too much capital, you restrict the banks being able to help the economy. >> got it. well, we got to leave it there. kelly king, former truist ceo, thank you. and i got to mention, also, on tap tomorrow on the earnings front is interactive brokers. the chairman is going to break down those results right here on "overtime," before he dials into the analyst call. and that will do it for "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. the trump trade in rally mode. from boititcoin and energy, the names that would benefit from a gop win surging today. plus, the luxury lowdown. is this high end pull back a sign of deeper concerns for the consumer? we'll debate that. antesla tries to rev back u. and the abc's of what could be alphabet's biggest deal ever.

what google's parent company is looking to buy, and why. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we begin with a pivotal announcement out of the trump campaign this afternoon. former president donald trump announcing via truth social that senator j.d. vance will be his running mate. the decision coming just two days after a gunman attempted to assassinate mr. trump at a campaign event in butler, pennsylvania. eamon javers is live at the republican national convention in milwaukee with the very latest. eamon? >> reporter: hey there, melissa. j.d. vance has taken to the floor here in the arena to greet supporters, and do a victory lap of sorts. he's been working the floor, talking to delegates, shaking hands, and a broad, broad smile on his face, as they prepare to select him officially now on the floor of the convention as the nominee for vice president for the republican party. nbc news reporting that j.d.

vance learned just about 20 minutes before he was selected as the vice presidential running mate that he would actually get the nod. he didn't have a whole lot of time to prepare for this. of course, he's been considered one of the front-runners for a long time, so, this may be not coming as a total shock. but it's worth looking at the reaction around the media world and the business world. elon musk putting out a tweet within the past hour congratulating vance on his sele selection. and it's also worth looking at j.d. vance's connections to silicon valley. he's somebody who is seen as a creature of sort of the conservative element in silicon valley. silicon valley, a lot of folks assume left-leaning, but we talked about elon musk and so many other technology leaders that are on the conservativive. j.d. vance is very much a creature of that world. he has called for the breakup of some of the big tech companies,

and vance, as we have talked about, is somebody who takes an aggressive approach to anti-trust, an aggressive approach to breaking up large companies. he's said that he thinks the ftc is one of the few officials in the biden administration he thinks is doing a good job. so, this is somebody that approaches economics and business in a very different way than republicans of a previous generation. >> all right, eamon, thank you. eamon javers in milwaukee. let's bring in brian gardner. brian, great to have you with us. what does this do for the trump ticket, in your view? >> i think it re-emphasizes the populist tone in the republican party. i don't think this is a geographic move, it's not trying to unify the party. it's just underscores that republicans are moving more in a working class direction, and i think eamon kind of summed that up in some of his comments. this is not your father's republican party. >> what are your odds that you

have for a trump win come november? how has it changed after the assassination attempt, how has it changed now with j.d. vance as the v.p. pick? >> so, let me take a little bit of a reversal here. i don't think the vance changes my view that much. just -- i think it just kind of fits into what's been going on. post-assassination attempt, odds definitely went up. i don't think you can -- you can state too much, though, that -- how much the odds are going to go up, because there is always going to be a cap on donald trump. you have a huge portion of the country that is never going to vote for him. and you have solidly blue sections of the country that are never going to go republican. so, there is a cap there. that being said, the odds have gone up, so, i was probably in the 60% range, you know, be before -- certainly before the debate. debate ticks it up a couple of points and then this weekend ticks it up a couple of more points, probably in the 65 to 70 range. that means that, you know, he

can still lose it. so, i think that maybe that's a best way to look at it now, melissa. it's donald trump's to lose. >> brian, it's karen finerman. thank you for being on. how does the calculus change, if at all, if biden were to step down from the race and somebody else were to come in? >> i don't -- well, it obviously depends on who that person is. let's start withthe idea that it's probably kamala harris, it really is difficult to see at this point if biden stepped aside that anybody else but harris would be the nominee. and i think the odds of trump winning would then go up. there are some polls out there suggesting that she runs better against trump than biden, but those are very hypothetical. they are very sketchy. i wouldn't put a lot of stock into those polls because voters, you know, are seeing her not in the same light they're going to see her later. once she gets in the target of trump attack ads, campaign ads, and a media blitz, i think her

numbers will go down. so, i think if biden steps aside, the odds go -- go down for democrats, you know? as bad as he's had the last couple weeks, biden is probably their best chance at this point. >> hey, brian, it's tim. thank you for joining us. not surprisingly, global themes around politics are very similar. you say not your father's republican in terms of j.d. vance, and in terms of what we're seeing from the party. and we certainly saw this in france with marine le pen. the left sometimes is the right, the right is the left. get back to a trump presidency with j.d. vance and what you think this means budget wise. what you think this means for fiscal policy and conservatism that hasn't been the hallmark of either side of the aisle for 15 years, but clearly not a republican old stalwart approach. >> tim, the irony is that donald trump and his tax agenda is now going to look more like old

style republicanism. i think the j.d. vance style of republicanism that is coming into vogue that is shared by a growing number of congressional republicans, is they look at the budget, they look at the numbers that it would cost to -- to extend all the 2017 tax cuts. that's at $4 trillion over ten years as of right now. then they look at their constituents who are working class, not particularly well off. they're not going to spend a lot of political capital to defend tax cuts on the wealthiest. and if it means that they have to offset some of the tax cuts to extend the tax cuts on middle class and working class voters, if that means that they're going to tick up the corporate rate by a couple of points, they will do it. trump may not see it right now, but the budget math plus the populous movement of his party, i think, gets to a place where, you know, i think corporations should start to think about it

24%, 25% corporate tax rate. >> wow. brian, thank you. brian gardner. >> thank you, guys. >> and that really underscores this notion that whatever the trump trade may be in the markets right now, we don't really know how that trade will play out once he is in office, because the conventional wisdom was, corporate tax rates, it will be lower, and he's saying no, brace yourself, corporations, for a tax increase here. so, energy, health care, the sectors that will benefit, will they actually benefit is the question? >> i understood tim's question, i understand where it's coming from. i would ask the same, and i'm surprised by brian's answer. maybe that's the correct answer. i'll say this. i thought that regardless of who wins in november, it's going to be inflationary. a trump administration would be inflationary. almost by definition. and the way to play it would be, up know what, i think ten-year yields are going to go higher, and the front end of the curve is going to go dramatically lower. you're going to see this

resteepening. who favors that? probably the banks. but defense stocks should do extraordinarily well, and i agree with you on energy. maybe that's counterintuitive, maybe it doesn't add up with what happened in '16 through '20, but the energy stocks are going to unlock to the upside. >> i thought that comment by j.d. vance about lina khan is very interesting to me, because if you think about the -- when trump was in office before, i mean, he really did focus on big cap tech. that was an easy one from a populous standpoint. the stuff that was associated with however, you know, the 2016 election went down, and the fact of the matter is, like, the ceos of those companies were generally people that opposed lots of policies from the trump administration. it just took about a couple weeks, remember the muslim ban and all those folks got off committees and those things. so, i would expect large cap tech to still have, you know, a focus from the regulators. >> i just look -- i mean, both parties are completely fiscally irresponsible, right?

so, i think that there is no way for someone to win with a fiscally conservative agenda, right? you can't buy votes with fiscally -- so, i feel like then something has to break. and if that's ultimately, not tom, but somewhere down the road, a treasury situation that goes very poorly, i think, it's very inflationary. either party. so, i agree with you, i think the ten-year, or, further out the curve, is going higher, i don't know -- i hope that's good for banks, because i do think a lot of bad things can go along with that. >> it sounds like i'm supposed to be buying gold and buying more gold and buying more gold. gold didn't rally today, and bitcoin did. that's somewhat of a function it trades immediately, it traded on the news over the weekend. also it had not traded up as gold had in the previous couple weeks around the things that were really more related to both

political dynamics, postdebate, that was another argument. the other two things that are attached to j.d. vance, very an anti-china. china traded down dramatically. terrible gdp number last night. but i don't think it was really about that, because i don't think we're really trading china gdp anymore. kweb and other names that are going to have a difficult time here, even if they had a difficult time at home. mexico, border security. this is going to be another big deal, the mexican peso sold off. mexico had opinbeen relating aggr aggressively. this is why we don't know, i mean, all these traditional trades, i would say this about either party candidate, we really don't even know what they stand for. because that's where kwooef gob we've gone in politics. >> and unless you can gdp your way out of this, and the math doesn't work. 1%, 2% gdp growth on top of the

deficits and the debt we have, at some point it's unsu unsustainable. the total stock market cap, that's at levels, i don't think we've seen before. if not, we're within a whisper of an all-time high. those are not timing indicators, but you have very little room for error if something happened on the downside. >> you know who agrees with you on rates, jamie dimon. >> really? anything else? >> he had a comment in the q-2 results just saying that basically, while they've made progress on inflation, he thinks higher for longer, he thinks there's inflationary forces out there. nbc news anchor lester holt is sitting down exclusively with president biden today. you can catch the full interview on "nightly news" at 6:30 p.m. and then in prime time at 9:00. turning to the markets now.

the s&p 500 hitting a record. but falling just short of that at the close. the russell 2,000 small cap index today is the big standout, touching levels not seen since january 2022. fed chair jerome powell indicating that today, but the central bank won't wait until 2%. it's not entirely surprising. >> the comments were fascinating, because you could have taken glass half full, half empty. i think he pretty much indicated that they're not going to cut in july. that's what i heard. >> yeah. >> but that they're impressed enough where i think september, which we knew had pretty much priced into certainty, is a dynamic. stocks were kind of mixed on this. it's a day when stocks were digesting a lot of different cross currents. but to the extent that it's been a market that over the last three, four days, the outperformance of the small caps, 6.5% to the s&p in three days, the regional banks, we're going to talk about that next block. the dynamic around what is working in this market,

especially in a world where we are now digesting political cross currents, certainly some change and some rotation in leadership. >> i want to go to the vix real quick. even when the market was at its highs today, the vix was elevated -- it's still at a 12.5, 13 handle. it was up all day and rallied later in the day. that's something you absolutely have to watch. i keep coming back to that one nvidia day, the june 20th. on the back of an upgrade today, i mean, that stock since that june 20th has now underperformed, and again, it harkens back to what we saw back in early march in terms of the individual stock and i think potentially the broader market. >> i mean, tim's intel at one point today was up more than a percent. >> there you go. >> praise the lord. >> broadening out. >> again, if i want to take the intel trade around what happened over the weekend, i would say that intel is america's national champion. there's no question, they have money thrown at them. they got $4.5 billion in subsidies, they sold a big piece

of arizona to a private equity firm, they sold a big piece of ireland to apollo. they're going to be our semiconductor, i mean, hang in there. it's going to happen. >> so, guy's looking at the vix. if you move at the move index that tracks the volatility in the bond market, it's also very near lows. when you start to see this and you start to see all the volatility measures, you know, really approaching lows, you say to yourself, how much better can it be right now? you just mentioned, it was the first high since mid-may, which seems crazy to me. feels like we've been making new highs inch by inch for the last month or so. so, to me, i don't know, i go back to last summer and i go to just the kind of white hot sentiment that we had into q-2 earnings period, i said, that's as good as it got that period. and all of you would probably agree, taking a little foot off the pedal is probably not a bad thing as we get through the first half of the year, we're up 18% in the s&p, more than that in the nasdaq.

>> so, you don't think earnings will beat, or, the pace of growth -- >> i think they're going to have to bet a lot in the guidance. i think that, you know, the q-2 is baked in the cake when you think about the actual quarters. >> so, nvidia, which is so central to the whole story, they don't report for another month. sometime late august. so, we'll get a sense, i think, when we hear microsoft talk about their cloud business and alphabet and aws, but that sort of -- i don't know, it's this market proxy that we're not going to have enough data on. that is interesting to me. i like getting away from the political issues and into, what are companiesearning, right? hopefully they need to be good earnings now, particularly for the mag seven. >> these hyper scalers actually confirmed their capex plans, which were expanded in the previous quarter -- >> obviously helpful for nvidia. >> it's not just capex. it's consumer spending. we saw the lowest university of michigan consumer confidence number on friday. >> nvidia story.

>> it is also a cloud revenue, right? >> listen, meta's traded very poorly. what's really cyclical? advertising. and a lot of these platforms are not allowing political ads, too. so, you go into a period where it's not particularly great. look at what pepsi said about the consumer, you know? like, do you think they're dialing up advertising in this environment or do you think it's copping down a little bit? so, to me -- i know we're going to talk luxury, we're talking about consumer discretionary. even on the low end, i think -- there is definitely, you know, weakness in the low end. >> what we saw with the hyper scalers and what they've indicates they're going to spend on capex, it was -- for meta, it was terrible. they were the first out of the gate and everybody thought, boy, this is terrible. and then everyone got rewarded. that, to me, will be the fascinating part of this earnings season. what are you going to do with hyper scalers when they say, we've upped it to $50 billion, $60 billion, because -- the jury's still out as to what it means for the hyper scalers. you know, we know what it does

for some more than others, but a lot of this investment is still not totally proven, where as we know what it means to nvidia's bottom line. >> 85% of this move since october, i think, ish, has been predicated on multiple expense, and the other part, 15%, on earnings and revenue growth. that's got to flip -- maybe not flip entirely, but there's got to be some, you know, getting back to some sort of equilibrium in terms of 50-50 split. it is an important earnings cycle, because i think people are going to be reluctant to pay those multiples. coming up, golden goldman. shares jumping to a fresh record. the numbers and what it means for the rest of the sector next. plus, burberry shares plunging amid a ceo shakeup. a closer leek into this high end meltdown, right after this. this is "fast money" with melissa lee right here on cnbc . meets bold new thinking.

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today. blackrock closing slightly lower. look at the regionals. the kre up nearly 3% today, hiting its highest level since mid december. morgan stanley, bank of america reporting tomorrow. can the financials continue to climb? goldman sachs achieving their strategic initiatives. they're on track. >> they've made some mistakes. they're also trading at an all-time high, so, good for him. if you pull up a stock during his leadership, it's done extraordinarily well under that 5 1/2, now 6-year period of time. good for them, and i this i the stock continues to work in this environment. i'll say this quickly about bank of america, as it made a multiyear high today. it's getting towards price to book value that we haven't really seen in bac in quite some time now. america it deserves a higher multiple than citi, which it gets, but at some point, it's getting a little too expensive. personally, i think 42 nat1/2, i think it's gotten a little

expensive. >> so, just to go to goldman sachs, we've seen a lot of good trading revenue, m&a, though they actually did lose the number one m&a advisory spot, but still, i think -- it's interesting, because they trade a little higher multiple, though it's a lumpier earnings stream. so, they've done a good job, though. i think that can push into consumer, certainly in the rear view mirror now. that was trading terribly relative to book. bank of america, we'll see. if they're higher for longer, remember, they have that huge hold to maturity issue. we'll see how they address that, and how deposits are hanging in. that was something that jpmorgan talked about for some pressure on nii. >> i just think the cyclicality of investment banking and some markets data, and what not, is what it is. banks aren't usually outperforming, they're not usually underperforming. the reason is, they're rerating. they're rerating in a regulatory environment that probably gets easier for them in a trump

presidency. they are able to get capital back. they've gotten to a place where the interest rate environment is also higher rates, but str structurally moving lower. there's a lot less pressure on them. jpmorgan, you know, the six largest money center ban bks ar raising a ton of debt right now and ultimately doing it. so, rates are a little bit lower, they are getting out there ahead of the election cycle. i think banks go higher, and they're going higher on multiple. >> on the capital return, though, i think goldman, because they have certain requirements, they're talking about scaling back their buy-back. jamie dimon said they are not buying their stock back. as far as the cyclicality that you mentioned with capital markets and the ipo calendar, if you can't bring a deal in this sort of market, when are you going to? like an ipo, that sort of thing. so, the idea that you're waiting for after the election is kind of interesting, but then -- i know we're going to talk about the google thing with this company, you know, buswiz, thata massive deal that's going to face a lot of regulatory scrutiny.

so, we might see stuff get on the tape that wouldn't be approved until next year anyway. >> don't miss our first on cnbc interview with brian moynihan tomorrow at 10:30. here's what's coming up next. the former ceo of walmart u.s. bill simon joins us to break down a major fashion faux pas at burberry, and a would be block buster department deal that just couldn't cross the finish line. plus, alphabet could be about to seal its biggest deal ever. the report ed interest in a security software wiz kid. you're watching "fast money," live from the sd mkenaaqart site in times square. we're back right after this. ♪ hey, come on, come on ♪ ♪ do what you want ♪ ♪ what could go wrong? ♪ ♪ come on, come on, come on ♪

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welcome back. the dow closing at a record high for the first time since mid-may. the s&p 500 closing just shy of a new record of its own and the nasdaq up for the ninth time in the last ten sessions. the russell jumping almost 2%. its highest close since january

2022. netflix shares getting a boost, as morgan stanley reiterated the stock as overweight. that's about 19% higher from where the stock closed today. netflix reports earnings on thursday. and tesla shares resuming the recent rally, up 2% today, but closing well off the highs of the day. the ev maker up 13 of the last 14 days. and caterpillar up today by 3%. the industrial now up nearly 6% in just the last week. i don't know what you guys want to trade here. interesting moves here. >> caterpillar -- netflix is the one. karen, again, i think it was last week, i don't know what day it was, she pared down. it's not preposterous to think they blow it out again and that prior all-time high is left sort of in the dust, but -- you know, netflix, out of all of them, this is a really interesting

call later this week. >> what was your thinking when you pare d'back? >> just that it was, i mean, too expensive, really, and there was a lot of fluff, a lot of hype built into it, and just the multiple is just too expensive. >> tesla is interesting. gapped up, i don't know, a few percent, was up 5.5%. and obviously elon had a full-throated endorsement of trump. one of the things that's interesting there, and it had a lot to do with the performance of the stock, i don't think trump is in favor of those big subsidies for evs. and in an environment where ev sales are down year over year, and these guys have just lost that 50% market share here in the u.s., you would think that alienating a bit of your customer base is probably not a great idea, but he obviously doesn't care. >> there's some polling saying that two-thirds of self-proclaimed conservatives would not consider buying an ev as their next car, but two-thirds of liberals, self-identified liberals would. so, it is an -- it is a political divide. >> what did it used to be?

no republicans would buy -- >> yeah, well, i mean, that's where, i think, we've analyzed at least the customer base versus the investor base in tesla, because it's not necessarily -- i don't know, might be the same thing. i'll point out that the autos outside of tesla have been killing it. and if you look at gm, if you look at ford, the dynamics around the move they've been making, it's a move around interest rate sensitivity. it's been a case where i think part of what we got from both powell and cpi is that we're kind of where we were when the oil -- when the auto companies started to run out of gas when the fed started being very aggressive. i think gm and ford, go higher. coming up, apple climbing to a fresh all-time high on the back of not one but two price target hikes. plus, a luxe letdown for burberry. firing its ceo of a huge sales disappointment. what it means for the luxury trade, right after this. missed a moment of "fast?"

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welcome back. shares of burberry plunging 16% today. the luxury brand issues a profit warning after reporting disappointing quarterly numbers. burberry suspending its dividend and replacing its ceo. the stock now down nearly 65% in the past year. other luxury retail stocks under pressure today, too. the adrs of gucci parent. karen, you were just listening to that call. what did you make of this, it looks like a disaster. >> oh, my god. that call was so bad. i mean, they're british, which i kind of love, and so, they have this, you know, keep calm and carry on, even though the numnumber s were terrible, and they were getting worse as the quarter went on, and they exited with worse numbers than what they showed. they sort of tried to be for fashion forward, but maybe sort of lost their way with their more typical customer. so, they kind of seemed to be -- to me, it was like, you know, we're lost, but we're making good time, which is my favorite yogi berra quote ever.

you didn't get the sense that, you know, someone asked a good question, like, you keep saying, we're just making adjustments here, we're not changing everything, and they said, well, why did you fire the ceo? they said, well, you know, sometimes -- they just didn't work out. terrible, terrible call. they got a lot of work to do. now, the tide is out. we know they're not wearing a bathing suit, be you the tide is out. so, i don't know, you know, you have to look at a tapestry, i mean, capri, there's the deal there, more relevant there. to me, the very high end is still there, but it has to be -- the aspirational high end. >> lvmh is in a different category. >> they are. but i think, you know, china wasn't great, north america wasn't great. everything was terrible, except the british accent. i love them, but -- it was bad. >> well -- and swatch got crushed, too. this is discretionary spend and i think it goes lower. >> all right, for more on luxury

retail, let's bring in bill simon, former walmart u.s. ceo. bill, great to see you. what is your take on this, and if you can put this in the sort of mosaic of what we heard from retailers in general in terms of where we see weakness, it seems like you can get a data point from almost every single income cohort that things are not going well. >> yeah, typically -- it's not surprising at all. typically, what you see when things start to soften in the economy from a consumer perspective is the bottom of the economy, which is always closest to the edge, is hit first, and that happened really a couple years ago, if you think about it. other than the, you know, the juice that they got from the money giveaways. we saw the middle class really take a hit, start to slow down the beginning of last year. into the end of last year. and now, i think the natural progression would be that luxury

is starting to go. and i agree with you, the, you know, the extremely wealthy still have cash and they always do. the amount of miss that we saw from burberry today, that's got to be as you all were talking about, is the aspirational, you know, upper middle class who is just shutting down now. and looking for good news, that probably would lead you to leave that we're starting to, you know, come off the top and maybe we're headed towards a rate reduction. that's sort of the bright side, theib only thing i can see with that. >> what does it say about the consumer? it's not longer just idiosyncratic stories. it's all the dollar stores, it's lululemon, it's starbucks, nike, it's a swath of retailers, and some other names like pepsi, where you are hearing that they're seeing a sharp drawdown, a slowdown in the consumer. what is the state of the consumer in your opinion? >> yeah, they're brutal. they've been brutalized for years. i mean, if you think about it,

food prices are up 20% plus, you know, since the pandemic ended. housing, rent prices are up in the mid 20s to 30%. and if you, you know, those two big cash drains are up as big as they are, never mind transportation, which is also up, where is the diskegs their money? and we're on this cycle that somehow needs to be interrupted, right? so, prices go up, so we give wage increases. so, we now have the imbedded costs into the system. so, the prices are never going to come down. wages will never go down, once they've been given, once people get a pay raise, you never go back and say, give me that money back, because we're going to lower the price or the prices have come down. so, we now have this systemic cost that's built in, so, we have to go through another cycle of price increases to cover the new cost increases. and we've been through two or three of those since the end of

the pandemic, and i think the consumer is finally just starting to hold their hands up and say enough. we've got a very, very contentious, as contentious as possible election coming up, and they're hearing bad news upon bad news, they're feeling it in their pocketbook, and they're lunningering down. >> bill, it's karen, thanks for being on. a lot of times in the past, you've opined on the target/walmarts of of relative value, or prop tigs, or shopping proposition, broader than just grocery, but how do you feel about those two relative to each other now? >> well, i mean, walmart's been on a really nice run, largely driven by food inflation. walmart's 50% plus of their business is grocery. and those prices have gone up 20% over the last couple years. so, that tailwind they've had from food prices has really propelled them, you know, ahead of where target was. if you break down category by category between walmart and target, they're really not very

dissimilar, right? but walmart's food mix has -- has driven their growth, and the food traffic that comes in for people who come in every week to buy groceries has made it go through. they're a really good company, well-run, and they've been hammered. i think they're undervalued. and the headwind that the food guys have had from the broadline merchants is in the midst of being reversed. so, i sort of like target coming up. >> i like that you self-would you rathered, bill, and picked target. we approve of that game. we were talking earlier in the show about the trump trade being in full swing, at least for today, and if you got news that a 10% across the board, you know, tariff on imports and 60% potentially from, you know, imports from china, were going to be enacted or something around those levels, does that make the sector sell?

>> from an investment standpoints in the short-term, you know, you might -- that might be where you would go, but for me, you know, good retailers, and you can see them even in categories that aren't growing, like, in department store segment that's devastated, you still have dillard's that is finding a way to figure it out. you will find retailers that figure out how to make money in whatever sort of scheme comes up with the government, so, put a tariff on it, whatever you want to do, you know, given six months to 12 months, the really good ones will figure it out. >> all right, bill, great to see you. thank you. >> you bet. we've got some breaking news we want to get to. jack smith responding to today's decision to throw out the trump classified documents case. let's getz back to eamon javers in milwaukee. eamon? >> reporter: yeah, melissa. this is a fiery statement here from the office of the special cou counsel. remember, eye iaileen cannon th

out that classified documents case earlier today, and her argument for that was that the appointment of the special counsel himself was unconstitutional. she agreed with a filing by the trump side, dismissed the case entirely. now we have this new statement from the office of the special counsel, saying the dismissal of the case deviates from the uniform conclusion of all previous courts to have considered the issue that the attorney general is staff lorty authorized to appoint a special counsel. the state goes on to say, the justice department has authorized the special counsel to appeal the court's order. so, they is an indication from the special counsel's office they've been given guidance, and you have to imagine that comes from very high up from the department of justice that they can try to take it to the next level, and maybe all the way up to the supreme court, to see if they can preserve that document -- classified documents case against donald trump in the wake of the decision by that federal judge today, melissa. >> eamon, thank you. coming up, biting into apple. the tech giant getting some love from wall street and jumping to

a new all-time high. and alphabet is in talks to acquire cyber security wiz. we'll have what it means for the space and much more. "fast money" is back in two.

welcome back to "fast money." apple higher today on two bullish calls from morgan stanley and luke capital. the stock closing up nearly 2%. morgan stanley naming the stock its new top pick, replacing dell, raising its price target to $273. the company saying apple intelligence will drive, quote, record device upgrades. luke capital also bullish, with a $300 price target, that's 28% upside from here. so, people are getting more comfortable, more confident that apple intelligence will, in fact, be a driver. the one thing that we all, i think, collectively have sort of questioned in terms of the real force behind an upgrade cycle. >> well, good for luke. i haven't been a full believer in this at all. i do think that it's starting to -- you know, part of it, i thought, okay, make the refresh cycle won't happen so quickly. could take a couple of quarters and this was early, but maybe

they'll just wait for that, if the numbers come in a little bit soft, that's fine, it will happen, so, i feel like i've kind of missed the run here. >> i feel like apple's lived a semicharmed life. they were around in the early pc days, they were there for the smartphone and now for a.i., they are waiting for everyone else. i think ultimately this a.i. refresh cycle is going to be very important. we have a case where those devices are going to be replaced. >> did you say semicharmed? >> i did. >> well, the entire thing -- it's an ode to maybe. you know, maybe people are going to upgrade. i have no idea. i'll say this, though. you better hope they do, because they're now 32 1/2 times next year's numbers. it's expensive. good for gene, he's been on top of it, but too rich at these levels. coming up, google ticking up higher. the details on the software wiz kid catching alphabet's eye. that's next you much more "fast money" right after this.

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let's go back to eamon javers. >> that's right. in the interview, president joe biden suggests that he needs to defend his political rhetoric, but he says it's really donald trump's political rhetoric is the one that's irresponsible. take a look at this exchange from the interview. >> just not say anything that may incite somebody. i have not engaged in that rhetoric. now, my opponent has engaged in that rhetoric. he talks about there will be a blood bath if he loses. talking about how he's going to forgive -- i guess suspend the sentences of all those who were arrested and sentenced to go to jail because of what happened at the capital. >> so, you see there, the president of the united states stumbling a little bit over the answer, but making the case that it's donald trump's rhetoric that is irresponsible in this political climate, and we'll see what the response is from here

in milwaukee, wisconsin, as the republican national convention is under way here h. we expect to hear from donald trump later in the week, and see if the assassination attempt on him over the weekend changes the rhetoric on this side of the political aisle, as well. melissa? >> eamon, thank you. and do not forget, you can catch the full interview on "night ly news" only on nbc. google parent alphabet is reportedly on the brink of making the largest acquisition in its history. the company's in talks to buy wiz for $23 billion. nearly double what the cloud security startup was valued at in this last funding round earlier this year. our deirdre bosa will break it down. what the deal could mean for both companies. d-bo? >> well, melissa, for google, it would mean a more robust cloud platform for its customers. more of an edge when it competes against the number to hyper scalers, amazon and microsoft. and for wiz, it would mean a well capitalized backer to better compete in its own space

of cyber security. there could be broader implications, as well, for cyber security at large. palo alto crowdstrike on the report, but they finished up 1%. they could use their independence as a competitive advantage, or they could struggle to compete against a google-backed bu ed wiz. the smaller and mid-sized security plays, larger gains today on the potential of more consolidation in this space, which many analysts, experts say is needed. wiz's own appeal can be summed up here. it was only founded in 20 20, it's quickly climbed the ranks. according to the company, it hit $100 million after just 18 months. now, it is the third-largest cloud security vendor by arr, and it's growing more than three times faster than the leader, palo alto. of course, regulatory scrutiny will be a challenge here. the ftc and the doj have been

tough on big tech, so, perhaps they're hoping they're going to see google as this distant number three in cloud infrastructure. this doesn't relate to its core business, which the doj has been going after. >> all right. you want to ask a question? >> no, no. >> are you sure? >> you pointed at me? >> i thought maybe you wanted to comment. deirdre bosa, thank you. dan, what do you think of this potential deal? >> sorry. listen, i just think $23 billion is, like, really hard to justify a company growing revenues or at least the annual recurring revenue. what do you think? >> as a shareholder, i like it. we were saying, how is it going to be when they take a real presence in the cloud? and this is a place where i think google, who has been seen as an aftermath throughout a.i., you get into cloud security and i think it's not a cheap buy. but it's where people wanted to see it. >> i agree. i sort of like it. i think -- i mean, i think every deal is under scrutiny now and

we've seen them abandon it. you think about them competing against amazon, microsoft, you can't have deeper pockets or more intense competition than that. we'll see, though, it's a tough ftc. >> palo alto still the best in breed. expensive as can be. it has sold off. i think it's going to test the prior all-time highs we saw a few months ago. coming up next, final trades. much more. take your business to the next stage when you switch to shopify. (intercom) t minus 10... (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming. - custom ink helps us motivate our students with custom gear. we love how custom ink takes care of everything we need,

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>> i may be ten days late with this, but i'll go walmart. >> karen? >> yeah, so, normally three-day rule, burberry doesn't apply. don't buy it. keep walking. >> dan? >> not a buyer if this google deal happens. >> guy? >> i don't have a crystal ball, but i think macy's is too cheap. >> thank you for watching thank money." "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 is 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 a little money. my job is not just to entertain, to educate, but to teach you, put it all in context. so call me at 1-800-743-cnbc newsom or tweet me @jimcramer. eight years ago in a moment gripped by political fever, i put a button