here live in overtime. given everything that is going on right now in technology, including the ark funds, can you not afford to miss that interview. 4:00 eastern in overtime tomorrow with cathie wood. that does it for us tonight, i'll see you in o.t. tomorrow. "fast money" begins right now. live from the nasdaq market site, this is "fast money. and today for the first time since the start of the pandemic, we have got a full desk of traders. great to be back i'm melissa lee with us tonight tim, karen, dan and guy. we haven't been here together since december of 2019 so it is a very big day. ahead on "fast," arms and the energy trade as the price of crude has tumbled and plus elon taking his ball and going home, at least for now musk now not joining the board of twitter what is his about-face signaling. and we'll debate that.

and uranium is up 50%. the man behind the trust etf will join us he said this bull run is only in the second inning. but we start off with a rough opening to a critical week the s&p dropped more than 1.7% closing below the 50-day moving average for the first time since march 17 the nasdaq was down over 2% with the q's gaving up half of the gains and look at the ten-year, the highest level since january of 2019. impact of rising rates in focus. governor christopher wallace saying the central bank is doing all it can to prevent collateral damage and acknowledging that rate hikes are a brute force tool that could act as a hammer on the economy a lot going on today, guy. not many reasons to be bullish right now. >> no. when you're a hammer, everything looks like a nail. and tim talked about this over the summer, more fed means more volatility and we're seeing it for the first time in a long time last three weeks prior to the

last couple of trading days the market took me by surprise in terms of the speed and just the ability for the market to rally. in the wake of all of this bad news now i think things are starting to feel more right yes, i know that twos, tens went from being inverted. to me the story and karen brought this up in the form of hyg is ch is below 80 and trading at a two and a half year low and that is the precursor of meaningful stock sell-offs. >> and this sell-off comes after a 3.9% move lower last week in tech and i still think for now semiconductors are the most important chart out there and if you look at what semis have done, the under-performance is almost shocking. so down 15% over ten sessions. during that time, has underperformed the market by 10 bers and we talked about nvidia getting down to the 210 levels an giving back 35%, the moving in the sensitive and cyclical

parts of the stock market are awful and is it doesn't bode well in terms of the charts. i know carter is going to be here i think we have a handful of other things that look zents for the broader economy. we forget that the consumer has a job and that part of what is going on with rates is not just the fed. but i do think there are good parts of inflation curve out there. >> they have ajob and wages going up, not as quick lip as the pace of inflation. they are in better shape but there are some reasons to be worried about the impact on the consumer of this inflationa air assent that we're going through right now. >> and the consumer feel goods if their employees and wanls are going up, but when they go to the supermarket and see food prices spiking higher, when they go fill up their gas tank and see oil prices going that much higher, i think that it becomes a self-fulfilling prophecy when consumer starts to pull back but i don't think that has happened yet. i still think there is some force from reopen, if you just

look at new york city, the city is just exploding, restaurants and theater and all of that. so i think we have a little more time but the reckoning is coming. one thing i want to point out, we knew the fed was hawkish and they would come out every day again and be hawkish, hawkish. and so we saw over the weekend, investor on face the nation, we saw it today and it is interesting to me the market sold off again on the very same news, 50 basis points and maybe another 50 and we're going to be very hawkish. >> hammer is not good terminology. we've talked about how large cap technology has held up relatively better. but today that wasn't so and we did see the pockets of the tech sector that had really taken it on the chin before and this is a point that you've made before, like the igb, they do better than the large cap tech stocks. >> and some of the names should not be as sensitive as the inflationary pressures that some companies that we're going to hear from as we get q1 earnings over the next few weeks, they're

have to make a decision to pass through some input costs or eat which is going to hit their margins which will be a hit to the earnings so when i think about mega cap tech today, all of us were kind of scratching hur heads, we thought the rally off the march lows got too far, too fast and i think apple had a great deal to do that with and it went up 30 points, it is like $400 billion or something like that. so on a day like today, and we'll talk about the microsoft, i think this is an important we'll talk about it later and i'm going to say now because you asked me, the note was about zee seller ating growth in a key recurring business so if you were start to see some of the sentiments that make up 40% of the nasdaq 100, as we get through q1 earnings season, that is an argument for a lower multiple on those five or six names which have been really keeping the markets levitating despite all of the other damage out of the hood. >> and nvidia is one of the

names that people look at a bellwether on march, i think it was the 14. it traded down to 203 and we talked about it on "fast money." this was the first time in a while it is given you an opportunity to get long in the name trade up to 290-ish within a couple of weeks. right back down to 220 again, i think the market is focused correctly on valuation and all of these things are very short-term oversold bounce one has to wonder what happens if we break those levels for example, 203 in nvidia and apple had a rough day and microsoft we'll talk about so. we're starting to lose some of the horseman of this rally. >> and google to me is down. i don't know, 10% or so from the peak if you back out the cash, the pe multiple is below 20 same for meta. so those are big positions for me i think not surprising they get sold off with other tech but i think of them as growth and value. >> remember last week we were talking about some of the mega cap techs as being defensive

the same environment where the market was selling off, these were catching a bid and dan brut up some questions about the growth in microsoft and in office and what not. i don't know that we know until we get to probably second quarter numbers, what the feds and we talked about aggressive and scary sounding terms, what needs to happen with the interest rate hikes but i don't think we're going to know. and what we do know is that very few companies had it as good as apple and microsoft did during covid. there is no question about it. and that is what worries me as much as anything. >> i'll say this, i think we're going to be having this very conversation for months. i think we're going to be scratching our heads as the market has a 10% rally off a relative low and we're going to go back and retest those sort of lows i think we're due for chop and remember last year when we did not have a peak to trough decline in the s&p 500 of greater than 6%. given all of what we knew about the building inflationary fears

and the uncertainty as it relates to the pandemic. so this is what we get, people this is really it. we were due for -- >> people. >> those people. thank you for showing up here, guys i think we're going to have these sorts of conversations guy's point, there is a lot of great trading opportunities and to karen's point, i think some of the names that you love the best thinking long-term, five years out or maybe more, you're going to have opportunities to kind of dollar cost average into but the real question and i think guy said this all of the time, if the fed has lost the script, if things really do get out of control then we are due -- we had 20% lower in the nasdaq let's see how everything acts if the s&p gets down there. >> you mean recession. >> the ten-year in 2018 when it got above 3% for the first time in a long time, what did the fed do they moved to a hugely dovish stance if they -- if we're talking at

some point because of a recessionary fears about going the other way on rates, think this is where risk asset goes haywire. >> think about every chart over the past couple of days and all you see are people showing you this chart about how we've broken to the upside of what is a trend. i hear you it is hard to imagine a world where rates could get that far ahead of us but it does look like we've broken what has been a very long-term don't trend. >> then we're talking about the revival of a fed put so to speak. for a while we were saying that the fed put is gone out of the market now the fed will not let that happen >> not if you listen to bill dudley. >> i don't agree i think the fed -- the fed is very hawkish certainly with hikes and i think also with qt they started to really be aggressive with that to me losing the thread means the credit markets start to get really down. but they're not yet. they're down -- >> that is the sentiment in q4 of 2018. don't forget there were growth issues there people were saying, they're hiking into a slowing economy

and as soon as the stock market went down 0% in two months, they changed their tune and they didn't hike rates until last month. >> and we hadn't spent $4 trillion. >> and if you feel we gov a stave off of that economy, basically the war economy, everything that came out of covid was a war economy and i think in addition to stimulus and in addition to what we have in terms of infrastructure build out, i don't think we have the same economy. >> all right leapt's talk about this recent move in rates. this is what the chart master calls most important trend line in the market in play. let's bring in carter worth. tell us what this means. what are you looking at? >> we're all looking at same line and if you have the most important market in the world, the government debt market, and you draw your lines, there are two ways to do it here and now and by all accounts, the traditional way, the chart that we'll see in a second, we have

broken to a trend but we haven't on the log chart so here you see on the screen, this is the all data and it is an -- scale and so you have peak on 1981, it was a 15 spot 8.7% and our low on march 9th of 2020, before the low, at 31 basis points here is the thing about drawing trend lines. you could connect any two points and that is not a trend. you need at least three points and to be fair, if you take the point where we moved above that trend line, which happened about three months ago, we have a trend that at least has three touch points now look at the next chart this is the log scale. and actually in many ways this is the more important because how many times have we touched the trend line to the penny? six. and in the arithmetic, two points or maybe three depending

on how you want to draw the line this is the same line since the 1981 peak and that comes into play at two spot 81% and we are vieh close to that. how we react to this line determines a lot were we to back away because recession type things are coming, or do we really push through and in a meaningful way and what your discussion was just how far could we possibly go i don't think there is that much left in the yield advance. >> so just to underscore that, carter, 2.81 is that trend line, that area of resistance. carter braxton worth, our thanks to you always of worth charting. what do you make that is not too bad. that is not too far from here. >> we're there and the ten year chart, people don't spend a lot of time looking at european rates but this is more dramatic even than the ten-year it tells me we're going inverted on the yield curve because i

think the fed has to go higher than 250 to 275 in fed funds so i think this is what dan was saying it is hard to see rates go higher expect for the fact that charts are telling me they want to go higher. >> but what did karen say, but the $4 trillion that we've added an that is the reason why it is not going much higher. they have to service all of that debt and they might have the opportunity to do a dovish switch is because growth is slow what if crude oil was back at $72 where it was six months ago. >> we're going to see a cpi print or a pce print that is going to be high 7s, maybe 8-4 and that is a big difference and don't like to disagree with carter because that is not a good call but i was be interested to see inflation over lay because we are so far out the inflation curve relative to that, that was peak inflation at the beginning of the chart and we've been down ever since so i think we could go through there.

>> let's play choose your oeb adventure. let's say do you believe carter and 2.81 is the ceiling for ten-year yields. what is the investment then. do you think the markets could geta respite >> no. i think if yields stop at carter's level and start going down, yields will be going down because the market is selling off and people are buying bonds as a flight to quality if we stop here and start going significantly lower in yields maybe somewhere between 2.3 and 2.4 and it is because the broader market is selling off. that is what you have to be concerned about. >> my venture is i want to believe in a healthy consumer and in a labor market that is tight and very light positioning here in terrible sentiment all of the things that could take equities higher again, i opened up the show saying i hate where the charts are and think semis tell you they are going lower but i do think you have a dynamic where right now this is an economy where the fed has some room to push. we won't know the impact of the rates for six to nine months and

for equities we're going to test the old lows an we're close to them we're going to push through them and then setting up for another very strong rally. >> if carter is wrong, which is the call that most people don't necessarily want to go with because carter has been right so many times. >> to the penny. >> and rates go higher, above that trend line. then what happens with stocks and i asked this question because it seems like no matter what the scenario for ratdes, st stocks go down >> for the last 13 years it has been the opposite way. and guy said this all of the time every time the market sold off it is a great buying opportunity. and the point i was making a couple of minutes ago, i think we're going to be having this conversation a lot over the next few months an the s&p, if you're not a stock picker and just tune in for tim's great hair or guy's good looks and you're just long or something like that, then you're only down 7.5% after the s&p was up 26% last year not so bad given everything that we know. >> well i think if we get there,

those higher rates because the economy is moving along, because people are still employed and pmi is up and that is a no case scenario and i think stocks could do better even with the fed tightening. >> inflation is running rampant. >> that is not as good >> and was that blue -- >> i didn't know >> ben stiller. >> zoolander. >> should i try again? >> yeah, do it again >> don't you have a bandana or something. >> somewhere in my jacket >> parents look away there the screen ready for takeoff. airlines gaining altitude ahead of earnings so which names are worth a look and plus microsoft deep in the red as analysts get bearish. the growth warning their flagging straight ahead. do not go anywhere "fast money" is back in two. (vo) verizon is going ultra! and now, you can too with the offer you just can't miss. for a limited time, get a 5g phone on us!

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get internet and voice for $49.99 a month with a 2-year price guarantee. and ask how to get up to a $650 prepaid card with a qualifying bundle. welcome back to "fast money. airline stocks moving higher today. staging a comeback as crude pulls back 4% after tush lentz start to the year. are wr will turn around for the sector continue. we're talking about consumers spending on going away, tim.

>> they're spending on going away and getting back to work. and i think there is a lot of things that i could speak to and zan talked about it in terms of my work life which is business as usual if you listen to delta, they're going to announce in a couple of days they gave an assessment of where first quarter was relative to q12019 and they say they're at 78% of that is that good enough. for a company that didn't dilute their shareholders and load on a ton of debt, delta has the most normalized profile coming out of this even in a world where transatlantic under the bus is under pressure >> i like it here. >> the business travel ser getting back out there even if it is not transatlantic yet or to asia but in the united states, just take a look at your airports. >> no question i still think, look, it is going to be dicey for the broader market without question. delta reports on wednesday before the bell. i don't think it is an earning story but i think they could

rally massively in the back half of the year. and then the travel stocks, the airbnb and i think dan has the a in it and put expedia in there as well. for those travel-related names, that is where you want to be and it might start for delta this week. >> and wee talked about how zoom was taking market share from the airlines look at zoom. it made a low of 95 a month or so ago and trading at $109 and is that stock feels like it is going to break those lows here i don't know about you guys but i'm going back to the phone. >> i thought you were going to say in person. >> well like a rotary. >> i'm the same age i was two years ago. just a couple more gray hairs. just two years older, i'm the same person. be nice. >> you haven't been in the airline trade in a while. >> i haven't it was before the pandemic, obviously missed a gigantic run

after the pandemic i don't know if inflation might be good for them could they pass along the higher energy costs probably do they chart -- >> they always have. >> right and it is good for their debt. to pay off their debt with a lower value dollars but they have to refi but that is down the road. >> we're gist getting started here on "fast money. here is what is coming up next. >> social swing. elon musk dropping plans to join the twitter board. so is a takeover on the table? the traders break it down, next. plus, coins crunched, bitcoin dropped below 40 k as the crypto market heads south. is there a bottom in sight or is crypto winter in full effect the details ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. you can watch movies through your phone? and y'all got electric cars? yeah.

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everyone will love. is this wagging? - good right? welcome back to "fast money. a quick check of the market action today stocks selling off into the close. the dow and s&p both dropping more than 1% both closing below their 50-day moving average as the tech heavy nasdaq is dropping more than 2%. turning to twitter, shares finishing in the green an elon musk announced he would not join the board. the tesla ceo was supposed to take the job over the weekend. for more on this musk whiplash, let's bring in oppenheimer analyst jason healthstein who has a $60 price target on twitter. great to have you with us. musk not being on the board and being allowed to acquire more shares that gives him for freedom and latitude to force change if he choose to and it is not clear what he will choose to

do what would you like so see him do from a shareholder perspective? >> look, i think we need some answers from the company and so around why isn't user engagement stronger for a period of time, one could blame covid more times spent at home on devices but i think the question is, if the product improvements are working and if you follow the narrative, it does seem like things like topics, the way to create accounts are getting easier. why isn't -- why is user growth slowing and i think one of the questions investors has is it a content decision that the company is making that maybe alienating other users and encouraging them to go to other platforms. >> how do we get that answer that is the question that everybody wants answered and that is what elon musk brings to light in this debate over where twitter is going how do you as an analyst get that answer and how do you come

up with that $60 price target if we doern't know where that answr is. >> why wr is snap today and twitter is a 63% to snap and so you could -- it is not hard to say if you believe in the company, how do you get upside but i think that the pressure needs to ultimately come from mr. musk so to the extent that he made the decision not to be anon the board, it doesn't mean that he wouldn't prefer to get his nominees on the board. this stock doesn't have broad investor support if you look at a lot of the investments from index fund passive investors if you do get other investors who do want to piggy back mr. musk, and they're willing to lend their support behind his nominee or nominees, i think there is a way to get a company kind of face some hard truths, which is what do they

want to be when they grow up now this is not a small company. but the question is can you get to be a billion users over time and that truly kind of dominant, you know, like global platform and do you want to be an advertising company? do you want to be a subscription company? what do you want to be when you grow up? >> so jason, i think i wonder if the company has gotten that message to some extent if the stock is going to go up every day musk is connected to twitter in a headline and goes up even more the day that musk decides not to join the board and free to acquire more shares, isn't that the answer that the company has gotten what they are doing is not what shareholders want. shareholders want something else >> again, look, just the stock's reaction to the initial involvement and in today what was a weak day for some tech stocks, twitter was up again as a big short covering day but for some of the tech names, but look, i think it is showing

you that there are investors who believe that this asset can be better managed and i think the question is how do you become a platform for a more diverse group of voices. it is clear that the other social media platforms do not want too be in the news business or the -- or the information business there is other areas that they're focused on and this is -- this area is ripe for twitter to be successful and so, look, i think it is starting with clarifying what content will be acceptable on the platform if advertisers don't want to support that content, potentially because again we are seeing a lot of advertising just not be around news content, then perhaps there is a way to turn it into a subscription business. there are plenty of subscription business models on internet today. and so again i think what you're seeing in the stock is that investors do want to support mr.

musk pushing change. >> jason great to speak with you. thank you. >> thank you. jason of oppenheimer bloomberg had an opinion piece and thought it was interesting michigan isn't joining twitter, twitter has joined him i thought that was really interesting given what we've seen so far. >> i understand why he didn't want to go an ott board. i think he could do so much more from the outside co put ideas forth to the twitter sphere and get good feedback and so he would probably be bored during the meetings and not only is he free to buy shares and free to sell shares f. he were on the borard, he would not be able to sell shares except for occasional windows and now he's free to sell whenever he likes i get why he did it and i'm not sure why he said i would be on the board. >> for investors following him into the trade, he's never articulated why i think it is a good investment. he's addicted to the product

and finds it fun and he wants changes to happen. and he likes trolling them and i think it goes back to his view of the world, jack dorsey's view of the world and people that have created centralized platforms and i think he's having some fun with it. if he were on the board, he would have a fiduciary responsibility i suspect he gets bored and don't think he could effect the change that he likes and then he moves on because he own with an average price below $40. so if he can't effect change that he thinks will turn into a greater profitable platform, then he will sell out and move on. >> we've seen activism around twitter before we had elliott management pushing on jack dorsey at one point and i guess the question is has twitter been left alone too long and i think stirring up the pot, we all recognize and the market has applauded, i think elon musk attached to anything, whether it is uranium or tesla, it clearly moves it higher.

i want the company, the ceo over the weekend said -- tweeted out be careful of distractions does that mean they're gearing themselves for a musk offensive. >> last week the stock traded almost half a billion shares over a two-day period. we thought it would stop at 55 and we got close they report at end of the month. they have a $4 billion stock repurchase in place from the last earnings report which is not insignificant for that company and jason has a $60 price target and i think it gets there. >> coming up, we're hitting microsoft and at&t heading in different directions and the reasons why ahead. but first crypto, getting clobbered. sliding below the $40,000 mark so what is next for the crypto trade? we've got the details whether "fast money" returns. >> get your trades to go with a "fast money" podcast catch us any time, anywhere, follow today on your favorite podcasting app

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welcome back to "fast money. check out bitcoin dropping below the $40,000 mark hitting the lowest level since march 16th. the rest of the market following

suit ether and ripple coming down big and we're coming off some big crypto conferences and twitter has been aflutter with all of these people gathering in miami. >> my friend said he's done with crypto conferences when i believe it, i'll see it well here is the dieeal. these things rally and they come in after and i'll just say this, our friend bk said this all of the time, bitcoin has become a macro asset here and so it is one of those things that i think a lot of people look to from a sentiment standpoint but it seems to trade very closely with high growth tech. >> so it was interesting to me that bitcoin actually caught a bid at the beginning of the invasion, right. you would think a lot of people trying to get money out of various place and then it has gone nowhere while gold, which has sat out for a couple of years, really became the sort of go-to hedge and that is, i think that is a knock on the bitcoin story for sure

and i feel like there is less institutional momentum we'll see if there is an etf that is created. that is important. but right now it is just kind of sideways, or worse. >> moving on check out the big bank earnings and jp morgan and goldman sachs and wells fargo and more analysts are expecting a major decline but options traders are betting on big games for one major name mike joins us with the action. >> we're taking a look at goldman sachs today. goldman sachs was actually the busiest financial stock that traded today and it trades over 2 times the average daily call volume and the calls oit paced puts by two to one there is a move about $15 higher or lower by the end of the week which ends on thursday after they report earnings but most of the activity was in the 330 strike calls we saw opening buyers paying a little over $5.60 a contract and their risking about 1.7% of the stock's closing price today betting that it will end the

week at least 4% higher. >> where did you stand on goldman? >> i think it is too cheap you heard pete najarian mention it on "overtime." >> does that make us double overtime. >> we say he was in overtime. >> he was in the halftime overtime. >> is it sudden death? >> he said that he bought goldman sachs. >> and the setup is good for goldman sachs. i think the setup for jp morgan, i'm sure karen feels this way, when did you mention the last time we were here together, december of 2019 well it was february of 2020 where everything created and jp morgan was making an all-time high at 136 and where it is now. and jp morgan in earnings this week for the first time in a while, i think it worth it is worthy of a change. >> we're off this friday but the following friday at 5:30

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welcome back to "fast money. microsoft shares dropping nearly 4% after ubs warned of a slowdown in office 365 growth and saying the work from home benefit is starting to fade and they kept a buy rating and the price target in tact, that is more than 25% upside from today's close. i don't really get that call particularly when they're talking a lot about pull forward that a lot of the businesses pull forward into the pandemic >> yeah, so i mean, i guess point is that we've seen this in many other businesses that benefited from the pandemic. especially with recurring mod elts here and they've held on but seen decelerated growth and the valuations have been clipped and so microsoft, if you're assigning a slower growth rate for the second largest business unit and we do go into the recess we debated about half an hour ago, you'll see new orders

decline. the recurring nature is the thing that justifies maybe 30 times but you didn't hear karen say before and talking about google and facebook, this is expensive and if it was a meaningful growth decline the stock is going to be rerated. >> 285 talk about a stock trading close to 29 times the number and when rates were at zero, nobody cared. when rates are moving up, everybody is focused on valuation. i think that is what is going on now. microsoft topped out in november-ish it is sideways ever since. and where do you buy it. i think there is another 7% down side into earnings on the 28th of april. >> the notes about this note was talking about channel checks and discusses with ir. that is interesting because sometimes ir will give the street a hint and sort of soften the street up, the numbers will come in light. that wouldn't shock me if that were the case here so, i think maybe they have --

not maybe it is not just an educated guess maybe it is firmer than that. >> the bar is high i mean 19 to 21% for the last six quarters in the second largest business which is massive by any measure so, i think that could be. it is what ir will do quite often and what is notable is that the long-term moving averages are slanting down the negative sloping 100 days not something that microsoft has had forever and it just tells you that what guy had said, that it hit the highs back in october of november and and the bar is so high for clearly one of the most defensive high quality names that you could own but the fact that it is down 10% in the last five sessions, when in fact there was a defensive way to play. >> i don't understand how everything is in tact when there is' deceleration in growth.

>> that is not confirmed yet it has 51 analysts and 40 would never downgrade it something horrible would have to happen and only four hold and no sells. i know you guys are going to love this, text book head and shoulders top, you see the neckline around 280, it looks like it has 260 over it in a tough market where investors are pricing in decelerating growth and higher rates an possibly slower economy in the back half of the year. but that gets you back to the break out level from last june. >> meantime shares of at&t topping the tape after closing the deal to spin off the warner media business the stock also feeling the love from wall street firms bank of america and jp morgan and deutsche bank out with positive notes, the warner brothers discovery was able to eke out a gain at the close. so this makes the business more core in terms of what it does. at&t and it also rewarded sh shareholders who did hold on with the spinoff.

>> i believe what the street has wanted to see for a long time and the foray into media are things that clearly have been disastrous and the value that they've destroyed. but again, you're looking at connectivity at scale. you're talking about $45 billion that will flow back to the balance sheet that will take net debt from three and a half times debt to ebidta to two and a half times and makes it with the dividend that is not an albatross that the company wears around its neck. it cuts it half, if someone is long at&t, it is a disaster. even though i've been getting paid along the way and i think i'll continue to get paid but i like the discretion here. >> so it is very similar to verizon on that front. i think shareholders were pissed at the time about that deal. and here we are, it is only what, two years later. that is kind of a clol ossal disaster i don't have an opinion on this price. but i don't know i just find that ridiculous when you have a giant disaster like that and two years later, forget

it never mind. >> the model, the notion of owning the pipes as well as the content and that being rejected makes you think about comcast, which is our parent company. so i'm not saying anything negative but it does make you wonder about that business model and whether this is the market for that sort of supermarket business model. >> you won't understand that but at&t is the joey gallo of telecom. now what does that mean. >> i don't even understand that. >> you miss an awful lot, tim. an awful lot i'm just saying. and finally for the first time in a while, 150 million shares traded today that is three times normal volume i think you could own the stock. we talked about it in the call i think it was a 38-year low today, at&t made but finally i think you have aable bottom. >> coming up, uranium on a tear and the next guest said this is just the beginning what the head of a public uranium fund has to say about the soaring prices more on that when "fast money" returns.

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welcome back to "fast money. if you're searching for a hot trade, take a look at uranium. the commodity surging 50% boostedly the war. but months before one major metals got into the space and the decision is taking off john is from a firm that runs the physical uranium trust great to have you with us. >> great to be here, thank you for having me. >> you say that we're in the second inning of a multi-year cycle and i'm wondering how you think of this game and how we get to the end of game how many reactors have to come online, how much uranium do we need to sort of satisfy in terms of demand? >> sure. well, there is -- the fleet of about 400 reactors around the world use about 180 million pounds of uranium every year and right now there is about 130 million pounds coming out the ground through primary production so you might ask where is this deficit being filled by and basically it has been secondary

supplies that is coming to an end and those are nonutility buyers made by different hedge funds that want to get involved in the physical commodity and over the last 12 months the nonutility buyers accumulated over 15 million pounds of uranium. so utilities who are the end user are obviously competing with nonutility buyers right now. >> so right now, as it currently stands from what i understand, just the current fleet of reactors and they are operational and running and they will not be decommissioned by the end of the year. i'm trying to understand what the dynamics are in terms of how sticky this demand is because i understand many reactors in europe will be decommissioned in the next year or so. >> what we believe is there is a new renaissance coming in nuclear power industry because last year it was really all about decash onization and energy transition.

governments around the world acknowledging they need to involve nuclear as part of the clean energy mix because renewables have issued with internet, we've learned over the last 12 months so governments around the world are supporting nuclear power and now if you fast forward to the start of the invasion of ukraine, that is now added additional stress to the sector because now governments are increasingly focused on energy security and that energy security as we're seeing certain governments in europe are learning the hard way that transitioning away from nuclear like germany has done has caused them a lot of problems whereas france their neighbor has been very pronuclear over its history are not having the same kind of issues >> john, it is tim congrats on a call that i know you've been committed to for a long time and it almost seems that everybody is coming on board with uranium talk about the self fulfilling and feeding dynamic of liquidity in the markets for uranium plays and why that is also going to

push more institutions into this trade. >> sure. well i'll start off by saying that it was about a nine-year bear market. so over that period of time, it was massive destruction of capital. and quite honestly, 18 months ago you can't talk to anybody about this and it was out of favor. fast toward and we've had conversations with 100 different financial institutions and they are interested in this theme and one takeaway is that it is a very small market. if you look at amount of uranium used by the reactors, $11 billion a year and if you look at the value of all of the uranium, the uranium companies, their publicly traded there is about 80 of them, they only element to 37 billion in total market cap so if you compare that to some of the oil and gas companies like exxon, exxon is ten times the size of the market cap of those companies or even some of the smaller oil and gas companies are two to three times the size

so investors are realizing and they we there is more capital to come. >> john, great to have you with us it is been a hot trade it doesn't feel like a fad though. >> no, not at all. we've been talking about this. i think 11-year high today ccj you'll see more upgrades over the last month or so new mot mining, but new mining made an all-time high today. a name we've been talking about for a while. so the mining trade is no it is not a fad and i don't think it is even close to getting started. >> are there giant uranium companies that are private that will become public or is that -- or is he talking about the small amount of market cap that there is for uranium companies i don't know the space. >> that and the physical and just owning the physical it is part of where you're going to continue to see more liquidity in the space, owning it outright. >> yeah. the actual uranium you've been in this trade.

>> yeah. and i agree. it is not a fad. it is about energy security. it is about a dynamic that i think germany is learning painful and decarbonization and there are three trends that did not happen overnight i'm long spraut who are involved in a lot of different interesting areas that are in the same kind of tail wind. >> up nextfil ad, natres savings on your prescriptions? just ask your cvs pharmacist. we search for savings for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy.

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when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technology to give you personalized support, for all-day pain relief. find your relief in store or online.

it is time for the final trade. let's go around the horn tim. >> i think we could have slipped in a segment on silver, slv with all of the others. don't fall asleep on gold, i think silver could outperform gold here. >> karen. >> i feel like it is wizard of oz your dorothy and the tin man. >> i'm scarecrow. >> final trade, uri. >> dan >> not particularly interested in at&t. it is almost like a good bank bad bank situation but maybe that warner brothers discovery is worth a look. >> i miss you most of all

scarecrow. i actually cry when i say that. >> there is no place like home. >> twitter 47 1/2 is your entry level. >> it is great to have you all back here on the desk. thanks for watching "fast money. we'll see you tomorrow "mad money" with jim cramer starts my mission is simple to make you money. i'll help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. i'm just trying to save you some money. my job not just to entertain but to educate put this one in perspective.