and unprofitable tech, as long as it has a.i. attached to it. and frankly, that's how it should be. because all software is unprofitable until it is >> yeah. so we're going to continue to monitor that we have ppi tomorrow, we get the fed decision tomorrow. we also get lennar earnings after the bill that does it for "overtime." >> "fast money" begins right now. right now on "fast," unbull-lievable. the s&p and nasdaq hitting fresh 52-week highs. with insflags cooling and a fed decision less than a day away, can the rally roll on? plus, biogen blews the stock dropping as a polarizing director, his live-in partner, a baby, and a bitter divorce battle you heard that right the details in the fallout straight ahead. and later, tesla's lucky 13. the winning streak rolls on a downgrade for apple as it sits around an all-time high and stocks in japan have done

something they haven't done in 33 years i'm melissa lee, this is "fast money. and we start off with fresh 52-week highs for the s&p and the nasdaq both indices putting in their best closes since last april again, the dow meantime posting its highest close since just before valentine's day the latest moves coming after new signs inflation is cooling the consumer price index posting its smallest gain in over two years in may, as energy prices pulled back from last year's highs. and egg prices -- yes, eggs seeing their biggest month over month drop, falling 14% from april. treasury yields rose the rates on five and two-year notes closing at three-month highs. so, is all of this a recipe for this rally to keep going or will the fed tomorrow bring investors back down to earth guy, what's the risk here? >> first show we've ever led withings -- >> you think so? >> i know so, without question

>> bird flu? >> the fed has complete air cover now to be as hawkish as they want to be. given the health of the market, given the fact that the credit markets are in tact without question, there's no reason for them not to be hawkish and they could take a page out of the bank of canada's book and surprise some people tomorrow and get us a dose of reality yes, inflation, administration came out, said our plan is working, inflation's been cut in half, i mean, there's something some what disingenuous about that, coming off 9%. but there's still work to do, and given the way the market is, tomorrow should give them a lot of air cover to do exactly that. >> sounds like the air cover you're talking about is the rise that we've seen in equity prices the bond market is doing, opposed to the data. they are data-dependent, not mark market- market-dependent, in theory. >> i think we're getting a pause, but the cpi data, if you look at the core, is basically where it was in the second half of last year it's very stubborn

services, inflation were 15-month lows, this is part of what the fed's debating. we know about the labor data, where there's essentially, you know, 1.79 positions that need to be filled for every, you know, person actually out there looking which is more than two times the natural average. so, the macro is certainly says fed needs to remain, and it will be a hawkish pause tomorrow. look at fed fund futures we are now actually between now and year-end, rates go higher, not lower. so you i mean, this is pretty dramatic what's happened over the last couple days nobody is pricing in lower rates, which is interesting to see that equities aren't flinching. at all the math that you do when you're doing a discount, you know, doing an equity model or discount rate, et cetera interesting times. i think it's positioning for equities right now where people are, cash levels, sentiment. really, it dictates that actually all that easy, you know, pain trade stuff, i think,

is getting a little bit long in the tooth. >> i agree with almost everything tim said. i think to the extent that the fed is data-dependent, the data supports them continuing to raise. i know this was a little bit cool, but still, if you look at the absolute number, it's way higher than it needs to be, so, i think they can pause if they want i'm not really sure what it gets them actually, so, if i were they, i would continue to raise. we talked about 25 basis points doesn't really matter, no, i think the rhetoric matters just as much, but if i were there, i would continue to raise. i think the market can handle it, labor is still handle it they're not done inflation isn't where they want it to be, so -- if ill were th, i would keep going. >> the market is not positioned for a raise tomorrow, is it? >> the stock market seems really okay with rates where they are right now. >> yeah. >> twogo back to 2021, we saw ao of recent ipo tech, a whole host

of things started selling off well before the fed did their aboutface on inflation i think a lot of the smart money was guessing that they were going to have to battle this, they were going to have to raise interest rates, get back to normalizing interest rates and think what we all have to figure out, the fed is not going to get inflation down to 2% that number is going to get racheted somewhere between 2% and 4% it's probably 3% so, where does fund funds find itself in a normal sized sort of world where we probably have 3% inflation? and i think some of the things that's going on, i know this word that guy uses every so afternoon or never -- >> which one >> goldilocks -- >> no, no, please. i was in such a good mood. >> maybe there's a scenario where unemployment that we've all been talking about, how many strategists, us, who are not economists, say, where does unemployment have to go, it has to come off of 50-year lows and it has to go here to get the fed okay, because that one sticky component of inflation was wage growth, right? so, maybe we do live in a world where unemployment stays at a

really low level, maybe interest rates have to stay higher, maybe we have to become more comfortable with inflation readings that are not 2%, that are maybe 3%, or between 3% and 4%, i don't know and that's the stuff that i think -- i agree with you, they should do 25 the yaidea of a pause, if we see inflation tick back up, the economy gets hotter, they have to get back to, do 50 -- that's what markets don't like. they do not like uncertainty so, stay the course right now. >> what was interesting, we heard from the latest minutes, there was a little bit of a -- sort of debate on what wage inflation meant and whether prices drove wage inflation or wage inflation drove prices, and do we need to see wages actually come down in order for prices to come down? and so, if you -- if you step rate the two, and if there is that argument, enough evidence to say, maybe wages are a function of prices in general going higher, then maybe the fed can leave that job picture okay, maybe had wwe don't have to see

unm unemployment >> that's the noened landing >> it's twice now. you did it, waiting for karen to do it -- >> trying to bum you out >> hump day. >> there you go. see, that's it the three -- i'm going home. beat the traffic >> no landing. >> of course there's going to be a landing. julian emanuel said last night, i'm paraphrasing and i apologize, but it's almost a foregone conclusion that something's going to happen. i'm surprised it hasn't happened yet. i think with each passing day, it probably becomes worse, because people start to feel as if maybe we dodged this bullet i don't think we have. >> we are also getting that broader market i'm starting to see emerging markets break out. industrials break out. we're going to talk about airlines in parts of the economy that we're waiting to kind of normalize, you know this is -- this is the part of where we are. part of the data today, part of opening up with eggs, was pointing out that there's disinflation in food, so, groceries and staples, a lot of

these places that have been safety trades, big rotation trades you are going to continue to see that the bank of america fund manager survey, megacap tech is still the most crowded trade so, some of this has to be worked through, but this is a market that until semis stock making relative highs to qs and qs relative highs to the s&p, i think the market is going higher and semis and the qs are going to test that mike schumacher is the firm's head of macro strategy. i had to read this a couple of times. it sounded too cute to be coming out from respected strategist, but you're basically saying, to fade the move that happens between 159 and 225. whatever happens between those two markers of time, in the treasury mark mamarket, you wano opposite that. >> maybe 226, 227. >> whatever it takes >> yeah, tight market.

so, the gist of it, it's really interesting. the market gets the statement, statement speaks for itself, it reacts one way powell takes the mic and boom, things go the other way. it's been true in rates, in fx, i think he tries to walk back some of the things in the statement. or to talk about what ifs, it e's not what markets want to hear. it's been time after time for the last year, really. >> so, what do you think will be his message, what do you think happens given the cpi data that we got this morning? what do you think the message will be? >> so, i'm in the hop camp i don't like pause, it's probably not the right thing, but the fed is still going to try to convey the message, this is powell's job, we're not done, we've got more to do cpi came out pretty hot, in line with consensus, but are we going to have a party, because core is 0.4% i don't think so nobody likes that, too hot. the fed doesn't really want to go again right now should they? maybe. but will they? i doubt it so, the challenge for jay powell is to say, we're not going to change funds rate, and then come

out in the presser and say, oh, by the way, we still lean hawkish. pretty tough job, i don't know if fanyone can pull that off >> how does the treasury market move in advance so we can figure out what to do, because we need to do the opposite of what happened leading up to the press conference >> it's all pretty confusing you probably get a fairly modest rally from 2 to 2:55-ish and then things back up, because he says, oh, we're not done. and it's possible, i expect you get this question, last week, bank of canada surprised with a hike australia surprised with a hike could maybe, perhaps, the fed surprise with a hike or two down the road if inflation stays hot, probably has no choice, but i doubt that's really the main topic for tomorrow so, to try and get that message out there that, hey, we're not really done, just taking a bit of a hiatus, that's a tough one. >> what is the reinversion of the yield curve, probably on it

way back to a percent, what does that mean, if anything >> doesn't mean too much in terms of the economy you have two really huge groups of investors a group of long end investors is different than the short end different motivations, different goals. think about a life insurance company. doesn't matter what jay powell says tomorrow, doesn't matter what i say today, they say, we're good, we hit our target, we're fine so, where the real fed funds is 2%, 1.5%, it's irrelevant. true of pensions, as well. on the front end, you have a different set of folks so, very, very divergent set of views. >> do you think one factor is where the markets are right now, record highs, basically? >> i do. and it's called a tightening cycle for a reason the fed wants financial conditions to tighten. credit's doing amazingly well. a lot of eople, including me, are puzzled by that. you look at it, say, we probably

should have tighter credit banks keep saying, lending conditions are getting tighter yet, corporate credit's doing very well. equity is doing well probably doesn't rez nate very well with the fed. will jay powell be too upset if stocks traded down 5% over the next few weeks, i doubt it would he be really upset if credit spreads widen by 10 or 15, probably not so, trying to get conditions in general tighter, that's part of the job for the fed, so, yes, i do think they react to that. >> former treasury secretary larry summers said this over the weekend, soft landings represent the triumph of hope over experience and commercial real estate is one of those areas, where there is likely to be distress i thought that was an interesting comment. talk to us about the idea of a soft landing, being executed, but not having pockets of distress, you just said, credit is one of those areas that continues to confound you a little bit >> really tough to pull off. when you think about the move in fed funds and really across the whole central bank universe over the last 12, 15 months, the rate changes are huge

500 basis points in the u.s., when that happens, things break. i think that's the nature of the beast. and this time, it seems like commercial real estate's taken a hit, but perhaps you get some other pockets, as well i agree with the secretary it's pretty tough to imagine a case where everything comes in just perfectly think about how bumpy it's been over the last three years. why would the exit be smooth probably won't be. >> in the last, i don't know, month or so, the kre has dramatically rebounded and so, i would think there's a little bit of a sense of maybe they're doing more loans or maybe they feel a little better about their portfolio, but do you think there's still a huge, i don't know, lend it or pretend kind of cycle that's coming, that's really going to hit the banks again? >> yeah, it's hard to tell exactly how tough some of the balance sheets are we'll get more information in a month, month and a half when you get the regionals reporting. i think that's the next big window there was some news over the last week or so, kind of downbeat on the regionals, but i

suspect it'sgoing to be a question of visibility you think about the macro landscape, how have things changed? curve is still inverted that's bad i suspect when you think about some of the institutions that have really limited their balance sheet risk, quite a few have done it, but the basic problem, curve is inverted, margins taking a hit i have deposit betas that are higher than i thought. those problems have not gotten any better over the last couple of months. hard to say that problem is totally fixed. >> since you are making trading calls to the minute, i'm going to ask you for certain things in the next six months, in the next six months, do you think markets will be higher >> yeah, if you look at the bond market, memelissa, i would say short-term yields come off and we think the market's pricing too much easing out of the fed for next year. hard to square nthose things if the market prices a slower or less pronounced easing cycle next year what's the follow through? you probably see intermediate

yields go up in the u.s., three-year, five-year treasury, front end probably stabilizes fairly soon. because maybe the fed's not quite done, maybe it's got one or two more hikes max, probably not a lot beyond that. and over the next six months, the market's already priced for a lot of movement to happen yields probably do come down >> do you think we see unemployment tick substantially higher >> almost certainly goes up. it's been so resilient, it's hard to peg it right now i can't imagine how many forecasters would say sub 4% right now, it's just mind boggling, but does it get to 5%? that's probably a challenge. but i'd say end of the year, something low mid fours seems like it's in play. and in particular if the fed says, this problem is persistent, we have to go a couple more times. >> michael, good to see you. thank you for coming in. michael schumacher you going to put this trade on, watch what happens between 1:59

and 2:26 >> this is "fast money," so, this is what we seek to do now, i call that the cha-cha w cha-cha-cha, because you often get that kind of move. ill hear about banks, as far as i'm concerned with interest rates moving higher, karen talked about the kre, banks are about to break higher, and it's not because i think all the credit dynamics aren't very real concerns, i'm taking the market i have right now fed fund futures are risen that tells me -- jpmorgan, say, 145, that's a big level. also reinflation trade so, it's very good for em. very good for commodities. commodity positions at three-year lows. people have ran from these things m anthin s. and some of the things opec has done, i think energy and oil stocks go higher. our call of the day, ubs downgrading apple from a neutral to a buy, softer iphone and services growth. the change comes one day after

the tech giant closed at an all-time high. ubs did increase its price target by $10 to $190, that's 4% upside from here they make the point, i thought that was interesting, price appreciation plus dividend is a 5% return. and that's not good enough to be buy rated here what do you think? >> that makes sense to me. >> it does >> remarkably rational >> and i'm sure it's some 190s if it goes to 190s, it will work out better than that you have to pound the table here you know, this multiple is rich, they deserve it, they're a premium company, but hard to pound the table here i am long. >> guy >> valuation's a concern i mean, people look past it and it's definitely been a flight to the perceived quality of apple in the light of what's going on, but now, other stocks seem to be getting on their horse maybe there's rotation out i admire the call, because instead of doing this it lows, they are obviously doing it at the highs. good for them. 190 price target, we're right there. double tom potentially here.

call makes a lot of sense to me. >> to the point of the broadening out of the market, in that scenario, where it continues to broaden out, do we see money come out of apple or other names that suffer? >> i was going to say this when tim was talking about energy, you better have banks and energy start to participate if you are in the no landing camp, you need an economy that's about to inflect, after a lot of headwinds, 500 basis points of hikes in 14, 15 months the xle is down 15% from its recent highs, i look at the xlf, which is down a bit more than that, and they better start to participate. every day that we open the show with new highs and -- it seems very euphoric and a lot of names that we were very easy to throw darts at in the back half of '21 and all of 2022 that are up. guy, you just started talking

about apple, valuation is -- it's not going to matter it doesn't matter. look at the thing. the stock has gained $1.4 trillion since january in market cap and they are not on the cusp of some a.i. revolution or -- they just told us about spatial computing. we are not going to work spatial computing into your apple -- >> we did work eggs into the start of the show, so -- >> so, what i'm saying is, we're kind of in looney town a little bit here. coming up, two semis diverging in today's session the reasons behind the moves next. plus, what do game stop and auto nation have in common we have the insider scoop on the stocks ahead don't go anywhere. "fast money" is back in two.

♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with global secure networking from comcast business. it's not just possible. it's happening. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf

that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ and this is ready to go online. ♪ any questions? -yeah, i got one. how about the best network imaginable? let's invent that. that's what we do here. quick survey. who wants the internet to work, pretty much everywhere. and it needs to smooth, like super, super, super, super smooth. hey, should you be drinking that? -it's decaf. because we're busy women. we don't have time for lag or buffering. who doesn't want internet that helps a.i. do your homework even faster. come again. -sorry, what was that? introducing the next generation 10g network only from xfinity. the future starts now.

welcome back to "fast money. amd ending the day down almost 4% the move lower coming as the company unveiled a new a.i. chip its gpu is set to rival nvidia's products which dominate the a.i. market amd's ceo was on "overtime" to talk about the a.i. market potential. >> a.i. has now kind of changed the way we perceive what we're doing in every industry, every

market, for all of our productivity and business applications, so, yes, today, we believe it's about 30 billionish market and we think it's going to grow, more than 50% a year, so, we see $150 billion by the time we get to 2027. >> so, what do we think of this, you know, the amd price action -- >> come here i saw that i saw that real quickly, i'm going to be really quick in the last three years, okay, amd's revenues have gone from$ billion to $23 billion last year, okay intel's have gone from $80 billion to $50 billion this year nvidia has gone from $10 billion, you know, five years ago, and they're going maybe do $50 billion. they are just shifting around. these are chips. i'm just saying -- >> okay. >> think about this. this is market share sort of shift. when she throws out it's a $30 billion market, i kind of believe that, i'm not saying i don't believe anything she says.

she's at great ceo, she's a genius but $150 billion market, this is not incremental to what we have right here i'm just pointing out that you have these market share shifts, and there's winners and losers, and some have doubled their, or crippled their remove the in three, four years and others have lost 35% like intel >> until today, you know, you start to hear about intel and you think, is this a place where intel is finally start to catch up, or the bottom line is, intel's multiple, and its valuation tell you about its underperformance what's going on with the picks and shovels and the pans part of the business around nvidia, though, is, i think a market that we don't know the size of and i think that's really what the difference is. and i think, you know, i'm not here to tell you nvidia's cheap, the growth rate they are giving you, and the multi-quarter guidance and visibility they have in their data center is something that -- and we've said this, karen said this, if they are giving you this number, you

know they are going for this number and it's not even a question so, i don't want to say -- i'm not going to say any of this is cheap. but when i look at some of these companies, i don't think it's a zero sum game. i think the size of the market is unknown >> agreed. i think it is a zero sum game. that's the difference. and the pie will be absolutely much bigger. i totally agree 100% on market share, if anything, we've seen amd show what you can do with, you know, from this much market share to completely making intel almost an also ran sol -- that's not to say it's not expensive, i just think the pie is bigger and will be growing bigger the rate -- oracle talked about it, the rate of growth accelerating and the number from $30 billion to $150 billion, 3 1/2 years, that's 50% that's enormous. >> not just for them but i'm saying -- >> right >> the whole industry. my point about, like, breaking those different names out is, they shift around, right so, if there's -- she's not

saying it's $150 billion incremental revenue. that's kind of my point. and these are the sorts of conversations. i was going back and forth with a guy in the fiber business in the late '90s, and this was email, he was telling me the things they used to hear about the demands for fiber, they laid more, like, you could get to mars and back, okay, in 1998 and '99 and 2000 and all those stocks went down 90% it's the same psychology when you think you were on the cusp of some sort of, you know, changing technology, they are double, triple ordering, and the ceos, it is their job to get everybody excited -- >> before they got just cut, what happened to them? >> they went parabolic, just like these stocks are -- have at it, keep buying them they will go down as quickly as they went up at some point >> which stocks are we talking about? >> all of what >> nvidia, amd

oracle >> aws >> oracle just started today it may never trade higher than its opening -- >> are we talking about nvidia, amd? the nvidia argument, again, is at least out there since those numbers, is that this is a company that is growing 65% year over year is what they did, based upon the visibility. so, nvidia is one thing. picks and shovels. we talked about the retail side and all the garbage around these companies that mention a.i., i don't agree that they deserve a multiple but i think with amd, who is significantly behind, you know, the fact they got bid up maybe what you're saying >> do the bit that amd reported a month and a half ago -- >> amd reported on may 3rd, the stock closed at $89. it was 10% lower in the aftermarket. justifiably so the stock had run in the previous month or so valuation was a bit of a concern. next day, they announced a relationship with microsoft, they were going to make a.i. chips to compete with nvidia

stock has rallied 50% since. it's a $200 billion company. now, i'll say this, it's a great company, but this stock does not trade in a straight line if we pull a chart up over the last couple of years, you see 25% to 40% moves both higher and lower in this name, and i think it's gotten ahead of itself. doesn't mean they're not great companies, it means the stocks are a little ridiculous right now. >> there's a lot more "fast money" to come here's what's coming up next it's what's on the inside that counts. and game stop and auto nation insiders sure are counting on gains. so, what has them so bullish and speaking of inside moves, a bio tech board switch raising some eyebrows, as one departing exec tries to keep it all in the family. all the headlines from the health care space ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

what if we live to 100. i don't want to outlive our money. i keep eating all these chia seeds. i could live to be 100. we work with empower, even if we do live to 100 we don't have to worry. eh, not worried. take control of your financial future to empower what's next.

welcome back to "fast money. game stop and auto nation in rally mode as execs scoop up shares according to s.e.c. filings, game stop executive chair ryan cohen bought $10 million worth of stock, bringing his stake in the company to more than 12% and auto nation's ceo hitting the buy button last week, even as that stock was trading near all-time highs dan, you mentioned the auto nation purchase on the call today. >> yeah, listen, it's a big -- open market purchase of a relatively new ceo spending a million dollars, like your point about trading very well, near all-time highs when you see something like that, you have to take note. auto nation trading at seven times earn,s, something like that, the company has executed very well in an environment that's worked very well to, you

know, to their strongsuits, i guess, over the last few years or so, but that's the sort of thing -- we get asked all the time, what are the attributes of ceos, you like them to have a lot of skin in the game. not executing options and -- >> even ryan cohen >> no. >> he has a lot of skin in the game 12% skin in the game >> one example that's -- you know -- >> he's playing lots of games. we learned that, right, from the bed bath and all that sort of stuff, he plays lots of games. i would look at what he does and take wit a grain of salt >> karen, $10 million is a big purchase >> it is i was kind of surprised, actually i don't see what he sees, he sees something i don't know if what he sees is, here is a meme stock again that i can reflatreflate. and he has over 0.9%, he can't sell in the short-term he must see something there. coming up, shares of biogen

taking a share lower the details dropping the stock next 33 years to 33,000 that is how long it took japan's benchmark index to get back to that level how you should play the country when "fast money" returns. wer with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. ...to make quick decisions? check. aaaand check. that's the solution ibm and a global bank created. what will you create? ibm. let's create. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪

♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. i promise - as an independent advisor - a bank that knows your business grows your business. to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

welcome back to "fast money. stocks higher after this morning's cpi data showed cooling inflation. the s&p up more than half a percent. the nasdaq rallying 0.8% tesla notching a 13th straight day of gains the stock up 50% over the last month. over 100% this year. another name on a record run, delta shares also flying higher for a 13th straight day. longest winning streak as the customers warm up to the summer travel season. that stock is up nearly 20% over that period. tim? >> well, you've got one-year highs in airlines, the greatest trading stocks in the market we talked about how the reopening dynamic has been deplayed the broadening of the market incades where there's some of this industrial cyclicality is part of what people are buying into, but again, if you think airlines are good, look at cruise lines and i think airlines go higher but again, you trade these

things don't own them. shares of biogen dropping as red flags in europe are raised also adding to the pressure on the stock, the new report from stat news revealing thatthe longtime director will step down, but he is nominating his live-in partner and mother of his child, susan langer, to fill his place. the romantic relationship between the two had not been disclosed publicly, raising some new questions about conflicts of interest on bio again's board. here to weigh in on all of this is jared holtz there's a lot here to unpack, but i want to get to the headline first, what you told us in the break, that biogen is, what, would you buy it >> it just seems like it's been an uninvestable stock for so many years it loves this $300 level we talked about that briefly five-year chart, just seems to want to come back to this price. this has been somewhat of a black box of a company for as

long as i can remember every time you think you have it, it goes the other way. now we have issues in europe with respect to an alzheimer's approval, we have u.s. approval coming up. we don't know how the market is going to develop now with this entire board situation, there's just always something here >> can we break down the issues first were the treatment europen regulators, they look at the data a little bit more closely and i'm just -- can it possible for this drug to be approved in the u.s. and therefore get medicare, covered by medicare, without european approval, so, it can actually work out okay for biogen >> totally this happens all the time. europe in general scrutinizing more they are maybe trying to get them to come in on pricing maub maybe that's the component here but yes, this happens all the time u.s. approval, eu drags their feet, eventually may approve or may not approve, but the companies tend to be okay

anyway >> so, break down this board room drama, because when i -- you know, it's funny, i woke up this morning, i got a text from a friend who follows the space, said this story is nuts. okay, he's stepping down, whatever and she forwards the stat news report, i'm like, what is happening here what's your take on this >> right, yeah, stat was all over this right away, as were some other outlets it's interesting to think that the company could have just swept this under the rug, as if nothing were to happen this is a serious issue, i think. we don't know whether she's going to be elected. she's been nominated, i mean, there are a lot of investors out there think there's as lot of pressure on shareholders to not make this happen, but we will see, but yeah, i was stunned last night when i started to read everything about this situation, and the relationship, et cetera. it's bizarre the whole thing. >> dan was talking about sort of the zero sum in chips, but is there a zero sum here between biogen and eli litllyilly?

their woes lilly's potential gains? >> i don't know. i think the alzheimer's market is still really early. i'm focused on, probably way too far out, but the administration of these drugs being in an influ infusion center i vi is going to be very cumbersome i'm looking at new modalities, where these can be regular injections, that will happen down the road, maybe four, five years from now that will really get the market going. i think they can both be winners over the near term, i don't think either of them are going to be massive drugs this year, next year, maybe even 2025 >> what about reimbursement for them how do you think that plays out? >> i think biogen is going to get reimbursed, like two months from now, you know, paid for, $25,000 or so, that seems fine i don't think there's that much controversy around it. they royal ly messed up a year

and a half ago, they had to pull the drug from the market, so there's a lot of ptsd around this company, the stock, as a result of that, but i think the pricing is okay. nothing horrible >> overall for pharma, what is your outlook save for lilly, what's going on with this group? >> i don't know. i don't love it. i like bee owe tech a lot more -- >> you don't love your own sector >> i'd much rather own bio tech than farm ma i think that are much better positioned near medium term. i think all we're going to talk about is, what is farm ma going to buy if m and a -- >> if there's cold water on that, because the ftc is scrutinizing all these deals, then -- >> well -- >> still love bio tech >> we saw novartis with the $3 billion deal yesterday they are coming. they may not be the massive price tags we want in terms of dollars, but they are coming >> all right good to see you, jared thank you. >> thank you >> what is your take on the space? >> well, you know, the other part of the -- the a.i.

excitement is around the weight loss, and, you know, you talk about, again, lilly, you know, versus some of the other players out there. and this is where i actually think lilly is going to continue to trade well above the multiple it's a case also where we don't know what the addressable market here is. if you think about that one, a lot of people who are taking some of these weight loss drugs are not people that are really that overweight. they are people -- you know, and i know people like that. the addressable market on that is pretty extraordinary, and i think that's why these things trade at the multiple they do. and i think they're going to continue to. >> anybody who has diabetes, who is obese or thinks they're obese, in they ory. >> i've been doing it, okay? and i was prescribed for a predie battic -- >> doing what? >> taking wegovy, i'm doing it through the ro body program. it's been life changing for me 30 pounds in four months i'm sleeping better, i have more energy, all my stat are better, you know what i mean so, to me, it is an addressable

market it's going to be massive and going to be preemptive for health issues. so, again, you know, this is one i can first-hand speak about coming up, the last time japan's nikkei index traded at these levels you could still watch "cheers. guy's favorite, "the golden girls. on tv. we'll go inside the rally and ask the ambassador how to play the move straight ea asmoney" is back in two. so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

♪♪ dads are special. fun. inspiring. always there for you. so make father's day extra special with gifts he'll love from weathertech. floorliners... cargo liner... seat protector... sunshade... ready-to-wash system and cupfone. or our newest product, the golf cart mat. order these american made gifts or a gift card at weathertech.com have a very happy father's day.

welcome back to "fast money. turning back the clock to july 19th, 1990 on that date, she ain't worth it by glen and bobby brown was topping the charts the worldwide web as we know it didn't even exist. this also is the last time japan's nikkei index was at 33,000, the same level it climbed back to today, tim >> and the number one song, anybody, we talked about this woman band, karen, can you -- >> cranberries >> roxette, "it must have been love." it is now in your head, sorry about that japan, so, why is japan rallying there's a handful of things. deflation, or, the dynamic that the bank of japan, we had it here deflation is over in japan

there are some listing requirements on -- in the tokyo stock exchange that are forcing payout levels. you have a dynamic, where the yen, the weakest major currency for years, and you don't need to see the dollar plummet, you need to see the yen stabilize, and that's absolutely what's going on so, it's a combination of international investing, underpositioning, and if you look at international markets, they inflected against the s&p last year, so, you know, again, it's a case where i think international investing, i advise the international atf, it's an interesting time to do this, because you have currency, an argument that there's really actually inflation around the world. >> how about china they cut rates and some people are saying they -- beijing is turn, a little bit more concerned about the economy -- >> yeah, i -- look, i think the second half of '23, which we are effectively in, is a play for china. they are concerned about their currency the yuan.

again, i think alibaba is breaking out international works, em will work >> i was going to say -- before -- we've got a bunch of things tonight eggs -- >> eggs, yeah. >> but roxette >> we had to go there. >> no, we didn't >> we didn't >> no, we didn't >> must have been love but it's over now. >> listen to your heart, tim >> oh, no. >> nice. coming up, confidence is key and it looks like retail traders are packed with the results from the investment survey is next. "fast money" is back in two.

with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

welcome back to "fast money. individual investors are back to being bullish on stocks this month. now more confident than they've been all year that markets will continue to rise that is according to the latest investor sentiment survey. for more, let's welcome back caleb silver great to see you >> great to be here. >> this seems like quite a turn from the last time we had you on, a month or so ago. >> absolutely. six weeks ago, big sentiment shift here, and little rodeo going on here. cue garth brooks, because individual investors are back. a quarter think the market is going to be up 5% or more by the end of the year. when i was here in early may,

that was 12%, 13%. we have only about 18% expecting the market to trade lower by the end of the year. so, a lot of bullishness and the lowest level of pessimism we've seen all year. very fascinating >> my favorite question always from the survey is, what would you do with $10,000. last time, it was cds, i think this time, it's stocks >> and after he answers, i want to hear how you'd answer that question >> $10,000 i'm risk averse, but anyway -- >> yeah, we love asking that question, because our readers love asking us that question we even put out a magazine to reflect that, it's on newsstands now, it's one of the most popular questions we get so, what do they say individual stocks. that's where they usually are. these are individual investors who love putting money to work they love setting up their pot foul owes. they haven't been able to do that in a long time. stocks on top. cds still in the top three, but the% th fact they're back to sts etfs on that list, as well >> traditionally, the people who respond to your survey, they

like the braead and butter stocks >> they love the home cooking, they love the megacaps, though they feel they are a little bit bubbly right now the top ten looks a lot like the s&p 500s apple, microsoft, nvidia on this list this round. but they like big home cooking >> doing a lot of going down memory lane, so, where's the beef was a commercial back -- where's the bubble, because i know you ask that question, as well >> yeah, we asked that question, and they think it's in a.i.-related stocks. what was talking about that earlier? i think it was you a.i. stocks, a.i.-related stocks, the most bubbbubbleicios housing market, they think that's bubbly, too, and internet and qoms, coms >> there's a little overlap there between a.i.-related stocks and megacap tech.

in terms of concerns, there's a lot of worries still, though, out there, amongst retail investors. >> the level of worry has come down a lot when we survey this, over the last six months, the concerns have been 80% inflation, now it's just 61% choosing inflation, recession, u.s./china relations, that's moved up from six to the number three. the bank issues are behind us. inflation subsiding a little bit. high interest rates on their mind, but not a huge concern and russia/ukraine a lot of things that were there are no longer there. >> caleb, great to see you thank you. >> thank you >> caleb silver. 10,000 -- i'm going to -- since you wanted -- i'm going to ask you that >> i was not talking about in the market, i was talking about outside of the market. >> outside of the market >> that's probably too personal. >> does real estate count? >> i think so. we'll talk about financial assets >> $10,000 we just had this conversation yesterday when we were saying cds at 4.5%, 5%, or stocks,

because if you -- if we go back to the ubs downgrade of apple, their point, a 190 price target, that's a 5% return same >> so, this is an allocation discussion, and i think you can -- i think, like, up at these levels, i'd like to have a lot of cash, i'd like to be slowly moving at the curve but i'm investing for the next ten years. i want equities in there >> i just put ten grand in nvidia puts. i lost the other ten grand last week >> on nvidia puts. sorry about that true story. meantime, brond sentiment among options traders is a little mixed ahead of tomorrow's fed decision mike khouw's got the action. >> yeah, actually, mixture of that sentiment is kind of in alignment with what we were just hearing. so, the two most active etf options, the two most active options contracts in general, are spy and qqq. not surprisingly

if we take a look at spy, what we're seeing is that we're ma marginally seeing bullish activity outpacing bearish activity and the busiest contract there today was the 437 calls. we saw those trading for 35 cents. if you look at the tech side, by contrast, there, the sentiment was just narrowly bearish and the busiest contracts were the 360 strike puts that expire at the end of this week and those were trading for a little bit more. i want to make one quick point here, too. it was more retaily on the spy those were very small trades, nine contracts average, bets of about $300 less than the 10 tho,000 you are suggesting and rsp, the equal weight, that saw the most bullish activity looking out to the end of the year >> mike, thank you for more options action, tune into the full show friday, 50 :3 eastern time up next, final trades. is more than a trading platform.

it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley. ♪ ♪ ne every day,as. businesses everywhere

are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with global secure networking from comcast business. it's not just possible. it's happening. ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro.

time for the final trade tim? >> let's mention roxette again eem, on a breakout here. just because i can >> karen >> okay, i'm going with mexico again. eww. >> dan

igv. expanded software etf. >> guy >> throwing the first pitch out tonight at shea, roxette slb, mel >> thank you for watching "fast money. see you back here tomorrow at 5:00 "mad money" with jim cramer starts right now my mission is simple, to make you money there is 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. my job is not just to entertain. tweet me @jimcramer. >> that's