of the case around nvidia and why it's been so strong and the earnings have continued to be so block buster, but to your point, what those next layers look like >> stock was down after amazing earnings, so, if it's going to run again. that will do it for "overtime. >> "fast money" begins right now. right now on "fast," all eyes on china. commerce secretary, the latest white house official to make the trip to beijing, but will it create a thawing of tensions. plus, an ipo comeback. will this trigger a flood of new big offerings or will we just get a trickle? we'll be joined by heather bellini for her thoughts on the ipo pipeline, and what the future has in store for the fintech space. and apple gets caught up in messy mania. i'm melissa lee this is "fast money," we're live at the nasdaq

market site. on we start off with the latest high level talks between the world's two largest economies. u.s. commerce secretary arriving in beijing for a series of meetings this week with chinese officials and business leaders today, the secretary meeting with her counterpart to try tackling u.s. restrictions on u.s. businesses, which include intel and microsoft. the meetings come at the end of a rough month for chinese stocks the etf is off more than 11% in august on pace for its worst month since february and the large cap fxi down double digits both were down today so, what does that say for investors, as the two global powers meet? got to go to the ambassador, tim. >> well, first of all, she's the first commerce secretary to go to china in five years antony blinken was there earlier in the year. and the bottom line is, the diplomatic measures have almost seized up. so, the fact that this is being

described as communication and just diplomatic dialogue to explain, hey, there's things that we need to do, we're not trying to keep china down in the world order. we recognize we are competing for certain things i think that's a great idea. i actually think diplomatic procedures and dialogue in bilateral relations we have with a lot of countries in the world have basically seized up i think it's good news if people are expecting chinese officials to cut a stamp tax in half and expect that to rally the market, i mean, you're crazy. what that does, it rallies trading. the market rallied 5.5%, it closed up 1% you really need debt field consumption-led policy and xi jinping has not shown an inclination to do that so, the market has given back all its gains. em looked like it was breaking out, it's run into a wall. and there's different reasons for it i think you can overreact and say, hey what they did over the weekend was a failure, because it wasn't attempting to be an

economic plan. >> it wasn't anything sustainable. it's a quick fix they need a policy bazooka, guy -- >> welcome back, by the way. >> you know, tim and i are -- we're thinking the same thing, because what i was going to say, but i will say it, i'm going to channel my inner john sebastian, who was at woodstock >> welcome back. >> well, no, melissa lee, because, listen, although tyler is, yellowstone or mount rush more and we had c.q. -- >> pantheon. >> yeah, it's still your rodeo here and we miss you when you're gone >> great to be back. good to see you. >> talking about china and bazookas, hopefully that doesn't come to pass, but i think we continue to send people over there, because i think our relations with the chinese have been worse than prior to the nixon administration however, i think tim is speaking to this, you can trade these stocks, and alibaba in your absence round trip, went from 85 to 114, we went back to 87.5

last week. and here we are at 92 today. and we've been saying, this is probably an opportunity to trade this stock from the long side. tim mentioned that last week i don't think our relations with china get better any time soon, i think the trading opportunities of the stocks are there. >> and the point that you make about, you know, this 5.5% rally after this trading stamp cut tax, whatever the heck it is, there was a time, and i think we can all remember the not so distant past, where we were waiting to see how china would open and close and that would -- our futures don't even move off of it anymore. and that's kind of a good thirngs but by the same token, more importantly, the point that our commerce secretary is over there, i think it is saying a lot here, because there is this tit for tat. we still have lots of tariffs, we have these bans, export bans, and they're going to start racheting up and they know that the biden administration, as they get into the election year and there's more pressure, they probably have more leverage, right? because if they think the things they can do can change the course of our election, in a

very will jat mat source of way, i mean, this is just how this sort of international relations stuff kind of works, i mean, this is only going to get worse before it gets better. so, if they can set a baseline, i think, for the next year and a half, that's probably a good thing for everybody. the last thing we want to do is see china exporting their deflation their readings across the globe, because we could find ourselves -- somebody said a debt-fueled consumption. we could find ourselves in a debt-fueled spiral lower, as far as economic malaise is concerned. >> china can engage in a debt-fueled -- they have a lot of ability chinese balance sheet as a country is very, very strong look, i agree with a lot of things you just said we are not as worried about chinese economy in terms of its impact on the world as we were before >> why >> chinese imports is a percentage over overall imports in this country are back to where they were at 2003. mexico is over 15% so, if you think about the importance and what that meant both in terms of gdp and pricing

power in this country, i'm not all that concerned about it. ism look atthe csi 300, so, china's benchmark index, and how it trades is not necessarily indicative of how i think broader emerging markets and all other markets and the health of the chinese economy. they're not one in the same thing. and as guy said, you still can trade these. if you look at the kweb, the chinese internetd etf, some of the biggest internet companies in china in an etf, it's up 16% over the last three months it's underperformed the s&p by 11% in the last year but think about what our market has done it's underperformed by 11% that's not a disaster. and i still think china, despite all their policy failings, and i think they need to do a lot more, seems as if they've taken hands off their own companies that were ahead of the government in terms of their independence and that's the most important thing to invest in >> they do have -- the point that dan was making about the election, that's very interesting in terms of, maybe we'll come to some sort of agreement or policy detant until

just before the election, biden administration, like, how convenient is that but also, the fact that american companies are probably more dependent on china than they were in 2003 in terms of profits and presence in china. so, while we may not rely as much on goods from china, you know, the u.s. corporations relying on china as a consumer of services and products is probably greater than 2003, or the same at least >> i think that's absolutely right. if you are thinking, if you are heading up nvidia, if you are tim cook at apple, it's a little bit like the parents are fighting right now, and you're trying to figure out what your own destiny is so, for them, i think it's very relevant what's going on in these discussions. nvidia has to bend over backwards in order to, you know, defunction their chips in order to be able to sell them into this massive market. and, you know, on our side, you know, we are very very thoughtful about how, you know, what can happen with taiwan

semi, because it's such a critical linchpin in our own supply chains. so, i think there are places where it's really relevant, but i do think you see some decoupling happening their economy can really struggle and we can still be okay but you have to think about each company's exposure, and what it means if we continue to have very frosty relations. >> yeah, i'll just say this and that's a great point by julie. apple, the iphone, that's comin up next month, guy, and the first time ever that phones are going to ship from india from apple to the u.s that's kind of interesting, when you think about the -- de-emphasizing china and the supply chains. she mentioned tim cook and parents fighting, i mean, that is 100% the case he's spent the last 20 years building up that infrastructure, you know, to make hundreds of billions of dollars in consumer electronics that go out of china, so, when you think about vietnam now has, like, ten of apple suppliers there, india's making them, so, you know, that's all happening and here's the thing, that's

really inflationary. >> yes >> that's the other point. apple has, like, 85% of the gross margin in the smartphone industry they are trouncing their competitors. it's going to cost more, it's goingto cost consumers more, pause because they're going to pass it through. >> that happens for all the chip makers who did business in china before worried about deflation being exported from china, but maybe we should be worried about the sflip flip side, companies have to near shore, and that sin inflation their. >> i think so, and i think either way, china has different dynamics working with their brand in china and we talked about this, this is another fallout. i think the inflationary element of this, though, is not what people were worried about. i think dan is talking about what people are most worried about. the chinese company seems to be a drag on the global economy we've been waiting for this reopening push -- we want a little ppi if you see china ppi going higher, that's positive.

>> i've been concerned and we should have a guest who knows more about this, somebody from morgan stanley or something to discuss it, but obviously china/taiwan, i think it's going to rear its ugly head, and terry gou, the founder of foxconn n is running for president in taiwan, saying, we don't want to be the next ukraine there's a lot of things to be concerned about there, and to your point about inflationary pressures, i think the near shoring, is that a term? that's more inflationary than the deflation they're exporting to us. >> and also, mel, something that would be really unique for all of us who -- i'm no economist, by any means here, but when you think about this, let's just say the chinese economy is weak. say the chinese consumer can no longer be relied upon to buy apple or teslas, so, you have this weakness there, so, u.s. multinationals who are depending on much of their future growth from china, but also, the reshoring of jobs is inflationary for those goods that are coming back and being sold to u.s. consumers and that really could be a

really interesting dynamic, if you think about it, because if china is not that engine of growth, you know, and it's going to become more expensive, and you think about the idea of building these things here in america, we just don't have the capability to do it. so, a lot of those goods would become a lot more expensive for u.s. consumers at a time when u.s. multinationals cannot rely on china >> all right, our next guest warns the u.s. and china are going about diplomacy wrong. yale university fellow stephen roach is in the cold war camp. stephen, great to have you with us are you watching very closely developments out of the secretary's trip to wchina? or do you think there's nothing to come out of it? >> no, good to be on with you and the gang, melissa. sure, i'm watching this, and i, you know, i know with interest, she's the fourth senior official to visit since blinken finally broke the ice in june.

all these meetings are pretty much a carbon copy of the other. there's a lot of talk, a lot of ceremony, but very little in the way of concrete developments i think the one new thing about the commerce secretary's current visit is the agreement to set up some working groups, you know, meet a couple of times a year. i'm not optimistic on trying to solve thorny problems by just getting together once or twice a year we need a much more substantial, permanent arrangement, and i've written about that and talked about it on your program before. >> yeah. step in the right direction, though, agreed what is your take on why the chinese have not launched a huge stimulus program as we've seen in the past? why drips and drabs like this? >> no bazooka. >> exactly, no bazooka coming out of china, as we've seen

before >> debt. debt intensity of the chinese economy has exploded it was about 300% of gdp at the end of last year, up 100 percentage points of gdp since xi jinping took over, and, you know, they're mindful, and they've been talking the talk, but not really acting on it, since 2016, about japan-style risks, and, you know, they're right in the sweet spot of going much, much too far on bingeing out of debt. >> stephen, it's tim thank you for joining us your perspective on this is pretty unique, considering the amount of time you spent there, so, great to get your views. i'm most worried about the currency when i look at the risk out there, it's not that the csi trade south of eight times multiple, it's that the currency is really where we have contagion issues globally and we've seen it. we've seen the dollar rally 5% since mid-july, it's coincided with a lot of the china pain can you give your thoughts on

the future there >> well, the chinese are doing their best to present their mmb from going down more sharply than they would like, but it's sort of been a losing game for them i think that's possibly one of the reasons, tim, why they move so grudgingly on short-term lending rates last week. their mindful of the currency r r risk, there has been some capital flight, and there's a concern of theirs. >> president biden made comments about this a couple of weeks ago, people will think that will keep them from doing something with taiwan. i think it emboldens them. what are your thoughts stuff going on in the south china sea right now is not particularly good. >> well, i'm sort of with you, guy, you know, when you have weakness at home, it's the old wag the dog movie, you know? you start a conflict somewhere

else to deflect attention away from problems at home. i hope and i certainly don't think china's going to move p prematurely in taiwan, but you know, we're putting a lot of pressure on them to react to our position, which is very strident, especially in the u.s. house of representatives, with respect to taiwan so, you can't rule anything out, but that's certainly not my base case scenario >> you mentioned the problems at home i mean, youth unemployment is so bad that they are stopping -- they're not going to report the data anymore at what point does this become a security threat to -- i mean, you mentioned that xi jinping is the security president, he's concerned with security, particularly domestically, and these domestic problems could lead to insurrection at some

point, if they're bad enough >> yeah, i think we overplay the likelihood of internal uprising in china youth unemployment is an issue, especially since the government has clamped down a lot on the private sector, especially the internet companies, as you guys noted earlier, and that's a big source of job growth for young people they've got to address it. even though they've suspended the data on it, they all know there's a serious problem there, you know, consumers are weak in china, they also canceled the debt on consumer confidence. it would be great if we could cancel all of our bad data and pretend we don't have any problems, either you know, the china, canceling data or not, they know they've got serious issues that need to be addressed >> all right, professor roach, thank you for your time. >> thank you, melissa. >> stephen roach so, what do you think looks the most attractive.

we can trade this -- >> i think i said 114, i think baba got up to 104 you trade these stocks, but i'm glad tim brought up the chinese currency, because, again, the last time we saw levels close to this was eight years ago, almost to the day, when the yuan was devalued and had the reverberations in global markets over the next couple of months markets don't seem to care about it right now, but i think they will >> i think markets should care a lot about the dollar the move we've had in the dollar, this last move in the dollar has been one of the biggest surging in a two-year dollar rally, which looked like it topped out last october i still think it has, and short dollar is one of the most cr crowded trades coming into the second half of the year, so, let's see. if you trade em x china, look brazil and india those are two markets and economies that benefit from the things that are giving china problems. meantime, mastercard on the

move shares trading at all-time highs dating back to the company's ipo in 2006. the stock up 17% this year comes as credit card delinquencies rise, the highest that it's been in a decade julie, how do you read this? >> i think this is kind of everything we've been talking about here for awhile, right, where we continue to be really concerned about the health of the consumer, particularly the lower end consumer, and i think a lot of it is, everyone feels confident pointing back to, we have this excess savings glut, and it really matters who is holding the excess savings if it's in the top 1%, it's not going to get spent >> oh. we have a little problem with julie. >> ghosts in the machine >> the good news is -- >> the problem is not her analysis, by the way she was smack on with that >> police album, as we said earlier. so, this works for companies that don't take credit risk.

mastercard and vivisa i'm sure they care on the outskirts of credit risk, but it doesn't really effect them one of the reasons they've outperformed american express is because of exactly that. >> all right, coming up, all eyes on prescription drug prices, investors await the first batch of drugs up for negotiation with medicare, so, which names could make the list, and how will pharma stocks react? that trade is next plus, industrial-sized gains. the group leading the market over the past week and a few names are even hitting all-time highs, so, can they keep boosting your portfolio? we'll debate that, when "fast money" returns gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq,

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and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. welcome back to "fast money. a huge week ahead for big pharma, as the biden administration gets set to announce the first ten drugs selected for price negotiation analysts are expects treatments from pfizer, eli lilly, and america to feature prominently on that list we talked about the weight loss drug companies having extremely high multiples, but the rest of the group has traded at depressed multiples. and i'm thinking of your pfizer. >> pfizer is certainly one of them and it's as if pfizer did

nothing before covid and covid vaccines and they're treated as if they didn't and how are they going to come up -- they spent a lot of money they spent $25 billion and put that money to work pretty quickly. and the expectation is, the pipeline that's worth $30 billion in revenues by 2030. we'll see. i do think that pfizer's very interesting here and i do think these negotiations are political and headlines and, you know, it makes some sense they're pushing back, but i'd be amazed if they're able to get some of the victories. i mean the government. >> really? >> i think the drug companies, when they get together and we've seen strijindividual fights bei picked >> certainly heard the commentary in the recent conference calls about this. really the ceos speaking out we've seen lawsuits being filed to stop this, because the price changes would go into e next 2026 julie, how do you view this? we'll get the list of ten and in theory, maybe that will give you some clarity for a short amount of time, but yet the government can add names to thatlist in the future, so -- i mean, it's

like a tiny sliver of clarity, maybe, for that day. >> it's not much -- it is not much clarity it's like asking for the list of all your greatest flaws. it's never going to be comprehensive. >> excuse me sorry. list of what >> broadly speaking, the biggest challenges we're going to have are, you know, getting confident that, you know, the list that we have is going to be, okay, that's it, that's all we have to expert, we're not going to need anymore of these cuts in terms of pricing, and i think, you know, when you consider the margins of some of these businesses, it's hard for them to argue against congress, right? but they also are able to leverage back and say, look, that's how we do r and d, we make money on the drugs that we have in our pipelines. so, that supports an industry that's very strong think of, you know, the first to come to the covid vaccine. so, you know, i think that there is a lot of lobbying that happens. it's one of the strongest lobbying bodies, so, they are able to muscle their way, but congress has to look like

they're doing something, and this is a very easy villain to pick, pharma companies are the easiest villain to pick. >> a name like eli lilly, guy. >> while you were gone -- >> shakespearean >> 1700s >> very powdered wig stuff >> well, i mean -- you know, it's funny you say wig, because i was the last person to vote when the whigs were against the torries back in the day. >> all-time high >> all-time high, it's been on fire valuations, people will point to it's very hard in my opinion for them to have the move they've enjoyed to continue the upside there will be a place to buy this cheaper what's going to get interesting is eli lilly, which has gone from 56 to 74 and change now, here we are at $61. valuation is listenable to say the least, but there's a listen why it's cheap to its peers. but if you can buy the stock between, i think, 57 and 59 for a trade, i think it's probably headed there, that could get really interesting really

quickly, mel >> just really quickly, which stock -- >> bristol myers didn't i say bmy >> no. >> i apologize >> it's interesting, because there are the haves and the have nots you have the risk of, let's say, some of the weight loss ones that have done so well and trading at really big multiples for a big pharma stock maybe it's xlb the way to play this. a lot more "fast money" to come here's what's coming up next. big pharma in focus. a major change in prescription drug prices could be coming your way. the medicare part d update, and the stocks that will be affected, next plus, an industrial revolution several stocks hitting all-time highs. what has these names building up gains? the titans leading the industry, ahead. you're watching "fast money,"

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welcome back to "fast money. a few industrial names hitting records today. eaton corp and ingersoll rand. up more than 9% since june the s&p up just 5% what do you make of this move, guy? >> it speaks to, i mean, it's interesting. a lot of it is rotation into the names, without question. obviously a lot of these high-flying tech stocks -- whilst -- >> come on >> nvidia, it was 516 in the afterhours, traded to 450 and change i think there's been a rotation. eaton's a great company.

we probably don't talk it enough, if we talk about it at all. problem is going to be valuation. probably going to be 28 times forward. these stocks get expensive very quickly, given the runs they've had. >> industrials looking expensive, julie >> yeah, it's -- i think it's one of the kind of more underreported stories, right because the valuation explosion hasn't been as extreme as what you've seen in big cap tech and it's not as sexy as a.i., but for sure, you have to think, where are we in terms of the cycle for profitability and margins? a lot of these industry businesses have done a wonderful job being able to price against what their product and value set is if they start to feel more pinch from deflation, are they going to be able to maintain these margins? and again, valuation is really important, because those forward numbers actually look worse than you're expecting >> well, if you think about some of the industrials that we spent a lot of time talking about, and you can get into airlines if you wanted to, but those are transports they get lumped into a dow industrial, but some of the

rails and some of the, you know, the -- i would say, again, shippers that would be fitting into an xli, if you look at the contents of that eft, there are parts of the industrial space that i think have pricing momentum and we've seen some resilience in what's been going on with the shippers i think they're actually attractive, because they were seen as valuation interesting at a time when people were running from megacap tech. all right, coming up, don't call it a comeback the ipo landscape gaining some traction after a rough 18 months but is the market ready to welcome the newcomers. plus, lionel messi making a splash in his mls debut and one streaming platform is scoring a win. that's more when "fast money" returns. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.(jol

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welcome back to "fast money. stocks jumping to start the week the dow climbing more than 200 points the nasdaq leading the charge, up 0.8%. but the three indices are all negative for the month of august the s&p and nasdaq on pace for their worst month of the year.

standouts today, boston scientific, 3m ahead meantime, shares jumping afterhours. the tech ipo market showing signs of recovery with arm, instacart, and klavioy filing to go public. our next guest has spent nearly ten years as goldman sack's top software analyst she recently joined invest cloud, a software provider as its president and ceo. heather bellini is here, welcome back to "fast money. >> thank you for having me >> what -- how big is this window, in your view, for ipos at this point? >> i think it's all going to depend on how well these go. and you've read about some of the steps that they're taking to ensure that they're successful i think that's really important to investor confidence, and the companies, you know, such as the

one i'm at, that look to follow on that path down the road, so, i think it's really important to make sure that these go flawlessly over the course of the next couple of months. >> how do you assess the market? what does it look like from your standpoint from the standpoint of investors looking at maybe companies that are newer, may not have a set -- you know, profitability at this point, may have some, you know, uncertainty surrounding profitability, with higher interest rates. >> so, it's a great question i think the last ten years or so, we've had free money, as all of you know, and it's easy to do the next round when you have free money and the valuations just kept getting more and more eye-popping. but what's been really good about the last 18 months, i mean, it's good and it's bad, but the good that's come out of it is we're building better sustainable businesses instead of growth at any cost. we're growing with sustainability in mind, and not knowing that there's going to be

another check around the corner. where i am now, i've got great backers like clear lake and motive partners that are able to give us the funding that we need to grow the business and capitalize on what we see as opportunities ahead, but it does take, i mean, i think we -- we all probably got a little too lax in terms of the efficiency in which we were allocating capital. >> you mentioned the free money period over the last ten years or so, you think about over the last year and a half since the fed started raising rates, some of the biggest checks have been written to software companies in around a.i., this year, when we've had the quickest move of interest rates off of zero interest rate bound. how do companies grow into these valuations $200 million, 3$300 million that seems kind of bubbly. >> so, that is the one area i was going to say around a.i. where people are willing and making these big investments, and i think what they're doing is looking back on public cloud and it really becomes an arms

race in terms of who has the best large language models to be able to do this. so, i understand what's going on there. i don't know how many of them are going to be winners. a.i. is going to be something just like the internet is pervasive and we used to not think of it that way in the late '90s a.i. is pervasive, and people probably had a.i. before they even knew it was a.i., right i mean, we've imbedding that type of technology into the products we have at investcloud for the last ten years, but you think didn't of it at a.i. >> we talked a lot about the consumer from your seat, what is the consumer look like >> from my seat, i mean, i think it's probably not the area that i focus on that much, i mean, i'm much more enterprise-focused, in terms of what we're doing and go to market, so, i'm probably not the best person to help you with that >> going back to the a.i. thing, you mentioned that a lot of companies already had a.i. so, when we hear companies now talking about a.i. on a

conference call or what not, i mean, does your skepticism antenna go, do they go up and the alarms start sounding off? >> you start counting the number of times a management team might mention it on a call you know, everyone skates to where the puck is, and i think it's really about trying to see how we're going to be able to take this technology and harness it and really do great things and, you know, digitally transform even more than what we've been able to do, by leveraging this type of technology, so, i understand why, you know, everyone starts mentioning it on their calls and it gets to what you were just saying about the valuations of some of those companies, but it's got a lot of promise, and i'm sure we'll transform industries more so than we ever thought possible >> so, heather, let's talk about enterprise then. and let's talk about, you know, you can look at this through the lens, not necessarily as your former seat as an analyst covering megacap tech companies, but where are we

there's been a lot of distractions about where it was going to be. maybe it's getting pulled into a.i. more than it should be. who is suffering and who is bene benefiting >> well, i think first and foremost, what we see in our business is -- and we sell to tier one financial institutions down to small raas there is a slowdown in spending. and, you know, people's budgets are getting scrutinized. it's hard to see that not happening, given what's going on with the markets and what happened with financials in the first quarter. so, it is harder i mean, the -- there's always been a focus on roi, but the -- it's when you can start delivering the roi, so, people are more interested in, i would say, land and expand type deals than necessarily doing these large transformational deals they want to do them in more bite-sized chunks. so, there's a lot of interest until -- if you are a solution that can help transform someone's business and help

increase share of wallet and, you know, change the experience that you're having with your customer, but it is -- it's not, i would say, as easy as we might have seen it a few years ago, so -- yeah >> makes sense >> healther, great to have you with us. come again >> thank you >> heather bellini julie biel, what do you make of software valuations these days they are kind of all over the map, right if you have a relevant connection to a.i., i think investors are willing to pay quite a bit of money for that. what i think is kind of interesting is, you know, in talking to a lot of equity capital markets right now about the pipeline of potential deals that are coming through, it's really clear that they are telling their companies, look, you need to be profitable either now or in the next six months, as far as when your ipo happens. and i think that's a very different tone, and i think as an investor, it was very frustrating seeing the newer businesses spending, you know, 70% of revenue on sales and marketing to drive their growth. to me, it is exciting to seal there are more sober minds at

the table, but i still think that a.i. is the one place where people -- i don't want to say they're on drugs, but i love it if there was a little bit more honesty on the timelines when a.i. is going to be productive >> i think the next few months will be interesting. instacart this is one, a consumer model we've been very comfortable with during the pandemic, pulled forward a lot of demand. it's going to come at a level that, much lower than where it might have come two years ago. the nasdaq's up 37% right now. if you can't bring a deal that somebody, you know, that investors are very comfortable with, a product, a service, the business model, that thing in an environment like this, as we get into the fall, if we see some of these companies really do the filing, but then pull, that's going to be a really bad environment. it's going to -- there's a huge backlog right now, we know a lot of these vcs want to exit a lot of these things. if you can't get some of the deals done with the nasdaq up 30% plus, it's going to be a difficult next year, i think, in

2024. coming up, another busy week of earnings. crowdstrike on deck to report on wednesday. should you strike while the iron is hot we'll hit the options pits. plus, apple tv scoring big on the messi mania, streaming numbers kick into high gear. how to play the sports streaming stocks that's next. back in two. dude, what're you doing? i'm protecting my car. that's too much work. weathertech is so much easier... laser-measured floorliners up here, seat protector and cargoliner back there... nice! out here, side window deflectors... and mud flaps... and the bumpstep, to keep the bumper dent-free. cool! it's the best protection for your vehicle,

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do not miss a special week of "mad money," dedicated to jim's rules of investing and his most important market lessons. starts at 6:00 p.m. tonight right here on cnbc. apple is cashing in on messi mania. the tech giant's partnership with major league soccer getting a boost as the argentine superstar plays his first games with miami's football club julia boorstin has the details. >> apple's $2.5 billion rights deal with major league soccer has turned out to be a win, thanks to messi moving to inter miami. he helped his team to victory this week, and he's driven a surge in apple's streaming app since he joined in july, traffic

ended up 45% globally, and up 87% in the u.s while in august, the month through saturday, global traffic is up 53%, according to similar web. this all comes after inter miami's team owner tweeted less than a month after messi joined that mls season pass subscribers more than doubled. messi is an ambassador, both for the league and for apple tv plus's mls season pass subscription $39 a season for apple tv plus subscribers. more, if you're not a subscriber and messi is invested. he earns a share of mls season pass revenue now, on the heels of mls season pass growth, wedebush is the shoe that fits for apple is the golden espn assets which potentially may be on the table, as iger and the board look at disney's core assets over the coming months. so, now we'll have to see how long-lasting the messi effect is will people who signed up to

watch messi stick around to watch ted lasso? melissa? >> or vice versa >> or vice versa but is -- so, they're putting it out there, like, maybe there can be a tieup between, or some sort of acquisition of those assets >> look, since there was that report just last week that amazon was in talks with espn and disney about potentially being a partner there, we have to assume that everything is on the table for disney and espn. bob iger said they're looking for the right partner for espn we know they're talking to the leagues about taking a stake in espn, but when it comes to distribution, you have to bet that if they're talking to amazon, they are also going to at some point be talking to apple, as well >> yeah. julia, thank you julia boorstin those espn assets looking really valuable, tim. good for disney, in theory >> well, it's amazing how espn was seen as a catalyst possibly to disney stock, if it was a spin-off or what not it's amazing what's going on with mls and you think things are great

for messi, how about david beckham and the move he made to move and take a leading ownership stake in this franchise, before people knew soccer was a sport in this country. i'm joking, but it's extraordinary. you have to give him a lot of credit for the influence he's made on the sport. >> looking at me about soccer? >> you always have things to say about soccer >> he says people -- in the '70s, when i was a young lad -- >> pele? >> cosmos, you couldn't get in the meadowlands. i can rattle off names with the best of them carlos alberto on the back line. >> sorry, mel. >> so -- sorry, that's my bad. i would say that if you think about what apple had to do to get access to this, and what it means for apple plus, and you think about the title they have, the shows, the movies, a lot of folks have just made the point they've not overdone it on those sorts of things. so, the ability to create a fly wheel for this, and doing it through the mls is pretty genius they didn't have to overbid for the nfl or anything like that.

>> the thing about this topic with the megacap tech companies and their streaming influences, how are you investing in that? you're not so, that's what makes this frustrating. even though they wield the marginal dollar of influence in the entire industry right now. and they may be the ones taking out disney >> in other words, apple is worth what it's worth with or without messi -- >> hold on, mel. you say that but think about -- >> nice pronunciation. >> thank you >> they have a $35 billion ad business think about that and it's high margin and that really helped their margins across the board there are ways you can envision where, again, hardware margins are coming down for apple -- >> put ads in. >> and services and ad business, to me, they have a $2 billion installed build of ios devices, they could be google in ads at some point >> when i say lionel -- >> ritchie he was supposed to play at the garden and he couldn't get d down -- >> hello >> good-bye. a lot of people --

>> is it me you're looking for >> we were looking for you >> he is a huge "fast money" fan, i'm just saying. coming up, shares of crowdstrike having an awful august but will it next earnings report help turn things around we have the trade when "fast money" returns

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quell cwelcome back we have some news on tech execs. emily? >> we know that congress is wanting to regulate a.i., and the way they've approached this, senator chuck schumer has held a number of bipartisan meetings with lawmakers, and now, he's bringing in some of the biggest names in a.i. and tech to capitol hill for a big in-person meeting. this is going to include elon musk, sam altman, mark zuckerberg they're all coming to capitol hill for a forum between everyone on what congress's role needs to be when it comes to a.i. this will be closed to the press, but of course, we will be there, we will be looking for any readout, we'll be talking to folks. just trying to agaget a sense on

how to move forward with this. at this point, lawmakers are pretty much in bipartisan agreement that something does need to be done with a.i they have a lot of concerns about the potential threats it could have to national security, to personal privacy. but at this point, there hasn't been a lot of agreement on exactly what legislation should look like or even on how to tackle it. and so, this is going to be chuck schumer's way of trying to build consensus, getting some of these businesses onboard it's a really unique way to approach legislation, but it speaks to the real bipartisan nature of a.i. on capitol hill and how much lawmakers want to get this done. >> emily, thank you. another big week of earnings ahead featuring names like best buy, chewie, lululemon and crowdstrike. falling nearly 4% today after a downgrade to equal weight from overweight at morgan stanley options traders seem similarly pessimistic. mike khouw has the action. >> yeah, crowdstrike traded about two times its average daily put volume the options market implying a

move of 8% it seems that some traders think that move is actually going to be to the downside the most active contract were the weekly 135 strike puts we saw over 4,100 of those trade for a little over $2.20 a contract the buyers betting the stock is going to fall below that 135 strike price that would be a downside move of 8% or more >> all right, mike, thank you. for more options action, tune into the full show, friday, 5:30 p.m. eastern time. up next, we've got your final trades

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time for the final trade around the horn we go. julie biel >> west pharmaceutical, if you want to be in health care, this is a good place. >> tim >> welcome back, pantheon. and energy transfer partners belongs in the pantheon of mlps. >> dan

>> xlv looks okay. >> keeping with the shakespeare, oracle reports on a fortnight, or in a fortnight. >> nice job. that wasn't easy >> whilst. all right. thank you for watching "fast money. soo tt ar rht, "mad money" back tochl,hasttsig now.