so, i'll be looking at that. also, by the way, retail sales on tuesday, probably relevant to market craves reassurance the consumer is still in the game. >> also -- happy father's day, mike. >> oh, john, you as well, thank you. >> i mean, you know, we dads are going to have ourselves a weekend, always good to see you. >> at least a day. >> at least a day. that's going to do it for overtime. "fast money" starts now. live from the nasdaq market site in the heart of the new york city's times square, this is "fast money," here's what's on tap tonight. big techs, big week, the etf soaring to all-time highs, with notable names leading the charge. what to make of the run in these stocks and how you should trade them. and building the lil' ly, gilead getting -- and oral obesity drug, what we know now and what it could mean for the glp-1 space. >> plus, transports truck lower as the djt worst level,

turbulence with production delays, and target missing the mark, further behind its top competitor. i'm melissa lee at the nasdaq, on the desk tonight,time seymour, courtney garcia, steve grasso, and guy adami. and two big tech moves, apple jumping 8% since is wwdc kickoff on monday, hit ago brand now records, and briefly reclaiming the spot as the biggest company in the world. meantime, netflix putting in its own winning week, closing within 5% of its record high hit way back in november 2021. what do these two moves tell us about the markets we have right now? should you be in these trades? time seymour, what do you say? >> i think you should. and i think that the apple trade is one that looks like a trade now. hey, why weren't we assuming apple was going to break out two weeks ago, nothing at wwdc, we'll get into that. the importance of apple to the market, the fact is, the nasdaq has set new relative highs to the s&p, all-time highs, that leadership in the form of both apple and nvidia, i think, is

something that can continue. i think that, you know, the netflix dynamic here is also a case where you've got clear leaders that even through the other part of the week that is notable, it's a week where we digested a fed that acknowledged and a labor market that's certainly coming in as we need it to, an economy that's probably not falling apart but showing some signs, these are all names that are going to be defensive in that kind of environment. netflix, we talk ad nauseam, and we should how far ahead they are of the rest of the competition. >> the names that should have responded better that the fed gave us did not farewell. that was strg. you want to be defensive. sure, but how about regionals and home builders? those didn't do particularly well. >> which we've discussed. the chart is not trading particularly well today again with rates going down, i think the market is finally, i think, starting to catch wind of some

of the commercial real estate issues out there. i think it's manifesting itself into kre. and you're right about the home builders as well. two areas that should have gotten a boost with rates going down have not participated. and we'll talk about the transports. its own animal. those things, i think, have to give you a little bit of concern. >> maybe it's too late for regionals to actually perform because you're still worried about commercial real estate. too little, too late. when they cut there's a long and variable lag too. maybe that's not going to be enough to bail out the regional banks. with apple, the refresh cycle is huge, it's going to pull in people like myself, older people, that want to have a.i. >> how rld are you, steve? >> 70. >> okay. >> you don't look a day over 69. >> thank you. i feel like i look good for 70. >> interesting how you presented that. >> yeah, yeah. >> so, that's by the 15 pro, as opposed to 14 or 15 regular? >> i think that -- 5 and 13. >> the curiosity about what siri can do for you? >> siri is terrible.

i think there's a host of of ere of things, we mith emails, and things that can make your life easy for the mundane tasks. i wouldn't have do that if there wasn't this upgrade cycle or this refresh cycle. i would have waited for another one. people usually upgrade for a camera. now they're upgrading for a.i. and i think that -- and i said this the last time, i think apple just had to do enough to not shoot themselves in the foot and i think they did enough, it is healthy, if it retraces a little bit, and comes back. but when you're dealing with that next iteration of the iphone in september, you're probably eating up some time here so you're not going to see the overall market sell off before you get the opportunity. >> i do agree with that. the refresh cycle with the iphone is clearly, this is the thing they needed to kick start that after they had sales declines five of the last six quarters and needed something like this. when you get this upgrade that brings more customers from samsung to apple. what it's doing to the markets is fascinating. where we've always been talking about the magnificent seven and

all these companies doing very well, you now have three companies, apple, nvidia, microsoft 20% of the s&p 500, and how much this a.i. story is important to the investors right now. i do think it is that much more important, it probably will continue, i think you're right, i think these are likely going to be leaders in the short term. i think longer term there is plenty of opportunity, but that fomo trade, people are wanting to get in here the more it's going up. >> in every market environment we want to be in these names. right? i mean, that's what it seems like, no matter what the market scenario, guy, we want to be in those names, we want to be defensive, you want to be offensive, you want to be in these names. >> outside -- well, i mean, i know where you're going with this, and the answer is yes, only because of the way they've traded. >> sthooes trying to paint you into a corner. >> i have no brush. >> danger zone. >> i'm very aware, trying to parse some words. listen, outside of that three-month period where apple was a disaster, and the broader

market went higher, in every environment there are a handful of names that do well, when the broader market sells off they become defensive, and when the market is doing well they're bolstered by that. yesterday, nvidia is now over 400 etfs, top 15 holdings, that's a staggering thing if you think about it. money flows suggest you are correct, however, by definition there has to be some sort of scenario where those stocks don't do particularly well. >> well, the scenario might, in fact, be that there's a more competitive landscape in a.i. and samsung is going to argue that we've been closer to where apple is even articulating they want to get tomorrow for a long time. the reasons why i feel better about apple are partly based on how much underperformance there was. i mean, apple took two years to break to fresh new highs, that means -- it obviously reflected fundamentals, and a lagging and falling revenue base, and iphone innovation that was lacking.

but it massively is underperforming for a long time. this move, by the way, technical, not a technical geek, and there are nice guys, they're not geeks, there's a lot of people that come on the show, and they're gals too, flag pole formation if uh ever saw one. you have a breakout, and this is something i think is very important from long-term resistance at 195. so, this is, to me, a stock that's got fresh legs, a stock that the valuation is the toughest part of the story. but this refresh cycle is something that, you know, i think has legisls because theres a time, it's like cars, better made, driving them longer, but this gives people a reason to refresh the phone. the iphone 15 has reason to say we're at least in the a.i. game, which gets people on board. >> why wouldn't it be safety? tremendous balance sheets, profitable companies, the russell is not profitable, right? so 50% of the russell 2000 is unprofitable companies, so you need a better economy, lower rates for them to be profitable.

so, when you look at the overall -- and markets go up, on average, historically 10% every year since the inception of markets. and now, where tech is overlaid in every 11 of the sectors that we have right now, tech will improve, and those other sectors will buy the technology that these companies are offering, they'll only become more profitable, and it will make the whole market more efficient. so, when you look at where you're funneling it in. i'm not saying the market cannot sell off. i think the market can sell off and will sell off as it does, but those selloffs are shorter, in duration than they've ever been before. we have a market in fast forward. >> i guess the question for me is when will we get to a period or what market scenario will it be for them to relatively underperform some of the areas in the market that haven't had as many gains? the value oriented sort of sectors, like the banks, maybe. >> and i think at some point in time you're going to have

investors shift their focus to the fact that it needs to improve the bottom line. so i think how it improves apple is the fact that people actually have to buy the phones, they are going to have additional revenue sources. you have a lot of companies who are investing billions of dollars into artificial intelligence with no additional or incremental into their revenue. and at this point in time people are willing to pay out for that. if you're not showing it in your bottom line people are going to reflect that in the stock prices. i don't know if we're there yet but at a certain valuation you will get there. that's a concern. >> i think it's interesting that the psychology behind upgrading for the individual, seems to be different from the psychology for corporations. >> the enterprise. >> if you believe that this is going to spur some huge upgrade cycle or small upgrade cycle for apple but you are skeptical corporations will -- the microsoft laptop with the a.i. key, why is there that difference? >> i'm not a big believer. i think the upgrade cycle was always there. >> right, no matter what. >> on the margins.

but not incrementally. that's just me. do valuations matter? i think so. now apple -- all it's done this week is gotten more ex-presencive. trades 30 tims next year, 9% eps growth, maybe 8% revenue growth, margins that have been flat lining for the last couple years. i mean, that's not great, now, i understand the premium multiple might come on the fact of services which trends the right way in terms of the overall percentage of revenue. however, it's an expensive stock. >> i just -- that 75% gross margin on software and services is not to be overlooked, and on the base case you're somewhere around, you know, 8, 9% growth. but this is about software dynamic. it's about upgrade and extracting extra services out of the consumer. the other thing that makes apple incredibly defensive in all markets is the fact that, didn't that monstrous buyback signal tell you that apple is an all-weather stock, also made it clear they don't see any reason to hold a lot of cash, 100% cash

neutral. for a company that generates cash. what we were most concerned about with meta before they went into the year of efficiency was that, you know, if they had just said we want to be an atm because we've got this installed base. actually, that's apple, excuse me. we've got the subscriber base around the world that's 4 billion. this percentage of the world that's population. all people wanted to hear is do your core business, give money back to consumers, and meta would have rallied well before the massive rally it's had. it took the year to be -- i love the fact that i know apple is going to do the right thing from a capital markets perspective, and has for the last ten years, once they started this cash pile. >> well our next guest used to be the biggest bear on the street, but this week's wwdc prompted him to upgrade stock to a neutral, walter pisek, walter, great to have you with us, you're not a huge believer there's a massive upgrade cycle. why the pivot from sell to

neutral? >> you know, i think i'm just trying to get away or get out of the way of this massive a.i. train that's just waffling people all over the place. you know, it was predictable, i think, after they reported earnings that the stock was going to run up into wwdc. i just assumed it would sell off. when that thing moved through 200, what it was telling me is what a lot of your panelists have talked about, this belief that the upgrade cycle is going to happen. i don't have any data points to disprove that in the near term. we'll come back when we get the data points. but in the meantime the bulls have won the day in terms of getting people hyped up there's going to be 10 or 15% youth and a massive upgrade cycle. we've heard this before. i mean, years ago it was the metaverse that was going to drive the super siecycle. and it didn't. the rates gept going lower. a.i. is new.

samsung had a lot of a.i. features, did their upgrade cycle improve last year because of a.i. specifically? no, it didn't. it went down with apple and the rest of them. apple's in a very easy point right now because people have very old phones, there's a variety of reasons why you're going to upgrade your phone. you should see some stabilization, and inversion, but to expect operators to come in and subsidize that, probably not going to happen. and, you know, if there are some glitches in some of the early, i mean, we've had what i've been trying this beta of the ios 18, they still don't have this serious stuff in there. if you start getting reports that it's not delivering anything that gets you that excited to upgrade the phone, maybe you don't get a big enough upgrade cycle to deliver on these super bullish growth estimates that are not reflected in consensus. consensus didn't move after wwdc. what it moved on is really is bulls pushing this thesis we're

going to 10 to 15% top line growth within the next year or two. so, we'll revisit it in a couple of months to see fls any evidence that that's true. but, you know, people upgrade for different reasons. and i'm not -- i didn't see anything -- no one came out of wwdc saying, wow, i need to get the phone for that reason. and everyone's saying it was as expected. all these things were predicted. what exactly has everyone so convinced we're going to see this massive upgrade cycle in 10 to 15% growth? which of the services they announced? >> walter, i've been the victim of a steam roller, and there are a bunch of different names. let me ask you this, in terms of services revenue, tim just mentioned the margins, if they can trend up to, let's say, 28, 29%, does that change the narrative a bit in terms of the valuation at this point, which i think it's still stretched? >> absolutely. but again, what's the bull thesis now? it's the iphone growth. that's equipment revenue. that's not the high service stuff. so, this -- we keep switching

with the narrative. a couple years ago it was like oh, it's a services company. let's put a high multiple on it and then a lot of services companies out there, their valuation is imploding and you're getting a higher multiple for owning an equipment company. the revenue is coming from equipment but at the same time we're pitching this as a service company. >> doesn't it come, walter, smoi'm sorry to interrupt you. once people have more a.i. capable phones, it was a developer's conference because there are going to be apps developed based on a.i., and so there will be more services revenue. doesn't it go hand in hand? >> one of the theories for that service revenue, two to three years from now, is that it's apple themselves charging you extra for apple services which they don't typically do. so -- and one of the other pitches that i've heard, many times in the past couple days, is, well, you know, apple's -- they can provide you 20% of the population.

but, the a.i. only works on the most recent phones. so even if half the phones, 70% of the phones, let's say all of the phones get upgraded to an a.i.-capable phone over the next year, it's still only 15% of the base that you can actually layer these a.i. services on. so if you're going to build service revenue on top of this install base, the install base of a.i.-capable phones is only going to be 10 or 15% of that billion five iphone base that's out there. it's going to take a couple of years to get the install base up to a point where you can sell services. then the question is, where's that service revenue coming from? is apple charging you for eye message, are they charging you for satellite messaging, are they charging you or are you hoping to get enough app downloads where chatgpt is going to charge you $20, right, and basically apple's going to take their vig, assuming the regulators don't stop them from taking the vig they're getting

today. >> walter, good points there, thank you. walter piecyk of light shed. how about that argument, small percentage, 15%. >> i respect how walter's gone from being a bear to just being neutral. and he's saying, let's wait and see. i think that's the right thing to do. i also, in reading his notes, i was -- his interpretation is something -- not how i thought about it. we just started talking about this refresh cycle. what this will do, it will stabilize or there will be an inversion of the lengthening of the refresh cycle. that's interesting, because back to the car analogy, we know cars are on the road seven, eight years and by historical standards people need to buy new cars except for when the cars are made to run up to 150,000 miles now. i think that's fascinating because i do think people are not seeing that. and i think that's an important point, that nuance that he said. >> i think it's actually going to shorten the cycle and i use the analogy of the camera before where they were having a new camera every time they refreshed it, that camera got better.

and i think a.i., we're just in its infancy in a.i., and i think a.i. is going to get dramatically, exponentially better with every iteration, and shorter spans. coming up, missing the target, the eretailer down 10%. can this stock catch up with the competition? that's next. plus, more bad news for boeing. senator chuck grassley launching a new probe into the embattled plane maker inside the company's latest headache, next. >> announcer: this is "fast money" with melissa lee, right here on cnbc. meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

welcome back to "fast money." we've got a "buzzkill" on target, posting the lowest close since january. shares down over 11% in just the past month. meanwhile, rival walmart is up by almost the same amount in that time. seems like a good opportunity to play america's favorite game. >> which one is that? >> this is america's other favorite game. >> would you rather. would you rather. courtney, would you rather target or walmart? >> i would take walmart, mainly

because target is such a high exposure to your discretionary goods. it's over 50% of their sales and i do think we are in this environment right now where inflation is really hurting a lot of consumers, right now, and they're continuing to have to decide where to shop. walmart is benefiting. they're having higher income consumers trade down into walmart and buying more groceries, and target is losing customers on discretionary purposes, i would go to walmart for that reason. >> would i rather, but i did, i bought more walmart this week. as much as i -- i think target's interesting here, and after a 30% underperformance year to date to walmart, you could have a fun time trading this pair. you have a lot of volatility, but we've spent time on this desk, the week before earnings when target pointed out they were doing some promotion, and they were being aggressive on pricing, you said they're playing offense, really exciting. they wouldn't be doing this and coming out and doing this if they had bad news to announce on earnings, and boom, there they did. i think there's something also to be said about slowly the

macro is something you need to watch, more for target than walmart. walmart, as we know, is attracting a higher-income consumer. what we read in the university of michigan consumer confidence, seven-month lows, middle income is having some trouble. not a big surprise, it's unfortunate, but that's in line with the labor market. i think you stay with walmart. >> there's a negative reuters article on target today highlighting what they've lost in terms of market share. they've lost market share in household goods, in furnishings, in clothing, in electronics, basically every single category, the average purchase price has gone down as well. but, there's valuation issues here. i mean, in terms of the -- >> the valuation in terms of one would think target is compelling on valuation, that's been the argument forever. joker, joker, the triple. >> sure, jack, what's his name? >> i don't remember. >> jack something. >> but i'm target as well. alone, goldman sachs on the 3rd of june took them off the conviction buy list, stock was

156 that day. 141 today. people will talk about the valuation. the problem is, it's going to continue to be a value trap, i think, because they're in the wrong product mix. outside of that little spike we saw when they got inventories back in control, i mean, this has just been a tough hold. >> if inflation abates and the consumer is still employed and the fed is done raising rates and the fed is going to cut, snt that the time for the target customer to maybe go back for target to maybe gain some more share? >> or the other ones will even outperform even more. walmart has a healthy amount of groceries, a lot more groceries, i think it's like 50% of their revenue is derived from groceries. but you said it, the only thing -- well, maybe you didn't say this part. the only thing that they actually gain share in, or improved on sales, was beauty. so, all of the other segments were down. so, walmart, i own it, i will continue to own it. i don't want to touch target. and actually on a technical level, it broke the 200-day

moving average where last month it sort of tested it. and then bounced and rallied and now it actually broke. >> jack barry was the host. >> triple, triple, you're the only one. >> joker, joker and triple. she said target. >> no, she didn't. >> she said walmart. >> everybody here at this desk is walmart. >> we're all walmart. >> we all chose walmart, the ultimate contrarian indicator. a lot more "fast money" to come. here's what's coming up next. >> announcer: another boeing bummer. the aerospace giant facing the pain of a grand new congressional probe that threatens to keep the stock grounded even longer. inside the company's latest headache. next. plus, a new contender joins the glp-1 battle royale, gilead says their weight loss pill is the real deal. should you believe the hype? we've got the skinny on this obesity offering. you're watching "fast money" live from the nasdaq market site in times square. we're back right after this.

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now? no pressure. it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. because when your people work better, everything works better. so what are you waiting for? let's get to work. idris elba works here? mm-hmm. ya, he's super nice. . welcome back to "fast money," more head winds for boeing sending shares another 2% lower today, reuters reporting the plane maker is warning suppliers it is slowing its 737 targets by three months, saying it now expects to output 42 jets

a month by september rather than in june and that's not all. republican senator chuck grassley is launching a fresh congressional probe into the faa and boeing. the ntsb is getting involved in an incident on a southwest flight last month where a 737 max went into a dutch roll. "the new york times" reporting the faa is investigating the authenticity of titanium, it's a lot going on. >> not getting any better. >> i know you guys wince at dutch roll. it's when the tail moves in a certain way. it's not a pastry. >> sounds like a few things. >> anyway. >> probably. >> boeing shareholder. >> yeah. >> aren't you sick of this? >> yes. but, i think the numbers, as it related to slower delivery count we just got deliverers, we heard 28 in may, down from 50 a year ago, the run rate on max needs to be about 38, it's disappointing. it's slowing down, free cash

flow. the regulatory head winds are tough, and any -- look, any headline, i don't know any of the details on what you've just announced with that flight that is just being brought to light in terms of what went on there. but the story for boeing on paper is about free cash flow. and it's about earning power. and it's about a business that also is heavy duty defense. and, it's -- it doesn't mean the stock's going to get up and going anytime soon, and there's a lot of people that have fatigue here, i'm one of them, but i'm not running here. >> it doesn't -- as nefarious as a dutch roll sounds, i mean, sounds a little -- >> it sounds like a pastry with jelly in it. >> noted. >> sounds worse on the plane. >> in the context -- a difference. >> steve said this, and he's right, he's going to wind up being right. this stock will be lower but for the fact that they're in this duopoly. i think that at some point the market has some epiphany and wait a second, there's a whole defense business we're not

valuing at all, and the stock finds its legs, but that's been the wrong argument for a while. >> the perception reality and people perceive this company to be troubled, and it actually is troubled. but we have to figure out what they are going to do. there's a lot of plans, and nothing seems to be getting better for them. so, everything that they do gets worse and every incident that they have exacerbates it so you can't buy the stock until something clears up. >> it's exhausting. every time you think they're getting to the end of it there's another report. the fact this just came out and a lot of these happened a few months ago is actually surprising. how social media didn't like spur this up for the first place seems surprising but there always seems to be another story with them. long term, they are a duopoly. eventually they will have airplanes ordered, but short term there are too many issues to go into and so many other areas of the market that are good opportunities. not an issue long run, but why

jump into this when there's plenty of areas with way better opportunities in the short term. >> another competitor is entering the glp-1 space, should you believe the hype? massive gains for bitcoin, in proxy play micro strategy. the numbers behind this blockbuster call, next. >> missed a moment of fast, catch us atinyme on the go. follow the "fast money" podcast, back right after this. it's in your nature to stand strong. your cells renew every 27 days. it's in your nature to glow. your digestion can improve by laughing with friends. it's in your nature to thrive. your body is brilliant. from your head to your heels. we're just here to supplement you. nature's bounty. it's in your nature.

welcome back to "fast money," stocks min finished mixed in the week. dow closing out its fourth straight down day. since mid-april. the s&p falling slightly. and nasdaq barely holding on for another record close, fifth in a row. cruise stocks sinking after bank of america is facing pricing pressure, norwegian, viking, royal caribbean dropping sharply today, and adobe surging, the best performer in both the s&p and nasdaq today. finally, broadcom jumping more than 3% to end its best week ever, the chip stock up over 23% since monday. wow. and just in the past hour vermont senator bernie sanders issuing a press release announcing novo nordisk's ceo

will testify before a senate committee on the cost of glp-1 drugs. the at a time date of the hearing is not specified but this is an issue that senator sanders has been pursuing vehemently. well, gilead getting today topping the tape up 3.5%. the pharma company putting out pre-clinical test results on oral glp-1 drug ahead of next week's american diabetes association meeting. the data showing participants losing an average of 6.5% of their body weight over 36 days in line with the results from eli lilly's oral glp in trial. the one potential snag, gilead's study was conducted in monkeys, not humans, the participants were monkeys, not known where whether those monkeys had diabetes either. you laugh at that. but, i mean, it's important to know if some of these differences. >> bananas are high in sugar. >> potassium. >> well, potassium. >> you're noting today on the call, tim, that gilead has just

been kind of a dog. >> it's been more than a dog. and i know when our clever team when they write the intro copy, the term was guilding the lily, something that's already beautiful and putting gold on it. >> not the case. >> this is not golden or lily like, and now it's 20%-ish, it's a company with zero patronage on the street and you can make an argument that's a great setup for a company who is and has invested in oral glps and is in the game, is, you know, this is an opportunity here. but, again, the pipeline there looks very bar ren. the issue is that this is a company that really, for a long time, between hepatitis and hiv had the important franchises and those are things that are slowly eroding, that's the whole story in pharma. i think it's interesting here at these levels. on valuation with the pipeline they have, it's been discounted, and today's stock move shows that. >> two-year low, it's been awful to tim's point, and jefferies is

very good in the space. $80 price target on it. and talked about the concerns you brought up. but, i mean, the stock, if they can get anything right just on the margins, this stock should be significantly higher. when i say significantly higher, $80 is not a stretch here. >> meantime, bio tech companies raising $6.8 billion in venture capital funding, in the first quarter. according to bio-pharma dive, that's almost a billion dollars more than the most active quarter. and one vc firm is helping early stage get from seed stage to big funding round faster. portal innovations partners with companies in emerging bio tech hubs connecting them with funds, lab space, and key industry partners. and joining us is john flaven. thanks for being with us. we probably talk every night about glp-1 drugs in the pipeline and out on the market right now. how much of the option is being consumed in the venture space in

terms of capital by the weight loss category, and how do you think about it since we do have such huge companies with huge market share right now, already in the space? >> well, it's a very exciting space. obviously, you know, first generation glp-1 drugs advanced by lilly and novo has been quite transformative for many diseases. the eyes turn to the pipeline, not only the competitive landscape but how do these companies improve the dosing profile or in the database of glp-1 drugs, some of the untoward side effects that are experienced, such as muscle loss. and so there's a whole wave of new technologies, companies and venture investments made at the front end of the process to get a pipeline in place. many of these reside oftentimes beginning in a university. we've invested in a company called synts, that's working on

an alternative, there's a polymer, that is delivered by pill to the small intestine, to be able to add to the armamentarian, these patients need to be managed after they wean off the first generation drug. exciting time. a lot of ck ativity in the space. the estimates right now, 30 billion down market, right now, going to almost 1.5 billion patients worldwide in obesity, going to 100 billion market size. attractive area for investments. >> going back to syntis a moment, john, it mimics bariatric surgery, how does that actually work? >> yeah, it's delivered -- it's a coating that goes to the small intes intestine where the food is digested. and absorbed.

and that really is also a trigger for these pathways, glp-1 and others, that are causing obesity in patients. and this drug may act in a fashion, it's just out of clinical trial, a long way to go to get to the point where it's being approved by the fda. but, the attractive features of it are that its delivery is elegant and the safety profile, at least early on in pre-clinical models, and promising. >> john, to follow up on the glp sort of taking up all the oxygen in the room, when you look at where you're standing on the fda phase one, two and three, how much have glps really clogged up the system for other drugs that are coming through the pipeline? does -- has it extended that timeline that it's taking a drug to make it from phase one to phase three? >> no, it has not.

the fda has been highly efficient. they're on par with if not more than what's been seen in the recent past. we're not seeing any delays, it's a very exciting time beyond cardio metabolic citizen as we see in various areas, sufficient as oncology, with new modalities like adc, a big area of investment by companies that you've seen a rot of takeouts with pfizer being c-gen, and abbvie buying immune gen. a lot of technology in the neurofield, a lot of investment to see more breakthroughs, exciting to see the advisory panel unanimously vote to be favorable for the alzheimer's drug for lilly. that will open up a dawn of new activities around brain disease drugs, neurodegenerative diseases like parkinson's and others, and there's a lot of company in that space that have become public and have products in the clinic that we're going to be watching closely. >> how has technology sped up

the pre-clinical and also clinical stages, especially for the companies that you invest in in terms of costs and in terms of time? i'm thinking of, you know, things like a.i., which of course everybody's talking about, but also other t technologies like brain organoids, and others in the study of psychological diseases. >> we're excited about the implications of a.i. and even quantum, as you think about the convergence of that technology for simulation. so, although it's early in the field, the applied nature of what can be done for simulation, to speed up not only the discovery process, for example, molecular modeling and building the right molecule before it even reaches a patient is obviously a way that we can be more effective from a cost management perspective but even in clinical trial development, simulation studies and those kinds of things, we believe that a.i. will play a very important role in that feature. you know, really excited today

with what happened here in chicago with tempus getting public, priced at the high end of the range, trading up by the end of the day. that's good, anything that's working in their case, applying a.i. for diagnostic tools to make sure we're selecting the right patients to treat them with the right drugs and do that in a very rapid fashion. that's going to be really cost effective on the back end. >> john, great to speak with you, we hope you come back soon. >> it's a pleasure. so many fascinating things going on out there. >> he was really good. and, you know, look, i think it speaks to a couple things. tim talks about this. competition is coming, without question. on the flipside of the coin is, in order to be competitive a lot of these companies are going to have to buy things and the structure therapeutics, i mean, i think my sue had a piece, a no-brainer takeout candidate and the stock is pulled back from 56 down to 48. that's really interesting here. >> what you're seeing in the space is glp-1s are the a.i. of

the pharmaceutical space and they really need a lot of those players in the game to become competitors in the space. that's what you're seeing with gilead. once you hear the inkling they have something in the pipeline, you're going to see those innovations to move forward. >> it is pretty amazing, though, i'm shocked it's not clogging the pipes up for the fda. because karen always talks about glps being the holy grail, and she's right. they're opening up neurological drugs, and john was talking about the heart and metabolic stuff. so, i think it's top down, but to guy's point, xbi, small cap bio tech is where you're going to see people gobble up companies people have been ignoring. >> it's interesting, xpi has had a little bit of weakness over the last couple days, if you could pick out the right names you can nail it. i just -- i think about this week and i think about lilly's announcement in alzheimer's too, and it kind of reenforces who the big dog is, and i think

investors know that. >> coming up, pricing pain is hitting the fast food train from chipotle to starbucks, customers are taking to social media to complain inside the latest trends and w eshothe companies are coping. more "fast money" in two. citi's industry leading global payments trends and how these companies are coping. more "fast money" in two. arouny in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need. together, citi and the world food programme empower families across the globe. ♪♪

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welcome back to "fast money," straupts under pressure taking to social media to lament their frustrations over pricing and portions but companies like chipotle and mcdonald's are pushing back on the viral video complaints, cnbc's kate rogers joins us now to dig into the details. hey, kate. >> hey, melissa. mcdonald's making headlines in recent months, a location in connecticut sold an $18 big mac meal, and social media posts regarding pricing took off. u.s. president joe earlinger, saying the company has seen viral -- beyond inflationary rates which he says is inaccurate. prices have increased between 20 and 40% for some items due to inflationary pressures and on tiktok some consumers have made complaints about the serving sizes at chipotle. brian nickel telling jim cramer the company has not changed its serving sizes and the trend is rude to employees who want to serve customers what they want to eat. and when it comes to value,c

chipotle's perception is old holding, the value perceptions are outperforming the fast casual peer group at a widening clip at a rate of -- for other names and mcdonald's value perception trailing at taco bell and wendy's, just over 46% versus the average rate of 49%. i will note, the perceptions of value at both mcdonald's and chipotle are not too far off from one another. it really matters when upg about consumers taking to social media and how the stuff spreads around, back to you. >> kate rogers, thanks. cmg record high yesterday interday. >> it's incredible, isn't it? and valuation -- this is one -- think about it, lilly, nvidia, all the same, chipotle is the same thing, nothing stops these names and i don't think it's going to stop. i'll say this, i think tim might agree. mcdonald's with market multiple, trading basically against that october from last year low i think it's actually pretty interesting here.

>> i do. i think it can get lower whether that chart, you start nibbling at 240 or not, the problem for mcdonald's is the segment they operate in. you go there for value, and so the $5 meal wars with burger king this stuff is heating up i think it's going to get worse before it gets better. last couple numbers we've had on cpi, restaurants are the -- prices are going higher and i think they're going to hit a wall and i think it's an issue you want to get ahead of as an investor. >> coming up, a monster call on microstrategy. why rneibestn says this bit down proxy play could nearly double, that's next.

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welcome pack to "fast money," bernstein out with a massive call on the bitcoin trade, the firm calling for an 80% surge in proxy play microstrategy, saying it deserves to trade at 50% premium. analysts calling for bitcoin itself to hit 200,000 by the end of next year that's about triple where it is now. i mean, what is microstrategy? >> a lot of people -- >> a software company. >> why a premium >> and exactly. >> why not a discount, i'm confused. >> so many ways to invest in bitcoin now. why do we need a proxy play? trade at a premium to bitcoin. >> it's all fair

i think the bull argument is just the momentum, the way the market is set up now, the bitcoin goes higher, mst, regardless of whether or not it should will go higher as well. i totally get that what is it they now have 131,000 bitcoin on their balance sheet. so, you know, you can say it's a software company, no, it's basically a bitcoin holding company, and if bitcoin goes higher, whether justified or not, mstr will as well. >> yeah, i think that's all valid points, it's up 137% year to date. the problem is it bites both ways, if it goes down, it's going to be the higher beta play as well. to the downside, i just play it with ibit because i am a little bit cautious of these types of moves and i don't have the stomach for it if you're in crypto and you want that upside potential then it probably makes sense to buy a little bit of this i know it sounds like a texas hedge, where you're long the same thing but that's the beta. >> yeah, we don't invest in bitcoin, it's not something i recommend for our clients but i

would say if you're going to own it i'd own it outright as opposed to background strategies of owning it i do think this goes to show how that risk on app tiept is on right now. investors are looking at either cash at 5% or something that's going to have high returns, that's why you're seeing bitcoin is doing well along with microstrategy which will trade in pairs with that yes, could it do well? maybe. not something i'm investing in, however. >> bit down at 200,000 buy anything, buy anything i mean, come on. so, and maybe we get there, and maybe we are on short. maybe trump's picture is on it i'd rather oin coin base. up next, final trade as an independent financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life where we can make the biggest difference. [announcer] charles schwab is proud to support the independent financial advisors

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final trade, tim. >> happy father's day, dads and all dads, boeing. >> courtney. >> walmart, this is our trader fade, do it again. >> steve. >> >> steve's birthday on wednesday. bk's birthday today, carter's birthday tomorrow. >> happy birthday, and happy father's day "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. my job is not just to educate but to do some teaching. give me a call at 1-800-743- cnbc or tweet me @jimcramer.