keep that to themselves. >> julia, thank you. we have nvidia stock split tomorrow, and by the way, on we developer's conference. >> samsara gets to make the pitch for efficiency in software tomorrow in small companies. >> we did reach intraday highs for the s&p and the nasdaq today, but finished slightly lower. that does 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. cruising commodities. prices are on the rise. how much will this add to the inflationary fears as investors eye next week's fed decision? and more positives for lilly. hitting another all-time high as it awaits an fda decision on its alzheimer's drug. plus, a new record high for walmart. shares of robinhood take flight. and a stealth surge in the

sonoma. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, dan nathan, guy ad adami, and lori calvasina. silver surging more than 4% today, and crude and brent both pumping higher. the agricultural space growing, as wet. corn, oat, soybeans, sugar, oj all higher, but as that heads north, rates continue their recent downturn. yields lower across the board. the ten-year now at 4.28%, while investors turn their attention to tomorrow's big jobs report. so, what are these moves telling us about the markets right now? tim what do you say? >> well, i think the commodities markets have been ticking higher all year, for a couple years. i think there's structural reasons in the case some of the industrial metals, and there's fiscal reasons. there are budgetary reasons as

it relates to precious metals. oil has been stable. we've had some volatility in the last couple of weeks, more around opec, less around fundamentals. paul sankey pointed out, it's not so great when you are having this price action in the deepest demand part of the year. but i think they're sniffing out central banks. today was symbolic, it was five years in the making. the first time the ecb has cut rates. if the fed cuts or not, the question is not now, will they cut, what's the pathway to more cuts? and i think commodities will sniff that out. they cut, but they pointed out that inflation is higher. they painted themselves into the corner. and i think you have a case where commodities aren't going to show more signs of inflation. i don't think it's going to help. and i think the demand side is good enough to keep commodity prices higher. i stay long copper, i certainly stay long gold. >> i agree with that. you know, people think, commodities, first thing they think of is crude oil. there have been other things

going on, and recently, some of the soft commodities and the industrial metals, copper, have sold off. the reason why i'm still encouraged, you'll see, free fort mcmoran made a 2 1/2-year high, but it really didn't pull back on the back of the copper selloff, which leads me to believe there's more run in this. i don't want to say soupuper cy, but the ecb just opened a door, and i think the fed sort of kicks it in. and commodities will go higher. >> coordinated global easing cycle, which is what we're starting now. >> i think that's right. and i think putting the rates issue aside, i think that what we're seeing with this commodities strength, we've been seeing it on the material side. there are lots of fundamental longer term drivers. we're also starting to hear in corners the idea that china may be bottoming, things may be turning around a bit globally. and it's interesting on the energy side, this doesn't really speak to the oil price, but i spent the last couple days at our energy conference, and i will tell you, the tone was with

stability in oil prices, things good look for these companies, and there was tremendous interest and demand. really reflects the idea, as well, that we're kind of mid-cycle. we're not teetering on the edge of recession and these are areas you want to look at. >> the ecb, we know that, you know, inflation is lower than it is over here, if you're looking at the equivalent of the cpi, it's 2.5, somewhere around that, but we are expecting lower growth over there, too. tim, the way he kind of laid it out, kind of painted themselves in a corner. the fed's talking the other way. they want to wait, that they're sure that inflation is going to come down before they kind of, you know, cut rates or so, and if you think about what we've seen with rates going from 4.65 in the ten-year down to, what, 4.28 right now, you look at the dollar's come in 2.5% or so during that time period. i mean, i just don't see any reason why the fed needs to get in front of this or join the party. a coordinated sort of rate-cutting cycle. we know that's going to come at

some point, but too much of the other zones start lowering interest rates and causes some of these metals or crude to get back going again, and if you're talking about china, which is so far behind all of us, bottoming, then you're going to see a lot of these commodities come back pretty quickly and we could find ourselves in this sort of cycle. >> yeah, i think it continues to be -- i know this is a global show, so, i'll be careful, we have a global guest in the house, but our fed, your problem. and i think it doesn't matter that the ecb led the way. it matters really what the fed's going to do. the interesting thing here is, though, we talk about the commercial real estate market, certain corporates where at some point higher rates might break the back of certain credits, but how about governments? you know, and how about -- you start to look at te uhe eu, and when, at one point, it's going to put pressure on the euro? and this is a long way away, i think, but itsets in motion issues that we've had, which

are -- there are weaker credits across the european union. remember the pigs? remember the countries we were bailing out over and over and over again. the world has decent growth. the fact of the matter is, we have some jobs -- some labor cost data today that was very fed friendly. it was very friendly in terms of where labor costs are. we have a huge payroll number tomorrow. and i think the more interesting thing for the market at all-time high ises highs, is bad news bad news or is bad news good news? because it's been a week where rates have really rallied and the stock market has done the inverse. >> i think bad news is going to be bad news. i think expectations are still 3.9, right? i try to pay attention, cheapest thing you can do, but you get a four handle, people sort of say, what's going on, is this thing now trending the wrong way? and i think the market's not going to react favorably to that. bad news has been good news. i'll say this, though, quickly about ecb, i think they sort of threw in the towel.

they raised their inflation expectations. so, i think effectively -- this is just my read, we understand it's probably out of our control, we have to do it anyway, and i think to a certain extent, that might be happening here, as well. i'm still one of the few that think inflation is a problem. >> this was really a hawkish cut. >> had to be. >> yeah, exactly. exactly. and you know, she was basically saying that -- we're just moving to a less -- it's still restrictive, we're just moving slightly less restrictive. they had to, given what's going on in germany. >> overseas, we have different mortgage markets. the pressures of interest rates are being felt differently in different parts of the world and different consumer cohorts, but it's interesting, as we debate the fed moves, we look at the commodity moves. as i talk to a lot of investors recently, they've come to terms with the idea that post covid, inflation is going to run hotter than it ran before covid and we're going to have to get used to it and it's not the end of the world. the tricky part is, how do central banks navigate that?

but i think what we saw today in the price action was healthy. >> so, let's sort of walk through this. we get something that's weaker, so, what happens? >> it's lower andwhat guy is saying here is that what does the stock market do with lower yields? >> in this context, though. >> yeah, i mean, because really what it would say, sooner or later, they have to be less restrictive, which is kind of what we heard here, and we can make the argument, lori, you are a strategist, when you have a fed funds at 5.5%, you have cpi at 3.1%, that doesn't seem familiarly restrictive, right? and we haven't seen really that long and variable lag yet where we've seen a meaningful slowdown. just look at some of the ism data, it flies in the face of the stuff we've seen from the consumer. so, it's a complicated case here. >> if we just sort of take rates and inflation and think about the s&p, we saw the weirdsector moves today, but the market didn't really do a lot. one of the things we've seen on our valuation modeling is that 5300 is about where we deserve

to be at year end. if we see pce go to 2.6, if we see ten-year yields go down to 4.19, if the fed does one or two cuts, that's modeling in consensus xpectations, and i'll spare you the details, but it goes all the way back to the 1960s, and i think that's why it's interesting and here the market just kind of keeps hitting this 5300 market and just can't break out. we had a good couple days this week, but this pressure point here, right? and i tend to agree with guy. if we get bad news on the jobs number, i think that is interpreted as bad news, because people have kind of come to terms with the idea that the fed is not going to blow the economy. and if we start to see signs that that's happening, that's going to throw this whole thesis off. >> what do you do in a lower growth environment where the economy's not falling from the -- falling -- the sky's not falling, falling out of bed, whatever metaphor we don't want to mix. >> you look at me, because you're putting it on me. i know what you did there. >> mixed metaphor. >> i was really looking for a

pat on the back, because -- anyway. you have a case here where i think the sectors that will continue to outperform are some of the ones that have already outperformed. i love utilities here, i love them for secular and we know the power generation story is one that between ev and a.i. is -- and just a grid, and a thing that needs to be built out in this country. lower rates are going to continue to have utilities outperform. over the last 20 years, utilities have outperformed the s&p. the megacap tech world, where there still is growth and i know we complain in earnings season, this is where 40% -- the overall growth came from four, five stocks, i think you have to stay there. >> nvidia is going to be okay, right? that's what america wants to know. >> folks, relax. or, it's like that scene in "airplane," they say to him, we're all counting on. we're all saying that to nvidia. right now, i'm less worried about nvidia than i am about

some other stocks in consumer discretionary and places where i think that covid, that final unwind and that long and variable lag of covid and covid demand and dynamics that pushed a lot of discretionary, we're going to have a great conversation about one stock in particular. >> real quick, i think jerome powell may have, in trying to be glib and clever, he may have painted himself sbhointo a corn. >> the stag. >> the stag or the flation. he talked about the unemployment. if you start to see a tickup in the unemployment rate, which we're going to start to find out about, prior to the meeting next week, he's going to then have to answer those questions that he sort of opened the door for. >> all right, for more on the rate retreat, let's bring in andy constand. great to have you with us. all conversations end up leading to nvidia, and, in fact, that's where this conversation is going to end up going. before we get to that, what are you expecting in terms of the jobs report and the reaction in

the bond market? >> yeah, i think we've had a pretty big inflection over the last, call it a week, with weakening growth numbers. weakening jobs numbers, survey data, and that's caused a bond market rally. and really for the first time, that's been the root cause of a bond market rally. prior to that, assets have been supported by disinflation, that's been coming down since the peak, and may not get all the way down, but has been a driver for assets, and the fed being expected to withdrawal restrictive conditions and ease. and so, that's supported both stocks and bonds. while growth has been robust. strong growth for many quarters now. and that's been keeping pressure on bonds, and so, we had an inflation this week, where bonds rallied a lot on falling growth,

not the drivers that have caused price returns lately. so, i think that's interesting and speaks to what you guys have been saying, which is, are we in a period of time in which the driver of asset prices is going to be the direction of growth? and if it's lower, that has implications for stocks. that they should also follow falling bond yields with falling stock prices. >> where does nvidia fit into this? >> well -- nvidia's interesting. you know, i know nothing about single names, but it is interesting in that this is my first year looking across global markets, where a company has dominated the returns so much. this year, it's around 30% of the total return of stocks. the largest companies, like apple, google, and prior to

that, certain oil stocks, microsoft, are never really more than 5% to 10% of the index. in this case, nvidia is the dominant factor in markets, and i think that's -- what's the best word. it's masking what's happening to macro equities, in that over the course of the last -- since the earnings, the stock is up, what, 30%. and there may be -- i don't know, but tomorrow, we'll start seeing -- is the last day where the stock will trade pre-split. it's possible that there's some fluff that is keeping nvidia high, which itself has been causing overall equity markets to be high. now, again, i don't know if nvidia is cheap or rich right here, but it does seem that there's some undeserved fluff in the stock, associated with the stock split, and if it falls,

post-split, that might unmask what is a weakening vooirment environment for stocks. is supports bond prices, but bonds have significant supply that's coming. inflation may or may not be dead yet, and the valuation of bonds has gotten very low relative to the front end of the curve, relative to cash, so, it will be an interesting inflection point, and that's really what we'll see in the data, the nfp tomorrow, the average hourly earnings. then we have a raft of supply of long-term bonds next week. the fomc and the dot plot. and then, of course, the cpi number. and so, what i'm looking for is whether we will, in fact, have an inflection. and what that would mean to me is continued support of bond prices while stock prices fall.

>> so, just quickly, andy, give us the lowdown on how you're positioned at this point. >> you know, last time i was here, i was saying the market topped at 5260, i covered some when it fell, but i'm short again at this level, and i'm starting to short bonds, because i don't think both assets can rally, so, i think i'll make money on one side of that trade, or possibly both. >> andy, great to speak with you, thank you. andy constan. do you agree with that? >> well, i think we've seen a lot of this, right? it's not uncommon, the correlation we've seen between these asset classes. i do think that the bond market is also -- it's the rates market, it's also the credit markets. we've seen credit spreads get incredibly tight. you can make an argument we're as tight as we've been. and so, i worry about that in a lower rate environment. so, i agree, the math around the nvidia -- i was crunching these numbers while andy did it, maybe

everybody's done it already. 145% when it's 5% of the s&p ends up being 720 basis points, 1250, 12.5%. that's almost 55% to 65% of the return profile. that's a very linear exercise and it's not totally accurate, but it does tell you where you've gotten. again, if you took 5% of the s&p up 145%, that tells you what nvidia does. >> i think i probably get there from a different -- kind of different path. but i do sort of share the idea that, you know, stocks s -- the price action we've seen this week, i just don't love. >> yeah, so, on nvidia, it's kind of interesting. dan neills, friend of the show, i think he's a smart tech investor, he said over the next three to four years, he expects revenues for nvidia to mpossibl double, or triple, actually -- triple. the street, if you are looking

at fiscal 2028, 2029. is expecting it to be up, let's call it, 100%. so, right now, you'd say consensus is low. and he did say this, he said by the end of the year, he expects there to be a digestion period for a.i. spend. so, you tell me where the stock goes. if you see a meaningful deceleration before another acceleration in the couple years for the next phase of this thing. i just don't know. i know from, you know, the march highs to those lows, it sold off 20%, but since then, gained $1.5 trillion in market cap, in, like, 2 1/2 months. i think a lot of it is different this time. meantime, walmart hitting a new high today. this as the company holds a shareholder meeting in arkansas. the stock has been on a run in 2024, jumping nearly 30% year to date, far outpacing its rival target. guy, the higher income consumer, will they stick to target if the economy -- >> stick to walmart. >> excuse me. >> yes, i think -- and with --

collectively, we've been saying that for quite some time. the environment we find ourselves in, it works for walmart in ways they probably never imagined, and i think the stock is reflecting that. the nay sayer will knock walmart on valuation, and it probably is a tad rich, but you know what, i think it's deserving of that valuation, especially if the trajectory that i think is going on in terms of the consumer and the economy continues. that works for walmart. >> still unbelievably much lower than its five-year high in terms of forward pe. the five-year high was in 2022, it was 54, something like that. >> and it's earning a higher multiple, but the margin profile of this company is changing, and it's changing with their investment in digital and software and some of the dynamics around even the product mix. but think about where we were -- i'm looking at a chart, think about those inventory updates that we got from walmart and target and how different the world feels from that point, where the smartest guys in retail, the smartest guys in terms of erp and logistics and

all the management, you know, october of '23 was one point, but really as you went back into '22, this was a case where we were not sure they were going to turn this boat around, and they really have. i'm long walmart. the valuation doesn't bother me, because i see it very defensive in an environment where i think we could see the market multiple pull back. >> what has five below, the dollar stores, really told us? the lower income consumer is really under duress. >> right, and a lot of that is because of high interest rates. and the higher end consumer has all these buffers, if it's low mortgage rates, lots of cash sitting in money market accounts. those as sets have ballooned in the last few years. so, you do want to continue to follow the high end consumer, and i'm hearing a lot about that on the road from investors. they're looking at this retail environment, saying, look, the sector is starting to get some valuation appeal back. you can't just buy everything in the sector. you have to go with the ones that are executing and are in the right consumer cohort. >> one of those companies that have executing on the retail front, we haven't been able to

say this for too long. if we were playing would you rather, i would probably go with amazon here. it's -- >> were we playing that game? i don't remember saying -- >> i think we said we weren't going to play that game. >> anyway. >> so -- >> you would pick amazon? >> i just think it's interesting when you look at the margin structure, how margins are going higher, a lot of that has to do with the improvement in the retail space here. obviously you have aws, which is a huge part of that margin structure. it's kind of bottoming and should benefit from all this generative a.i. so, to me, i look at the margins, the way they're increasing in amazon, i find it more interesting in walmart. >> i think it's time to play, let's go to commercial, mel. >> good game. >> important game. >> i think it's a great game to play. coming up, nvidia falling back from record highs today. the potential regulatory hurdles facing the company. plus, robinhood splashing the cash. the fintech titan shelling out a big chunk of change to buy bit

stamp. what to make of this deal, next. this is "fast money" with melissa lee right here on cnbc.

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welcome back to "fast money." federal regulators are gearing up for an anti-trust investigation into openai, microsoft and nvidia. for more, let's bring in eamon javers. >> hey there, melissa. here's what we know as of right now. multiple sources familiar confirm to cnbc that the department of justice and the federal trade commission are in the final stages of setting up a deal to divide up anti-trust inquiries into nvidia, microsoft, and openai, several of is the most dominant players in this rapidly emerging a.i. space. now, the deal, which was first reported by "the new york times" this morning largely covers investigations into the behavior of the companies, i'm told, not necessarily mergers and acquisitions by the companies. and i'm also told that the department of justice will look at taiwanese chip maker tsmc, if there is any upcoming investigation. that also according to a source familiar there. now, because tsmc has operations

in the united states, it does come under the department of justice's jurisdiction for those pieces of the business, even though it's based in taiwan. all of that signals that the u.s. government investigative effort will be focused on both the hardware and chip piece of the industry, as well as the software and large language model side of the industry. and according to the terms of the deal that are under discussion between the doj and the ftc, doj is going to take the lead on investigating whether nvidia has violated any anti-trust laws and the ftc will lead examinations of openai and microsoft. now, melissa, what's still unknown is what evidence, if any, the federal government would be able to produce to suggest any violations of the law by any of those companies. all of that work still a long way off here. what looks like is going on here is maybe an effort to stave off a classic washington turf war. both of these agencies are resourced, you know, deprived, and this way, if they can kind of carve up the industry, they

can deploy the most assets at each target, fl you're in the a.i. industry, though, that might be unwelcome news. >> how do you read all of this? if the investigation is going to focus on hardware and chip side, but then sources say that it's going to focus on the behavior of the companies, put those two together for us in terms of what they could be investigating exactly. >> yeah, i mean, so, i think what you're looking at is an anti-competitive practices outside the m&a world that are covered by this deal, so, that doesn't mean necessarily acquiring smaller competitors, it means doing things in terms of contracts, licensing, employees, collusion, all those kinds of things, kinds of an anti-competitive things that government looks for here. but we don't have an ounce of information of what evidence might be here, might be triggering all of this. you would think that it wouldn't get to this point if they didn't have at least something to go on. we just don't know what the

kernel of truth here is that's driving this at this point, so, we just have to wait and see. >> all right, eamon, thank you. eamon javers in washington for us. we also don't know how long this could take, oftentimes, these things take a very long time before anything happens. so, is this something investors should really focus on right now? >> well, if you look over the last five years, we've seen investigations of amazon, facebook, google, apple, and really, they don't mean a whole heck of a lot. i would just say, what's different about, like, focusing on these three companies right now is they're obviously some of the first movers in an area that is very different from, i think, you know, very different than the internet. the internet was going to be very discuppive. this has the potential to go at a much faster pace and have much bigger implications on every part of our society, not just industry and the like, so, to keep these companies honest, i think it makes some sense, you know what i mean? i think the doj and the ftc have clearly overstepped.

they have not been able to prove anything in these situations, but hopefully this is something that does not thwart innovation in this country, because that's the most important part of our economy going forward, that we own the innovation in generative a.i. >> well, there's a difference between being anti-competitive and kicking your competition's ass, and i think -- >> excuse me? >> you heard me correctly. >> and -- say that again? >> i'm not -- >> the point is, look, i think there's a belief that if companies are doing as well as these companies are, they must be, by definition, they must be doing something wrong. so, i think they're trying to find guilt where there probably is just excellence. that's just my take. >> you know, you think about the combined market cap of the top three companies in the world and we know their combined market cap is bigger than the gdp of the entire world, other than really ours. it means at some point these companies do have influence on a global stage. and that's what regulators, you know, at least need to worry about in this country.

i think there's a case where, if you look at europe, you can make an argument that the eu regulators have hurt european companies for decades. companies that have been competing for microsoft and google, eu's made it more difficult with them. i think we need to be careful about that. but i don't think it's going to effect -- a $2 billion fine against apple recently, what is that? >> nothing. >> the word that keeps coming up in my conversations lately, a.i. is messy. that's the first thing i thought of when i saw these headlines today. you've had this enormous run, this big concentration, everybody's playing this theme. we're starting to hear companies to say, hey, the growth rate, if you look at the basket of the mag seven, are decelerating, decelerating earnings growth makes people nervous. i think it just adds to that mess, adds to that nervousness. there's a lot more "fast money" to come. here's what's coming up next. robinhood puts their stamp on crypto. the trading platform splashes the cash on crypto exchange

bitstamp. but will the big buy pay off? we'll peek under the hood of this latest land grab, next. plus, eli lilly in limbo ahead of a landmark hearing on the pharma giant's potential blockbuster alzheimer's drug. the very first look inside the decision that could reshape the alzheimer's treatment landscape. right after this. you're watching "fast money" from the nasdaq market site in times square. times square. we're back right after this. and 5g solutions from t-mobile for business. t-mobile connects 100,000 delta airlines employees, powers tractor supply's on game changing innovation. this is how business goes further with t-mobile for business. she runs and plays like a puppy again.

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welcome back to "fast money." robinhood topping the tape after splashing $200 billion on bitstamp. it accelerating robinhood's push into digital assets. bitstamp, popular in europe and asia, gives robinhood a foothold abroad. robinhood now up more than 80% this year, at its highest since december 2021. as dan aptly pointed out during the break, you've been on this train forever, guy. >> we've done a decent job collectively. i don't think the run's over. the early days of robinhood, one of the things i said, the only

thing innovative was the name and the hair, and that was true. but they've been humbled by the market, and they're actually doing things right now. now i think the stock is actually cheap. so, analysts are behind the curve, without question. i think you're going to start seeing people raise their price targets into earnings at the end of july. i think you stay with the name. >> the hair of the ceo. >> now gotten a hair cut. >> you think it's coincidence? >> interesting. what does it do for coinbase, though, if robinhood is more competitive? >> i think robinhood is more in line with meme madness and markets that are all-time highs and i wonder if the market was at 4600, if robinhood would be anywhere near here. so, i think coinbase, i continue to believe on-ramp, there's so much more going on in the digital space to me, that at least for now, that they are one of the few places with the market share, with the reputation, and i think ultimately, you're going to start to seesome alleviation even of their legal headwinds,

because of what's going on with crypto assets. they're turning into securities. >> that works for robinhood, too. if you think about the acquisition, if you think about where they want to play here, right, they're benefits right now, of course from this meme stuff, but if crypto turns into a real asset class that a lot more folks are going to be trading here in the u.s., then you look at their year next year, they're like high single digits earnings and sales growth. they need to do something to reaccelerate growth. >> the flip side, more and more people get into crypto assets and the volatility gets dampened and makings it less fun to trade. >> what makes it anymore -- >> that's real. >> whether it's hair and what was the other thing? >> the name of the company, which was clever. and the hair at the time. >> so, what do they have now versus the time they had name and hair? >> i think it's fair. listen, if you look at their asset growth, customer growth, it's there. it's a billion dollar stock buy-back, which at -- at the time, actually, $17 billion valuation, was pretty significant. i think, and it feels like

they're operating better and starting to take share, so -- i get it, though. valuation is expensive. i think they can continue to grow. coming up, a stealth rally in the home of the dutch oven. >> what? >> williams sonoma on a tear this year. what does it mean for the housing trade? we'll dig into that one next. plus, a key hearing for eli lilly's potential alzheimer's drug. the implications, right after this. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. follow the "fast money" podcast. we're back right after this. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, shaping tomorrow today.

welcome back to "fast money." eli lilly soaring to an all-time high, even as the fda is set to give a recommendation for an alzheimer's drug. regulators are questioning if lilly's data excludes certain patient populations that would be needed for broader approval. let's bring in nbc news medical

contributor dr. kavita patel. this is going to be key in terms of what the total addressable market would be for this drug, and so, walk me through what the fda could be weighing, because it sounds like it depends on the level of that patients might have. >> let's talk about the efficacy. the trail blazer trial, which lilly ran, said there was a significant reduction in the decline in generally early stage alzheimer's patients, but when the fda in their analysis parsed that data, they saw that's generally in people that had a low to medium tow, that protein that is core lated with kind of the severity of alzheimer's, compared to people who might have more advanced alzheimer's. lilly made point, we don't think this should be a limitation, and we still think we should have broad application for this drug, and they also brought up safety concerns. and that took a long time to kind of parse through, because this has been an ongoing journey with lilly, to determine, was

there a higher rate of death. the analysis determined there wasn't a significant change in the death rate between pla cebo and the drug, but there were higher rates of imaging abnormality, more so than the other drug that's out there. so, this could be, all in all, to your point, addressing the total addressable market, could cut into that, depending on what the fda does. >> how does this so far stack up to the only other competitor out there right now? >> yeah, and here is where it gets interesting. it feels like -- unlike some of the conversations with lilly, it's pretty straightforward, here's the tiles -- this is 30 years of lilly trying to do something in kind of the memory space, and with leqembi, when you stack it up with lilly and the existing alzheimer's drug, it shows potentially that lilly's is a little bit better in slowing that cognitive decline, but the twist? lilly used their own assessment

scale. they didn't use the standardized kind of cognitive assessment scale that you would normally have and what they started the trail blazer trial with. so, lilly makes the point that there's no difference between what they did and what other people have used in terms of scale, but it is going to be a conversation with the fda. having said all that, it seems like this is on its track to approval. will it have a lot of limits around it, certain tow, how much benefit to that kind of patient population, with a higher tow level, i think that's the question they'll weigh. >> so, the biogen drug, it sort of feels like that where there was some controversy about the drill data and eventually there was concern about the price, it's going to be discontinued. should -- >> right. >> should investors be concerned about an outcome like that, where it is approved, but there is always going to be second guessing about some of the data, which they've had to revisit? >> i would have said that if this were the first, if trail blazer was the first on the

block. now we have, like, three different trials. three trials that point to that plaque being kind of an important factor in alzheimer's. when the drug came out, remember, that was part of the controversy, is this really significant? was it something that you could look at clinically and make a determination ofimprovement in alzheimer's? you are kind of receiving a repetition in this finding. that's a positive for lilly. it showed a clearing of that, and the drug was stopped, that could be a differentiate or the for lily, as well, because it's not a constant chronic drug, it's stopped and they recommended stopping when they cleared the plaque. >> dr. p, it's tim. give us the timeline for, what are the next catalysts for biogen and lilly here? and in a world where the, call it the politics around the social dynamics of these stocks as its relates to pricing, and

where this really is the holy grail right now, it seems to me. >> that's right. >> where these companies are going to have free rein to do what they want and need to do in terms of pricing. >> first, where are we kind of in timeline? the advisory committee is going to meet june 10th and the fda will make a decision, shortly thereafter, we expect, given how much time has gone on. because of the favorable profile, where this is a time limited drug, that is going to be very attractive, not just to patients, but to payers in terms of how they weigh what the price might be. let's compare that to leqembi, what's happening there, they are already looking at a sub cutaneous version of their drug that could be a much more convenient version to offer, making dosing more convenient, making it more convenient for patients in general. that's set to come out in 2025. so, we're talking about probably having some important choices that you can make for early alzheimer's patients, as soon as -- already at this point, but even more choices this year.

in terms of price, and what i expect, you know, this is like -- it is the trillion dollar question, just given the impact of alzheimer's and how many people would be in this early phase, this could be exactly as you heard medicare say, this could alone spike the premiums in medicare, so, this is going to be something that medicare pricing and then all other commercial payers will be watching, and we'll be watching closely here, of course, but i think it will be ongoing controversy. >> kavita, great to see you. quickly on lilly, guy, is this another leg higher? >> well, this is the holy grail, without question, and potentially, yes. what's interesting is biogen. look where it traded down to, back to eveseptember 2022. no good news at this price in the stock. i think they are interesting here. coming up, shares of this purvey vor of high end home goods has more than doubled over the past year. what is fueling those gains,

next. "fast money" is back in two.

welcome back to "fast money." a stealth rally happening in shares of williams sonoma recently. it's more than doubled over the

past year and by far the best performer in the home builder etf in that time. since the start of the pandemic, it's jumped more than 440%. tim, you brought this up on our call, we thought it was fascinating. >> yeah. >> the run. >> only so many dutch ovens you can buy, and i think this is a case where if you look at the revenue profile for the company on the top line, they're going to be flat over the next couple years. they grew year over year, if you look at the numbers, up 32%. the multiple 17 times. if you think about the environment we've had, and i'll get back to that long and variable lag, and my view on discretionary, and this is where we are with a lot of these companies. i think they are such a well-run company, they've proven to be resilient. you can't tell me this company is going to be flat in terms of their top line over the next couple years and it's going to hold this multiple, in an environment where the consumer is more increasingly under pressure. they're going to be more, you know, job vacancies, going to be more people that i think are strained at the wallet, so, been a great story, this move has

been extraordinary. this is, you know, it's not a crypto stock, it's not an a.i. story, $125 stock one year ago. got up to $330 last year, it's now at $300. you have to think about names like this, there's other discretionary names out there that look dangerous. >> or, is a williams sonoma customer saving at walmart, using the money to go buy an extra dutch oven or minecraft sheets? >> i think that's exactly what's happening. the high end consumer cares where their dollars go. they want a good experience and quality. all right, coming up, gamestop surging nearly 50% today as roaring kitty makes waves again. the details driving the move next. next. "fast money" is back in two. things will go wrong for your customers. but your business can make it right, with watsonx assistant. ai that can help resolve problems

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i find it unsavory, again, i'm not a lawyer, but i don't think there's anything illegal. he posts a picture, people's interpretation of the picture makes the stock go higher forrer what reason, and he's benefiting from it. it's gamesmanship like in baseball. if your mets, somebody steals a sign from the mets, you're upset, but it's just the mets sort of suck, so -- >> you bring that up? the yankees lost the world series where there was apparently sign stealing. you can't stop whining about it. i think if you continue the fact, full does clos disclosure that's not his account, that's a different issue, i can't speak to that. but if someone is disclosing a position, isn't that what you're supposed to do? and then investors make their decisions based on that. the power this guy has over the market and this stock price is extraordinary. all right, up next, final all right, up next, final trades.

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time for the final trade. let's go around the horn. tim? >> boeing. i think we have a rebound in enthusiasm. >> lori? >> energy. i like the valuations. the discipline. the buy-backs. it all sounds good. >> great to have you here on the desk. >> always great. >> dan? >> what she said on energy, i'd say the oih works, too. >> guy? >> we are blessed here, as you know. today's thursday, a lot of us won't be here today, so, we're doing this tonight. chloe is our latest page, and she is unbelievable. >> amazing. >> and we were concerned, because we've had a great run recently, there's no -- >> the bar was high. >> and she is like -- she took

it to the next level. >> pantheon of pages. >> the parthenon with all the other people, without question. she's going on to do great things. we look forward to seeing her accomp accomplishments. biogen, melms. >> "mad money" with jim cramer starts right now. thanks for watching "fast." "mad money" with jim cramer starts right now. my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to make you a little money. my job is not just to entertain but to educate and to teach. so call me at 1-800-743-cnbc, tweet me @jimcramer. after a day where the market was pretty much on hold in anticipation of tomorrow's all-important non-farm payroll report dow gaining 79 points, s&p edngow