obviously the actors are back ate, but during the strike, if there was an impact there. so, a lot of different factors at play. we saw this year that people like original ideas like "barbie." >> all right, we'll have to see if it normalizes next year. julia, thank you. just taking a quick look at the markets here. all the major averages finishing the day higher as the santa claw rally continues. that does it for us here at "overtime," "fast money" begins right now. live from the nasdaq market site right here in the heart of new york city's times square, this is "fast money." so, here's what's on tap tonight. grinding higher. stocks climb on the first trading day after christmas, but can december's strong gains carry into the new year? we'll debate that. plus, intel announcing plans to build a $25 billion chip facility in israel. that stock is now up nearly 50% in jeust the last three months ago. is it too late to bet on the semis? and later on, going to pot.

investors in weed this year have felt like you're lighting your cash on fire. is there any reason to believe that 2024 will be any better than this past year? we'll ask the executive chairman of curaleaf coming up on the show. coming to you live from studio b at the nasdaq market site in times square. on the desk tonight, tim seymour, carter worth, bonawyn eison and julie biel. but first, we start with another winning day on wall street. the dow jumping 159 points. the nasdaq and s&p 500 finishing the day higher. the s&p 500 within striking distance of its all-time high hit back in january of 2022, just about a percent or so away from there. and take a look at the nasdaq 100. locking in on an all-time high and record close. it's now on the cusp of its best year since 1999. >> oh. >> yeah. >> the dot com era. that's all the way back to when bill clinton was still president, this year, it's up 54%.

with three trading days left in 2023, can the market's winning streak carry straight into the new year? we'll start with you, tim, about the momentum, a lot of folks think it can keep going. >> welcome, merry christmas. >> merry christmas. >> thank you for coming here. crazy times square. it's crazier after christmas. >> it's nuts. >> and you can make an argument this market's as crazy as it was back in 2002, because, and this is really the setup, and great to have carter here, too, because i think the charts -- we did something very similar in terms of the price action in the fall or, you know, going into the santa claus rally, which i guess we're in it now, but you had 13% on the s&p from mid-october of 2021 into those markets that peaked in january 4th. i think the nasdaq did 18%, semis did about 24%. and look, you know, same kinds of moves, even that much more accentuated. the difference being, we don't have a fed that's about to embark on a major cycle. a fed that's an easing cycle.

we spent a lot of time talking about whether that's foreboding for stocks, because fed's not cutting for good reasons, typically. in this case, maybe it is. back to what you said, the leadership is in tact. the leadership that is those six or seven stocks, there's some arguments out there their earnings growth is making those stocks cheaper. listening to john in a couple minutes, he's got great views on the market. i think this leadership at least for now is taking us higher. and again, semis are leading the way today, which will lead the qs tomorrow. >> the charts, carter, have been interesting only because we've seen what some say is a broadening out of the markets oversaul. hasn't just been that magnificent seven. we've seen equal weight indices do a little better and outperform. does that bode well technically? >> well, since the october 27th low, the equal weighed s&p has outperformed the s&p. so, the breadth has improved. momentum is a powerful thing. and it goes in both directions.

when something is in a free-fall, that momentum continues much further than the imagination will allow, and same here, too, on the upside. to think on the october low, the dow was down for the year. meaning this recent strength has saved the market. and saved the dow. and so the question is, to the end of the year, this is seasonally a very strong period, everyone knows that. the last week of the year, on average, is about a 50-basis point gain versus all weeks, the average gain since the beginning of the s&p is 14 basis points. this is a period that has a seasonal bias, but this final week is particularly strong and we're seeing it now. the real question, does it follow through into january? i suppose there's a little bit of that. the new high is wanted, so to speak. the dow's made the new high, the s&p not, but the real question is, do we really put on a big q-1? i don't think so. >> okay, julie, let's go over to you, because the q-1 catalyst that everyone's going to talk about the most is this idea of a fed possible -- i should say

hypothetical rate cut. a lot of folks say it's been a little bit too perhaps telegraphed in the market, a lot of folks thinking that maybe it shouldn't even happen the way the inflation picture is shaping up. is the fed the really -- the big catalyst, is it the only catalyst that we're watching in q-1? >> i don't think it's the only catalyst. it's the easiest catalyst. and that's kind of been what's been moving markets, everyone can kind of attach themselves to that idea. but now valuations are looking a little bit more full so, what we need is, we need earnings growth, so i think that becomes much more critical as the year goes on in 2024. my concern continues to be just the level of excess spending that we are having, where people are just not saving, they're going down into their savings and at some point, that gives. and in an economy that's really driven by the consumer, what we really need is for the labor -- the labor market to really hang in there. it needs to stay robust or we are in trouble. that's it.

>> bonawyn, the labor story has been in tact for the most part, you can talk about nitpicking a little bit, but unemployment is still very good on a, you know, long-term basis. jobless claims are still relatively good in terms of the way they're showing the unemployment picture. the macro narrative is at least for now relatively supportive. is that taking away any of the fuel that the fed might have to even think about cutting rates? >> i don't think it's taking away. listen, i think the economic resilience is testament to the balancing act they've been able to make. it really does wrbring in a question, what is the real incentive for cutting rates? we understood the higher for longer, the inflationary story, we see resilient economic growth, it's moderating, but still relatively resilient and starting to see a disinflation story. i think that is, if anything, it's what gives the fed power to continue to -- to -- or to move to cut rates.

i do think a lot of that is priced in, and that's really why the carry forward story is a bit more challenging. i think, as we've all said, it's hard to argue against the rally into the last week of the year, perhaps the first half of january, but you start to get bank earnings, you start to see some of the fundamental analysis that's going to come into play when looking on deploying capital going forward. so, i think there is still some murkiness there and there has been quite a significant pull-forward in terms of expectations of the fed to pivot and cut as you mentioned earlier. >> bonawyn, one of the things that we want to keep a close eye on is the leadership, as tim spoke about, this notion that we could see the continued momentum of the certain stocks. do you believe that it's still really just dependent onner large cap technology, communications services, and consumer deciiscretionary? >> it's going to be dependent, but not solely dependent. we've seen some resilience in

the small caps, we see some rallies now in terms of the regional banks, some of the more suppressed markets or sub markets within the broader market confines, so i do think you are seeing some more economically cyclical pockets of the market catch a bid. and i do think that's good. and the economic resilience that i mentioned before does speak to that. again, as julie mentioned, it comes down to the consumer. there was such a pull forward in terms of savings they've continued to spend down, it's not as if we have a new glut of savings to tap into. so, that's really the overhanging thing that gives me some pause and concern going forward. >> the consumer discretionary story is so fascinating. so many levels of this. by the way, i want to say, fundamentally, this idea that walmart is going to offer affirm buy now pay later at self checkout kiosks is probably a sign of the times. >> when that news shot affirm to the moon, i said, this is your opportunity to throw that one

back out there. i don't like discretionary. i actually have a small short in lulu. doesn't mean it's not a great company. but i think the story next year is one that's going to have challenges. but the whole story for the market is not top down. bonawyn is pointing out macro that's difficult, though we got house prices today that, again, hit all-time highs, but this is a bottom up story. this is where the street is, we're about to hear from oppenheimer, but the earnings growth story -- we had an earnings recession. three quarters of a pull-back in eps. the argument for the street right now, this is a bottom up story. nobody is saying the world's going to be great in '24 in terms of the top down. they're saying that the bottom up is better that the companies, the productivity has gotten better and depending on who you're asking, goldman upgraded, moor you can get late cyclicals and defensives and you can be okay here. let's not -- i don't know if anyone's confused, i want to make it clear, this is a bottom up story. >> speaking of barbells, julie,

let's wander into your realm a little bit here. it's the megacaps we've been speaking so much about, but it's also about so much of that small cap performance we've been seeing. is there any sign in that small cap market right now that says, listen, this could keep going, and is there any stock or industry group within small caps, whether it's bio tech or financials or elsewhere that has a real chance to outperform? >> yeah, absolutely. i think for sure, you know, we haven't quite seen the valuation uplift in small caps that we had in larger cap, so, they're relatively attractively priced, and, you know, if we get some version of a soft landing, they should do pretty well, they are economically sensitive. i think the real trick is we don't know, right? there's still enough concerns about the level of consumer debt, there's still enough concerns about, you know, the weaker pmis, so, you really -- if you're going to be in small cap, it's just not a sector that you want to be using etfs for you. really want to focus on fundthal analysis, where you're focused

on quality, and you can really pick out the gems that are here. it's really hard, and you need to be very, very discerning in terms of what you're choosing. >> so, a big part of that small cap or large cap story is going to lie with interest rates. because the ten-year yield has dropped more than 20%, if you want to look at it in percentage t terms. a lot of pros do not. it's a full percentage point lower. on october 19th, it topped over 5%, so you carter, you think that we've actually hit a, quote, mature intermediate decline and there could be a bump up in yields, that sounds fancy for it's goes to bottom out and head higher. >> that works for me. but i think the point is, what's moved the most is the rate -- look at the regional bank kre, small cap, of course, that is almost doubled that of the bkx or home builders. up 40%. that's simply a rates thing. at this point, the move from above 5% to now 3.83%, it's nine

weeks in the making and sequencing would suggest you get some sort of bounce. and remember, when you start to hear a moniker, higher for longer, guess what happened? the exact opposite. now we're hearing rates are going to go lower, they'll cult 55 times, all going to go down -- you want to traffic in the other direction here. and we can see it on the screen. just playing for a slight bump up. we were 3.38% last week, in july we hit over 5%, now we're back at $3.83%. i'm going to move back towards four and change. >> that's 17 basis points from where we are at this cycle low right now, as you're seeing on the chart here. tim, does that feel right to you? >> i think he's right. we had three standard deviation move in terms of the intensity and the velocity move higher. we've pulled back almost as quickly. note also the dollar's move with the hpull-back in rates. it's actually at least on this cycle. that's also been great for stocks, and the question is, the

dollar typically sniffs out fed policy, and if you've been investing internationally and resources, i think the dollar is going to be your friend. you've had such a big move in the dollar, the u.s. economy's not falling apart, and some of it is central bank differentials, i look at europe and i think their economy is worse than ours. >> let's talk about the trade, we'll bring in wall street's biggest bull for now, john is the chief investment strategist at oppenheimer asset management. it is for right now, the most bullish target on wall street. give us the number and take us through the fundamental reason why. >> well, it's only 5,200, from where we are right now. i'd put it until -- when was it, it was at the bottom, it was -- >> in october, you downgraded. >> we had -- we came in this year with a 4,400 target, at the end of july, we raised it to 4,900, and we ran into that

three-month downdraft. we thought the bears were really serious about this, they were going to imtalt a 2018. we didn't take it as a fundamental change, we thought the negative pitch book was out on the desk, and that's what they were rolling with, and so we reduced it to 4,400 again. now i'm saying, well, you know, we're only -- we missed the 49, would have been nice to have, because there's probably an opportunity to see it. i'm not changing my target. i'm sticking with 44, with 5,200 for next year. that's only about 8%, 9% up from where we are right now. the economy, as you all said, is doing remarkably well. the fed has been remarkable, once it got away from being behind the curve, the fed caught up, the fed moved ahead, it cut inflation by about half and in fact some of the latest numbers, the big figure -- they were under three on a couple of the key indexes, the index numbers they look at. so, when you look at it, the consumer is in remarkably good

shape based on other cycles. i've been in this business since 1983, so, i've been -- i came in when paul volcker was in his second term, so, this is -- the ben per unanimous key legacy fed is amazing in that it is highly sensitive as to how it applies its mandate of a good economy and full employment somewhere between 3% and 4% unemployment, and it had been very sensitive. the only time it got really intense was that 475 byes hike last year. since then, the whole cycle, it's been 11 hikes and four pauses, or skips, as they call it, so, we can't help but think that 5,200 makes sense, we're looking for earnings around 240, about 9% up from where this year is likely to come in at around 230. our expectations are that it will still be our -- our call has remained cyclicals over defensive.

we think technology is in good shape. and the sense that it is not showing signs of being at a plateau, so, even when it becomes richly valued, the next thing you know, you got another development on-hand that offers prospect for -- >> john, the rate story matters, because it features into models, risk-free rates,s do. when you set that price target, how much of that, it's a mix between earnings growth, absolute how much the money the s&p is going to make, and then the multiple that you attach to it. how much is earnings growth and how much is the multiple expansion aspect? >> well, the multiple expansion certainly does play a role in here. we're looking for 21.7 times forward, based on our earnings projection and our target. but consider the fact that the market is really, you know, it's many different types of players from all different parts of the world, but essentially, it's divided between traders and intermediate to longer term

investors. the intermediate to longer term investors in the near term here, any weakness they see, are likely, if not buying the dips, which we wouldn't suggest, buy the babies that get thrown out with the bath water. the good stuff that gets knocked down, because that's -- their goals and objectives are very different. they are about preparing for retirement, funding a retirement to not reduce one's standard of living, if one lives longer than one would expect, kids education, all this serious stuff. and it's not that the short-term stuff isn't serious, it most certainly is, it keeps liquidity in the market, but we think it's opportunity for further widening, broadening of this rally, when i last looked, i think the russell's up from october 17th, it's up, i think it's up -- it's up 25%, the smalls are up 24, they were in the toilet before. >> yeah, so, it sounds like you are making the argument that this is liquidity driven. when i hear 21.7 times, when

rates are 400,0 bay400 basis po from when we were trading at 18. it's very difficult for me to reconcile where we are on a forward multiple of almost 22 times, you're good with that? >> yeah, i think -- >> price target on wall street right now is exact same it was two years ago. two years ago, the christmas week of 2021, wall street's projections for earnings were 230 and here we are, projecting for '24, it's 230, the price target was around 49 and here we are at 5,000. i think part of the convention of wall street is to predict something that's arbitrary. is real value is saying what you're saying, cyclicals versus defensive. that's where alpha is generated. it's not throwing darts at a 12-month price target. >> in essence, what we see here, you're in an environment where right about where we should be in terms of uncertainty, the

fact that the yield on the ten-year pulled way back, you know, from -- off from 5, we're at 3.89 today, something like that last i looked. my point is, i think that interest rates can probably go -- you can see the ten-year market price, the yield is at 4, 4.25, that's liveable. it's the end of free money. it's a good thing. it means bond issuers pay for the privilege of borrowing monday, bond buyers get something in return. diversifyify case is back, as a methodology for building portfolios. and this is not an easy spot to get through, but it would look to me to be high ly navigatable. >> john, we have to go -- >> and you know i could go on forever. >> i know. one or two worlds, your favorite sack sector. >> it has to be split between tech and consumer discretionary. >> fair enough. john, thank you very much. happy holidays, sir. >> same to you all.

if you want more on that bullish and least bullish strategist call on wall street, you can go find that full story on cnbc's market strategist survey. we have full results from all the analysts and strategists that we polled. bonawyn, let's trade this. cyclicals over defensive, tech and consumer discretionary. what is your play? >> listen, i think you continue to lean into some of the strength of tech. he's right about utilities, which i can get behind. a little bit of a push-back on the forward multiple, given where we are with the rate story and where we are with tightening altogether. >> all right. there's the trade. thank you very much, bonawyn. coming up on the show, m&a is heating up. bristol myers striking another big deal in just three days. as astrazeneca scoops up a chinese player in bio tech. so, will the merger mania continue in 2024? our traders will debate that

story next. plus, not a very cheery holiday season for the energy space. nat gas dropping hard over the last few months. and with predictions to a milder start to the new year, how will weather conditions impact energy? we're digging into that when "fast money" returns. we're back in two. you're watching "fast money" here on cnbc. we'll be right back. ( ♪ ♪ )

( ♪ ♪ ) ♪ (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.

i'm a little anxious, i'm a little excited. a bank that knows your business grows your business. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give back to one of our customers. i hope you enjoy these amazing gifts. oh my goodness. oh, you guys. i know you like wrestling, so we got you some vip tickets. you have made an impact. so have you. for you guys to be out here doing something like this, it restores a lot of faith in humanity.

welcome back to "fast money." bristol myers striking a deal to bolster its cancer drug pipeline. it's the second deal in a week. last week, they bought caruna therapeutics. w is the rest of pharma ready to make lots of deals in cancer and beyond to try to get investors more interested in their stories? there's a lot more in this story, guys, and let's talk a little bit about the outperformance that we're seeing, tim, specifically in some of the bio techs and bio pharmas that are not at the bigger megacap side of the spectrum. many of those cheaps are the ones doing the outperformance.

>> and the big picture, you've seen health care really underperform. next year, if the world gets a little uglier, i think health care is going to do great. but the bio tech etf, if you have, you know, 900 basis points to the iyh, some of the big cap pharma. bristol myers, look, they've been on a bit of a spending spree. there's an argument they should be. i would make an argument they've had some of the same challenges, lessen in spotlight than a pfizer. well, in a world where there's been glp and everyone else, and the radiology component of the oncology is what this is all about. this is where i think people are excited about them looking out to 2030. but this is four, five years out on a pipeline, and this is where, you know, valuation, you can play around all you want within the sector. i think ibb, and i look at the amgens and the biogens, and that

is a safer place to be on both the balance sheet and where these guys have a better earnings profile. >> we're talking about $105 billion company in bristol meyers, we'll call it megacap. $14 billion takeover target. and that's where these stocks are doubling. i wonder if the charts, are you seeing anything there that says i it is going to be the ibb types or -- >> and you both are raising that important point. the way to look at it is xbi, because it's equal weight. it was the single-most destroyed from the '21 peak to the lows. but it's moved up 40% from the low. matching the home builders, because it's a small cap phenomenon, but it's also, well, if rates are going to be calming down, we can play with multiples more. but either way, i think one once, and you can see it on the chart, a triple bottom, it's beautiful. the move above the trend line. the question is, do you play this momentum? versus kre?

i think this has legs, where something like kre, not so much. >> you would rather smid-cap bio tech versus banks? >> hard to put any big dreams on banks. >> all right, so, julie, if we talk about the bio tech trade and we did kind of talk about this during the small cap question i poised to you last block, the bio tech story is all about alpha when it comes to some of these names that get just taken over and double in value overnight. >> yeah, this is a place where i have the real caveat that you do not want to be playing in terms of etfs and broad sectors, but this, unless you have very, very deep robust expertise in bio techs, it's hard to invest in them on a one-off basis. it's really clear that the pipelines absolutely need to be replenished. the valuation discussions have really defrosted a lot. many of the bio tech businesses just weren't for sale at the prices that the drug companies wanted to pay, and as rates continue to compress, we're in a better situation, and the thing,

too, to think about for these companies that aren't getting to participate in glps, buying these businesses that are still in very interesting sectors like schizophrenia and cancer research, which are still big opportunities that we actually know more about than these glps, so, i think it's just expensive, it continues, but it's really hard to pick the winners here. >> not just about obesity these days. thank you, julie. there's a lot more here to come on "fast money," so, here is what's coming up on the show. natural gas new year's resolution. can energy climb back from igts holiday slump? or will weather conditions continue to weigh on the space? the impact on prices, next. plus, intel's historic chip deal. where the semi maker is building a new plant. and if there's anymore crunch in the chip trade. ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

welcome back to "fast money." natural grass prices sinking 2% today on reports that the weather next month could be, what else, warmer than expected. the commodity has fallen nearly 50% over the past year. so, what could this mean for energy in 2024? bonawyn? >> well, i think, for one, it continues to play into the disinflationary story. while it's not in the core, i mean, energy is out, it does speak to the ability of the consumer to continue to spend and/or save. as we said earlier in the segment. what i will say is that when you start to get into natural gas, you want to compare it versus a

range resources, you still want to be in the operating companies there, you know? as opposed to being to something that is really so ebbed and flowed in supply in demand. range resources, i know it's been downgraded recently, but still at 45% net margin, you might still have upside. that trend is still very much in play and strong. >> tim, the nat gas trade has been called the widow maker. >> yeah, trading nat gas has put a lot of people out of business and it will continue. and the headlines around both production and seasonality, and where at least mild weather and has it been forecast this is going to be the warmest year on record, doesn't help prices, but a lot of volatility in the space and not necessarily a read-through to the broader energy sector, which i think for 24 is a great place to be. i think this is a function where dividend yields are very much held. i think free cash flow generation, much lower otherwise prices. a nice, decent rally here on brent. and the story from nat gas back into the development petroleum space is that you have, i think,

support for oil around 65 to 70, which means companies relative to the s&p, again, i'm talking about your chevrons, talking about your oil services, i think are very, very attractive relative to the s&p. all right, coming up on the show, the game is on for sports in the new year. the media landscape is changing, and there's a lot up for grabs, so, which companies will win the tipoff, and which could ride the bench? we'll dig into that story ahead. first, intel's historic chip deal. the company announced plans for a new semiconductor plant. where they're building that plant, and how that stock will fare after "fast money" returns after this break. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this.

the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

welcome back to "fast money." stocks are closing higher to kick off the holiday-shortened trading week. the dow jumping 150 points. the s&p up half a percent. and the tech heavier nasdaq composite leading gapes of more than half a percent, as well. and some stocks hitting all-time highs including lieu lieuu highs including lieu llulemon a lam research. speaking of lam research,

let's turn towards intel and the computer chip side of thing. they're up just about, you can see, there 5% in regular trading, announcing plans to build a new $25 billion factory in israel. it's the largest investment ever by a company in israel and intel says it will create thousands of jobs. that stock, by the way, and dow component, is up almost 50%. so, here to break down the biggest announcement and the broader chip trade is cnbc's kristina partsinevelos, so, take us through the headlines. >> intel actually began the construction on that $25 billion facility, they announced it awhile ago wh. what is new, it's getting subsidies from israel's government. that's the interesting thing there. and you saw the stock reaction. it's not the highest award it's received. the german government has promised subsidies and still waiting to see what's going to happen with the u.s. goth and the chips act. intel has promised toin vest $100 billion here on american

soil, building a chip-making complex in ohio. they haven't received funding just yet. but intel's ceo wants you to think of them as two companies now, a chip maker and chip manufacturer. but it's only starting to crack that manufacturing business. entering the -- or securing the number nine biggest foundry by revenue in q-3, this according to trend force, that's actually the first time in the top ten in a long, long time. and speaking of that business, it actually brought in about $311 million in q-3 revenue, which is still small, but that's up 300% year ore year. and really all of this is about changing investor mind-set. intel's had a long history of manufacturing delays, but the ceo promises they're on track to deliver by 2025. it's a matter of, do people believe him? >> so, this is also a story about kind of pitching yourself to investors and where the growth is, because it's a very

different story for designing chips, kind of like arm, nvidia, amd, versus just making the physical product, which is what a foundry is. so, where is that growth story, tim? is it on the manufacturing side or is it designing the stuff that's going to power a.i. in the future? >> it's not that intel is a growth story, it's an argument where maybe you have a valuation argument, quite possibly you have an underinvestment argument in terms of underexposed, in terms of the market. i think this is a story that's very underowned. depending on where you want to price this thing, kristina is right -- where pat is talking about the future versus -- they just had their a.i., kind of their own version of their a.i. day a couple weeks ago, it gives you a sense of where they are positioned, and it's not the growth side of the business. they are more bricks and mortar. i think you look at the chart and see the outperformance of almost 30% to nvidia, and that's a function, really, of relative value. >> this is where stock picking comes into play. if you picked nvidia/amd versus

just owning the smh etf, this is big, but is there something you can glean from the charts? >> one thing we know that the semis, as a group, are still -- have not achieved their all-time highs relative to the market, which is incredible. the dot com peak is still not achieved. mining more losses than gains relative to the market going back 23 years. but as it relates to intel, it really, where you start your narrative, intel is a comeback kid, but it's nowhere near its own dot com peak. that was 75%. the stock's index is up 200% from its own prior dot com peak. so, despite being outperformance that's extraordinary, you can get more from this than you would have nvidia day-to-day. >> kristina, the foundries versus design story is going to play out a lot more, because there's so much of an emphasis over supply chains. it's the reason why the chips act is there. what is that story going to look like in 2024?

>> intel said they signed four customers by the end of this year, boeing, u.s. government is among some of those customers. it is a growth story for intel. the design part is still very relevant, because of the a.i. pc they are saying is going to be the future, every a.i. on the edge, and that's what's going to help propel them in that area and competenvidia and amd. intel actually secured an asml machine, which is very expensive, over $115 million that's where they lacked in the past. they didn't go down that advanced chip technology route, so, he's trying to make up for that now, and finally getting one of these big pieces of machinery here in the united states. but to see the turnaround still will take a few years to actually be able to go from number nine on that chart to anywhere in the top four, you know, com pe competing with samd tsmc. >> kristina, thank you. coming up, on the clock. media giants are under pressure as major sports rights are up

for grabs in the coming year. would this spur more m&a in linear and streaming video? a live report coming up after the break. and later on, curaleaf's boris johnson will join us on the road ahead for cannabis in the new year. will fortunes shine brighter this year than they did last year? 'lbeigk ou. wel rht back after this. you know when you have those moments? that time to reflect. to be like wow! what did i do to get here? (tense music) right. work. you worked hard and it's time for a bank that'll work hard for you. everbank performance savings is built to put your money to work with some of the highest rates in the country . going, got you where you want to be. we're the partners for your next move.

everbank. advantage, you. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

welcome back to "fast money." sports media madness is coming our way in 2024 with the rights to several marquee properties up for grabs, including the nba. julia boorstin joins us now with the very latest on this jump ball. who is in the competition, julia? >> well, here's the thing, dom. sports is the most valuable content on tv, which means that interest in nfl rights could drive nba as well as upcoming nba rights, which are very much in demand right now. with amazon's second year with thursday night football and google's sunday ticket deal, the tech giants have shown that they're willing to pay up for football. while paramount global's nfl rights on cbs is one reason why they are drawing acquisition interest, particularly from warner brothers discovery which is a rare media giant without nfl rights. so, now the focus turns to the

nba's next deal, which starts with the 2025-2026 season. the league is in an exclusive negotiating window with disney and warner brothers discovery. espn, abc and tnt currently have the rights to nba games. then, nbc universal, cnbc's parent company, along with youtube, amazon's prime video, and apple are expected to take a look at those nba rights and pursue them, while the league is expected to want to limit its rights owners to three packages. now, the nba's reportedly looking to get paid as much as $75 billion for its next multiyear deal. that would be three times the value of its 2014 deal. we could definitely expect streaming to play a bigger role this time around, as it has with the nfl. dom? >> all right, julia boorstin with the latest state of play on sports, thank you very much. bonawyn, let's talk about this media landscape. is this one that you want to buy

into? >> i mean, i think for the media players, they have to buy into this. if you take fubo for example, they are able to create a business model solely around streaming, and i think this is one of the differentiating factors when you look at a hulu or you look at an amazon. some of the large tech players, the willingness to spend. i would expect warner brothers to be involved, and if not, i would not be surprised if apple was ay contender there. >> all right, tim, do you feel as though warner brothers discovery, paramount, is this the place to be? >> i like what's going on with some of these beaten up some of the parts asset plays who aren't necessarily in the exciting part of -- and they have certainly needed to show they're streaming business can generate real free cash flow. but you know, i think the paying for content, especially in the sports world right now is going higher and it's going higher because people like amazon and disney and google can bid almost whatever they want to support

their franchises, so, i like the m&a backdrop in the sector. i think there's a lot of assets up for grabs, and i like peacock from a download perspective. i think there's actually a very good story around the sports there, and that's part of what made november so strong. >> a stdriving force. carter? >> if you look at the s&p 500 media sub-industry group, it is at its relative low of '09 to the market. so, at some point, can a stock turn? everyone's waiting for pfizer. guess what, they're waiting for intel, finally it did. but usually better if you wait. >> all right, there we go. on the media story. coming up on the show, pot stocks up in smoke this year, despite progress on legalization and other key measures in washington, d.c., but could higher times be ahead for 2024? we'll ask the executive chairma. "fast money" wilbeacafr

start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

the power goes out and we still have wifi with a partner thatto do our homework.rst. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. welcome back to "fast money." pot stocks burning bright in today's session, though the group is still sh as you can see, broadly lower for the year. key legislation on cannabis including the safer banking act stalling in washington, but investors still optimistic that

the drug could be rescheduled as soon as next year for boom in the industry, and it could be that way. for more on that outlook for next year, let's bring in boris jordan, executive chairman at curaleaf. the company began trading on the toronto stock exchange earlier this month. let's talk about whether you are optimistic about 2024 and can it be better than 2023? >> good to be here, yeah. anything can be better than '23. '23 was a terrible year for the sector. driven by slower growth, higher cost of capital, and a lot of impediments because of regulations. i think that we're seeing a better framework for '24, you know, we have new york that just went adult use, that's the second-largest market in the united states. we're hoping that florida will likely flip to adult use next year. we're seeing germany move towards adult use in march -- sorry, medical light, so, there's a lot of growth catalysts going into 2024, and,

of course, the el fanlt in the room, as well, the u.s. federal government steps up to the plate and does what germany's doing, and that is removing cannabis from the narcotics list, or, in the u.s. case, moving it from schedule one to schedule three, which would obviously free up a tremendous amount of cash in the sector, because today the sector pays a 70% tax rate, that would drop to a normal tax rate, like any other u.s. business. >> hey, boris, it's tim. congrats on toronto, and frankly, it really is an exciting dynamic for ips constitutional ownership. but when you -- you spent a career both dealing with big institutions, building companies, you know how they think. outside of the structural limitations on their ability to own khanna cannabis stocks, whau think the -- you've come out of the last couple quarters, curaleaf, these xeefs have never

been run better, and yet, there are structural issues, but there are impediments to the institutional follow-through. what do you think they are? >> the biggest one, of course, is the plumbing. and in the case of curaleaf, we fixed that now with listing to the tsx. we are waiting in early january to get some of the larger banks to start working with the stock. and then we can start marketing to large-scale investors. i think the second reason is, tim, large-scale investors, because of the plumbing problem, haven't been looking at this sector. i was on the phone, he said, boris, we haven't been looking at this sector for three years now, because we couldn't own it. now that we can, because you're on the tsx, you got to come back in. so, i think education, coming back with education, and starting having analysts cover the sector is going to be important. obviously, rescheduling. let's be honest, you know, most of these companies are producing free cash flow, but we could be producing a lot more if we rescheduled. and the profitability will be

become greater. so, it's a wait and see market. people don't believe the federal government anymore, and i don't think they're going to get involved until such time they see the federal government move on schedule one to schedule three. and we're hoping to see that in the first four months of next year. the latest they can do it, realistically, given all the various legislative impediments and the election is april. i think the federal government, if they're going to do it, is going to wait until april to do it. we'll see over the next three, four months. >> all right, that's boris jordan at curaleaf. thank you so much for the state of play on what's happening with cannabis. happy new year. let's trade this, guys. carter? the marijuana trade broadly speaking, there's a handful of ways to play it. what are you looking at and what the charts say? >> the most liquid etf is the advisers share. we might have a chart, but it has all the elements of proper bottom. the long and protracted climb, and now starting to curl up, so, i would choose that over mj. >> what do you think about this,

tim? >> well, first of all, i'm long curaleaf, it's a core part -- i trade and manage a anna base etf. if you look at '24, the profitability in the sector is starting to turn. the rescheduling dynamics that boris talked about. you don't need washington, we've hear this so many times before, that's why you are never investing based upon what you expect to happen in washington. that's been a recipe for disaster. stay long. >> thank you, guys. up next, your final trades are coming up. keep it right here.

in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

welcome back. it's time for the final trade. let's go around the horn. julie? >> yeah, i think, you know, if you want to be in bio tech, certara is a nice way to play. >> bonawyn? >> i'm leaning underweight xlu. >> oh. all right, tim? >> dom, thank you for joining

us. and looking sporty. it's as breath of fresh air. walmart, this is a company that should be trading at a higher multiple. i like walmart. >> and carter braxton worth? or ishares treadsry bond ift, sht. >> thank you forto share yep lt. >> mad money with jim cramer starts right now. . >> my mission is simple. to make you money. i am here to level the playing field for all investors. there was always a work around i promise to help you find it. mad money starts now. >> hello. i'm cramer. welcome to mad money. welcome to cramer america. my job is not just to entertain but to teach you. that is what we are doing tonight. so call me or tweet me at jim cramer. tonight, i'm let