cake. pure protein. find our coupons in sunday's paper. live from the nasdaq market site overlooking new york city time square, this is "fast money. i'm melissa lee. tim dan and karen and guy tonight on "fast," the great crack down continues china turning up the heat today. how our traders with protecting exposure and plus bitcoin breaking out, soaring above the $40,000 level. we'll brake down what is driving this big move and watching shares of intel, the ceo kicking off a webcast right now.

we'll break in with any big headlines here we start with tesla. the stock is higher after posting a beat the company's call kicks off in less than 30 minutes from now. let's get straight to phil lebeau with more. >> this is the first quarter that the tesla's net income tops a billion dollars. easily beating the street on the top and bottom line. $1.45 and they expected 98 cents a share and revenue much better than expected. not a surprise $11.96 billion versus the estimate of $11.3 billion. that was in terms of revenue but it is the outlook that is getting a lot of attention specifically what is happening with the giga factories outside of berlin, germany and austin, texas and tesla said model wide production, not deliveries will begin in austin and berlin this year and then you have cyber truck production in austin

subsequent to the model y. they didn't say it was next year or this year but then the tesla semi launch, that is moving to next year. that also lr also be built in austin the company delivered 385,000 vehicles in the first half of this year. some were expecting them to potentially talk about a full year guidance in terms of deliveries they have not said that so far in their release whether that comes up on call in a few minutes remains to be seen the estimate on the street is for the company to deliver 861,000 vehicles two other notes. automotive gross margin at 28% and excluding the sev and ev credits sold to other automakers if you were to add in the credits, they're gross margin would top 28% and finally they're also taking a $23 million bitcoin impairment

charge so those are all of the numbers within the numbers from tesla. but again, a significant day that this company is topped a billion dollars in net income for the first time in any quarter and it is ten times greater in terms of the net income in the second quarter of this year than it was in the second quarter of last year. so you clearly see the growth here, melissa. >> the commentary about the liquidity and how they have liquidity to fund the current product road map and expansion, i imagine that is comforting to investors as well. they don't need to do a secondary to keep operations going. >> right they don't need to do a secondary. one of the other things that people will be focused on in the call, what is happening with the execution in china in the investor deck that was released, not a whole lot of commentary in terms of what is happening in china and we've talked about this before, there are reports that come out of china that are wildly different than what ultimately is coming out from the government in terms of vehicle deliveries, et cetera.

so i think some commentary there is what people will be focused on during the conference call. i'm sure the question will come up, how much clarity they give us, that remains to be seen. >> thank you let's trade tesla, dan, where do you go with this. >> their 50% of the global market share and have probably 2% of global market share and then they have what, 11%, 12% of the ev market share. this is not a considerable market share for that market cap. and i just think that all of that competition is coming i know you heard that for a couple of years. i'm probably pass it off the stock is going sideways for the last month or so and people don't seem to be as excited as phil lebeau does about some of the numbers. >> i have to start with the positives, the company and the revenue mix and the growth and profitability are great. if you take away some of the emissions credits, still better

than expected. the gross margin probably five full percentage points above where the street was so let me fall into the dan side it is simply about the margins here don't reflect the tech company with this multiple the revenue mix for lower priced vehicles especially in china brought down the asp 2% and i think it is going to continue to be an issue. if you think about the u.s. market or the global ev market, their current line of cars does not address i think 75% of the affordability factor that i think -- i'm not sure some of the other big competitors are able to do that yet either but i still think that they're not really hitting the affordability factor to get a bigger share of this market place. so ultimately to me it is about a multiple it is about growing competition. and i think they are now a big global complex enterprise and they've showed that they have a lot of trouble being that. so i think the risk of getting bigger for them is that i think there is a little trouble.

but the operational leverage in this quarter shows they got more profitable as they got bigger and it shows they are able to execute as a global operational player, doesn't it, guy? i'm compelled to be more optimistic given the two bears i have here at the nasdaq market site but where do you stand here? isn't there something to be said for the first mover advantage to theum, to the brand that it has to the loyalty that it has with customers and to the fact that it has basically stamped out a lot of the bear cases, pillars. >> yeah, and i don't think, look, tim and dan could speak for themselves i don't think their bears but saying they're pointing out they're doing a lot of great things but market share matters. i think this is one of the quarters where if you're a nay sayer, you could point to the evaluation and if you're a tesla bull you say this is the most staggering quarter we've seen and oh, by the way, they did it

with 17 to 19% fewer tax credits adding to the bottom line. a lot of good things here. i'll say this. last quarter in april, i think the stock after hours trading from 7.50 down to 7.25 and this time tomorrow and i said this time tomorrow tesla will be a $750 stoke and a month later it was trading at 560 and that past re resistance or support becomes resistance i think this has to get above 725 to have a meaningful rally myin clinician is it failed short of 700. >> and karen, do we actually -- do we put it in the same category as a general motors i understand gm is upping the ev game but will it have a vehicle that will directly challenge tesla's lineup >> don't know, we'll see what

the cadillac lyric looks like. that is the one that i would think. but obviously the first mover for sure then there is a lot of other littler ev to me it is similar to netflix in that there was a lot of bears about netflix and about could they ever make content that people would want to watch and how could they ever grow the subscriber and then they never make money and the valuation so this is similar that they've been able to knock down a lot of the stories. for years we've talked about the financing and then they were able to do some converts and then started to get cash flow and so that part of the story is gone and then the part about well they'll never be able to scale production and that thesis seems to be falling apart. and the last one that makes me not able to be bullish is the valuation. and that is it and i think that similar netflix, great company,

continues to put up good numbers and yet at some point the stock just goes sideways it is a victim of its own success or valuation and this is gigantic numbers and tesla is up 2%. >> so karen is talking about even just the characteristics and the personality of the stock itself and that has been a lot of the story. so after the 40% draw down, the stock is almost had an amazing consolidation and the performance after hours, lack of volatility is extraordinary if you think about it maybe the bulls want to see more of an upside move. you could make an argument that up trend from august of last year which had an extraordinary move and some big downwards has been held and that the stock is consolidated and that up trend is still in tact so interesting as high multiple tech has had a very big bid. tesla hasn't done much where again some of the high multiple stocks because the fed has stepped back because i think

we're in this place and that type of liquidity is being rewarded so disappointing on that but overall the fact is that it held the up trend. >> shouldn't we not be disappointed by the lack of a move tesla once upon a time would move 10% up or down easily but right now it is an s&p 500 company. it is a very different company from what it was a year ago. >> it is funny, the options market was implying a 6% move in either direction tomorrow. it is up a couple percent right now. this is not the post market move on what looks like a good quarter and that you expect it would cut some steam tomorrow and go higher. everyone who owns tesla, owns tesla. and the market cap versus market share, i don't think the market share gets better. right now i'm just saying that they've gone from 30% ev market share in 2018 to about 11% or 12% right now and all we know is that there are competitors coming i know that was a pillar of the bear case for years. but it is kind of hear now.

>> so is that the market share, the total addressable market is not growing fast enough. what is it about that it can't grow >> i think of this they've had some issues in china. if they don't get that pixed they'll have a huge problem. the germans, they dominate and all of that is coming. karen just mentioned this cadillac ford has an f-150, the best sell truck in america. >> i think that is -- >> i'm saying. >> have a mustang mach e, fully electric i didn't even consider getting a tesla. so i think that is a big storey, forget about it. >> with the transam i would have -- >> but the point is there is a lot of things to choose from right now. the price point is interesting even the tesla low end car. >> that is what it was supposed to be about. it is not that tesla is not focused on it. this is part of the reason to make that mass market ev i think they're having trouble

doing it and what i -- this is another way of talking about the valuation, i just hate, i hate the fact that this is a tech company that doesn't really have that kind of growth. they have it in the multiple, they have it in the businesses that we still can'tfy and talk about them as a tech company but not as an automaker. >> let's get more from gene munster. gene, you heard the panel. we know it is a good quarter tell me why tesla should be valued where it is. >> well today it shouldn't i think that the panel appropriately outlined the valuation concern. i share some of the valuation concern. i do believe that ultimately this could be a much bigge company. and if you look at a 6.5 multiple for a hardware services and apple type multiple on this, today off the revenue it suggested it should be worth $450 billion but if you take their guidance today, for 50% growth, and i think this is an important piece to the koconversation and you g

two years forward and you have a $2 trillion company. so answer your question, i think this is the definition of a growth stock that needs to ultimately, that is probably a year ahead of itself but ultimately i think it will get there. and i will point out a couple of quick data points here the growth in the quarter, 122% delivery off an easy comp a year ago and the auto industry grew at 55% so of course competition is coming but they seem to be bucking the trend. separately, on this margin, and tim's point about the profitability, i absolutely agree. this company needs to prove that it is a tech like margin business the margins this quarter x credit was 25.8% and last quarter it was 22% they did that despite asp down 2% and a higher component pricing environment. and so i think what you're seeing is they're not there yet. this requires investors to look beyond the current year. but if you take the trends that

they're having in margins and the demand piece and put those together, i think you could build a case this could be a much bigger company, albeit a bumpy ride there. >> so i think that point is really key, gene, the part about they expect 50% average annual growth in vehicle deliveries over multi-year horizon. that is a growth multiple. sow think the margins have to catch up and then you could back into the multiple they have today? >> well they need to continue to grow they have to deliver on that they're doing that this year but ultimately if they could do that for a couple of years and keep margins where they're at, i think that the -- i think investors will start to get comfortable. and this is the beautiful thing about tesla and having an opinion on it. one camp very smart camp said competition is going to erode and another camp said this is a large market and they could lose market share if they continue to grow at 50% and i think the stock will be rewarded for that. >> what is your number one

question, if you could ask elon musk a question on the call, what would that be. >> they just started selling fsd, a full self-driving as a subscription and it puzzles me as why they market it as full self driving i would skts -- ask that. it is better than any other car manufacturer but i think they need to tighten the language around that for marketing purposes and allow consumers to get behind it for the stage that it is at today we're still a few years away from autonomy despite the language around fsd and that subscription piece, the reason why i start there is the top question, is that it has a massive highly profitable revenue and eventually ten years from now all cars will be full self-driving and talk about margin expansion they could get there in a hurry if they expand with this subscription service. >> hey, gene, it is tim. so fsd, maybe at some point very high-margin business

that could be a big part of the business but what we're talking about and melissa alluded to the 50% growth in terms of units, and then we talked about that the essentially the profitability of the core business is not that of a tech company but we're still talking about an auto company. how about the stuff that is applied to this story for a long time around either some of the data, some of the technology, and obviously the battery. that is the part that to me is where the bulls have really fallen and said, fallen back on all of the time and said it is not really an auto company you could talk about that. because all we're talking about today is the margins of a auto company. >> they have to continue to show the margins and move them from 25%, 26% into the mid-30s, mid-40s over time. so to answer your question, i think auto is a big piece to it. and there are other pieces to it we could talk about what they're doing in energy capture and energy storage and potentially robo taxi, there are different

things that you could bolt on to but i'm today taking a step back and saying let's focus on auto business and this -- you bring a good point, that should we give them credit for being a tech company and the answer is today, no. but if they keep doing what they're doing right now, a year or two years from now, i think that more investors will and that will move the multiple and the stock higher. >> gene, maybe we'll see you later on gene munster, thank you so much. guy adami, what would you ask elon musk if you could about the quarter or about the -- >> i would -- well my question would be around china. the situation, it is what is transpiring over the last couple of weeks, it is concerning and where is tesla in terms of being in the cross-hairs or not. as things seem to progress there. that would be one of the things that i would ask i think that is important given their exposure. >> yeah. does this make gm more valuable this quarter, karen?

>> that i don't know we'll see. but that is a great question i think that the market share issue obviously is huge. if tesla maintains their market share, or grows their market share at the expense of gm, then no, it doesn't but i think the deferential is so massive, it is so massive that if you get a tiny bit of the way there, gm is very undervalued. so i'm long gm. >> coming up the china crackdown as beijing puts new names in the cross-hairs. we'll break down how they are navigating and the crypto occurrence soring back above 40,000. you're watching "fast money" in new york city's time square. ba rhtft ts.ckig aerhi

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welcome back to "fast money. beijing expanding the crackdown on chinese tech giants with the center of the latest campaign. let's get to beijing with the latest >> china's regulatory clamp downs are intensifying and property in education and tech

today the beijing new three year drive to reign in property speculation would include limits on land purchases for property giants to under 40% ever anual sales including acquisition costs in private education, china reiterated the concerns that after school were hijacked by capital, they must now register as not for profit and can't tap stock market or private industry for funding and in tech, the internet ministry today launched a new six month rectification campaign for data security. beijing tightened food delivery to make sure delivery workers get at least the local minimum income and anti-trust regulators fine check giant ten cent for a past takeover to create 10 cents music. >> thank you. the crackdown is taken a toll on tech stocks k web down more than 25% in july alone on

pace for the worth month ever. we talked about the stories in various iterations and a lot in relation to dd, i've asked every time at what point is a regulatory too much. tim, i i'll ask you that question tonight. >> it is becoming too much and the bigger picture, we don't have enough time for that, xi is turning into a dictator that he was and they don't have to worry about the public markets they care more about social order and the regulatory environment and so this is gone from anti-monopoly and anti-competition and ultimately to cyberspace and now we're protecting delivery drivers and making education affordable because we want people to have more kids. so the point is you have -- as an investor to put some risk management into play and over the last three weeks on the show i have gotten more bearish

i can't handicap this and at some point this went from reading tea leaves to going to a place where you have the news flow get bad to at 200 to 205, a break through, the next level is 175 to 185 and i think you have to have some risk management in place. and we started selling a little bit here in some spots that i think, you know, it made some sense to take some risk off the table. i think there is some great opportunities in these companies long-term. but you still haven't had downward revisions in earnings and big global long sore funds or tiger cub, i'm not saying that they own them but guys that don't invest here, don't have to be here when the rest of the tech world dloebl globally is booming. so there an arbitrary whim here and we haven't seen these in the stocks. >> karen, it seems like tim is talking to you what do you do >> last time we spoke about this on thursday and you said are you

concerned and i said i have to buy some puts, for protection or sell it and i choose to buy puts to hedge position. so now i either want it to go down a lot for the psychological, all right, i good, i have puts. or up a lot to recoup. but i think, you know, i agree with tim that it is gone from -- i don't even know how to say it. the level of uncertainty surrounding what the chinese government will do is obviously very, very high. my mistake was i thought when it wasn't the ant financial, it was when alibaba paid the fine, i think it was about $4 billion, i don't remember exactly, and i thought all right that is sort of the all clear for alibaba and didn't fully appreciate the -- how much it could suffer in the event other industries being in the cross-hairs and so we'll see they have earnings on early in

august i don't know that that matters so much any more i'm not sure but i feel like, all right, i know exactly how much i can lose, exactly. and i don't need to decide any more. >> here is my question i'm going to the em merging market specialist and that would be tim if you owned the etf, eem, china is a big part of it and you see the drag down and people possibly liquidating are we going to see the etf impact worsening the draw down that we're seeing in china. >> to get china right, it is probably more than 43% of the e.m. and this is good news for samsung and taiwan semi. people who need big cap or asian tech, these are great companies. it is the largest stock in the e.e.m. e.m. is ten year lows, fresh lows relative to the s&p when in february it was breaking

out and it was actually near all-time highs this is a major reversal and very frustrating. >> still ahead, bitcoin breaking out today. b.k. joins us next on what is behind the big move. and later we're gearing up for tech super tuesday look at the big names reporting tomorrow after the bell, we have your setup when "fast money" returns. . ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ we'll get there together. no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences

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welcome back to "fast money. bitcoin surging today with prices topping $40,000 for the first time in six weeks. the big moves comes amid of crypto related headlines including reports that the doj is investigating for potential bank fraud let's get to kate rooney with the details. >> sentiment appears to be turning around in crypto markets

with bitcoin back above 40,000 today. but it is losing some steam as amazon denies reports that it is getting more serious crypto. a.m. saying that they plan to incorporate bit koip into payments by the end of the year but an amazon spokesperson telling cnbc, notwithstanding our interest if the space, our specific plans is not true one other factor that had fueled the rally earlier in bitcoin, new data shows that more than $800 million in bitcoin short positions were liquidated on sunday night and in other crypto news, some leverage may come out of the marks. two of the world's largest crypto exchanges ftx and finance announced they are lowing the leverage that users could trade with more than 100 to one down to about 20 times. and the justice department meanwhile is reportedly investigating possible bank fraud by executives tied to the

cryptocurrency tether, according to bloomberg news. diedra bosa asked the general council about transparent in an interview last week and the chance of an audit. >> just to follow up on the audit, to go back a tiny little bit, i know you said you would be thrilled to be the first crypto company to go through an audit. do you have a date in mind >> we don't at this team but we're reaching back a couple of years for the financial audit and that is in process. >> do you think that is years away, months a way. >> months not years. >> only months away. >> yes, we think so. >> tether has the world's third largest cryptocurrency this year and sees more daily trading volume than bitcoin and edger. >> let's bring in brian call e kelly on "fast" line good to hear from you. it sounds like the short covering was a huge driver

>> it was, yeah. great to be on big fan of the show, melissa, thanks for having me it was -- there was a lot of short covering going on. i know a lot of people talked about amazon being a catalyst but a lot of the amazon news was out about a week ago so i think what happened with the big move is you did have a significant amount of shorts and then you may have gotten a whiff of that amazon news, a whiff of the tether news and all of a sudden they created this big short squeeze on a sunday afternoon, sunday evening when the market is a little more or less liquid. >> so what do you -- where do you think bitcoin goes from here it was a bounce, it didn't told 40 so now what >> yeah, i mean, listen, no surprise here. i'm still bullish on bitcoin i mean, the real game here is whether or not it is going to be adopted as an institutional asset. and i don't see anything that is changed my mind on that. and then the secondary part

which is the tail wind is whether or not federal banks and the central reserve will tighten monetary policy or continue printing and i don't see how they could not continue to print. >> it is karen let me ask you, we've been following this gvtc, the bitcoin trust which went from a big discount to a very big premium just today what was that all about? >> so that is probably to me, that is the biggest news that we've had in crypto in the last week or so so what happened was jp morgan announced that their going to allow their financial advisers to buy gbtc and also osprey as a product very similar to that and so what happens is this is been a drag on bitcoin because that discount, when people were first getting into it, they were trading at a premium so they buy bitcoin and they put it into the

gbtc and wait six months and hope they get an arbitrary on that when it is at a discount nobody wants to do that when it is a premium, people will buy bitcoin so this created kwdemand between spot bitcoin and the price of gbtc and if it is successful, that will create more flow into gbtc. >> we call you the bitcoin baller but you're a enthusiast over the last month edge eerie um bottom odd you the. you see a bottom here. are we stick in a range here talk to us about the catalysts this summer and later on in the year >> yeah, so, i actually barely bullish on them and they're -- it is an upgrade it is call eip 1559 for those

tech savvy folks that want to look at it it switches algorithm to a proof of work to a proof of stake. so it uses less electricity to mine but the more important thing is they're changing their monetary policy so they could be a deflationary currency and in terms of cryptocurrency, deflationary in terms of cap supply is generally good for price and so you've got everything in the world that is built on ether and plus a new monetary policy and tail winds from adoption as an asset class and to me that looks pretty good for them >> b.k., thanks for calling in >> yeah, my pleasure great to chat. >> brian kelly, our bitcoin baller guy, i'll go to you because we've seen bitcoin take a tumble when we thought inflation was too hot and was t was gone and

we're going to stagnate. what is your sort of take on its behavior >> yeah, it is interesting, dan and i had an opportunity to talk to michael seller today and i was of the belief that a weak dollar would be a benefit for bitcoin but he's of the belief that both could go higher and he also brings and i'm bringing up because he's the maharajy of this thing there is not a question of if but when the company makes a announcement into the foray into crypto it got up to 40 and failed there. 24 hours is a day make and maybe we meander around 35 but b.k. makes compelling arguments as is michael. so maybe the bottom was put in with the flush down to 28 a week or so ago. >> coming up, we're watching shares of intel. the company ceo is speaking right now. we'll bring you the details straight ahead and shares of tesla as faults call kicks off lle latest from the conference

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tesla shares are up about by 2% in the after-hours session. let's go back to gene munster,

our "fast money" friend for an update on the call we're nine minutes in. anything earth shattering? >> what is not earth shattering is the call started late true to form elon, he makes us all wait so we're a full 60 seconds into the call i have by the way cued in for a question and i'm changing my question i'm going to ask what the impact of a $25,000 vehicle they've talked about this model two, we don't know what the timing on it is, what impact that would be. so i'm anxiously awaiting for an entertaining tesla call. >> $25,000 model two what could the margins be on a $25,000 car? >> probably not veryhigh but if we kind of rewind back to our conversation with tim and the team earlier, this idea of having a mainstream vehicle is critical and so i think they need to feather, we talked about fsd and the subscription service that is

extremely high maergin so a $25,000 from fsd from other products could create i think these higher margins i don't know if they're hit the tech like hurdle, the 20% gross margin vertical. so the big picture is this, there is a lot of talk of competition and eventually tesla is going to have a $25,000 vehicle that compares to kind of their starting point right now at about $35,000 >> all right gene, i guess we're about like 120 second news the call now thank you. >> we are, yeah. thank you. >> tesla is up 2%. a $25,000 car, that is interesting to think about a move potentially into fleet vehicles, dan? >> we were talking about on the break. that was the kind of the rage. that is one of the main reasons for autonomy and the fleet, whether it is be ride hail or whatever to get there. but tim said something interesting, yeah, maybe we get there, in ten years. who knows.

i think the timetables keep getting pushed out and i'm not sure you want to pin your hopes at this valuation at this market cap on that and to your point, 25,000, they've had trouble. >> they've had trouble with the model three getting to those numbers. an when that car was announced, they were going after the mass market and it is not there so we'll see >> all right coming up, the $6.5 trillion count down and what to expect from apple, alphabet and microsoft. and the move on intel which is down about 3% in the after-hours session. we'll have the latest on that when we come right back. >> miss a moment of "fast" catch us any time on the go, follow the "fast money" podcast. largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches...

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turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. welcome back to "fast money. we have a news alert on intel. shares are down about 3% after hours. john has the details >> they just took a dive as they ended the presentation portion of what they were doing. now they're doing q&a. that is on behind me but here is what the news was. intel saying that they're not as far behind as we think in their manufacturing and process technology and offering new benchmarks for manufacturing and

a new nomen clature. so rather than going by nanometers right now their in ten nanometer trying to transition to seven, they're going to call the next process node intel 7 even though it is technically not 7 nanometer in the sense that they were measuring before, they say it is competitive with the industry seven nanometer from the four, three, 20 a and 18 a and others in the industry have said the nanometer form wasn't working and wasn't apple to apples intel announced a couple of new technologies ribbon fet and -- are going to put them ahead of others. >> that will ramp in 2024. and finally people were wanting to hear customers for intel's technology and foundry they announced aws, the first cust for the ifs packaging and qualcomm is interested in the 20

a node that they just talked about. i think investors wanted to hear more specifics than that and that is when the stock dropped after hours when pat was ending with that announcement i'm going to go deeper on the technicals here and try to get a sense of whether intel could pull this off because asml is a key supplier to the whole industry and some of this relies on their technology. can intel get the supply of their equipment in order to manufacture this, melissa. >> john, thanks for that jon fortt, shares are down 3%. tim, i go to you. >> there is two things first of all, pat was talking about we're now ready to take on the world by 2025. a and the argument is that we're farther along than you think but creating leadership in terms of trying to set trends on nomenclature is great but they still remain far behind and in fact taiwan semi and samsung have been the great

beneficiaries of that. >> do you hold this and hope that by 2025 they're in, you know, some sort of a lead? >> it is a long time it is a cheap stock relative to some of the peers and tim just mentioned taiwan semi. they're making chips for the whole planet right now and it is interesting that the headline today is that intel is making chips for qualcomm. intel missed mobile so now they're going to make chips for the once competitor and i don't like that change in nomenclature like their moving the goalpost so much focused on seven and ten nano. >> move away from that. >> to me, listen, i don't mean to be an arm chair quarterback, over the last few days not a lot of great news. not much for investors here other than valuation and maybe hope over time. >> nob of us here are chip experts. >> no. >> guy, favorite chip stock? >> lays. oh. i thought you were talking

about a different kind of chip no, i mean, none of us are experts. we don't pretend to be but with you woe break down numbers we mentioned last week that the data center was great and the raise was ridley poor an that is why the stock sold off you're not going to get killed here in intel at 53 but you won't make a lot of money. i'll stand by that amd is eating their lunch as is c qualcomm is equally cheap. intel at $53, i don't think you'll get killed. amd in earnings tomorrow is really interesting. >> still ahead, we're gearing up to for a super tuesday with earnings tomorrow after the bell, we have wur your s up etif the reports when "fast money" returns.

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welcome back we're about to kick off a monster day of earnings, apple, microsoft and alphabet tomorrow. let's bring in mike khouw with the setup on one of the titans. >> so i was taking a look at apple. apple didn't trade well above average options volume because it trades so many options already.

it represents 4% of the all of the options traded in the united states today and we saw calls outpacing puts by more than 2.7 to one riepgts now the options market is implying it could move higher by about $6 or 4% of the stock price given the $2.5 trillion market cap that would be a swing of about $100 billion. and the weekly 155 strike calls, over 112,000 of those traded for just under $1.10 and they're risking less than 1% of the stock price making a bullish bet that the stock could raleigh by the 155 strike by more than the dollar that they paid. >> karen, which earnings report are you looking at most closely? >> well, google is my biggest position so i'm looking most closely at that. but i have to tell you, i'm not optimistic about a trading well, given it is up 11 and change percent for the month. and nothing has happened so i'm just afraid all of the good news, and there will be good news, is already priced in. i'm not going to sell it and try

to trade around and realize gains and pay taxes. but i feel like the bar is very, very high. >> twitter and snap wasn't favorable for the later, you know, ones like a google guy, what is your thoughts on apple? >> apple is going to crush for me it comes down to what percentage of revenues is basically services going to be if it is north of 22%, it is $160 stock that is your bogey, percentage of overall revenues for services and you see the acceleration of growth and the stock continues to grind higher. >> i would say that is important because if you look at the next year and the year after that, expected earnings and sales growth, they are low single-digits, trading at 28 times so you better see the higher margin growing in the trend and increasing and that is not what with say. it got down to about 16% a couple of years ago so it

reaccelerate and we may see that plateau. >> but investors will have a chance to underscore installed base and why the services revenue still has plenty of runway apple biggest issue is a 22% move in 35 trading sessions going into this number but it is till underperforming the market and that is good news. >> and mike, you highlights apple about what are your thoughts on microsoft. >> it is interesting you mention microsoft because of the big five reporting this week, that was the only other name that today at least actually saw more bullish bets than bearish. an so microsoft we also are seeing modestly bullish bets going into earnings. the others are looking at facebook, amazon, the bets are more mixed in terms who have is making the bullish and the bear bets in terms of short dated options. >> guy, in terms of which stock you think, which earnings report will have the biggest impact on the tech sector, which would that be.

and i know that is a hard choice. >> no, that is -- that is pretty broad. i think, listen, say what you want, but amazon last two quarters has been fascinating. ridiculous quarters as in great quarters and both times the stock trades 3500-ish and i'm hard presses to believe that happened against so the answer to that question would be amazon. >> all right thank you, mike khouw, for more "options action" tune into the full show on friday at 5:30 eastern time up next, final trades. ♪ ♪ ♪ ♪ ♪

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time for the final trade let's go around the horn karen. >> yeah, morgan stanley. we don't talk that much about it but i like the change in the business model the last few years it is working to so they're not a bank, they're banking and asset management and gravitationally pulled toward 100 i think. >> guy >> gravitationally pulled to a new all-time high is mcdonald's in earnings on wednesday. >> tim

>> love the golden arches, i love international paper on thursday we talked about lumber and paper prices have held the margins and i think the company is better run than ever. >> dan >> so we talked about manufacturing for the world in 2025 taiwan semi is doing it right now. >> thanks for watching "fast," "mad money" with jim cramer starts right now hi 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 some money. my job isn't just to entertain but to educate and teach you so call me at 1-800-743-cnbc. or tweet me @jimcramer. some days come down, they come down to nightmare an