mentioned, falling off of that high. coinbase, too. even though bitcoin held up fine, coinbase having a rough day. >> yeah. the name that did shoot higher, ast space mobile on that at&t news we broke here yesterday. that's going to do it for us here at "overtime," though. >> yeah, more to come tomorrow. for now, "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 market milestone. the dow topping 40,000 for the first time ever as walmart charges to records of its own. but a former exec at the retailer has a shocking take on what is next for the stock. he'll lay out his case. plus, china rising. the kweb internet etf hitting its best levels since last july. names like alibaba and tencent soaring. will tensions between the u.s. and china derail their run? we'll debate it. and later, beverly hills billions. mortgage rates may be high and

the consumer may be under pressure, but megadeals are still happening. the ultra high-end real estate market. we'll be joined on-set by mauricio umansky for the latest read on how much the uber wealthy are buying. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, dan nathan, and guy adami. the dow climbing over 40,000 for the first time ever today. the feat coming less than four years after it first hit the 30,000 mark, but the index pulling back mid-day and ending up slightly in the red. one big winner in the dow, walmart, which notched its best day in four years, after earnings this morning. the retailer citing significant e-commerce gains and growing business from higher income consumers. former walmart u.s. ceo bill simon is using the b-word. bubble. he will join us to explain. we wanted first to get the thoughts here on the desk. given where we are trading here, at all-time highs, on walmart.

and do you think that what is driving the stock to all-time highs will be forces that continue in its business? >> yes, and i can understand why -- i love to hear mr. si simon's thoughts on why he think it's a bubble. on valuation alone, you would say, this is expensive relative to the market and to itself. absolutely. of course, the problem is, they're crushing it in the world that we live in right now, and this does sound like a big deal. operating margins were 4.4%, the street was at 4.1%. for walmart, that's a big deal. on top of that, inventories were 55 billion, down 2.7% year over year as opposed to sales growth up 6%. so, margins are going to continue to improve in an environment where they're winning. so, yes, valuation is a concern, we've said it for awhile, but you stay with the stock. >> unlike past reports, we're seeing an increase in volume, in transactions, not just an increase in revenues from price increases, which is sort of the trend we've seen in retail in general. >> yeah, and guy mentioned

inventory. think about how far removed we are from the inventory snafus of six, seven kwaugters ago, when people thought, these are the smartest guys in the room in retail, how did this happen? but for walmart, it's all about gr gross margin. and that's where the multiple in the stock, at least, has plenty of support around here. and i think the question is, how much higher can the multiple go based upon how much higher can the margin go? gross margin was up about 42 bips. e-commerce added 340 basis points to the overall story here. and that's the part where you start to think, do you get a growthier, amazony-ish multiple on it, though people would say soo amazon's multiple is all about aws. i like walmart less than i used to, because i think some of the rerating in the company are the things that have led to margin, but i think there's been a massive investment in digital, technology, even in their people. they've refurbished the stores,

they have a customer now that has a bigger allet. and that's a function of a lot of things. inflation teaches people with money that -- i don't like to get ripped off and at some point, i really do want to go to the place where i know i'm getting the best price. walmart's been a price leader. anybody who shops at walmart knows they're getting the best price. they push around their wholesalers. i still like it. >> so, you think there's been a rerating, but yet still the stock is overvalued on the basis or even that? >> i think there's been a rerating that the company -- that is warranted. i'm not sure how much farther we can go from here. >> i agree with that. i was bearishly predisposed for this one, i got this wrong. i was reading the tea leaves of the other consumer companies. we identified this -- this has been going on, this trend, that they've been capturing wallet share, so, that tradedown thing, that benefited them. tim just talked a little bit about the investment in e-commerce. you know, that brings me to amazon, okay? so, if i was doing a little would you rather, i'm not -- >> but you are.

>> holy. >> amazon has double the operating margins. double the gross margin. they are growing twice as fast. they're going to overtake walmart next year in revenues, and that's probably predominantly retail. so, if i'm thinking about the investments that amazon has been making in generative a.i., well, that's certainly going to benefit this infrastructure that they already have, right, from a logistics standpoint, from serving better products and ads, ads becoming a huge business for them, too, so, i just think amazon's probably a lot more interesting, right here on a valuation basis. especially if you are concerned about walmart's, you know, walmart's valuation, and, again, i just think that they have more levers to pull on the margin front, so, they should be a lot more profitable, and they're growing faster, which, i think supports that multiple. >> amazon, we're showing the pes, so, your thesis is that, relative to itself, amazon is cheap. >> right. >> relative to itself, walmart is -- >> a year and a half ago, we made the argument that north american retail was basically not in the valuation of amazon, right? and so, when you think about the

benefit they're getting from generative a.i., on aws, the resurgence of growth there, and you think about that retail business, it still seems kind of cheap to me. if you're -- if you are interested in buying walmart for all the seasons that these guys just said, you should be interested in amazon's retail business. >> all right, so, let's play the valuation game. and i still like walmart here, i understand what everybody's saying, it is expensive. cost koh costco, it sold off in a major way after earnings, it's basically gotten the entire thing back. probably justifiably. that trades at almost twice the multiple of walmart. very similar, obviously there's a difference with costco with recurring revenue with the memberships, i get that. but ask yourself, in this environment, should costco be trading twice the multiple of walmart? maybe costco is justified, that means walmart should be more expensive. >> my question here, where are the higher income consumers coming from? where are they not spending dollars, and is it a costco?

>> i don't know. >> i have no idea, but it's got to be from some place. >> i think a lot of it is probably going to be at the expense of grocery. and if you think about where walmart, you know, really has been in a great environment, walmart doesn't say that they love inflation, but they love inflation, i mean, this is great for the top line. i guess -- i feel as if there's sustainability to that -- to that customer and to that new demo. and i think it actually goes back to target. because of all the stories here, if we are in a world where we've overcome some of the inventory dynamics, we believe the consumer -- there's very different strata within the consumer base, but target certainly has had access to that same more affluent consumer. target trades actually, that's one even more of a discount relative to walmart than it's ever been, and that's something that is very interesting to me. i think -- and you can see that target, which reports next week, had a halo effect from walmart, just reaffirming their full

year, and that's important for target, who needs to reaffirm themselves. >> maybe it shouldn't have gotten that halo effect. maybe the fact is, the higher income consumer goes to walmart for the groceries, stays for the general merchandise, which would be negative for a target. >> and that's why the valuations trade, the discrepancy they trade without question. if you overlay the two charts -- though, listen, target obviously troughed and has come back. walmart still outperforming. i think tim's point about supermarkets are spot-on. look at kroger, for example. this is a stock that was in whisper of its all-time high. you talk about valuation, i mean, this trades at half the valuation of walmart. so, maybe the market's not rewarding kroger in the form of valuation, if it were to reward them, that shock stoub higher. so, it all sort of does make sense. >> let's now bring in that ex-walmart exec who sees trouble lurking in the retailer's strong numbers. bill simons is a former walmart u.s. ceo, now on the board of darden restaurants and other companies out there. bill, in the preinterview you did with our producer,

stephanie, you used the word bubble, when it came to walmart stock. why did you choose that word? >> well, sure. first of all, good to be with you, and the conversation you're having, i think, is the right one. the trade down that walmart's seeing in -- from affluent consumer into the business is not anything new, it happens every time there's, you know, an economic challenge, and we've seen it historically. some of them stay and some of them go, and it will be really interesting to see this time how many stay and how many leave, and it's a different company now with the digital capabilities they have than it has -- than it was the last time this happened, but the real issue is, you know, and the challenge is that the tail winds that have come from food inflation, they have pushed walmart along, will reverse eventually, and we're starting to see some of that happen now. those same tailwinds that dr drive -- that drove the food business will become headwinds,

and you'll see aer are versal between walmart and target. target's breakdown of each of their categories is very similar to walmart, but their overall business is impacted by the food general merchandise mix. so, as tailwinds shift to headwinds and vice versa, i think you're going to see some changes in the dynamic. >> so, the crux of this use of the word bubble is the notion that what has been helping to drive sales, which is the gain of the higher income consumer, some of those consumers will not stay. why do you think they didn't stay in the past? it seems it would be easier to stay, easier than ever to stay, because it's more of a digital commerce platform and you can buy groceries and everything at all once, you can pick up in store, get it delivered. it's a lot easier to stay with that platform. >> well, you know, i think that's really the difference between now and thelast time that it's happened. typically, what happens is, you know, when money's tight, people

react, even high end consumers react. the walmart experience is better than it used to be, but it's still not, you know, a premium experience. walmart's built on convenience, cost, and assortment, not on service. and so, as, you know, the economic challenges abate, and we all believe that they will eventually, service will become more important than convenience and price. and we'll see a shift back of some of the consumers. >> bill, it's tim, sorry to interrupt. it's great having you here, because how about we drill in deeper into the stuff you spent tons of years getting buried in, both formats and segments. formats in the form of competition in different segments in terms of, say, private label, which is really picking up a lot of momentum. the lower income consumer is more inclined to spend on private label, especially at walmart, where there's a pretty strong private label brand. also at the expense in terms of formats, c-stores seem to be ones, we talked about grocery, that are really hurting here,

especially with higher gas prices, higher prices there. isn't this a reason why some of this is more sustainable for walmart? >> it is. it is, to a certain extent. and, you know, kind of what you see is the shift in -- in shoppers and formats, and i think you are exactly correct. that volume's got to be coming out of traditional grocers, where pricing has gotten expensive, and walmart really shines in that environment. the convenience channel, you know, historically had higher prices and higher margins, has the advantage, for the most part, of having gas as a traffic draw, and so you see some of that, that business can tend to stick. the real challenge, and i think where walmart has to really perform, and continue to deliver, is to become that sort of digital bridge to try to keep those customers in. if those customers have to go to the physical box to getthe savings, i think they're going

to move. if walmart can deliver a seamless experience, many will likely stay. that's what's difference now. >> bill, you have a great view as to this, so, i'm going to ask the question -- view on inflation and what are you doing if you are the fed chair? >> i'm still worried about inflation, because i think we're in a cycle of inflation. we saw cost components rise, which drove up, you know, wholesale and then retail prices, then we had a little bit of a lull, then we saw these wage increases, wage rate increases, where the u.p.s. guys got a raise, the delta pilots got a raise, walmart, target, all the retailers started talking about $15, $16, $20 an hour. so, we saw a rebound in wage rate increases. and when inflation sort of abaited a bit, now with the wage rate increasings, we're seeing

the commodities prices. until that cycle stops, i'm still nervous and i think the fed will be cautious. >> do you think that cautious lasts for 12 months? you think walmart should be a great investment for 12 months and there would be trouble 24 months out. is it the thesis, as long as there's inflation, despite its valuation, walmart will do well? >> yeah, i couldn't agree more. that's exactly right. as long as there's inflation and those tailwinds that come from -- particularly from food inflation, more traffic will come to the walmart store and as you all said earlier, they'll not only buy groceries, but they'll buy the general merchandise assortment that for the most part they typically don't, because they get the traffic from the food, they buy general merchandise. walmart continues to do well. when inflation abates and service becomes more important than price, some of the -- those tailwinds will become headwinds. >> bill, thank you for your time. >> you bet. >> bill simon. all right, so, that's an interesting framework for an investment thesis, inflation for

12 months, and then you can build a -- if that is your belief, then why not get into a walmart? right? if you think that's going to benefit in that environment. >> i think walmart has derisked the story. i know it's harder to believe at a higher multiple, but i think that's right. i like target here. i like target into the fact that i think they actually have a more affluent consumer, they have, you know, 7% share of essentially their business where people over $100,000 versus 3% for walmart. i think the trend is clearly still towards grocery over general merch, but price, you know, target's priced this in. >> seems like a very narrow theme. if you are focused on inflation going higher and focused on this high end consumer, i can go look at disney, starbucks, lululemon. lulu and starbucks are down 30% from their 52-week highs. talking about a consumer that's weakening. home depot's down 15% from its recent 52-week high. so, to me, it's great that we're

spending so much time on this one story, it's a huge retailer and they're benefits from unique trends, but there's a lot of other things, at least through the lens of the stock market in retail and consumer -- >> doesn't all of that underscore the notion that walmart should do well? the fact that the starbucks customer is not going there? people are not going to disney? >> going to be a really crowded trade. so, when i think about this, if you are telling me there's an inflation story that for another 12 months, jamie dimon was just talking about this, we keep hearing this. so, sooner or later, that is going to put a massive tax on the consumer, and in my opinion, it could -- i don't mean crashing down, but they could hit a wall very quickly. so, to me, that's the fear we get the stagflationary environment. >> timmy talks a lot, he talks more than jerome powell these days. >> talks a lot. >> karen's happy about that. higher income households led share gains. convenience increasingly important to customers. and we've been talking about this for the last year or so. and that's today from walmart. so, listen, expensive, yes, stay

with the stock. >> really quickly, dan's right to bring up starbucks and lulu. i think those two companies have bigger issues with prices that are too high and competition. very different than even target versus walmart, but i think it's less about the consumer in those companies. reddit shares are soaring in the afterhours after the company announced it is partnering with openai. the partnership will bring reddit content to chatgpt and enable reddit to bring new a.i.-powered features to its users and moderators. openai will become an advertising partner as part of the deal. openai cofounder and ceo sam altman is a big reddit shareholder. one of his holding companies has a stake of 7%. openai saying the partnership was led by oh openai's coo. ad partnership, immediately, is huge. all the rest, possibly, could be gray si, i guess. >> yeah, so, this is a company that benefited right before their ipo, they did a couple deals for training these large

language models. so, they are focused on generative a.i., how to leverage their data and users and the content being created there. this is a great deal. this is not a company that i thought was going to do particularly well after its ipo, but they keep putting stuff out, they keep cutting costs where it seems to be. and they actually did something that a lot of internet companies over the last seven years have not done, they beat and raised out of the gate. so, i think they're getting the benefit of the doubt. coming up, the results from roche's latest trials. plus, we're diving into the lap of luxury, with celebrity real estate agent mauricio umansky. while office space and run of the mill homes are struggling, luxury is living it up. we'll go inside the numbers when "fast money" returns. this is "fast money" with melissa lee right here on cnbc.

at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

i don't want you to move. and relentlessly i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight?

sure, honey! this generation is so dramatic! move with xfinity. welcome back to "fast money." shares of roche popping on results from its latest weight loss drug. patients lost 18.8% of their weight. roche acquired rights of the

treatment as part of their purchase of therapeutics. with if you rewind back to december, when the purchase was initially made, it was thought they were overpaying, especially when there weren't any results from any drug trials at that point, they were paying $3 billion, but they gained more than that in market cap today, so, maybe it paid off in the end. >> well, it's proof that everyone is going hard in the space, and viking sold off on the back of this with some expectation that it could be their loss if roche is moving ahead of them. it's just, you know, again, it's about addressable market, it's about the ability that the different kind of nuances of this format are things that are going to continue to get more detailed. >> yeah. >> interesting. i mean, i know biotech is a sub sect, but ibb, let's just pull it up real quick. we're close to breaking through levels that we haven't seen in a couple years now. a lot of it has to do with some of these names, but if gilead can ever get off the mat, i

think it will, ibb is one you want to look at. the whole space, to me, is still in place. eli lilly has gotten a little extended. merck is trading at an all-time high. you get help from bristol myers at some point. and you have to love the space in general. >> it's interesting that you think eli lilly maybe from a valuation standpoint, guy, but really has been con sal dating over the last three months. we think about the guidance they just gave, and when you think about their glp-1 contribution to revenue growth, $18 billion on a $42 billion annual number or so, and it's still expected, total revenue base is growing 20% plus a year for the next couple years. so, again, if companies like roche are not going to have a real competitor for awhile, it seems like this is a very narrow trade, again, and sooner or later, another beat and raise and the stock is blowing out. it's going to have another gap higher. >> so, eli lilly and novo can protect that moat, because they have years before companies bring the product to market.

but with the positive drug trial results, you get a reset. you get the markets thinking, they can be a contender that i are in the game. if you look at amgen, when they released the results of their -- the stock is still higher based on that. it reset the expectations and the valuation for amgen and you have to wonder, is that going to do the same for roche? >> i think you are spot-on. it's a iscounting mechanism, right? and the market will look forward in terps of what you just said, and if it's a couple years, the market will say, you know what, two, three years from now, we're going to have that competition. we want to reward them now at this valuation. want to start reaping the rewards of the stock. and i favor the latter, not the former. >> and amgen is a great point you make. i saw this great doc -- >> what was that? >> "big shot"? covering -- >> what netbork? >> cnbc. mel did it. it was excellent. if you look at amgen, low single digits earnings and sales growth next year. if this drug does come to market, it has to get rerated. it's trading at 15 1/2 times.

>> and in terms of back to roche, i mean, it hasn't really rerated. you had the kind of a move today, you've seen a little bit of momentum in the stock, but the stock is still 16, 17 times, and that puts it very much in value territory. >> the weight loss drug craze taking over pop culture now. paramount plus announcing its latest south park special will tackle the subject head-on. >> there's new crazy drugs people are doing. >> have you heard of semiblew tide. >> cartman, this could be dangerous. >> let's do it. >> so, what does this tell you about the mainstream of ozempic and other drugs? >> bigger addressable market. >> totally. >> it's absolutely become part of not only the psyche, but it's absolutely part of the mainstream. and it's not just for people who are obese anymore. >> not going to believe me -- >> you have no idea what that is. >> honestly. >> you don't know what south park is, you never heard of

cartman? >> excuse me? i know you think -- i have heard south park. but i've not watched it. i find these cartoons to be offensive for me and i know, get off my lawn, old man yells at clouds, but cartoons are meant for, like, children. they should be fun. and these things are touching on subjects that kids are watching, like -- >> these are fun. these are adult fun. >> kids see a cartoon -- >> they're not for children. >> you have 8-year-old latchkey kid -- >> a latchkey kid? that's a whole other problem. >> so, control your own household, man. >> i don't got kids -- >> my kids don't watch adult cartoons. >> it's bad. and the other one, what is the other one, 40 years now. >> simpsons. >> never saw that one, either. no, i think -- i'm not making this up. i'm in a mood today. by the way, you know why i'm in a mood. >> why? >> the rangers have -- i'm talk about it later. >> all right. >> a lot more "fast money" to come. here's what's coming up next. >> pop stars, paparazzi, and eye-popping prices.

we're diving into the deep end of luxury real estate. what can a $25 million penthouse in bev erly hills tell us about the economy? we'll break it down. plus, pot stocks going parabolic. the industry on the verge of a huge legal win that could transform cannabis in the u.s. but is this the all-clear that the industry needs to get really high? we'll be blunt, next. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. was happy to prove her wrong. you were made to dream about it for years. we were made to help you book it in minutes. ♪♪ to start a business, you need an idea. it's a pillow with a speaker in it! that's right craig. a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable.

you locked us out?! arrggghh! ahhhh! solution-oriented. [jenna screams] and most importantly... is the internet out? don't worry, we have at&t internet back-up. the next level network. i sold a pillow!

♪♪ sandals jamaica sale is now on! with rates from $199 per person per night. visit sandals.com or call 1-800-sandals [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪

it's a beautiful... ...day to fly. wooooo! sorry, mel. i am sorry. >> welcome back, cotter. >> let me just talk. welcome back to "fast money." the dow crossing 40,000, but finishing down 40 points. the s&p dipping back below the 5,300 mark and the nasdaq shedding a quarter of a percent. deere falling 5% after reporting earnings before the bell. beating on the top and bottom lines but cutting full year guidance. and applied materials on the mo move. meantime, chinese stocks rising again today with the fxi

large cap fund hitting its highest level since last august. the fund now up more than 20% this year. today's surge coming as russian president vladimir putin met with chinese premiere xi jinping in a show of unity between the two nations. xi calling the relationship a, quote, strong driving force. the talks come amid russia's ongoing war in ukraine and u.s. trade tensions with china. as a sign of those tensions, china reportedly selling a record amount of its u.s. treasury and agency bonds in the first quarter as it looks to diversify away from american assets. can we connect all of these things together? >> we can do a few things. there's an element of diversify case that we've seen for a long time. the chinese central bank is the number one buyer of gold, and they're not stopping. can you see the data coming out of switzerland. there's a dynamic of china overall, underowned, fxi, the big state and insurance companies that most people over here have no interest in owning, they want to own the kweb, the internet names. that's the part of the economy

that if anything is starting to show a little bit of a turn. you know, whatever the gamesmanship is going on over there between two companies that have a lot of interest at times in being inconvenient or convenient bedfellows -- i don't pay a lot of attention to that, because again, russia's oil and gas business, i spent a lot of time there, which was going to have china as a buyer of last resort -- some of the companies are failing badly, so chinese stocks are being bit up because they're underowned and because i think a lot of contrarian investors recognize alibaba, at, you know, nine or ten times when you remove the cash from the balance sheet, it doesn't matter their year over year sales were lower. i think china national champion stocks do better when china is very worried about the u.s. >> how about the treasury move in terms of stepping away from the market? >> it's been going on for awhile. not only with the chinese, but japanese, as well. japanese, they were forced to do it, the chinese want to do for other reasons. gold, spot on. china's been buying gold at a

record clip for the last three years. and now their citizens are getting involved, as well. and you throw on top of that the fact that back in january, we had the conversation, we thought the fxi could get down to 21, it held the low from october 2022. and the low we made in the financial crisis, it's been up at a straight line ever since. and alibaba, quickly, shrugged off that quarter the other day, i think it traded down to $78, look where it closed today, 86.50s the. coming up, pot stocks on a major move from the doj. is this an all-clear sign the industry has been clamoring for? we'll debate if this smoke means fire. plus, mauricio umansky is -- >> handsome man! >> what the very top end of the beverly hills real estate market is saying about the economy, right after this. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

and hybrid courses and lifetime career services. learn about our more than 125 degrees and certificates at umgc.edu. ♪ music ♪ ♪ unnecessary action hero! ♪ learn about our more than 125 degrees ♪ unnecessary. ♪ was that necessary? no. neither is missing your daughter's competition to do payroll. with paycom, employees do their own payroll so you don't have to miss your daughter's big day. time to shine. get paycom and make the unnecessary unnecessary.

welcome back to "fast money." commercial real estate balance sheets are showing signs of stress, according to the starwood capital ceo. he expects borrowers to struggle with refinancing. those pressures also weighing on

the residential market. single family housing starts declining in april from the prior month, as high mortgage rates push buyers to the sidelines. meantime, in the luxury market, demand is ticking up. the median luxury home price hitting a record high of $1.23 million in the first quarter, according to redfin. one of the leading brokerages is making record sales of its own. joining us now is founder and ceo of the agency, mauricio ewe m umansky. welcome to the show. >> thank you, good to be here. >> so, we were talking about luxury home prices, $1.23 million or so, your end of the market is way higher than that. >> our average is, like, $2.8 million for our firm. it's higher than the average. but it's just incredible, you know, lucky real estate is still strong. we are seeing most buyers buy with cash, so, they're not borrowing. clearly, the interest rates are really high. what that is doing is, supply is

really low. and so, that's why prices continue to go up. but the transaction volume is down, and that's one of the things that people are not talking about. it's down, because we lost so many consumers because of the lack of financing available. only people with money are buying right now. >> are you seeing the buyers come in because they're looking for alternative investments, they want to invest in real estate instead of stocks or something else? >> i think we're seeing it as a safety net. as an alternative investment, for sure. finally an opportunity for the first time for buyers to find inventory, which, there wasn't for a long, long time. during the two years of covid, there was no inventory, there was no supply. now, we've seen kind of a slowdown for two years. there's been a pent up demand and buyers are starting to get back into the market and they're starting to find some supply and have some choices and, so, that's kind of starting to fuel the market again. >> maurp ricio, baseball region sport, real estate is a regional

industry. across the united states, we talk about supply/demand imbalances, but what's the state of the real estate market in your sense here in the united states? >> yeah, overall, honestly, it's slow. you know, from transaction volume is way down, commercial real estate is slow, office space is slow. the interest rate, you know, the high interest rates is really slowing down the markets without question. and at the end of the day, we need transactions, right? like, that's how we survive. we need that -- that's the way the economy goes. >> you look like you're surviving okay. >> i'm trying to stay fit, my friend. >> not talking about that, but -- >> yeah, yeah. so, it's -- it's a tough market out there right now, and, you know, for consumers, given the high interest rates right now, it's a little bit more difficult for them to afford a house at every single level, so, you know, people with money that are buying, for sure. >> mauricio, you guys are expanded overseas.

what are some other, like, dynamics of other markets that are going on, other markets that excite you more than the u.s. right now? like, help us get a sense for, like, maybe there's some dynamics in other places that we can kind of think about at our own investment thesis around the world. >> there's great markets all across the world. we're seeing a lot of u.s. people got to portugal. our portugal office is doing amazing. i'm heading there in a couple of days. we're starting -- we still see a lot of movement happening in resort world, like turks and ca caicos. that's on fire. so, we're seeing a lot of people go down there. mexico's still pretty strong. and we're seeing a lotof activity down in mexico. so, we're definitely seeing the u.s. buyers, the ones that are going to other places. the rest of the world, where we used to have a big international buying pool here in the u.s., that's slowed down since covid started. we've never seen that start happening again. we have seen a lot of people from great britain coming into

the u.s. a lot of san francisco is moving to new york and los angeles. so, we're seeing kind of that movement, but we're not seeing the international buyer coming into the u.s. yet. >> you were mentioning in the break, we are at the nasdaq, some day you want to go public. what does that firm look like, is it the agency in and of itself or a reit where you are a developer of some sort? >> it would be the agency. >> okay. >> we're continuing to open offices, we currently have 110 offices worldwide. i think we need to reach a mass of about 200 offices. and then i'll come talking to you. >> okay. >> maybe you'll have me ring the bell over here. >> and then lastly, your series on netflix, you've been in tv for 12 jyears, first on "real housewives." that's the cable network part of the comcast universe. how is netflix different? >> it's very different. net flix, a, it pushes out all of the episodes at once, so people just watch the whole thing. but it's a very international

business, right, so, from that perspective. and the show is more about real estate. it's all about feel good and real estate, real estate porn, like i like to call it, it's not about the women and, on "real housewives" i'm kind of a sidekick. but -- >> as many husbands are. >> what's wrong with that? sounds pretty good. >> nothing wrong with that. >> congratulations on the new series, and thank you for coming by. >> thank you so much. >> good to see you. coming up, ganja regrouping. rolling into the cannabis trade. throughout may, cnbc is celebrating asian american, native hawaiian and pacific islander heritage. here's dee idrdre bosa. the population of asian american native hawaiians and pacific islanders is growing by double digits in nearly all 50 states. representing the fastest growing demographic in the u.s.

the community's buying power currently equals $1.3 trillion. according to the congressional asian pacific american caucus that's larger than the economies of all but 16 countries in the world. for aanhpi heritage month, i'm deirdre bosa. ♪ i'm gonna hold you forever... ♪ ♪ i'll be there... ♪

♪ you don't... ♪ ♪ you don't have to worry... ♪ at corient, ♪ you don't... ♪ wealth management begins and ends with you. we believe the more personal the solution, the more powerful the result. we never lose focus on the life you want to build. it's time for wealth solutions as sophisticated as you are. it's time for corient. >> at university of maryland global campus, getting a bachelor's degree doesn't have to mean starting from scratch. here you can earn up to 90 undergraduate credits for relevant experience. what will your next success be?

welcome back to "fast money." pot stocks ripping higher as the doj formally moves to reclassify khanna miss to a less restrictive category. it would move marijuana from schedule 1, which includes drugs like heroin, to the far less prohibitive schedule 3. tim? so, finally -- >> yeah. though we've had this news repackaged many times. ultimately, the really -- the business new was the d.e.a. agreeing to rescheduling. now, there's a process. essentially comment period, there's a period where essentially the doj's coming in, and there's some important parts of this. first of all, this will lead to more reform, this will lead to a change, to a lot of big folks coming in off the ledge in terms of their interpretation.

cannabis now has, you know, medicinal efficacy, does this change exchanges being of the list thesecompanies? does this bring big institutional capital in overnight? not overnight, but this changes dramatically. if you look at how this news has been received, these stocks are roughly anywhere from 60% to 125% up from where they were before this news was announced last august. this is great news, it's the biggest reform cannabis has ever seen. it's historic and more will follow. >> tim, your etf has a lot of the cannabis names in it. are there other ways, we've been talking about it for years, are there other ways to play, where you have more diversify case than just playing one of these -- >> back then, it was like scott's miracle grow and things like that. >> look, i think if you want to own cannabis, you own a cannabis etf, i'm biased, i run one. but you are buying companies that are integrated. that includes processing,dy try

b distribution. it's an exciting time. i think you're in before an institutional wall of capital. that's part of entering now versus five years ago. you've gone through a very volatile period. coming up, investing with a.i. fact set ceo phil snow will join us to talk about how the financial data and software company is using gen a.i. to take investing up and notch. stay tuned. the all new godaddy airo helps you

get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

and they're all coming? those who are still and ywith us, yes.ness. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly.

welcome back to "fast money." financial data provider fact set looking to incorporate a.i. to its products to level up investors. the company demoed its latest offering at an event in miami late last month. phil snow is here on-set for more. great to have you with us. >> good to see you. >> just, you know, being a fact set user, fill disclosure, some of the a.i. features come up, highlighting, you know, important areas, and that is really amazing and time saving. you actually did a survey to quantify how much time people are saving. >> absolutely. >> and so, 55% of your respondents in this survey of, like, 550 people saved five hours? >> this was just junior bankers, that's one of the work flows we

serve. we know what the life of a junior banker is. five hours might mean a lot to that person, so -- that's just the beginning. we think we can continue to, you know, make people's lives hyperefficient. >> how are customers looking at this in terms of how much they pay versus how much time they're saving? >> we're still in the beginning stages of that. most ceos recognize there's an opportunity to really make way more efficient summaries, and in other cases, they're going to want to continue to add value with that individual. we did think there's a great opportunity to moon tiz that. i think we're at the beginning stages of figuring out how we're going to charge for it. >> right. under your leadership, the leadership has been as consistent as a company out there, without question this next layer stuff. in terms of what it does to the bottom line, a.i., are we going to see that hockey stick, maybe not next quarter, but -- >> we do think it's going to be a driver of growth, guy, so, we think we're perfectly positioned to be the market leader here

within our segment. great example that we launched at the conference you joined us, thanks, dan, too, something called portfolio commentary. if you have a portfolioen mana, you hate writing those monthly summar summaries. you never loved english class myself. i was more of a numbers guy. that might take an hour for somebody to write. we've got it down to 30 seconds to a minute, essentially. so, imagine the productivity and the ability for a portfolio manager to spend more time, you know, looking at other investments, or maybe having dinner with their family a few nights a week. >> well, phil, we spent a lot of time talking about use cases for generative a.i. i'm also a user of fact set. i'm seeing the efficiencies you're talking about. but another thing, in different areas, hallucinations and the like. you spend a lot of time talking about the data, and how solid it is and the output yourself getting.

speak to that. that would be one hesitation that, if this is mission critical, sort of information to help you invest, you want to make sure that data is accurate. >> absolutely. so, you know, the heart of fact set is the data on our system. for 45 years, we've been integrating third party data, collecting our own data, and clients have been trusting us with their data. we have almost 16 million portfolios on the system, representing, you know, tens of trillions of assets. so, that's at our core. that's what we do as a company. when we stitch that, get that data together in a way that makes it easy to analyze. we've always invested heavily in our technology stack for the last five years, so, we've become, you know, we've become hybrid cloud, we have become api first, so, that foundation is there, and we spent a lot of time at the beginning of this making sure we had a secure environment to point llms, because everyone in heavily regulated industry like financial services, it's going to be paramount. so, all of the instances we have for clients are secure, they're

private. we don't, you know, train on their questions and so on, so, we're being very cautious at the beginning, which is the right approach. >> how about new segments? i think about the self-directed investor and sophisticated ins constitutions, bankers, people that rely on fact set. but how about being able to supplant a consulting firm? a.i. gives companies the ability to do the work, save the time, the efficiencies, be much more pinpointed without having to hire expensive consultants out there. >> that's a great idea. >> i'll run that one. >> we serve biz dev, even the c-suite. i'm very excited about fact set now pushing more into the c-suite of our clients and providing, you know, senior wealth managers, pms, senior bankers, the c-suite of corporations, the ability to roll their own. >> really quick, phil, when you think about a.i., and what it offers customers, do you think

of it as something that you charge extra for or a reason why you keep that customer? >> absolutely. so, we will charge extra for portfolio commentary. we'll be able to batch that for clients. we'll charge, you know, per report for that, essentially. there are some elements that you are already enjoying, right, the transcript assistant. that will help with retention and just getting new seats. so, it's going to be a combination of both. >> phil, thank you for coming by. up next, final trades. at corient, wealth management begins and ends with you. we believe the more personal the solution, the more powerful the result. we treat your goals as our own. we never lose focus on the life you want to build.

and our experienced advisors design custom built strategies to help you get there. it's time for a wealth management experience as sophisticated as you are. it's time for corient. ♪ i wanna hold you forever ♪ hey little bear bear. ♪ ♪ ♪ i'm gonna love you forever ♪ ♪ ♪ c'mon, bear. ♪ ♪ ♪ you don't...you don't have to worry... ♪ ♪ be by your side... i'll be there... ♪ ♪ with my arms wrapped around... ♪

>> earning a degree doesn't have to mean starting from scratch. at university of maryland global campus, it means building your next success on the foundation of life experience. umgc values the successes you've already achieved. that's why you can earn up to 90 credits from prior learning and life and job experience toward our bachelor's degree programs. no application fee if you apply by may 31 at umgc.edu.

time for the final trade. timothy? >> cozy desk tonight. ewz.

brazil starting to rally. >> intimate, you might say. >> yes. >> dan? >> sorry about that would you rather. >> i forget you. >> i prefer amazon. >> guy? >> miles put the horns on the rangers a week ago. i unhorned them. konno coe phillips. >> that is a word. thank you for watching "fast money." see you back here tomorrow at ft money." see you back here tomorrow at 5:00. "mad money" 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. other people want to make friends i'm just trying to make you a little money. my job is not just to entertain you but explain all this to you. so call me at 1-800-743-cnbc. tweet me @jimcramer. milestones might seem arbitrary. but they can tell you a lot about what works in a given