start trading tomorrow. and then, of course, jon, we've been talking about policy and election impact, what former president trump at the bitcoin conference this week in nashville is going to mean. >> yeah, a lot of crypto fans certainly excited about that ticket. >> all right, well, that's going to do it for us here 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. all eyes on earnings. investors turning their attention from this weekend's political headlines to the heart of q-2 earnings season. alphabet and tesla headlines the action tomorrow. what we can expect, what it means for the rest of megacap tech. crowdstrike crushed, after friday's massive outage, is there any reason to be positive on this name right now? we'll debate that. and, a big short reunion. we've got three of the original traders who spotted the 2008 financial crisis before it happened.

they're all here with us on set to break down what they are seeing in the markets right now and where they are putting their money to work. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, dan nathan, guy adami, and danny moses. markets seemingly taking things in stride after president joe biden stepped aside as the democratic party's 2024 nominee and endorsed his vice president, kamala harris. the s&p 500 up more than a percent, snapping a three-day losing streak. why the tow gdow gained 128 points. the nasdaq up a percent and a high. so-called magnificent seven stocks heading up today's tech rebound. nvidia, microsoft, tell la, and alphabet shaking off, at least for now, recent rotation headwinds as earnings season heats up. two of those names, tesla and alphabet, release earnings tomorrow, the first of the mag seven to report.

while analyst expect tesla earnings to drop 30% from a year ago, they are expecting alphabet to have grown profits by nearly 30%. shares are up 30% already this year, while tesla's are basically flat. so, can alphabet and other tech titans meet the high bar that has been set for second quarter results? and wasn't it a good thing to have that rotation last week, guy? take a little air out of this -- >> yeah, i think it was a good thing. i think today -- you have a lot of it back, if not the entirety of it back. for me, google's the one you want to look at for sure. recently made an all-time high. it's one you can wrap your head around in terms of valuation. of course, the problem is, if you go back over the last couple years, you've seen some pretty big peak to trough declines. so, setting up for another one of those things. think the answer could be absolutely maybe, given the run that it's had. it's not a valuation call at all. it's the way the stock has performed. so, this is one that you're not going to run from if it sells off 7%, 8%, but we've seen it before. feels like it might make the

same move again. >> a lot of bitzs within google that you'll want to track, dan, but the one you're going to focus on is the cloud business. >> yes. the cloud business is the one is that everything is going to be built on as it relates to generative a.i. this was a late comer as far as the trade was concerned, when you think about the launches they had with bard and gemini. but to guy's point about valuation, it trades about 24 times, 21 times next year, market multiple versus expected eps growth about 14%. here's the thing that i really want to know. when you think back to q-1 earnings, meta guided capex up $2 billion and sales down $2 billion, the stock got hit hard. when i look at google or the alphabet, i look at this year's expectations at 68%. next year, they're expected to drop to 62%. i can't remember the last time i saw astock with that sort of imbedded decline in gross margins. that's about capex. let's see what they have to do, or what they say about capex for

the balance of the year, because that may dictate what a lot of analysts are expecting for next year. >> i think there's comfort in owning the big tech companies that aren't that expensive on a relative basis to the other tech companies that are out there. if it is weak off the print, we will probably get by. because it easli's liquid, it w buy the dip if it does drop on the quarter. >> the rotation last week didn't feel very comfortable. we talk about breadth in markets, you got it. if you think about the setup for google, and bernstein in their note pointed out that the comp on the guide is going to be very tough. the third quarter, 750 basis point comp they have to get through. and that's part of where we go, while on a relative basis, not expensive, relative to itself, it is expensive. it really is. we've said for years that google and meta, and these are two names that are not cheap anymore. the existential question, whether we are in the a.i. rush

for google, is, what is the r.o.i. on the spend here, and are they going to continue to outpace the growth in ad tech? and again, some of the notes that you read from the street, it's actually interesting, they see advertisers leaning into some come sun shun headwinds, and that's actually pretty good right now. not what you want to hear. and i go all the way back to even kind of pre-fed, but some of the things that google and meta ran into before almost everybody else to me was some of the cyclicality of their ad spend and their media businesses, and i think that's something to watch for. >> what's interesting for google and for alphabet, i should say, and meta, a.i. isn't a product, it something that makes their business work better, they sell more things, generate more revenue. it's sort of a different animal than a microsoft, which is much more product-oriented, as well as amazon here. in terms of the -- what is worth the investment, you're going to see it here. >> 100%. you also have to know that if the economy is slowing down, who is going to feel it? a company like google will feel

it, no question. so, for me, it's a huge tell. look, again, it's not an indictment of google at all, but go back to january of this year, i mean, the stock went from 153 down to 125 over the course of a month and a half. pretty much in a straight line. you've seen, as i mentioned earlier, peak to trough declines, in a stock that's been lower left upper right for quite some time. i think the setup is similar to what we saw earlier this year. >> last couple months, they've been rolling out gemini in the search. you guys have probably noticed it. you put a search term in, you used to get ten blue links, and that was the ad business model. now, above the fold, on a browser, you get an answer that doesn't have the blue links. near term, there may be -- >> how are we looking that? >> i like it. you don't like it? >> i'm not sure how i feel. i mean, it's answering a question i'm not sure i was asking sometimes. >> true. >> was that question how much

for a razor? >> where can i find a razor? my razor broke? >> you know what's interesting, tim's been doing this show as long as -- >> always clean shaven. >> always. >> makes you wonder what's going on. >> i don't know. >> we've been doing this show, we -- we split them up here -- >> i don't know why, i'm not arguing. >> done the chauffeur 18 years and it's just like the family dinner table. you don't shave for a couple of days, you're going to hear about it. good for you, guy, p predic predictability, markets like consistency, i like consistency. >> present company excluded. this is handsome man night on the show. vinny, porter. da danny. look at tim. >> the rugged look. >> the rugged drummer. >> sorry, we are off the rails. >> one more thing about google. >> please. >> this is silly. ruth porat, when she came in at cfo, it witas a big relating moment. that's not the headline, but we

have a new cfo as of june 5th. we have a capex cycle. but there was a time that google was a black box in terms of outside of their search business, what is going on there? so, i think the company has some things up their sleeve that they could actually -- the market could be -- could be happy about if we get more clarity on what's going on there. >> the other thing up their sleeve can be that maybe the click-throughs to some of the other links are not coming through this quarter because of that a.i.-generated thing that you don't like at the top. you get your answer, you don't scroll down, you don't click on links, you don't see ads. >> you talk about this, though, if it does end up dropping substantially, that's going to be a real shock for the market, in my opinion, because it will be the reason. some of these stocks that have missed numbers, they're getting punished, and the problem is, where do you guy these stocks? they drop 10%, 15%, 20%, what is the right valuation to go in and grab them? that's the scary spot. >> to you, what is the right valuation to grab them? >> probably, dan talked about, growing at 14%, 16%, probably trading at 24 times is probably

a little bit offkilter. they're going to get the benefit of the doubt in a.i. again. that's how i view it. it is cheaper relative to the other big names. >> it's a fascinating time to be looking at the stocks to see from the technical perspective. a lot of the stocks, if you look at meta, you are up against support. you filled in some gaps. in the case of microsoft and google, you had a bounce off the 50. these are short-term things to watch, because that next move, and remember how violent it felt at times last week. and last week was nothing. and so, if you think about the move in a lot of the stocks, i agree with danny, if there's real disappointment -- we'd know if there's disappointment coming, but that guide is not going to be great. >> a lot of churn going on still. nvidia closed up today, but it's still $124 stock and basically been sideways since -- we continue to bring this up, that june 20th day where you had that outside reversal. so, that set up to me the same way we saw it in early march.

in terms of the stock then subsequently trading sideways for a month or so, before cascading lower. and you are within a couple weeks now of, i think, potentially very similar price action in nvidia. >> this tape has been all macro. when you get 31% of the s&p reporting in a period of a week, you get to focus on the microagain. that's good and bad. i think we'll have separation of winners and losers this week. >> let's get more with mark mam mahaney for more. >> the search revenue growth is sustained at the level that it had in march quarter. our guess is that you're not going to see any deceleration, so, probably modest revenue upside because of that. google cloud, i mean, all the checks that we've done on cloud suggest that the optimization cycle we saw last year was a last year event, that aggen a.i is starting to boost demand, and

the overall environment for cloud has gotten stronger, too. so, we should see some hopefully healthy accelerating growth rates out of -- out of google cloud. and then youtube. i think there's a really interesting product cycle go. in core search, too. melissa, i think the product is better. i think you have a product cycle right in front of you with google now, and i don't think that's reflected in the stock or the estimates. i expect to see generally positive news on all three of those fronts, and i got a fourth front for you. that's margins. i think people underappreciated there's a major change at google. one, they're paying a dividend, and secondly, they're committing publicly to margin expansion. this is not -- this is not your mom or your dad's google. this has changed. i don't think that's correctly captured in street estimates. so i think -- i like the stock going into the print. i know we've had a nice run. i realize the bar is higher, but i like google right here, right now. >> mark, you literally wrote the book on the internet bubble, it's called "nothing but net" and i remember reading it, ten timeless lessons.

how would you compare -- i've known you for 25 years. how would you compare what's going on in and around generative a.i. right now to some of the vibes that you got in the late '90s into the early 2000s? >> well, the good news is, dan, we look exactly the same as we did 25 years ago. the other thing is, i don't -- this is not the recreation of the internet. this is not -- this is not as impactful as mobile phones, but the analogy i like, it's more like the transition maybe from narrow band to broad band. there's a lot of tools that are being rolled out that are materially improving performance of products and services. and there was a point that somebody made, i think melissa or tim about, you know, the advantage that google and meta have is they are content companies. they create content for advertisers, they're alled ads, an content for consumers, that's search results or news feeds or what have you. and i think where you're going to see the greatest innovation in terms of how gen a.i.

improves, makes more entertaining, makes more useful content, i think you're going to see it with google and meta. so, i'm -- i think they are great beneficiaries of this gen a.i. trend and going to be the case. >> mark, we don't get is into politics, but the events of this weekend, and one date does not a trend make, but does the potential for a harris presidency help technology? today's price action suggests maybe some of that's on the table. >> well, i'm actually more struck by -- it's unclear to me how strong of a point of view she has on big tech. i mean, it seems -- it seems like she's more favorable towards it -- towards big tech than president biden and former president trump, so -- she seems like she's slightly more of a friend of big tech. i mean, that's all in context here. generally, i think there's bipartisan distrust of big tech. i think it's been overstated, but i think -- it's been xaug

r exaggerated. but these companies are super big now, and they should be, you know, scrutinized very carefully. i get the sense that harris is also generationally more up to speed with tech and more open to the improvements that they bring, and my sense is just because -- it's hard to find any strong statements, she's made one way or the other, my guess is she's a little bit more neutral than a lot of the current political set is. so, that's a positive for big tech. >> mark, great to see you. thank you. >> thank you, melissa. >> mark mahaney. do you think that today's bounce was a harris bounce? >> i think -- i think a large par part of it was. >> that the uncertainty is settled, or because she's the front-runner. >> because she's the front-runner. i think because -- listen, i'll say it again, i'm -- politics bore me, but i think when candidate trump seemingly emerged as the odds on victor for this race, i think that's when you saw technology soften. whether that's justified or not

doesn't matter. it happened. and i think when she emerged as the potential candidate, she sort of polls better. i think that's what the relief rally today was. >> i'm a big fan of sports gambling. within that on all the sites, there's all the political odds out there. for the last two weeks, it was being priced in that biden was going to step aside. i think the one thing that happened today would be a split congress, which wall street loves. they love stalemates, so, no one having complete control. so, that was part of the move today. speaking of politics, vice president kamala harris wracking up the endorsements and the donations after president biden's announcement on sunday that he will not seek re-election. cnbc's emily wilkins has the very latest. emily? >> reporter: hey, melissa. kamala harris is continuing to gain momentum. she's yet to get the backing of two key democrats, house democratic leader hakeem jeffries and senate democratic leader chuck schumer. they plan to meet with her soon, according to jeffries, who told reporters that harris was bringing a new wave of energy to the party. >> vice president kamala harris

has excited the community, she's excited the house democratic caucus, and she's exciting the country. >> reporter: that enthusiasm has been showing up in donations, as well. the democrat main fund-raising apparatus raised $67 million on sunday, and that does not include the tens of millions raised by other pacs associated with harris and democrats. former house speaker nancy pelosi still a heavyweight on capitol hill, also endorsed harris, saying she personally has known kamala harris for decades as rooted in strong values, faith, and a commitment to public service. politically, make no mistake -- this is pelosi -- kamala harris as a woman in politics is brilliantly astute. i have full confidence that she will lead us to victory in november. now, at this time, harris still has no serious competition for that democratic nomination, which will make it very interesting to see how democrats go forward. they don't want to see this as a coronation, they want to see her

earn it, but, of course, that's going to be a little interesting, if we don't have anyone else throw their hat in the ring. melissa? >> i mean, it really is a coronation, basically, emily, because there's no other process in place, potentially, even, to explore other candidates and people already endorsing her without another choice. >> reporter: that's the thing. the folks who were thinking they might throw their hat in the ring, pennsylvania governor josh that peer owe, michigan governor gretchen whitmer, gavin newsom, pete buttigieg, there was a whole list of folks that people were thinking, hey, maybe they would throw their hat into the ring and see how they perform against harris, but at this point, we just haven't had anyone, and i think that leads a question as to how do democrats make sure there's city momentum behind harris, make sure she's still going forward toward the democratic con verngs but don't make it seem like it's just a coronation, and like they're not listening to voters. >> all right, 'emily, thank you. i think the key point is what danny mentioned in terms of the

less likelihood of a red sweep, which was what was being priced in prior to harris stepping in. >> yeah, look, that's -- there's no question we price politics in, and i agree with guy on today's price action. but the most important thing is the fed, and the most important thing was that cpi back almost two weeks ago, which sold off big cap tech. and there's some dynamics around that trade in terms of the rotation that was good or bad for the market. it's not good for headline indices if you can't add up the numbers around the six biggest stocks. but ultimately, again, it goes back to the fed. it goes back to cpi. >> it's interesting, to guy's point about tech here, you know, west coast tech has really gotten behind trump all of a sudden. the crypto-currency people have gotten behind trump. and if there was somebody to go back to california and try to woo some of these people, she was a d.a. in san francisco, she was the a.g. of california, she was a senator from california, so, to me, i think she has a real opportunity, now, granted, to mark's point, i mean, there should be scrutiny on these companies, okay, but the way

that the ftc under the biden administration really leaned into it, it was probably a really bad move in an election year. so, i think she has an opportunity here to kind of win back some of the tech folks. coming up, crowdstrike's tumble. the meltdown gaining team today. just how low this name could go. plus, we're kicking off big short week on "fast money." stick around to see what the gang thinks about the upcoming election, and if they are still all-in on the trades they laid out on the show back in january. this is "fast money" with melissa lee right here on cnbc.e i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me."

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welcome back to "fast money." crowdstrike shares plunging for the second straight day as fallout from friday's global tech issue continues. the house home security committee is calling the ceo to testify on callpitol hill. delta canceled thousands of flights as it struggling to get systems back to fully functioning. so, we brought up crowdstrike -- obviously it's a mover. at some point, somebody's going to say it's a buy. do you say that at this point?

>> i say it's always worth looking at a company, even if you are not someone who is able to drill incredibly deep, there's four, five analysts out there that will tell you what is the impact on arr, their annual -- contract revenue, for a company that is the largest in global security, about 15% market share. and what i'm reading so far is, it a loss of -- it's a downgrade of two to three to four to five ish, percent in what that means. that's not going to make up for a stock that's gone from $400 to $250. at some point, you paid a lot of money to own a stock like crowdstrike. you paid probably 50 times and you paid for a company that was growing dramatically and had market share significantly more so than the competitive landscape. but you go back to, like, okta had a big adjustment, there's a bunch of examples of this, and i think at some point, unless, look, unless we're hearing from major, major companies in play that they're dropping this service, it's going to create an opportunity. >> to your point, morgan stanley

was saying 5% arr, negative impact, of course, and they're taking their price target down to -- $396. >> right. >> within an overweight rating since. >> guggenheim and btig downgraded the stock today, citing the potential for fortune 100 companies to sort of switch vendors. we'll see. we haven't heard it yet. now, valuation, which nobody cared about a couple weeks ago, everybody's focused on now. probably trades at 13 times revenue or so. north of 50 times next year's numbers, which is clearly expensive. however, when you see a day that it trades ten times normal volume, basically gets down to and sort of trades around a prior all-time high from a couple years ago, it's going to get interesting pretty quickly for crwd. >> stock was already selling off into the incident. and as i mentioned before earlier in the show, when you trade at that type of value wagt valuation, and something like this happens, where is the buy point? it should scare people that one company's mistake will cause all

of this. and everybody is going to blame -- other companies love to blame something. so, i would expect next quarter, well, the crowdstrike, that's -- we would have made a number, but for crowdstrike. >> it is crazy, a single point of failure like that can cause that much problems. in the start of 2023, this stock was trading $100. it kissed $400 two weeks ago. there's no real valuation support for this stock up here. there's a lot more "fast money" to come. here's what's coming up week. big short week kicks off tonight. we'll tacklering from the latest twist in the presidential election to the hottest trades they're seeing right now. find out where they're placing their bets, next. plus, mcdonald's is mcdoubling down on value. the fast food giant giving its new $5 meal deal an extended run. but will it help the stock go on a run of its own? we'll bite into this trade, as the consumer feels the inflation

squeeze tighten. you're watching "fast money," live from the nasdaq market site in times skwair. 'rba rhtft ts.

welcome back to "fast money." stocks kicking off the week in the green. the dow gaining 127 points, its first positive session since last wednesday. the s&p breaking a three-day losing streak, up 1%. and the nasdaq gaining more than 1.5%, as nvidia led today's tech turnaround. mattel has received a buyout offer. they report earnings after the bell tomorrow. shares of verizon slumping after the company posted weaker than expected revenue before the bell. the stock touching its lowest level since january. and pot stocks lighting up today after president biden announced he will not seek re-election. vice president kamala harris has voiced support for legalization and said in march she supported reclassification as soon as possible. finally, some afterhours action. cleveland cliffs shares jumping after the materials name reported an eps beat. though revenues coming in short. it lowered its capex outlook. tim, go to you on pot? >> yeah, and i bet danny's got a

view, too. if you think about where we are in the cannabis trade, it's a dynamic where rescheduling is such a big deal, both for the fundamentals of the industry, and the potential, because again, the most dramatic reform we've had by far. the fact you're rallying is crazy to me. we've had so many stoarts and stops in cannabis. we know the biden administration missed so many opportunities from january 6 onward to do things where they had -- and they controlled the house -- anyway, we won't get too deep into that. it's nice to see this kind of a rally. the reality is, again, we saw this about a lot of different topics, both sides of the aisle, i don't think cannabis is going to be a problem. i think we're going to continue to march on state-by-state, both parties want this. it's more about the states, anyway. danny? >> listen, it's going to be a great source of revenue, it has been, and if what's going to happen in the economy that i this i is going to happen, you are going to node sources of tax revenue. stocks have been completely left for dead, so, you get a pop like this, not surprising. >> interesting.

the m in my clam is martin marietta. >> right. >> materials. >> well -- >> a lot to put in there. >> you don't want to -- >> you want to switch the clam? >> well, you don't want to necessarily put toys in your clam, that's not too much fun. mattel here, if you go back and look to march of '23, where we recently traded down to, gives you something to trade against in the form of 16 1/2. so, maybe there's something to this, we're going to learn a lot more tomorrow, but there might be some momentum to the upside. coming up, the mcdonald's $5 meal deal lives on, for now. but will keeping the value play around help the stock? we'll take a bite out of this one, next. first, the big short gang is back on "fast money," we'll tackle everything from the presidential election to brand new stock picks. that's right after this. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

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turned into a fifilm. now, they are back here on "fast money" for a reunion. it's great to have you here. >> clap them in. >> yeah. >> they are in already. >> good to be here. >> why is the picture of me in the preview so angry and they look so happy. >> have you looked in the mirror? >> nice. nice. >> let's get started. where are we in the markets right now in terms of this rotation, i don't know, vinny, you want to start off? >> the first thing is the rotation, i think, was -- started with the debate, even going back there. and clearly, there was a lot of institutional capital that was offsides, heavily long 20 names, seven that everyone talks about, and underweight everything else. and all of a sudden you had to take out your playbook and say, what does a trump administration look like? once they started doing that, they realized they had to make decisions on their portfolio, and that's why they had what i would like to call this

two-week, we see it, we'll try to figure out if it's more than just a one-time thing, they had to figure out, where are we long, where are we short, where w are we wrong? and that created a massive factor volatility rotation. time will tell if that will continue, because there's still a lot of momentum to want to own the mag seven, but that's what caused this massive volatility. >> right. porter? >> so, we're having fun with this new tag line that we've got going, it's make volatility great again. we wish it was make value great again, but we'll see if that's the case. but -- you know, we live through '16, we saw how the financials and the industrials and all really accelerated, and, you know, with biden, he hasn't spoken a lot. and we know that when trump comes out, he comes out every day, the stock market's the report card in how he does. and he's already flip-flopped on issues. so, a lot of the things that -- first of all, this is not a political opinion. vince and i have learned, we

cannot have opinions, we can have views on which candidate may or may not win. so, you know, when you think about some of trump's policies, they have, you know, lower taxes, and, you know, lower dollar, but the problem with that is that doesn't really mean low inflation, right? he wants low tariffs, but that doesn't really mean, you know, lower inflation, as well. you know, he wants, you know, more tax cuts, but the problem is, that doesn't lead to lower deficits. so, i think there's just a lot of -- brings in a lot more volatility. for guys like us, you know, we still haven't really retraded our portfolio yet, because the fundamental themes are still in place, and i think a lot of investors have the same view, as well. they don't really want to sell the mag sevens, right? we don't -- we own google, but we don't really own tech, for the most part, so -- you know -- i still think there's a lot more to come. this is a slight degrossing event the past week, and, you

know, regrossing this week, you know, so, we'll see what happens. >> all those factors that you mentioned, though, indicate to me that this narrative, which has been gaining traction, which is contributing to this whole, you know, change, is the soft landing narrative. and so, if what you're saying about trump is true and many people do believe those are -- that's the path, if you go down a trump administration in terms of these different, higher inflation, et cetera, then that soft landing narrative is in jeopardy. >> certainly. >> than what wins out. >> we were doing in 2016 when trump won and brought out the playbook and a lot of it is similar. the sector we happen to trade is banks and financial services. i want people to think about things like this. forget about your political party. the cfpb, to set up to protect consumers, auto delinquencies all-time high, credit card delinquencies, all-time high. get rid of regulation -- you should want the cfpb out there.

certain stocks are moving, and that's the stuff, you have to -- you are paid to do, regardless of who you want to win. and so, as far as the economy, to your point, the soft landing narrative, i think at this point it's been 2 1/2 years since this whole rate cycle began, or basically was insinuated was going to begin, you can call it what you want, but the point that porter made, and i care about the deficit and i care about debt, you're not cutting taxes if we go into recession or a slowing economy. it's just not going to happen. the math doesn't work. so, people need to think longer term about these issues, other than trading stocks near term. >> vinny, porter just said that you guys only own google, okay, as far as tech is concerned. i read the mid-year, okay, assessment here. how do you do that? you guys outperform the market, how did you do that without the mag seven other than google? >> a ran rabbit's foot? so, seriously, what we spend a lot of time on single stock names and think about fundamental rate of change. and valuation for us is the fact that we have to take into account. i would say this year, and we were looking at our attribution and we did really well in terms

of some of the names. for example, i'll mention a sector that is probably not televised all that one in financial media. the shipping sector has done phenomenal. some of our stocks are up 50%, 70%. we happen to be long those names. gold, which is something we'll touch on, has done extremely well. so, those are the types of names that really don't get a lot of air time, but have done extremely well, and we've been fortunate enough this year to have a pretty decent hit rate in some of the places where it doesn't get that much air time. >> shipping stocks being driven by what? terms of what -- >> more often than not, shipping stocks are a function of supply/demand, which is supply and demand of the actual vessels and the demand -- the demand has been stable. the supply has actually been very poor. so, as a result, the prices of daily freight rates have increased. and these stocks have acted accordingly. and a lot of the balance sheets of these names have gotten so clean, to the point where they are buying back stock at, say,

three to five, six times earnings. so, you also have a tailwind associated with the management team buying back stock, as well. >> what are some of the names? >> ah, one of the container companies that we own is zim. zim's up roughly 100% this year. it's a big stock that, you know, one of the major container stocks that focuses in on a lot of the trade routes. and what happened, when they closed the suez canal, the panama canal, the rates have been up. the houthis have not slowed down at all. we saw this weekend, the attacks with the israelis and the hue thinks. that's one of our views. this conflict is going to stay on longer than expected. and so, it's been good, you know, the -- you know, navio shipping is up 60% this year. a lot of stocks have really, really done well and not really mainstream stocks. that's really what we do. and what we talk a lot about is, this market is the most

inefficient we've ever seen, right? everyone's in passive stocks, right? and there's a whole sector left for dead, and, you know, we're sort of the -- some of the last, you know, value investors, some of the last guys actually picking stocks, and so, we find there's more and more to do than ever before, so, we're pretty excited. >> vinny, when porter mentions volatility, what are we talking about here? it's not -- you're not trading the vix, obviously, but looking for more violent moves than we've seen in the last year and a half, two years. >> you nailed it. when people hear volatility in the markets, they automatically thing down, right? we think about it a little bit differently. we think about choppiness. violent moves up and down. there will be sectors that do extremely well as a result of whatever politics come our way, and whatever the outcomes are of the election. there are other names that will do very poorly. so, we expect an extreme amount of choppiness. here's a great example. in trump's speech during the

republican national convention, he poo-pooed evs pretty hard. during the weekend, in a speech, he was actually parading around musk that he's landing rockets and he admires him, that he speaks to him on a weekly basis. so, what are you pupsupposed to with that? you say, well, that's really bad for tesla and evs, but he's parading around musk and musk is giving him $45 million a month to keep those subsidies going. so, that's the type of volatility that we think we're going to see during a trump administration that we need to get ready for and prepared for again. >> and if you go back to, say, you know, 2000, the dow jones, in 2000, 2002, outperformed the nasdaq by something like 300%, right? and so -- and last week, the iwm outperformed the qs by 13%. and the iwm actually went up while the nasdaq went down. so, i think that's the type of rotation that we can see.

that's the stuff that we're looking at. >> we have to take a quick break here, but do not worry, we'll have more with the big short traders right after this. find out if the guys are sticking with the big market calls they made in january and what they feel is the most compelling trade for the back half of the ar ye.more "fast money" in two.

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oo this is a good book title. welcome back to "fast money." let's continue with our big short reunion, porter collins, vincent daniel, and danny moses. all right, so, we promised we were going to revisit the big trades you guys laid out for us back in january when we were in miami altogether. you want to start off, vinny? >> sure. and just look at them. they sucked. so -- >> financial term, by the way. >> it is a financial term. particularly when you do. i think we were long peabody. which we still own, which is a coal company. and i was short microstrategy. and what we did with microstrategy -- the way we set up microstrategy was a pair. and this is one of the things, being an investor or a trader, when you know you're wrong, you're wrong, and get the hell out. and so, as a result, we stopped our loss on microstrategy, but we kept bitcoin, mainly because

we have a huge debasement of the u.s. dollar. >> okay. >> i, of course, pitched tesla short and, you know, it -- the stock did go down, i think, 25% from there, and, you know, so, we've been sort of right on the fundamentals, but you know, since that down 25%, obviously, with everything associated with musk and the narrative and the pivot to being a republican, pivot to trump, the narrative is very much worked for the stock, so, we'll see, earnings are tomorrow. i'm -- we're still short the stock. we've been short for threer yaos. it's been a fabulous relative short. it's gone down to flat for three years. in tech, that's unheard of. >> you know porter took that from me, thankfully, in january, when he pitched that from me, but obviously i still feel the same. it's an auto company. gm is up 35%. the one i pitched is upstart, which is pretending to be an a.i. -- it's just a lending

company that has a balance sheet. book value, less than $7. it's a heavy short interest. it's not for everybody, but it's indicative of what is going on in this economy, and i put affirm, which is really extending a lot of the credit things that have been going on within the economy. so, staying with the upstart. >> all right. highest conviction trade right now? >> i have to say, first, you know in this market, it's so hard to pitch shorts, you know? everything has been up. so -- you know, if i come on and pitch my long here, you wouldn't expect me to pitch a conventional idea and it's gold. and we have this dollar debasement thesis, which -- the basket includes gold, silver, platinum, and, yes, bitcoin. and, you know, if you think about the world we live in, and if you heard us on the tape, you know, we -- we hate the deficits, right? and it's -- it's a trillion dollars of debt we're adding every 100 days, right? and it's just -- it's too much. and if you just think about that

$1 in your wallet, tomorrow it's worth less. and so, if you think about gold, in the 60/40 portfolio, gold's outperformed over any time frame u.s. treasuries. so, i just don't think americans have enough gold in their portfolio. you think about, you know, the amount of central bank buying, record amounts of central bank buying of gold. and they're not just keeping it in the new york fed, they're not keeping it in london. they're repatriating it. so, i think a lot of that started during the russian war. and so, this, you know, this trade we've had on for a long time, i just think continues. and, you know, in -- one, two, three, five, ten years, you're going to make a lot of -- more money in gold than you would u.s. treasuries, and i think that's just not changing. >> vincent? >> so, i asked chatgpt about -- >> what should be my highe est conviction trade? >> about artificial intelligence, and i asked the question, how are we going to power a.i.?

and three sources of energy came up. one was nat gas. the other, which is coal, but the one that i'm pitching right now is -- and tim will love it, nuclear. and we got a little bit of confirmation when amazon goes out and we actually own talon energy and bought a data center off of talon energy for $650 million, if i remember correctly. uranium has had a really tough first half. had a glorious 2023. and i think we've been adding to our nuclear trade because, quite frankly, the fundamentals are -- continue to be great, improving, and the stocks are down relatively a decent amount relative to the market. >> all right. danny? >> genius sports, geni, overhang has been lifted. large seller. it was a private equity firm. stock is going to be off to the races here. they are the player within sports gambling. they basically package all the data and resell it back to the bookies, so to speak, good

ebitda, positive now, and so, i really like the name. >> all right. i think we're going to keep them around for the final trade. >> why? i'm kidding. >> absolutely. where are they going to go? >> quickly, quickly. >> go. oh, no -- >> no, we're not doing final trade now, but we're going to keep them here. >> i would say, that's a good idea, to go break, sorry. >> on thursday, steve eisman will be here in a cnbc exclusive. up next, final trades.

at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. it is time for the final trade. in a "fast money" first, we're going to have the guys from the

big short contribute. so, vincent? >> i have two, i'm going to be quick. fannie mae preferreds. and my trade for guy is jets afc championship, i hope you enjoy it. >> wow! wow! >> that's out there. >> porter collins? >> all right, well, you know, we like to find value where there, you know, isn't, so, we found a stock called pct, plastic recycling company, that we think we can make money and make the world a better place. >> timothy? >> i like the tacked on value, and i think gm is still extreme value, even after an 80% move. they're going to surprise by 30%. prices are still record highs here. >> six weeks away, football season, genius sports, nfl owns part of the company. >> dan? >> yeah, if porter is going to make volatility great again, i think you take a look at cme group. >> hmm. interesting. guy? >> before the show, mel said, it's funny, vinny, she said, if 6-11 wins the af c's, then the

jets are in the cat bird seat. that's about as well -- >> giants record -- >> mel -- just so you know, her track record is excellent. bar barrick gold, mel. >> our thanks to the big short guys. thank you for watching "fast." see you back 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 entertain you, but to educate you and teach you, so call me. from the stock market's perspective, the selections become mega versus maga. wall street's tr