watch and monitor. the other thing we haven't talked about, and i think is worth noting, the fact that the dollar has been flirting with new highs for 2024, in part because we have continued to see the central bank dynamics play out in other parts of the world, as the fed easing cycle starting to kick in. >> let's talk about it tomorrow. >> that's it for us at "overtime." >> “fast money” starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. hitting the wall. after surging to a new record high at the open, nvidia shares doing a sharp about-face. a host of other stocks following in nvidia's foot steps. is this just a one-day slide or the start of a summer slump? plus, apple on the hunt for an a.i. partner in china. so, who will they team up with and how long will it take for them to catch up to the competition? and later, inside the rebound at gilead. and is now the time to send your money on a french holiday? i'm melissa lee, coming to you live from studio b at the

nasdaq. on the desk tonight -- tim seymour, karen finerman, steve grasso, and guy adami. shares of nvidia surging nearly 4% early in the session, setting a new intraday record, and furthering its lead as the biggest company in the world, but then, the stock pulled back on the day, closed down 3.5%, shedding nearly $120 billion in market cap. that drop pushed it back to number two on the leaderboard. it wasn't exactly the only recent rally name to come under pressure today. oracle opened at a record, then fell over a percent, broadcom tuchbing its all-time high tuesday. netflix was at levels not seen since november 2021, both down today, too, and outside of tech, chipotle breaking its six-day winning streak, posting its biggest loss since last july. so, has the rally hit a wall or is it just taking a brief breather? i don't know, we -- we called it a pull-back in nvidia, but some might say this was a reversal.

>> oh, look -- you found yourself -- >> outside reversal, guy? >> right in my head, didn't you? >> broadcom, it was the same pattern on tuesday. heavy, heavy volume, touching a new high -- >> you seem almost giddy. >> you were in my head. >> well, apparently. there's this -- i think it's an idiom, mountain out of a hmole hill, you never want to do that. but with that said, you have to be respectful of what's going on. listen, go back to friday march 8th, remember having the conversation on this desk, we said, you just saw a very important pattern in nvidia. you saw it in different stocks. you want to take note of this. and by the middle of april, nvidia had one of its biggest pull-backs in quite some time. it traded sideways for the week and a half after or so. you had a very similar pattern today. now, it can be explained away by this options expiration tomorrow. i have no idea. but to discount it entirely, given what we saw couple months ago, i think is foolish. >> you got worried?

>> i did get worried. >> and? >> couple things. they opened up really big, i had some dell call spreads going away tomorrow, so, i thought, all right, let's just get out of those, that worked out well. then nvidia was 140 and change, and it started trading down to flat, and then below flat, and then i'm like, well, that's not good. sort of channelling a little bit of guy there, and i thought, you know what? this is a very nice run, i have to take some off the table. >> sold some? >> i did. >> after a 40% move in semis, this is staggering even relative to a group that's had staggering moves. so -- this isn't a market hitting a wall this is absolutely a breath. so, what are the reasons why the market would be suddenly hitting a wall? i'm not sure. and, in fact, i think the macro, whether it has, you know, jobless claims are creeping up, retail sales was a little weak, we had very sticky inflation, certainly in commodity prices and certainly various inputs, but you have to go to parabolic

charts, and so, that alone could be reason to be concerned, given the concentration in only a handful of names and also just how overweight the street is. so, that -- those are things to certainly play in. all we do on this show, i think, is talk about how the dow has underperformed or the industrials have underperformed as an index of the s&p by 1,200 basis points. equal weighed is barely up on the year, given how strong this year has been. we look at small caps and, you know, two days ago, they were underwater for the year. so, these are concerns trends. but getting back to strategists that are upgrading the market overall, while this is all happening, pointing to the fact that they don't care that all the earnings are coming out of six companies, because they're making a call on the market. and they -- in aggregate, even though it's, you know, as karen said, it's not a monolith, or it is a monolith, it's not seven stocks, and yet, that is what the street has given us so far. so, it's fascinating, this comes on a week where really we talked about citi, we talked about goldman, we talked about

evercore, you know, you name the strategist and you feel like it's coming up here. >> you think this is mole hill? >> i have moles -- >> in your backyard or body? >> not on my body. with age comes everything. >> not as big of a deal? >> what -- this is a -- an appropriate and really, frankly, a late reaction to what has been euphoric activity. >> ah, so, let's pick up where guy started. so, there's 5.1 trillion in options expiration rolling off tomorrow. that's big. so, i do think a lot of this is people just letting their stuff roll off, or leveraging or deleveraging. and then, if you look at the buy-back window closing, buy-back window closes, it was peak buy-back window all the way to 5.5 billion was the command, every day in the marketplace. that window has closed. so, i think we are primed for a selloff, or a test, but i -- i

think this is a mole hill at this point. >> huh. >> so, i mean, this nvidia move just takes us back to tuesday, it's not like this was a cataclysmic thing. when it's kind of over, you don't really know until after. i do think -- i fully believe in the underlying story, but the valuation here and the way it just traded the last few days, i can't sort of get -- that makes me uncomfortable. could it trade down 20%? absolutely. it absolutely could, with the underlying story still being very much intact, and nothing really different. so -- you never know, what was the thing that made it sell off? i don't nope if this is it or not. i just had to do some portfolio management and -- >> aren't there plenty of people that can't wait for 20% pull-back in nvidia and they're saying, i'm going to buy the next one? until further notice, this is stuff that, where we are the dips. certainly in companies where -- if you told me without there being any news, and again, there

was no news today, that lilly and nvidia pulled back 25%, i wouldn't be surprised. if you told me that in both names you have as many people that want to buy this as there ever have been, i would agree with that. >> and they still have 80% to 85% market share in a.i., and that's for the foreseeable feature. no one's knocking them off that. amd and intel have roughly 5%, not apiece, 5% combined, so, it doesn't -- they have a long ramp, where they can keep the marketshare, and they can keep earnings growth. not to parabolic levels, but at least for the next year or year and a half, they still can keep that earnings level. >> right. the context of the nvidia pull-back, the broadcom pull-back, to pull that in there, too, that amd traded higher today. that's been a loser for the past month and a half or so, since aprilish. >> significant. pull an amd chart up. when you say loser, it's been a -- vast underperformer. so, yeah, i understand why you

say that, doesn't make sense -- it does make sense if you think about rotational flows within a sector. maybe the rotation out of nvidia got themselves into amd. at a certain place, amd makes sense, but karen made an interesting point. and she's right. we're only getting back so levels we saw theoretically a couple days ago. but you could have said the same thing back on march 8th with that selloff. that friday selloff probably got us back to the level we saw the prior wednesday. and it's not necessarily where we're back to, it's the setup how we got there. and the setup is the same thing we saw a few months ago. >> in terms of the follow through and declaring this a key outside reversal day, what do you need to see happen? just more action to the downside, heavy volume, what are the sort of tell-tale signs? >> good question, i'll be quick. that march 8th, we never got through that prior high, we traded sideways. never through the prior friday's high. and sort of fell out of bed. if we took out whatever high we made today, which was an all-time high, then okay, i

didn't hold any water. if we traead water slightly lower, it's safe to think that by early july-ish you could see a similar move. >> there has been a crowding out of other stocks. so, even in the semiconductor space, where everyone has seemingly gone higher. the conversation yesterday, amd that is flat year to date is an extraordinary thing, given the fact that we know they have a product line that at some point, whether they compete with blackwell, i don't know, piper's got a note out reiterating they're overweight, saying their mi-350 will compete with blackwell. so, this is the dynamic. and i nibbled some amd yesterday, mostly because, in fact, of the rotation dynamic. i think people are looking for not only adjacent a.i., but i think they're looking for second place, and as steve said -- i don't know if i'm pelli putting in third, though i own intel, as well. la i think you kind of have to be there. all right, well, new data shows retail investors have been

putting money to work in the market, but it's not being spread out equally. kate rooney has all the details. >> so, individual traders have been underparticipating in this market lately. there's been this lull going on, activity, rather, for this group, is at the lowest level since before the pandemic. but they are concentrating in just a few areas. you have the mag seven, nvidia, of course, as you guys were talking about, and the turbo charged invud ya plays, leveraged semiconductor etfs. roughly a 29% jump in purchases of the mag seven as a percent of total trading. this is a crowded position. bank of america's recent global fund manager survey shows long mag seven is the most crowded trade on record. retail traders are also overindexed to nvidia. it is the most widely held name by individuals, topping apple and tesla. and some are looking to amplify that upside with levered etfs. the nvdl etf, it's up 500% or

so. and then you have the soxl, three-times leverage of the chip sector. this leverage, of course, is going to amplify things on the downside. the narrow strategy has been working. the retail crowd has been outperforming the s&p so far this year. a lot of risk, of course, in being so heavily indexed to big tech and its a.i. narrative and story. all of this interest is resulting in growing short interest and could add to some of the volatility around these names, mel. >> kate, thanks. kate rooney. what can go wrong? >> exactly what i was going to say. what could go wrong with a four-times levered sox? >> nothing, nothing. a new survey showing growing market optimism. caleb silver is the editor in chief, friend of the show, of course. caleb, great to see you. >> good to be back. >> so -- kate has data showing that retail investors aren't in it, but your readers have been. >> yeah, they want to be in it. they don't want to stop believing here. th they are as optimistic as they've opinbeen in 12 months.

about two-thirds of them. and they are putting money to work. they weren't doing it in april and may. you saw retail flows were really, really light. really lowactivity. they got more interested as we hit the record highs and had the nvidia story, so -- they're kind of not all in, but pretty close to all in, two-thirds really aggressive right now. >> we always have the conversation, the stock market, the economy, but what you just described, if you think about, the optimism in terms of your readers and the people that respond, the flip side of that coin is, the approval rating for the administration is at historic lows. so, clearly, there's something wrong there. why the optimism in the stock market and the pessimism in terms of the economy? >> well, it's been a great time to be a shareholder. we have record highs after record highs, we have companies buying back their shares. we have new dividends, companies increasing their dividends. are you not entertained? this is as good as it gets. that said, not everybody has that concentration. when you look at the 401(k) balances, they really go to the

top 1%. so, the economy, stock market not the same. but we do know the presidential election is their number one concern, it's been that way for awhile. and we saw that heat up even more this round. >> what's interesting, though, is that even though they're optimistic about the markets and they're feeling good, putting money to work, et cetera, they think that a change in the administration would actually be better for the markets, even. i don't know what better would be, but etter. >> yeah, we asked them, okay, do you think either of these candidates are going to deliver better returns? historically, actually, they don't, but our readers say president trump, about 37% said that he would deliver better returns compared to 23% for biden. not a huge split, but a split by and large, and these are, again, investors that have large part portfolios. so, there's a lot of things they're boiling into that equation, i think, but the fact that they've actually made that decision, even on a very small scale, is interesting. >> caleb, the retail investor

usually gets a bad name, because they're always late, they always have this perception of being late on both the entry and the exit. did the pandemic change any of that? did they -- do they have more of a sense of a pulse of the market now? have you sensed a difference from where the retail investor is sort of respected? >> absolutely. and i think a lot of that has to do with time, right? our bear markets are shorter, our bull markets are pretty aggressive. they've seen the stock market fall during the pandemic and climb right back. a lot of these people went through that in 2008, 2009. they're used to that sort of lack of moral hazard being there, so, they want to stay invested, and they've been rewarded for doing it. they worry about concentration, inflation, all these things. the walls of worry are very high, but if you didn't invest, you missed one of the greatest bull markets in generations. they don't want to miss out. they've seen this before, so, even if they're a little bit entre timid, they don't want to be not

invested. >> caleb, by the way, we were talking music in the green room. >> for sure. >> and in the first sentence or two of him speaking tonight, he referenced don't stop believing. >> yeah, we were talking about journey. >> i know guy's a big fan. >> no, no. ask the question. i want to say something. might be one of the worst five songs ever written in the history of mankind. please don't at me, i'm just -- >> put that on the list of songs that guy gets mad at. >> caleb, what about that $6 trillion in money market funds? what about higher bank yields? some sense that actually bond market's starting to give up the ghost and we should be pushing out duration and locking some of this in, or is that money coming into the stock market? >> yeah, when we asked melissa's favorite question, what would you do with that extra ten grand, cds are fourth on the list. six months ago, it was cds. even as the market was rallying and coming out of the depths from that bear market. so, there's still some people in there, and it's an age thing. they want to lock in 6%.

we asked them, if you have money market funds or accounts, are you thinking about moving some of that into stocks? still around 30% said, yeah, we're considering doing that. those that have been. so, they want to put money to work, some of them, but a lot of people are comfortable having that cash and having that return right now. >> got it. >> and they want to put it in the -- when you read risky, for this group, is that nvidia, or is that some place else? >> well, we asked them, you know, what areas of the stock market do you think are in bubbles right now and a.i. stocks and tech stocks, they think, are in bubbles. so, i would consider that a little bit risky when you look at valuations. you can't ignore it's a little bit risky. these are not necessarily gamestop and amc buyers. these investors buy big stock, they've held onto them for a long time. nvidia, apple, microsoft. we asked them, the stocks you would buy and hold for the next decade, nvidia, apple, microsoft. >> caleb, thank you. caleb silver. so, i guess we have to ask the question, does this get you a little bit worried?

we've seen strategists, they're falling all over themselves to raise their price targets for this year. and now we are getting data that the retail investor is getting really excited, at this point in time. >> three names, caleb does amazing work, but the three names that we talk about every night are now 21.4% of the s&p 500, which historically is through the roof, and i think the last time we saw anything close was the early '80s when we had three names, ge, at&t and maybe ibm, 14.5%. >> are they still in business? >> cautionary tale. >> i believe they are. but the con essential vags is clearly there. is that concerning? yeah, but it's been that way for a long time. and it hasn't concerned anybody. >> right. >> you could have this window of an opportunity to have a little bit of a squishy market, a little bit weak to the downside, but the first 15 days of july are the best two-week period going back to 1928. so, there's a seasonal bullish call within the market -- >> 1928, you said? >> 1928. >> do you remember that year? >> early in my -- fifth grade.

>> he retired his first time, back in 1928. >> that's very strong. >> and we talked about this earlier, the nasdaq, the last time the nasdaq was down in july was 2007. >> wow. all right, coming up, run over done? how restrictions out of china could put a wrench in apple's a.i. plans. could it mean that the stock's recent rally is in jeopardy? plus, overseas resilience. we're looking to europe, as french and german markets rebound. how to trade those international stocks ahead. don't go anywhere. more "fast money" in two. this is "fast money" with melissa lee right here on cnbc. ♪♪ ♪♪ ♪♪

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welcome back to "fast money." we've got a news alert on boeing and spirit aerosystems. phil lebeau has the details. >> reuters is out with an article saying that spirit and bowing are nearing a deal that would essentially bring spirit back into the fold with boeing, the article citing sources says that there has been good progress made between spirit and airbus, because about 20% of spirit's business is for airbus, where they would be able to complete some type of a deal where airbus would take those assets, mainly production that

is over in europe, and that would allow a deal with -- between spirit and boeing to go forward. now, they're not putting a timeline, in terms of when we see a deal take place. but i know from talking with sources, and they basically said it in the article, it's likely going to happen sometime in the next several weeks. for a number of reasons. one, we're coming up on mid-year earnings for airbus, where they would like to have a deal wrapped up before then there's pressure on boeing, as quickly as possible get things wrapped up with spirit. and both spirit and boeing have said they're making progress in terms of their separate talks between them, aside from the talks between spirit and airbus. again, as you look at shares of boeing, remember there are four things that are really viewed as catalysts for the shares of boeing. getting a spirit deal done, seeing improvement of production of 737 max, which we are starting to see indications it's

improving, and also, you get a new ceo for boeing, who knows when that's going to happen, and finally what the doj decides to do in terms of further criminal ch charges, so, those are the four stumbling blocks that are out there for shares of boeing. this may be the beginning of receiving one of those resolved. >> phil, can you remind us of what the dynamics are for this deal in terms of -- does spirit need to do this deal, does boeing need the deal even more for efficiencies? why would the regulators allow a deal to happen? >> look, spirit's not going out of business, but boeing wants to bring spirit back into the fold, it wants to go back to vertical integration. that a lot of the problems stem from the fact that coming out of co covid, the production line in wichita was causing a number of the issues that were manifesting themselves at the renton plant for boeing. and boeing believes bringing spirit into the fold again is the smartest way, and the quickest way, for them to drive

greater efficiency and alsoto improve quality control. so, that's at the heart of this deal, and again, part of this is, it would be simple, if all of spirit's business was with boeing, but it's not. about 20% is with airbus, and boeing's not going to buy a company and then sell 20% of the business, or work 20% of the time with its chief competitor, airbus, so, you need to have the part between spirit and airbus, that has to go forward in the separate deal, or at the same time, as a deal with boeing takes place. >> phil, it's karen. let me ask you something. there's obviously a lot going on at boeing. it would seem like now is a difficult time to do an integration that was probably very complex and undoing what was a monumental shift in their business. >> you're right about that. having said that, they made this decision shortly after the alaska airlines incident, when they started looking at all of the issues, and you can trace a lot of them back to what was

happening with production at spirit in wichita. not all of them, but a number of them. you take that along with the fact that boeing was continually putting money into spirit in terms of making sure that they could -- their chief supplier was able to continue to function as production levels were changing, and that's when boeing's management made the decision, you know what? we're better served bringing these guys fwhas back in-house. difficult time to do a complex transaction like this, but they went -- that train started several months ago, and now that it has, they seem like they're close to getting it finalized. >> phil, thank you. phil lebeau. >> you bet. >> tim, as a shareholder, do you want this deal to proceed? >> well, this isn't about efficiency, because becoming more vertically integrated isn't efficient. it's the perception of quality control. there's finger pointing all over the place that nothing is done at boeing anymore. so, if you've read a lot of t the -- there's been a lot of

intricate review of what's been going right or wrong. the four items, catalysts that phil referenced, 737 is the most important by far for me. this deal may be more critical for 737 second or third derivative, because regulators will get onboard because they'll feel like things are in better control. there's a lot more "fast money" to come. here's what's coming up next. wanderlust for your portfolio? how to trade france and germany's bounces, next. plus, a shot to the arm for gilead. shares soaring. what results mean for the chech company's future ahead. you're watching "fast money," live from the nasdaq mket tearsi in times square. we're back right after this. puo work with principal so we can help you with a plan that's right for your team.

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100,000 delta airlines employees, powers tractor supply's stores nationwide with reliable 5g business internet, and partners with pga of america on game changing innovation. this is how business goes further with t-mobile for business. welcome back to "fast money." apple dropping over 2% on a report that china's a.i. restrictions could derail the company's planned a.i. rollout. apple plans to work with openai to launch its apple intelligence services here in the united states, but in china, it will have to find a local partner to satisfy china's regulators. apple has been losing ground in china's smartphone race against

competitors who have incorporated a.i. technology. the company also saw revenue drop of 10% in the region for the latest quarter. right now, it's at number three in terms of handsets. when we're thinking about a massive upgrade cycle, or an upgrade cycle, even if it's a bigger one because of a.i., should we -- we have to take china completely out of that equation at this point. >> i think you do. isn't it 20% of their sales, apple, i believe, is to china. so, it's not insignificant. and again, if the bull case is predicated on a.i., which seemingly it's been over the last 20 small dollars, you can't discount this entirely, but i think it's even more than that. again, it speaks to u.s.-china relations again, apple in the crosshairs. all those things. everybody loves apple now, i get it. it's an expensive stock and maybe based on this news it just got a little more expensive. >> when you look at that growth going from 2% to 10% or gene, as he said, going to 12%, so, this is something where they have a horizon where growth is going to

be exponentially greater than what it is and what it was. and even if you take out china to a certain extent, going from 2 to 10 is a huge number, right? so, i think you have enough to play in that area, and apple has had problems with the u.s. government, problems with the chinese government, and they're trying to navigate those waters. >> i still just don't get -- i mean, obviously, they've had a huge run, so, this was the peg today for why it was down, but you know, with these other ones being down -- >> right. >> and if you look at, you know, the a.i. deal, so, they -- they're not paying anything, right, for chatgpt, and you wonder -- you look at the other ones, you think about, all right, how are we monetizing a.i.? so, through the services, they might, but this trades way higher than some of those -- look at a meta, same thing, trading at a very different model and it's not a hardware company. i don't get it. >> this is zero surprise.

>> we knew this. >> this is tit for tat. doesn't this sound like our government in china? so, yeah, more of this is coming. coming up next, glead's stock soaring. jared holz here when "fast money" returns. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.ve . >> university of maryland global campus is a school for real life,

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welcome back to "fast money." a mixed picture for stocks today. the dow jumping 300 points for its best day of the month. the s&p and nasdaq hitting record intraday highs earlier in the session, but ending the day lower. the nasdaq snapping a seven-day winning streak. and a potential gaming deal in the works. boyd gaming is making an acquisition approach to penn entertainment, valued at more than $9 billion. penn jumping more than 10% on this report. meantime, german and french stocks staged a bit of a rebound today, each gaining a bit of a percent. this as the swiss central cut interest rates. are we in the clear in terms of worries about what's going on in

france in particular? >> i think we are, though we are seeing this kind of weird -- and mc mcc, who was on a week ago, she brought up the fact that le pen, who is far left -- is far right, yet very far left in what this could mean, i'll say, if european central bank is cutting and we're staying, they're cutting mostly because not their economy falling apart, but trying to normalize policy, it's good for european stocks. the dollar's really outp outperformed, so, i think you have runway. meantime, gilead with upbeat data for a yearly injection to prevent hiv. none of the women contracted hiv, with additional data expected later this year, or early in 2025. for more, we are joined by health care sector strategist jared holz. jared, great to have you with us. it is rare to see a press release say 100% efficacy, and that's exactly what landed this

morning. to the street's surprise, because this was not expected. the stock has been a dog. so, how much -- how meaningful will this actually be for it? >> yeah, it has been a dog. thanks for having me. i appreciate it. i think it's a meaningful positive. this is a stock at a five-year low coming into today. has not done anything. it's been a huge underperformer. finally, they got some positive news out of this hiv trial. i'm not sure how much it changes the numbers. maybe materially, kind of towards the end of the decade, more than it does now. but it's certainly, you know, one of the first pieces of good news out of this stock for awhile. >> they're trying to pivot to oncology. and this obviously is completely separate, i get it. do you see any -- i hate to use the term. green chutes in terms of what gilead is doing. if you're going to get the kicker in the stock, it's going to come on the back of that. >> yeah, i think there's opportunity there. there's been fits and starts. they've spent a lot of money trying to get this oncology business right.

so, they're kind of, you know, backs are not against the wall so to speak, but there is a lot of pressure for this company to pivot away from hiv and hep-c into oncology. it's not worked as well as they would have liked it to, but there's still some opportunities with cell therapy, we'll get some more data over the next year. maybe that's the next growth driver. >> what did you make of the blip in the stock higher on that glp-1 news, i don't know if you want to call it, the poster that was released ahead of a con fres, and the study was done in monkeys, was preclinical data, it just -- it sort of underscores this search in the market for the next glp-1 player. >> yeah, for sure. i really didn't think anything of it. you know, we actually had management in our office last week, this didn't come up once, at least in the meetings that i was in, so -- i think when you look at, you know, people trying to find a new thesis that might be a driver of the stock, obesity is obviously one that

resonates, so -- not shocked the stock was up, but yeah, preclinical, not even in humans, they haven't commented a ed at about the next steps. so, leave it there. >> jared, help us understand. so, gilead maybe is a case study for broader pharma. so, this news shines a bright light on their old business. i mean, hiv, they are the legacy player, hepatitis, i mean, these are -- these are the places where you know gilead. and if you, i think, the street supports that a $70 stock is supported by hiv alone. so, i'm getting the rest of the business for free, and that seems like what we've got with a handful of pharma stocks. is this -- is this a story line we should be looking for across pharma? >> yeah, it's a great question. i mean, as we look at this entire sector, into the second half of the year, you know, pharma has been just such a meaningful underperformer, with the exception, of course, of -- >> two stocks. >> so, you've got this new -- you got this new thesis for

gilead, back to hiv, which is a legacy business. they really struggled to turn the corner with anything other than non- -- you know, these nonhepatitis, nonliver diseases, so, we're going to kind of see how things go over the next couple of years, but yeah, it could turn the corner. pfizer is another example there are so many other examples. ameri merck trying to kind of, you know, change the story away from io into these other growth drivers, so, this is a common theme for sure. >> i don't know if we've ever played this game with jared -- >> oh, fantastic. >> new game. >> spring it on him. >> it's not new. but he's here, he's a friend of the show, so we will ask this question. i will ask the question. would you rather eli lilly or novo nordisk now that lilly seems to have a bigger pipeline in terms of not just the weight loss, but also alzheimer's? >> i think i'd rather have eli lilly. it's a really tough one. the multiple is by far -- >> look how he's struggling.

he's really putting his heart in the game. >> lilly? >> yeah, i think -- the valuation is the point of contention. trades at a super high multiple. a lot higher than novo, but you got alzheimer's and you've got oral glp, which could be, you know, another huge driver. and we've seen the moves that tech have made, right? they're trading hundred billion dollar increments every day. this is a $900 billion company nearly, so, if it went up 20%, 25%, would it be shocking? i don't think so. >> how valuable, or not, do you think the alzheimer's drug is? >> i don't think it's so valuable, but i think it's something that the company can use to grow this segment of the market over time. they have a stake in the ground now, they're going to start selling the drug early next year, maybe late this year, and then they can use that as -- as a building block. so, i don't think it's going to be overly material, as far as this drug, but it gives them the opportunity to continue to invest and use this as a growth driver for years to come, so, i

think that's the significance of it. >> jared, thank you, good to see you. >> thank you. >> played the game well. he didn't really e give kwat. >> no, he really -- he leaned in. he was -- >> he's still here. >> he labored over it. >> we're talking about him. >> now that she said good-bye, we can't address him directly. >> i like the game. i like what you did. i'll say this. gilead, for the first time in awhile, if you look at where it traded down to, a recent low. tim mentioned -- i do think it's too cheap. $80 price target from jeffries. i think you can continue to that $80 level. coming up, a heat wave making its way across the u.s. with millions in its path. what it could mean for the utility sector next. and cnbc is celebrating pride month throughout june. here's the coo of pia pharma. >> being a proud member of the lgbtq+ community, i try to not let it define me, but be a key part of who i am. in a world where visibility and representation matter, you never know who you can be influencing

around you. i am proud of my family, and the work that i do every day at pai pharma, creating life-saving medications. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

we've got a news alert on t. they have gotten full approval of adystrophy drug, fda approval. jared just mentioned it to us as he was leaving the set, but -- >> the guy -- he's sitting right there. >> he's actually still here. >> we're doing a tv show about -- we're doing -- and then we go to break and he's like, oh, by the way, sarepta. i'm looking at him now. >> still helpful. we got -- >> no, no. >> we got the news to our viewers. the most important thing. to serve the viewers. meantime, 75 million americans under heat warnings, but the need for ac could be a big boost for some utility stocks. pippa stevens has the details. >> more heat means more power sold, whicnds to be positive for utility companies since it increases revenue. but not all are created equal, and the independent power

producers could be the biggest winners from record heat. companies like constellation and nrg operation in restructured markets and only own generation, so, when demand surges and power prices rise, they make money that they keep. when it comes to regulated utilities, names like duke energy, southern company, and no northwestern energy, the impacts might not be immediate. but it's yet another strain on the grid, which helps utilities' case when asking regulators for higher rates. now, in terms of names to watch, there are many active rate cases, including from first energy and exelon. john bartlett telling me that pinnacle west has improving regulatory environments. utilities were the second-best sectors today. melissa? >> pippa, thank you. tim, you're in utes. >> yeah, i tell you, the c combination of where i think they were overdone on rate concerns, the fact there are some secular themes around power

and power generate, the grid, and i think in the case of a next era, next era energy, there's been cases of a misperception about the underlying business. so, i think this is a great place to be. i think energy has pricing power, and i think there's a need to build out the grid. >> and not just for the weather, obviously -- >> a.i. >> a.i., yeah. >> and there's multiple levers that are going to need to be p pulled, and the energy demand are going to be multiples higher than what they are now, by -- exponentially higher. so, if you are in these names and you are earning -- you also have that rate of return while you're in these names, that's probably the least of it. the dividends that you are recouping are not going to be the real bull catalyst for this one going forward. >> real quick. pull up a five-year chart of vst. understand how this stock trades and look at it now. if you didn't know what this was longer term, you'll be, oh, my god, this has to be a technology -- >> wow. >> yeah. >> i like how they did that, by the way. >> they revealed it, right?

>> a nice reveal. we didn't even rehearse that. >> edge of my seat. >> okay. you know what? >> doesn't take much. >> i don't mean to interrupt. >> you did. stocks -- i mean -- >> no sarepta, though. >> looks good. coming up, the chart master stops by to break down the technicals behind one overlooked part of the reit trade that could be primed for big gains. more "fast money" right after this. i oversee approximately 20 people and my memory just has to be sharp. and i realized, my memory was just changing. i did my own research and i decided to give prevagen a try. my memory became much sharper. i remembered more! i've been taking prevagen for four years now. it's a life-changer. prevagen. at stores everywhere without a prescription.

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advanced cyber security, it's ultimate speed for ultimate business. and it's all from comcast business. welcome back to "fast money." self-storage rooements ureits u ing the market. but the chart master seeing tell-tale signs that the struggling space could be primed for a big breakout. carter worth joinings now. carter, what are you looking at? >> well, that's right. and so, obviously, we know this is the itty bitty sector. reits at only 2.1% of the s&p, imagine that, 33 names, the entire market cap of all reits adds up to about $1.3 trillion, the same as one stock, meta. but within a very broad space, you have office reits and you have residential reits and you have all sorts of other medical reits, you have the tower

companies. the storage, the self-storage reits are exhibiting impressive relative performance. so, these are the four largest publicly traded names. you see on the screen. and let's look at a few charts that are related to this group. so, this is an equal weight basket of those four stocks. four stocks, each 25% weight. and there are no lines or drawings, but let's put some in. the next chart depicts a well-defined downtrend line, and of course, we started to move above that, the definition of a change in trend. another way to draw the lines is to call it, what, converging trend lines. it's being resolved to the upside. or, of course, we leave the same chart and we just add this mechanism. the 150-day moving average. and it, too, is starting to turn. so, however one wants to characterize it, depict it, this is a bearish to bullish reversal. and most importantly, this basket, relative to all reits,

and that's what this final chart is, and so, not only are they turning on an absolute basis, they're outperforming their group, their brethren, their sector. so, this is a relative strength. all systems go. to my eye, i want to be long this theme. >> all right, carter, thank you. carter braxton worth of worth charting. self-storage. do you like the fundamentals here? >> i have never looked at it, and i'm wondering, what is this housing situation? is that a positive or a negative for self-storage -- >> positive. you would think. >> they don't -- >> that's what i would think. but we've been in this situation for awhile now. >> existing home market, if that's frozen, then these stocks are going to do better, to that point, but if the market -- we just had our first tranche of sub-seven mortgages, so, that mortgage market starts freeing up and people start bidding on houses again, obviously, this is at risk, i would think. >> it's -- it's, look, pricing

right now, especially on the region, has held up remarkably well. you can't afford enough of a house or an apartment or something, or you want location independence, and so having a pod here or there. this is certainly a tailwind to the space, but i don't know that this is an implication -- i think housing prices have to come under pressure, the fact that they haven't and higher interest rates, just a matter of time. i think that, again, you can still buy, you know, one-third less of the house for the same money, and that has to bear on prices. >> you drive ten minutes and you run into one of these self-storage places. i mean, it's crazy. and they're popping up -- >> you have one? >> huh? >> do you have one? >> he's living in one right now. >> they're like -- >> america has too much stuff. i knew that's where you were going. >> i don't want to bang my hand, but you're so right. we have too much stuff. that is a tell-tale sign of excess, melissa lee. >> you haven't touched your storage pod for however many months of years -- >> purge it. >> mary j. blige that stuff,

what is that thing -- >> marie ckondo. >> mary j. blige is a very different thing. >> up next, final trades. clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. >> i had 20 years of let our expertise round out yours. experience as an hr professional and i had reached a ceiling, so i enrolled in umgc. i would not be the person that i am today had it not been for the partnership with umgc. as an independent financial advisor,

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final trade tim. tim? >> pfizer is one of those names trading greater than the sum -- trading at a discount to the sum of it parts. so, that theme around gilead is something to think about. >> karen? >> yes. looking to europe. i like germany, i like the setup. they have a better deficit situation. i like it. >> stephen? >> i feel like tim was stretching there. >> stephen? is he in trouble?

>> i don't know. >> oracle. i like the oci. bullish on oci, oracle. >> guy? >> danger, will robin zone, in the form of dollar/yen headed to 160, melissa, which means gold goes higher, which means new mining. >> all right, thank you for watching "fast money." see you back here tomorrow at 5:00. "mad money" with jim cramer starts right now. more "mad mon 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 want to make friends. i'm just trying to save you money. my job isn't just to entertain but to educate and teach you. call me at 1-800-743-cnbc. or tweet me@jim cramer. you want to know where that person is coming