you are going to pay special attention to that military drone maker. >> i am. yeah, we'll be watching that one, especially given the conversation we just had with richard and with others this hour >> all right that's going to do it for us here on "overtime. >> "fast money" begins right now. right now on "fast," a google glitch. shares of alphabet taking a tumble after one analyst raised a red flag over the cost of a.i. what the move says about the investment opportunities in the space. plus, the weight loss wars heat up as pfizer exits the ring and lilly ups its game how you should play this sector. and later, some clarity on the latest deal and one big developer is moving out of park avenue the stories and the trades coming up. i'm melissa lee, this is "fast money," we're live at the nasdaq market site. we start off with the seemingly unstoppable apple. the stock hitting a fresh record high during the session today.

the third day in a row that it's done that. the stock closed off the levels, it's risen 3%, even after jerome powell seemed to take the wind out of the sails of the big tech trade in his congressional testimony last week. the same cannot be said for some of the other growth stocks tesla, for example, down nearly 13% after wednesday's highs and nvidia has shed 8% in the last week we have asked this question before, at least once, if not twice or three times or ten times or 20 times. is apple truly the testifflon sk >> today, it is. go back five years in 2018, since that point,u've t se seven 25% to 40% apple peak to trough apple is currently in, don't at me if i'm off by one 354 etfs, where apple is one of the top 15 holdings. apple's going to win to that,

so, it sort of makes sense that apple continues to grind higher. apple wins when people flee other high growth tech names the money flows into apple at a certain point, the musical chairs ends to no more chairs. so, it doesn't mean it's not a great company, but at 28 times next year's earnings with single digit eps growth, single digit revenue growth, margins that are probably flatlines, if not declining, the stock is expensive here >> you have lightened up, karen. >> i have. lightened up last week, currently the day was the all-time high, but it will not be the all-time high, if i lightened up i promised that 100% but i just feel like the whole space, meaning, you know, fang, big cap tech, has had huge runs, and the apple -- i actually have a little bit higher pe than you do on that, remembering the hardware part of the business, also, which has a lower pe, so, that means the rest of it trading at an even higher pe i don't know, i just felt like i

have too much exposure overall apple is the one to me -- it's the most expensive with the exception of nvidia, which is super expensive, but compared to a meta or a google -- i had to lighten. painful. but i did. >> yeah, just say that, guy mentioned, you know, high single digits earnings growth, so, you know, trading ten turns over the s&p's multiple, makes up 7.5% of the s&p, 13% of the nasdaq 100 what's interesting to me, we mentioned a couple other names that have been selling off that are truly expensive. they've seen multiple expansion on things they haven't realized yet. a lot of excitement about technology that hopefully they'll be able to harness over the next few years clearly over the next decade or so but they've pulled forward a lot of excitement around apple is not in that situation you know, if this a.i. thing hadn't happened in the last six months or so, we might have been really excited about space shl computing, this new vision pro they just launched

but we're not excited about it and it's not in the stock right here but something's in the stock, and maybe it's a flight to the quality. maybe because the growth margins have flatlined right there and we found this equilibrium between their hardware business and the mixed shift with the services and all that sort of stuff. yes, it's tough lon, because it seems to be very defensive, but it's trading at a multiple it has not in a very long time, and that should make you a bit nervous, because if you see how money can come out very quickly of the most loved, exciting stories, ultimately, if we do have a sustained selloff, they will come for apple, because it will be an easy source of funds. >> where do you stand on this, julie? when they came -- for the other tech stocks, they did not come for apple, so, maybe apple is you you know, the premium is justified and you want to pay up for it, because it is safety, you know, in a time of uncertainty. it has been, it was during the bank crisis, and it has been in the past week. >> a lot of it, i think, is a

function of their ability to execute. they just have an uncanny ability to relesegsrelease prodt people want. and we've continued to see that going forward. the real challenge for them is, where to find that next incremental $100 million of revenue. and i think that's a real challenge for them. >> here's the question do they need to do that at this juncture in time, you know, because they will have new product launches, they've got this, you know, whole headset thing going on doll they need to do that right now, or can they wait, because they are given the benefit of the doubt in this market environment right now? >> i think they can wait there are a couple of risks. the biggest one, obviously, is if things continue to heat up in china. china, taiwan, obviously, and if that whole situation starts to be in a worse way than it

currently is that could be a problem for apple. but it's a problem that the globe is slowing down and consumers are going to stop spending on these products we're not there yet, clearly, but we're going to get there and apple will not be impervious to that. >> some of the data we're seeing on consumers in china in particular of late is not great for apple, especially when they've put up decent quarters in china, you know, even as they were coming out of zero-covid, kind of into that sort of period those are things that should be on your radar, if you are in the name here, especially if you are thinking about adding to the position or it's a new position right here and then the other issue, i mean, like guy mentioned here, when you think about this company and their reliance on the supply chain in and around china, you know, reshoring, even if it's to other places that have cheaper labor than here in the u.s., it's going to be, you know, it's going to be a hit to their margins that have been, again, very stable those are the things you want to start thinking about, $3 trillion market cap at a valuation that we have not seen

in a long time >> how do you think about that in the long run, that's the move to make, reshoring, and yes, it's expensive in the near term, but it gives them -- if china is a political headwind or potential thing for china, it removes that >> yeah, at what cost, though? who knows what cost. and so, it's -- obviously a cost for them and a cost they have to pass on to the customers, and then it's -- i would imagine somewhat of an enormous endeavor from a supply chain cost, just how to get that up and running smoothly and i would think you'd have to have duplicates, manufacturing, for awhile though if anyone can do it, they can. but just one other thing i want to point out about apple, a lot of people feel like, it has a great balance sheet -- it does, for sure they do have some debt you know the amount of cash in their overall balance sheet is only 2% of market cap now. 2% >> oh. >> it seems like -- right. >> right >> it seems like it's an enormous amount -- >> what should it be what percentage should that be

>> i look at something like google with a great balance sheet, their net cash is 6%. >> ah. >> so -- i don't know. that's kind of a big difference. >> is that -- i mean, is that a problem? they can go to the market -- >> it's not a problem. they don't need money. you know, just that buying back stock has been a really great thing for them they've made so much money for shareholders by doing that it's just the perception of how much cash they have relative to the rest of the business seems a little -- >> if that debt to equity ever turned, okay, like, debt to cash, that would be, like, a seminole event for a company that's actually bought back over a half a trillion dollars of stock since they instituted the buy back in 2012 you think about this, we've been talking about a company for years that basically at best has had high single digits earnings growth per year. they've managed that massively through the buy backs. so, at some point, if they get on the wrong side of one of

these big technological shifts or so, cap-x and r&d is going to have to ramp up. and let's just say they've made a mistake with spay shl computing. say it's the wrong platform. say they missed out on the auto, or something in and around that, and that is the next $200 billion in revenue over the next decade or something like that -- that's how companies like this see their dominance kind of go the way of the dodo. as long as we've all been in the business, let's call it the last 30 years or so, there's not been a single tech company in that time period that has not been knocked off the pedestal in which they sat for a very long time it just happens every single time you can say that some of us have been calling for that with apple at every new product, you know, iteration or shift or something like that. at some point, it's going to happen and those are the sorts of things that you want to keep an eye out for. >> i just add one thing to that, the ecosystem they have, that imbedded ecosystem with the cost of switching is really an extraordinary asset. it's not reflected in the

balance sheet. but -- you're an apple guy >> yeah. >> you're an everything guy, you have all kinds of gadgets, but wouldn't be it hard to switch. >> not really. to be honest, because this is the story of china so, they have the everything apps, right? so, the hardware is less interesting to me, so, to me, i think at some point, we probably do go that way when you think about india's population, just crossing that of china's, they're not going to be spending on the sort of hardware that, like, the rest of the west or europe spent on. so, to me, i actually there will be some sort of big shift in the next five to ten years, but trying to trade that now is probably hard. >> guy, what does this tell you about the environment we are in, where apple makes new highs of every day. >> this is the part of the flight to quality, perceived quality, there's safety in apple. we can be there, we can hide out there. we've seen it before and when it ends, it ends abruptly i don't want to get too crazy here, but the last week, the

market is starting to show some cracks out there apple probably wins to that. but a certain point in that timeline, they stop winning to that now, we're not even close to that yet, but we've seen that before over the last couple years. >> today's nasdaq could be an opportunity for investors according to our next guest. big tech and growth stocks as top plays for the next six months let's bring in stuart kaiser great to have you here on-set. welcome. >> thanks for having me. >> why at least the next six months what about the environment, high interest rates, higher for longer, spells big tech growth stock to you >> you know, i think the way we've been approaching the year, you have very high cash yields, recession risk in the background, and that's the driver of people wanting to be in those stocks. people are willing to pay a premium to be in them. so, the key to unlocking that trade is, you need growth to broaden out, which means recession risk comes down. we still have a recession in our forecast, so, in our view, that sort of overarching operating environment stays in place and that should be relatively

favorable to tech. the other thing is, yeah, there's a valuation aspect to this, but these are stocks that have stronger eps momentum, have stronger revisions there's a fundamental reason for this, beyond just valuation, and you put that all together and we're still comfortable being in the space. though the risk/reward isn't what it was a couple months ago. >> i'm not going to ask you about an nvidia, let's say, but you like that sort of a.i. momentum trade how much of it are you worried about -- a.i., you can believe it's a real thing, that there's an investment cycle, but you may not believe nvidia should be trading where it is. >> stock by stock, there may be some that have risk. well have 35 a.i. winners in our quote unquote basket the average, or the median pe is actually down year to date because of the massive revisions to both ebitd a and sales you own kind of a basket of those stocks, and our view on a.i., the revenue revisions, better than market, better than it appears

revisions better in the market, better than fears. valuation hasn't gotten crazy. what worries us is a little bit of fatigue we're starting to see flows kind of calm down into that space so, while we like in medium term, we are taking a pause here just to see how that flow plays out. >> give us a sense, you just said you are starting to see some fatigue and that was evident in the big names today, if enough big sellers head for the door at the same time, you get the moves we had today in nvidia or tesla. what about complacency i'm sure you have clients that look at things like the vixes, that sort of thing, they are at levels that we have not seen since february 2020. give us a sense for sentiment out there. >> i think sentiment, you know, i wouldn't call it necessarily complacent i think people are becoming converts you entered this year with very deep recession risk, those have come down. so, i don't know if i call it complacency, people have kind of risk adjusted how they're looking at things. i would say, though the vix is low, if you look at the shape of the vix term structure, you go

out three, five months, the vix is still a high level. what the market has done has said, near term, maybe the risks have come in we still think there's a considerable amount of medium term risks out and that's where the risk is priced as you get closer to that, people get more concerned. you see people lightning up. so, i think people are still hedging, people are still being careful. and i think there's risk premium price. just not priced in the next two, three weeks. >> next six months seems a specific time frame. so, why the next six months and what happens beyond that that makes it a little less clear >> part of it is, we just have to put a number on it, of course, but i would say, our economists have a recessionary quarter in the first quarter so, up until you get to that recession data kind of being in front of you, we think people are going to be pretty conservative a lot of people operate under this rule of thumb that you buy cyclicals when you are in a recession. six months would take us to the edge of the recession. and then you need to re-evaluate.

and i think at that point, you have a lot of big decisions to make in terms of allocation. until we see that, you know, that dot on the horizon become a line or something, we're going to be careful with the allocations. >> so, let me ask you, if that dot on the horizon is a recession, it would seem to be likely then that we see a cut in interest rates which has been a great ballast >> there's 150 basis points of cuts based into '24. the market's priced out the cuts that were in '23 and that's just because the data has been stronger, you know, than it otherwise would have been i think this is a big debate in our view, right now, it would be bad for the market, because if the fed is forced to cut, it's not for good reasons, it's because growth data is deteriorating at a pace you're not comfortable with i don't think you need rate cuts for tshghe market to work. if you priced deeper rate cuts, you'd be concerned what the fed is seeing. >> what is a sector you absolutely do not want to be in?

>> look, i mean, people have voted with their feet on two sectors this year, and that's financials and energy, so, those are probably two we'd avoid a little bit energy in particular, i'm not an emergenc emer energy expert, but these are two areas that have been unloved and being that we think the investment environment is going to be stable going forward, those are areas we're not, you know, particularly excited by at this point >> stuart, thank you >> thank you >> stuart kaiser julie beiel, what do you think >> it'sscinating time period right now all of us came into this year thinking there was a recession the fed was hanging out bingo cards for what's going on in the next recession and it hasn't shown up and i keep wonder what is going to be the thing that tips us into it. initially, i think everyone thought it would be, you know, what happened with svb, and i think we continue to have concerns about what's going on in the shadow banking crisis

looming ahead of us, but other than that, it's really hard to see what's going to kind of trip it into recession. so, that's the part that i'm the most curious about right now >> an impressive array of ribbons behind julie that third place -- >> very decorated. >> sorry, julie. i'm be serious for a second. i agree with him in terms of banks. i think banks have -- there's sol problems here. the bank stocks are not trading well i'm push back on energy. i understand the underlying commodity not being all that buoyant. i think the stocks are actually relatively cheap. coming up,al fa belt's a.i. implications what analysts are saying the trend could mean for long-term results. the details 0en that call next. plus, some fast movers catching our traders eyes. carnival and las vegas sands going in the opposite direction. don't go anywhere. "fast money" is back in two.

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welcome back to "fast money. a downgrade on alphabet nabbing our downgrade of the day

potential impact it could have on the valuable ad real estate in the near term this is really interesting downgrade to a neutral, upping its price target to $132 that's 11% higher than today's close. we all knew that it's a push-pull in terms of a.i. >> right >> it could be pressure on margins, but longer term, it could be amazing what do you think? >> well, it's an odd sort of -- i couldn't quite tell what was going on there you it's higher price target, downgrade to neutral, little bit higher than where we are, okay i think that, you know, clearly the rebound in alphabet since that disastrous foray into the public -- >> right >> introduction of their a.i., which was so much further along and has been so important to them for so long, so -- they handled that better. i cstill think on a valuation basis that google is so much more attractive than the other a.i. plays so much cheaper than microsoft so, could it trade down,

absolutely i mean, you don't want to see bing taking market share, that won't be a great thing, but it's not all bad for google, right? and the amount of computing that people will need that -- what their cloud business can do, how it can grow, i understand there's costs with that, as well, but i see it as an opportunity and cost both at not a crazy price. and myicrosoft is priced much higher >> the other point the analyst was making, julie, even if there are gains, because of a.i., in terms of revenue, there's an investment cycle, a spending cycle that is happening, so, they'll be spending a lot more money, just to keep with a.i., what's your take on this from the beginning, you've been questioning what the impact would be on its business model >> well, you know, a lot of people, first, were concerned this was an existential threat, because if search gets very good, it's going to be harder for them to generate a lot of revenue from that. and i think people have kind of come to terms with that challenge. the thing is, google's done a

really great job in terms of getting cost structure back this line with where it probably needs to be. and the level of profitability that it has, its ability to take on the investment required for a.i. is substantial. it's just much better positioned than everyone else and if you think of all the hype that microsoft has gotten for bing and it's moved market share not one iota, really, it really tells you the strength of the franchise that google has. the biggest problem really is regulatory, more than anything else >> yeah, no, and i think that is 100% correct when you think about a downgrade like this, it's quizzical when you look at the multipresle expansion that's been assigned to a microsoft, when i don't think anyone thinks there's going to be a renaissance for bing and microsoft has to invest $12 billion in openai just to get access to this technology right now and that doesn't even -- the cost to compute, all this stuff is going up. so, to me, google, while yes,

they are going to have some competition from meta, from, you know, really from everybody, if you think about it, ultimately, they'll have the best product. the product will evolve and really open up a lot of other avenues and other businesses, especially as it relates to google cloud so, to me, this one back at 110 or lower, it seems that's how you want to play a.i. over a decade, because it's not a bet on this. this is the company's evolution. >> it's interesting, there are a number of reasons to downgrade traces at a market multiple, mid teens eps growth, so, a lot of things to like about the stock technically, you could say, you know what? maybe it's run its course in the short-term this stock made an all-time high in november 2021 that recent low of 83 bucks or so, this move to what, 118 or so, it's a 50% tracement, almost to the penny, as carter would say, of that range it makes sense we take a pause here, but on valuation, i don't necessarily agree with that. >> all right, there's a lot more "fast money" to come

here's what's coming up next cruises and casinos. boats and bets shares of carnival and las vegas sands both making moves today. we're digging into those trades next plus, the weight loss wars continue one pharma company slimming down and another bulking up on obesity drugs. how the stocks are shaping up ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. ready to shine from the inside out? say “yes” to nature's bounty advanced gummies and jelly beans. the number one brand for hair, skin and nails. with two times more biotin to bring out more of your inner beauty. get more with nature's bounty.

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why are you laughing this is not -- >> because in the break --

>> going to talk about a buzz kill >> this is not funny for carnival shareholders. >> i apologize >> it's not. the shares down 7.5%, despite reporting better results we have conversations during the break and sometimes they spill over the company seeing strong demand, but conservative earnings guidance weighing on the stock. share soos seeing their worst dy since november it's a double year to date >> think of -- put up a longer term chart if we could of the stock. doesn't look particularly great over the last six months, it looks strod their, but it's been a declining chart. the business is probably in a decline, as well so, the move lower makes sense there will be an opportunity to buy this stock again it probably comes in at 13.5, but with a stock like that, you have to be that precise. >> they have $7.5 billion coming

in at 2025 they have a total debt of $30 billion. >> hard to swallow >> it is people seem to still be -- >> you okay? >> they do have maturity spread out. i don't follow this closely, but someone can explain to me, they had 107% occupancy, which -- >> you seen those boats? probably light >> deck chairs or something? >> so, i don't know what that means. that sounds like a good number i don't know so -- i mean, i would have thought, actually, that we would have seen something lower than 107% i don't know what it was -- >> like 100% >> like 100, which is where they're going to, apparently, 100%, but good for them. i guess 100 isn't actual occupancy. but it's a great, great run. they are only back to where they were, you know, less than two

weeks ago. and it's just -- when things get so hot, the bar got to high. >> i would love to know the answer to that >> people cancel, pay and rebook with other people, so, it's more occupancy? >> okay. >> i don't know. we'll get to the bottom of it and we will broadcast that answer meantime, let's get to las vegas sands, jumping more than a percent. jpmorgan reaffirming its overweight rating on the stock, raising the price target a dollar this screams guy adami >> yep, it does. as china's obviously been somewhat deteriorating, they throw money at their economy, doesn't seem to be working, these stocks have felt that impact, but you got to like them on valuation so, i think if you can wrap your head around a slowing global economy, but understand that it's probably still priced in in terms of the valuation, i think you can own both wynn and las vegas sands here >> julie >> it's not for me i think you have to have such

confidence in the outcomes in the chinese market and i don't right now. i think it's -- you know, to be determined whether they continue to be as strong as they would like them to be. it sounds like the government is getting more and more nervous about the health of the consumer >> yeah. dan, you mentioned numbers coming out dragon boat festival, people weren't spending nearly as much, and that's just not a question for las vegas sands or wynn or anybody else operating there, but just consumer products in general, too >> yeah, and, it's interesting when you think about their exposure here in vegas, it sounds like things are pretty good there, but some of the corporate behavior and some of the travel and some of the, you know, the big goings on that used to be there, that's been tamped down, that's a postpandemic thing so, here's a sector that's always traded at a massive discount to its consumer oriented peers in the broad market and i suspect all the uncertainty it continues to trade that way >> all right, coming up, battle of the weight loss drugs

the gap is closing who will take the lead we have more on that next. and new kid on the block new york city's largest office landlord is selling a stake in one hot location what that could mean for the big apple's real estate market back in two. get your trades to go with the "fast money" podcast catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this.

welcome back to "fast money. stocks closing lower to kick off the final trading week of the first half the dowdropping more than 1%, but the index still on pace for its best first half since 1983 the s&p down half a percent and the dow virtually flat slew of stocks closing lower after hitting all-time highs during the session home obuilders and eli lilly hitting a record earlier in the session speaking of lilly, the drug maker announcing positive results for its oral weight loss pill the company saying the treatment led to 15% weight loss over 36 weeks. that is similar to novo nordisk rival treatment. but what company will take the lead in the weight loss race let's bring in jeff mem kre ham

to explain seems like a pill would be really the holy grail. effective and really easy to take really easy to comply with >> that's right, melissa and thanks for having me, by the way. yeah, if you look at the data for lilly's drug, the weight loss looks pretty impressive there's still more work to do in phase three. so, that's coming up, and i would say, you know, knovo's dru looks good enough, but the profile could, i think, be more improved when you look at tollerability. >> is it lower cost to manufacture the pill, do you think, and will consumers actually benefit or no >> you know, it's a good question i would view the oral -- we've done a lot of expert work here the orals, i think, will be definitely viewed as a drug for the masses, so to speak, but for patients that need a lot more efficacy, like mounjaro, you know, like wegovy and like ggg,

there are other drugs out there that could be used in higher bmi patients, but for sure, though, you know, orals, i think, would be a higher margin, maybe easier to manufacture >> it's karen, thank you for being on so, how do you think about the size of this market, and where we are in that -- how close -- what is peak what do you think peak is? >> you know, karen, we're on record saying that these drugs are -- that mounjaro itself could be close to $100 billion of an opportunity. not just talking about, you know, diabetes and obesity, but including all is studies that lilly is working on, predie bee t , dkidney disease our numbers are a little higher than consensus in just obesity and die bee tees, and that's about 40 so, that's not a trivial number. >> jeff, i'm curious what your thoughts are in terms of, you know, how people will be staying on these drugs we've heard so many stories

about people going on ozempic and needing to stay on and having weight rebound. do you think that's the case, and is that how they're building out their models >> yeah, it's a great question you know, the -- there's a different -- there's different type of strategy for this, so, for sure some of the drugs that are more efficacious, you know, 20%, 25%, unlikely that patients are on for, you know, years and years. my guess is that, you know, same 6 to 12 months on that, go on that, take a drug holiday and eventually come back, because the vast majority of patients actually gain the weight back, but an oral could have a little bit more continuity, but th those -- an oral is less effective, so, 10% to 15% versus, say, 25% plus. but my guess here is that a lot of it will depend on how accessible the drugs are, from payers and insurance companies, et cetera. >> you are clearly a little bit more optimistic than your counterparts on wall street when it comes to specifically

mounjaro and i'm wondering if you are starting to think about the sort of ancillary impacts, i mean, if all these people are losing weight and reducing their risk for other sort of, you know, hart disease, high blood pressure, element set tra, what that does to other pipelines >> yeah, no, it's a great question if you look at the benefits of these obesity drugs, the savings to the health care system could really be really, really pronounced but we have to have broad access to them, so my guess is that we'll need, you know, card yo vas ewe lar outcomes data that support the profile. we'll need maybe some pharma-economic analysis but in general, i would say, in the near term , the cost will be driven by the drug the economic benefits will be driven in the outer years, but for sure, though, it's not just about weight you know, these drugs could lower low

erlipids, blood sugar, it's more than just the weight loss that's the headline >> economic benefits to the insurers, economic benefits to consumers. that spells to me pain for some of the pharma companies, and i'm wondering -- a lot of drugs are probably offpatent already, they're not money makers, but should we start thinking about that >> you know, the -- so, mounjaro from lilly was just approved last year in type-two diabetes, and could be formally approved in obesity this fall, but the ip goes out, you know, week awhile. it's not until the, you know, 2030, 2031 that the inflation reduction act discounts start to play out there, though, so these are early cycle drugs, to be honest obesity's been, you know, a holy grail type of market, with many, many failures and just in the past two years, have we seen some real step up in terms of innovation and efficacy.

>> you don't think there's any impact on cholesterol drugs -- >> a lot of those are generic. yeah, that's right you could have an indirect effect, though, on other, you know, parts of the diabetes continuum, so, you know, the insulin market and a lot of the ancillary sort of, you know, products and services with that, sleep apnea, things of that nature, if we get 20% plus weight loss for a lot of these drugs, you'll see volumes decline for other, you know, let's say lower tech kind of categories in diabetes >> jeff, great to have you on the show thank you. >> thank you >> guy, what do you think? >> lots to like about eli lilly. the reverse is not great, it's one day. i think they just recently surpassed johnson & johnson for market cap, i think eli lilly is close to $440 billion of market cap. and what's going to line up here

is, it's going to be a half a trillion dollar company, along with a $500 stock price. split five for one, people will get geeked up. and the adjustment market means they could probably double eps, which makes a valuation which seems rich now not nearly as, i think, scary for people. >> yeah, when you listen to him, he said it could be a $100 billion market, and when we started covering this story five months ago and then it was maybe 50 billion or something like that when you think of the split careen we had over the weekend between the story about lilly's trials with this oral, and novo and then pfizer this morning, it's pretty amazing. novo and lilly are $30 billion revenue companies and to guy's point, they're going to get a lot of the eps benefit, especially if it is $100 billion. and this oral thing is a game changer. i think again, going to drive down the cost of the drug and make it that much more accessible over the next couple years once it does -- >> will it drive down the cost >> it should >> i don't know. >> well, think about it, it's

very expensive to make the injectable and deliver the injectable, it needs to be, you know, put in cold storage, all that sort of stuff, so, it's going to be a lot easier across the whole supply chain >> what do you think of the valuations here? if one drug is $100 billion? >> yeah, well -- >> changes the game. >> it does getting there, though, in a few years. i mean -- you know, i sold lilly way too soon novo, too. pfizer did have one drug that -- >> they're going to -- twice a day pill >> which i feel like -- we don't know who else is out there yet, i think, i mean, obviously this is the holy grail, so, i don't think people leave it at that, okay, you know, lilly -- >> we got it, we're going to leave. >> right so -- i got out too soon if i owned it now, i probably would sell it. what does that -- >> you're not buying it now? >> that's tells me what i should do. coming up, the shares of lucid rising today. and throughout down, cnbc is

celebrating pride month. here is the head of bank of america's digital team you never know what someone experienced that morning before they showed up to work or what they're dealing with in their personal life. so, when weapon all show up to work, we should do so with grace and with compassion for one another. even now, in 2023, the struggle for our lgbtq plus teammates, family members and friends continues to be very real. it's important to take a moment during pride month, but frankly, all year round, to celebrate the victories and show our support for the ongoing struggle

it's a huge and exciting deal, where we have a technology supply partnership, a true long-term partnership between lucid and aston martin, where lucid's technology is going to propel aston martin into a new era of electrification, and for us, it's a validation point of the supremacy of our technology. >> that was lucid's ceo peter

rollinson earlier today. shares of the ev maker rising after it announced it will provide power train and battery systems to aston martin. stock finishing well off its highs but options trader are betting on big gains mike khouw's got the action. mike >> yeah, lucid was one of the his best ebusiest single stock today. traded more than three times its average daily call volume and the busiest contract 50,000 of those trade for a quarter of a contract. buyers are obviously betting that the slight bump we saw today could actually accelerate by the end of the week but i would also point out, this is a stock with a fairly financial short interest and it's seen a big decline, so, some of this could just be expecting some kind of a rebound. >> guy, what did you make of this move? >> should have been a bigger move we're talking about a stock that recently made a multiyear low at $5.45 or something the bounce was somewhat anemic people are going to be playing

for a huge percentage bounce i love that great friday night show at 5:30, what do they call it >> "options action." >> tune in only been on for more than a decade well more than a decade at this point. mike, thank you. mike khouw for more options action, be sure to tune into the full show, that's friday, 5:30 p.m. eastern time. coming up, talk about being in the green new york city's largest office landlord surging after offloading a major piece of real estate what the deal could mean for the sector ahead "fast money" is back in two. kore 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.

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welcome back to "fast money. shares of new york's largest corporate land lord sl green soaring after selling stake in a prime manhattan office building. the deal coming at a $2 billion valuation provides major boost to new york's struggling corporate real estate market karen, you are following this very closely >> yes so, there's signs of life here, maybe. so, that's -- this is -- it's a very good property, it was a decent price, and so, if we start to see transactions, then we'll start to see companies improve their balance sheet, like sl green, they've got a ton

of debt, so, there's a lot of sort of turbocharge to the eck wety, when they are able to help their balance sheet and get more life i think we'll see that again and again. if we start to see it more, it sort of begets more, and then also we start to see some financing markets open, which is really important to them we did see boston properties do a bond deal in may, but there are sort of the cream of the crop, they may be the only one able to do that at that time any transactions are good. >> yeah. you know, we talk to jonathan litt and he often cites cell phone data in new york city, the cell phone data has not been so bad, better than some other cities >> san francisco is a disaster >> exactly so even with that, this deal is -- it's not seen as sort of, like, this is an exception, because this market is a premium, it's still good for the overall sector >> i think it is -- >> or specific to great properties in relatively strong markets? >> well, it's not priced like a

great property, and maybe we'll start to see some. san francisco is quite a disaster it's extraordinary but i think just any transactions, and you see one, everyone sort of waiting, well, i'm going to wait until they get cleane cheaper. well now someone stepped in. >> julie, your thoughts? >> yeah, it's a pretty stagnant market right now it's the same in the residential markets, where everyone is kind of sitting on their hands. but we know that we have a lot of refinancing that has to happen, so, these transactions kind of help move things along, because otherwise, i worry a lot about future default on buildings in certain markets new york is okay, but for sure, i agree there are other markets, not just san francisco >> guy >> premium location. i think a lot of people are saying $700 a square foot was sort of the meanish. this went for north of $1,100 a square foot. it's a good thing. but is this just a bounce in an oversold condition that's what you have to come to

grips with i think that's probably exactly what it is big volume day today i wouldn't say fade it necessarily, but short leash for sure on the long time. >> all right, up next, final trades how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics.

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do not miss a brand new podcast, hosted by our own karen finerman, "how she does it." launching today. a show about finding your power, building your place in the world, and discovering what it means to truly make an impact. available on hermoney.com and on apple podcasts karen -- >> melissa >> quite a journey for you >> it has been quite a journey so i wanted to do this for awhile i have these occasional women dinner parties and i love them i love meeting all these women who are in very different fields and learning about their careers, how they got there, what do they do, what sort of hardships do they overcome none of them have a straight path and i was very, very happy that my first guest was melissa lee oh >> who i think -- you know, someone i love, someone i love to talk to, as well, and someone whose story i find so compelling now where you thought you'd end up, certainly not where your

parents thought you'd end up and yet, here you are. and i just -- i feel like there's so many things to learn from women who have done different things, pivoted, changed, failed, picked themselves up again, one of our guests is the ceo and founder of the real real, which i also learned about hardship through but to hear how she was unhirable, but figured out, okay, i have to build my next job. so, i'm fascinating by the stories and i hope other people like to listen to them, too. >> i can't wait to listen to the rest of it i'm honored to be the first episode. i hope you will check it out i know guy and dan will. >> favorite podcast. >> aside from their podcasts, of course time for the final trade julie? >> i'm looking at google again you know, you can own a nice monopoly right now and a call option on a.i. in the future >> karen >> julie, i love that trade. i have a different one, cvs was it the other day i think it's just too cheap for all the businesses it has. >> dan >> for all you oldies, just go

to the podcast store, smash the subscribe button that's how you do it qqq, i'm a seller. >> great picture, by the way delta airlines, breaking out here look at that >> nice call on that one >> >> fewthank you for watching "ft money." hey, i am kramer! welcome to mad money! my job is not just to entertain, but to provide context. you