on the desk tonight, carter worth, guy adami, mike khouw, and julie biel. we're going to get to all of those stories in just a moment. but first, we start off with breaking news out of delta. the airline announcing a lawsuit over this month's massive tech outage. phil lebeau has all the details. phil? >> melissa, let me clarify. we do not think it has been filed yet, but we know that a law firm has been hired by delta to pursue damaging that happened because of the microsoft and crowdstrike software outage that began on friday the 19th, extended for about six days. david boyce, well-known it litigator, he has been hired by delta, and again, they are going to be seeking compensation from microsoft and crowdstrike. no suit has been filed as of this point. we have reached out to delta for comment. have been unable to get a comment officially. that software outage, by the way, it is estimated to have cost delta between $350 and $500 million. we say estimated, because they're still figuring out exactly how much it's going to cost the company. they're handling te

on the desk, tim seymour, courtney garcia and mike khouw. we start off with the tech outage that sent shares of crowd strike plunging as much as 15%. a glitch in the rollout of a software update roiled operations across industries, airlines grounded or canceled flights, banks and health care services were disrupted and td broadcasts went offline. >> oh, my gosh. >> but seriously i.t. experts calling it the largest i.t. outage in history, cnbc's steve kovach has got the latest. hey, steve. >> here's where we're at so far. issue with cyber security firm crowdstrike pushes out that update and causing windows pcs to crash. this was not a hack and not a cyber attack. crowd un a fix has been deployed, and we've already seen many systems throughout the day start to recover. crowdstrike's ceo apologized for the outage earlier this morning on s on "squawk on the street." >> immaterial to apologize to every organization, group, and person who's been impacted by this. >> it's unclear when everything's going to come back on online. he's told us not ever

mike cope khouw has the action. hey, mike. >> hey there. the market implying a move over 8%, and as big a move as that is, that's less than the 9.5% that the company has averaged over the last eight reported quarters. and the trade that stuck out to me was a paurchase of a couple f the july 700 calls. buyer paid $9 aen cotract for that. and a quick ponint, that is the implied move to the upside. and number two, 700 is also that all-time high that you just referred to. and the stock has been a little bit weak. so, if you are inclined to make a bullish bet, i think buying those calls is a better bet than reaching out and buying the stock right here. and looking at the last eight reported quarters, it's been a winning bet. you actually would have been better off buying options like these, costing 1.4% of the current stock price than going out and buying the stock itself. >> you know, it's interesting, in that last quarter, the stock gapped down 2%. the subscriber growth was less than expected, and they signaled they were going to stop posting

let's bring in mike khouw for a question. >> yeah, denton, i don't know if you have the answer to thisng that's piqued my curiosity. environmental regulations have sort of prompted the increase of turbo charged cars and those more often require premium fuels and we've seen the spread between premium gasoline and 87 octane regular, basically, at all of the spot ports going higher. so, i was curious, do you have any ideas on a derivative play? that's mostly additive based, i think. are there refiners that are better positioned for that or are there suppliers that could benefit from that dynamic? >> the majors, they all have their proprietary additive packages, so whether that's bp, shell, chevron, they have their proprietary additive panel. they're all top-tier gasoline. that premium to regular spread gets pretty wide this time of year. but usually, the person who is required to drive -- to put premium in their car, usually, the price of gasoline does not impact them like other members of society. >> so, tim, as we show some of the stocks, the big oil companies, down today. the refiners,

khouw.oking at here? >> yeah, so the options market has been generally pretty optimistic on amd, calls have outpaced puts 2 to 1 on average over the last 20 trading days. the options market is implying a move of over 8% after they report. that's a lot but also in line with the historical average, which is over 7%. they've disappointed over the last two quarters, and you know, this one topped out in early march well before nvidia topped out, and most of the street is pretty bullish along with the options market, except for stacy. his price target is 140, right where the stock closed today. if you own this stock and you're hoping for a rebounded, you still ought to think about hedging. i was looking at the august 135 put spread, a payoff of about 3 to 1 in the chance that they don't actually beat all of these high expectations. >> tim in your view in an environment where hyperscalers may not be necessarily raising capex a lot, is that a reason to be in nvidia, or is that the exact reason why y