dealing with challenges. >> indeed. and the story of the day was apple. some disagreement here on just how significant these a.i. announcements were. i think they have potential on margins and revenue. >> we will see. shares did finish the day down 2%, dragged the dow lower, as the s&p at a record here. that's going to do it for us here at "overtime." >> “fast money” starts now. >> that was a very strange sound effect. i condon't know if you guys hea it. 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. apple's big reveal. the partnerships with chatgpt, the latest operating systems to, yes, new custom emojis. everything the tech giant unleashed and what it could say about the a.i. race. plus, election impact. elections in france and germany over the weekend yielding a string of victories for far-right parties. what it means for the markets in those regions and what it could mean for relations with the u.s. and does nvidia's gain lead

to amd's pain? why a rising tide isn't lifting all boats. lilly closing in on $1 trillion in market cap. and gm climbs to a more than two-year high. 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. we start off with apple. the tech giant headlined by apple intelligence. chatgpt inte game with siri, ios 18 and other updates for the apple watch, airpods, macs and more. so, what was it that had investors pulling back? let's get right to steve kovach with the latest. >> hey. i did not just get off the call with the ceo, but i'll tell you what happened today. apple was behind on a.i. before today, now it's caught up. they are showing off a slew of

a.i. featuring that are integrated for iphone, ipad, and mac. this is apple intelligence, that's the marketing power at work there. now, some of the highlights, deeper voice controls for aps. you can just tell your apps what you want to do in natural language. right now, it only works with apple's apps, but going to happen with third party apps to tap into that intelligent system. and then, of course, the openai partnership. chatgpt is going to be an optional feature. siri will prompt you , and you can use it instead of the chatgpt app. and you don't need to make an account, just have an apple account and you can start using it. and privacy, biggest difference here between other a.i. visions. lots of the tasks are going to be handled on the device. others will go to the cloud, which will be done in a private fashion. and fun stuff like image and, this is going to be guy's favorite, emoji creators.

but what you really need to know, apple intelligence will only be available on newer mac models, and the iphone 15 pro or later. so, if you find these features compelling enough, this could spur a big upgrade cycle for iphones in the fall. melissa? >> i'm not even sure guy knows what an emoji is. at the very top, steve, you said that apple is all caught up. is that really what -- i mean, is that sort of the feeling on the street? because the feeling that i get from analysts is that it was largely disappointing, was a disappointing event, and if people want to upgrade, because they think this is so amazing, they have no way of trying it if you don't have that iphone 15. >> disappointing in the respect that, melissa, that it's basically catching up to features that we've already seen. i'm calling it -- if you are familiar with co-pilot, like i mentioned earlier, this is like copilot, but built into the iphone. so, not a lot of novel use cases here, you know, it does things like sum rusemarize emails, helu take better notes, image

generation. these are all things we've seen before. they are now integrated into the iphone. what's important to know, just a lot of people are going to be using these kind of features for the very first time, because it's going to be built into the devices they use every day. instead of going out there and finding their own app that works better for them. >> is there any indication at all that you got from wwdc that this will be monetizable? >> the only thing i can see -- by the way, this is all free. everything i said is going to be available free of charge, when you upgrade ios. the real question is, it doesn't matter what you and i think about these features, it matter what normal folks think, and if it's going to cause them to upgrade earlier than normal, melissa, because remember, you have to have an iphone 15 pro or pro max, in order to use everything that was announced today, so, if you have a 14 or older, you are out of luck. you are just going to get some new ios features, but not going to get all the artificial intelligence stuff. so, if you really like it,

you're going to have to upgrade. >> wlrt,all right, steve, thank. i think we're normal people. i don't know if i would -- >> nobody will upgrade for this. most of america, who are buying iphones and thinking about upgrading are not even using chatgpt or perplexity or gemini right now. gemini actual ly has a very goo shot, because it is integrated into google, across things we use every day. i watched this thing today. it was a real snooze fest. it was about a lot of stuff that's interesting that he mentioned emojis and guy, most adults don't use emojis. they don't care about -- if that's the best thing they got going on, so, a lot of goofy stuff. the most important thickng is, obviously, their view on privacy. we'll talk about what elon musk just tweet ed out about banning apple devices at his companies. so, he's not buying in what tim cook is selling as it relates to privacy, so, to me, i just don't think it's particularly compelling. we've heard this year after year about what is the thing that's

going to cause this massive super cycle of upgrading. we haven't seen it. if you think about apple's revenues, which 50%, a little more, are iphones, they've just been flat for years now. to me, this wasn't it. >> we are just showing the tweets, or, the x posts that elon musk just released there, saying that he doesn't trust effectively the security of openai on an apple device, and visitors, as well as employees, will have to check their apple devices at the door if they have one on them. so, that's another sort of wrinkle in this whole thing, but putting that aside for now, guy, what do you make of this in terms of the a.i. wars? >> i think it's -- well -- doesn't matter what i think. i don't think they met the opportunity that was in front of them without question. what was that sound at the top of the show? what did it sound like you to? >> you want me to make the sound? >> sounded like a bubble. >> a droplet. >> and we haven't rehearsed this. >> mow how could we? >> indulge mel for a second. there was a huge anticipation.

first season of "happy days," if you recall, ritchie and potsy were going to go to a club where do they were going to see bubbles mccall. they get there and it was a complete letdown. and they realized, you know what, sometimes the build up is really the important stuff, and then the event really sucks. and that's what this is. with that said, in october, the stock went from $165 to $199 and failed. look what happened over the last three, four months, down to $165, back to those current highs, and seemingly, i don't want to say seemingly failed, i'll say that, because today, traded close to 100 million shares, typically trades 60. when you have an event like this, you have that kind of volume, that reversal, it should give you pause. >> you think apple is in a proving ground right now? >> yeah, definitely. the upside is $198, and a breakout above that, to me, is needed to make it a more attractive investment from a technical sper techive.

breakouts tend to generate more upside momentum. we've had good upside momentum. we had very good relative strength behind apple short-term. so, i think folks held hope it could break it out. it's been in that range for a year. if it stays that way, i would just avoid it. >> are we selling apple short? >> to bring back guy's "happy days" metaphor -- >> bubbles mccall? >> i would go with the greatest metaphor -- >> jump the shark. >> apple jumped the shark two years ago. katie knows this better than any of us, that apple chart really from january of '22 has done zero. it was $185 stock and so, they kind of jumped the shark in terms of where we were. what i think is interesting about today, my expectation, who could have expected something extraordinary today? seriously? we knew they had nothing up their sleeve. all they really were here to do was tell us that every other major technology in the company in the world can't wait to work

with apple, because they know apple's install base is somewhere they have to be. you have microsoft and google falling all over apple. everybody knows apple's delivery system, but that also the app-based nature of ouring an iphone and where it would be that much more part of our daily lives if we had someone better than siri, that's the story. pretty shocking, and part of the reason why the stock is down 2%, when siri is out there quoting mark twain about the, you know, the exaggerations -- the rumors of my death are greatly exaggerated, i mean, we would have liked to have seen siri put to bed here. so, when you start hearing about how siri is going to have a major role in 2.0 -- that doesn't help the share price. but i didn't expect, after a 20% move from apple in april into this event, that there was anything they could deliver. we still know they're going to refresh. and i think that's the reason to buy the stock. >> would you say that down less than 2% is not bad considering the -- >> i think it's fine. i think it's fine. did anybody think they had

something up their sleeve in terms of an a.i. product or, you know, a new assistance that was -- i didn't. >> well, here's the -- you asked the question of steve, what about monthization? >> yeah. >> and this is a worldwide developer, that's the key word, conference so, up get all the developers there, they go all the time, so, really, this can be monetized if you think about it, through the apps that are going to be created using these tools. but i don't think right now, and this, you know, fall, when they introduce the iphone 16, it's going to be a thing you have to rush out and get. because it's going to take awhile. if you are apple and take 30% of the apps that are sold on there, you want to keep piece on those devices, right? this is probably a good first step, but to these guys point, it's like, there's no there there right now, it's a bunch of gimmicky things. so, for all of us who in the past, sometimes we heard about hardware here, major sea changes as it relates to ios, this is just not one of them yet. and i do expect them to get better at this, and take an iphone a betterexperience, but

it's going to be a 2025 thing. >> for more on apple's conference, let's bring in gene munster. gene, what did you make of this? >> melissa, i felt like i was watching a different event hearing the leadup. i have a ton of respect for your panel. i had a totally different takeaway. true, check the box, all the features were to be expected, but apple is doing two things here, and i think steve framed this in. number one, they are allowing basically 20% of the world's population to access a.i. for the first time. we talk about it all the time, most people have never experienced it. and they just made it -- that you can access in a personalized way that gets to your text, your photos, elon may have a different view about apple's privacy, it's a lot better than meta or google. piece two is just that, taking the friction out of access to it. you don't have to sign up for a chatgpt account, it comes with your device. i thought the demos they showed,

again, it was expected, but for the average person this is must-have. if you don't have a.i. powered -- if apple didn't do this, they would be out of luck over the long-term. they did it, and i think this will ultimately, the punchline here, is, they're going to grow next year faster than the street thinks. the street is looking for 6% growth, i you ththink it's goine 10% plus. >> next year -- >> calendar '25. it's going to take time. i agree with dan, i think dan was talking about, it's going to take time for this, to build mom momentum. this won't happen overnight, but this is a big deal. if you don't have these features, it's the fabric that's going to run the devices. if you don't have it, you're going to feel like you're on a flip phone. >> so, gene, when you think about sort of how this is monetizable, is it initially mostly going to be on the hardware side, in other words, when you are upgrading your iphone, you're thinking about getting the more expensive version to the less expensive

version and it turns into a services stream? >> i think that's right. the first chapter, and i'll put that chapter over the next one two threeo three years, is goin be the slow rising tide of upgrade. apple returning to 5%, 7% growth. the second phase is probably some specific services that they'll have around, kind of higher feature a.i. they didn't talk about agent a.i., this is basically, we've talked about this in the past, of a.i. doing tasks for you, complicated multilayer tasks, contacting people, organizing things. this is about getting people to recognize that their current phone isn't nearly good enough, and i think that they hit it. this is the biggest day for apple since the iphone, full stop. >> so, gene, it's tim. i'm going to kind of repete my view, because i think i'm in more in agreement with you, and that's not what i'm here to do, but what i'm hearing is that

every major technology company, including microsoft and chatgpt, and google, know they have to work with apple. >> absolutely. >> and this is still -- this install base is the ticket to implementation for the biggest a.i. companies in the world. but it doesn't happen without apple. and so, the question really is, because if we all agree that the refresh isn't that compelling or necessary until '25, what are they going to do, what is it going to qurequire for them to t that phone, you know, in shape to be able to support all this? >> so, this year, the phone -- their overall business is going to be up 2%. calendar '24 is not going to be a particular good year. it's going to be better than the down 2%, but to answer your question, there isn't really anything now, but what's going to happen in the fall. i predict, there's going to be 10e%, 15%, they are going to want to move to upgrade. so, i think -- i think this is a very real upgrade cycle.

i do caution that -- my one cautionary piece, i'm talking about one to three good years. there is an underlying question about where does the core competency of a.i. lie? apple did two today. they're working with gpt, they are doing some of their own, but you really have to have all of your a.i. under your control for your destiny. that's a challenge longer term for apple, it's a challenge for google, microsoft and amazon. so, that from a technical standpoint, what do they need to do, they need to do all of this stuff themselves. they can't rely on a third party to power these insights. >> if apple -- apologies, i'm reading. openai at the os level and apple devices been banned at my companies. that is elon musk, who seems to have some problem with apple. does that make any sense, are other people going to have those same concerns? >> i would be -- i think highly of elon, i -- it's hard to read

what he's thinking there. i would say this, when it comes to privacy, apple is not perfect, but they're better than -- definitely better than google when it comes to privacy, or meta. and those are really some of our other choices, and so, i think this is -- i think elon is kind of surfing the headlines today and trying to poke the bear, and i don't think there's going to be any substance. outside of china, you'll definitely see this in china, but outside of china, i would be very surprised if you see organizations starting to ban apple devices based on access to generative a.i. >> gene, it's dan. i consider you a great friend. you've been a great friend -- >> uh-oh. i feel a but coming along. >> i respect your work tremendously. wait to give you the opportunity to take back this comment that this is the biggest day for apple since they launched the iphone. >> i thought a lot about it since march 26th. that's when greg jaws put the text out that said this is basically saying this is going to be an a.i. event. i thought about what the iphone

brought, really what the iphone did, it added touch. why that's so important, that opened up the whole concept of having apps on your device. it changed a phone to a computer in your pocket. that was through touch. that was a huge deal. it took years to fully realize that potential. when it comes to a.i., the ability to infuse intelligence throughout all of the products, to make you -- allow you to do things different, in my view, is a bigger step forward than touch. and i think touch was the last big one. have a ton of respect, i love you, dan, i'm going to stand behind this. i think this is the biggest day since 2007. >> all right. gene, thank you. always good to see you. >> thank you. >> gene munster. tim, i want to go back to a comment you made, microsoft has to work with apple. do they? or can they own the enterprise and apple owns the user? >> okay, that's fair, except for, you know, i think that's kind of the world we live in

today, sntisn't it? this is a case where chatgpt seems to be more than an enterprise dynamic. and bringing it to the consumer -- until proven otherwise, apple is the conduit. they are the distribution channel for every one of these major tech companies. that includes meta, who a lot of people are doing -- how much interaction are people doing on a pc? my expectation is that we still have to be using apple products and today didn't change that. meantime, nvidia wrapping up its first trading day post split. shares closed up three-quarters of a percent to just over $121 after the company's split took effect, but not all semis were in the green. amd dropping 4.5% after a downgrade at morgan stanley. analysts cutting its rating to equal weight, saying the a.i. bar is very high. software stocks getting hit. snowflake, workday, trade desk all lower. katie, what did you make of this action? >> you know, with nvidia, i think it's widely known that a split does not improve the value

of the stock, right? but i understand how it does effect the sort of impression of it being cheaper, and to me, you know, it could foster a little additional momentum behind nvidia, just from a sentiment perspective. but nvidia has been such the driver of this market, and if we do see it enter a consolidation fe phase, there are some indications of that, you know, we feel like that's going to be a big drag on the broader market, and near-term, the uptrend is very, very strong there, there is still good long-term momentum, but for nvidia, it worries me that there's so much hyper focus on it. >> yeah, the morgan stanley note was interesting. the analyst said, if you want to invest in picks and shovels, everybody is going to nvidia, and broadcom, they're not going to amd. >> no. and amd, january 30th, they rode the coat tails from invud nvidi

the back of nothing but expansion. i think they remain $176 on the price target. amd, i think, you are looking for a place to buy it, and that should come at the prior all-time high, i think it was $155 in the -- in the fall of 2021. that should be huge support. >> yeah, and we got taiwan semi sales last week, and we know where they play, and so, they're clearly benefits from this. they're going to benefit from chip players outside of nvidia here, too, but that thing is on a runaway breakout. this has been an unchecked sort of move. katie talks about a consolidation, maybe in the offing. i mean, to me, you can kind of fill in that gap from earnings. it wouldn't be anything, you know what i'm saying? so, i wonder, when you think about the customer concentration, it's apple, google, meta, amazon, 40% of sales. as we get to late july, we start hearing q-3 guidance, what it might look like for q-4.

i wonder if this company's not going to be able to guide above what is consensus for the first time in a very long time, and then you start to get a corrective sort of phase. >> but does that mean that the weakness in sas names is overdone, if there's going to be a reversion? >> maybe. underperformed the entire semi space, amd, since march 7th. the argument for a lot of people with amd is that they are a distant second, but they're one of the few that has the scale, and they're going with an open system. and that's the whole story. they are going across a.i., and there's no one in second place. coming up, everything you need to know about lilly what the compangovernment is saying their alzheimer's drugs. plus, what is driving gm's gains? and can the recent runup continue? don't go anywhere. "fast money" is back in two. ths

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her uncle's unhappy. cla - cpas, consultants, and wealth advisors. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. welcome back to "fast money." eli lilly closing almost 2% higher, as an fda advisory panel weighs the drugmaker's alzheimer's treatment. advisers voting in favor of the drug's safety and efficacy. angel tica peebles has all the

details. >> lilly's alzheimer's drug getting a vote of support from an fda advisory committee. the committee saying the drug is broadly effective for early disease and that the benefits outweigh the risks. the fda doesn't have to follow the recommendations of its advisers, but it usually does. lilly's drug is not a cure and only meant for people in the early stages of the disease, but it does slow progression of the disease by 29% compared to nothing at all. and the panelists heard from some of the clinical trial participants. they talked about how they're living relatively normal lives despite having alzheimer's. the committee had to weigh that against potentially deadly brain swefling and bleeding. now, we have to wait and see how the fda moves forward with these recommendations. melissa? >> who is it approved for, angelica? and do people who take it, do they have to be scanned for tau? that was sort of seen as a barrier, because that would increase the cost, because you

would have to have pet scans, et cetera. >> the drug is not currently approved, that's what we're waiting to see here, but the panelists were against the idea of scanning for tau, because they thought that it would make it inaccessible, particularly in communities, in rural areas, where they might not have access to this specific monitoring. so, the panelists recommended a broad approval for this drug, and no specific monitoring. >> okay, so, that's good news for lilly. angelica, thank you. so, we've discussed this before, and jared holz was just on this morning saying he thinks this is, in terms of the competitor in the market already, it's a good step, but it's not groundbreaking. >> no, it's not -- however, if, you know, lilly were to figure this out, that is the holy grail. that would make this valuation pale in comparison to what they would get. however, i'm glad you brought up

biogen. that's the buybinary outcome. it traded down to prior support, and is bouncing now, so, if you are looking for pretty binary play, i don't think it's in the form of eli lilly. >> this is, like -- the concept here of lilly now actually being in the lead onalzheimer's, and, you know, along with biogen, it's like tom brady saying, you know, i'm actually going to be -- you know what, he's going to be one of the best running backs in the league at the same time time. if the dynamic out of the fda, they also agree with the dosage that lilly has put through, which puts lilly in an advisory position, and, you know, pharma companies have been this way with doctors forever you but it really puts them in the driver's seat to be educating the medical community on when they should start, when they should stop, and it puts them again in a control position, which i hope and am sure they will not abuse, but it is a powerful position for a company that already is

leading. if you were worried at glp, and you think about a time, when this is a couple of years out really to the leadership, it just tells you there's four, five years here for lilly to be on the leading edge. >> they released full data for tirzepatide in the treatment of mash, in europe that was seen as favorable, and there was a headline they are going to be releasing data on their oral version of its glp-1 drug in april, so, to your point, the pipeline, not just for weight loss, but for other usages, for glp-1s, but also layer on top of that the alzheimer's pipeline. however does this chart look? it seems unstoppable. >> it oes, i mean, it's been trending higher so consistently for so long. but the uptrend, while it's somewhat steep, it's been dotted by pullbacks or consolidation phases, and that makes it more sustainable. the last breakout we saw from

lilly of about 957, and if i had to choose the way, you know, core holding looks, it would look like lilly. the biogen is kind of compelling, it's been range bound for the last decade, and has very good support, so, to have it balanced out, you know, more opportunistic exposure, i think that's a great idea. quick programming note here. be sure to tune in tomorrow for a first on cnbc interview with structure therapeutics ceo ray stevens. he will join us for a deep dive into the latest data for his company. that's tomorrow, 5:30 p.m. eastern time right here on cnbc there's a lot more "fast money" to come. here's what's coming up next. gm burning rubber, as the automaker jumps to multihere highs. but can shares keep the pedal to the metal? the traders are kicking the tires on that one, next. plus, another key fed decision just days away. and after friday's strong jobs report, is a rate cut this year out of reach? what to expect, and how elections overseas are impacting

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welcome back to "fast money." general motors topping the tape up 4%, cruising to highs not seen since february 2022. analysts at citi reiterating the stock as a buy today, saying it remains a top pick given accelerating ev market share. how much more gas is left in gm's tank? part of this call is also the street is just not giving gm any credit for ev sales at this point. not even part of the story. >> they have no credit and you look at the stock, based on numbers that we have -- gm, for the last three years, they come in, they tell you, we're delivering, and they are usually raising. their internal combustion business is worth 3.2 times ebitda. and if you look at earnings projections for '25 across this street, this isn't just one house, citi happens to be focused, though, on the ev opportunity. and they're saying if they can get a market share in double-digits and they're pointing out they are actually just north of 9 % now, and they're taking the may data,

which is up 46% in terms of ev, for may, that's a month over month, that's one month of data, let's not get carried away. but that's their point. their point is, and their point is that there are trends and they have some data they're claiming is proprietary, talking about inventory levels on the lots and where they're selling out, and it is all very constructive for the business that gets zero credit. and the irony, it's the opposite business that's profitable. >> half of this move is predicated on exactly that. the other half is probably tesla and maybe 10%, 15%, but the other 35%, toyota, which is obviously a lot of self-inflicted wounds. that stock's gone from $256 down to $210 pretty much in a straight line from the end of march. i think some of those dollars are finding their way correctly into gm. do you stay with the gm move here? we're at levels we last saw outside of that huge spike higher. i think the weakness in toyota, to me, is more compelling than

gm here. coming up, southwest airlines taking flight after elliott management revealed a big stake in the company. what the activist investment firm is looking to change, and what it means for the industry, next. plus, a massive shakeup in france could have major impacts on europe's economy. inside the latest round of eu elections and how markets are reacting. that's next. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today.

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welcome back to "fast money." the s&p 500 and nasdaq posting record closes to start the week. the dow closing higher, but still 3% off its record. the markets awaiting wednesday's cpi report and fed decision. wtx crude having its best day since early february. oil up 3%, settling at $77.74 a barrel. the cams coming after goldman sachs put out a note predicting a supply deficit on summer fuel demand. oil down 10% over the past two months. and shares of draftkings jumping more than 3%. morgan stanley reiterating its

overweight rating, adding it back to its top pick list. concerns tied to the illinois sports betting tax is overblown. french stocks selling off after president emanmanuel macr called for snap elections. french bond yields rising to their highest levels since november on the use. for more, let's bring in cnbc contributor michelle caruso-cabrera. >> clap her in. >> nice to be here. >> this seems like raisky move. >> yes, he's pulling a very risky move. it's possible when these elections hatch in just three weeks that you're going to see the far-right actually have a mo jarty within the parliament. and then it's going to be very difficult for him to actually lead or do any reforms. something super important to understand about, particularly in france, when you talk about the far right, it is far right

socially, extremely anti-immigration, anti-muslim, but when it comes to their economic policies, you would think of them as far left. super protectionist, want to roll back the retirement age that he just raised from 64, it was 62, they want to go to 60. they want to spend more on hospitals and pensions. they want to do a lot of things that would actually blow out the budget even more. they were just downgraded. so, it's -- we can't use our political verve knack ewe lar on them, because it gets very confusing otherwise. >> what is the extrapolation? according to french stocks, down. and yields were higher, so -- >> right. the expectation is that if they get into power, they're going to spend a lot more money and they're going to do things that are not as economically friendly as what macron was -- macron worked very hard to make it very easier to hire and fire in france. it was nearly impossible. he would like to go further. they would roll back that stuff. >> so, when i hear this, it says, here we go again.

extrapolate again across the european union, where germany certainly, at times, again, you would say they are leaning left, and have leaned left, really, since merkel left town. where are we across the continent, as we look at a world where deficit to gdp numbers are ballooning like crazy. >> yeah, france is above 100%. they are largest in europe. you know, europe just can't seem to get out of its way. think back to 2008. the u.s. economy was $14 trillion. the euro zone economy was $14 trillion. today, we are $26 trillion in terms of our gdp, theirs is, like, 16? they don't grow. a great piece in "the journal," what is the one thing that europe leads in? regulation. that's their first inclination to do everything. i mean, everything in the united states is permitted until it is prohibited. in europe, everything is prohibited until it is permitted. so, it's very hard to get

anything done. they should be growing -- they have all kinds of -- they have, you know, great talent, they've got great resources, they should be in a much better position than they are. >> well, when we have michelle here, we also have great talent, so, i'll will ask you this market question. >> yes. >> sounds inflationary to me and bond yields suggest exactly that. that might be coming to a theater near you here in the united states. thoughts on that? >> in terms of the far right taking over? >> not a political thing, but just protectionism -- >> oh, yeah, absolutely. all of that is inflation their. that's absolutely true. i think in 2016, when former president trump was running on deregulation and cutting taxes, very easy to see why the markets would rally. now, he's running on a protectionist, high tariffs, that's a very different platform than what he ran on before, so, it's not the same. we've seen a lot of -- mixing of different ideas across what used to be very establishment parties

and now there's a lot of -- >> makings its interesting. >> sure does. >> michelle, good to see you. michelle caruso-cabrera. emerging market specialist is in the house. >> yeah. >> tim seymour? >> and the i in my acronym is the international etf i co-pm on. if you look at international stocks, in dollar terms if you are a u.s. investor, spending a dollar, because they're denominated euro, and you've had a little bit of outperformance. the euro stocks 50 has outperformed the s&p since last october. does this persist? the exciting part of that story has been names like nova and asml. look, i you this it's going to continue. i don think it has to be runaway, but part of that is a function of the crowding out of this market is going to help that market. >> i would agree. i think we've seen such underperformance there, it's persist end, and because of that, we have a relatively oversold status for european

equities largely. and the ratios, bgk versus spx has come down to support level. reversed off that level, showing better momentum, and the markets have really participated in europe. there are some signs of long-term exhaustion, because those are shared by the u.s., and i would argue that the french stock market appears overdone on the downside in the near term. >> what was your -- what was the thinking behind that question, guy? >> i think that's -- it seems as though the world is headed in that direction. >> the populist far right? >> all good, i mean, people vote -- it's fine. but it's inflationary as hell, and i think, again, tim, i think, believes in in terms of rate, i think yields are going higher in a way that the market doesn't fully comprehend. a lot of those reasons that we just talked about, and supply/demand issues in terms of bonds and treasury auctions, so -- you have to pay attention to what's going on. you have to read the tea leaves. rates in europe are going higher. >> it's happening now under, i mean, we don't want to turn this

into a political show, it's happening now under a democratic administration and probably continue to happen under a republican administration. >> deficit unfriendly is the name of the game in the political circles around the world. no one cares about spending and somehow they think they can bail it out by printing money. and that's why bitcoin is rallying. coming up, activists from elliott management gets involved in southwest. the changes they're looking for from the airline when "fast money" returns. (vo) what does it mean to be rich?

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welcome back to "fast money." shares of southwest getting a boost. activist investment firm elliott management taking a $2 billion stake in the airline, making it one of the company's largest shareholders. elliott calling for major leadership changes, with immediate effect, with replacements coming from outside the company. southwest stock seeing its best day since april 2022. you never want to be the ceo, you know, where somebody's calling for your ouster and the stock goes up a lot. >> tim's got thoughts. and it makes sense. 2017, look where the stock was. this has been upper left, lower right, the entire time. and other airlines have done --

didn't want to say extraordinarily well, but they've had their moments. southwest has had zero. it makes sense to me. >> a lot of its problems are boeing-related problems. the biggest boeing user. >> yeah, but i think if you -- if you want to look at the operating loss in '24, you can ascribe some of that to boeing for sure there's a sense here, and this is what elliott does for a living. we're going to go in there and shake things up. we have an opportunity to at least prove there's been inefficiencies and really been folks that aren't terribly incentive to change. and that's what it comes down to. to me, what they can actually do now is a very different story, and i think dan was going to say this, yes -- >> airlines are great trading stocks. >> they are, dan. >> what do you make of the stock? >> seems ripe for a turnaround. higher low, near long-term support, better momentum and relative performance and today's gap above the 200-day moving average, you know, wakes it up a little bit.

>> interesting. all right, coming up, big box bump. walmart trading near record highs as analysts throw this one in their cart. mey they're bullish on this na, next. more "fast money" in two. your record label is taking off. but so is your sound engineer.

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welcome back to "fast money." walmart popping today after an upgrade from jpmorgan. analysts saying the discount retailer offers strong defense and offense amid soft consumer spending and on track for double-digit eps growth for several years. the stock trading near all-time highs and up 27% so far this year. so, what does it say about the consumer? what does this say specifically about walmart and whether it should, in fact, be rerated? because of its growth for several years that implies rerating? >> that's the story. the story is double-digit eps and a company that deserves a higher multiple. because -- the argue nlt is also that they get people in the store for groceries and what not. but pushing the broader product mix. and they use the term, which is such a great word, currently parse moan use consumer. everyone is looking at their grocery bill, doesn't matter who they are, they are going to walmart, and now, they're in walmart.

you have the upper end, the lower end. i love the multiple expansion story, and i think that's something -- >> i think this is a horrible call. if you think about it, a consensus is already calling for double-digit earnings growth for the next three years. it trades at 27 times. it grows sales at low single digits. margins are 24%. flattish. so, you tell me how they're going to grow margins if this is the ultimate discounter, you know what i mean? i just don't think after the gap it had after its earnings, where it is right now that's a particularly good call given the valuation. >> the margins are coming from an investment in digital. they have a dynamic where also they are dictating price to the entire world here. and i think that'spart of it. i hear -- look, the call should have been six months ago, that it was going to overperform. this has performed like a tech stock. up 33% from last october. >> looks overstretched to me. we have signs of exhaustion on the weekly and daily chaurt. on a pull-back, definitely revisit. >> guy? >> better to be -- what was the

word? >> parse moan use. >> than sangt moan use. >> are you? >> i think you can be both. >> one's better -- with that said, i get what dan is saying. when you do $700 billion of revenue a year, which effectively -- you don't have to move the needle that much in terms of operating margins to sort of drive things. and i think that's what we're seeing. i like the call. i think they're late. i think all the arguments they made, we've been talking about for quite some time. letter late than never. $81 price target, i they's reasonable. >> all right, up next, final trades.

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time now for the final trade. let's go around the horn. tim? >> gm. you have a case here where i think their ev business is something that you can get excited about. but i think you can own the stock without the ev, even after a big run. it's still very huge. >> he almost forgot. totally almost forgot. katie stockton? >> i'm going to go solar stocks. tan, the tan etf. >> always good to have you here. >> great to have you. >> dan? >> yeah, disney in the last couple of months has sold off. it's filled in that february gap. now, i think it has a chance of filling in that may gap to the upside. >> guy? >> first time ever on cnbc -- a

lot of firsts, but -- bubbles mccall. >> genius. >> right? >> not really. but anyway. >> eww, melms. i think mexico may have bottomed out. >> thank you for watching "fast." see "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. other people make friends. i'm just trying to make you a little money. my job isn't just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. i found out i got a call from american health, yada, yada, yada. it was a