little. for now, story's holding together, even through a mild disappointment on nvidia stock reaction. >> speaking of things stepping back. lululemon might fit into those pants after all, it's higher by 2%. not sure what that's about. mike santoli, thank you for sticking with me through the hour. that's going to do it for us here at "overtime." "fast money" starts now. and we do, live from the nasdaq market site in new york's times square, this is "fast money." here's what's ahead on this action-packed hour. a sigh of relief? the dow roaring up, but the s&p and nasdaq shrugging off nvidia's post-earnings fade. is this a sign the bull run can keep rolling on? plus, call it disaster general. shares of dollar general getting shredded, prompting one of our traders to question the whole mortality of the format. later on, inside goldman sack's golden run. google's new legal headache, and

a rare ray of sunshine from intel. yes, intel. i'm not melissa lee, i'm brian sullivan, coming to you live from the studio. studio b at the nasdaq market site. and i can assure you, even at a fill-in, i'm better than the mets relievers. on the desk tonight, courtney garcia, guy adami, tim seymour, mr. met, and carter worth. all right, everybody. we're going to start with the markets losing -- a little bit of steam late in the day, it's the end of summer, got a three-day trading break ahead. we did close well off the highs of the session. the s&p falling into the red right at the close. the nasdaq shed two-tenths of a percent. both, though, had been up a percent or more earlier in the day. and since folks we are guessing that some of you may care about nvidia, one of 42 times i say that tonight, let's talk about it. nvidia closing near its lows of the day, losing more than a 6%, apparently a bullish forecast

simply not bullish enough. we'll go deeper into nvidia in just a moment. because it was a little bit better for the old dow, notching a record intraday and closing high once again, and random and interesting, guy, the dow up more than 7% from its lows of the month. like nbc, the more you know. so, guy adami, nvidia, big numbers, apparently not big enough. market unimpressed. but you take anything away from the fact that it, nvidia did not bring down the entire market? >> welcome. >> thank you. >> good to have you. i learned something -- i'm going to answer your question, but nancy taught me something before the show. apparently your tribe is your vibe, what was that called? your tribe by your vibe, so, we have a great tribe here tonight. >> we do. >> just wanted to throw that out there. number two -- yes, it's encouraging that nvidia down whatever it was down today, the s&p closes unchanged and didn't drag the rest of the space with it. that is encouraging, as well,

without question. the real issue is, is this the beginning of something? you know, nvidia seemingly a great quarter in all, margins were flat, revenue, the guide's higher are now less and less, in terms of absolute numbers, obviously greater, but the magnitudes have become less and less and at a certain point, the market's going to say, you know what? we're at the other side of this. and i think -- >> hold on. you said the beginning of something. good or bad? >> bad. bad. look, the numbers are staggering for nvidia. people are going to start to say, okay, again, the magnitude of the guides have become less and less in terms of percentage. more and more in terms of absolute numbers, but the percentage guides -- we went from $7 billion to $11 billion a year and a half ago. we're not seeing anything close to that. market's going to start to look at price to revenue, and at 20 times next year's revenue, this is historically extraordinarily expensive, regardless of what you think about the a.i. space. >> all right, tim seymour, comment on that. i guess guy adami is calling it a michael jackson market,

because he's want to be starting something, and maybe this is not the start of something good, agree or disagree? >> well, i think your mets jokes need to beat it, and i consider you a guy who is not in -- you're not a yes man, so, taking adami's bad jokes when, in fact, his yankees lost two of three to the lowly nats in the nation's capital. but we're here to talk about nvidia, a company that ultimately, you know, what i heard from those numbers and what i've seen from the analyst community is they can put a 35 multiple on a company that's going to grow eps about 35% to 40% over the next three years. that should be good enough. and i agree that the market dynamic here has been somewhat troubling in terms of where it's been nvidia taking one-third of the nasdaq's returns this year, but the fact of the matter is, nvidia's underperformed the s&p by almost 15% since it peaked in mid-june, and the market today is a day when you had the equal weighed s&p make all-time highs, the s&p value etf making all-time highs. so, i think the market dynamic

is something that we digested this and we got enough of what we needed to do. i would be not surprised to see nvidia up tomorrow. and i think in a backdrop where we have a -- a labor market that isn't cooling too quickly, this is an environment for megacap tech. and so, that's really, i think, today's story. today's story is that the market overall, since that july cpi, has been broadening, has been rotating. and at times, that r-word in rotation seems painful, but today's price action really has to be considered a relief. these numbers by nvidia, if you read both the analyst community, this was enough to keep the market doing what it's doing. >> well, courtney, there's a firm by the name of goldman sachs, and they had a note out, i don't know if it was today or yesterday, but basically, it said, i'll summarize it, the market's going to keep going higher because the hedge funds, they're just going to keep buying. just going to buy no matter what. they didn't buy nvidia today, but from a macro perspective, do you still see the trend of the

market as up? because every time we get a dip, buyers come in. >> yeah, and i think some of the reason you're seeing that happening is, there's still so much cash on the sidelines, it does need to make it in, especially as rates come down. that's where some of that comes into play. that's on the institutional and retail level. but what i really liked to see today is the markets were not dependent on nvidia. pce came in lower. so, really, you're seeing economy growing, inflation coming down, the fed's likely cutting interest rates, all of that is a really good backdrop for the overall markets. and if you continue to see earnings accelerating at a slower pace for the mag seven, but the rest of the markets are at such good valuations, they're going to have accelerating earnings, yes, there's a shift in what's doing well. and the equal weight outperformed the s&p 500, i think that kind of story is what's going to continue here. >> it feels like this rotation, everybody bought apple, they still are, everybody bought tesla, now everybody's been

buying nvidia, are we finally starting to see this long-awaited, where people are realizing, there are many thousands of other companies that may be worth wning? >> and i this i that's exactly what you're seeing. i don't think the a.i. trade is dead. it is probably getting a little long in the tooth and you are starting to question how much of an expensive is versus how much earnings are going to generate from that in the future, but at a certain point in time, you're going to see that money shift elsewhere. >> well, carter, you don't have to hate the a.i. trade to simply believe maybe i can make some more money in something else. maybe all the money in the whole a.i. ecoverse has already been made, you can comment on that, and then, of course, do what you do best, look at the charts, what are we seeing for the macro market, technically? >> not to just pin it back to the big one, nvidia, but i think the most important point today about the stock was how little it moved. and one could say, what are you talking about, it moved 6%. if you added up every single day

for the last year, the percent change? the average daily move in nvidia is 4.7. average daily. no earnings, earnings, a monday, a thursday, a tuesday, average is 4.7, it moved 6.3 on an earnings good, not good? i'm surprised how muted it was. i'm a buyer of the weakness. as to the market, yes, we know it's broadening, the question is, is the overall market now to the point where so many other things have come to life and participated that maybe even the equal weight index is getting full rich crowded. >> well, comment on that, i mean, sort of -- carter, answer your own question. >> exactly, well, here we go. my guess is that we know money moves around, we know there's rotation, and we study flow. and it is, of course, and it's been going on for awhile, the qs haven't been outperforming the s&p for two years. they've just simply matched the market.

so, as money does rotate, it has brought other things to life. but a lot of things are already well bid. home builders, banks have come off the floor, certain small caps. even equal weight is something that one might want to trim or reduce. >> there were -- i think, don't quote -- guy, don't hold me to the number -- >> why would i do that? >> because that's what you do. i believe there were 30 s&p 500 stocks that hit new 52-week or all-time hikes today. names not nvidia. jpmorgan. american express. best buy. they're going more to the banks. you noted goldman, it hit a new high two weeks ago. it's been acting -- and jpmorgan have been acting, almost like tech stocks. >> not almost, i mean, if you put up a short-term chart of goldman sachs, you'll see the last month, month and a half has looked exactly like a tech stock. and they shouldn't trade that way. listen, they trade great and it's a rotation in the banks, we've been waiting for that, but is it the right environment?

and, again, this is an environment where warren buff felt has the most cash on his balance sheet that he's had ever. the buffett indicator is at 202%, which we've never seen before, and, oh, by the way, he's pearing down his bank of america position. so, if he's doing those things, it's against a backdrop where he doesn't -- he's taking advantage of, but i don't think he necessarily believes -- >> tim, comment on that. we have more on the banks later. we don't have to dive right into that, but the broader point i was trying to make, tim, there's a lot of stocks that are performing really, really well, and because they're not named nvidia, they're not getting a lot of attention on networks such as this one. >> well, and again, because we're going to talk about the banks, i guess, later on in the show, we won't talk about them here. i will say, you have dynamics where credit is fine, if people have jobs. we hear all about the anecdotal delinquency numbers, what's going on in terms of the size of aggregate household debt, but that's the point.

and also, we've had folks on our air, like savita from bank of america, who say the industrial companies will operate at higher margins and should be trading at higher multiples. look at transports, industrials, health care, and that's where you have the dynamics of a.i. that's a tailwind in terms of margin. so, yes, i think overall, it is a market of other stocks. i tend to agree with carter that, i mean, if you can -- if you can put a 35 multiple on nvidia and feel fine about it, you know, malultimately, one, y can defend that in microsoft. but the price action in apple is very impressive. and of all these seven stocks that now we don't really want to talk about, that's the one that i think is probably going higher, and will help this market. >> beautiful transition, tim, because we are going to talk more about a.i. and apple and nvidia, because apparently, reportedly, apple and nvidia are

both in talks to invest in openai. perhaps the biggest a.i. player out there, at least right now. kate rooney joining us with the market intelligence on artificial intelligence. kate? >> the wall street journal today reporting that apple and nvidia are looking to get into openai's latest funding round. microsoft is also expected to put more money in. we have not heard back from those companies, but this is all tied to a multibillion dollar funding round for openai, which we've been reporting on for cnbc. i'm told by a source that openai's valuation will be at least $100 billion in this new funding round. that source telling me that the venture firm thrive capital is going to be leading the round and they're putting in $1 billion in new investment into openai, and the sky high valuation, it really puts the a.i. darling just behind spacex in terms of the most valuable companies out there, also, a lot of other public companies valued

at more than $100 billion, i did speak with an investor who is looking to get in on this deal, they say that openai is going to need to justify that valuation with exponential growth and even better products. so, large language models, chat bots. they think this company can be worth half a trillion dollars. so, that's how they're justifying this. but it is part of an all-out arms race to raise cash. openai has chatgpt, which has been a leader, it's in pole position, but it's going to require even more cash and they want to stay ahead. brian? >> big numbers there. kate rooney, thank you very much. all right, so, let's dig deeper into the nvidia story and a.i. in general. now, nvidia, as you heard, fell today, and it took down other semiconductor stocks with it. nvidia's numbers were huge, so, why didn't the stock respond in a positive way? let's bring in gene munster, "fast money" friend. it's a good question. the numbers were good, the guidance were good, but apparently, the market wanted

great, not just good. >> brian, i'm a big believer, when you start explaining your losing and i run the risk of explaining here today, so, my perspective was, i think the market is viewing this exactly like guy laid out. is that the incremental raises are getting less impressive. in fact, if you look at the guidance, it was up 2.5% from where the street was expecting for october. they guided up 5.2%, back when they guided the july quarter, so, you see that deceleration. but i think there's an important piece that can be missed here, which is -- it was very clear that blackwell shifted from the october to the january quarter. and very few analysts made any adjustments to their numbers as that was being rumored. so, if you look at the guidance on an apples to apples basis, and bring in the several billion in revenue that jensen outlined for the first quarter, when blackwell ramps, it's now in the

january quarter, but bring that back to the october quarter, they raised guidance by 12%. and that would have been an acceleration. so, again, i'm explaining. i think the market is just viewing this as taking a breather, wanting more. but they're going to get more when it comes to that january quarter. i expect that's going to be a blowout. >> gene, you gave guy a nice compliment, which is nice. and you heard what he said, which is, is this the start of something in a bad way, and stocks can turn. first of, nvidia hasn't really made any money in two months, but stocks can turn quickly. when you have these kinds of numbers and this kind of forecast, and we don't see positive price action, do you think this could be to guy's point kind of the start of investors not losing confidence in nvidia, but maybe traders losing confidence in nvidia as a tradeable stock? >> i think we still have two great years left of nvidia.

deepwater, we own the stock. the reason why we own it is that we believe that to get to general intelligence and eventually super intelligence, the scaling laws in tech are going to hold. and the scaling laws are to increase compute, you have to put more hardware and data at it. and if that's the case, if you believe that in order to reach general and super intelligence, the scaling laws will hold, nvidia's going to have an outside benefit to that. and i think we're still very early in this trade. we talked, some of the traders talked earlier about this a.i. trade getting long in the tooth. and i think it's really healthy for an a.i. trade. i'm in the camp that three to five-year bull market that's going to be powered by a.i. so, we're still early in that. brian, i'm optimistic, and i'm basically staking my career that a.i.'s going to be more transformative than the internet. and, i mean, that belief informs how i think about nvidia. >> okay. courtney has a question, but how can a.i. be more transformative than the internet, gene, all due respect, when a.i. runs off the

internet? so, it's like -- the internet is this, and a.i. is layered on top of it, how can it be bigger than the thing it needs to exist? >> the internet was built on intelligence, was built on human intuition, it was built on intelligence. it was -- and ultimately, that is what a.i. is -- is solving for, is -- it's intelligence at scale, and at a speed that humans can't touch. and so, that's why, i think intelligence came before the internet. and, you know, what is the value of basically commoditizing intelligence? and i think it's -- i think there's a high value there. >> now, gene, we talk a lot about nvidia and really it has been kind of a bellwether, if nvidia doesn't do well, the market isn't going to do well, which clearly didn't happen. after seeing the correlation get smaller, i'm curious what your thoughts are. let's say we're wrong and this a.i. trade isn't going anywhere,

does that mean it's something negative for the stock market, or can they continue to go higher, even if that trade doesn't pan out? >> i think the way this plays out is, right now, i would say, it's a narrow market that's driven -- the performance has been narrowed, and largely related to a.i. hardware. i'm of the belief that this will impact margins. this is a well-traveled bull case for a.i., is that ultimately, every company is going to have to have a.i. as part of the fabric of their company, just like mobile and the internet is. so, if that's the case, i think we can see higher margins. i think the rest of the market will get pulled up. if i'm wrong, i think we're going to see leadership within a.i., some of these companies. we're going to see a class of new ipos, probably in 2027, it's really exciting. >> staking his career. i wouldn't go that far, gene, but you definitely are staking a lot on it. we appreciate the boldness. gene, thank you. moving about as far as way from nvidia as you can, we've

got a news alert on tie zyson f. company saying that john tyson will be replaced as cfo ef effective immediately. john tyson is the h eir to the tyson legacy. he was suspended from the position back in june. ka lacalaway will become the permanent cfo. there you go. all right, we are just getting started here on "fast money," and coming up, more earnings action from consumer stocks like lululemon to ulta. we've got dell, marvell, and more. all the numbers and reaction coming up. and some financial stocks trading near records. how far that trade can go, and the best picks -- not good ones -- the best ones for you. ones -- the best ones for you. we're back in two. this is clem. clem's not a morning person. or a night person.

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when you buy one unlimited line. plus, get up to $800 off google pixel 9 phones. switch today! as the graphic says, we've got an earnings alert on dell. now, dell shares, they're pulling back, but they're still higher, but pulling back a little bit after the company reported top and bottom line beat driven by, what else, strong a.i. server demand. the conference call got under way in the last hour.

seema mody has been tuning in. we'll peel her away for details on dell. >> brian, dell's third quarter guide slightly light of expectations, so, perhaps that's why the stock is off the highs. while the clear standout in the second quarter, a.i. servers and n networking. personal computer sales continue to remain sluggish. dell is betting on a.i. servers for its future. executives say they continue to see an increase in enterprise customers buying a.i. solutions first quarter, and that enterprise remains a significant opportunity, as many are still in the early stages of a.i. adoption. and server margins were up in the quarter. you may recall dell competitor supermicro saw weaker than expected margins in the same quarter. stock has been gaining momentum as of late. dell up about 4%, but again, off the hikes we saw since reporting earnings, brian. >> all right, seema, thank you. carter, i know you look at the charts, as well, but from

valuations, trading at 21, 22 times forward earnings, that's about 50% higher of its five-year average. the stock has doubled this year. do you still see momentum on dell? >> yeah, valuation aside, i think the key here, brian, if you think about its selloff, its summer swoon, the stock dropped 51%, you know, the s&p dropped ten. the tech sector dropped 20. semiconductors dropped 30. 51%, that's a beating. a bit of the small recovery -- my hunch is to fade the move. >> fadll, really, the ocht mptimism is th you're going to get this pc refresh cycle. i think the answer is, how much of that has been priced in? to your point, it's up between 45%, 50% this year. it is starting to get expensive compared to its averages. it is something i like here, but i start to question the valuation, is that worth jumping in, or has it run its course?

i'd be cautious here. >> i think courtney nailed it, as usual, tim, the big question around dell, and morgan stanley bringing the price target down just a touch today, still above where it is, is like the iphone, will a.i. drive this whole new wave of pc sales, laptop sales, whatever, because people need new processing power and computational abilities for a.i.? >> i think it will. but i'm not sure that's even what's been totally driving the move in dell, i mean, some of it is just this isg group, in infrastructure services group, which is a very high margin business. and that's why it's getting a higher multiple, and, you know, yeah, i mean, on a trailing basis, it's around 22 times forward, it's a little less than that. i do think -- i kind of agree with carter on the move. i think the stock is -- is, from the chart's perspective, i think it was overindulged as people were looking for ancillary plays. i think the story is one where a.i. server demand and the

underlying pc demand are dynamics that will continue to have dell very well bid here, but again, is this the way i'm playing a rebound in the space? probably not. >> i'll throw this out quickly. you were correct to point out historical valuation, and ben, who comes on the show, he was here in the fall, was an $80 stock. i thought this stock could go to $125, $130. it's the hardware play of a.i., i get it, makes them deserved of a premium valuation. however, how much of a premium, one? and two, full-year guidance, gross margins expected to climb 180 basis points, when they should be at least flat, given what we're seeing right now. so, i think that's something that you absolutely should watch. i mean, if, again, it comes down to margins. if you start to see the other side of margins, that's when they turn the other way. all right, well said, guy, thank you. all right, coming up here on "fast money," financial stocks. you got jpmorgan, goldman sachs, american express at or near record highs. are the banks worth your bucks,

coming up. and we're going to dig into retail. lululemon's latest numbers, and a disastrous day for dollar general. what these reports tell us or don't about the state of the consumer. we're back right after this.

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all right, folks, it was another big day for banks. if you didn't notice, jpmorgan chase, american express, they're at record highs. pnc financial, its highest level since april of 2022. and guy -- >> yes, sir. >> goldman sachs, just a few dollars off its all-time best. you pointed out some of these runs. what -- what do you think is behind the run in banks and financials like amex? >> well, forget about american express for a second. >> one of those things doesn't belong here? >> i don't think it belongs. and if you looked, we had a downgrade of american express 2 1/2, 3 weeks ago that seemingly came out of nowhere. we'll say that was some what prescient. but in terms of the banks, the market is saying this. the fed navigated this thing, they'll be able to stick the landing, it's going to be a great environment for the economy.

you saw gdp today, the numbers that are flattening out, and people think the banking sector will be the beneficiary of this, and there will be a rotation. it is happening before our eyes. the problem, of course, in terms of some of these banks, they've gotten alittle ahead of themselves. and when warren buffett starts to pare -- >> maybe just got too big. >> you have to take notes. >> too concentrated? >> could be. listen, yes. >> doesn't like it, he just -- it was too much of a position for him. >> could be. we don't know. but you -- you can't just out of hand say, you know what, not a big deal, maybe it's a positioning thing. i think his cash position suggests that he thinks a downturn is coming. >> i do hear what you're saying on that, but i too kind of agree with you where he's not selling all of bank of america, so, i don't want to extrapolate that too much. but i think this is an interesting rate play. we have -- pce came out today is more indicative that the fed is going to be lowering interest rates, at least in september, at least one more time this year. and that's actually a good thing for the banks, because it's going to lower their costs.

>> courtney, i thought -- again, i'm -- i'm not -- i'm not a smart man, but i thought higher rates were better for banks, because all i ever heard about was how it would increase their nim, net interest margin, but apparently not. >> but their funding costs have been the higher, and that's the problem. i do like the banks, you want to have a piece here. you're starting to see them outperforming. >> any day you learn something is a good day. coming up, big-time afterhours action in ulta and lululemon. we're going to talk about this weird divergence in a lot of the retailers. and it is weird. you don't believe it, well, stay tuned, we'll show you why. plus, gold. carter still loves it. closing back on an all-time high. and carter still bli, 'lulshhel and carter still bli, 'lulshhel tell you why with dynamic chartg

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call it a market reset if you're joining us here. welcome. melissa is out tonight, i'm brian, good to see you. a mixed bag for stocks today. the dow up 240 points a new record for the dow. but the s&p and the nasdaq, after being up most of the day,

faded a bit at tehe end. in the meantime, there was actually and guy, i know you're not going to believe this, some good news for intel shareholders. >> come on. >> we said good news and intel in the same sentence. stock is up as much as 5% today. the ceo saying that intel would soon launch, quote, the most compelling a.i. pc product ever. that's his quote. the most compelling a.i. computer product ever. stock could use some help. investors down 60% this year. all right, meantime, semiconductor company marvell technologies jumping after the bell. it beat revenue expectations, had strong guidance. that stock is up 8%. now, to retailers. ulta beauty missing on both the tom and the bottom line. it also cut its full-year revenue and same-store sales and eps guidance. ulta beauty could use a little touchdown. stock's down 6.5% right now.

lululemon beating on earnings, but missing on sales expectations. stock, though, investors for whatever reason, up 5.5%. ceo expressed optimism on the call. tim tim, ulta, lulu, any other retailer. take your pick. >> well, health, beauty, and athleisure were some of the great trends coming out of covid, and part of what drove ulta and lulu to be two of the most popular overweights. i i'll speak to lulu -- i've been negative on lulu for a year and a half, or so. i wish i stayed in this short. i will tell you that the argument here is that the u.s. comps and the international comps continue to get worse. and jeffries' call is those comps go negative. congrats to that analyst who has been well ahead. we've had on the show talking about the problems at lulu. what was solid about these numbers, the margins, which

should be deteriorating, that's part of the argument. they are going into this downtrend at peak margin and margins are going to have to give ground. these numbers were better than expected. markdowns have been limited. essentially, what we're seeing on the tape here is somewhat flat year over year to last year on markdowns. but eventually, again, the story is a competitive landscape, a top kind of macro head wind in terms of the space, and a company that can't compete at the same level. some of this is, they're a victim of their own success. i think you fade this move and i think it will go lower. >> i hear a lot more people talking about vuori -- >> san diego company. you should know that. >> is it? >> i'm questioning myself now. >> people are talking about that as the cool new athleisure trend -- >> competition now. >> whatever. anyway. we're going to go from ulta to dollar general, because a huge disappointment, maybe we should call them 75 cent

general. because they lost a quarter of their value today. worst day ever on dollar general. they missed on everything. slashed their guidance for the year. let's go to gabby. there's a lot of things that happened. but what was kind of the main one or two takeaways on dollar general? >> if there's two takeaways, brian, part of this is outside of dollar general's control. the other part of it is problems of their own making. so, 60% of their customers are people that are making less than $35,000 a year. that customer is feeling the brunt of inflation, of higher borrowing costs, and they are just not buying as much of those higher margin items that are critical to dollar general's profitability. they're coming in for milk and eggs, but not buying that home decor, apparel, and other things they're trying to sell. the other side of this is that they're not benefiting from the tradedown that we're seeing across retail right now, right? you've got the macy's customer trading down to tjmaxx, and then you've got the target customer

trading down to walmart. in an environment like this, you would think that dollar general would be doing a better job, but it's failing at the in-store experience. it's not really a great place to shop. it doesn't have the same kinds of things to win over that higher income consumer, and it just has a big inventory problem. inventory is the most important thing that you have to manage, and it's going to cost you a lot of money if you don't have a good system. they do struggle with shrink, which includes losses from theft and damage, employee error, things like that. but they are just not, you know, in terms of in stocks and things like that, they're not managing it well. that's going to weigh on the margin, as well. >> gabby, this started awhile ago when the dollar stores talked about the tradedown. this was a year or so ago. you might not know the answer, but typically, historically, when there's a slowdown, customers trade down to the dollar stores. now, they're trading from the dollar stores. where are they going? >> they're going to walmart. that's where they're going. and it's because walmart has improved its in-store product assortment. they are offering these high-end

snacks that have fun flavors you might see at whole foods or target. and so, that higher income shop their's feeling that brunt isn't as embarrassed to go into walmart. it's no longer kind of a shameful experience and you can also get products that they're more familiar with. dollar general hasn't accomplished that. >> dollar general. gabby, thank you very much. carter, listen, the stock lost 25% today, so, if anybody out there likes it, they're looking at it, thinking, maybe i like it more. do you like it? >> no. well -- >> okay. thank you. >> a couple things. the biggest move today is best buy in retail, one of the worst performers, the worst is dollar general. it shows how treacherous and hard this game is. the risk assets. but i would point out, things like kohl's at ten-year lows, walgreens-boots at lows.

the market is always sorting out winners and losers. and try to resist the temptation to buy stocks in downtrends. this is a stock that just gapped down again. stay away. >> tim seymour, you think there's a problem with the entire model? >> yes. i think '23 was the year of poor execution. '24 is a world where i'm not sure these formats work as they did. inflation has changed stru structurally what they can do, what they can deliver. they have to invest in these stores. it's a multi-year process. it's going lower. >> it's going lower. there you go. isn't that a great name for gabrielle? >> oh, yeah. >> very louisiana. >> it's a great -- i love -- i love the name. all right. do not miss -- how is that for a transition. the -- the gap? >> it's a lousy transition. >> it's just gap. it's like eagles. it's not the eagles. >> funny you should say that. >> gap ceo richard dickson on

"mad money" tonight. what time is that show, guy? >> i believe it starts at 6:00 p.m., right after our fine show. >> right here on cnbc. we're not done, though. we're going to talk about gold, and if it can continue its record run. what the chart master carter worth is seeing in the technicals. plus, google, yelp suing them. not happy about something that google is doing. we'll tell you what that is, coming up. >> earning a degree doesn't have to mean starting from scratch. at university of maryland global campus,

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all right, gold, it just continues to shine, it's up more than 20% this year. it's trading near record highs and the chart master thinks the technicals -- well, carter, i'm not going to tell you what you're going to say. why don't you just say? >> how about that, let's do that -- >> let you do you. >> there we go. here we go. so, let's get right to it. i mean, the thing is, this is -- i think, an instance of stay long, be long. sometimes something is just to be respected. so, the first thing to consider is just year to date performance. gold miners, which are stocks, are handily outperforming the stock market, and gold bulon is outperforming the stock market, as well. let's look at a chart of the year to date, and what you see here is gdx, of course, that's

the miners etf, versus gld, that's the metals etf, versus the s&p. now, let's look at the charts themselves. so, first, the circumstance at hand here, this is gold, we know gold was range bound for the better part of three years, and has moved up and out. a classic breakout. and in principle, has room to run. it's what a hold is. not hold, which on wall street is a euphemism for sell, only 5% of all stocks are sell rated. they use hold as a wink wink. i mean hold. just stick with it. now, gdx, the miners, next chart, this is something that's lagged. and that is the opportunity. if and as the metal continues higher or even just stays here, the gold miners start to print money. like that setup. and one or two more charts, just look at a comparative chart or two, so, what we have here is, this is gold, the metal, on the past five years versus the miners. miners have lagged. up half as much, but the real

story, final chart, is the all data, going back to the inception of the philadelphia gold and silver mining index. i mean, you're talking about 30, 40 years of nothing. and, what, trailing the metal. i think you -- you want to own both, but really embrace miners for a catch-up trade for a beta trade. >> i think, guy adami. >> yes, sir. >> newmont mining hit a 52-week high today, i'm not looking -- >> i think you're correct. 10% of the gdx is newmont. 15% is agnico, and 10% barrick. i'm with carter here. i think it trades up to 43, which is the high we saw four years ago. if gold were to stay here and trade sideways if perpetuity, i think the miners go higher. see the pause there? >> because there's so much money -- it's like oil. there's so much money at 75 or 85, that 2,500 bucks an ounce, the miners -- i would say print money, but they would actually

dig up money? >> look at you. >> it's a metal. >> that's why we do this show. >> it's why we do it. coming up, another search lawsuit for google. this time, from yelp. we'll tell you why yelp is calling for help. >> you didn't do that. no, you didn't do that. >> that's why -- >>ou dn' yidt do that. ashamed of yourself. >> i am ashamed. we're back right after this.

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to buy that stock... with no fees or commissions... because what does gina got? gina's got the look. that never gets old. talk about easier investing. all right, welcome back. yelp taking a stand against google. yelp alleging that google has an unfair advantage in the search market. this could just be the first of many lawsuits to come. deirdre bosa on-set, great to see you. >> someone asked me today if my name was d-bo. and i said, on "fast money," it is. >> we started that. >> it was guy. >> i call her deirdre bosa, because this is not my show. >> when you're here. when we're in this room. >> okay, d-bo, i don't know -- >> no, she was d-bo before. >> that's a dan nathan thing. what is yelp angry about? >> yelp is angry, they have been angry for many years. it says that google uses its dominance in search for

preferential treatment. the company says that 50% of searches on mobile are for local businesses, and because google owns the platform, it puts its results at the top, at the expense of users and people looking for actual yelp reviews. so, this is something that yelp has been saying for a long time. what's different now, it is using -- do you remember that landmark ruling we got a few weeks ago in the case that the doj was bringing against google, the doj called google a monopoly. so, this opens the flood gates for more legal action. when google is already under an avalanche of legal action. >> dusting off my law books, don't practice, but i got the paper, as the indigo girls, i got my paper and i was free. it's not illegal to be a monopoly. yelp -- we forget that yelp is actually a stock. do you have a take on yelp, the company, courtney? >> i think they're trying to have a fighting chance here, and i think that's what they're

doing. and i think this has been a problem with most of your big companies. is this going to start to extrapolate out further, especially after that doj ruling. people are starting to question some of the a.i. trade, and now, more anti-trust lawsuits. >> can i say, this is more about google than it is yelp. yelp is a very small company, and it's not going to change the game unless we get structural changes. anti-trust never results in structural change, which is why it never really moves the stocks. >> standard oil. >> thank you. microsoft. and so, this is sort of the question now we have to ask, that investors should be asking about google. you look at the forward price to earning multiples, google, alphabet, of the mag seven, by far, the lowest, below 20. you've got the next lowest meta, but you know, microsoft, apple, nvidia, all above 30. and i think it is the anti-trust pressures, all these legal battles that are weighing on that valuation. amounting to maybe not a structural change, but a

distraction that could hurt innovation. >> i guarantee you google's lawyers are going to say, you know what, yelp, you're the default review app on apple's maps. so, you can't -- >> is it? >> if you go on apple maps -- >> you don't even know that. >> are you an apple maps user? >> i may be the only apple maps user, actually. but that's going to hurt their case, i think, because they're in there. maybe if somebody created a better product. you have to take on google or yelp or otherwise. >> since we have 30 seconds here. i saw you today, roger paid her a great compliment. we talked about openai. hundred billion dollar valuation. one would think they do $30 billion revenue. they do less than four. >> who? >> openai. >> so, my question to you, quickly, these valuations seem stretched, but people are still willing to pay. thoughts? >> i live in the world of stretched valuations in san francisco. i've been through uber, i've been through many loss-making companies, it's always that moonshot, the future promise. look, uber is now profitable.

openai has a long way to go. these are ridiculous, i've seen lots of ridiculous valuations. >> back in her day. >> for less of -- >> back in your day. >> been there forever. >> up ne, xtyour final trades. leo! [whistling] ever since we introduced him to the farmer's dog, it's changed his quality of life. leo's number 2's are really getting better. better poo, better you! that's a good boy, leo!

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tim, kick off the final trades. >> thanks, brian. major believer in gold, but i think silver and industrial metals will outperform from here on. silver, slv. >> carter? >> yeah, silver, gold, and the mining stocks. >> courtney? >> i'm going equal weight s&p. you want to make sure you are a little better spread out here.

>> guy? >> brian will be at one of the great steakhouses in a few minutes, if you are looking to have dinner with brian sullivan. cvx turning higher. >> guys, thank you very much. i will see you, everybody, on "squawk box" tomorrow morning, 6:00 a.m., so, i'll be sleeping right outside the studio right the studio. "mad" with jim 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 make you a little money. my job is not just to entertain you but to educate and teach you about how these crazy days work. call me at 1-800-743-cnbc. or tweet me @jimcramer. turns out nvidia's mortal after all. even though