed should be okay, but dan's right. i mean, powell was out there today, he's saying, i'm not going to hike, but he said, i'm not going to cut. he really reiterated the higher for longer, and that restrictive policy needs to remain restrictive. but again, the flow to the market has been as long as the fed is not hiking, and i know it's almost absurd to think that's, oh, it's great, risk on you if the fed is not going to hike, but truly, the data has

been to a point where people might have had to quickly reassess. so, i think, look. the move in the market, and the collapse in volatility is all post-fed meeting. we're going to build up to this again. it's all about the fed. and we're in an environment where we know eventually they will probably cut, we just don't know when. >> maybe half the battle is just knowing where the fed stands and he addressed the possibility of a hike. he said, he really does not see that being the next move and by many measures, policy is still restrictive at this point. so, you know the fed is going to stay up here and maybe that's enough for the markets at this point. what do you see in terms of the possibility of a surprise in volatility? >> well, we see the vix as a measure of market sentiment, and of course, with it so low, or relatively low, it would suggest that there is complacency in the market market. it's not always the case. but right now, with the meme stocks running up, it has that feel to it. what was interesting, yesterday, monday, the vix gapped up after having declined pretty notably for more than three weeks. and it came into some support on

the chart. now, longer term, the vix tends to move in these cycles, sort of low vol versus high vol. we've been in low vol for more than a year which is above average. and the indicators are starting to shift momentum-wise to suggest that we'll get into a higher vol type of environment, both near term and also potentially over the coming months. >> in terms of higher vol, you mentioned some of the structural reasons why volatility will not go back to the highs that we've seen in the past, you think that holds? >> i believe it -- listen, that's my -- that's my belief, i'm not suggesting i'm right, but if you think about sort of the arc of this entire thing, there used to be a time when people bought volatility to protect portfolios. when they realize zero int interrates did not allow the markets to go down, they didn't. and some genius said, wait a second, not only don't we need to do it, we is sell this vola volatility. and that's been the game for awhile. i they's why vol has been muted.

however, you do get instances where that genie gets out of the bottle. we saw glimpses of it a month or so ago. it was short lived. i think we're entering a period where people bhelter be prepared for it on the upside. >> and we've been talking about the giant jumps or declines in stocks on the back of earnings, so, individual stock volatility on an event basis, we've seen that, i mean, time -- between meta and starbucks, i mean, so many big cap names are seeing giant moves up or down. >> they've seem idiosyncratic. the other one is the consumer starting to weaken? and i'll just say this, we're going to get data about the consumer as we get deeper into retail earnings. what walmart has to say on thursday is going to be really important, if it corroborates some of the things we heard from the other consumer companies, then, you should start to get worried about the u.s. consumer where a time powell just told us, u.s. consumers are spending on credit, we're receiving credit reset at much higher

rates. so, these are all things i think we can focus on, but the flip side of that, if we do have a benign cpi number, if we have yields go lower, we have crude going lower, the dollar going lower, these are all supportive, i guess, of equities and equity valuations, and a consumer maybe giving them a little bit of, you know, a backdrop or something like that, a back stop. so, to me, i guess it's a really difficult time right now. the last thing i'll just say is, i just can't foresee a situation where we get a massive gap on a weak cpi to new highs where we are essentially right now. >> why? >> well, because -- >> i mean, to me, i think that's what happens tomorrow. >> you do? you think we get a 1%, 2% move on a weaker than expected -- >> i think you could see a huge relief. we've had three bad ones in a row. people have priced in -- people have cpi shock, and if you got something that looked benign -- >> knee jerk higher. >> we're near those peaks, we have semis that should be under some pressure here that are within 3% of all-time highs and you've got the nasdaq, which, again, all-time high.

even though it is underperforming the s&p, but i feel like this market tomorrow wants to go higher on a better cpi. >> you think that's the pain trade, too, right? >> yeah. >> so, with what else is going on, i mean you i get it, you don't want to really step in front of that, but for instance, if the number is a little hotter and it's the fourth one in a row, then i think the narrative starts to shift a little bit, and then really quickly, we get back to earnings with nvidia, and what does that mean for the entire megacap tech complex? because if you lose that, which we lost last summer, then you lose the market. >> well, i would say, you know, we're prone here to a false breakout in the s&p 500, very close to the highs. minor resistance, around 5260. i could see a gap up, and a positive initial reaction from the market, but something that's not sustained. and for us, we always want to make sure these breakouts hold near-term, and i don't think it will hold, so, we feel like we have one more down leg to this so-called corrective phase that began in april, and the vix and its posture would corroborate

that. >> and the downward leg would bring it to what level? >> well, i wish i knew, but the initial support is around 5055. i think that would be prone to a breakdown, just given the status of our indicators, a little bit too overbought for that to hold. so, you know, the secondary support, 4810 to 42820, that includes the former resistance level. that seems aggressive to me, so, perhaps somewhere in between. >> i think for the long only crew, you talk about those levels, you may absolutely be right. and i think there's been stocks that have maybe proven that, especially in the megacap, the m-7, but say to 5050 on the s&p, a lot of investors are like, ah, whatever. that's not something that scares people from getting out of the market. if you think about not just passive flows, but people that are investing along second ewe lair trends, they understand volatility. that's a lotof my clients. and if you told me that, you know, the corrective phase is down to 5050, i'm not going to be too cute around the edges, i think.

>> yeah, it's managing risk and waiting for better entries. well, is the hull. back in volatility pushing investors into meme stocks? mike khouw has the options read. it's been staggering the past couple of days. >> yeah, they're back, it would seem. the stocks themselves are not back to the prior highs in some cases that they had seen, but the options volumes have certainly recovered. we have a couple examples here. the buyers were most active in the may 10 strike calls which expire at the end of this week, 25,000 of those traded for 81 cents on average. virgin galactic traded 7.3 times the average call volume. about 18,000 traded for 16 cents. and lucid group traded 6.2 times its average call volume, may 3 1/2 calls, most active, 36,000 or so traded for about 16 cents. and every one of these cases, the traders are betting on moves of 30% to 35% and risking 6% to

12% of the current stock price. they all have very high short interest. >> what kind of action have you seen in gamestop and amc? >> very much the same thing, actually. most of these, you know, really beaten down stocks, basically, it's the whole theme. people are screaming for high short interest. i think those two actually, we've seen really big volumes both today and yesterday, and that's not surprising, you know, the roaring kitty return, i think, probably really got the gamestop thing in particular really fired off. but it's all of these, you know, we also saw, you know, activity in things like plug, charge point, you know, a lot of these names that are actually single digits, you know, and probably on the cusp, you might say, but they're not on the cusp as far as call buyers are concerned, who are trying to play for a squeeze. >> is this the result, guy, of this low volatility world, people getting pushed out --

>> i mean, clearly devoid of fundamentals. we said it doesn't matter. we made the point. and listen, over the last two days, amc, for example, traded over a billion shares of volume. this is a stock that typically trades, i think, 18 to 20 million shares a day. billion shares in two days a lot. part of it is short covering, without question. just part of it is the chase, as well. so, this can last. tim talks about it all the time. karen said it last night, silly can be silly a multiple of different times and we're seeing it now. my concern is that people will get left holding the bag. and we said last night, one of these companies should do a secondary. amc actually did today. didn't matter. but that's if i were running these companies, especially gamestop. this is an amazing opportunity, especially at gme, i think approaching all-time highs to do something in that realm. >> yeah, but again, you know, we talk about this, we don't like to use this term in a way that

sounds s derogatory. we talked about yesterday where gamestop went out, it was trading at $30, the aftermoney strat on the call and put premiums, it was like 65% of the price of the stock going out a few weeks. if you look right now, just playing from may 17th and gme, it closed at about $49. the 49 call, if you wanted to define your risk and make a bullish bet on this, between now and friday's close, it will cost you $12. a quarter of the value of the stock price. so, you know, you better be fast, you better kind of know what you're doing, you got to understand that this stuff can be binary. so, if you are good at trading this sort of stuff,have at it, but it's not my game. >> there are definitely plenty of the traders that we're talking about, it's not derogatory at all, they're traders. and so, yeah, i had a partner once that was one of the best traders i ever worked with. he said, don't tell me what to buy, tell me where to buy it. and that is ultimately what you

have. you have voluatility on steroid here. if it's mr. kitty or not, i mean, it's extraordinary, but katie's right. this is a sign of risk aggression, and it's something that we've seen in periods in this market, and look at credit spreads. people are pricing things like nobody's going out of business. >> mike, thank you. always nice to see you. mike khouw. coming up, the a.i. race is heating up, as google announces its most powerful gemini model yet. how it positions alphabet in the next and neck battle. plus, running ahead of the competition. on holding jumping after results. nike gets left in the dust. can the legacy name launch a comeback or is there a new g g.o.a.t.? don't go anywhere. "fast money" is back in two. this is "fast money" with melissa lee. right here on cnbc.

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welcome back to "fast money." goings's io 2024 conference kicked off with alphabet's ceo unveiling a slate of new products. deirdre bosa sat down after the

keynote and here with all the highlights. >> hey, melissa. this is really the biggest change to search that we have seen in decades. an a.i. overview will be the default. it will roll out to all american users of google this week, and then to google's billion-plus users over the next -- by the end of the year, rather. the technology will decide whether you get those ten blue l links or if you get more of a chat bot answer. i sat down with the ceo right after the keynote, and i asked him how this is going to change the business models. he said that both users and advertisers are going to weather this upheaval much like they weathered the shift from desktop to mobile and thinks it will be smooth. also, this week, between openai's demo and google's today, we got our first glimpse of a.i. agents. here's what he said about google's. >> i think you started seeing examples today across our keynote of what covers those

capabilities. to be able to process the real world in front of you and constantly process it and answer it intelligently. we are building, you know, you can go to gemini and ask it to plan a trip. in search, we announce multistep reasoning. you can write very complex queries. behind the scenes, we are braebbraeb i breaking it into multiple parts and composing the answer for you. these are all very early days. we're going to be able to do a lot more. i think that's what makes this moment one of the most exciting i've seen in my life. >> one of the criticisms of google particularly over the last 18 months is that it doesn't move fast enough to release these products. so, even though the demo, they're calling it project astra, the a.i. agent, it was really amazing, i asked him, when are we actually going to see it? and he told me he expects by this time next year io 2025that it's going to be ready for the mainstream and they'll have

rolled it out. melissa, back to you. >> so, d, having seen gpt 4.0 and now agent, how do they stack up? they sound sort of similar in what they try to -- what they're going to try to achieve. >> yeah, i think the major difference, which they both share, is that this is no longer a chat bot that you type queries to. this is an agent that you interact with, that can reason, that has emotion, that remembers where you left your glasses because it has scanned the entire room that you are in. so, i think they're pretty similar. and that's the key. i mean, we talk a lot in san francisco about the commoditization of large language models, now, we're going to start to see the a.i. agents roll out. do you need to be good enough for the consumer, good enough for the developers, that's where the next race is going to take place. who gets it out, how capable it is, how it works with you, that's going to be really key for the next year. >> you asked the key question, though, in terms of how it changed the business model.

do you feel like you got a satisfactory answer, comparing it to the transition from desk top to mobile is fine, but when you're dealing with this chat bot and they're talking to you -- where is advertisers? that fundamentally is going to change google's model. >> it's a great point. now, you're relying on the technology to either show you a merchant's link, or give you a generative a.i. answer, and if it gives you that gen a.i. answers, it pushes the links that have proved extremely profitable to google, push it below the fold. so, are advertisers going to be spending the same amount of money? i'm not sure he answered it directly, but he said people are using search more than ever and they are finding these opportunities to provide them links, and that a chat bot isn't what users want in some of these cases, so, i this i that's still being negotiated, but he said that if, you know -- they're going to be traveling, it's a bit of a path up and down to see where they all level out, but he did not seem so concerned about it, and he also said that the

cost for them are not going to go up materially, when you think about what takes to run these queries. a lot of us thought it would be may more expensive. he says they've actually figured out the technology to make it a lot more efficient. >> all right, d-bo, thank you. deirdre bosa at the google conference. >> really surrounded the trade there. >> it's d-bo. let's just call it. >> we've all been waiting for a good generative a.i. presentation by google. the stock market says they got it. it didn't crash, you know, or fall dramatically, which it has done a few times over the last year and a half or so. especially in the face of what openai did yesterday and what we expect. maybe openai does with apple, okay, that's going to be a really determining factor, i think, for some of this technology over the next few weeks and years, what announced for wwdc. but if you think about nine products from google at over a billion users. if you think about 1.5 billion users for g-mail.

if you think about android, this is really important. 3 billion users globally, right? why is ios and apple so interesting as a partner for, let's say openai? because of distribution. because of their install base of 2 billion ios users. so, to me, a lot of stuff that we've been focusing on chat bots and d talked about this, that was so 2024 -- early 2024. what happens next is how these huge platform companies distribute that tech and monetize it and meta has already done that to some degree. it got a little bit punished for the spend, but that's, i think, the argument going forward, and i think google is set up to do this. >> that's the question i have. do they charge for this service? do they benefit from advertising, which seems like an unknown business model, because it doesn't seem like -- things will change, right, if there is this chat bot model, or does it enhance their ability to sell other products? i don't know where the answer is at this point. >> i don't, either, but it

leaves us with the same question. is the pie any bigger? their revenue stream is a function of the business they're doing today already in those areas as the dominant player. so, it's a fascinating thing, and dan pointed out that the market's reaction -- i'm shocked at the market's reaction. the market's reaction was no reaction. so, you have to have some reaction. we've been vilifying -- not vilifying, the market has been pushing google around because they really haven't had this -- this, you know, earthquake of an announcement, and i thought today was seamless. >> quick on the charts, katie? >> bullish long-term setup. it has that momentum, i think the long-term objective from its breakout is $184, so, longer term, it looks good. >> i saw you getting freaked out when d-bo talked about the g glasses scanning the room. >> emotional response. >> yes. >> emotional response. >> that is a thing i do not want from my technology. >> no -- >> you're an emotional guy. >> no, i am --

>> that's why i said it. >> i am emotional. >> he needs an emotionless chat bot to offset him. to counter balance. coming up, copper cruising higher. we'll look at where the in demand commodity could be headed after its red hot run next. plus, a streaming debut. lions gate studios making its nasdaq debut today. what it all means for the streaming rswa. more "fast money" right after this. and relentlessly work with you to make them real.

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welcome back to "fast money." copper touching record highs today, now up 25% this year. can the rally continue? let's go off the charts with katie. what are you seeing here? >> it's a really impressive move. very parabolic and steep in its nature. now, it's taken copper futures above long-term final resistance around 490. if it can hold there and confirm the breakout, essentially, it would look a lot like gold did a few months ago, where we had a major trading range resolve to the upside. and when that happens, you can use something called a measured move projection to essentially project a target for copper. and it's around six. and so, that would be obviously a very impressive follow-through

for copper. >> six, sorry, $6 a pound? >> wow. >> big move. >> doubles, basically, over the course of, you know, nine months. >> and the same type of objective we could get for gold, as well. so, this, we see, as part of a commodity bull cycle and it is presented by long-term momentum gauges. and these are new signals than we have in the equity market. it's fascinating to me. i think there's a real story here in the commodity complex. one way to express a view in copper is through the copper miners. there's not a lot of options for investors who trade things like etfs, but the copx, the copper miners etf, does have almost exactly the same setup as copper futures, for those that want to invest that way. it's a good way to take advantage of it. there is momentum. it looks a little overstretched perhaps than in the near term, but it's part of a bigger story. we have rotation now, even into the lagging segments of the commodity complex, take a look at natural gas, take a look at

corn, wheat, soybeans, you see that man any fest itself in the charts. we recommend it on charts pro this week, the etf moo, you see a basing phase -- >> did you just moo-ed there? >> she mooed. >> i would have said, "moo." >> but we're seeing this in terms of bhp's bid for anglo, it's all about the copper access. >> not interested. >> we don't need you. katie's spot on. it's not just a demand side. this is supply problem in copper, as well. demand is there. you talk about industrial metals, copper is dr. copper, so, it's interesting. i have no idea what cpi is going to be tomorrow, clearly. i'll say this, though, if you look at the commodity market, and it's across a swath of them, precious metals, industrial metals, grains, energy, it's there in spades. so, stay with the copper trade. freeport mac, 16-year high, i

think. >> copper, dr. copper, as it's called, this shows no sign of stagflation. if copper is making this kind of move, there's an economic argument. there is a strategic argument. this reminds me a lot of the period from 2003 to 2007 or '08, before the crisis. there was risk aggression, there was this commodities move. there was the sense of national champion strategic assets in the case of copper. you had some of the biggest takeovers, you had alcan, you had rio takeover alcan in canada, you had major consolidation in the space, and this is happening again, so -- i think, ultimately, look, freeport, southern copper, these are names you can buy here, these are names that have exposure to some of the hottest copper assets in the world, i think you stay there. all right, there's a lot more "fast money" to come. here's what's coming up next. >> on the run. one sneaker stock surging as the nike swoosh loses steam. how this name is leaving its

competition in the dust. plus, studio standout. lions gate completing its spin-off of its film and tv business, and the streaming wars continue to battle on. so, grab your popcorn. the double feature details are next. you're watching "fast money," live from the nasdaq market site in times square. in times square. we're back right after this. tiv. that's because cdw showed animation studios new ways to maximize their infrastructure, then built a flexible dell technologies data solution. more automation led to greater efficiency, which means creativity stays the star of the show. make amazing happen. dell technologies and cdw. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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welcome back to "fast money." stocks classrooming ahead of tomorrow's big cpi report. the dow jumping 126 points, s&p up half a percent, and the nasdaq closing at a record high, it's first in more than a month. shares of baba dropping 6% after they reported disappointing results this morning. the company reporting profit fell 86% year on year in its most recent quarter. that stock up just 3% this year. home depot also reporting this morning. the company missing revenue expectations as customers delay major home projects due to higher interest rates. but the retailer still reaffirming full year guidance. and on holding jumping more than 18% after reporting strong earnings, notching its best day in more than a year. the company posting a 21% year over year surge in net sales. this is competitor nike

continues to struggle, down 15% so far this year. cnbc parent company comcast announcing a brand new streaming bundle this morning that will include peacock, netflix, and apple tv plus that will launch this month at a vastly reduced price. the news coming as lions gate studios opens its first day of trading under the ticker lion, after completing its spin-off. it's one of the largest pure play content companies in the world. its film division grossing $1 billion in 2023. joining us now is lions gate vice chair michael burns. welcome back to "fast." >> clap him in. >> happy to be back. i feel like i'm coming home. >> all right. >> so, reminder our viewers th isolating the assets, it takes stars away, so you can get a pure play valuation. >> we took two significant steps in the last week or so. we split the bonds, so, full separation, we'll have half of

our bonds that will end up in the studio and half will remain at starz. we just closed 13% of the sale of the studio on this deal, and our plan is before the end of the calendar year to spend the rest of the stock, so 100% of the studio will trade. >> okay. what is the environment like now, in terms of the demand for -- i mean, the demand for content is always there, it's just how much companies, platforms, are able and willing to spend at this point? i mean, we've seen so many companies out there, they're having difficulty reaching profitability, they're now bundling sort of going back to the days of cable, where you can get a bunch of channels in one package. what is that environment now? >> well, we like the fact that people are spending a lot of money on content. we're separating the businesses because we think we're going to get two different multiples. one for starz and one for the studio. but we're the benevolent arms dealers. so, we will license our product to anyone for the right price,

and if it's the right home for it. so, we like the fact that budgets are increasing on content spend. we like the fact, i call it the "suits" effect, that library product did so well for netflix, for that matter, and seeing a competitive marketplace. our television people led by kevin, they're going to have a very competitive process for television series that are out right now. we're just finishing up filming for this apple show with seth rogen playing a studio executive, it's pretty damn funny. so, as long as you have great content and we're pretty good at that, you have a competitive marketplace. >> so, speaking of that c competitive marketplace, what does the paramount feeding frenzy in terms for your assets? it's a fascinating time. i feel like having very smart media-focused private equity in the room means there's people that understand intrinsic value. >> i like the comp, because what we're earning in our content business, we're projecting that

we put out there in the documentation, and the registration statement in fiscal 25, which we're in right now, we're expecting $430 million of adjusted obitda. when we put a number out there, we're not going to miss it. i will tell you, the interesting -- when i look at the paramount situation, to me, it's a gareat example whyn't i o want two different classes of stock. and what we're doing on the studio spin, we have one class of stock in the studio, and ultimately, when we combine -- when we spin the rest of it, the plan is to have one class of stock. >> that was going to be my question. so, that leads to my question. in retrospect, do you think the investment community had a hard time understanding lgf-a from b and this will be more of a pure play that people can wrap their hands around? >> i think simplicity is a good thing. >> uh-huh. >> obviously, when we -- our shareholders are going to have to determine what the ratio is, the as and the bs, when we fold it into one class of stock and there will be a shareholder vote

on that, but i think simplicity is a good thing, and i think the idea of keeping it really clean, which we're doing on the content business on one side, and starz on the other side, i think simplicity in this marketplace is a smart thing to do. >> mentioned the studio business and creating new content, but there's the library side and you mentioned the "suits" effect. so, assets that are in the library, maybe mothballed for however long, can find new life on various platforms. so, how much is that worth now? >> you know, it's funny, i'm sure i'm going to give my associate general council a heart attack when i say this, because -- >> we won't tell anybody. >> exactly. let's assume for a second you are widely ly disseminated. but our library, when we report our quarter on our library, it will be a record quarter and it will start with a three. that's a phenomenal number. so, the "suits" effect, the idea that we have all of this library product coming back to us, we don't license them for long-term. in the fall, "mad men" will be

coming back to us and that will be an interesting bidding situation for that. so, we like the idea that we have 20,000 titles, call it $800 million, $900 million in revenue, it's worth a lot. and gives us the ability to borrow money at a very cost efficient manner which is a giant barrier to entry. so, without the library, one of the smart egs thingest things j did, we bought every possible library, we've done all the acquisitions, accretive transactions, like e-1, which pushed off what we just did a little bit, but it was worth it. >> michael, always good to see you. come back soon. >> i'll be here tomorrow morning. coming up, a shakeup at amazon. the ceo of amazon web services stepping down as the a.i. race heats up. his replacement, and how jeff bezos is getting dragged into this matter. all the details next. "fast money" is back in two.s tn

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welcome back to "fast money." amazon today announcing that its aws ceo is stepping down. there are fears that amazon is falling behind in a.i., and a certain company founder isn't at all happy about it. kate, what can you tell us about the departure? >> hey, mel.

yeah, so, a source close to amazon telling me the new aws ceo announced today matt garman is what they call a war-time leader and a leadership change was needed as amazon is perceived as lagging right now in a.i. t they described the ceo as more high level and a different leader whoelead leader who is more aggressive. according to this source, amazon is, quote, the most vulnerable big tech name right now in a.i. i'm told this is a key focus for amazon founder and former ceo jeff bezos. for example, not pleased with a.i. startups using other cloud providers. this person telling me bezos is still very involved in the company's a.i. efforts. he is known to send emails to other executives about it, and he is not making any sort of operational decisions, but is -- what i'm told, is hyper aware of the competitive landscape right now. we should say that amazon did decline to comment on this.

>> sort of surprising, the google problem, in that, you know, amazon has been in a.i. for so long, when you think of alexa and the ability of saying, "alexa, i need paper towels," and then alexa buys them and sends them to your home. that was one of the sort of first agents out there, and now they're perceived as behind. >> it's true about alexa, and that's where their generative a.i. support and engineering talent comes from is that early move into alec sae. and that was a big jeff bezos priority, was early on getting alexa to the point where it would be eweubiquitous. but it's now seen as this laggard, among people in a.i. and silicon valley. and the sense that i'm getting from discussions today is that aws was seen as being complacent and needing to move faster, despite maybe getting ahead in the beginning. this is really dog years right now. you've seen what happened with google today and some of the announcements from openai. amazon really needs to kick it into high gear to make sure they're not falling behind.

we might zoom out in five years and say amazon was the leader, they figured it out, but i think it's -- there's a little bit of fear right now that they are not quite there at this moment. >> kate, thanks. kate rooney. >> do you think it's behind? >> it goes back to about until a way. they made the $4 billion investment that has this cloud three large language model, not too different what microsoft invested in openai. they have a collaborative partnership. and they have aws, where a lot of their own foundation models, this is bedrock, that kate just mentioned, you know, they're going to be using cloud three, developers are going to be able to build on top of this, users of aws, they go there to have access to the models and that compute, so, i think we're in the first inning of this. any skepticism that i've had over the last, call it year or so, is about assigning so much value to these early winners in the public markets, but also in the private markets. anthropic is valued at $40 billion or something.

openai at $80 billion. how do the companies get to the public markets and grow into those valuations? how does nvidia keep up to justify the valuation? i think they probably don't. >> quick on the charts, katie? >> you know, the stock has good resistance around $189, and it's peaked ed three times there, s i'd really like to see it clear that resistance before adding. all right, coming up, cnbc's 12th annual disruptor 50 list is out, with one comgene company's cofounder and ceo to lay out how his company is tnsrmg e rafointh life sciences space. more "fast money" in two.e fill it's time to simplify. waystar's technology is the way to make healthcare payments more human. the way for providers to prioritize care

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and they're all coming? those who are still with us, yes.

grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. welcome back to "fast money." a number of health care innovators making this year's cnbc disruptor 50 list el evate bio has applications fr cancer, lupus, stroke, and more. it has secured a key partnership with moderna and novo nordisk and closed a $401 million

funding round last may joining us on the set is their ceo and chairman, david, great to have you with us. congratulations for making number eight we were chatting in the break, and what i thought was interesting was this notion of this being sort of the foundry model of bio tech. and you're one of the few companies that do this, in an era where, for many, many reasons, we want to bring a lot of that stuff back to the united states, away from places like china. >> absolutely. you know, we -- when we founded the company seven years ago, we knew we were in the earliest days of the genetic medicine revolution today, there's only a handful of these medicines that are approved by the fda, and regulators around the world, and yet, the fda has approved, like, 20,000 drugs in their history. so, we know the world is clamoring for more of these therapies because they can cure otherwise entractable diseases we saw what happened with semiconductors and other things. we want to build the foundry

model here, so we decided to build the first of its kind foundry exclusively dedicated to genetic medicines, to the entire bio pharma industry. >> so, there are every fors, legal efforts to force companies to bring a lot of that -- a lot of r&d that is done in china on a contract basis back to the united states. you're saying you're the only company that would do it here -- this would be huge for you >> it is an enormous opportunity for us other companies do this in components, but elevate disrupted the industry by establishing a tech stack and end to end scale manufacturing capabilities, and is offering it exclusively for genetic medicines to every bio pharma company in the world >> david, this seems to me like a bipartisan, without question, but homeland national security play, as well, that everybody can sort of embrace. do you feel that that's what you're onto here >> it's a big deal for us. so, we wished our first next gen

bio manufacturing center in boston we broke ground last year in pittsburgh largely aided in really an economic development effort by a $100 million grant from the richard king mellon foundation, the largest grant that the foundation has made in their 75-year history. and this will be in collaboration with the university of pittsburgh, so -- we want to build the facilities here, hire and train the staff here, and develop as many of these next generation genetic medicines in the u.s. as we possibly can. >> you mentioned a lot of diseases for which you're doing, you know, different come appropriates of work, lupus, cancer, et setcetera. what are some of the big drivers? >> one, of course, is cancer. so, we're looking at cells in a very personalized way. being from the patient suffering from cancer, those cells come to elevate bio, and we then engineer those cells in our clean rooms over a 10 to 14-day

period of time. we must have maybe 30 assays and release testing work that happens on every single one of these patients, and then we want to get them back to the patient as quickly as possible. in addition to cancer, autoimmune disorders is a big opportunity like lupus, like type i diabetes. all of those genetic medicines right now are in-house and we're powering them forward for the industry. >> fascinating. david, thank you for stopping by. congratulations. number eight on the cnbc 50 nt,in tdelist of 2024. upex falras.

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tim? >> southern copper. >> katie? >> i have to go with moo, the etf. >> dan? >> moo, guy. google on pull backs. >> why are you giggling? >> i love michael burns. and this cat from boston, i dig him. >> uh-huh. >> i think nike might have bottomed out. >> all right, thank you for watching 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. just trying to make a little money here. my job not just to entertain but to educate and teach you. call me at 1-800-743-cnbc. tweet me @jimcramer. of the federal money -- government is giving money away