afterhours from here more broadly, this week and into next, i'm wondering how much do consumers need to see discounts to keep spending through the entire holiday season. >> it's going to be key. also worth noting that we have a very strong, the day was lower for stocks, a strong rally afoot for the month. that's going to do it for us here at "overtime. >> "fast money" starts now live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight nvidia on the move shares volatile after the company posted a beat on the top and bottom lines what's behind the volatility and what's next for the a.i. chip darling? we'll bring you the headlines. and the yen breaking trend the japanese currency has been rallying against the dollar in recent weeks after flirting with multidecade lows earlier this month. the chart master is diving into the trade to find out. plus, the amazon founder expected to offload another big chunk of his stock

sending shares dropping for everybody else what is behind his latest sale and what it means for amazon i'm melissa lee, coming to you live from studio b at the nasdaq we start withnvidia. the call just kicking off at the top of the hour. cnbc's kristina partsinevelos has all the details here the stock has sort of just waivered around here -- >> it dropped 3.5% -- >> initially >> and that had to do with the cfo commentary about china the quote is, we expect the sales to these destinations will decline significantly in the fourth quarter of fiscal 2024, though we believe the decline will be more than offset by strong growth in other regions they did a-- and they've said this before, having no near term impact, but you can't discount that data center revenue comes from china they're admitting it in there, but nonetheless, beat on the top and bottom line

i thought gross margins was interesting. it was a beat, 75% stronger, but for the q-4 gross margin guidance, it's coming down a little bit, that's what they're estimating, so, what does that mean about efficiency? and so, for this call, i think a major factor is, how can you keep growing 206% per year on revenue? so, it's more -- and i know we had stacy on and others throughout the day talk about sustainability, how is this going to keep up this exponential growth beyond 2024, once china plays more of a role and once there's saturation with gpus, or once they switch to their new gpu architecture >> the guidance on q-4 looked good >> 20 billion. >> there's a lot of pluses or minuses in the numbers there if you take the minus side, it's actually below -- >> that's an excellent point, yeah so, for that guidance, i wonder even for data center revenue, i didn't actually look at that particular number. we don't get for the following

year, but that is a very good point, too >> do we have any indication of mix? that makes a big deal in terms of margin. >> there was one line in the report that spoke about the gpus, they said the architecture-based data center products were significant but declined sequentially, as we approach the tail end of this architecture so, we know that next year they're going to be launching a new gpu that is going to be on a completely different architecture with nvidia, what happens is, when they launch a new product, which they, you know, 24 months down to 18 now down to 12, we know that, you know, buyers tend to pull back a little bit in anticipation for that new gpu and we're seeing that happen already. >> what are some of the big questions that will be on the conference call? >> sustainability, of course what site do they have into the near future when it comes to continuing to buy? we've seen it for the hyper scalers, but what about everyone else and supply con trants.

we know the cto of microsoft in september said it's already improving. the previous earnings call nvidia management said they expect supply to keep growing every sickle quarter, so, maybe more of that commentary. the data center revenue, given it contributes so much china, they are going to get asked so many questions about it, so, what are they going to offset that with the workaround chips, anything else like that >> kristina broke it down really well let's talk about -- i mean, it's a great quarter, okay? but they're being rewarded for these types of quarters in terms of their valuation and when you talk about data center, for example, up 280% year over year, i mean, that's pretty extraordinary, given the base they're working off of. operating margins, better than expected she mentioned growth margin better than expected at what point do you say, you know what, now the valuation is starting to get stretched. we understand they can grow into it, but we're going to start taking providence in the name.

the stock is effectively nowhere, but i think you're starting to see, with potentially that guide, maybe this inflection point, where things are remarkable, but starting to go the other way now to the downside. >> guy, the fact that the minus part of the guide, plus or minus 2% is below estimates, that's just not what investors want to hear from nvidia they don't want even that possibility of the -- that's not what -- what you're paying for is something that is well over estimates. >> yeah, the jump over is getting higher, expectations -- the stock has rallied 25% into this print here. and to guy's point on valuation here, you know, again, and kristina just mentioned this, like, they're expected to grow, you know, earnings and sales more than 50% next year. now, if we're starting to see the acceleration of these kind of beats on a sequential basis, the decline, right, sooner or later, that's going to go the other way. when that consensus starts going the other way and she just mentioned gross margins, right, they're going to do 70% next

year next year, they are supposed to be up. but if you're talking about the competition coming into the market, increased supply, at some point, that likely is going to weight on margins once you start seeing that dip back below 70%, if that is, in fact, the case, as we start valuing on theout year, the stock doesn't have a ton more upside from these levels >> well, i think their ability to generate margins as a function of their ability to stay ahead of the competition. and based upon the commitments they have for microsoft, it gives them a 6 to 12-month lead over amd that's why the stock is rewarded to the multiple, it, you know, if they're going to do 20 bucks or so in calendar year, there are some analysts on the street that say the stock screams as cheap, because they see 30 bucks in '26-27. we can all do that math. and 20 bucks on '24, it's a 25 times multiple for a company that's still way ahead of competition, pretty much can

charge what they want, and this isn't an issue of demand, so -- i don't love the multiple here, but let's be clear, i mean, people haven't loved this multiple for three reports in a row, and i think the stock is -- i mean, the fact that the stock is doing nothing afterhours, to me, is -- i think a big plus, and the fact of the matter is, some of those numbers, especially on the revenue side, i think, you know, the buy side was higher than the sell side on that and i think they hit those numbers. >> still lower than the five-year average, so, how often does the stock, you know, hit an all-time high but the pe comes down in the same term. the only other point, the bulls will say, what about soft ware so, all the companies are buying the hardware for it, the strength for nvidia is, they have the cuda software and the cables that connect, so, that could be a selling point for margins going forward into subsequent years but i'm not a holder or anything, just -- >> thank you, kristina >> just know a lot about the company. >> you'll keep us posted on the

call >> of course >> for more on nvidia's quarter, let's bring in christopher rollin >> hi, how are you >> tim made this point, i think it was an excellent point, the fact that the stock is not doing much given the guidance, may actually be viewed as a very positive thing >> perhaps we are getting used to these monster beats. we had basically for the guide 20 billion, they hit that on the nose we were doing our best to do a buy side whisper number there, and so that is what we would expect a flat stock with that 20 billion guide. >> are you -- how concerned are you about china? >> china's china that's history as a few weeks ago, they said they will not be shipping there, but there is demand elsewhere in other geographies to make up for that full china gap. my -- i suspect that they are

going to have a respin of some of these parts, whether they will be performant enough to the chinese liking, i don't know but they will probably be getting back into this market in some form, you know, over probably the next few months >> chris, tim mentioned competition, as well, and obviously, nvidia, huge head start, without question, but people are getting into this space very quickly is this a quarter or the next -- this and next quarter, potentially, where we start seeing margins peak and then start to decelerate? operating margins, i think, almost 64%, is pretty remarkable in this space. >> yeah, so -- they will not be able to capture nvidia's 20-year lead on the software side around a.i. it will chip away at the edges, but cuda is dominant, and well beyond most of their competitors. the closest thing you're going

to get is google's tpu amd's mi-300 is really interesting. one of the most interesting parts about it was the extra memory, the almost double that it had over nvidia, and then nvidia comes out with the h-200, basically doubles up their memory, and erodes some of that competitive advantage, so -- i would say all parts are moving here in this race, and nvidia's moving very fast, and they're not conceding anything >> how -- how would you describe relations between nvidia and the rest of the hyper scalers who are trying to create their own kind of chips? does it create bottlenecks for them, where nvidia is going to hold back supply to them, because they would like to continue to dominate as they have been? >> i think, you know, perhaps probably one of the most shining examples is openai or microsoft, and nvidia shipped a ton of h-100s to them particularly early in the cycle,

as well. and we just saw the microsoft announcement about mya, which are eventually be h-100, or nvidia competitor here, and so, i don't think that's the case, i think nvidia wants to ship as many of these as they can sell to whoever they'd like to sell in an unbiased way >> you mentioned you were trying to get a sense of the buy side whi whisper. when you talk to hedge fund clients and they're looking at this story and saying how unique this is, and maybe they have missed it, can you actually say to them, with expected 50% earnings and sales growth next year, but expected to kind of step down in 2026 and beyond that, that this is a good buy here at current valuation, there's a lot of folks trying to figure out valuations and maybe they don't care so much about that, i'm just curious, how is the buy side thinking about this the stock has been really volatile in the last three months, trading between $300 and

$500, it seems, every other month here >> yeah, we're now down to a very basic 25 pe on next year's numbers. you can make some adjustments to that, but that's a reasonable number the real kind of issue at hand here is how sustainable are these data center numbers that they're putting out? i think you guys were talking earlier about those beats, the expected beats, the -- as we move into next year, and we are in that camp we are starting to take our numbers down, we think we're hitting cruising altitude here, and there could even be a small reset into next year, so, that '25 number could, you know, go down to 20, but then bounce up to 30 on some sort of a reset, but i think we're in the ballpark for a really good valuation here, if you look out a couple of years for nvidia,

particularly given their -- their growth rate and their dominance in this area >> when you're talking down the growth rate for next year, chris, when does competition start factoring in we know all of these competitors are out there with competing chips. when do those chips actually pose a threat to nvidia's 70% a.i. chip market share at this point? we hear microsoft talking about its competing chip last week, when should we start factoring that into this valuation >> yeah, that's almost a science project at this point. i would not expect microsoft to roll that out en masse the closest thing is tpu-5, it is a meaningful performance chip they've been working on this for five-plus years. they're probably closest, but they're not perfect, either. so, this is still nvidia's game. they are dominant. i would not expect serious competition. amd, at best, would be 5% to 10% of the market in two to three years from now, and they're probably the number two merchant

supplier out there so, it's really not about competition right now. to me, it's about, how big are these infrastructures going to eventually get and that's the most meaningful driver for nvidia. >> chris, just -- your reaction over the last, i guess 72 hours, on microsoft, openai, and, you know, just the sense of -- i look at, you know, new services that are now really demanding higher gpu and openai and dynamics around the entire sector that we have this discussion yesterday whether -- was the weekend's rulgesult andh soap opera highlighting a bigger dynamic or less than a dynamic, was that the peak? any thoughts from you? >> i don't have -- i don't have enough information, i don't know if we all do, exactly what happened there, but my takeaway is, there could be an interesting opportunity for nvidia to double up on the i

infrastructure so, for example, if openai built all of this infrastructure themselves, microsoft pulls all of these engineers away from openai, they may have to rebuild that h-100 nvidia infrastructure again, so for the time being, i'm actually viewing it as a potential incremental adder for nvidia overall, but i don't think it says anything about, you know, the a.i. environment, or the desire to build out these in infrastructure products. >> is there anything in your view that would slow down the spending on a.i., or is it just a foregone conclusion in your model that it's going to be full strength, full speed ahead >> we are still struggling in some ways to find revenue generation from -- from a.i., in general. and if that were to continue for awhile, that could ultimately be a problem, and maybe it's not 20 billion a quarter for nvidia

anymore, maybe it's something like 10 or 15, more sustainably. i do think we need to see some really kind of robust, on the consumer, on the enterprise, and even on the hyper scale side, real revenue generating use cases to drive these kind of numbers, like an 80 or 100 billion data center number >> chris, great to speak with you. thank you. >> thanks, melissa >> julie, what's your take here? it seems ike, you know, provin that it actually generating revenue, that seems like it should be, you know, something that you need to show, to spend that kind of money >> i think that's right. you know, the one thing that's really critical about nvidia, it's not just in terms of the software that they sell, but the ecosystem that they've created in terms of, this is what people are riding on, this language that makes it very, very hard to break into that. so, from a competitive standpoint, i think i feel very,

very confident in this business. the real question mark is exactly what we ended the conversation with, what happens if demand doesn't really show up, because the use cases at enterprise, for consumer, just aren't as robust as we're hoping and i think for me, i think that they will happen, but i think they might not happen on the timeline that we're expecting, and that the valuation is in, you know, assuming you could see the hyper scalers pull back very easily, and that's really the trick of this business, is that there's actually a lot of customer concentration, so, if, you know, the three big hyper scalers decide, you know what, let's pull back on our spending, that's a big problem for nvidia, because they soak up a lot of that demand. >> yeah. what has nvidia done since its last earnings report it's up 3.7% what has the stock done? it's up about 6% have we seen -- i mean, i k know -- i understand, record high in yesterday's session, but still -- it hasn't moved too

much from the last earnings report have we seen sort of the peak in terms of how much we're moving, because the expectations are so high >> well, we asked the question three quarters ago, was this going to trigger a cap x spend within tech? especially in the chip sector. and, you know, that was the question at this point, i don't think there's any question about what it spurred on, but that was an unknown at that point, and look, this was also at a point where markets were in a really, i think a much more dangerous place, so it seemed again in terms of the outlook no, fair question. i do think that from the market's perspective, the cynics can find a glass half empty about the leadership in semis and say at some point, it's tapped out again, a 20% move in the last 17 sessions for a sector that was already up 60% before that, this gets to be scary stuff but if you've missed this move, it's been painful. >> yeah. in terms of, you know, dan talks about this metric, price to sale so, it's probably trading, what, 23 times this year's number,

probably 15 1/2, 16 times next year's number. so, they're growing into that. but even with that, 16 is probably still twice what the historic norm should be, so, the question is, are you going to see that continued now, listen, from $18 billion to $20 billion, that's obviously a much lower guide than we've seen over the last couple of quarters so, that's slowing it's not nitpicking, it's just the math how much are you willing to pay for the stock? i can't answer that. >> well, the math into this quarter was the stock rallied 25%. that's $300 billion in market cap, so, it was going to take a huge beat and raise to get this stock to break out to a new all-time high. and it was going to actually not take a whole heck of a lot to get the stock moving lower and i just have to focus on that last bit that chris just mentioned. it did seem to think, like, you know, again, the days of these big beats and raises are behind us until there's a new cycle, until there's a reset. i just think about the buy side and the way they buy stocks like

this, and i think we're on the other side of this huge expansion phase, so, to me, it just doesn't make a lot of sense to buy this stock at $500. coming up, amazon unloaded jeff bezos selling stock, and there could be more to come. we have the details ahead. but first, we're watching nordstrom afterhours how the retail space is faring ahead of the hall dayholidays, e "fast money" returns back in two.

♪ upbeat music ♪ ♪ upbeat music ♪ ♪ upbeat music ♪ ♪ upbeat music ♪ ♪ upbeat music ♪ ♪ upbeat music ♪

in order for small businesses to thrive, they need to be smart, efficient, savvy. making the most of every opportunity. that's why comcast business is introducing the small business bonus. for a limited time you can get up to a $1000 prepaid card with qualifying internet. yep, $1000. so switch to business internet from the company with the largest fastest reliable network

and that powers more businesses than anyone else. learn how you can get $1000 back for your business today. comcast business. powering possibilities. welcome back to "fast money. we've got another earnings alert on nordstrom the stock is down just slightly after an earnings beat and a revenue miss that conference call is under way. courtney reagan has the latest court? >> hi, team, good to be with you tonight. stock reaction a little more muted than i would have thought here, especially after kohl's big selloff today. nordstrom revenues coming in light. the department store's net sales total down 9.4%, that's the department store the nordstrom rack sales fell just 1.8%. on the call, the ceo said the rack stores continue to be grea investments. rack stores, he thinks, are un underappreciated now, lower markdowns helped

gross margins expand this is another retailer with decent margins the holiday quarter, though, the implied earnings forecast, a little weaker than expected, especially considering this 12-cent beat here in the third quarter. erik nordstrom joining the chorus of conservative retail ceos calling out continued uncertainty and softening consumer spend beauty and accessories stronger than other categories. that beauty just continues to take off i guess everyone is just looking their best these days. mel, back to you >> certainly are on this desk, court. >> you know it >> thank you, courtney reagan. >> st. ives scrub? >> the abapricot. >> when i go to sephora. >> they don't sell that there. >> oh. >> nordstrom really encapsulates all the problems that the consumer faces, it has the worst merchandise in terms of what the consumer wants to buy -- i was going to say, should you own it, is there a reason to own it

here the answer you're going to say is no. >> no. but i'll say this. since the -- i think it was march of 2021, this was, i think, a $40 something stock a series of lower highs and lower lows that pattern continues along the way, though, there have been bounces. 15% to 30% bounces seemingly out of nowhere i don't think we're on the verge of that. as a matter of fact, you could probably test levels we saw, i want to say -- >> covid lows. >> 12 and change, right? and that's where it looks like it's headed. >> at some point, you have to look in the mirror, if you are nordstrom, and say, this is not about the consumer, this is not about cyclicality in the economy, this is about your core business and where we were, you know, coming out of crisis macy's and nordstrom and they are different businesses and they have a slightly different customer both are the ones that told us last quarter they saw delinquencies start to creep up. no one else was telling us that. but what the department stores were able to do, and more

macy's, renegotiate leases, downsize accelerate a restructuring that people didn't think they could do before. and they were rewarded but is that a sustainable business model so, again, i'm with guy. i think you're selling this move >> by the way, it wasn't the only retail out report kohl's, best buy, lowe's all dropping dick's saw shares rise dick's a different kind of retailer in terms of what they sell, so maybe there's more demand for that, sporting goods and foot ware and stuff like that but the rest of it just shows there's a swath of retail there that is suffering because they are selling stuff that people don't want. >> yeah, exactly they're telli ing stuff that people don't want, but that has really strong price transparency online, and it's really -- it's not differentiated in any way, shape, or form dick's a little bit different in that way, that what you can find in their merchandise, a lot of

them, they do their own private label and collaborations so, for them, there's better reason to go shop at dick's and there is say a nordstrom or a kohl's i think overall, what we're hearing, though, is that the consumer is weakening, and what they care about is value so, knowing that the rack is doing so much better than the core flagship nordstrom brand tells you that if you have to play in retail and i'm not necessarily recommending you do, you want to look for places where customers are finding value and so you're thinking about cost kco, those types of brands >> tim, i know you like dick's here -- >> i actually don't. >> if you look at the debt they have, relative to their cash positions and relative to the direction in which their businesses are going, it just doesn't seem like -- i don't know how it ends, you know what i mean >> i think it comes back to value. i look at best buy, who i thought had better numbers come i think they were less bad, so,

that, you know, that derivative, and i look at the valuation at ten times the next 12 months and they are near a trough multiple should it be getting cheaper i think best buy has carved out a place that's somewhat unique, so, i'd be a buyer there, if anything. there's a lot more "fast money" to come here's what's coming up next. remove from cart jeff bezos already selling off millions of dollars worth of amazon shares. and there could be even more to come more on the e-commerce cashout next plus, general motors shares hitting the brakes today, as investors await a business update coming next week. just how much did the uaw strikes cost the company and what will the shakeup at its self-driving unit mean for the future of the automaker? you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

you got this. let's go. 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, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

welcome back to "fast money. jeff bezos cashing in on some of his amazon stock. >> he sold about $240 million of his stake last week and sources telling david faber that he is not done bezos could, quote, aggressively sell another 8 to 10 million shares, which would be $1 billion worth of stock amazon stock is down nearly 2% today. the thinking is that he's using that money to fund bluer jib, that's why he's moving to miami, to be closer to the operations there and his parents. >> his right to do so. the 145 level is where the stock stopped, if you go back and look, august of '22, it stopped on a dime. here we are, 145 level again, having a great run over the last 9 to 12 months question is, if he's selling

stock, should you be doing the same thing i don't think there's anything wrong with, if you follow the whales into purchases, it stands to reason that some of these guys and gals are making sales >> julie, you agree with that, especially when there is a reason for doing this? it's not like he's just selling just to sell, he's doing it for space. >> look, i mean -- look, i have a lot of compassion for jeff bezos, we're very, very similar, if you think about it, we're both going through our mid-life crisis, we're exercising, we're looking better, we're engaged to beautiful women, it's like -- he and i are the same he and i are the same. he's selling down 1% of his holdings, right? even if it's the 8 to 10, it's 1% of his holdings to fund space explora exploration. let him have fun i am >> now, when i read this, dan, i thought of you immediately >> uh-oh >> you are looking better these days, all of the above >> about time. >> no, but you always cite elon

musk and the race, what's going on with twitter is going to impact him with tesla and he'll have to sell more shares there's this overhang, when you have a billionaire with another sort of side project going on, who uses the main company as a source of funds. >> yeah, listen, i actually think this is a good thing for amazon shareholders. let him move away. he's, you know, he's not the ceo of the company anymore, he's not making fundamental decisions about the course of the business and the like, and if you think about the amount of shares he's selling, it's really not a big deal he owns 9% of a $1.5 trillion market cap company that seems to be doing just fine when i look at this, and we talk a lot about valuation, this is one of the tenants of the bear case on amazon forever was valuation. you look at a company expected to grow earnings 30% a year for the next couple of years, sales growth in the low teens, something like that, and again, i say to myself, it probably trades pretty reasonably right now. so, like jeff bezos, you know, sell stocks, go to the moon, whatever you want to do with it.

call julie biel, she needs a wing man right now, if you want to have some fun >> again, this isn't a side hustle for him, this is what he's doing and he hasn't been at amazon really in a meaningful wail in a long time. the key to amazon stock is aws, really let's be clear amazon has outperformed its megacap tech peers year to date. i think it's going to outperform, as well. coming up, the s&p 5,000 that's a big call, but is it attainable how the rally could take off in the new year. plus, gm announcing a business update next week. we'll look at how the company is doing after the auto strike and the recent robo-taxi shakeup more when "fast money" returns. missed a moment of "fast"? follow the "fast money" podcast. we're back right after this.

(sfx: stone wheel crafting) ♪

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? ♪

tell -- hold on a second >> no. >> can't start laughing without -- >> guy does it every block, practically. >> that was your fault, melissa. >> we laugh a lot. >> that's my fault >> welcome back to "fast money."

s&p and nasdaq snapping a five-day winning streak after ted's fed minutes indicated the central bank's policy would stay restrictive. all three posting small losses the nasdaq down 0.6% big call out of wall street today. the s&p could hit 5,000 by the end of next year that's a 10% gain from today's close. in june on "fast money," she told us she was the most bullish she's been on stocks in at least ten years. tim, how are you feeling about 5,000 by the end of '24? >> i'm always listening to her 5,000 by the end of '24, there's as lot of time to travel between there, and if i had to guess, and certainly my view on top of that view -- what are we talking about? we're talking about an 11% move, something like that, from here, which isn't extraordinary, but when you consider where we've come this year, and where i think there does need to be some reass

reassessment we're going to have plenty of time to understand where the consumer is. so, i like the call. i think largely, that is the dynamic that we have based upon the numbers that we have on the economy and the numbers we have on the consumer. >> you just said 11% on the target, while estimates -- epsf consensus is up 11%, so, i mean, i don't think it's that rip roaring of a call, and i think guy will tell you, it just depends on how we get there. >> how do we get there that's exactly right straight line to 5,000, whatever, 50 handles a month, i don't think so i don't think she thinks that, as well. do we see a flush below 4,000 and then spend the rest of next year on the back of a federal reserve that pivots been june or so. >> we were at 3600 in october '22 and that's where you could be in 2024. shares of gm sliding 2% today. the automaker will hold a business update a week from norm after union workers voted to

approve a new lay door biel. phil below has the details phil >> melissa, it's been exactly four weeks since general motors pulled its guidance for 2023 going to have to wait another week to see what the guidance will be. the business update will happen next wednesday the interesting thing will be, how detailed do they get in terms of their expect takes for 2023 and the year-end guidance remember, when they pulled their guidance, they originally said, look, we expect to make $12 billion to $14 billion clearly the strike has had a huge impact on that. how much of an impact? last time we heard from the company, when they did their q-3 earnings report, they said it was at least an $800 million impact that they would be suffering. now, remember, since then, we've heard from, since the end of the strike, heard from ford, they said it was $1.3 billion hit we heard from stellantis, saying it hit revenue at least $3.2 billion. so, we are looking for details

regarding where the company is after the uaw contract, after the strike, as well as what's going on with cruise there have been a series of setbacks over the last couple of months the most recent is the fact that you had the ceo, who was originally the founder of cruise way back in the day before general motors bought it, he then became ceo a couple years ago, well, he resigned this week, so, what's the outlook there? and we're showing you gm shares, been a little bit all over the place, but this is them going back to october 24th when they pulled their guidance. we'll get that update next wednesday from gm. i think people are focused on two things what is the guidance for the full year? and what are we going to hear about what they think about the direction of cruise? i'm not sure how detailed they'll get with cruise, but certainly the guidance is going to be in focus >> phil, thank you phil lebeau. this will be an interesting one. because it's got its core business, which is challenged by higher labor costs, among other things it's an 11% immediate increase

in pay, and then cruise, which has lost its visionary and it's lost $1.9 billion so far this year >> floundering >> it's made $76 million, which is pocket change here. >> i think the reorganization for gm was, what, the summer of 2009-ish or so you go back -- these last 14 years in some ways probably have been the golden era of auto sales, yet the stock, if you go back and look, it's probably the same price that it's been. if you are a stock holder, you are not particularly happy we sit here, within a whisper of a multiyear low in terms of the stock. i don't know what scenario there is to get gm off the mat here. >> well, i think more insight into their business and profitability. for a company that -- it's lost a lot. it is totally derated. if you look at this on a trailing, and i think it's relevant here, considering where we've come out of, and people don't trust the numbers going forward, the stock is under four times. the stock is 3.9 times trailing 12 months. so, how much have you priced in

here look, i -- i own gm, and i think you priced in an extraordinary amount i don't think there's exciting catalysts. i think people understand that the profitability that this company has had, the same profitability that the union was pointing straight at them, saying, you have to reward us, is something the market doesn't give them any credit for. coming up, small cap standouts. plenty of action going on in the russell right now. one of our traders will break down three names that could be ready to break out. plus, going global the chart master joins us for a trip across the pacific and a look at a beaten down currency that could be about to pop ( ♪ ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪

a bank that knows your business grows your business. bmo. encore energy, america's clean energy company poised for production in south texas, energizing america with reliable and affordable nuclear energy fuel with an environmentally friendly extraction process. encore energy.

meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize dry, sensitive skin. gold bond.

welcome back to "fast money. is it a small cap comeback the russell 2,000 still flat on the year, was down today, but it's up over 6% this month our small cap expert julie biel has three stocks she's keeping an eye on. julie, what are they >> well, i'm thinking about themes that are mostly large cap themes, but that can still resonate in small cap land so, the first is, we know that we're completely under housed. i am nervous investing in individual home builders, because you have so many risk, but simpson manufacturing serves them all

they hold the house up with their strong-tie product it's a better way to play that theme. if we're thinking about a.i., i like the name certara. they're also coming out with a potential for more generative a.i. in terms of helping researchers think of what come pounds could be effective in treatmenting diseases. so, that's kind of an interesting play in a.i. and the last one is thinking about companies that are growing, but that are pro profitable and so, names like a clearwater analytics, which, you could think of as like a sleepy portfolio company. this is something that has very high switching costs so, you're going to see a lot of earnings resilience, even if there's a softer macro up ahead in front of us. those are three names with good themes that i think are interesting. >> all right, julie, thank you for running us through those small cap expert >> ssd is interesting.

the stock made an all-time high in the summer, pulled back approaching that level again i think it's a tad expensive, and it's up against past resistance, but this is a fascinating chart, even the carter braxton worths of the world would find it interesting. >> i had to look up strong ties. i didn't know what they were, so -- interesting. yeah >> remember that show "family t ties?" we talk about shows on this show >> we do >> maybe on the commercial break. >> but anyway. all right, coming up, a currency comeback. the yen gaining ground against the dollar in recent weeks and the chart master thinks a bigger break in the trend could be ahead. carter worth is talking us to the charts, of course he will, when "fast money" returns.

quell welcome back to "fast money. the yen gaining 2% since touching a 52-week low last monday the chart master says it could be prime for a bigger break in trend. let's bring in carter braxton worth of worth charting. carter >> yes, talk about something at an epic level. talking about 33-year lows relative to the dollar, and yet -- we'll see i chart in a second, but where there's been emerging strength is right

at a former reference point. and my thinking is, improvement ahead. let's look at the charts there are three of them and they're identical so, here you have a chart with no annotations, no judgments, and of course, you see that spike, which is, of course, extreme weakness in 2022, that's in october, and then the strength and then we weakened all the way back to that weakness is, of course, up in the chart. and now if we put some lines on, you'll see that just of late, we got right to that october 2022 level, and have started to go down in the chart, which is strengthening in the yen if you want to call it a double top or not let's put some arrows in, you see it the lines draw themselves. it is like a pinball machine, hitting aoff the lines to the penny, to the penny. and further down on the chart, which is more strength, even to the 142, 143 level, we shall

see. >> before we let you go and trade japan, carter what do you think of nvidia, since we're talking about the earnings tonight? >> well, something for everybody, yes out of the gate, weak, as all watched. i had my popcorn, too, at 4:31, i guess it was and then strength. at one point was positive. and basically it looks like it could be a nonevent. the implied move was 7% either way, obviously after hours trading is, as they say, hardly a fix as to what will happen in the real session, but it's pretty telling that the initial thing was weak and it recovered all of it. my hunch here is a pair of twos. >> all right, carter, thank you. carter braxton worth the yen goes to 142, that's got to be good for japanese equities, tim. >> yes, it is. japan is an overweight for three reasons. one, you have a currency that's

appreciating for the first time in a long time you have a central bank that's no longer targeting their yield curve, and they actually have some inflation, but again, you have eps growth there that i think is a lot more interesting. >> and warren buffett is in there. >> for a long time and they've done well. ewj, the etf, i think 63 1/2 is a recent high, where did it close, 62 and change, that's the level we have to breach. but it has been trading remarkably well in the face of what obviously is some concerns about their currency over the last six months. so, if carter is right, if the yen strengthens against the dollar, would stand to reason, i think, that the ewj might get back on its horse. >> itinteresting, going back to nvidia, we are about 50-plus minutes into the conference call and the stock is just down a percent. it's really just started holding in there >> i think tim said it, the fact that it wasn't down on a guide that, you know, wasn't better than what the wall street estimate or whisper was, is probably the right thing to think about. guy also said that the vol traders are choking on this thing.

stick around is options action -- doing that today? >> no, do you want to do an options action >> i'm just saying, what -- if the stock were to come in a little bit and you thought the stock had the potential to kind of rally into year-end and get above that, those calls are going to look dollar cheap to you. i'm just saying, like, so -- the flip side of it is, you can buy your puts against your long stock position into year end wait until the vol comes in pretty hard over the next couple of days. >> 24% in 17 sessions going into these earnings so, outperforming the semis, so -- not a huge surprise to see a lackluster response. >> i actually think karen said he she was selling out of money calls. >> that's options action, too. >> there you go. >> julie, do you hold nvidia in any way? >> yeah, it's held in some of our large cap growth portfolios and it's been a very long-term holding. we've owned it for six, seven years. you know, back then when the

initial position was made, it was just such differentiated technology for gaming, and gpus are perfect for a.i. but they have really capitalized on that, and i think their level of execution, it's hard to match it maybe apple, but it's really hard to match this level of execution. >> all right, up next, final trades

time for the final trade let's go around the horn julie biel >> ncino is an interesting bank serving company, very high switch costs here. some a.i. pixie dust i like it right here >> tim >> toyota motor, tm. one of the better global motors plays in the world and they have dividend payout growth >> dan >> nvidia, i've been wrong for 200 bucks. i think it's probably 400 before

600. >> guy >> fun show. it was -- we learned a lot today. >> so much >> the commercial breaks tonight were just -- >> off the -- >> okay, guy, get on with it gdx. the minors, the junior ones. >> all right, thank you for watching my mission is simple. to make you money. i'm here to level the playing field for all investors. i will make you money. mad money starts now. >> hey, welcome to mad money. i'm trying to make a little money. sometimes we get a piece of research that i like so much. today the dow is tipping fix